Fox and Roach Reports Success With Buyside

buyside | April 25, 2016

Published by Victor Lund on April 20, 2016 on WAVGroup

There are a lot of technology applications that look promising, none more so than the recent launch of their Home Valuation System on foxroach.com powered by Buyside™. Fox and Roach is the largest Berkshire Hathaway Home Services company. Their offices cover many regions including Southeastern Pennsylvania, Southern New Jersey and Delaware. In WAV Group broker website effectiveness studies, BHHS Fox & Roach ranks in the top 10 for the most traffic of any broker in America. Last month, they launched the Home Valuation System, built by Buyside™ that created a landing page for every off- market property and IDX listings in their market footprint.

About Buyside Rajeev Sajja 131 Tudor Dr North Wales PA 19454 Devon Fox and Roach (2) (1)

 

 

 

 

 

Innovating Ahead of Competition

This is a broker-friendly solution that provides benefits beyond Zillow® the national leader in displaying data on off-market properties. The goal of the strategy is to develop seller leads for their agents, and engage buyers and property owners with good information about property values and the ability to track a home.

We are huge fans of the use of three property values, known as AVMs. “I think that the shortfall with the Zestimate™ is that it has only one AVM opinion,” says Steve Storti, BHHS Fox & Roach’s Chief Marketing Officer. “By introducing the RVM™ from Realtors Property Resource and two other AVM’s (including the Zestimate™) we tell the consumer the real story about AVMs – they are all just mathematical estimates and it’s best to talk to a local agent for the most accurate professional assessment of your home.”

Success by the Numbers

In the first 45 days, Foxroach.com has had almost 51,000 valuation attempts done on their agent branded landing pages powered by Buyside™. It’s important to note that BHHS Fox and Roach rolled this feature out on both the broker site and agent websites. The broker site generated 68% of the traffic with just under over 34,000 of the valuations, and incredibly over 1300 agents participated in generating the other 32% or 16,000 for their own agent sites. There is truly a network effect that occurs when agents leverage the broker provided co-branded websites.
BHHS Fox and Roach leverages the CoreLogic AgentAchieve™ broker and agent website platform which provides easy integration of the Buyside application. Buyside has also integrated CoreLogic’s ePropertyWatch into the BHHS Fox & Roach’s Home Valuation System. With ePropertyWatch, consumers can register to get an automated monthly email with their property value, recent transactions, new listings, etc. The off-market or IDX listing property pages encouraged a 7% registration rate to the ePropertyWatch service and an additional 1% of consumers contacted a specific agent.

Leads to Listings Funnel

It’s forecasters math, but if you add up the number of seller leads generated from the Buyside™ app, it equates to filling the top of the listing funnel with $16.5 Billion in listing opportunities. Over time, BHHS Fox and Roach will be able to map listings back to this lead generation source to measure the outcomes from the bottom of the funnel. The company also intends to track the volume of leads that convert to a listing presentation too. There is likely more business volume that will also accrue to the company’s Mortgage, Title, and Insurance businesses. All in all, it’s a dynamic edition of seller lead generation that accompanies an already high performing buyer lead funnel.

Future Roadmap for Buyside™

Buyside™ CEO, Charles Williams is encouraged by the first month results. “Our developers were really excited by the opportunity to work with the nation’s top brokerages in BHHS Fox and Roach, Douglass Elliman, and Daniel Gale Sotheby’s to launch our products.” Williams continued, “This is our first version release of this product, and it’s overwhelmingly clear both our brokerage clients and their consumers see the immediate value. Our opportunities to expand the application to deliver more business intelligence and success to our brokers are enormous and you’ll be seeing more of it very soon.”

TOPICS

RECENT POST