RE/MAX Releases Upgraded Global Referrals Platform Powered by GryphTech
RE/MAX announced the launch of its new Global Referrals Platform at the annual R4® Convention in Las Vegas on February 28, powered by their technology partner, GryphTech. GryphTech has been a technology provider to RE/MAX regions for over 25 years.
"The RE/MAX Global Referrals Platform connects the entire world-wideRE/MAX network of over 140,000 agents. The solution provides a secure and easy to use platform, allowing agents to work together and communicate in different languages on behalf of their buyers and sellers in different countries, creating a truly global cooperation network," said Carlos Matias, CEO of GryphTech.
The Global Referrals Platform will allow agents to send, receive and track referral requests from any agent in any country where RE/MAX has a presence. The platform supports multiple languages and currencies with integrated translation tools to facilitate communications between agents that speak different languages.
Agents can now create their own personal network of agents in their local city or around the world by adding other agents they would potentially like to do business with. They can search by country, language, and area of specialization such as residential and commercial. To help expand their referral network, the platform's algorithm will present them with additional suggested agents based on a sophisticated scoring system using their profile preferences.
Shawna Gilbert, RE/MAX Senior Vice President, Global and Commercial, is excited about the new way for RE/MAX agents to search for, connect with, and exchange referrals with other RE/MAX agents. "The process of making referrals around the world is now so much easier. The vast RE/MAX network can now access this premier technology and it's a major leap forward in further strengthening the connection between RE/MAX agents worldwide."
The important details of each referral is easily included for review by each agent, including specific referral terms, and referral fees. The result is connecting high performing agents with one another, regardless of country or language, to provide their clients the highest level of service possible.
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RETECHNOLOGY PREMIUM MARKETPLACE RELATED PRODUCTS | WEBINARS | SPECIAL OFFERS
Has Technology Brought Real-Time Translation to Real Estate?
In the last couple of years, there have been significant advances in technologies that help connect different countries and break cultural barriers. However, real-time translation remains an issue. In 2017, Google officially launched their first attempt at real time translation with Google Pixel Buds.
Reviewing Google Pixel Buds for real estate:
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WAKE UP BROKERS! Hablas Espanol?
Today, 85% of homebuyers are white, but that is changing rapidly in America. The new and growing homebuyer population is Hispanic or Latino, and most do not speak English well enough to have confidence in a real estate transaction written in a foreign language with an agent who is not bilingual. Yikes or Opportunity? We think opportunity.
From 2010 to 2012, the number of Hispanic homebuyers increased 38%. Today, only 20,000 of the nations' 1.2 million members of the National Association of REALTORS® is Hispanic. By the way – all of the stats quoted here look at data collected in 2010 and 2012. You can figure that the growth rates have gone up significantly. From 2010 to 2012, the number of Hispanic households grew from 4.25 million to 6.69 million – a 58% increase. The number is likely well over 10 million in 2015.
A Simmons Market Research survey recorded that 19% of Hispanic American origin speak only Spanish. Ergo, 1 in 5. Only 17% of Hispanics are fully bilingual, and 55% have limited English proficiency. The United States has more Spanish speakers than Spain. Does anyone have a truly end-to-end, bilingual brokerage?
In the 2010 census, 17% of Americans were Hispanic. If you are a broker in New Mexico, 44% of your population is Hispanic. Texas is 31% Hispanic, followed by California at 30%, Arizona at 25%, Nevada at 20%, Colorado at 15%, and Illinois at 12%. Total US Hispanic population is now is nearly 35 million people and growing. If you do not operate a fully bilingual brokerage, you are missing a huge opportunity. California has 14 million Hispanics with housing needs and more than half of them are not proficient enough in English to contemplate a real estate transaction.
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Attracting the International Buyer
Did you know that there was nearly $68 billion in real estate purchased by international buyers last year? Nearly half of these customers are from four countries--Canada, China, Mexico and India--according to the NAR's 2013 Profile of International Buying Activity. Over half are purchasing homes that are $250,000 or less.
REALTOR® specialization on the buyer's side of the market--like cultural affinity or orientation with the prospective purchaser, foreign language capabilities, and experience in explaining U.S. real estate procedures and requirements to foreigners--appears to be important in bringing an international transaction to a successful conclusion. Approximately 27 percent of REALTOR® respondents reported having worked with international clients; 76 percent have been in the business for more than five years.
Of the REALTORS® who reported transactions with foreigners, 54 percent reported that clients were referred to them through friends, previous clients, and international and domestic referrals.
So what are the best ways for an agent or broker to increase their international business?
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Product Review: ListHub Global
This product review is a bit out of the ordinary for us. There was no hour plus demo to sit through, no interface screenshots to take, and no set-up processes to explain.
Brokers will be happy to learn that this is because ListHub Global is an extremely low maintenance solution that, once activated, acts like any other affiliate ListHub publisher. It's accessible through the same interface, and is automatically included in your ListHub reports.
The only difference is that instead of syndicating listings domestically, ListHub Global distributes your listings to potential buyers in over 40 countries. While that sounds simple, ListHub Global is actually a sophisticated solution to a complex data problem.
The Challenges of Global Listing Distribution
At the heart of this problem is the organization--or lack thereof--of international listing data. Listing accuracy is a contentious issue here in the United States, but that's only because it's so important to us. We have agreements governing the use of listing data and have built MLS connected platforms to help ensure the integrity of that data.
Internationally, however, the situation is quite different. In fact, a ListHub study of international data found that a whopping 75 percent of listings were inaccurate--some with "last sold" dates as far back as 2007, 2005, and even 1992!
This is because in other countries, listing data is considered "open." Listings don't have the same protections as they do in the United States, and no one party bears the right or responsibility to ensure the accuracy of those listings. As you can imagine, US brokers looking to distribute their listings overseas face a daunting problem when it comes to preserving the integrity of their listing data.
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Product Review: Immobel’s Multi-Language Website IDX and REAL-Buzz
Although we set out to write a review of Immobel’s Multi-Language IDX Translation, a look at REAL-Buzz was inevitable. Thus, our review covers both. Many REALTORS® who invest in IDX translation to market to global buyers will also choose to participate in the (free) REAL-Buzz.com portal.
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How to Use IDX Data on Social Media Networks
As a general rule, your brokerage should not spend much time promoting individual listings on social media unless the listing has a story. Some of the most significant traffic drivers to many websites are famous homes. Three Bedrooms, two baths within walking distance to the park is not socially interesting. Photos of celebrity homes are.
Luxury property works, but focus on unique features or superior architecture.
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