Over the past few months, increasing mortgage rates have sent a seismic shockwave through the real estate market. After nearly two years of a non-stop homebuying frenzy, purchase activity is slowing down. Buyer pipelines are thinning out and listings are lingering on the market longer. It’s a stark contrast to the bidding wars and price escalations that were commonplace earlier in the year. In short, the ride is over for brokers and agents who have not invested in their business models and relationships with their customers.
So, what can brokers do to differentiate their business models and help their agents claim a share of the shifting market? When it comes to making your agents more productive, efficient and profitable, the homegenius ecosystem can help you stay ahead of the competition in a slower market.
Here are four opportunities to grow your business with homegenius:
- Re-evaluate your tech stack. Too many brokerages are still relying on outdated technology and inefficient manual processes. Modern technology can do the heavy lifting when it comes to lead generation, communication, pricing estimates, and more. Giving your agents better tools will set you and your agents apart by increasing productivity and market intelligence, leaving them more time to focus on relationship building. The homegenius ecosystem helps your agents go from search to close with intelligence, transparency, certainty and speed.
- Focus on smarter client prospecting. Let’s face it, most agents didn’t have to bother with prospecting when the market was scorching hot. But now, finding new clients is a top priority. homegenius connect is a new kind of real estate agent network that matches agents with high-intent buyers and sellers through a network of lender relationships. Unlike similar programs, with homegenius connect, agents never pay for a lead unless it results in a closing.
- Maintain regular touchpoints with clients. While we all know repeat clients and referrals are the most reliable way to generate business, many agents fail to maintain a relationship with clients once the transaction is complete. A recent Zillow Consumer Housing Trends Report showed that 74% of consumers never heard from their agent after closing. It is essential to continuously show your value to your client base to earn repeat business and referrals. geniusprice technology gives agents an easy way to stay in touch with clients and provide them a value-added service. geniusprice technology generates an in-depth property intelligence report in less than five minutes, so agents can effortlessly share detailed market insights with their clients.
- Partner with a modern title and settlement service. Your service partners can be a differentiator for your business, too. The traditional closing experience is often stressful for homebuyers because they do not understand the process, what they are paying for, or what is expected of them. A modern digital title and settlement provider helps your agents deliver better service to clients. The titlegenius by Radian platform is a more streamlined and transparent path to closing thanks to our secure blockchain technology and digital interface that allows you to see your entire transaction pipeline at a glance.
Visit homegenius.com to learn more about the homegenius ecosystem and tools that can help your business grow even when the market is slow.
Senior EVP, Chief Digital Officer and Co-Head of homegenius
Eric Ray has more than 30 years of experience in the technology sector. As senior executive vice president, chief digital officer and co-head of homegenius Inc., Eric leads the vision, strategy and execution of homegenius and its family of companies’ products, technology, data, analytics and operations.