New Insights into the First App Show It Gives RE/MAX Affiliates an Edge in Identifying New Business Opportunities

Rhea-AI Summary

RE/MAX has announced that its proprietary First® app has significantly boosted productivity for its agents since its launch in early 2020. Notable statistics include a 9% average productivity increase for users and over 33,000 new listings identified from agents' contacts. Agents utilizing the app win an average of eight listings within three months. The app, acquired from a North Carolina tech company, leverages machine learning to enhance business opportunities, which is critical given the historically low housing inventory in the U.S.

Positive

• RE/MAX agents using the First app increased productivity by 9% on average.
• First identified over 33,000 new listings from agents' contacts in 2020.
• Agents who used First won an average of eight listings in their first three months.
• Users of First are 50% more productive compared to non-users.

Negative

• None.

DENVER, May 20, 2021 /PRNewswire/ -- RE/MAX, one of the world's leading franchisors of real estate brokerage services, revealed its proprietary First® app has helped affiliates grow their businesses and uncover new listings in the year since launching as a RE/MAX product in early 2020.

First, an exclusive offering designed to help RE/MAX agents spend less time looking for business and more time building it, has had a significant impact. Some examples:

• RE/MAX agents who used First in 2020 increased their productivity by 9% on average.¹ 
• First identified over 33,000 listings out of RE/MAX agents' contacts in 2020. 
• RE/MAX agents win an average of eight listings in their first three months of using First.²
• Agents who use First are on average 50% more productive than agents who don't.³

First, a North Carolina tech company acquired by RE/MAX in December 2019, uses machine learning to analyze an agent's friends, family and acquaintances and identify those most likely to sell their home in the coming months. In February 2020, RE/MAX made the First app available to U.S. RE/MAX agents and brokers to help them prioritize their attention on clients who are most likely to list. From building a better database to helping agents master follow up, the tool gives affiliates a competitive edge in identifying new opportunities – an especially welcomed advantage in the historically low housing inventory market the U.S. is experiencing.

"First data shows, on average, that agents miss 70% of deals within their existing network," said Nick Bailey, RE/MAX Chief Customer Officer. "This tool not only helps agents to avoid missing out on deals within their own sphere, it also helps mine new opportunities within their contacts that might not have existed without it. Right now, we are experiencing historically low inventory levels, and agents who are successful in this environment are the ones most able to manufacture new listings. This one tool – which is exclusive to RE/MAX – helps agents do just that."

Added Bailey, "This industry has low barriers of entry but high barriers of success. Agents find many benefits when they align with the RE/MAX brand – and having a tool that identifies clients most likely to sell is an incomparable advantage."

At RE/MAX, productivity is one of the most important measures of an agent's success and the First app is one of many premium offerings of the RE/MAX technology suite to help them reach their goals. Earlier this year, a prominent industry survey confirmed RE/MAX leads the nation's largest real estate companies and franchises in agent productivity. The initial successes of the First app bring the real estate giant one step closer to becoming the worldwide leader in real estate technology.

About the RE/MAX Network
As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with nearly 140,000 agents in more than 110 countries and territories. Nobody in the world sells more real estate than RE/MAX®, as measured by residential transaction sides. RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children's Miracle Network Hospitals® and other charities. To learn more about RE/MAX, to search home listings or find an agent in your community, please visit www.remax.com. For the latest news about RE/MAX, please visit news.remax.com.

1	2019-2020 comparison of residential transaction sides for RE/MAX agents who began using First prior to April 2020.
2	Average of total productivity for RE/MAX agents who began using First in 2020, including some agents who may have had higher than average baseline productivity prior to use of the First app.
3	Comparison of transaction sides for RE/MAX agents using the First app to transaction sides for RE/MAX agents who are non-users with similar individual/team relationship composition, within the same RE/MAX office, March-December 2020.  Some agents who use the First app may have had higher than average baseline productivity prior to use of the First app than non-users of the app.

 

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SOURCE RE/MAX, LLC