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Opcity launches to fix the broken real estate referral model

(TECHNOLOGY) Opcity is the Austin startup making big changes to the ways that lead generation happens in real estate.

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Real estate start up

With the accelerated growth of real estate in today’s metropolitan markets, it’s no surprise that innovation and growth from this is highly valuable. With $27 million dollars in funding, Austin startup Opcity is proving that through and through.

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The company just closed a Series A round of funding, and it is the largest round of funding raised by an Austin startup this year.

Opcity’s pitch

According to Opcity’s website, the startup performs lead generation for real estate brokers, to ensure that brokers receive “the right referral…in real time,” for both buyers and sellers. Traditionally, according to CEO Ben Rubenstein, the process that connects real estate market participants and brokers “has historically been complex and at times extremely frustrating.”

Opcity aims to both simplify and optimize that experience.

They certainly have a point; lead generation can eat up a lot of work bandwidth for brokers. It requires managing multiple marketing channels, both online and offline. So much so, that there are entire Quora threads and articles dedicated to these very topics. Some of them specifically lament the existing pay-for-leads system that exists in the online marketplace, citing how difficult it is to convert these leads into clients.

Opcity assumes this role for these agencies, and all without upfront costs to them; brokers pay up only when the transaction closes.

Not only has the startup proposed a better solution to lead generation, but they have developed it in a city with a thriving real estate ecosystem, and that’s more important than you might think.

“You build a successful venture WHERE the regional economy, market, and ecosystem of experience, talent, and resources support what you are trying to accomplish,” MediaTech Ventures founder Paul O’Brien said. To that end, “Austin (and Texas) are distinct from the coasts given the tremendous room for residential and commercial development, met with demand – as thousands are moving into Texas every day. [It] is the market ideal for innovation in real estate and Opcity helps establish that fact.”

On the up

Texas isn’t the only state catching on; since their launch in 2016, Opcity closed 350 brokerages and over 4,000 agents to work with their platform. In addition to the industry’s top independent brokerage firms, Opcity also works with Century 21, Keller Williams and other classic brands.

That attention caught the eyes of venture capital firm Icon Ventures, who led this round of funding with support from Georgian partners and LiveOak Venture Partners.

The funding will allow Opcity to scale into other markets.Click To Tweet

As this model catches on, it could significantly shape the marketing and communication interactions between brokers, buyers and sellers. Anyone in the real estate industry should be paying very close attention to this journey.

#Opcity

Born in Boston and raised in California, Connor arrived in Texas for college and was (lovingly) ensnared by southern hospitality and copious helpings of queso. As an SEO professional, he lives and breathes online marketing and its impact on businesses. His loves include disc-related sports, a pint of a top-notch craft beer, historical non-fiction novels, and Austin's live music scene.

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Real Estate Technology

How to get chatbots to actually boost conversion rates

(TECH NEWS) Understanding your customers’ expectations and beliefs about chatbots can help boost your business AND save you time.

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Chatbots can save you time and money with the right set up, but first you have to get your customer on board with this relatively recent channel of customer support. A 2017 study conducted by Audience, Drift, myclever, SalesForce, and SurveyMonkey assessed consumer perception of chatbots.

Of the 1,051 adults aged 18-64 who participated in the study, only 15 percent had previously used a chatbot. So the results are a bit limited, but provide insight into how to draw in those who are inexperienced or unfamiliar with chatbots.

If you want to have a successful chatbot, aim for the lowest denominator of familiarity to ensure the overall experience is not frustrating. The goal is to reduce other forms of communication, like calls and emails to save your company time.

About two-thirds of respondents said they would value the 24-hour availability of a chatbot. Receiving assistance at any given time is a huge plus.

When you break that response into Millennials versus Baby Boomers, 66 percent of the younger generation like the round-the-clock availability while 58 percent of Boomers valued 24-hour service.

Over sixty percent of Baby Boomers see instant responses to simple questions as chatbots primary benefit. However, they have slightly less confidence than Millennials that chatbots will be friendly an approachable.

Overall, way less than half of those surveyed had faith in a chatbot’s ability to answer complex questions, or provide detailed, expert responses. There seems to be a general understanding that while chatbots offer help for easy questions, they’re not a catch-all for every use-case or advanced scenarios.

In fact, 43 percent stated they would prefer contacting a human for assistance, and a third cited fears that the chatbot would make a mistake.

Chatbots available 24/7 that aren’t able to sufficiently answer customer’s questions can lead to frustration by the time they end up speaking to an actual person if incorrect info is provided.

Not naming names, but I’ve personally experienced the nightmare of asking a chatbot a question only for it to repeatedly provide irrelevant solutions and ask, “did we get that right?” all the while continuing to not answer my question.

I understand a chatbot won’t always have the answers, but it’s still an aggravating experience to deal with a product that doesn’t seem to work in you or the company’s favor.

Other potential barriers to embracing chatbot use included respondents preferring to “use a normal website,” or if they couldn’t interact with the bot in a friendly manner. Some also reported they would not use a chatbot if it was accessible only through Facebook.

Brave souls reporting “nothing would stop me from using a chatbot” only made up 15 percent of respondents.

When setting up your chatbot, make sure you include as many potential questions and answers as possible.

However, there should also be a clear channel to communicate with a real person should the bot provide unsatisfactory or limited help.

Brokerages are using chatbots on their sites already and annoying users, converting nothing. Heed the advice above, understand your consumer and the limitations of chatbots, and your conversion rates are set up for success.

There are plenty of services out there to help you get started with setting up a chatbot, and some even offer free trial periods. Customers may not be totally sold on chatbots over real people, but if you set yours up in a user-friendly way, you could boost your support levels and customer satisfaction, thereby improving conversion rates.

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Real Estate Technology

How click-to-call tech can skyrocket your sales

(TECH) While click-to-call tech isn’t the newest kid on the block, it could be one of the best conversion tools at your disposal.

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Like most digital marketing, the only constant in paid search advertising is change and an increasingly competitive landscape. Identifying trends and opportunities before others is so crucial to maximizing marketing spend, especially in a lean business environment. Today, we’re here to give you one such nugget of wisdom.

Research on the value of click-to-call for your business indicates that click-to-call will grow to $13.7 billion in the next two years; it currently sits at $7.41 billion.

Why the bullish outlook? For one, click-to-call leads are more valuable. In one case study discussed in Search Engine Watch, a click-to-call campaign conversion rate hit 24.6 percent; for context, a paid search campaign conversion rate usually hovers in the single digits. Additionally, the cost per conversion in that campaign was 61 percent lower than a traditional paid search campaign.

You might now be wondering, “why isn’t this a bigger deal?”

There’s a fun paradox in most search marketing; when conversion and customer value are good, the volume is usually much lower. In the case of this study, the click-to-call campaign received a tenth of the impressions of a standard paid search ad. As user behavior tends to move further towards mobile search, it seems like this gap will close.

Click-to-call data is also an amazing tool for improving your web experience. According to the survey, “51% say they ‘always’ or ‘frequently’ need to call a business from a mobile search ad. 59 percent of those surveyed said the main reason they call is to get a question answered. Not only can giving that answer improve that person’s likelihood of becoming a customer, but it also provides valuable feedback on your web experience.

For example, if you keep getting a similar question on calls, and all those customers with that question come from your home page, you can use that feedback to modify your website experience. Because click-to-call campaigns are easy to track, you can gather that data to make important web marketing decisions.

All this to say, if you haven’t considered this web conversion option yet, you should. Particular business types, like auto, tech and travel, may benefit the most, according to the study. Make sure you check out the rest of the research to get more information on how to plan your call strategy.

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Real Estate Technology

These popular Facebook videos should inspire your own

(SOCIAL MEDIA) Learn from the best performing Facebook videos of 2017 to improve your company’s 2018 social media content strategy.

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In the fast-paced digital space, a well-made video can grab consumer’s attention, spark engagement and even encourage sales, if produced effectively.

And if you want to be the best, why not learn from the best?

As videos continue to reign as the standout content form on Facebook, it’s worth reviewing the best performing Facebook videos of 2017 when perfecting your company’s social media strategy this year. Videos are a significant advertising medium, so do what you can to make your own videos more captivating and look outside of the industry for inspiration so you’re not mimicking your competitors.

To get a feel for what videos enchanted audiences and why, Socialbaker analyzed the top performing Facebook native, live and 360 videos from the fashion, retail and fast-moving consumer goods (FMCG) industries last year.

Here are the key takeaways from the analysis, broken down by category:

1. Fashion

The quality of your Facebook videos matters, as demonstrated by the top performing native video published by American Jewelry manufacturer, Effy Jewelry. This video has an engaging storyline, soft music and beautiful visuals, all of which come together to reflect the luxurious nature of Effy Jewelry products. Consumers responded to this work of art, too, as it garnered more than 11,000 organic interactions in 2017. To engage your desired audience, design videos down to the smallest detail:

How-to videos also work well, especially if they show consumers how to actually use the products you’re selling. Fashion accessory company Stella & Dot used Facebook Live to demonstrate how to best wear their accessories. It’s simple and showcases the products, which more than 209,000 viewers appreciated. As consumers become increasingly conscious about their purchases, why not use video to demonstrate what your products can actually do for average consumers?

Lastly, videos can also be experiences. Patagonia took their Facebook 360 video audience on a rock climbing adventure that not only showcased products, but was gorgeous to watch. The video theme tied well to the outdoorsy brand but also kept consumers watching for the pure enjoyment of it. Keep your own audience engaged by taking them to different travel destinations, events, or even your office.

2. Retail

Featuring influencers in your videos can expand your reach and following. John Stamos starred in a Michaels art supplies store video as he decorated a Christmas stocking last fall. This video received more than 12,000 interactions and a whopping 2.5 million views:

People also like watching others unbox new products, so consider using Facebook Live streams in this way. Lamborghini Newport Beach capitalized on these popular types of high-engagement videos and recorded the unloading of a new car. It was a real-time way to spotlight the assortment of cars they had on the lot, too. If you have a brand new product to unveil, try a live unboxing video to capture joyous reactions, hold viewer interest and drive sales:

And as online-exclusive retailers consume the market (cough Amazon cough), videos can be used to give at-home consumers an appealing look at your brick-and-mortar store. Seasonal decoration retailer Spirit Halloween recorded a quick tour of one of its retail locations before opening to tease their items and encourage people to stop in – and it worked! The Facebook 360 video accumulated 20,000 interactions and more than 1 million views:

3. Fast-moving consumer goods (FMCG)

Cooking videos are king. You’ve probably been mesmerized by a Buzzfeed Tasty video once or twice, right? Well, if you are a food or household products brand, spend time creating cooking videos. Philadelphia Cream Cheese made a short video showing Facebook users how to make creative mini cheesecakes and it was viewed more than 3.8 million times. Such videos are easily digested (pun definitely intended) and have longevity for views and interactions, so don’t ignore this theme:

Use the distinctive capabilities of Facebook Live video to build immediate connections with your audience, too. Yankee Candle used Facebook Live to unveil new products in real-time and asked questions throughout the video, encouraging viewers to stick around and respond, rewarding correct answers with branded goodies. Clear call-to-actions in your videos will strengthen consumer engagement with your brand.

Last but not least, use Facebook videos to evoke feelings or emotions. Wright Brand Bacon made viewer’s drool and crave the salty breakfast meat with a Facebook 360 video shot of bacon sizzling away inside a toaster oven, sounds and all. Use the visual tools at your disposal to drive consumers to your product as a result of cravings. Bonus points if your video is so sensory satisfying it goes viral.

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