More than 85,000 real estate brokers operate in America today, according to U.S. Census data. The Top 500 brokers in RISMedia’s Power Broker Report take credit for about half of the real estate transactions each year. Brokerage is not a 90/10 rule follower. Success is more like a one-percent club.
These companies boast impressive composition. They have strong brands, they are well capitalized, they operate efficiently at scale, they engage in mergers and acquisitions, they invest in technology that attracts and retains agents, and a golden few deliver exceptional services to consumers.
Today, iBuyers are hiring REALTORS® to process transactions, but margin concerns may reverse this course and impact future listing opportunities. The very best way to engage consumers in a new service or behavior is to cut in the REALTOR®, who remains the holder of trust. More than 80 percent of the time, transactions are associated with repeat and referral business. The trust in that agent-to-consumer relationship has not been shaken yet. Indeed, the adoption and use of customer relationship management software has delivered automation to keep that trust relationship in good shape by reminding agents to give a past client some sort of shout-out—whether it be a value report, phone call or invitation to a social event—every now and then.
For brokers, transaction fee revenue is a key feature of MooveGuru’s services. Firms that offer mortgage, title and insurance services pick up far more dollars per transaction than firms without those revenue streams. That aspect of driving fee revenue per transaction is vital for brokers to scale their business today.
An often-forgotten piece of broker revenue comes from other partnerships that deliver services to consumers. We watch the impact that comes from firms that deliver concierge services to help consumers transition from one home to another. Brokers who connect utilities, schedule packers and movers, and find contractors to shape a house into a home are seeing dramatic lift in consumer satisfaction. Satisfaction is the true measure of broker growth, cultivated in the delivery of services that build trust in the relationship between the agent and consumer. Firms can choose to pocket those referral fees to service providers or extend a discount to the consumer. It’s about service more than anything.
If you want more information about how firms are refocusing their attention on moving services, give us a call. We are changing the game for brokers and making a meaningful difference to the consumer, to agent retention and to agent recruiting.
Scott Oakley is CEO of MooveGuru. For more information, please visit www.mooveguru.com.