Real estate referrals are a $20B black hole of data and lost commissions. Currently, there is no system to track referrals in the United States or internationally.
Real Estate Consortia solves this massive problem with its patent pending title token. Real Estate Consortia minted a title token for every single property in the United States. The title token tracks all the relationships on the back end of a property, starting with real estate referrals.
Real Estate Consortia tracks referrals from start to finish using its closed-loop system. In a few easy steps, the referral is logged in the REC system. The referral process is now standardized, and the referring agents and recipients can track the status of all referrals in the REC cloud. The recipient agent can update the status of the referral and escrow has a lookup portal to see who is due referral fees on any given transaction before the close of escrow. If the referral isn’t caught before the close of escrow, there is a match and append process that checks the referral with public and private information to track down referral fees due to the referring agent.
“It’s the relationships that are associated with a property that create value” says REC CEO Teresa Grobecker, and that’s exactly what Real Estate Consortia tracks to create transparency and prosperity for real estate practitioners.
A GREAT real estate practitioner should be earning 12- 30% of revenue through referrals. Now this referral process is automated and transparent for all parties to increase referral business and generate more revenue.
What’s the long-term plan for the patent pending title token?
Phase two of the title token roll out is a client-agent tool to track all relationships tied to the back end of the property, including everything from title, taxes, sales, commissions and property records. The real estate practitioner will be the steward of granting homeowners access to the title token and the touchpoints will be branded with the real estate practitioner information.
Real Estate Consortia is honored to be part of the National Association of REALTORS(R) REach accelerator class of 2019. REach is focused on bringing best in class technologies to REALTORS(R) to elevate the real estate profession.
Frequently Asked Questions
What is blockchain?
Blockchain is a distributed ledger for inputting, tracking and indexing information. Think of a ledger like accounting software. A journal entry has a date, description and amount. Have you ever shared your accounting software with someone you trust, like a spouse, business partner or CPA? Blockchain distributed ledger is exactly the same: you share access with your ledger with people you trust as needed. In the case of Real Estate Consortia, the ledger is shared with parties of a real estate referral transaction to confirm the status and money due to each party in the referral.
Is REC a real estate brokerage?
REC is a technology company, not a real estate brokerage. So, any real estate practitioner from any firm can join the REC community! REC is built for any real estate practitioner from any firm to join and share prosperity.
Who can join REC?
REC is for licensed agent and broker real estate practitioners, title plants and settlement agents, loan originators and loan underwriters.
How do I get paid?
REC tracks each referral from start to close then post close through our match and append process using multiple data sources. REC agents get paid their agreed upon referral split as agreed upon in the referral agreement with the recipient agent.
How does REC get paid?
REC is paid a technology fee based on the sales price of the property for referrals REC tracks between agents and brokers. When REC provides either a referral or match with a real estate practitioner on the REC platform, then REC earns a higher technology fee.
Can I set my own referral fees to other agents and brokers?
Yes! REC members can set their own referral fees to recipient agents and brokers. Can I refer to anyone I want?
Yes! REC members chose exactly who they want to receive the referral. You can either bring your own recipient agent to the transaction or select one on the REC system.
What if I don’t have a recipient agent?
if the referring agent or broker needs an introduction, then REC can make that introduction. How did REC get started?
REC was created by real estate practitioners for real estate practitioners in the heart of San Francisco. REC shares some of the best practices from real estate practice in SF with the rest of the United States to enhance professionalism, create transparency and a better customer experience.
What is the roadmap for REC services to real estate practitioners?
REC created a patent-pending Distributed Title Ledger (DTL) for every property in the United States. (Think of it like the LinkedIn or CarFax for your home.) The Go-to-Market is for real estate practitioners to track referrals, accept payment, then for real estate practitioners to share with their clients.
How can I submit suggestions to REC or get more training about the product?
REC constantly wants to be better with your input. Please drop us a line using our contact form. We look forward to hearing from you!
I’m a real estate practitioner – how can I learn how to use REC?
REC will offer webinar and training videos to educate real estate practitioners about the platform as well as other programs to enhance your value proposition to your clients through market specialties (i.e. distressed properties, military relocation, senior marketing), certifications and designations.