Helping a real estate agency gain a competitive advantage through technology
How MGT helped Cloud Realty attract customers, promote its business model and increase efficiencies by rebuilding its search engine, leveraging data and creating a lead generation tool.
- Domain expertise
- Strategic guidance
- Business analysis
- Responsive design
- Cloud-based application
- Systems integration
Cloud Realty came to More Gold Tech to improve its search platform and to build a lead generation system to attract prospective buyers and increase conversion rates. The company wanted to gain a competitive advantage by offering buyers a rebate of their sales commission, but needed to improve efficiencies to be able to guarantee the offer.
About Cloud Realty
Cloud Realty is a full-service real estate brokerage firm that provides an easy way to buy and sell properties in downtown Chicago. The company offers an intuitive and up-to-date search platform that connects buyers and sellers to the opportunities that best fit their needs.
Cloud Realty debuted in the Chicago market as a real estate company focused on helping buyers find the perfect property for sale. Their real estate search platform attracted prospective customers who could register on the platform to request more information about a property of their interest. Brokers were responsible for providing the extra details and suggesting more options that could fit customers' needs.
To stand out from the competition, Cloud Realty developed a unique business model: to offer buyers a 50% rebate of their sales commission. In practical terms, this means that those who buy real estate with the help of Cloud Realty's brokers are paid half of the broker's sales commission (on average, 2-3% of the property price), saving thousands of dollars and paying less for their new home.
When Cloud Realty approached MGT, the company needed help to improve its search platform and to build a lead-generation system in order to attract prospective customers and increase conversion rates.
"I wanted an enterprise-level system, but most developers I encountered did not use solutions that were scalable," says Steven Caban, co-founder of Cloud Realty. "My decision to hire MGT was based on experience. When I heard the language they used to describe what they were going to implement, I understood they knew exactly what I was looking for."
With MGT's guidance, Cloud Realty's founders refined their vision and identified the need to transform the company into a technology-powered real estate brokerage. They would be able to offer the rebate because of the platform’s efficiency and ability to provide better, personalized suggestions.
Building a robust lead generation machine
MGT built an intuitive search platform with simple interfaces, dynamic maps, beautiful images and to-the-minute listing information to increase engagement and offer Cloud Realty's customers a seamless experience.
To boost Cloud Realty's lead-generation efforts, MGT built a system that allowed the creation of lead capture forms and custom landing pages that could be optimized for different target audiences.
The system also collected user preferences and behavioral data and integrated it into the company's CRM, web analytics, chat, and marketing automation systems. By harnessing the power of data, Cloud Realty's brokers could learn more about prospective customers' preferences and offer personalized suggestions to help them find the ideal property for sale.
All the infrastructure was optimized for efficiency. From accurate and to-the-minute listing information to data processing and storage, every aspect of the application was carefully implemented and integrated, resulting in a system that is faster, scalable, modern and able to process large amounts of data. "MGT delivered the product on time and gave me an accelerated development schedule every time I had an urgent need," says Caban.
Technology that drives results
Cloud Realty's new platform and data-driven approach empowered brokers and brought in more sales. The company's lead-conversion rates practically doubled, growing from 5% to 9%. "This is a quite high number for industry standards," says Caban.
After a successful partnership, Caban hired MGT to work on a solution for his new project — a business focused on helping international students looking for rentals in Chicago. "It is good to work with developers who understand what your business objectives are and strive for reaching them," says Caban.