Coldwell Banker Prime Properties is taking a big weight off the shoulders of its 350 real estate agents.
The brokerage invested in an automated service that eliminates the need to create — and pay for — marketing materials for home listings, such as postcards, fliers, websites and social media feeds.
Agents, who are independent contractors, traditionally produce the materials on their own or pay a marketing firm. That can cost several hundred dollars in time and money for each listing.
The new platform, called Coldwell Banker 360, does all the work at no charge to agents.
"It's another tool to simplify the agents' lives," said Richard Barger, director of communications and marketing at Coldwell Banker Prime Properties, the second-largest brokerage by sales volume in the Albany, New York, region. "There are agents that were struggling with their marketing materials. They're great agents, but they were losing listings because others were spending money on marketing firms to do fliers for them."
Agents still have to do the legwork of taking pictures and uploading property information into the Multiple Listing Service. The automated service takes over from there, Barger said, producing a suite of marketing materials in 24 hours.
"They can spend less time on marketing, and more on getting listings," Barger said.
The software was developed by Imprev Inc. and made available to the local Coldwell Banker franchise through Realogy Holdings Corp. (NYSE: RLGY), which owns the Coldwell Banker brand and several others.
"We're the largest firm in New York state using this now," Barger said.
Coldwell Banker Prime Properties had to pay the upfront software cost and a monthly fee. Those costs were not immediately available.
The investment is expected to pay off by helping recruit new agents and saving time for existing agents.
Michael DeMasi covers real estate, construction, retail and hospitality.