Roshan SrinivasanCamphor has previously published an article on how our AI property search tool will have a significant impact on search for homebuyers, existing homeowners, and real estate investors. Moreover, we’ve explained how our residential property reports can be used comprehensively by various stakeholders in the real estate space.
With that, one key pain point we have realized is how archaic the tech stack is for majority of real estate brokerages. Most real estate agents and brokers rely on word-of-mouth and business cards to expand their networks. While many brokerages have a website, many of them are not used to the advantage of the business to drive high quality leads to their agents. This is where Camphor’s search engine comes in!
Existing Website Tech Stack for Brokerages
/w=3840,quality=90,fit=scale-down)
Majority of real estate brokerages leverage the same tech stack for building their online presence. Small independent brokerages are very likely to use Weebly, Wix, or potentially Webflow or Squarespace to build their landing pages to advertise themselves and their small teams of agents.
Medium to larger brokerages typically use either Lofty, Luxury Presence, IDX Boost, or similar platform. These website builders are specifically geared towards the real estate industry where a brokerage is able to plug in access to their MLS IDX feeds to display on their websites. Brokerages like Compass do this on a much grander scale across multiple geographic regions.
With that said, while these IDX feed platforms offer some search UI for inbound user traffic to these sites, and some of them like Luxury Presence also allow for user portals to be built out, they do not provide any growth motions to help with SEO actively and drive inbound traffic. This is why many brokers and agents still rely exclusively on networking sessions to grow their businesses.
Leveraging AI-Powered Search
AI-powered search, like Camphor’s public search engine, have the power to drive new user behaviors to improve growth and new customer acquisition. Already, in the month of November, we saw 150-200% growth week-over-week in user retention with our search engine site. An enterprise integration of our AI property search engine will provide brokerages with:
- An opportunity to drive 15-20% more traffic to their websites
- Convert in-bound traffic into qualified leads for a brokerage’s agents
- Provide more comprehensive reports to new agents and buyer’s agents unfamiliar with a property
All of these advantages provide brokerages with the opportunity to complete more transactions per months and for managing brokers, to ensure they are growing their teams with top talent.
Improving User Conversion Rates
Real estate brokerages often struggle with converting website visitors into qualified leads. Traditional website builders and IDX feed platforms provide basic search UI, but they lack the advanced features needed to enhance user engagement and conversion rates. With Camphor's AI-powered search engine, brokerages can significantly improve user conversion rates through the following strategies:
- Enhanced User Experience (UX): Camphor's AI search engine employs natural language processing and intelligent algorithms, creating a seamless and user-friendly search experience. By understanding user intent, it ensures that property listings are accurately matched to the user's preferences, leading to a more satisfying and productive search journey.
- Personalized Recommendations: Utilizing machine learning, Camphor's search engine analyzes user behavior and preferences, providing personalized property recommendations. This level of customization not only keeps users engaged but also increases the likelihood of them finding a property that aligns with their needs, leading to higher conversion rates.
- Dynamic Call-to-Action (CTA): Unlike traditional IDX feed platforms, Camphor's search engine enables dynamic CTAs based on user interactions. For example, if a user repeatedly views luxury properties, the CTA can be tailored to encourage them to connect with a high-end specialist within the brokerage, increasing the chances of conversion for specialized services.
- Instant Communication Channels: Integration with communication tools allows users to connect with real estate agents instantly. Whether through live chat, AI-driven chatbots, or direct contact options, providing quick and accessible communication channels enhances user experience and facilitates prompt engagement, ultimately boosting conversion rates.
- Data-Driven Insights: Camphor's search engine provides valuable analytics and insights into user behavior. By understanding how users interact with the platform, brokerages can refine their strategies, identify pain points in the conversion process, and implement data-driven optimizations to continuously improve the conversion funnel.
Internal Reporting for Agents
/w=3840,quality=90,fit=scale-down)
In addition to enhancing user conversion rates, Camphor's search engine also offers robust internal reporting tools designed to streamline operations for real estate agents and transaction coordinators:
- Performance Analytics: Camphor's platform provides detailed analytics on property listings, user interactions, and agent performance. This data empowers agents to assess the effectiveness of their listings and marketing strategies, allowing them to make informed decisions to optimize their approach.
- Transaction Timeline Management: The platform offers a centralized hub for managing transaction timelines. Agents and coordinators can track the progress of listings, monitor key milestones, and receive automated notifications for upcoming tasks, ensuring a smooth and efficient workflow.
- Document Management: Camphor's automation tooling includes features for automating the creation and management of property listings. This includes prefilling listing fields with data from a comprehensive datalake and leveraging Language Model (LLM) technology to expedite the MLS description process, reducing the time and effort required for listing management.
- Client Interaction History: Agents can access a detailed history of client interactions, including property searches, preferences, and communication logs. This comprehensive view enables agents to tailor their approach to individual clients, fostering stronger relationships and improving overall customer satisfaction.
- Automated Reporting: The platform automates the generation of personalized email reports for agents to share with clients. By leveraging data on new listings and buyer search history, agents can effortlessly provide clients with relevant and timely information, enhancing communication and increasing the likelihood of successful transactions.
How Camphor’s Search Tooling and Website Building Works
For brokerages, Camphor has been building a set of automation tooling around reports and property discovery to improve internal operations for transaction coordinators and real estate agents. There are three core services we are offering:
- Automating the addition of new MLS listings for agents and transaction coordinators: adding a new listing currently takes 45 minutes to 2 hours for majority of agents. By making it easier to create a new listing by prefilling all fields with prior listing/property information from our datalake as well as leveraging LLMs for prefilling MLS descriptions, we cut down the time an agent takes to create a new listing or update a listing to 10-15 minutes maximum.
- Enabling a personalized version of Camphor’s property search to a brokerage’s website: this product improves a brokerages inbound with prospective buyers since Camphor integrates our search engine with the brokerages MLS IDX feed. This feature improves inbound traffic by 20-30% which can then be directly routed to a buyer’s agent within the brokerage.
- Personalized email reports for agents to share with clients: based on new listing additions and the prior search history of a buyer/agent, we build out automated reports for new listings on the market that cater to a specific buyer persona that an agent can copy+paste and send out to their prospective client lists.
These services are completely custom and available to any brokerage in the United States. We also work with IDX web platforms in order to offer this service. If you run such a platform and are interested in our product offerings, schedule some time with us today!