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A referral network for estate agents, Agentology closed a deal of $4.5 Million

Real estate industry intends to move steadily but it has slowed down its pace to uptake the technology, which is a good move basically. Purchasing a home is one crucial and personal decision an individual takes in his life span. The house hunt also takes loads of patience to identify the actual need. Various factors such as budget, location preference, type, and facilities can be considered as parameters of house search.

We are now standing on the edge of the technological advancements, where we prefer to browse the Internet and do an online transaction in the case of real estate search. This changing trend has impacted on the business of real-estate. Brokers on the other side have become used to with their way of dealing and majorly hesitate to adopt the technology and upgrade their procedure.

A referral network for estate agents, Agentology closed a deal of $4.5 Million

But there is a start-up named as Agentology that anticipates changing it.
As per the Agentology, agents are more probable to convert the lead into potential clients if they get engaged with those leads in the duration of 5–10 Minutes before reaching the seller or buyer. Unluckily, the majority of the searched leads go unanswered or unattended. Agentology says that billions are spent on the database for generating leads by brokers and yet almost half of the leads go unanswered or untouched, just because they can’t get through them easily or the leads don’t match with the particular requirement.

 

The company is trying to solve this issue of sales by merging the machine learning and humans to attend each lead within 5 Minutes, with 24×7 of availability that too across multiple platforms such as email, text, and phone. These conversations with every lead result in fetching data of the client and identify the exact need. Further, the full conversation is given to agents with crystal clear views and needs of the clients.

Though after serving the agents with qualified leads and spoon feeding with the clients’ data, right from the start, agents still fail to convert the lead into a fruitful customer. The reason is insufficient time to attend, and imbalance of the requirement and availability. This is the case where Agentology differentiates from the other similar service providers such as Riley. With Agentology, a broker can refer their own leads to other brokers on button click. Approximately, 30,000 agents are associated with the company’s referral network. The agent who refers leads to other will get 25% commission of the receiving agents who successfully closes the particular deal.

The company recently bagged a $4.5 Million funding led by Freestyle Capita along with the participation of OurCrowd and Entry Ventures. And with this finance, it plans to build technology and product development teams.

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