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On a mission to transform the real estate transaction process, the homegenius family of companies is committed to helping agents better monetize their sphere of influence.
After all, agents are always looking for ways to engage their sphere and database, so it’s critical that they establish themselves as the go-to agent in their local market, provide value to clients and ensure they’re top of mind among those who are ready to buy and/or sell.
Leveraging opportunities in a competitive market
Jose Perez, SVP of business development at homegenius Real Estate, notes that the average agent has 397 consumers in their sphere/database, and with 9.3% of consumers moving in the next 12 months (or knowing someone who is), there are 37 opportunities in that agent’s database to get repeat and referral business if they provide valuable information.
However, for agents to establish themselves as trusted advisors, they must provide valuable property insights and market intelligence that gives the client real information about their investment.
“Due to the amount of time it takes to do pricing estimates, legacy tools prevent agents from effectively monetizing their sphere. With the geniuspricePro platform from homegenius Real Estate, they now can,” says Perez. “With proprietary algorithms that establish an initial property value estimate and comparables, artificial intelligence that scans room images to determine condition, and home price indices that determine median value and appreciation market by market, homegenius saves agents 30 – 45 minutes each time they do a home-valuation estimate.”
Advanced property intelligence sets the stage for continued success
There are multiple ways geniuspricePro can help monetize an agent’s sphere with advanced property intelligence.
“The most obvious one is when agents do multiple geniuspricePro reports per day and send them to their clients,” says Perez. “What better way to start a conversation than to send a client robust insights about their investments? Within a few weeks, agents can start dozens of conversations that lead to repeat and referral business.”
Tim Burroughs, a REALTOR® with Homes of Idaho in Boise, utilizes geniuspricePro to maximize the value of his sphere, knowing how important that aspect is for success, especially in Boise, where the market is low on supply with a large number of real estate professionals fighting for the business.
“I think people are looking for value from their real estate agent,” says Burroughs. “The averages have increased in terms of the number of years people stay in homes from about a move every five years 28 years ago to every 10 years now, unless there’s a change of circumstances. We have to stay in touch for longer periods to hope to be the one they call when they want to do something in real estate.”
With a background in real estate appraisal and real estate sales, Burroughs explains that the geniuspricePro product is right up his alley, as it allows him to show up as the expert with detailed information.
“I’m using it in two ways,” explains Burroughs, who goes through his database and completes a certain number of CMAs each morning, sending them to his clients. “When working with a seller, I’m bringing the geniuspricePro product into the discussion to allow the client to be part of the decision when it comes to the value of their home. Because they were involved with determining its value, I can list the property at a more probable sales price.”
In addition to the geniuspricePro reports, Burroughs also visits clients and gives them ink pens and jar openers that feature his name, contact information and brokerage. Not only does this keep him top of mind, but it also encourages referrals to friends and family who may have real estate needs.
Achieving goals through a powerful mindset shift
Walter Harris, a sales associate with RE/MAX Results in St. Louis, Missouri, is also a big proponent of using geniuspricePro to maximize the value of his sphere.
“My best prospects right now are clients who purchased four, five or six years ago,” says Harris. “I can show them everything they need with geniuspricePro. I can put a report together and send it in five minutes. And the prices are very accurate.”
One of the biggest distinctions, according to Harris, is the fact that geniuspricePro is not a CMA product, but a powerful property intelligence and productivity tool. Not only does it offer valuable insights and data to help his clients make informed decisions, but it also helps him understand key aspects of the St. Louis real estate market, whether it be pricing trends, demand or competition.
“It helps me see the market more clearly by providing a comprehensive analysis of comparable properties while identifying trends and offering data-driven insights,” says Harris. “I started using the product in the beginning to see if I could find a reason to stop using it, like I do with most real estate products, but the more I used it, the better it has gotten for me. And they keep making it better and better. I wish I had this when I was a new agent and knew nothing about pricing properties correctly. It would have made this job a lot easier.”
Drilling down further, Harris goes on to explain that geniuspricePro comes in very handy in his market. That’s because depending on the area/location, the St. Louis real estate market is characterized by a competitive environment, with low inventory and high demand driving up home prices.
“We’re still experiencing a seller’s market, with properties receiving multiple offers over asking price and even bidding wars,” says Harris. “Buyers I’m working with need to know to be prepared, act swiftly and be ready for bidding wars, otherwise they’re going to be very disappointed in the results.”
By using homegenius, agents can work more efficiently within their sphere and see better results. The biggest obstacle to accomplishing this goal is changing one’s mindset. Most agents have never quantified the value of their sphere or even considered prospecting inside their client list in this manner.
“Once agents understand how much commission income they’re leaving on the table, they begin to shift their mindset and focus their attention on those 37 potential opportunities that are sure to provide a higher ROI than buying leads from portals,” concludes Perez.