Kellie - What you describe sounds like all the other internet leads one can obtain. This typically means, in today's market, up to 36 months incubation before the lead is at a decision point. The market value for leads of this nature are $2 to $25 not $1,800 to $2,500.
The good point you make is nothing is paid until it closes. This means the vendor is demonstrating faith in the ability of the agent, and perhaps faith in the quality of the lead they generate. There does seem to be an element of shared interests.
You last statement is really accurate. Internet leads are very skittish. If you call before they request, they disappear.
Plan for an exceptional 2011.
No one can control the price point that people are searching.
I have been on this program for about a month and have one buyer ($170k) under contract, and several more getting prequalified. At this rate, I can add 12 additional deals per year.
Somehow I think the disgruntled Realtor would gripe regardless.
Leads are leads ... and Skill is skill.
Don't blame the lead. A skilled agent can turn a lead.
Saves some much valuable time,
Clients do get shuffle for one reason and that is when the assigned realtor does not show or provide good customer service that is an indicative that the Movoto Team is also there making sure you as a realtor focus your services to that buyer. Once that buyer is assigned to you and you follow the program this client is not taken away from you. The only time it happens is when you the realtor does not step up to the plate or neglect your client.
Ted describes how Movoto does manage and maintain close tabs on their lead generating system for better customer service. It is true not all transactions are on the high $400k but my take is that the more you close the better off you are. Here is a quick compare and contrast if you will:
â€¢ Movoto: you pay 30% no zip code restriction or charge
â€¢ Trulia: you pay per zip code the more zip codes the more money you will spend monthly
â€¢ Zillow: you pay per zip code zillow is similar to trulia and they tell you the amount of exposure and views you will have per zip code and again the more zip codes the more money you will spend monthly.
Bottom line is you will pay on either one
Think about it and chose the lead generating system that works for you, the question is and still remain would you be able to secure 30 clients a month by yourself?
I agree entirely with Adriana Castiglia.
It's going to be exactly what you make of it. I am not afraid to get on the phone and call which is what is required. Overall, I am enjoying my partnership with Movoto and hope that it is a long lasting relationship.
Yes, they are quick to recycle leads - like cattle at a slaughterhouse, how often are these people being shuffled about from agent to agent? They actually assigned leads without getting an acknowledgement of the requests and then reassigned them later on. How does this reflect upon me? How does this reflect upon Movoto? One guess who gets the short end in the marketing.
Please if you have other options put your valued resources there and only use this service as a last resort. They'll keep you in the dark and never disclose their policies on how customers are assigned and send you reconstituted leads then act like itches and cut you off without explanation if you do anything other than jump high and fast at their call.
Its a business model with potential only if it were run with customer screening more communication and they treated partner agents like stake holders. Their referral fee of 30% is on par with relocation services minus all the added value.
The only consolation I am tempered by some of the wonderful customers that I call clients and I am thankful for that.
If I had paid for leads and received all unqualified contacts, I would not hesitate for a moment to charge back the entire amount I paid them with a credit card.
Very, very bad.
Boca Raton, FL
What they don't tell you is that after you have received 20 leads - if you don't write an offer you will not receive additional leads. They will 'pause' your account without telling you. It took me 3 weeks to get them to tell me what was going on my account.
So I suspect most of the partner agents fall into this no man's land - like me. I can't work the leads they have sent mainly because those prospects do not want to be contacted by an agent and refuse to respond to inquiries. Frankly I think they acidentally click on a part of the web site that triggers the process of having an agent contact them. Many of my leads needed an agent that spoke a different language than I spoke.
I found the process very frustrating - Movoto doesn't communicate well with their agents. There is no training on how they expect you to work their web site - and yes they have definite expectations about that. They don't tell you these little details about how the system works in advance.
Overall my impression is that this is a company that is run very poorly and if they manage make some money off an agent's hard work - it's purely luck. You can give them a try - maybe you can close a lead if your'e lucky.
It's definitively helped me get into a pattern of responding to leads faster. So far this year I'm able to set a minimum for my referrals, so if I don't want a lead under a certain price point I don't get them and I love that. Talk to your account manager and make that happen. Another point to make is they close my account out several times a year for not responding to leads on time or not closing leads after several leads have been sent, I see it as a kick in the butt. I just call my account manager, get it reactivated and then start closing leads.
A lot of my business comes from AGENT referrals so I see Movoto as an agent who refers me tons of business and like any agent if you don't respond to their referrals on time or close on the referrals they give you and provide great service to their referrals they'll drop you. Think about this also, If you pay an agent a referral fee for a lead how is this any different?
I tried to get another agent into Movoto this year and they were completely booked for my area so you may not be using them as an agent but other agents are and we're making money. I dropped other monthly fee systems and now just use Movoto in line with my lead generation every morning.
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I agree with Arturo Shivers as a good and experienced agent you have the responsibility to be able to figure this out on your own.
I have quite a bit of my own business so I do not solely depend on Movoto but it is nice this time of the year when we are slow to have them give us leads.
I like the fact they follow up and they are very pleasant to deal with. Also they ask when you are leaving town so they do not bother you when you are on vacation and can resume working when you return.
The 30% referral fee is Standard for most referrals I deal with and the fact that I am not paying for it as you do with others such as Trulia on a monthly basis works great for me.
I am sorry cannot help you with procuring cause as this has never come up for me with Movoto or anyone during the 30 years I have been selling Real Estate.
Partnering with Movoto has been good for me and my business, I have enjoyed the people that they have sent to work with and look forward to a great 2014 with Movoto .
In my opinion, Movoto has taken on to many partner agents in the Chicago area probably focusing on quantity over quality and as a result the allocation of leads per week rate has dropped off drastically from about 4-6 per week 10 months ago down to about one lead every 12-15 days.
This is just one man's opinion! Judge for yourself. Otherwise, shut up, sign up and pay 30% on the back end.
In closing, praise, complain, support Movoto or not it's always best to leverage time and market $$$ in programs that will reap the highest return for your efforts. Good luck.
Some of those buyer already file complaints with the state attorney
I find their leads of slightly better quality that other internet lead companies, but also somewhat lower price range leads for some reason.
They do not charge up front for leads like so many lead generating services do, and i feel this is a large advantge that they have.
We have been with Movoto for about 16 months, and I have found them terrific.
Century 21 Scott Myers, Realtors
San Antonio, Tx.
Their referral rate is no different than what I get or pay to associates and actually less than the internet and relo referrals from my broker. It's free until you close. So, it's really up to the agent to make it work, or not. A slice of the pie is better than none and I've received referrals from these clients making it all the more worthwhile!
As with any worthwhile leads that a good Realtor may get, your expertise in determining if it is a workable lead or not in the least amount of time possible is the challenge. If you have the time to dedicate to research new leads and the ability to convert them to sales, you may be surprised to get additional sales and closings that otherwise you are not getting.
MOVOTO has great plans and the tools to assist good Realtors. In the end, it is you, the Realtor, who will make the sale happen. My experience about conversion rates has been better than 1 in 18 and I am sure I can easily improve this...with more work. I am pleased to get 70% and pay MOVOTO 30% for a sale that otherwise I wont even see. Be forewarned: This is only for hard working Realtors. You will need to work for what you earn. Lazy Realtors need not apply.
I have tried the "pay as you go" leads, and as always ... so many are junk that it will come out as at least 30%. With MOVOTO I only split with them on the deals when I actually close.
MOVOTO has a vested interest in seeing to it that the leads are handled properly, because if nothing closes, they don't get paid either. They see to it that the leads are good quality.
If I received a referral from another agent I would certainly request a 30% referral fee.
As a bonus, they monitor my activity so nothing falls through the cracks. and I actually handle the leads through to closing or to a dead end. Their assistance with the CRM portion of the website is top notch.
If you qualify for the leads ... do it!