The Close Scorecard

Pros

• Has built-in lead capture tools
• Has integrations with CRM
• Provides phone and email support
• Leverages artificial intelligence for lead conversions

Cons

• Doesn’t provide free trial
• Lacks IDX website features
• Doesn’t offer team distribution capabilities
• Only provides customer service during business hours

The Close Score

4.7

Pricing:

3.8

Lead generation features:

4.4

Advanced lead generation features:

3.4

Customer service:

2.5

Customer rating:

3.1

Expert score:

3.9

out
of

5

My Verdict on Offrs & Why You Should Trust It

As a meticulous real estate technology tracker, I spent hours researching and testing lead generation platforms to offer agents sound insights. My immense experience lets me provide an in-depth Offrs review and draw sharp conclusions based on a profound understanding of the product and needs of real estate professionals at large.

What differentiates Offrs from the rest in the ocean of lead generation tools is its advanced predictive analytics and the ability for agents to obtain exclusive leads that their brokerages may otherwise not provide. Offrs’s value for agents lies in its leverage of artificial intelligence to identify potential sellers before their homes ever hit the market. However, like any other tool, it may not always fit into the wheelhouse of every real estate agent, especially those looking to represent buyers.

All in all, Offrs provides a rather well-built lead gen solution, especially for those users who benefit from the early stages of seller leads. After a close look at the feature set, usability, and value proposition, I came to this conclusion so that you can use this review as a guide in your decision-making process.

Offrs Alternatives

Some agents might look for other alternative lead generation platforms due to cost, the learning curve for its advanced features, or the need for an all-in-one platform that covers more in terms of marketing and CRM tools. Exploring other options could provide a better budgetary fit, more functionality, or a better match with the overall business strategy.

Platform	Why It’s a Great Alternative	Learn More	Ready to Purchase?
	Allows agents to create IDX websites for lead generation	CINC Review	Visit CINC
	Can distribute leads via round-robin to team members	Market Leader Review	Visit Market Leader
	Provides access to voicemail scripts that can help agents convert leads	Zurple Review	Visit Zurple

What Current Users Think of Offrs 

Offrs has quite a mix of reviews from all its users, with an overall customer rating of 3.3 out of 5 on Sitejabber. Some agents have found value in its Big Data capabilities and lead generation. Others’ experiences have been quite varied. Before deciding, it’s helpful to read Offrs reviews to see how other agents have benefited from the platform.

Some real estate agents have expressed concerns about certain aspects of the platform, which have contributed to the overall rating. Here is what one user had to say about their less-than-ideal experience.

Key Features of Offrs 

Offrs has positioned itself as a top option for any real estate agent looking to harness the power of predictive analytics for their lead generation. Offrs believes it’s arming agents with the edge they need to win listings by providing leads for potential sellers before they ever hit the market. Its technology and approach set it apart in the crowded lead generation space. Below, we’ll run through five top features that help Offrs stand out as a real estate professional.

Free Marketing Plan

It includes a free marketing plan as part of the full service offered by Offrs. This plan provides a personalized way for agents to maximize their lead generation effort by suggesting how many leads are needed from Offrs for agents to reach their desired gross commission income. The plan also considers the zip code agents are interested in to obtain their lead number. The marketing plan gives agents a starting point for helping them reach their desired financial goals from the platform alone. 

Exclusive Leads

One of the standout features of Offrs is its exclusive leads offering. Unlike other platforms that sell leads to multiple agents, Offrs exclusively provides leads within a specified territory. This uniqueness reduces competition and increases the chances of converting that lead into a client. This specificity allows an agent to focus on cultivating these leads without fighting for the same prospects as other professionals.

ISA Team

Another critical factor that makes Offrs standout is the ISA Team. This team of inside sales agents ensures pre-qualification of leads, so the agents only deal with people ready to engage. They make the initial contact, confirm interest, and gather details necessary to make it easy for the agents to follow through on closure. This support layer streamlines the lead conversion process and generally raises productivity.

Predictive Seller Leads

Predictive seller leads are at the very core of what is offered by Offrs. Using sophisticated algorithms coupled with big data analysis, Offrs points out those homeowners likely to sell soon. Knowing exactly when people sell lets real estate agents get in touch before they list their properties, providing a much-needed edge in securing new listings. One of the biggest reasons agents join Offrs is this predictive lead generation accuracy, which allows them to get an edge over the competition.

Lead Capture Ads

Offrs also provides lead capture ads and landing pages designed to help agents generate leads directly from their online advertising campaigns. The ads are specifically set up and optimized to capture contact information from interested prospects and place it directly into the agent’s lead pipeline. With Offrs handling ad creation and targeting, agents can focus on converting the leads into clients. It’s a great feature for real estate agents and those looking to grow and attract new business through digital marketing.

Offrs Pricing

Offrs has variable pricing depending on the size of the region or zip code that an agent would want to target but requires a 6-month commitment to a contract. This pricing scheme allows agents to scale their lead generation efforts according to their budget and desired market coverage while committing to a longer-term investment. It is also worth noting that the pricing may vary by zip code, and no free trial or free plans are available in Offrs. 

Subscriptions start as low as $200 per month to target a region with about 4,000 homes. For example, for those targeting coverage of a whole zip code, it would cost around $300 a month for nonexclusive access and $600 per month for exclusive rights to the leads of a specific area. Their pricing model is a per-property fee, wherein Offrs charges $0.05 a month for every property in a targeted area and $0.10 per property if someone wants exclusivity.

Methodology

Our team at The Close performs extensive research to identify a list of the most efficient lead-generation platforms for real estate professionals. With due care, we have considered Offrs’ ability to generate leads, available features, ease of use, pricing framework, and quality of customer support extended to users. In addition, we went through user feedback and ratings to find out if Offrs serves its purpose and meets the requirements and expectations of real estate agents.

Accurate and reliable insight empowers agents and brokers by allowing them to make informed decisions in a very competitive marketplace. Through this research, we aim to provide our readers with the critical information required to succeed in real estate.

How we came up with our Offrs.com review: 

• Pricing: 3.75 out of 5
  • Assessed the cost of plans relative to the value offered and compared to other platforms
• Lead generation features: 4.38 out of 5
  • Evaluated the platform’s core lead generation capabilities, focusing on predictive analytics and exclusivity
• Advanced lead generation features: 3.38 out of 5
  • Reviewed the availability and effectiveness of more sophisticated tools beyond basic lead generation
• Customer service: 2.5 out of 5
  • Considered the methods for contacting support and the consistency of the assistance provided
• Customer rating: 3.06 out of 5
  • Looked at how past clients rated the platform and its popularity 
• Expert score: 3.88 out of 5
  • Derived from expert analysis and hands-on experience with the platform’s overall performance

Read more about our methodology here.

Frequently Asked Questions (FAQs)

How do I ensure the quality of leads generated from the platform?

What is the usual conversion rate of leads obtained from such platforms?

How will the lead generation tool or platform integrate with my existing CRM and marketing tools?

The Bottom Line: Is Offrs Worth Your Money?

Unparalleled analytics and exclusive leads, combined with a free marketing plan, make Offrs perfect for the agent looking for seller lead generation. Its ISA Team provides further value in pre-qualifying leads for agents who need the team to support their lead-generation efforts. However, limited customer service hours and a lack of advanced CRM features could be detractions, along with committing to a required 6-month contract with no free trial.

If you’re at a point in your career where you are ready for more seller leads and securing exclusive opportunities, the price through Offrs is a worthy investment. It may be short on advanced features and top-tier support, but no one can match its real estate lead generation capabilities to help any agent looking to get ahead in the market.

The post Offrs Review: Pricing, Features, Pros & Cons (2024) appeared first on The Close.

Pros

• Has IDX integrations
• Includes a mobile-friendly website
• Has CRM integrations
• Has help center for assistance

Cons

• Lacks social media posting capabilities
• Lacks free plan or free trial offered
• Charges a set-up fee
• Doesn’t include white label capabilities

The Close Score

4.1

Pricing:

1.0

General features:

3.6

Advanced features:

4.3

Customer support:

2.0

Ease of use:

5.0

Customer feedback:

4.4

Expert score:

4.6

out
of

5

My Verdict on Real Geeks & Why You Should Trust It 

After rigorous research and examining the platform’s capabilities, along with taking into account the Real Geeks reviews provided by current users, I can adequately review Real Geeks unbiasedly. With my experience in reviewing real estate technology platforms, user feedback, and comparison with industry trends, I am well versed in giving a trustworthy assessment of this platform.

Real Geeks is a robust real estate platform designed to suit an agent’s needs. While it does have some learning curve and a few design limitations, it’s a powerful website creator and CRM to help any agent or broker create a more efficient business operation. The platform allows agents to serve their clients better and grow their businesses. Real Geeks strikes the right note between functionality and support for real estate technology.

Real Geeks Alternatives

While it’s a powerful marketing tool, Real Geeks won’t always be a good fit for everyone. There are a few worthy competitors that may be a better fit for some business needs or personal preferences. It’s important to explore different options to find the tool that best puts you at the top of this competitive real estate market.

Software	Why It’s a Great Alternative	Learn More	Ready to Purchase?
	Is a budget-friendly website builder without sacrificing essential features	Placester Review	Visit Placester
	Provides robust social media integrations for agents to connect their website and marketing efforts seamlessly	No review yet	Visit Luxury Presence
	Allows real estate professionals to brand the platform as their own with white-label capabilities fully	No review yet	Visit Easy Agent PRO

Real Geeks Reviews: What Current Users Think

Real Geeks is well-known to real estate professionals, as reflected in the impressive rating of 4.6 stars out of 5 on G2. Many reviews have mentioned that the system is a complete toolset with an easy-going user interface and an excellent way to manage leads and clients. All the reports indicate that Real Geeks has become part of the everyday activities of real estate agents since it has assisted them in growing their business. Here are a few Real Geeks reviews from current agents: 

As with any platform, Real Geeks could be better. Users have expressed concerns over specific areas of the service that point out where improvements could be made.

Key Features of Real Geeks

Real Geeks offers a feature set that helps support the different needs of many real estate professionals. From lead generation to client management, the platform binds all necessary tools into one easy-to-use system. Let’s dive into what makes this platform extremely valuable for real estate agents and brokers. Here’s a short video overview of the Real Geeks platform:

Property Valuation Tool

One of the most distinguished features of Real Geeks is its property valuation tool, arming agents with a sales weapon to procure Real Geeks leads based on instant property value estimates for prospects. Very few tools on the market can interest homeowners as much as knowing the current market value of their property. 

It invites visitors to input their property details through a user-friendly interface. In return, they receive an estimation of the value of such property based on current market trends. This estimation will help generate more leads for the agents and make them an information-rich source within their local market. 

Powerful Integrations

Real Geeks excels at offering powerful integrations that give agents more versatility and functionality from the platform. It connects very well with third-party tools and services, allowing agents to customize and extend the platform’s capabilities in many of the workflows that real estate professionals want to use. 

It integrates well with email marketing services, analytics platforms, and other real estate software to ensure all tools are within a working agent’s reach. These integrations will smooth operations by reducing the need for switching between different applications, which makes it much easier for an agent to maintain a cohesive and efficient workflow. 

Facebook & Google PPC Management

Real Geeks offers turnkey Facebook and Google Pay-Per-Click (PPC) ad management to help agents increase their visibility online and attract high-quality leads. With this add-on service, Real Geeks’ expert team will create and manage the perfect mix of strategies for lead generation across social media, search engines, and remarketing campaigns. This hands-off approach allows agents the freedom to pursue a core business while availing professional, data-driven advertising strategies that maximize ROI while consistently delivering quality leads.

Customer Relationship Manager

The real estate CRM with Real Geeks is another one of the base elements of this product to help real estate professionals manage and cultivate their leads. It offers mobile app access, so no matter where they are, every agent has at their fingertips the contacts, tasks, and important client information necessary for responding to inquiries and following up. 

The CRM also has SMS text capabilities, so agents can communicate directly with leads and clients via text messaging. This feature is especially valuable for quick, informal communication, allowing one to send appointment reminders, property updates, and follow-up messages right to a client’s phone. 

MoveTo Application

Another innovative feature set provided by Real Geeks is the MoveTo application, intended to enhance the client’s experience by making the property search process very smooth. Leveraging MoveTo, clients can access property listings and push notifications to update them on their selected listings. Additionally, MoveTo integrates well with the Real Geeks platform to ensure that all activities related to a client are logged and managed within the CRM. 

Real Geeks Pricing

Real Geeks offers a tiered pricing structure, which can be a big consideration for prospective agents. The plans are split into three tiers targeting different sizes and business needs. At $299 per month, it provides users access to the platform’s core features. Those needing further advanced tools or support will use the Grow plan at $599 monthly. An available $999 per month Expand plan and a $1599 per month Conquer plan will give the product’s most comprehensive set of features and capabilities.

It’s worth noting that the Real Geeks pricing offers no free plan or trial and no money-back guarantees. There’s also a $250 setup fee tacked on. Agents should be confident in their decision before subscribing. The pricing is steep, and it could prove to be too pricey for smaller teams or individual agents who want all of its features compared with other real estate platforms.

Methodology 

Our team of real estate-centered analysts and editors did deep research to come up with the best website builders for professionals in the real estate industry. We have observed Real Geeks regarding features like its lead generation, CRM functionality, ease of use, pricing, and how support is offered to users. We also took the time to look through Real Geeks reviews and feedback to understand if the product meets the needs and expectations of real estate professionals.

Our mission is to deliver accurate and dependable insights to agents and brokers for informed decision-making and workflow optimization within this highly competitive market. Essentially, we want to help you answer the question, “Is Real Geeks worth it?” Our fair and extensive research will equip our readers with the most correct and valuable information necessary for success in real estate.

Here’s how we came up with our Real Geeks review:

• Pricing: 1 out of 5
  • We evaluated the cost of plans and the value for your money versus competitors.
• General features: 3.63 out of 5
  • We reviewed the overall functionality and range of standard tools available on the platform.
• Advanced features: 4.25 out of 5
  • We looked at Real Geek’s more sophisticated tools and capabilities, like landing pages, lead capture forms, and IDX integrations. 
• Customer support: 2 out of 5
  • We based this on the availability of customer service along with methods for contacting support. 
• Ease of use: 5 out of 5
  • This score determined if technical capabilities were required to set up and operate the platform. 
• Customer feedback: 4.35 out of 5
  • We evaluated the reviews and user satisfaction rating of Real Geeks.
• Expert score: 4.56 out of 5
  • We based the score on industry experts’ reviews and our hands-on experience with the platform.

Read more about our methodology here.

Frequently Asked Questions (FAQs)

What is an IDX website, and why is it important to a real estate agent?

How will the CRM benefit my real estate business, and what features should I look for?

What are some things to consider when choosing a lead generation platform for my real estate business?

The Bottom Line: Is Real Geeks Worth Your Money? 

Real Geeks offers a comprehensive package for real estate professionals because it’s an extremely easy-to-use platform that generates leads, manages clients, and runs all marketing campaigns. It provides a solid suite of tools for enhancing productivity and allowing agents to stay closer to their clients from outside the office. 

However, the platform’s limitations in terms of design flexibility and lack of a free trial, coupled with its higher price point, should be considered for smaller teams or budget-conscious users. Real Geeks is good at what it does if you can cover its monthly pricing fee.

The post Real Geeks Review: Pricing, Features, Pros & Cons (2024) appeared first on The Close.

Bonus: Download the Dual Agency Agreement Template

Disclaimer: Check with your state and brokerage to see if they have specific dual agency forms you need to use

What Is Dual Agency?

The real estate term dual agency is when a real estate agent represents both parties in a transaction. A dual agency relationship differs from a single agency in that the buyer and seller are represented by the same agent, who has to balance the interests of two clients. While this could streamline the buying and selling process, it also includes a lot of challenges regarding objectivity and confidentiality.

The real estate agent in a dual agency has a code of ethics that must be rigidly adhered to to deal fairly with both parties. This includes fully disclosing the dual agency relationship with a dual agency agreement and getting informed consent from the buyer and the seller. Otherwise, there may be some legal implications from such a breach of fiduciary duty.

What Is a Dual Agency Agreement?

A dual agency agreement is a critical document that ensures explicit agreement on the facts of a dual agency relationship between the agent and buyer and seller. The role played by the agent, with the limitations of dual agency, must be understood by both the buyer and the seller. The important components of the dual agency agreement include:

• Disclosure: This refers to the clear explanation given to the principal about the nature and extent of the dual agency relationship, including the possible benefits and associated risks.
• Consent: Both parties must consent in writing to their understanding and acceptance of the dual agency arrangement.
• Responsibilities: A detailed description of what duties the agent will perform. This idea would include maintaining neutrality, confidentiality, and adhering to their fiduciary duty.
• Compensation: In case of a reduced commission rate pact, how will their commission be divided or handled.

Responsibilities of a Dual Agent

Since the agent represents both buyer and seller in the case of dual agency, they should deal with their buyers’ and sellers’ interests impartially. Agents must also balance their responsibilities to ensure fairness and adherence to high ethical standards. Some of the responsibilities in a dual agent real estate situation are: 

• Impartialness: The agent should be unbiased and avoid doing anything to benefit one party at the expense of the other. It is challenging since the agent has to balance the interests of the two clients under their control.
• Disclosure: The agent shall disclose all the material facts about the property to both parties. Material fact means any information that may influence a buyer’s judgment or impair a seller’s ability to sell a property.
• Confidentiality: The agent is bound not to disclose any confidential information from one party to the other without explicit prior consent. This confidentiality protects sensitive information that includes negotiation strategies or personal financial details.
• Fiduciary duties: These include the duties of care, loyalty, and obedience to both clients. An agent should always protect the best interests of both parties. They are bound to give honest and competent advice without compromising either party’s interests.

Commission in Dual Agency

Since only one agent or real estate brokerage is involved, a dual agency may make the commission structure a bit easier. Agents can be lenient with their commission rate in a dual agency scenario because no other agent is involved. 

Therefore, they don’t have to worry about another agent’s involvement if they want to discount their commission by a percentage to get the deal done and benefit their clients. However, it should be very clear exactly how the commission division works as outlined in the dual agency agreement and where the cost savings are for both the buyer and seller.

Pros & Cons of a Dual Agency

Agents should consider dual representation real estate if both the buyer and seller want a smooth and efficient transaction and both parties are comfortable with one agent representing both sides. It can be of great value if an agent has specific knowledge about the property and the local market, providing value to both parties. 

Another advantage associated with a dual agency is the leeway to negotiate commission rates, thus benefitting the deal. In dual agency, however, there are potential conflicts of interest between both parties, and each party needs to be aware and comfortable moving forward. Knowing the dual agency pros and cons will help you decide whether you want to put yourself in that situation.

In Which States Are Dual Agency Legal?

Dual agency is legal in many states, although regulations and requirements differ from state to state. States that do allow dual agency require the agents to follow certain disclosure and consent procedures. Dual agency is not permissible in these states:

• Alaska
• Colorado
• Florida
• Kansas
• Maryland
• Texas
• Vermont
• Wyoming

Agents should familiarize themselves with the laws of their state on dual agency so they don’t get involved in illegal activities. This includes knowing additional documentation or disclosure that may be required and how such agreements and letters to clients are to be worded.

Tips to Operate as a Dual Agent

Great care and rigid adherence to ethics should be taken when operating as a dual agent to avoid conflicts of interest and loss of trust. Successful navigation of dual agency is characterized by clear communication, neutrality, and professional integrity. Consider the key practices for effective management of dual agency:

Tip 1: Provide Full Disclosure

Make sure the two parties are fully aware of the existence of a dual agency relationship right from the very start. This would be important in establishing trust and ensuring that both the buyer and the seller know that the agent represents both of them. Full disclosure avoids misunderstanding and possible legal disputes in the future.

Tip 2: Stay Neutral

No act on an agent’s part should be interpreted as favoring one party over another. Provide each client with roughly equal service, information, and comparable support. This helps to establish confidence in the process by assuring both buyer and seller of fair treatment. Balance the needs and interests of both parties without compromising either side.

Tip 3: Use Clear Communication

The agent shall maintain clear and truthful communication with the parties involved. This includes timely progress reports regarding the transaction and immediate disclosure of any material facts or problems as they arise. Effective communication shall help keep both clients fully informed and involved, thereby preventing or minimizing the potential for conflict and misunderstanding. Both parties are to receive timely, accurate information, which will help facilitate informed decision-making.

Tip 4: Practice Professionalism

Abide by statutory and regulatory state requirements relevant to a dual agency that include confidentiality, the truthfulness of information, and loyalty to the client’s interest. The responsible management of a dual agency means being professional in ensuring all acts are within the confines of the law and ethical standards. High professional standards foster trust with one’s clients and facilitate the transaction process through its successful completion.

Scripts to Use When Clients Ask About Dual Agency 

Whenever a client inquires about dual agency in real estate, it is important to respond clearly and with simple language that dispels their fears with clear transparency and total neutrality. Whether describing how the dual agency works, explaining possible conflicts of interest, or just outlining it as an option, your responses reassure the client that their interests will be equally well-guarded. 

The following scripts will guide you through these conversations confidently and help your clients fully understand the implications of dual agency.

Script 1: Explaining Dual Agency to a Client

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Client: “What exactly is dual agency, and how does it work?”

Agent: “Good question. Dual agency would exist if I represented you, the buyer, and the seller in the same transaction. Basically, I have a duty to both of you, and I must remain neutral throughout. I will work to facilitate the transaction as efficiently and smoothly as possible while providing the same service and flow of information to you and the seller.

I’ll disclose all material facts about the property to both parties, but I won’t be able to advocate for one party over the other. What’s important is that both of us, as well as the seller, be comfortable with the situation, and we would all need to sign a dual agency agreement to proceed.”

Script 2: Addressing Concerns About Conflicts of Interest

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Client: “I’m worried that you might be biased towards the seller since you’re representing both of us.”

Agent: “I completely understand your concern, which I take very seriously. I am supposed to be impartial as a dual agent, offering you and the seller the same level of service while providing both of you with all the information. Therefore, I won’t be able to choose one side over the other or give only one side confidential information.

My role is to ensure both parties have the facts they need to make the best decisions possible. If you ever feel uncomfortable or if, at some point, you believe there is a conflict of interest, then we can discuss it and determine what is best.

Script 3: Pitching Dual Agency to a Client

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Agent: “I would like to discuss an option with you that would very much befit your situation: dual agency. This would make me the representative of both you and the buyer. This would streamline communication between us and save us time during negotiations. Because you know I am knowledgeable of the local market, the information and advice I will provide will be useful to both parties involved.

Plus, because I would be handling both ends of the transaction, there would be some opportunity to negotiate a slightly lower commission being paid out on my part, which could save you money. Of course, I would work through that process in a completely neutral and open way. If this is something you’d be open to, I’d be happy to run through the details and answer any questions you might have.”

Script 4: Responding to a Client’s Hesitation About Dual Agency

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Client: “I’m not sure if I’m comfortable with dual agency. What happens if I decide not to go with it?”

Agent: “It’s normal that you should have reservations about dual agency, and that is quite understandable. You must be sure of the decision you are making. If you don’t want to proceed with dual agency, we can certainly look at other options, such as separate representation for each party. The key is to choose a situation that makes you feel most comfortable and confident about the transaction. I am here to support you either way and will be sure that your best interest is protected.”

FAQs

Should real estate agents avoid dual agency?

What is an example of a dual agency?

What is the difference between a sub-agency and a dual agency?

Bringing It All Together

Proper navigation of dual agency requires some thought and clear communication to ensure a fair and efficient transaction for buyers and sellers. The ins and outs of how commissions work, when it’s proper to represent both parties, and formalizing that relationship with a detailed dual agency agreement are all essential considerations. This navigation enables agents to maintain transparency, neutrality, and professionalism in dealing with dual agency situations and support increasing their gross commission income (GCI).

The post What Is a Dual Agent? A Guide for Real Estate Agents appeared first on The Close.

Why Use Real Estate Facebook Ads

Before we get into best practices and examples, let’s discuss why Facebook ads are so lucrative for your real estate business. Facebook ads for realtors have become an integral component in the real estate industry today as they help agents increase their reach and client base within their target markets. Leveraging Facebook’s enormous user database and sophisticated targeting options enhances your marketing efforts. 

Here are some compelling reasons you should use real estate Facebook ads to grow your business:

• Large potential audience: Considering that Facebook hosts over 3 billion monthly active users, no other platform provides this kind of reach for the varied audience it has. It gives you the visibility to let your potential clients know what you offer.
• Advanced targeting options: With detailed targeting on Facebook, you get to the demographics, interests, and behaviors of consumers to ensure the right people see your ads.
• Cost-effective advertising: Offers options for flexible budgeting. Agents can start low and increase when the results come. Facebook ads cost approximately $9.78 per 1000 impressions. 
• High engagement rates: Captivating visuals and messaging in real estate ads will drive high engagement, meaning more clicks and inquiries turn into conversions. 
• Dynamic ad formats: Carousel, slideshow, and collection ads give agents creative and interactive representations of their listings.
• Retargeting capabilities: It provides features for retargeting users who have already shown interest in your listings to increase chances of conversion.
• Detailed analytics: Facebook analytics tools offer great value with good insight into the performance of ads for data-driven decisions on campaign optimization.
• Mobile-friendly platform: Since many Facebook users log into the network from their mobile devices, your ads reach potential clients wherever they might be.
• Branding: Thought-out and consistent ads will elevate your brand’s awareness and prestige, making you a trustworthy name in real estate.
• Competitive advantage: It could set you apart from the competition who hasn’t started using or isn’t using the power of Facebook ads to their advantage.

How to Create Facebook Ads

Creating Facebook ads is a pretty simple process. If you’re not sure how to do it, I can help with that! Here are the steps, but for more detailed information with images, scroll through each step below: 

• Step 1 – Open your Facebook Ads Manager account
• Step 2 – Select your campaign
• Step 3 – Create and name your campaign
• Step 4 – Set a posting schedule and budget 
• Step 5 – Identify your target audience
• Step 6 – Organize your ad placement
• Step 7 – Create your ad

Scroll these images for the details

Step 1: Open Your Facebook Ads Manager Account

Log into Facebook and create an account on their Ads Manager platform. This section will be your central location through which you will create, track, and measure your ad campaigns.

Step 2: Select Your Campaign Objective

Pick an objective that most closely aligns with your marketing goals. Common real estate ad objectives include “Traffic” to drive visitors to your website or “Lead Generation” to collect contact information from buyer prospects.

Step 3: Create & Name Your Campaign

Create a new campaign and name it so you understand the purpose of this campaign. This way, you will be organized, especially when conducting multiple campaigns.

Step 4: Set a Posting Schedule & Budget

Set a budget for your campaign and schedule for when you want to run your ads. You can choose a daily or lifetime budget and specify start and end dates.

Step 5: Identify Your Target Audience

Use Facebook targeting to identify an audience based on demographics, interests, and behaviors. This targeting guarantees that the right people are viewing your ads.

Step 6: Organize Your Ad Placement

Select where you want your ads to appear on Facebook. Your choices will include but are not limited to the Facebook News Feed, Instagram, Messenger, or the Audience Network. Choose between Automatic Placements to broaden reach and Manual Placements for more control.

Step 7: Create Your Ad

Build your ad with a high-quality image, compelling ad copy, and a strong call to action. Remember to save and preview how your ad will look on different devices and placements. Then, once satisfied, hit Publish for your ad to go live.

Best Practices & Examples of Realtor Facebook Ads

Effective Facebook ads are essential for acquiring buyer and seller leads. In that respect, you would want your ads to be engaging, focused on performance, and lead generation-oriented. Here are the top strategies, with examples, to help you craft compelling Facebook ads that drive results in the competitive real estate market.

1. Know Your Audience

Knowing your audience is the very basis of any effective ad campaign. Using advanced targeting on your Facebook ads for real estate, agents can find probable buyers and sellers according to demographics, interests, and behaviors. For instance, if you deal in luxury homes, target those in a higher income bracket or those interested in luxury living. By zeroing in on the ideal target audience, your real estate ads are directly in front of the people who would want your services. 

Example: Check out the sponsored ad on Facebook below, targeting a demographic interested in upscale properties in Palm Springs. The ad works well due to its high-quality visuals, which reflect the luxurious features of the property through magnificent architecture and a desirable location.

CINC is a robust lead gen and conversion platform with all the tools and resources an agent needs to get the most value from any Facebook ad campaign. With CINC’s proprietary demographic targeting, any real estate team or agent can perform Facebook real estate lead generation based on location and demographic factors. With CINC, agents can build target-effective ads, driving high-quality leads to their listings.

2. Use High-quality Images & Videos

Higher-quality visuals in your Facebook ads for realtors attract more eyeballs, facilitating increased views and creating more chances of sparking interest and buyer inquiries. High-resolution photos and videos can capture the best property views and are more appealing to buyers. Agents can provide a comprehensive property view by including professional photographs, virtual tours, or drone footage. Ensure your visuals are well-lit and clear, and give all details about this home.

Example: This Facebook ad contains an image of a high-end property with an expansive yard and a large house. The viewer can see how big it is and picture themselves living in it. The ad places the proper attributes of the house in the limelight and entices any possible purchaser with compelling visuals to want more information or show interest in viewing the property.

3. Craft Compelling Headlines

Your headline is the first thing people will see, so it’s imperative to make it count. The headlines you come up with should be clear, concise, and intriguing. Bring out your property’s selling points or distinctive features to gain maximum eyeballs instantly. A good headline on Facebook ads for real estate should convey the main benefit or unique aspect of the listing in just a few words, standing out and enticing potential clients to click through and read more.

Example: The below Facebook ad is supposed to lure the audience into buying a house in a booming rental market. The heading, “With rent prices only going up, now’s the best time to buy!” is catchy and will motivate a viewer to grab the opportunity immediately since the demand for rental housing is about to surge. High-resolution images and aptly tailored messages will get views and trigger interest in the property showcased.

Facebook ad with compelling headline (Source: AdEspresso)

Listing marketing (Source: Market Leader)

Market Leader offers robust marketing solutions to help agents succeed with their real estate lead generation Facebook ads. It allows the agent to create and manage ad campaigns that reach the right audience segments. With one-click social media posts on Facebook and LinkedIn, agents can share listings and promotions on as many platforms as possible, maximizing online presence and reach.

4. Include a Strong Call-to-Action (CTA)

A call-to-action (CTA) will tell your potential clients what to do next. Effective CTAs drive user action, turning interest into concrete actions like scheduling viewings or contacting you that can lead to sales.

Use action-oriented phrases, such as “Schedule a Viewing,” “Learn More,” or “Contact Us Today.” It will encourage interest and involvement. Placing a well-written CTA will help in increasing conversion rates by instructing what the next steps should be.
Example: The call to action, “Learn More,” is distinctly placed in the ad’s caption, encouraging viewers to click through for more information about the property. This placing allows interested viewers to easily take the next step in effectively creating leads and getting potential buyers flowing toward the investment opportunity in the growing rental market area.

5. Leverage User-generated Content

Testimonials and client reviews can help agents build trust and credibility with prospective clients. User-generated content can be testimonial videos or client photos, which can be more effective than regular Facebook real estate ads. Sharing your testimonials and reviews enhances your credibility and allows potential clients to choose you as their agent confidently.

Example: Although the post below doesn’t feature any property, this client testimonial works very nicely in creating some trust and credibility. Sharing a positive experience with one of your satisfied clients sets up that connection with the prospective buyer, giving them assurance in the quality and reliability of your service. It showcases social proof, leaving a strong impression on viewers considering working with you for their real estate needs.

Client testimonial Facebook ad (Source: Hootsuite)

Lead dashboard (Source: The Close)

Sierra Interactive is a real estate lead management platform to help agents optimize leads received from their Facebook ad campaigns. Inside the platform, multiple integrations are available to connect CRM with Facebook Ads so agents can better capture and put leads in nurture. Sierra Interactive can also help agents create IDX websites to redirect potential clients from their Facebook ads to a website for further detailed information about their services and other listings.

6. Utilize Facebook Ad Formats

Experiment with different ad formats, such as carousel ads, slideshow ads, and collection ads. Carousel ads are great when trying to highlight properties or many features in a single ad, and slideshow ads create a video through the slideshow of a series of images. Mix and match all these ad formats to keep your advertising fresh and engaging, increasing the likelihood of attracting and retaining potential clients.

Example: The Facebook ad below includes the carousel option, providing users with a live, engaging format for looking at the home’s best features in one ad. The carousel format shows extensive property detail, keeping prospects interested in inquiring about the property. Accompanied by good visuals, well-informative image captions make the ad quite effective at catching the target audience’s attention.

7. Highlight Unique Selling Points

Agents should always emphasize what makes the property or service unique. It could be an ideal location, a modern kitchen, or old-fashioned high-quality customer service that gives your ad an edge. The more of these elements you have, the greater separation from competing listings and better your ad’s appeal to the right buyers. You will clearly articulate what puts your listings in a class of their own.

Example: The agent gives prospective clients clear, easily digestible information in this bullet-point format above. Following through the ad, it’s easier for people to understand the property’s features and benefits. Bulleting the primary selling points improves readability, ensuring that all essential details are conveyed to the potential buyers for effective decision-making.

8. Keep Ad Copy Short & Sweet

A social media user’s attention span is very short. Keep the ad copy concise and to the point. Give only the most relevant details, sparing the potential client large blocks of text. This clear messaging engages interest more effectively. Use bullet points or short paragraphs so users can quickly scan and grasp the main details.

Example: Keeping ad copy as concise as possible, like the example below, makes getting essential information across quickly. With a focus on relevant information and in as few words as possible, the ad can grab interest and pressure action without bombarding potential clients with too many words. This succinctness enhances general ad efficiency, making it an excellent strategy for generating leads or attracting buyers.

Real estate Facebook ad (Source: Constant Contact)

Automatic lead nurturing (Source: Top Producer)

Top Producer Social Connect is a one-stop shop that helps real estate agents solve the mystery of social media advertising, especially on Facebook. This platform provides ease in maintaining an online presence. The expert ad creation is simply done. Top Producer Social Connect’s advanced automatic lead nurturing ensures prospective clients receive customized content throughout a four-month period. The platform’s integrated CRM helps agents manage and follow up with leads efficiently, ensuring no missed opportunity.

FAQs

How much are Facebook real estate ads?

How do I create a real estate ad on Facebook?

What objective should I be using for real estate Facebook ads?

Bringing It All Together

Real estate Facebook ads can increase your business exponentially because you reach a large, targeted audience. Knowing how much they cost allows you to create an appropriate budget for them and get maximum ROI. With a well-defined step-by-step process in creating your ad, from choosing the right objective to high-quality visuals and a strong call to action, it will be compelling and engaging. 

Have you used Facebook ads to boost your listings and real estate business? Tell us your tips!

The post Real Estate Facebook Ads: 8 Best Practices & Examples for Agents appeared first on The Close.

What is Fractional Ownership in Real Estate?

Fractional ownership in real estate is a concept where property ownership is divided among several investors. Instead of buying an entire property, investors buy fractions of that property, which are usually between 1/8 and 1/2. The notion of shared ownership allows a single investor to afford high-value real estate without the large financial upfront costs normally required for owning an entire property. 

Basically, it’s sharing expenses and benefits that come with owning a property. Each investor owns a share of the property directly proportional to each invested amount. Ownership interest does not confine itself only to shares in the property but extends to its usage rights, rental income received, and appreciation. The structure of fractional home ownership is different, but most of it includes a formal agreement spelling out the rights of each owner, duties, and terms of usage.

Key Elements of Fractional Ownership

Fractional ownership real estate allows someone to invest in prime properties and diversify a real estate portfolio without committing the full finances toward purchasing an independent property. This formula combines personal use with an excellent potential for income generation, hence an investment alternative attractive to your lifestyle and investment purposes. Here are some key elements of fractional ownership homes: 

• Ownership share: An investor gets a certain specified percentage of the property on top of a share of equity, usage rights, and income.
• Usage rights: Generally, owners have the right to use the property for a certain number of days or weeks per year. Again, this would depend upon the fraction of ownership interest and terms specified in the contract.
• Income and expenses: The owners share any income from the property, including any rental income, based on their proportional interest in the property. Likewise, expenses such as maintenance, property tax, or management fees are shared proportionately.
• Management and maintenance: The property is usually managed by a professional management company, which takes care of everyday operations, maintenance, and other administrative tasks, relieving owners of those responsibilities.
• Exit strategy: An owner may sell their share in the property after an agreed-upon holding period. In some fractional home ownership schemes, there is a secondary market through which shares can be traded, and the investors achieve liquidity.

Pros & Cons of Fractional Ownership

Fractional ownership has its own set of advantages and disadvantages. Understanding these can help investors understand if this investment model supports their investment goals and preferences. Here are the key pros and cons of fractional ownership:

Types of Fractional Ownership Models

Fractional ownership comes in many forms, all of which are targeted at different investor preferences and goals. Knowing about these models will help investors invest in the best form that suits their needs. Whether you’re looking for personal use, investment returns, or a mix of both, a fractional ownership model covers each of these preferences. Here’s how to break down the primary types of fractional ownership examples:

Equity Shares

The investors have a percentage of equity share in the property. Emphasis is placed on investment returns through property appreciation and rental income. A deeded interest in the property is included with the ownership. In this model, the investors have an opportunity to share both the usage time of the property and its financial performance. This can be clearly noted in luxury vacation homes wherein the investors can personally use the property while reaping its financial benefits.

Use-based Shares

This fractional ownership is based on the right to use the property for certain days or weeks per year, emphasizing personal usage other than financial returns. Ownership is often paired with a contractually agreed-upon right of usage and direct ownership. This is often used with vacation properties where owners can take regular vacations.

Syndicated Shares

In syndicated shares, investors pool their resources to acquire larger properties, typically managed by a professional syndicator. This model combines usage and financial return and focuses on larger-scale investments. Investors own a share of the syndicate, which holds the title to the property. 

Common examples include commercial real estate or multifamily apartment complexes managed by a syndication company. This model enables an investor to acquire a share of high-value property with professional management and share in usage and financial benefits.

How Fractional Ownership Compares with Traditional Real Estate Investments

Fractional ownership, like any other form of traditional real estate investing, has differences that make it more or less appropriate for specific investors. We’ll break down how fractional ownership differs from the traditional model below:

Timeshares vs Fractional Ownership

While timeshares and fractional ownership are often confused with one another, they meet different needs and provide different advantages. Timeshares are basically for holiday or vacation use. They grant the purchaser the right to use a property for a specified period, usually a week, every year. Normally, most of the timeshares do not grant an ownership interest in the property, so there is little or no possibility of financial return from property appreciation or rental income. 

On the contrary, fractional real estate ownership is an investment and usage model. While both models provide a kind of shared use of high-value properties, fractional ownership combines the advantages of personal use with real estate investment benefits, hence making it more versatile and potentially highly lucrative compared with timeshares.

Tips for Investing in Fractional Ownership Real Estate 

Fractional ownership is a strategic way to invest in real estate without many burdens associated with outright ownership. That means diversification into a portfolio and the potential return on appreciation in value and rental income make it a great investment opportunity. Success in fractional ownership requires careful planning, just like any other investment. The following are some of the essential tips to consider when handling fractional ownership:

Tip 1: Thorough research

Research the property and the market conditions before you get involved in investment. Investors need to understand the fractional ownership structure and specifics of the property and its location. This will assist in making an informed investment decision and enable an investor to project the returns that may be generated through the investment.

Tip 2: Assess management

Ensure that the property is managed by a reputable and experienced management firm. Professional management impacts the property’s maintenance and profitability. Look for firms with a good track record managing similar properties.

Tip 3: Understand the costs

Clearly mention all ongoing expenses, including maintenance fees, property tax, or management fees. These could reduce your return on investment, so make sure to incorporate these into your financial planning.

Tip 4: Review legal agreements

Go through all the legal documents concerning the fractional ownership arrangement. These documents will specify your rights, duties, and usage constraints. Consulting a real estate attorney can add more assurance to your interest protection.

Tip 5: Exit strategy evaluation

Be aware of the terms for selling your share and the restrictions involved. Some fractional ownership arrangements will have a secondary market for trading shares, while others might require holding your share for a certain amount of time before selling. Knowing your exit options will help you plan for any kind of liquidity or future financial needs.

Tip 6: Consider the investment horizon

Consider the investment time frame and goals. Fractional ownership can be long-term and should align with your financial objectives and time horizon. Ensure that the property and market conditions support such an expected investment duration.

Tip 7: Diversify your portfolio

Diversification reduces risk and increases returns. To balance out the potential risks and rewards, consider investing in a few different properties or in several types of real estate. The reduced capital requirement for real estate fractional ownership makes diversification much easier to achieve.

Tip 8: Staying current with the trends in the market

Keep yourself updated with respect to real estate market trends and economic factors that can possibly impact your investment. Noting the market condition regularly will help you decide at the proper time whether to hold, sell, or acquire more shares.

Frequently Asked Questions (FAQs)

Is fractional ownership a wise investment?

What are some drawbacks of fractional ownership?

Why invest in fractional ownership?

Bringing It All Together

Fractional ownership real estate provides access to valuable real estate investment opportunities without the high financial commitment and management responsibilities. Investors can benefit from expanded diversification, rental income, property appreciation, and professional management. 

However, it comes with its own set of trade-offs, like reduced control over property decisions and possible difficulties in selling shares for liquidity. Ultimately, fractional ownership is very good for those who want to break into the real estate market without the full issues that arise from traditional property ownership.

The post What Is Fractional Ownership in Real Estate (+ Investor Tips) appeared first on The Close.

What Is a Real Estate Mastermind Group?

A real estate mastermind group is peer-to-peer mentoring among agents and investors looking to share knowledge, strategies, and support. These mastermind agent groups of realtors and investors meet in person or online at specific periods to review trends, fix problems, or simply set goals. The synergy of the group, through their composite expertise and experience, maximizes both individual and group potential.

Mastermind groups are resourceful and different from the usual networking groups where members only exchange business cards and socialize. In a mastermind group, members commit to each other’s success by offering constructive feedback and sharing resources. Such synergy created in these groups can provide a breakthrough, which one would not get by working alone.

Be it increasing the knowledge base, solving specific problems, or seeking motivational fuel, real estate mastermind groups are game-changers for real estate careers.

How to Join Real Estate Mastermind Groups

A mastermind real estate group could be a giant step toward developing your professionalism and network. You can find real estate investing mastermind groups by doing a simple search on Google (or continue reading this article, which will give you a bunch of excellent mastermind group choices!) Find those of interest and research them the same way you would any other critical decision. 

The steps to joining a real estate mastermind include the following: 

• Research: Identify groups that align with your professional goals and interests. Look for groups with people who have similar levels of experience and expertise. 
• Apply: Most groups have an application process to ensure a good fit between the group’s objectives and your goals. This application process may be done by filling out a form, participating in an interview, or attending a trial meeting. Most online Facebook groups are free to join but may need group administrator approval before having access. 
• Attend: If accepted, regularly attend meetings or real estate conferences. The more active you are with the group, the more you gain from it. Some groups may have attendance policies.
• Contribute: Offer your knowledge and experience to others within the group to derive value from. The more you contribute, the more you will benefit from the members’ collective wisdom.

How Much Do Real Estate Masterminds Cost?

All the mastermind groups I have shortlisted are free and online via Facebook. Such groups will help agents get important resources and provide the ability to connect with others to share information from expert practitioners at no cost. 

Some other paid mastermind groups can grant advanced features, such as personal coaching and special member-only resources. However, free online groups will still deliver some of the value and support that help agents move their careers forward. The minimum cost for these free groups is your time and involvement, which are returned to you through knowledge networking and professional growth.

Benefits of Joining a Real Estate Mastermind Group

Joining a real estate masterminds group will enhance your career with a bundle of different benefits best suited for your professional growth and success. You’ll share a collaborative environment and have the opportunity to leverage the collective intelligence of participants in the groups. The key benefits of a real estate mastermind group are as follows: 

• Networking opportunities: Connect with like-minded professionals and expand your business network.
• Knowledge sharing: Gain insights and learn from the experiences of others in the industry.
• Accountability: Stay focused on your goals with the support and encouragement of group members.
• Motivation: Be inspired by the successes and strategies of your peers.
• Problem-solving: Find solutions to challenges through collective brainstorming and advice.
• Personal and professional growth: Continuously improve your skills and knowledge.
• Market insights: Stay updated on the latest industry trends and developments.
• Supportive community: Benefit from the encouragement and camaraderie from professionals who understand your challenges

The Close’s Favorite Mastermind Groups

The right mastermind realtor group is key to real estate professionals seeking valuable insight, support, and good networking. With so many options available, finding one that aligns with your goals and professional level is imperative. Therefore, we’ve pulled out a list of the top 10 masterminds real estate groups for you to start with. No two groups are alike, each having varying benefits and focus, so no matter what an agent is looking for to move their career forward, there will be at least one.

1. Real Estate Rockstar Agents

Year Founded: 2014
Group Membership: 47,246
Monthly Posts: Around 200
Private or Public: Private
Self-promotion Allowed? No
Real Estate Agents Only? Yes

Real Estate Rockstar Agents is a dynamic community built for high-performance agents wanting to move their careers to the next level. The group shares advanced strategies, industry secrets, and innovative techniques on how to be the best within a particular market. Its culture of excellence and ambition makes it a perfect fit for those looking to learn from the best and constantly challenging themselves to improve their skill base.

2. Real Estate Memes & Videos

Year Founded: 2016
Group Membership: 52,077
Monthly Posts: Around 150
Private or Public: Private
Self-promotion Allowed? No
Real Estate Agents Only? Yes

A unique mastermind group with an extremely unique blend of humor and education that refreshes your professional network is Real Estate Memes & Videos. The content provided is the most entertaining way to draw on industry trends, common challenges, and real estate tips. This group is an excellent place to keep yourself light-hearted while still learning from fellow agents.

3. LabCoat Agents

Year Founded: 2014
Group Membership: 165,704
Monthly Posts: Around 2,000
Private or Public: Private
Self-promotion Allowed? On approval of admins
Real Estate Agents Only? No

As one of the largest and most active real estate communities, LabCoat Agents offers a wealth of resources for agents at all levels. It’s known for highly detailed content regarding real estate matters, from marketing and technology to lead generation and personal development. With regular webinars, expert interviews, and collaborative discussions, LabCoat Agents is a must-join for those serious about excelling in real estate.

4. Empowering Women in Real Estate

Year Founded: 2014
Group Membership: 38,235
Monthly Posts: Around 170
Private or Public: Private
Self-promotion Allowed? No
Real Estate Agents Only? No, lenders, title companies, and real estate support teams, too!

Founded by agent Karen W. Cooper, the mission of Empowering Women in Real Estate is to help and encourage women in real estate. This mastermind real estate group provides a safe space where women can empower each other through sharing experiences, struggles, and triumphs. By focusing on mentorship, networking, and personal development, the idea is to allow women to reach their potential within the real estate industry.

5. New Real Estate Agents Facebook Group

Year Founded: 2017
Group Membership: 76,655
Monthly Posts: Around 200
Private or Public: Private
Self-promotion Allowed? No
Real Estate Agents Only? No, mortgage brokers, too!

The New Real Estate Agents Facebook Group is a great forum and support group for those entering the business. You can ask questions, ask for advice, or share personal experiences regarding entering the real estate business. This group would be a good fit for any new agent looking for mentorship, real-life practice tips, and motivation from people who recently walked a similar path.

6. Real Estate Mastermind

Year Founded: 2016
Group Membership: 304,243
Monthly Posts: Around 3,500
Private or Public: Private
Self-promotion Allowed? No
Real Estate Agents Only? Yes

Join Real Estate Mastermind if you are seeking a high-level, peer-to-peer group. It’s the perfect group if you’re an experienced agent or industry leader ready to dive into advanced strategies and insights. This mastermind group consists of people who like to get things done, keep their members responsible, collaborate, and help set real estate goals. It is excellent for learning subtle skills and keeping updated on market trends.

7. Real Estate Happy Hour

Year Founded: 2015
Group Membership: 15,578Monthly Posts: Around 50
Private or Public: Private
Self-promotion Allowed? No
Real Estate Agents Only? No, lenders can join, too.

The Real Estate Happy Hour mastermind group brings professional development into a social setting, allowing agents to network and discuss ideas in a relaxed atmosphere. Though it’s not the most active group on our list, it provides an opportunity for its membership base to discuss industry topics and best practices and offers relevant networking. It’s great for those looking to mix business with a sprinkle of humor while growing a professional network.

8. Facebook Ad Support Group for New Real Estate Agents

Year Founded: 2018
Group Membership: 30,419Monthly Posts: Around 10
Private or Public: Private
Self-promotion Allowed? No
Real Estate Agents Only? Yes

While not a group you might actively participate in, The New Real Estate Agent Facebook Support Group is a place to become proficient in online ads. The group shares real and practical tips and advice on troubleshooting and success stories related to running Facebook ads. These resources are invaluable for agents leveraging social media marketing to generate leads and grow their businesses.

9. Real Estate Agents Referral Group

Year Founded: 2000
Group Membership: 11,062
Monthly Posts: Around 10Private or Public: Private
Self-promotion Allowed? No
Real Estate Agents Only? Yes

The Real Estate Agents Referral Group is a forum for exchanging referrals among agents nationwide. Members can grow their businesses through this group by networking with fellow agents around various other demographic areas. This forum is suitable for finding someone to partner with, sharing leads, and giving your clients superior service with a network of trusted professionals who can help take your business to the next level.

10. The Close Real Estate Community

Year Founded: 2019
Group Membership: 8,979Monthly Posts: 15
Private or Public: Private
Self-promotion Allowed? No
Real Estate Agents Only? No, it is open to other industry professionals, too.

The Close Real Estate Community is our specially curated group with top-level access to real estate industry insights, practical advice, and highly attainable community members. We bring forward collaboration in this environment that empowers members to share their experiences or ask for guidance from our team. Be it a seasoned agent or a new entry into the business, The Close Real Estate Community is equipped with the tools and support needed for agents to be successful in their chosen careers.

Frequently Asked Questions (FAQs)

Why join a real estate mastermind group?

How can I identify the right mastermind group that fits all my needs in real estate?

What do I get from participating in the mastermind group within Real Estate?

Bringing It All Together

The real estate mastermind groups are valuable because they provide a robust platform where agents can establish a faster and more tangible pace of personal and professional growth. Agents will access a helpful and friendly network of similar-minded career professionals who can offer valuable industry insights and actionable strategies to apply directly to their businesses. These groups present opportunities for continual learning, accountability, and motivation.

Do you belong to a mastermind group? Tell us which one and how it has helped you!

The post 10 Real Estate Mastermind Groups Every Agent Should Join Today appeared first on The Close.

Pros

• Available integrated payment processing features
• User-friendly interface provided
• SMS text capabilities included
• Customizable dashboard

Cons

• No free trial available to interested users
• Audience segmentation capabilities not provided
• Document management is not available
• High monthly costs compared to competitors

The Close Score

4.8

Pricing:

3.4

Lead gen software features/general:

4.6

Advanced lead generation features:

3.5

Help and support:

2.5

Customer rating:

3.4

Export score:

3.8

out
of

5

My Verdict on Market Leader & Why You Should Trust It 

I’m an experienced real estate writer and former real estate operations executive who has taken the time to consider and try many real estate platforms. I deeply understand what every real estate business person needs and faces as a challenge, so I invested the time to review these tools and give you accurate and reliable insights in this Market Leader review. My hands-on experience and in-depth research into the feature set of Market Leader, user feedback, and market positioning ensure this review is comprehensive and trustworthy.

Market Leader is a robust, end-to-end real estate process automation tool that ranges from lead generation to deal closing. It provides a suite of tools covering all real estate marketing and client management phases. With comprehensive features and a user-friendly interface, it is a mighty companion for any serious real estate professional. That said, you have to balance the platform’s benefits against the cost, which can be a pricey expense for an agent, depending on their deal flow. 

Market Leader Alternatives

While Market Leader can provide a lot of tools within its comprehensive suite for real estate professionals, there may be some cases wherein looking at the alternatives that provide more pocket-friendly pricing, customization, or the ability to integrate with present systems in the best possible way would be necessary. Other real estate lead generation platforms can provide different strengths, such as affordable monthly fees, extended customer service support hours, or AI capabilities.

Platform	Why It’s a Great Alternative	Learn More	Ready to Purchase?
	Leverages advanced AI capabilities to personalize follow-up communication and predict lead behavior	Zurple Review	Visit Zurple
	Highly rated by customers for its robust predictive analytics and marketing automation	Smartzip Review	Visit SmartZip
	Extended customer support hours, providing more accessible and timely support	CINC Review	Visit CINC

Platform	Why It’s a Great Alternative	Learn More	Ready to Purchase?
	Leverages advanced AI capabilities to personalize follow-up communication and predict lead behavior	Zurple Review	Visit Zurple
	Highly rated by customers for its robust predictive analytics and marketing automation	Smartzip Review	Visit SmartZip
	Extended customer support hours, providing more accessible and timely support	CINC Review	Visit CINC

Market Leader Reviews: What Current Users Think

The existing users’ experiences help identify Market Leader’s actual performance. Analyzing user feedback helps us understand just how much Market Leader satisfies the needs of real estate professionals and what the users like or feel it lacks. Market Leader received an overall customer rating of 4.47 out of 5 on Cuspera. Here is what others are saying in their Market Leader reviews: 

Key Features of Market Leader

Market Leader is full of features geared towards making the process of real estate easy and productive. It offers an all-rounded toolkit to help agents at each stage of their business, from lead generation and management to marketing automation and client engagement. These features are designed to help real estate professionals capture more leads, stay organized, and close deals efficiently. Now, let’s dive into some standout features that make Market Leader an asset for real estate agents.

Mobile Application 

The mobile application enables any real estate agent to continue working on the go. It facilitates the management of contacts, leads, and even marketing activities directly from your smartphone or tablet. Given the real-time notifications and the ease of access to data on clients, responding to queries, making appointments, and recording updates are easy without being deskbound. This flexibility ensures that agents can stay productive and be connected even when they are out of the field, enhancing the ability to deliver service to clients in a timely and efficient way.

Social Media Integrations 

The social media integrations provided by Market Leader enable real estate agents to seamlessly integrate their CRM with popular social networking websites like Facebook, Twitter, and LinkedIn. It gives the agent an automated way of marketing their listings and interacting with potential clients across various social media channels. With this integration, agents can attract more leads without much manual effort by increasing their reach and building an online presence.

Exclusive Real Estate Leads 

One of the significant strengths of Market Leader is the ability to generate and manage real estate leads. One of its standout offerings is access to exclusive real estate leads through partnerships with HouseValues, Leads Direct, and Network Boost. These platforms enable agents to directly receive high-quality, targeted leads, ensuring a steady flow of potential clients. By leveraging these exclusive lead sources, real estate professionals can maximize their lead generation efforts and focus on converting prospects into successful transactions.

Customizable Website

Agents can create custom Market Leader websites to engage and convert prospects into leads. It has websites focused on agent branding and customizable templates for property search functions and lead capture forms.

With a professionally done website builder, agents will grow their online presence and be able to display listings, share market insight, and even provide relevant resources to prospects. This marketing opportunity adds credibility to the agent and helps enhance his lead generation and high-quality lead-capturing ability from online channels.

Engagement Co-pilot

The engagement co-pilot in Market Leader has acted like a virtual assistant to the real estate agent in staying engaged with Market Leader real estate leads and clients through automated and personalized communication. It can send personalized emails, schedule follow-ups, and reminders for key activities to ensure agents have consistent, meaningful interactions with their contacts. 

By automating routine engagement activities, the engagement co-pilot allows an agent to manage other strategic sides of his business and ultimately improve client relationships while increasing productivity.

Market Leader Pricing

You may be wondering how much Market Leader costs. While most competitors are quite upfront about their pricing, Market Leader does not transparently post its price on its website, nor is there a free trial or tiered pricing. Below is a breakdown of what you can expect for costs:

• Market Leader Professional (for individual agents): $189 per month (includes a $20 data services fee)
• Market Leader Teams (for small real estate teams): $329 per month for up to 10 users on the same account
• Market Leader Business Suite (for teams and brokerages): Custom pricing

Leads products—can be added to any of the above software products:

• Network Boost: $399 per month for an average of 25 leads per month. The price includes the Market Leader Professional software system, which is required for agents who want to use Network Boost leads.
• Search engine lead products (HouseValues and Leads Direct): Generally $25 to $50 per lead, depending on your market. Leads in markets like Boston and Los Angeles are typically more expensive than leads in more affordable markets like Kansas City. 

Methodology 

Our team of real estate-focused analysts and editors researched many lead-generation platforms to give real estate professionals the best options. We have studied Market Leader’s features in depth, including its unique lead-generation capabilities, ease of use, value for money, and support provided. Market Leader reviews from users also contributed to understanding how well it performed in the real world and whether people were satisfied with it. 

We aim to deliver to real estate agents and brokers that can assist their decision-making and workflow optimization in a very competitive market. This commitment to researching and reviewing products fairly ensures that our readers get the most efficient and effective reliable information that will make them well-rooted in success in the industry.

Here’s how we came up with our Market Leader review:

• Pricing: 3.44 out of 5
  • We evaluated Market Leader’s cost-effectiveness and the value it offers relative to its pricing structure.
• Lead gen software features/general: 4.63 out of 5
  • We assessed the platform’s comprehensive set of tools designed for general lead generation and management.
• Advanced lead generation features: 3.5 out of 5
  • We looked at Market Leader’s advanced capabilities, such as exclusive lead sources and lead quality. 
• Help and support: 2.5 out of 5
  • We rated the availability and quality of customer support, noting the lack of live chat and 24/7 assistance.
• Customer rating: 3.44 out of 5
  • We compiled and analyzed user reviews to gauge the overall satisfaction and effectiveness of the platform.
• Export score: 3.75 out of 5
  • We evaluated the ease and efficiency of exporting data and integrating Market Leader with other tools and platforms.

Read more about our methodology here.

FAQs

How much would this lead generation platform be?

Will any lead generation platform integrate with my existing CRM?

How do I measure the success of a lead generation platform?

The Bottom Line: Is Market Leader Worth It? 

Market Leader equips real estate professionals with powerful lead management, integrated marketing features, and custom websites and is easy to use. Their training resources and branding features make it worth the cost and provide value-added help to agents maximize productivity and efficiency. At the same time, it can be expensive for solo agents or small teams, while other users may find the customization possibilities too limited. The other thing is that it is chock full of different features, so using all of them will be a learning curve for anyone who isn’t so tech-savvy. 

Overall, Market Leader is suitable for people with a budget looking for an all-in-one solution to help them in their real estate operations. If the Market Leader pricing is a principal factor in your decision or you need further customizations, it pays to shop around. Market Leader reviews can provide additional insights into whether it fits your specific requirements. Ultimately, your CRM should align with your business needs and resources.

The post Market Leader Review: Pricing, Features, Pros & Cons (2024) appeared first on The Close.

What Is Cash Flow in Real Estate?

Cash flow in property investment simply refers to the difference between the money you take in and what you spend. Positive cash flow means your income exceeds your expenses, and negative cash flow indicates the opposite. 

It’s a very simple concept but fundamental to real estate investment practices. A positive cash flow will provide an investor with continuous income and financial stability to reinvest in more properties. Understanding cash flow from real estate will help you make informed buying, holding, and selling decisions regarding property.

Why Do Investors Care About Cash Flow From Real Estate?

Cash flow is the lifeblood of real estate investing. It will dictate whether the property will become a financial liability or an asset. Consistent cash flow can provide for mortgage, maintenance, and other expenses. This padding in your bank account will help safeguard against market downturns or other cost surprises. High cash flow properties will also appreciate over time and increase your overall portfolio. The objective of anyone diving into real estate investing is to get the highest return on their investments. 

How to Calculate Cash Flow in Real Estate

Any serious real estate investor must learn to calculate cash flow. The investor will use these equations to understand the property’s profitability and thus be able to make a decent investment decision accordingly. Beyond the cash flow formula, you can use other valuable calculations to enhance the analysis: the CAP rate and the 1% rule. Here are the formulas for the necessary calculations: 

Real Estate Cash Flow Formula

This formula helps determine the profitability of a property by calculating the net income after all expenses.

Cash Flow = Total Rental Income − Total Operating Expenses (Operating Expenses + Vacancy Costs + Repair Costs)

Example of positive cash flow: Imagine you own a rental property that generates $3,000 per month in rental income. Your monthly operating expenses, including mortgage payments, property taxes, insurance, maintenance, and management fees, total $2,000. 

Using the cash flow formula:

$3,000 − $2,000 = $1,000 (Cash Flow)

In this example, the property provides a positive cash flow of $1,000 monthly, indicating a profitable investment. 

Example of negative cash flow: Let’s take the example above with a property generating $3,000 per month in rental income, but now the monthly operating expenses are $4000 because this property has a higher property tax and additional maintenance that must be paid for monthly. 

Using the cash flow formula:

$3,000 − $4,000 = -$1,000 (Cash Flow)

This example showcases a negative cash flow that indicates this wouldn’t be a profitable investment. 

1% Rule Calculation

The 1% rule is a guideline for a quick and easy way to check that the rental income will more than likely pay off most expenses, indicating some possible positive cash flow. Keep in mind that it is an estimation. Here’s how to calculate it:

• Determine the purchase price: Find out the total cost of the property, including any closing costs and necessary repairs or upgrades.
• Calculate 1% of the purchase price: Multiply the purchase price by 1%.

Purchase Price × 1% (0.01) = Estimated Cash Flow

Example 1% rule calculation: Suppose you are considering buying a property for $200,000. To apply the 1% rule:

1% of Purchase Price = $200,000 × 0.01 = $2,000 (Estimated Cash Flow)

According to the 1% rule, the property should generate at least $2,000 monthly rental income to be considered a good investment. If the expected rental income meets or exceeds this amount, the property will likely provide positive cash flow, making it a potentially sound investment.

Cap Rate

Using the cap rate formula, also known as the capitalization rate, will be beneficial when comparing the potential return on investment among different properties. This calculation is more complicated and involves a few extra steps. 

Net Operating Income (NOI) / ​Purchase Price = Cap Rate 

Step 1: Determine net operating income (NOI): Calculate the annual rental income and subtract all operating expenses.

Total Rental Income − Total Operating Expenses = NOI

John owns a rental property that generates $3,000 monthly in rental income, totaling $36,000 annually. His annual operating expenses, which include mortgage payments, property taxes, insurance, and maintenance, amount to $1,000 per month, or $12,000 per year. Calculate his NOI below: 

$36,000 (Rental Income) − $12,000 (Operating Expenses) = $24,000 (NOI)

Step 2: Determine Purchase Price: Find out the total purchase price of the property. The total purchase price can include the property cost, closing costs, inspection fees, and necessary repairs or renovations.

$250,000 (Property Price) + $15,000 (Closing Costs) + $34,600 (Repairs/Renovations) + $400 (Inspection Cost) = $300,000 Purchase Price

Step 3: Calculate the Cap Rate using the above formula (NOI / Purchase Price = Cap Rate)

$24,000 (NOI) / $300,000 (Purchase Price) = 0.08 or 8% (Cap Rate)

In this example, the property has a cap rate of 8%. This percentage means the property generates an 8% return on investment based on its net operating income. A higher cap rate generally indicates a more profitable investment.  

What Factors Affect Cash Flow? 

Several factors may impact cash flow in real estate investing, so it will be important to understand the variables to maintain positive cash flow. Here are the critical elements that influence cash flow most:

• Expenses: Large negative cash flow items include operating expenses like mortgage payments, property taxes, insurance, maintenance, utilities, and property management fees. Other current and nonrecurring expenses that impact your profitability might include major repairs or emergency maintenance.
• Rental income: How much you can charge for rent depends on location, property condition, and market demand. High vacancy or high turnover rates lower rental income, hurting cash flow.
• Rental vacancies: The more vacant a property is, the less rental income will be collected. Effective tenant retention strategies and rigorous screening processes will help minimize vacancies and keep cash flowing.
• Market conditions: Economic conditions, interest rates, and local real estate markets drive rental rates and property values. Shifts in these can negatively or positively affect cash flow.
• Property management: Good property management keeps rent collection, maintenance, and tenant relations in check to provide steady cash flow. Poor management increases vacancies and raises expenses, which will cut profit margins.

By keeping these factors in control, investors can have an inflow of cash to make real estate investing profitable and sustainable.

Baselane’s rent collection platform is an excellent avenue to stabilize your rental income. Baselane provides automated payment reminders and seamless online payment options to minimize late or missing payments. This ensures timely reception of your rental income every single time. The platform also provides detailed tracking and reporting features that allow landlords to monitor payments and manage finances more efficiently. 

Baselane will help property owners maintain consistent income, reduce administrative work, and focus more on growing real estate investments.

Tips to Increase Cash Flow

Increasing cash flow in real estate requires raising income and reducing expenses. Having a strategic approach to managing your properties as a part of your investing business plan can radically improve profitability. Here are some hands-on tips for maximizing the cash flow of your real estate:

• Increase rental income: Renovate the property, add amenities, consider short-term rentals, and adjust the rent to make it more marketable.
• Reduce vacancies: Enforce tenant screening and incentives for lease renewal, and maintain good relations with tenants.
• Lower operating expenses: Check insurance rates, compare property management fees, maintain the property, and invest in energy-efficient upgrades.
• Optimize financing: Refinance your loan, pay off that high-interest debt, and find alternative ways to finance your purchases.
• Increase efficiency: Implement real estate management software, preventative maintenance, and monitor cash flow regularly.

Frequently Asked Questions (FAQs)

What is a good cash flow ratio in real estate?

How do you make sure a property's cash flows?

What type of real estate has the most cash flow?

Bringing It All Together

Positive cash flow in real estate is considered the central factor in any successful property investment. After all, the objective of investing is to make money, right? Every investor must take time and perform due diligence before investing in any property. That includes performing market analysis, properly calculating potential income and expenses, and considering improvements needed for the property to gain a higher rental value. 

Look for properties with potential for solid cash flow, such as multifamily units or short-term rentals in hot spots. Run those properties professionally, tracking their financial performance closely to adjust your strategy as you go. Keeping an eye on financial performance and tweaking your plan as needed will help keep that cash flowing to ensure your real estate ventures are not just profitable but can also provide you with some enjoyment.

The post Cash Flow in Real Estate: Overview, Definition & Calculations appeared first on The Close.

• ClickUp: Best for task management and productivity features
• HubSpot: Best for comprehensive email marketing capabilities
• Agile CRM: Best for cloud-based device integration 
• Bitrix24: Best for team collaboration tools
• Freshsales CRM: Best for free deal management features 
• Zoho CRM: Best for customizable workflows
• Insightly: Best for project management features

Featured Partner

Top Producer has paid for this placement. However, our team of experts approved Top Producer as an appropriate product and our content remains editorially independent.

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The Close’s Top Picks for Best Free Real Estate CRM

Online Rent Payment Software	Best for	Number of Users	Learn More Below
	Free subscription and accounting tools	Free for 1 user	ClickUp ↓
	All-in-one solution and intuitive interface	Free for up to 5 users	HubSpot ↓
	Secured rent collection	Free for up to 10 users	Agile CRM ↓
	Mobile app	Unlimited	Bitrix24 ↓
	Next-day rent payment	Free for up to 3 users	Freshsales ↓
	Next-day rent payment	Free for up to 3 users	Zoho CRM ↓
	Next-day rent payment	Free for up to 2 users	Insightly ↓

Online Rent Payment Software	Best for	Number of Users	Learn More Below
	Free subscription and accounting tools	Free for 1 user	ClickUp ↓
	All-in-one solution and intuitive interface	Free for up to 5 users	HubSpot ↓
	Secured rent collection	Free for up to 10 users	Agile CRM ↓
	Mobile app	Unlimited	Bitrix24 ↓
	Next-day rent payment	Free for up to 3 users	Freshsales ↓
	Next-day rent payment	Free for up to 3 users	Zoho CRM ↓
	Next-day rent payment	Free for up to 2 users	Insightly ↓

ClickUp: Best for Task Management & Productivity Features

Pros

• Has highly customizable dashboards
• Integrates with numerous third-party apps
• Has user-friendly interface with robust productivity tools
• Has social media integrations

Cons

• Provides access to mobile application for a fee
• Requires some technical capability to set up
• Does not offer phone support
• Lacks free SMS texting included

The Close Score

4.9

Pricing:

5.0

General Features:

4.5

Advanced Features:

5.0

Ease of Use:

5.0

Help and Support:

4.0

Customer Rating:

4.4

Expert Score:

4.6

out
of

5

Why I Chose ClickUp

I chose ClickUp because of its unrivaled task management and productivity features. This platform is tailor-made for real estate agents who really get a kick out of being organized and productive. Custom dashboards and integration with a huge variety of third-party apps make this tool quite versatile when it comes to daily task management. While not CRM-specific, strong productivity tools like team whiteboard and chat capabilities coupled with a great user interface make it easy for an agent to track work and ensure nothing falls through the cracks.

Additional Features

• Wikis: ClickUp’s wikis allow agents to create and store important information in a centralized, easily accessible location.
• Gantt charts: Gantt charts in ClickUp provide a visual timeline for projects, helping agents track progress, manage deadlines, and ensure all tasks are on schedule.

HubSpot: Best for Comprehensive Email Marketing Capabilities

Pros

• Has free texting capabilities
• Provides mobile application
• Has social media integrations
• Includes team collaboration tools

Cons

• Requires technical skills to set up
• Only has customer service during business hours
• Can be expensive if you need premium features.
• Has limited customization options in the free plan

The Close Score

4.6

Pricing:

5.0

General Features:

5.0

Advanced Features:

5.0

Ease of Use:

3.0

Help and Support:

4.5

Customer Rating:

4.6

Expert Score:

5.0

out
of

5

Why I Chose HubSpot

What sets HubSpot apart from the other free CRMs is the fact that it offers email marketing capabilities in its free plan. If you’re a real estate agent looking to save hours of your time sending emails and collecting data via forms, this is the way to go. The ease of use and integration with other tools built by HubSpot make the user experience seamless. Although the free version is quite limited, there is still so much here to offer real estate agents in terms of building a marketing foundation.

Additional Features

• Meeting scheduler: HubSpot’s meeting scheduler allows agents to book appointments directly through their calendar, syncs with their availability, and eliminates the back-and-forth of scheduling.
• AI email writer: The AI email writer helps agents craft personalized emails to improve communication with clients and save valuable time on drafting messages.

Agile CRM: Best for Cloud-based Device Integration

Pros

• Has 50,000 contacts in a free account
• Provides unlimited deals, tasks, and documents
• Includes email tracking in the free plan
• Does not require credit card for sign-up

Cons

• Has the lowest customer review rating
• Does not offer customer service 24/7
• Does not include call recording in the free plan
• Requires technical skills to set up

The Close Score

4.8

Pricing:

5.0

General Features:

5.0

Advanced Features:

5.0

Ease of Use:

3.0

Help and Support:

4.7

Customer Rating:

3.9

Expert Score:

4.1

out
of

5

Why I Chose Agile CRM

Agile CRM is cloud-based and easily accessed from any device, which provides flexibility and mobility in your real estate operation. It integrates CRM and marketing automation into one seamless solution to manage client relations and full-scale marketing campaigns on a single platform. The free CRM for realtors allows for 1,000 contacts, custom data fields, and appointment scheduling that can be accessed through the mobile application or via desktop. One benefit of the Agile CRM is that agents can switch between pricing plans at any time to scale the business up or down as needed.

Additional Features

• Email tracking: The email tracking feature allows agents to monitor when and how often clients open their emails, providing valuable insights into engagement and helping to tailor follow-up strategies effectively.
• Custom deal milestones: It enables agents to set and track specific stages in their sales process, offering a clear view of deal progress and ensuring that each transaction moves smoothly.

Bitrix24: Best for Team Collaboration Tools

Pros

• Has a website builder
• Provides 5GB of online storage
• Has 15-day free trial
• Includes automatic dialer

Cons

• Does not offer customer support in the free plan
• Needs additional fee for marketing tools
• Only provides CRM access permissions on paid plans
• Lacks listing management capabilities

The Close Score

4.8

Pricing:

5.0

General Features:

4.6

Advanced Features:

4.2

Ease of Use:

5.0

Help and Support:

3.5

Customer Rating:

4.0

Expert Score:

4.5

out
of

5

Why I Chose Bitrix24

I chose Bitrix24 as one of the best free CRMs for realtors because it excelled in team collaboration tools, which are critical to a growing real estate business. It offers an all-inclusive free plan with many helpful features like a calendar, company social network, and project kanban. Although customer support is limited to free users, the setup process doesn’t require any technical skills, and it provides a lot of free real estate database storage space in the free account. Bitrix24’s available collaboration tools make it perfect for teams looking to enhance communication and productivity.

Additional Features

• Bitrix24 sign: It allows agents to send and receive legally binding electronic signatures on documents.
• Online store: This enables agents to create a storefront to market and sell real estate-related products.

Freshsales CRM: Best for Free Deal Management Features

Pros

• Has 21-day free trial
• Includes kanban views
• Provides live chat features
• Has built-in phone dialer

Cons

• Does not provide 24/7 support
• Only offers activity dashboard in paid plans
• Does not provide workflows
• Has limited customization for free plan

The Close Score

4.7

Pricing:

5.0

General Features:

3.0

Advanced Features:

5.0

Ease of Use:

5.0

Help and Support:

4.7

Customer Rating:

4.6

Expert Score:

5.0

out
of

5

Why I Chose Freshsales CRM

What drew my attention to Freshsales CRM is that, even in the free plan, it offers deal management capabilities. It gives an agent the ability to see how deals are efficiently tracked, managed, and closed without any extra cost. This results in agents being able to stay in control of the sales process and keep the business running at all times. While more advanced features like sales pipelines, dashboards, and detailed analytics are saved for paid plans, the best real estate CRM free version still offers excellent features like data importing, email templates, inbound caller ID, etc.

Additional Features

• Contact lifecycle stages: It allows agents to categorize and track contacts through different stages of the sales funnel, from prospecting to closing, providing a clear view of where each client stands. 
• Unique fields: It helps differentiate records and prevents duplicate records.

Zoho CRM: Best for Customizable Workflows

Pros

• Is free forever and has no trial period
• Has Cloud-based data and file storage
• Includes email marketing workflows
• Provides lead capturing web form

Cons

• Needs to improve its user interface
• Has email parsing only in paid plans
• Has limited analytics reporting in the free plan
• Has overwhelming free plan to new CRM users

The Close Score

4.7

Pricing:

5.0

General Features:

2.7

Advanced Features:

5.0

Ease of Use:

5.0

Help and Support:

5.0

Customer Rating:

4.5

Expert Score:

5.0

out
of

5

Why I Chose Zoho CRM

For real estate agents looking for a more customizable CRM experience, Zoho CRM is one of the best free CRMs because of its very customized workflows and integration options. In addition to the pocket-friendly pricing plans, the email notification tools and mobile application access give agents the flexibility to manage their businesses on the go. While the free version is missing more robust features like AI tools, the included features still make Zoho CRM a very powerful tool for agents who want a customizable solution for free.

Additional Features

• Multiple pipelines: Agents can manage multiple sales processes by using different pipelines. 
• Scoring rules: Lead scoring helps agents prioritize those most likely to close.

Insightly: Best for Project Management Features

Pros

• Includes up to 2,500 records in free plan
• Has 14-day free trial
• Has customizable page layouts
• Provides multiple integration options

Cons

• Limits users to 10 emails per day on free plan
• Has limited email templates without upgrading
• Only has customer support during business hours
• Has expensive paid plans per user

The Close Score

4.5

Pricing:

5.0

General Features:

2.7

Advanced Features:

4.6

Ease of Use:

5.0

Help and Support:

4.5

Customer Rating:

4.0

Expert Score:

4.5

out
of

5

Why I Chose Insightly

Of the many available free CRM options, Insightly may be one of the better choices for real estate agents dealing with numerous complex transactions and projects because it has very good project management features. Even in the free plan, agents get access to integrations with applications like QuickBooks Online, PandaDoc, and Xero, along with the ability to customize page layouts that can benefit your business operations. The platform’s ability to help agents scale their businesses through project management and lead management tools makes it ideal for agents looking to streamline their transaction processes.

Additional Features

• Custom data entry fields: Agents can create business-specific data fields unique to them.
• Online help center: It provides 24/7 access to help articles and videos in the free plan.

Frequently Asked Questions (FAQs)

What features should I look for in a free real estate CRM?

Can a free CRM handle a large database of clients and leads?

Can a free real estate CRM integrate with other tools and platforms I use?

Methodology: How I Chose the Best Free Real Estate CRM 

While choosing the best free real estate agent CRM options, we at The Close took a very meticulous and thorough review to make sure that we delivered the ones that were most reliable and effective. Our methodology took into account a detailed analysis of the various CRMs regarding a wide range of factors relative to the real estate professional. Our team of experts went through an accurate review and testing of these platforms for their suitability and to make sure they performed well in a real estate context.  

Below are the key criteria we evaluated for the best free CRM for realtors:

• Pricing (30%):
  • We prioritized CRMs that offer robust features in their free plans, providing excellent value without hidden costs.
• Features (20%):
  • We assessed the essential features available, such as contact management, mobile application, and website integration, to ensure they meet the core needs of real estate agents.
• Additional Features (20%): 
  • We looked at extra functionalities like customizable reports, AI capabilities, and team collaboration that add significant value to the CRM.
• Ease of Use (10%):
  • Technical skills required to set up and operate the platform were taken into consideration 
• Help and Support (5%):
  • The availability and format of customer support were reviewed to ensure agents can get assistance when needed.
• Customer Rating (5%):
  • We considered user feedback and ratings to gauge overall satisfaction and real-world performance.
• Expert Score (10%):
  • Our team of experts provided an additional layer of evaluation, rating each CRM based on the overall features, value for money, and ease of use.  

Your Take

Cheap real estate CRMs could be a huge help for real estate agents in contact and deal management, but they could also automate marketing efforts, starting with zero cost. If you can effectively use a free CRM for your business, it would greatly help in enhancing your productivity levels and better management of your clientele. 

But that is not worth being shortsighted in your growth strategy. Though the free plans include useful features, many are limited in ways that will hinder your business as it expands. Upgrading to the paid plans as you grow will unlock advanced capabilities, provide scalability, and more, allowing you to take on new opportunities and secure long-term success.

The post The 7 Best Free Real Estate CRMs for 2024 appeared first on The Close.

What Is a Real Estate Referral Fee?

A referral fee is the money paid to or received when a real estate agent has referred a client to another real estate agent. This simply creates an incentive for agents to share leads to ensure that the clients get the best possible service, even if the original agent cannot look after these clients directly. 

A referral fee in real estate greases the wheels of real estate business by setting up an interactive network among agents and clientele. The associated fee benefits incentivize the agent to refer clients to other appropriate colleagues who can best meet their requirements so that the client is perfectly matched with the right area of expertise.

The Parties Involved in a Real Estate Referral 

Real estate referrals include different parties with specific roles and responsibilities. The following are some of those roles that are involved in a referral transaction: 

• Referring Agent: The referring agent realizes that a client’s need is outside of his or her geographic area, specialty, or other reasons, so they refer this client to another agent. They are the ones that receive a referral fee if the deal closes. 
• Receiving Agent: The receiving agent is a person who accepts a referral and takes the client to complete the real estate transaction. 
• Client: This is the party wishing to rent, sell, or buy a property. They are referred to the receiving agent by the referring agent to obtain the best service possible to cover their specific needs. 
• Broker: Brokers are licensed real estate agents who have gained additional experience and education. They can be a referring or receiving agent, but not both at the same time for the same transaction. 

How Much Is a Referral Fee in Real Estate?

The standard referral real estate fee is around 25% of the gross commission earned by the receiving agent. This is also a similar rate for a referral fee for commercial real estate. However, this rate is extremely dependent upon the agreement between the agents and further details of a referral.

Variables that could impact the amount of the referral fee would include the sophistication of the referral, market conditions, and the level of required service. In these cases, it can range from as low as 20% to as high as 35%, depending on these factors. The referral fee should be negotiated and stated upfront when giving or receiving any referral leads. 

Who Pays Real Estate Referral Fees?

The referral fee is paid to the referring agent from the commission of the receiving agent in a transaction. The client is not responsible for the referral fee. They are only responsible for paying the entire fee for the services, and the receiving agent will split their share according to the agreed rate. Normally, this payment is made after the completion of the transaction. 

Elements of a Real Estate Referral Agreement

Before any referral leads are given or received, there are major factors to consider in a referral agreement. Such a document is required for a successful referral process and brings clarity and fairness to both parties. A good referral agreement should be able to capture the following key elements to avoid miscommunication and secure the interests of both the referring and receiving agents:

• Names and contact information of both agents: Clearly state the names and contact details of the referring and receiving agents.
• Client’s name and contact details: Include the client’s information and best points of contact.
• Referral fee percentage: Specify the agreed percentage of the commission that will be paid as the referral fee.
• Conditions for payment: Outline any conditions that must be met for the referral fee in real estate to be paid, such as the completion of a transaction.
• Expiration date of the agreement: Set an expiration date to ensure the agreement is valid for a specific period.
• Signatures of both parties: Ensure both agents sign the agreement to formalize the terms.

When referral opportunities arise, you don’t want to scramble and waste time getting documents together. Having a pre-made referral agreement allows you to simply fill in the details and proceed efficiently. This simple contract covers the required elements in a realtor-to-realtor referral fee agreement. I have put together a free, easy-to-use template that you can download and use today. Just click the button below to get started.

Reasons Why Agents Refer Clients 

There are many reasons why you would refer a client to another agent. At the end of the day, you always want to look out for the best interests of your client. Referring clients to other agents ensures you are offering your clients the expertise and service that best fits their needs. The referral may also be due to work that is outside your scope or capacity.

Agents should consider referring clients to others in the following situations:

• Geographic limitations: A client is interested in buying or selling property outside the agent’s normal market or region. 
• Specialized expertise: The client requires an area of expertise that falls outside the scope of the agent’s specialty. For instance, you might not specialize in commercial properties, luxury estates, or farms, but you know another agent who can better serve your client’s needs. 
• Too many clients: If the agent has accepted too many clients and is overwhelmed, they will not be in a position to provide new clients with the time needed to handle their cases.
• Conflict of interest: An agent is faced with the possibility of a conflict of interest that would make objective representation of the client impossible.
• Better fit: The agent knows of another professional who will be a better match for the client’s needs and preferences.
• Legal or ethical requirement: The agent is legally or ethically bound to refer the client in compliance with regulations or professional requirements.
• Client request: In some instances, a client might want to be referred to another agent.
• Personal circumstances: The agent is not able to handle new clients because of personal circumstances, such as health issues or extended leave. 
• Market conditions: Market conditions and trends that you are unfamiliar with may necessitate handling by another agent to be effective.
• Professional relationships: To develop professional relationships with other agents and brokers, referrals can help those relationships grow into a circle of trust and mutual benefits.

What to Do When a Referral Deal Closes

If you are the recipient of a referral deal, there are some important steps to complete to ensure the referral is finalized correctly. Most of the time, the referring agent will follow up with you to make sure the deal is going smoothly. However, if they do not, you still want to maintain a professional relationship by following the below steps and ensuring you get more referrals in the future.  

Here’s what you need to do when a referral deal closes:

Confirm closure details: Confirm that everything regarding the deal has been closed out in accordance with the terms of the referral agreement. Every document needs to be signed and submitted.

Notify referring agent: The referring agent or broker should be notified regarding the successful closure. Any details regarding completion may be provided.

Calculate the referral fee: Calculate the referral fee amount based on the percentage of the commission paid as agreed upon. The amount must be calculated per the terms spelled out in the referral agreement.

Make the payment: Pay the referring agent or broker in a timely manner. Use the payment type set by the referral agreement, which might be a bank transfer or check.

Send documentation: Send a copy of the final closing statement, together with other documentation to be used, to the referring agent. Attach an itemization of how the referral fee was calculated.

Thank the referring agent: Don’t forget to thank them for the referral. This part is instrumental in maintaining a good relationship for future referrals. A gift could also be a nice gesture to maintain future lead flow. 

Frequently Asked Questions (FAQs)

What's the difference between a referral fee and a commission?

Can only real estate agents refer leads?

How are typical real estate referral fees structured?

Bringing It All Together

Proper understanding and management of real estate referral fees are key to greater cooperation between agents and giving the highest-quality service to clients. Referrals will expand an agent’s network and align clients with the appropriate expertise to ensure successful transactions and positive testimonials. By cultivating a robust referral system, agents can consistently generate new business opportunities. This approach benefits all parties involved, creating a thriving real estate ecosystem built on trust, cooperation, and mutual success.

Have you ever worked on a referral deal? If so, tell us about it below!

The post The Complete Guide to Real Estate Referral Fees appeared first on The Close.