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Join this webinar to learn what servicers need to know about recent and upcoming servicing compliance regulations and strategies experts are implementing to prepare for servicing regulatory audits.

Inside Look: RealTrends 2021 Brokerage Compensation Study

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Real Estate

OJO Labs rolls out agent referral network

Select Network will be available nationwide by the end of the year

OJO Labs has launched the OJO Select Network, an agent referral program that matches top performing agents with ready homebuyers or sellers based on an understanding of the agent’s skill set and the consumer’s needs.

Select Network gives agents access to new leads, ready homebuyers who are kept engaged until they’re ready to work with an agent and custom consumer insights. A member of the OJO Concierge team supports both the consumer and agent throughout their journey.

Applicants must have a minimum of three years of experience and 25 transactions within the last 12 months but OJO Labs’ Chief Real Estate Officer, Chris Heller, told HousingWire that beyond the basic requirements, applicants will be analyzed further once they’re admitted to the agent referral system.

“Once we’re working with them, then they’ll be evaluated on primarily three things – one is customer satisfaction, the other is responsiveness, and the third is effectiveness,” Heller said. “So the agents that ranked the highest in those three areas are the ones that will be given the most opportunities to be introduced to buyers and sellers that are working with agents.”

What makes Select Network stand out from its competitors, Heller said, is its AI-nurturing technology.

“Some consumers are at a stage where they know what they want, they’re ready to go and want to be introduced to the top agent today,” Heller said. “Others are just beginning the process, and because of the ability to provide a very unique experience for them to sort of curate and search and discover and get clarity around really what’s important to them and then what properties have those characteristics, is something that’s unique and allows us to not only help more consumers at any stage that they may be at, but also to understand those consumers at a deeper level.

“When we introduce them to the agent, the agent has a better understanding of where the consumer is at [and] what they’re looking for, which makes that introduction a better experience for the agent and the consumer,” Heller said.

Select Network’s initial markets include Austin, Texas; Atlanta; Boston; Charlotte, North Carolina; Chicago; Dallas/Fort Worth, Texas; Washington, D.C.; Houston; Fresno, California; Las Vegas; Long Island, New York; Los Angeles; New Jersey; Phoenix; Riverside, California; Sacramento, California; San Diego; San Francisco; and Tucson, Arizona.

OJO said that agents are welcome to apply even if their market isn’t listed, as it will continue to expand. Heller said Select Network will be available in over 50 markets by Nov. 1 and nationwide by the end of the year.

There is no fee to get started, but OJO Labs earns a commission for successful conversions.

OJO Labs has been busy the last few years as it continues to grow.

In June, OJO Labs announced a $62.5 million funding round and the acquisition of Movoto, a residential real estate search site. Last October, OJO Labs also acquired real estate software platform RealSavvy, and WolfNet Technologies in October 2018.

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