Machine learning app nabs first place for innovation
RE/MAX, one of the world’s leading franchisors of real estate brokerage services, announced today that its proprietary First® app is a first-place winner in the Products & Services Innovation Awards grouping in the 3rd annual Franchise Innovation Awards contest hosted by Franchise Update Media. The goal of the awards is to identify and recognize the franchisors creating and implementing the most original and innovative strategies and tactics to build their brand.
RE/MAX entered its winning submission, “The First® App – Using AI to Build Real Estate Business” in the Most Innovative Use of Data category of the Products & Services Innovation Awards. The app, which uses machine learning to analyze an agent’s friends, family and acquaintances and identify those most likely to sell their home in the coming months, has had a significant impact. Earlier this year, RE/MAX announced First identified over 33,000 listings out of RE/MAX agents’ contacts in 2020.
Within minutes of setting up the app, First will analyze an agent’s contact list. The trained algorithm uses over 700 data points and identifies contacts who are likely to list their home within the next 12 months. This likelihood is represented in the app as a star rating. First also has several business coaching features that help agents stay organized. Regular follow-up reminders and outreach recommendations make it easier for agents to build relationships with the right people in their network.
“The RE/MAX value proposition is all about providing ways to help automate and streamline business for busy agents so they can focus on helping the consumer,” said RE/MAX President Nick Bailey. “The First app helps agents grow their businesses by helping them refine their contact list, predict likely sellers and master follow-up. In this low inventory market, First is a game-changing tool for RE/MAX agents. When looking at transaction sides for RE/MAX agents who began using First prior to April 2020, RE/MAX agents who used First increased their productivity by 9% on average, versus the same period in 2019.
“We are absolutely delighted to see this important technology recognized in this prestigious award.”
A panel of seven judges evaluated the innovation, objectives, and results of more than 100 entrants. Franchise innovators, game-changers, and disruptors competed in four categories: Marketing & Branding, Products & Services, Operations, and Human Resources.
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