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Team b brokerforce v5.5


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  • 1. Brokerforce A referral program to help brokers incentivize their clients and attract quality leadsInterviews Day Day Day Day Total Adam Tetenbaum 1 2 3 4Brokers 7 6 8 6 27 Eric MetelkaRenters 7 4 35 5 51 Cadran CowansageTotal 14 10 43 12 78 Andrew Morcos
  • 2. Business Model Canvas – Day 1 Brokerforce Which of our • Provide essential • Brokerage firms • Software customers problems • Residential development are we helping to features for free/cheap brokerage firms • Building, • Customer solve? development & • Funnel / customer • Personal assistance apartment and acquisition leakage • Independent acquisition property owners • Sales and • Customer retention • Marketing/listing brokers marketing platform to consumers • Consumer- What are the key • Building owners features of our product facing rental sites that match customers problem/need? • Direct sales • Software / platform • Client survey tools development • Process automation • Industry expertise • Follow-up reminders • Mobile, web • Sales force • Electronic form applications submission • Customer feedback / • Social media referral platform channelsFixed Costs: • SaaS subscription model• Technology development • Freemium service with additional feature upgrades• Equipment • Potential advertising / lead generation revenue for• Salaries complimentary service providers (moving companies, etc.)Variable Costs:• Sales
  • 3. What we learned: Broker Process OfficeManage = Potential Brokerforce features r LeadPersonal Lead Collect search Compile list ofContact Broker parameters Apartments Send list to Give client Schedule tour Go on Tour client summary Summarize Request Submit Thank You & tour information Application Feedback Send quarterly Send Birthday Send Lease- follow-ups Email end follow-up
  • 4. Business Model Canvas – Day 2Key Lessons:• Brokers think they are organized but process shows clear inefficiencies and pitfalls• Want to focus on customer service and relationship but don’t have the time or the proper tools• Owners have their own software tools that serve very different needs from brokers
  • 5. Wireframe
  • 6. Business Model Canvas – Day 3Key Lessons:• Referrals are extremely valuable but not given the appropriate amount of attention• Brokers don’t follow up with clients after successful deals• Brokers won’t even enter basic info into a computer / CRM system; don’t think long-term
  • 7. Business Model Canvas – Day 4Key Lessons:• Most important features are: • Retention & referral programs • Email information crawling • Follow-up reminders• Renters/referrers are an integral customer (user) segment
  • 8. Process Workflow Start Tenant inquiry Rewards e-mail sent to current tenant and referrer Sent From Forward email to profile NO Web generator Form YES YES Customer referred Lease Auto-fill tenant profile from signed another tenant? Tenant sends NO Referral request +customer referrals to rewards link sent to other potential tenant tenants
  • 9. Business Model Canvas – Day 5Key Lessons:• Referral program is not illegal and adds the most direct value to brokers• Focus on referral system as MVP• Change revenue model from subscription to per-transaction• Brokers, not brokerages, now paying for “customer service” expenses
  • 10. Process Workflow Was this Start: Lease signed a Tenant inquiry referral? NO YESClient refers new Referral request + link Finders fee giftprospective client sent to client sent to referrer
  • 11. Marketing Tools Referrals Brokerforce Customer Groupon PurchasesRelationships Direct & Telesales Coupons SEO TV Adwords Print Radio Ads Billboard Leads Physical Virtual Transaction
  • 12. Archetype• Steve Broker• Broker at Miron Properties• 22 years old• Ohio State University grad• Just getting into the NY real estate business• Is friendly, charismatic, and professional (good broker)• Trying to build a client list
  • 13. Steve’s Life Monday, September 249:00 am 4:00 pm•Steve has 3 emails from Brokerforce with •Becky finds a shoe box on thereferrals via past clients UWS she loves and applies for it!•He sets up appointments with them forlater in the week 10:00 am •Steve meets Becky, a new Columbia Student who was referred to Steve by Tim, whom Steve rented an apartment to last week •Steve and Becky have showings at 10 apartments because Becky only has 1 day to find a place
  • 14. Steve’s Life…One week later Monday, October 19:00 am 3:00 pm• Landlord confirms that Becky is approved! • Steve gets an email from• Steve goes to Becky’s profile on his Brokerforce Alex through Brokerforce. account and clicks “Apartment Rented!” He was referred by Becky• New finders fee link is generated which Steve sends and wants to set up an to Becky and congratulates her! appointment… 10:00 am • Becky and Tim each get a $50 electronic Amazon gift card to buy stuff for their new places! • Steve’s credit card is debited $100 (2 gift cards) + $5 (Brokerforce fee) = $105 total
  • 15. Demo
  • 16. What’s Next?• Show prototype to earlyvangelists for feedback• Understand economics of gift card and payment processing• Seek further legal clarity regarding incentives specifics• Make first sale!
  • 17. SPECIAL THANK YOU TO…• Miron Properties (May Amos & Bar Cohen) – Spent 1.5 hours with us brainstorming ideas!• Alfred Realty (Danny) – Referrals are worth 8X a cold lead• Bruce Feldman Associates (Bruce Feldman) – Some referrals are LEGAL • Cadran: When is a good time to call? • Bruce: Anytime. Like Denny’s: ‘Always Open’