Brokerforce Adam Tetenbaum Eric Metelka Cadran Cowansage Andrew Morcos A referral program to help brokers incentivize their clients and attract quality leads Intervie ws Day 1 Day 2 Day 3 Day 4 Total Brokers 7 6 8 6 27 Renters 7 4 35 5 51 Total 14 10 43 12 78
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Brokerforce
Adam TetenbaumEric MetelkaCadran CowansageAndrew Morcos
A referral program to help brokers incentivize their clients and attract quality leads
Interviews Day 1
Day 2
Day 3
Day 4
Total
Brokers 7 6 8 6 27
Renters 7 4 35 5 51
Total 14 10 43 12 78
Which of our customers problems are we helping to solve?• Funnel / customer acquisition leakage• Customer retention
What are the key features of our product that match customers problem/need?• Client survey tools• Process automation• Follow-up reminders• Electronic form submission• Customer feedback / referral platform
• Residential brokerage firms
• Independent brokers
• Building owners
• Direct sales
• Mobile, web applications
• Social media channels
• Provide essential features for free/cheap
• Personal assistance
• Marketing/listing platform to consumers
• SaaS subscription model• Freemium service with additional feature upgrades• Potential advertising / lead generation revenue for complimentary service providers (moving companies, etc.)
• Brokerage firms
• Building, apartment and property owners
• Consumer-facing rental sites
• Software development• Customer development & acquisition• Sales and marketing
• Software / platform development• Industry expertise• Sales force
Key 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
Wireframe
Business Model Canvas – Day 3
Key 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
Business Model Canvas – Day 4
Key Lessons:• Most important features are:
• Retention & referral programs• Email information crawling• Follow-up reminders
• Renters/referrers are an integral customer (user) segment
StartStart Tenant inquiryTenant inquiry
Sent From Web Form
Sent From Web Form
Auto-fill tenant profileAuto-fill tenant profile
Forward email to profile generator
Forward email to profile generatorNONO
Referral request + rewards link sent to
tenant
Referral request + rewards link sent to
tenant
Lease signedLease signed
YESYES
Tenant sends customer referrals to
other potential tenants
Tenant sends customer referrals to
other potential tenants
Rewards e-mail sent to current tenant
and referrer
Rewards e-mail sent to current tenant
and referrer
Customer referred
from another tenant?
Customer referred
from another tenant?
NONO
YESYES
Process Workflow
Business Model Canvas – Day 5
Key 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
Start: Tenant inquiry
Start: Tenant inquiry Lease signedLease signed
Was this a
referral?
Was this a
referral?
Referral request + link sent to client
Referral request + link sent to client
Finders fee gift sent to referrerFinders fee gift sent to referrer
YESYES
Client refers new prospective clientClient refers new prospective client
NONO
Process Workflow
Marketing ToolsReferrals
Leads
PurchasesCustomer
Relationships
Physical Virtual
Transaction
Brokerforce
Coupons
Groupon
Direct & Telesales
Ads
TVPrintRadio
Billboard
SEO
Adwords
Refer.ly
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
Steve’s LifeMonday, September 24
9:00 am•Steve has 3 emails from Brokerforce with referrals via past clients•He sets up appointments with them for later 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
4:00 pm•Becky finds a shoe box on the UWS she loves and applies for it!
Steve’s Life…One week laterMonday, October 1
9:00 am• Landlord confirms that Becky is approved!• Steve goes to Becky’s profile on his Brokerforce
account and clicks “Apartment Rented!”• New finders fee link is generated which Steve sends
to Becky and congratulates her!
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
3:00 pm• Steve gets an email from
Alex through Brokerforce. He was referred by Becky and wants to set up an appointment…