Mortgage businesses at Wells Fargo, JPMorgan Chase and Bank of America are now only a fraction of what they were in 2022. As a group, the trio originated about $80 billion in mortgages in 2023, down from nearly $218 billion the prior year – a $138 billion decline (63%).
The downsized volume reflects two equally important factors: a housing market characterized by limited inventory, high mortgage rates and reduced demand, but also the banks taking themselves off the board for some residential mortgages.
On Friday, the big banks opened the 2023 earnings season for mortgage lenders, giving analysts something to chew on before nonbanks – including Rocket Mortgage, United Wholesale Mortgage, Pennymac, Rithm Capital and Mr. Cooper – report their earnings in the coming weeks.
Wells Fargo, for example, shrunk its mortgage business dramatically in 2023, per filings with the Securities and Exchange Commission (SEC). The data shows that the bank produced $25.3 billion in home loans, representing only 23% of the $108 billion volume in the previous year, when it was still the kingfish in correspondent lending.
In January 2023, Wells Fargo announced the decision to exit the correspondent business, and originations through the channel declined to $1.1 billion for the year from $44 billion in 2022. But the retail channel also declined – to $24 billion in 2023 from $64 billion the previous year – due in large part to higher rates.
Wells Fargo’s CEO Charlie Scharf said in a statement that the company started last year to see improvements in parts of the business that executives believe will drive higher returns over time, for example, credit card products, corporate banking, and investment banking.
Regarding the mortgage business, Scharf added that “continued execution of our more focused home lending strategy should also produce higher returns and earnings over the next several years.”
But not yet. Earnings in the mortgage business are declining year over year at Wells Fargo. The noninterest income with mortgages came in at $829 billion in 2023, compared to $1.3 billion in 2022, a 40% decline. Home lending revenues declined to $3.3 billion from $4.2 billion in the same period.
Amid the contraction at Wells Fargo, JPMorgan became bigger than its rival in the mortgage space. One push was made by acquiring the jumbo leader First Republic Bank after federal regulators seized it.
JPMorgan’s total production was $35 billion in 2023 – 38% higher than Wells Fargo’s origination volume. But JPMorgan Chase declined 46% from $65 billion in 2022. Originations through the correspondent channel fell 53% year over year at JPMorgan to $12.7 billion in 2023. Meanwhile, volumes declined 42% year over year in the retail branches to $22.4 billion.
In 2023, the bank’s net revenues with home lending came in at $4.1 billion, up 13% compared to the previous year.
Meanwhile, smaller competitor BofA delivered a $19.4 billion production in residential mortgages in 2023, compared to $44.7 billion the previous year, a 56% decline. The business grew to $9.8 billion in the home equity space from $9.6 billion in the same period.
Bank of America’s total mortgage-backed securities reached a $51.2 billion fair value as of Dec. 30, compared to $29.3 billion as of Sept. 30, 2023.
How was the last quarter of the year?
At Wells Fargo, mortgage originations reached $4.5 billion from October to December, down 30% quarter over quarter and 70% year over year.
As the bank completed its exit from the correspondent channel in Q3, all the volume in the fourth quarter came from its branches, mainly focused on purchase loans. Ultimately, refinancing comprised 24% of the volume in Q4, compared to 16% in the previous quarter.
In financial terms, the revenue related to the home lending business remained flat compared to the previous quarter at about $840 million in Q4. Compared to the same quarter in 2022, when revenue was $786 million, it increased 7%. However, mortgage banking noninterest income at Wells came in at $202 million in Q4 2023, a decrease from $193 million in the previous quarter and a substantial increase from $79 million in the same period of 2022.
Meanwhile, at JPMorgan, origination volume totaled $7.2 billion in Q4, including $410 million from First Republic Bank, which was focused almost entirely on jumbo loans.
Including First Republic Bank’s production, JPMorgan’s mortgage volume declined by 35% compared to Q3 2023. Still, it increased by 7% compared to the same period the previous year (when First Republic was not part of JP’s operations).
Through its correspondent channel, origination volume reached $2.5 billion in Q4, a decline of 40% quarter over quarter. Retail volume reached $4.7 billion, down 31% in the same period.
JPMorgan’s home lending net revenue reached $1.16 billion in Q4, down 7% from the prior quarter and up 99% year over year – excluding the acquisition of First Republic, the increase year over year is 39%.
According to the bank, the performance was “driven by higher servicing revenue, largely due to the absence of a net MSR loss in the current quarter compared with the prior year, as well as higher net interest income.”
BofA’s mortgage originations totaled $3.9 billion during the fourth quarter of 2023, a 30% decline from $5.6 billion posted in the third quarter and a 25% drop from the $5.2 billion originated in the fourth quarter of 2022.
BofA also originated $2.25 billion in home equity loans in the fourth quarter, which was lower than the $2.42 billion volume in the previous quarter and $2.6 billion in the same period last year.
The servicing side of the business
On the servicing side, Wells Fargo’s mortgage servicing rights – carrying value (period-end) – declined by 12%, to $7.5 billion in Q4 from $8.5 billion in Q3. Compared to Q4 2022, servicing UPB decreased by 20%.
The bank’s net servicing income came in at $113 million from October to December, compared to $41 million in the previous quarter and $94 million in the same period of 2022. In 2023, however, it declined 18% to $300 million.
JPMorgan’s mortgage servicing rights increased to $8.5 billion in Q4 2023, down from $9.1 billion in Q3 2023 but up from $7.9 billion in Q4 2022.
Mortgage servicing revenues at JPMorgan declined to $179 million in Q4 2023 from $255 million in Q3 2023. In Q4 2022, such revenues came in at $47 million. In 2023, net mortgage servicing revenues totaled $754 million, up 2% year over year.
What to expect in the coming quarters
Overall, Wells Fargo delivered a $3.4 billion profit in Q4 2023, compared to $3.1 billion in the same quarter of 2022. Overall revenues came in at $20.5 billion from October to December, up from $20 billion in the same period last year.
Regarding the macroeconomic landscape, Scharf said in a statement that the bank is “closely monitoring credit, and while we see modest deterioration, it remains consistent with our expectations.”
“Our capital position remains strong, and returning excess capital to shareholders remains a priority,” Scharf said.
At JPMorgan, net income came in at $9.3 billion in the fourth quarter (including First Republic operations), lower than the $13 billion in the previous quarter and the $11 billion in the same quarter of 2022. The bank said that excluding the FDIC special assessment and discretionary securities losses, net income would be $12.1 billion.
Jamie Dimon, the bank’s chairman and CEO, said 2023 was a “good example” of the power of the bank’s investment philosophy and fortress principles. But there are challenges ahead.
According to Dimon, despite a resilient U.S. economy and an expected soft landing by the markets, increasing government spending – due to past stimulus, the need to invest in the green economy and higher military spending, among others – may lead inflation to be stickier and rates to be higher than markets expect.
On the regulatory front, specifically Basel III endgame, Dimon believes it “could cause serious harm to consumers, businesses, and markets” and hopes “regulators will make the necessary adjustments.”
At Bank of America, net income came in at $3.1 billion in Q4, compared to $7.8 billion in Q3 and $7.1 billion in Q4 2022.
Chair and CEO Brian Moynihan said it was a “solid” performance. “All our businesses achieved strong organic growth, with record client activity and digital engagement,” Moynihan said in a statement.
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Fix-and-flip lender Anchor Loans launches TPO channel
California-based fix-and-flip lender Anchor Loans launched a third-party originator (TPO) channel to serve mortgage brokers, banks, private and non-qualified mortgage (non-QM) lenders and other referral partners whose clients are home builders, developers and investors.
Anchor Loans’ TPO channel will provide residential business purpose loan products – including bridge, fix and flip, ground-up construction and rental investor loans with debt service coverage ratio (DSCR), the firm said in a release.
Tim Landwehr, co-chief revenue officer, led the launch of the TPO channel.
“We are at a moment in time when regional banks and private lenders are pulling back on financing options while the American housing market is in desperate need of millions more move-in ready homes than exist today,” Rayman Mathoda, CEO of Anchor Loans, said in a statement.
“Our team remains deeply committed to expanding housing opportunities for America’s buyers and renters by providing investors with the capital necessary to refurbish our nation’s aging homes, and build new ones,” Mathoda added.
Since its inception in 1998, Anchor Loans operates in 48 states and has more than 33,000 loans funded, according to the firm. To date, it has originated more than $14 billion in loans to real estate entrepreneurs.
Anchor Loans was acquired by investment firm Pretium in November 2021.
The deal was expected to improve Pretium’s private capital solutions to the U.S. housing market during a shortage of housing supply and an insufficient stock of move-in ready homes, Don Mullen, CEO and founder of Pretium, said in November.
Leadership of Anchor Loans remained their position following the acquisition.
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Signs point to more inventory this spring: Altos
The U.S. real estate housing market signals have been gradually building for a couple of months. Home sellers are starting to ease back into the market, new listings are finally exceeding the levels of a year ago. As a result, we’re starting to see slightly more available supply of homes on the market. This is an expansion of the market from incredibly restricted levels last year. It’s a positive development.
The longer we stay with mortgage rates higher, the more inventory will build closer to where it used to be. Each year we’ll have 5 million more people who don’t have crazy low rates that they want to hold onto forever. Mortgage rates are higher than they were a year ago. Higher than they were a month ago. Higher mortgage rates means more inventory.
If mortgage rates fall into the 5s this spring, you should expect the available inventory to decline as demand picks up rapidly. But as of now, rates are holding in the upper 6s and inventory is building slowly.
It is important to keep in mind that home sales are climbing with inventory. As supply comes to the market, that’s lifting one of the restrictions that kept the home sales so low last year. The number of homes for sale and the number that are being sold are both climbing into 2024 over last year.
Inventory ticked up
There are just over 505,000 single family homes on the market across the U.S. That’s a 1.2% increase over last week and nearly 7% more than last year at this time. Inventory ticked up this week. This week the supply of active inventory gained over 6000 homes. That would have been a big week any time last year.
These are the signals that point to growing inventory of homes on the market all spring. Even if inventory ticks down next week, it looks like that will be a smaller move down than last year, so the year-over-year percentage gain will continue to widen.
Slightly more sellers
Inventory is building now because we have slightly more sellers each week. The market had about 49,000 new listings this week. 9,000 of those are already in contract. Leaving 40,000 New listings to add to the market which is about a 5% increase versus last year.
It sure looks now like we’ll have more sellers each week all year long than we did in 2023.
The other side of the equation to keep watch is the purchase side. I’ve called this a supply constrained market. So as the inventory shortage eases just a bit, we should also see more transactions happening. And sure enough, that’s what we’re seeing. There continues to be more new contracts each week than last year at this same time. The pace of home sales is growing. It’s not a boom. but the market is growing.
Price cuts stable
Let’s move on to the price signals. Remember that in 2023, even though we had very few home sales, home prices inched up a bit nationwide. We’re looking at similar dynamics for 2024.
Price reductions continue to decline with the new inventory after the first of the year. Some 32.2% of the homes on the market have had a price reduction. That’s right in the middle of the normal range. This implies slight home price strength in general for the next few months. If rates fall from here into the 5s, watch demand pick up and we’ll immediately see fewer sellers need to cut their prices.
Median price just under $420,000
The median price of single-family homes is just a hair under $420,000. Home prices ticked up almost half a percent this week. And the median price of single-family homes right now is 3% higher than last year at this time. In this market where supply and demand is pretty balanced, home prices are not going to skyrocket of course and there is no sign of prices dropping either. As inventory grows, and sales rates grow, home prices are reliably ticking up each week as well. That trend hasn’t changed.
The median price of the newly listed homes is $389,900. That corrected back down from last week’s big jump.
We should be grateful that the market is expanding with more supply and more sales for more people than in 2023.
Mike Simonsen is the president and founder of Altos Research.
Download the free Altos eBook: “How to Use Market Data to Build Your Real Estate Business”
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Low Risk Real Estate Investing (6 Strategies for 2024)
As a real estate investor, you must always remember one thing: every type of investing strategy involves risk.
With that in mind, it’s good practice to learn more about low-risk real estate investing strategies. You may come to find that these provide the perfect balance of risk and profit potential.
Below, we break down six low-risk real estate investing strategies.
1. Real Estate Crowdfunding
Crowdfunding opens the door for a wide range of investors to engage in real estate projects through user-friendly online platforms. It lowers the barrier to entry, allowing smaller investors to participate in real estate markets traditionally dominated by larger players.
Crowdfunding also fosters community involvement in projects, creating opportunities for collaborative investment and shared success.
Why this is low-risk
Crowdfunding in real estate reduces individual risk by distributing the investment across a large number of contributors. This collective approach mitigates the financial impact on any single investor, making it a safer option for those cautious about high-stakes investments.
Who this is best for
Crowdfunding is ideal for new or small-scale investors seeking entry into the real estate market without substantial capital. It’s also well-suited for those who prefer a community-oriented approach to investment, allowing for shared decision-making and risk.
2. Real Estate Syndication
Real estate syndication involves pooling funds from multiple investors to purchase a single property, often larger and more expensive than typical individual investments.
This method allows investors to access high-value real estate opportunities without bearing the entire financial burden. Syndication also provides the benefit of professional management, reducing the individual investor’s workload and expertise requirement.
Why this is low-risk
Real estate syndication spreads the risk among multiple investors, reducing the financial burden and exposure for any single participant. This collective investment in larger, potentially more stable properties, offers a buffer against market volatility.
Who this is best for
Syndication is best for investors who have more capital to invest but prefer not to handle the day-to-day management of a property. It’s also suitable for those looking to diversify their portfolio with significant real estate assets without the complexities of sole ownership.
3. The BRRRR Method
The BRRRR method, which stands for Buy, Rehab, Rent, Refinance, Repeat, is a comprehensive approach to building a real estate portfolio. It starts with purchasing undervalued properties, followed by renovating them to boost their value.
Once rehabbed and rented out, these properties are refinanced to recover renovation costs, enabling the investor to repeat the process with new properties.
Why this is low-risk
The BRRRR method is low-risk due to its focus on adding value through renovations and ensuring cash flow through renting. By refinancing, investors can recover most of the invested capital, reducing the amount of money tied up in any single property.
Who this is best for
This approach is ideal for investors who are hands-on and have a good understanding of property renovation and management. It suits those looking for a long-term investment strategy that builds wealth through property accumulation and equity growth.
4. Real Estate Investment Trusts (REITs)
REITs offer investors a way to invest in property portfolios without directly buying physical real estate. REITs, often traded on major stock exchanges, provide a liquid form of real estate investment, enabling easy entry and exit.
This strategy focuses on income generation, as REITs are required to distribute a majority of their taxable income to shareholders.
Why this is low-risk
Investing in REITs is considered low-risk because it involves diversified portfolios of income-generating properties, which typically provide steady returns. Also, being publicly traded, REITs offer greater liquidity compared to traditional real estate investments.
Who this is best for
REITs are ideal for investors seeking exposure to real estate without the complexities of direct property ownership. They suit those who prefer more liquid assets and are looking for regular income distributions, such as retirees or income-focused investors.
5. Airbnb Arbitrage
Airbnb arbitrage involves leasing properties long-term and then subletting them as short-term rentals on platforms like Airbnb. This strategy capitalizes on the difference between long-term lease costs and short-term rental income. It’s particularly effective in high-demand tourist or business areas, where short-term rental rates can significantly exceed the cost of long-term leases.
Why this is low-risk
Airbnb arbitrage is considered lower risk because it doesn’t require property ownership. The primary investment is the lease and setup costs.
The strategy capitalizes on the difference between long-term lease expenses and short-term rental income, potentially yielding high returns without the commitment of property purchase.
Who this is best for
This strategy is best for individuals who have expertise in the short-term rental market and possess skills in hospitality and customer service. It’s particularly suitable for those who prefer not to invest large capital in buying property but are adept at creating attractive rental spaces.
6. House Hack Short-term Rentals
This is often best suited for individuals who already own a home.
Start by finding a short-term rental in an area of high demand.
From there, put down 10 percent to purchase the property. Then, rent out this property when it’s not in use.
Conversely, when you do occupy it, rent out your primary residence. This strategy leaves you with two cash-flowing properties, and eventually, two properties that you own free and clear.
Once you’re stable with a single short-term rental, consider doing it again.
Why this is low-risk
House hacking short-term rentals diversifies income sources, reducing financial risk by spreading it across multiple properties. The strategy typically involves properties in high-demand areas, as this helps maintain steady rental income and property values.
Who this is best for
This approach is suitable for homeowners who are comfortable managing properties and dealing with the dynamic nature of short-term rentals. It is especially ideal for individuals looking to enter real estate investment with minimal disruption to their current living situation.
Watch our video below for more guidance on implementing this strategy.
Final Thoughts
These low-risk real estate investing strategies could be the key that unlocks a stable and profitable future in an industry you love.
Remember, there’s no need to simultaneously experiment with all six strategies. Choose one, learn more, implement your knowledge, and continually tweak your strategy. This will lead you toward a successful investing future.
Smarten up your 2024 personal investing strategy with Dave Meyer
Set yourself up for a lifetime of smart, focused, and intentional investing with Dave Meyer’s guide to personal portfolio strategy. Play to your unique strengths, make investing enjoyable, and achieve your specific life goals on your own timeline.
Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.
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Number of price cuts drops as housing inventory rises
Last week, housing inventory grew and the number of price cuts fell, which is expected at this time of the year. I hope the next thing we see is housing inventory grow at the level it typically does in January or February instead of being delayed until March or April. Last year at this time, inventory rose week to week and I was hopeful for a typical spring inventory year, but the seasonal bottom didn’t actually happen until April 14. So let’s hope for more home sellers in 2024.
Weekly housing inventory data
Here is a look at the first week of the year:
I don’t want to jinx this because active inventory rose last year at this time. In any case, we will keep an eye on housing inventory going out in the future. As you can see, we are still a bit away from my ultimate goal of having total active listings back to 2019 levels.
Price cut percentage
Every year, one third of all homes take a price cut before they sell — there is nothing abnormal about that. However, this data line accelerates when mortgage rates rise and demand gets hit harder. A perfect example was 2022: when housing inventory rose, the percentage of price cuts rose and home sales crashed. This is not what we’re seeing now. Sales aren’t growing much, but they’re not crashing as they did in 2022 so we track this data line religiously every week to get clues.
This is the price-cut percentage for the same week over the last few years:
New listing data
New listings data can grow in 2024, something I talked about on CNBC last year as this data line didn’t trend much lower when mortgage rates were heading toward 8%. We took an affordability hit after July of 2022 and since most sellers are also buyers, it was too expensive to move, or you couldn’t qualify to sell to buy another house, directly impacting housing inventory.
Every year, wages grow and home-price growth has significantly slowed since the madness after COVID-19. We can grow new listings from these depressed levels and get more demand. While this isn’t the Silver Tsunami some have promised, any growth back to 2021-2022 levels is a plus.
Mortgage rates and the 10-year yield
The 10-year yield is the key for housing in 2024. In my 2024 forecast, I have the 10-year yield range between 3.21%-4.25%, with a critical line in the sand at 3.37%. If the economic data stays firm, we shouldn’t break below 3.21%, but if the labor data gets weaker, that line in the sand — which I call the Gandalf line, as in “you shall not pass” — will be tested. This 10-year yield range means mortgage rates between 5.75%-7.25%. This assumes spreads are still bad.
Last week, even with the CPI and PPI inflation data, the 10-year yield stayed in a small range between 3.92%-4.07%. We have already moved lower in a big fashion from 5.04% to 3.80%; that 3.80% level is critical for now. Mortgage ranges have been calm as the spreads have been getting better. Mortgage rates started the week at 6.74%, reached as high as 6.80% and ended the week at 6.69%. We want to watch labor data and track if the spreads improve this year because mortgage rates should be 0.75% to 1.125% lower today but aren’t due to the spreads.
Next week, retail sales could be a driver of the 10-year yield, and therefore mortgage rates. Also, any Federal Reserve presidents talking about slowing down the quantitative tightening process would be a plus. This is something that they have been talking about recently.
Purchase application data
One of the things I have stressed over the years is that nobody should put any weight on the purchase application data during the last few weeks of the year because hardly anyone fills out a mortgage application during Christmas and New Years. And since the data takes a seasonal low dive, it tends to then bounce during the first week of the year, so we should ignore the first week of the year as well.
This is why I stress tracking purchase applications the second week of January to the first week of May. Volumes always tend to fall after May. With that said, purchase applications did have 6% week-to-week growth last week, but what was more encouraging to see is that when mortgage rates fell recently from 8% to almost 6.50%, we had six weeks of positive growth.
We can now officially start the seasonal housing period and the year-to-date counts on how many positive weeks we have versus negative weeks and where rates move. Remember that last year, even with mortgage rates ranging between 6%-8%, we had 23 positive and 24 negative prints and two flat prints for the year. Imagine a year with lower rates, and one where we don’t have a 2% increase in the calendar year. As you can see in the chart below, the bar is low for growth.
The week ahead: Housing week and CNBC
We have a ton of housing data coming up this week, including builders’ confidence, housing starts and the existing home sales report. Retail sales also come out this week, and that report might move the bond market early in the morning. And unless the schedule changes, I will be on CNBC on Thursday on the Exchange segment, talking about the housing starts data.
The key for 2024: track all economic data religiously to see its impact on the 10-year yield!
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More homeowners might be ready to sell despite the lock-in effect: Redfin
Despite the still-challenging rate environment, some homeowners might opt to bite the bullet and give up their low rate to move, according to a Redfin study.
Nationwide, the share of homeowners with relatively low rates has fallen modestly from a record high of 92.8% in mid-2022. In the third quarter of 2023, 88.5% of U.S. homeowners with mortgages had an interest rate below 6%.
To conduct this study, Redfin analyzed data from the Federal Housing Finance Agency’s National Mortgage Database as of the third quarter of 2023.
Many homeowners choose to sell because of major life events, such as a marriage, a new child, a new job, or a divorce. Others simply want to move to a different house or city. Another reason explaining why the share of homeowners with relatively low rates has dipped is that some homeowners have a rate above 6%. For repeat buyers and first-time buyers who entered the market in 2022, the average mortgage rate was above 6%. As rates are currently declining, it makes sense for them to get a new mortgage.
The lock-in effect is still real but listings are starting to tick up
Declining mortgage rates appear to have helped the inventory situation somewhat. The 30-year fixed-rate mortgage averaged 6.66% as of Jan. 11, down from a peak of roughly 8% in October.
“Sellers have started coming out of the woodwork because that’s typical for January and because mortgage rates have dropped,” David Palmer, a Redfin Premier real estate agent in Seattle, said in a statement. “They’re also coming to terms with the fact that rates aren’t going back down to 3% any time soon, which makes it easier to pull the trigger on selling. But a lot of sellers are worried about finding their next house because even though listings are rising, there’s still a housing shortage. That’s part of the reason so many sellers remain on the sidelines.”
Of course, there’s a group of homeowners who are sitting on enough equity to justify selling their home and taking a higher mortgage. As prices soared during the pandemic, many homeowners made a big profit on their purchase. Taking a new mortgage now can make even more sense if the homeowners wish to downsize or move to a more affordable area. As of the third quarter of 2023, 88.5% of mortgaged U.S. homeowners have a rate below 6%, 78.7% below 5%, 59.4% below 4%, and 22.6% below 3%.
Affordability remains an issue even if mortgage rates started to trend down
For the four weeks ending January 7, 2023, the monthly payment on a median-priced U.S. home with an average mortgage rate of 6.62% cost $2,399. While that figure is down $325 from the all-time high in 2022, it’s still up 7.4% from a year ago. Overall, both mortgage rates and home prices are higher than they were last year.
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The 11 best real estate CRMs for 2024
What’s the secret to nurturing leads and turning them into loyal clients? It’s a high-functioning customer relationship management (CRM) tool with robust features, integrations and automation. As your real estate business expands, nurturing your growing client base inevitably leads to a need for improved communication. The best real estate CRM solution is the one that will manage your client interactions, increase the number of touchpoints with each client, and convert leads seamlessly into buyers and sellers.
Below, we take a deep dive into the best real estate CRM solutions for solo agents, teams and brokerages. We tailored the list to suit every need — from the most feature-rich platforms to cost-effective options for those just starting out. We looked for features like task automation, pipeline management and integration with other commonly used tools.
Whether you’re a newly licensed agent or leading a large-scale operation, these CRMs can help turn everyday challenges into opportunities for growth and success.
11 best real estate CRMs for 2024
Best for lead gen & nurturing
Market Leader
Best for mid-level agents
Top Producer
Best for maximizing productivity
RealGeeks
Best for AI Lead Generation
LionDesk
Best for scoring new leads
Propertybase
Best for custom integrations
Follow Up Boss
Best for tracking ROI
Sierra Interactive
Best for nurturing relationships
IXACT Contact
Best budget-friendly option
Realvolve
Best for solo agents & small teams
Wise Agent
Best for brokerages
CINC
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11 best real estate CRMs for 2024
BEST FOR MANAGING LEADS
Market Leader
BEST FOR MID-LEVEL AGENTS
Top Producer
BEST FOR MAXIMIZING PRODUCTIVITY
RealGeeks
BEST FOR AI LEAD GENERATION
LionDesk
BEST FOR SCORING LEADS
Propertybase
BEST FOR CUSTOMIZED INTEGRATIONS
Follow Up Boss
BEST FOR TRACKING ROI
Sierra Interactive
BEST FOR NURTURING RELATIONSHIPS
IXACT Contact
BEST FOR A SOLID BUDGET-FRIENDLY OPTION
Realvolve
BEST FOR INDIVIDUAL AGENTS AND SMALL TEAMS
Wise Agent
BEST FOR BROKERAGES
CINC
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Market Leader
Best for lead generation & nurturing
Starting Price: $189 per month, with additional costs for leads (about $25 each) and extra seats at $89 per month
Visit Market Leader
Who it’s for
Established agents and brokerages needing both a robust CRM and a steady flow of leads.
Why we picked it
Market Leader integrates powerful lead generation with a high-functioning CRM, making it a standout choice for agents focused on expanding their lead pipeline and nurturing leads effectively.
Buying Options
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Notable features
Top Producer
Best for mid-level agents
Starting Price: $109 per month for one user
Visit Top Producer
Who it’s for
Best suited for mid-level agents, teams, and brokerages looking to upscale their business and boost Gross Commission Income (GCI).
Why we picked it
Top Producer stands out for its extensive lead generation options and its ability to simplify and automate workflows, making it a great choice for those ready to scale their businesses.
Buying Options
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Pros + Cons
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RealGeeks
Best for maximizing productivity
Starting Price: $299 per month
Visit RealGeeks
Who it’s for
Suitable for single agents, teams, and brokerages looking for a comprehensive marketing and website solution to scale their business effectively
Why we picked it
RealGeeks offers a dynamic CRM as part of an affordable, all-inclusive platform that includes lead gen, IDX-enabled websites. Its CRM offers real-time client activity monitoring, advanced search filtering, immediate notifications, and social profile integration — all designed to enhance agent productivity. The RealGeeks CRM was developed using industry research and customer feedback. Along with its full array of real estate agent tools (IDX websites, property valuation tool and more), RealGeeks truly are the “real” ones helping you optimize your real estate workflows.
Buying Options
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Cons:
Notable features
Related Articles
6 best real estate lead generation websites for 2024
The ultimate guide to real estate lead generation ideas for 2024
28 real estate circle prospecting ideas, tips, tools & scripts
LionDesk
Best for AI Lead Generation
Starting Price: $25 per month, billed annually
Visit LionDesk
Who it’s for
Real estate professionals and brokerages seeking a user-friendly, feature-rich CRM with unique add-ons.
Why we picked it
LionDesk excels in providing fundamental CRM features along with innovative additions like video messaging and AI assistant Gabby. Its commitment to continuous product upgrades and responsive customer service also sets it apart.
Buying Options
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Propertybase
Best for generating new leads
Starting Price: $79 per user per month
Visit Propertybase
Who it’s for
Ideally suited for brokerages due to a minimum requirement of 10 users.
Why we picked it
PropertyBase stands out with its integration of IDX and a Salesforce-based CRM, providing real estate agents with up-to-date MLS listings and efficient lead management. Its strong SEO capabilities and lead capture tools make it a comprehensive marketing solution.
Buying Options
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Follow Up Boss
Best for custom integrations
Starting Price: $69 per user
Visit Follow Up Boss
Who it’s for
Agents at varying levels of their experience, growing teams, and solo agents.
Why we picked it
Follow Up Boss stands out as a standalone CRM, focusing solely on CRM functionalities without other marketing features common in other platforms. However, where it lacks in robust-ness it makes up for in integrations: Over 250 SaaS applications can sync with Follow Up Boss, making it perfect for those who want a highly customizable and adaptable tool (and don’t mind signing in to a bunch of different accounts).
Buying Options
See Details
Pros + Cons
Pros:
Cons:
Notable features
Related Articles
6 best real estate lead generation websites for 2024
The ultimate guide to real estate lead generation ideas for 2024
28 real estate circle prospecting ideas, tips, tools & scripts
Sierra Interactive
Best for tracking ROI
Starting Price: $250 set-up fee + $399 per month subscription
Visit Sierra Interactive
Who it’s for
Best suited for real estate brokerages and agents focused on obsessively tracking data and calculating ROI for ongoing marketing strategy.
Why we picked it
Sierra Interactive stands out for its comprehensive approach to lead management, offering a CRM that’s not just about storing data but actively engaging and nurturing leads. Its focus on automation, efficiency, and ROI tracking makes it a powerful tool for modern real estate agents.
Buying Options
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IXACT Contact
Best for nurturing relationships
Starting Price: $38 per month, billed annually
Visit IXACT Contact
Who it’s for
Real estate agents and teams who want a comprehensive, affordable and user-friendly CRM to manage contacts and enhance business productivity.
Why we picked it
IXACT Contact positions itself as a smart assistant, focusing on simplifying contact management and automating key tasks. Its blend of intuitive design, automated reminders and powerful sync capabilities make it a go-to choice for real estate agents aiming to streamline their workflows and improve client engagement.
Buying Options
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Cons:
Notable features
Realvolve
Best budget-friendly option
Starting Price: As low as $94 per user per month (paid annually for their Basic plan); Accelerate plan at $99 per month
Visit Realvolve
Who it’s for
Ideal for buyer and seller agents, and specifically for teams who want automated relationship management.
Why we picked it
Realvolve shines in its singular dedication to optimizing and automating real estate client relationships. It provides a blend of simplicity and functionality without overwhelming the user with unnecessary extras.
Buying Options
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Pros + Cons
Pros:
Cons:
Notable features
Wise Agent
Best for solo agents & small teams
Starting Price: $27 per month, billed annually
Visit Wise Agent
Who it’s for
Ideal for real estate agents and small teams looking for an affordable, feature-rich CRM with excellent customer support.
Why we picked it
Wise Agent is celebrated for its user-friendly interface, comprehensive features, and exceptional customer support, making it a top choice for real estate professionals. It offers a balanced mix of essential CRM functionalities and advanced marketing tools at a competitive price, addressing the specific needs of real estate agents.
Buying Options
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Pros:
Cons:
Notable features
CINC
Best for brokerages
Starting Price: $900 for solo plans to $1,500 for up to 49 users; brokerages of 50+ users inquire for custom pricing
Visit CINC
Who it’s for
High-performing brokerages and agents looking for targeted lead generation and comprehensive CRM solutions.
Why we picked it
CINC stands out for its advanced demographic targeting, leveraging Google and Meta (Facebook and Instagram) for precision lead generation. Its focus on hyperlocal marketing and behavior-driven follow-ups make it a top choice for real estate professionals.
Buying Options
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Our methodology
HousingWire is the destination for industry leaders and decision makers to stay informed and stay ahead of what’s going on in the constantly evolving U.S. housing industry.
To determine which real estate lead CRMs are best for industry professionals, HousingWire analyzed dozens of products and platforms, viewed demos and spoke with agents on our team, weighing the pros and cons of each product alongside both quantitative and qualitative data like price, notable features, ease of use, return on investment, client support and customer reviews.
We crawled the web so you don’t have to, analyzing a wide sampling of reviews across social media, the Better Business Bureau (BBB) and online discussion forums.
Frequently asked questions
What is the best CRM for real estate agents?
When it comes to identifying the best CRM for real estate agents, the answer hinges on various factors including the size of your team, agency, or the specific needs of the agent, and the complexity of your operations. Industry leaders like LionDesk, CINC and Wise Agent consistently rank high due to their comprehensive features, ease of use and integration capabilities. For those seeking a balance of functionality and user-friendliness, LionDesk is often lauded for the many all-in-one capabilities that come with a $39 price tag, making it a popular and budget-friendly choice among real estate professionals.
Do real estate agents use CRMs?
In today’s real estate world, CRMs are more than just prevalent; they’re essential. Think about it: they’re the go-to database for managing client details, keeping tabs on interactions and communicating with leads and customers. With the real estate industry leaning heavily into digital tools, CRMs have become a must-have. They’re key for agents who want to stay ahead of the game and keep their edge in a competitive market.
What should I look for in a real estate CRM?
Selecting the best CRM for real estate agents requires careful consideration of several key factors:
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Mortgage volumes collectively fell $138B at Wells, JPMorgan and BofA in 2023
Mortgage businesses at Wells Fargo, JPMorgan Chase and Bank of America are now only a fraction of what they were in 2022. As a group, the trio originated about $80 billion in mortgages in 2023, down from nearly $218 billion the prior year – a $138 billion decline (63%).
The downsized volume reflects two equally important factors: a housing market characterized by limited inventory, high mortgage rates and reduced demand, but also the banks taking themselves off the board for some residential mortgages.
On Friday, the big banks opened the 2023 earnings season for mortgage lenders, giving analysts something to chew on before nonbanks – including Rocket Mortgage, United Wholesale Mortgage, Pennymac, Rithm Capital and Mr. Cooper – report their earnings in the coming weeks.
Wells Fargo, for example, shrunk its mortgage business dramatically in 2023, per filings with the Securities and Exchange Commission (SEC). The data shows that the bank produced $25.3 billion in home loans, representing only 23% of the $108 billion volume in the previous year, when it was still the kingfish in correspondent lending.
In January 2023, Wells Fargo announced the decision to exit the correspondent business, and originations through the channel declined to $1.1 billion for the year from $44 billion in 2022. But the retail channel also declined – to $24 billion in 2023 from $64 billion the previous year – due in large part to higher rates.
Wells Fargo’s CEO Charlie Scharf said in a statement that the company started last year to see improvements in parts of the business that executives believe will drive higher returns over time, for example, credit card products, corporate banking, and investment banking.
Regarding the mortgage business, Scharf added that “continued execution of our more focused home lending strategy should also produce higher returns and earnings over the next several years.”
But not yet. Earnings in the mortgage business are declining year over year at Wells Fargo. The noninterest income with mortgages came in at $829 billion in 2023, compared to $1.3 billion in 2022, a 40% decline. Home lending revenues declined to $3.3 billion from $4.2 billion in the same period.
Amid the contraction at Wells Fargo, JPMorgan became bigger than its rival in the mortgage space. One push was made by acquiring the jumbo leader First Republic Bank after federal regulators seized it.
JPMorgan’s total production was $35 billion in 2023 – 38% higher than Wells Fargo’s origination volume. But JPMorgan Chase declined 46% from $65 billion in 2022. Originations through the correspondent channel fell 53% year over year at JPMorgan to $12.7 billion in 2023. Meanwhile, volumes declined 42% year over year in the retail branches to $22.4 billion.
In 2023, the bank’s net revenues with home lending came in at $4.1 billion, up 13% compared to the previous year.
Meanwhile, smaller competitor BofA delivered a $19.4 billion production in residential mortgages in 2023, compared to $44.7 billion the previous year, a 56% decline. The business grew to $9.8 billion in the home equity space from $9.6 billion in the same period.
Bank of America’s total mortgage-backed securities reached a $51.2 billion fair value as of Dec. 30, compared to $29.3 billion as of Sept. 30, 2023.
How was the last quarter of the year?
At Wells Fargo, mortgage originations reached $4.5 billion from October to December, down 30% quarter over quarter and 70% year over year.
As the bank completed its exit from the correspondent channel in Q3, all the volume in the fourth quarter came from its branches, mainly focused on purchase loans. Ultimately, refinancing comprised 24% of the volume in Q4, compared to 16% in the previous quarter.
In financial terms, the revenue related to the home lending business remained flat compared to the previous quarter at about $840 million in Q4. Compared to the same quarter in 2022, when revenue was $786 million, it increased 7%. However, mortgage banking noninterest income at Wells came in at $202 million in Q4 2023, a decrease from $193 million in the previous quarter and a substantial increase from $79 million in the same period of 2022.
Meanwhile, at JPMorgan, origination volume totaled $7.2 billion in Q4, including $410 million from First Republic Bank, which was focused almost entirely on jumbo loans.
Including First Republic Bank’s production, JPMorgan’s mortgage volume declined by 35% compared to Q3 2023. Still, it increased by 7% compared to the same period the previous year (when First Republic was not part of JP’s operations).
Through its correspondent channel, origination volume reached $2.5 billion in Q4, a decline of 40% quarter over quarter. Retail volume reached $4.7 billion, down 31% in the same period.
JPMorgan’s home lending net revenue reached $1.16 billion in Q4, down 7% from the prior quarter and up 99% year over year – excluding the acquisition of First Republic, the increase year over year is 39%.
According to the bank, the performance was “driven by higher servicing revenue, largely due to the absence of a net MSR loss in the current quarter compared with the prior year, as well as higher net interest income.”
BofA’s mortgage originations totaled $3.9 billion during the fourth quarter of 2023, a 30% decline from $5.6 billion posted in the third quarter and a 25% drop from the $5.2 billion originated in the fourth quarter of 2022.
BofA also originated $2.25 billion in home equity loans in the fourth quarter, which was lower than the $2.42 billion volume in the previous quarter and $2.6 billion in the same period last year.
The servicing side of the business
On the servicing side, Wells Fargo’s mortgage servicing rights – carrying value (period-end) – declined by 12%, to $7.5 billion in Q4 from $8.5 billion in Q3. Compared to Q4 2022, servicing UPB decreased by 20%.
The bank’s net servicing income came in at $113 million from October to December, compared to $41 million in the previous quarter and $94 million in the same period of 2022. In 2023, however, it declined 18% to $300 million.
JPMorgan’s mortgage servicing rights increased to $8.5 billion in Q4 2023, down from $9.1 billion in Q3 2023 but up from $7.9 billion in Q4 2022.
Mortgage servicing revenues at JPMorgan declined to $179 million in Q4 2023 from $255 million in Q3 2023. In Q4 2022, such revenues came in at $47 million. In 2023, net mortgage servicing revenues totaled $754 million, up 2% year over year.
What to expect in the coming quarters
Overall, Wells Fargo delivered a $3.4 billion profit in Q4 2023, compared to $3.1 billion in the same quarter of 2022. Overall revenues came in at $20.5 billion from October to December, up from $20 billion in the same period last year.
Regarding the macroeconomic landscape, Scharf said in a statement that the bank is “closely monitoring credit, and while we see modest deterioration, it remains consistent with our expectations.”
“Our capital position remains strong, and returning excess capital to shareholders remains a priority,” Scharf said.
At JPMorgan, net income came in at $9.3 billion in the fourth quarter (including First Republic operations), lower than the $13 billion in the previous quarter and the $11 billion in the same quarter of 2022. The bank said that excluding the FDIC special assessment and discretionary securities losses, net income would be $12.1 billion.
Jamie Dimon, the bank’s chairman and CEO, said 2023 was a “good example” of the power of the bank’s investment philosophy and fortress principles. But there are challenges ahead.
According to Dimon, despite a resilient U.S. economy and an expected soft landing by the markets, increasing government spending – due to past stimulus, the need to invest in the green economy and higher military spending, among others – may lead inflation to be stickier and rates to be higher than markets expect.
On the regulatory front, specifically Basel III endgame, Dimon believes it “could cause serious harm to consumers, businesses, and markets” and hopes “regulators will make the necessary adjustments.”
At Bank of America, net income came in at $3.1 billion in Q4, compared to $7.8 billion in Q3 and $7.1 billion in Q4 2022.
Chair and CEO Brian Moynihan said it was a “solid” performance. “All our businesses achieved strong organic growth, with record client activity and digital engagement,” Moynihan said in a statement.
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Here’s why we’ll see more affiliated arrangements being built in 2024
Although what lies ahead in the world of real estate and mortgage services in 2024 remains a bit uncertain, it’s now crystal clear that, beyond the already-tired suggestion that we “survive until ’25,” quite a few businesses will be seeking to find additional sources of revenue.
One potential stream that quickly comes to mind is the potential of capturing title and closing business. Accordingly, we’ve already seen any number of builders, mortgage lenders and real estate firms building new affiliated business arrangements (ABAs) or entering into partnerships that put them into the game for settlement services revenue.
That activity will only increase as we move through the year. Here’s why.
The full impact of the Burnett verdict has yet to be seen
The final disposition of the Burnett vs. NAR decision likely won’t be seen for years as the result works its way through the courts. For the most part, many brokerages and real estate agents on the buyer’s side of the transaction have continued on with a “business as usual” approach until we have certainty as to the true impact. And yet, in combination with what remains an uncertain market, more and more teams and brokerages will likely have the incentive to increase revenue and remove the uncertainty from the buying side well before they have to.
It’s entirely possible we’ll see the continuation of the trend towards team selling in the wake of Burnett. It’s not hard to imagine an approach where the listing agents take the lead on the front end of a transaction while a team of buyer agents works with them in the background. Such an approach would likely tend toward a transactional, brokerage-focused revenue model.
In these cases, it would be logical for teams and brokerages not only to seek out additional revenue, but to retain greater control over a transaction from start to finish, which affiliated title operations can bring. In building such arrangements, the real estate firm would have greater control over the experience, hopefully speeding the process from start to finish and delivering a smoother overall customer experience. It won’t be the first time this industry loudly extols the virtues of one-stop shopping.
Here’s who will be seeking to build and grow ABAs…and who shouldn’t
Naturally, until we see a significant upturn in overall origination volume, it won’t just be brokerages and teams seeking to build ABAs or enter into title partnerships. Lenders and builders have also shown a heightened interest at a time when construction materials remain costly, labor costs and pay rates are elevated and interest rates remain high.
At the same time, a more controlled closing experience could help address closing delays arising from the lender’s side or the construction process. While it’s easy for a third-party closing firm to point fingers and shift the blame in such instances, an affiliated operation is “part of the team.” No one will be thrown under the bus in such situations. Accordingly, there are multiple compelling reasons for lenders and builders to consider an affiliated title operation.
Far too often, however, a non-title business will focus on the potential for new revenue without fully considering the cost and the burden that comes with building any new business.
To slightly oversimplify it, a true affiliated arrangement likely won’t pass regulatory scrutiny if the arrangement isn’t being run like a viable business, with any and all partners not fully engaged. Businesses hoping to simply refer their customers to an affiliated arrangement in exchange for a cut of the settlement fees have learned this the hard way.
So when should a builder, real estate firm or lender consider other alternatives to an ABA, such as partnering with an existing title agency? For starters, if there’s no long term strategy (IPO, build to sell in five years) in place, the arrangement is off to a bad start. “Let’s see how we do” is not a strategy for starting most businesses and it won’t work for an ABA, either.
Other offshoots of this philosophy (or lack thereof) include the parent business not having some way of actively being involved in the day-to-day operation of the ABA. Or perhaps the venture is woefully undercapitalized because of mistakes in building out a pro forma and business strategy.
Do you have a plan for how the affiliated operation will capture new business — and not just from your own operation? For many reasons, this can get overlooked as well, and it’s seen often in affiliated arrangements that fail quickly.
Finally, geography — often the impetus for building an ABA or entering a partnership with a title agency — is a major factor in planning an affiliated title operation. Where will the business come from? State by state and sometimes, even county by county, the new operation will have to undergo the same licensing (and compliance processes) any other new title business would. This takes time, expertise and funding. You might even be required to have a brick-and-mortar operation in that state or county.
If you’re not planning to invest sufficiently in such requirements, chances are that some other form of true partnership with a title or escrow firm might be a better alternative.
When is an affiliated arrangement the best option for real estate firms, lenders and builders?
For those considering the process of building an ABA, the answer should be “yes” to each of the following questions if an ABA is truly right for you.
Building an affiliated title operation can be a fantastic means of capturing new revenue, which is why ABA activity generally spikes during slower market conditions. But it’s critical to understand that it’s anything but simply agreeing to send the new operation most or all of your clientele in return for a percentage of the fees. You don’t have to be an attorney to know that’s the biggest no-no RESPA provides.
Building a truly successful ABA requires strategy, experience, planning and above all, commitment. While many real estate brokerages and professionals will very likely look to ABAs in the uncertain aftermath of the Burnett decision, it’s important they realize that there’s much more to it than that.
Aaron Davis is the CEO of AMD Enterprises, a conglomerate of eClosing, technology, settlement services and consulting services which includes Florida Agency Network, Closingsuite.com, Premier Data Services and Network Transaction Solutions.
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8 top real estate lead generation companies for 2024
Vetted by HousingWire | Our editors independently review the products we recommend. When you buy through our links, we may earn a commission.
Organic social media traffic. Community events. SEO. Between leveraging your personal network, filming YouTube videos and even the unpleasant task of cold prospecting, real estate professionals today wear all the hats. In one moment, you may be a content creator, and in the next, a customer service agent, administrative assistant, marketing strategist, copywriter and editor — all in one.
Yet, in a competitive real estate market, agents don’t always have the luxury of investing months into long-term brand-building. Success depends on how well (and how quickly) you can combine your own marketing skills with the right tools and support systems out there to help you convert leads into clients.
While there’s no one-size-fits-all solution, plenty of customizable real estate lead generation tools exist to make your life easier. In this article, we explore nine exceptional real estate lead generation companies that can supercharge your lead generation efforts, each with its unique strengths and limitations.
At-a-glance: 8 top real estate lead generation companies for 2024
Best for full-service marketing suite + exclusive leads
Market Leader
From $139
Best for seller leads
SmartZip
From $500
Best for automated lead nurturing
Zurple
From $309
Best for exclusive inherited-property seller leads
Catalyze AI
From $360
Best for buyer leads based on location
Zillow Premier Agent
From $20
Best for most affordable all-in-one marketing solution and website design
RealGeeks
From $299
Best for customer service
zBuyer
From $400
Best for custom real estate websites
Placester
From $79
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At-a-glance: 8 real estate lead generation companies for 2024
Best for full-service marketing suite + exclusive leads
Market Leader
From $139
Best for seller leads
SmartZip
From $500
Best for automated lead nurturing
Zurple
From $309
Best for exclusive inherited-property seller leads
Catalyze AI
From $360
Best for buyer leads based on location
Zillow Premier Agent
From $20
Best for most affordable all-in-one marketing solution and website design
RealGeeks
From $299
Best for customer service
zBuyer
From $400
Best for custom real estate websites
Placester
From $79
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Market Leader
Best for: Full-service marketing suite + exclusive leads
Visit Market Leader
Like its name suggests, Market Leader is known for offering a full marketing suite with features like email and SMS marketing services, lead capture forms and a built-in lead management CRM. The company provides in-house advertising experts who send leads exclusively to you and streamlines lead management and marketing efforts.
Market Leader is a strong option for real estate professionals looking for lead generation and marketing solutions. Its full marketing suite and leads exclusivity set it apart, although it would stand out even more if it offered concierge service and a free trial option. Users have praised its efficient CRM capabilities but noted challenges with lead responsiveness in some cases. If a trial period is essential, consider alternatives like Placester, which offers a 30-day free trial.
Buying Options
See Details
Pricing
Pros + Cons
Pros:
Cons:
Features
Exclusivity: Yes
Trial period: No
Contract requirements: Six-month minimum
SmartZip
Best for: Seller leads
Visit SmartZip
SmartZip uses predictive analytics to predict likely sellers 6 to 12 months in advance, offering a first-mover advantage in tight inventory markets. The company provides robust marketing and nurturing tools, including a CRM with lead data, home valuation landing pages, direct mail campaigns, a comparative market analysis tool and more.
SmartZip primarily benefits experienced listing agents, yet any agent willing to nurture seller leads can thrive with this platform. To generate real estate leads, SmartZip employs predictive analytics that sifts through consumer data from sources like credit card companies, market data from MLS and other demographic data. Real estate agents using SmartZip gain immediate access to its CRM populated with the data. In this dashboard will be a list of property owners in the agent’s target area based on their likelihood to sell within the next 18 months. Armed with this data, agents can streamline their outreach efforts and focus on sellers who are ready for their services.
Buying Options
See Details
Pricing
Starting at $500 per month, with an average monthly spend of $1,000
Pros + Cons
Pros:
Cons:
Features
Exclusivity: No
Trial period: No
Contract requirements: Annual contract is required
Zurple
Best for: Automated lead nurturing
Visit Zurple
Zurple generates leads within your target market (up to 10 areas) with branded landing pages that pull in MLS listings for your area. Once a lead is input into its CRM, Zurple sparks conversations via text or email with your leads from all sources, and alerts them to new listings in their area of interest. Automated conversations will nurture your prospects until they become “hot leads” — allowing you to jump in with a human touch to bring sales across the finish line.
Buying Options
See Details
Pricing
Starting at $309 per month, you can also purchase search engine marketing (SEM) services from Zurple, additional sites at $100 per month, per site, and upgrade to include their Pipeline Boost feature.
Pros + Cons
Pros:
Takes the pressure off of agents to be available 24/7
Automated lead nurturing and pipeline management
Cons:
Features
Exclusivity: Yes
Trial period:
Contract requirements: Six-month minimum
Catalyze AI
Best for: Exclusive inherited-property seller leads
Visit Catalyze AI
Catalyze AI utilizes real-time data to identify inherited properties in your local area with a high prediction rate, representing an estimated $69 billion in annual property sales.
Catalyze AI, the top choice for exclusive inherited property leads in real estate, employs predictive computer analytics and AI technology to identify highly motivated inheritance leads before they end up in probate court. While the company doesn’t provide marketing tools, its predictive analytics technology puts you considerably ahead of competitors. These leads are often eager to sell, making them highly valuable — especially for such an affordable product. However, leads may take time to close, and the service isn’t available in all markets. This company is best suited for experienced listing agents familiar with the probate process.
Buying Options
See Details
Pricing
Starts at $360 per month for 30 leads ($12 per lead for homes under $1 million; $15 for higher-value homes)
Pros + Cons
Pros:
Cons:
Features
Exclusivity: Yes, exclusive listing leads get pushed to your platform.
Trial period: No, but select discounts may be available (must inquire)
Contract requirements: Can cancel at any time
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Zillow Premier Agent
Best for: Buyer leads based on location
Visit Zillow Premier Agent
Zillow Premier Agent (ZPA) is a well-known platform for generating buyer leads. It’s highly effective for connecting agents and brokers with local buyer leads. The platform’s high traffic volume and straightforward CRM make it a top choice for lead generation.
As a major player, Zillow is hard to overlook in the real estate industry. The company has the resources to invest heavily in SEO and therefore dominate Google search results. That’s good news for real estate agents and brokers looking to attract leads. Agents do pay for these leads, with Zillow’s “Zillow Flex” now taking a percentage of commissions from referred leads. While Zillow’s exposure is significant, some industry insiders argue the company prioritizes “Flex” over “Premier Agent” partners, making the landscape competitive. Nonetheless, if you want to cast a large net, Zillow Premier Agent can give you that exposure.
Buying Options
See Details
Pricing
Depends on the ZIP code — around $20 to $60 per lead
Pros + Cons
Pros:
Cons:
Features
Exclusivity: No
Trial period: No
Contract requirements: Vary
Related Articles
8 best places to buy real estate leads in 2024
Innovative strategies to get more real estate seller leads in 2024
Is Zillow Premier Agent worth the cost?
RealGeeks
Best for: Most affordable all-in-one marketing solution and website design
Visit RealGeeks
Real Geeks offers a robust solution for real estate lead generation, IDX website design and all-around marketing suitable for single agents, teams and brokerages.
Buying Options
See Details
Pricing
Starts at $299 per month cultivation, designed to help agents scale their businesses effectively, SEO happy hours to help customers improve real estate lead generation
Pros + Cons
Pros:
Cons:
Features
Exclusivity: No
Trial period: None specified
Contract requirements: None specified
zBuyer
Best for: Customer service
Visit zBuyer
zBuyer offers a suite of tech-forward features, such as email and SMS marketing, an IDX website and marketing assistance, in addition to its real estate lead generation services. What sets it apart is its commitment to transparency and exceptional customer service. Nevertheless, online reviews suggest zBuyer could further enhance its service by providing exclusive leads to users seeking top-quality prospects.
Buying Options
See Details
Pricing
Starts at $400 per month; can vary by zip code
zBuyer is a top real estate lead generation company offering features like email and SMS mass marketing, an IDX website, and marketing assistance. It stands out for its transparency and customer service
Pros + Cons
Pros:
Cons:
Features
Exclusivity: No
Trial period: None specified
Contract requirements: Flexible contract
Placester
Best for: Custom real estate websites
Visit Placester
Placester excels in providing customizable real estate websites with integrated IDX listing search and content marketing features. It offers a services marketplace for one-time or ongoing services like website setup and content creation.
Placester truly is an all-around solution for real estate agents looking to improve lead generation through website creation. Its Do-It-For-Me (DIFM) package allows agents to craft custom websites in under two days, making it suitable for both tech-savvy and less tech-savvy agents alike. There’s also code-free site editing available, which allows you to better customize your website — even with the more affordable DIY package. Last, Placester offers built-in lead-generation features, such as custom landing pages and community pages, along with a CRM tool for email list nurturing.
Buying Options
See Details
Pricing
DIY packages start at $79 per month, while “Do-It-For-Me” (DIFM) packages start at $119. The next level, DIFM Content Pro, starts at $319, plus you can sign up for Broker Management Software at an additional $25 per month. Annual pricing discounts may be available.
Pros + Cons
Pros:
Cons:
Features
Exclusivity: Not specified
Trial period: 30-day free trial
Contract requirements: Monthly or annually
Related Articles
29 cutting-edge real estate marketing ideas for 2024
7 best website builders for real estate agents, brokers and brokerages
16 real estate prospecting ideas, tips & tools for 2024
Our methodology: How we chose the top real estate lead generation companies for agents for 2024
HousingWire is the destination for industry leaders and decision makers to stay informed and stay ahead of what’s going on in the constantly evolving U.S. housing industry.
To determine which real estate lead generation companies are best for industry professionals, HousingWire analyzed dozens of products and platforms, weighing the pros and cons of each alongside both quantitative and qualitative data like price, special features, ease of use, return on investment, client support, and customer reviews.
We crawled the web so you don’t have to, analyzing a wide sampling of reviews across social media, the Better Business Bureau (BBB) and online discussion forums.
Frequently asked questions
1. Are lead generation companies worth it in real estate?
Yes, lead generation will truly be the lifeblood of your business’s success. It may seem challenging to generate real estate leads at first, but once you build up a current of strong, qualified leads, you’ll see how much less effort will be necessary to sustain sales.
Many real estate professionals turn to lead generation companies like the ones listed above to streamline the process and access more potential clients. While some agents have achieved significant success with these services, whether they are worth it (or not) depends on your individual circumstances. Assess your budget, target market and specific goals before investing in any service. Also determine which aspects of marketing you are least comfortable attempting on your own, and start outsourcing there.
2. Where do real estate agents get most of their leads?
Real estate agents acquire leads from multiple sources. While lead generation companies are one option, agents also obtain leads through traditional avenues like referrals, open houses, community events and their personal networks. Real estate professionals use online platforms, such as social media and websites, to attract potential clients outside of their immediate local area. The choice of lead generation methods may vary, but it’s always a great idea to diversify your lead channels for the most well-rounded approach.
3. How do I find the best lead generation company for real estate?
Our team of real estate experts recommend that you choose a real estate lead generation company that custom-tailors its services to you. There’s no sense in paying for leads outside of your zip codes or from demographics that aren’t going to be interested in the properties in which you specialize.
Begin by choosing lead generation companies on this list with a strong reputation within your particular niche. Consider online reviews, testimonials and references to gauge their credibility. Choose companies that offer transparent pricing and clearly defined lead sourcing methods, avoiding hidden fees or unclear processes. If possible, opt for a trial period to assess the company’s performance before making a long-term commitment.
4. Should I pay for leads in real estate?
Paid leads may offer quantity, but their quality can definitely vary. Decide whether you prefer a smaller number of high-quality, active leads or a larger volume with potentially more “cold” prospects. It’s also wise to diversify your lead generation methods. While paid leads can be a part of your strategy, don’t overlook organic methods like referrals, networking and your overall online presence.
The full picture: Top real estate lead generation companies for 2024
The lead generation landscape is more dynamic than ever, with a range of top companies offering lead gen services tailored for agents, teams and brokerages. Whether you opt for a widely known product like CINC, a major platform like Zillow Premier Agent, or specialized solutions like Catalyze AI, the key is to align your choice with your specific needs, budget and target market.
Remember that lead generation companies can be a valuable asset in your real estate journey, but success ultimately depends on your conversion strategy and how well you capitalize on the leads provided. We’ve thoroughly researched the top real estate lead generation companies and weighed the pros and cons to help you make an informed decision to support your business.
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Radian Group announces strategic investment in FinLocker
Radian Group announced a strategic investment in FinLocker that will closely connect the technology between Radian’s Homegenius platform and FinLocker’s financial fitness and homeownership platform.
FinLocker – which has more than 40,000 registered consumers and is led by former Fannie Mae executive Henry Cason – is focused on helping the consumer get to a place of financial readiness for home buying. Clients of FinLocker include loan officers, mortgage lenders, servicers, banks and credit unions.
The platform also offers mortgage and financial education, credit score monitoring, credit report access, and tools to improve credit, pay down debt, save for a down payment and track progress toward mortgage eligibility.
Homegeunius – a wholly owned subsidiary of Radian Group – personalizes home search using artificial intelligence (AI) and machine learning hoping to transform real estate transactions.
Through this strategic investment, clients of FinLocker will have the benefit of Radian’s integrated Homogeneous’ suite of technology around real estate search. Terms of the deal were not disclosed.
Typically, consumers go through a bifurcated process of getting ready financially and then look for a home or vice versa, said Brian Vieaux, president and chief operating officer at FinLocker in an interview with HousingWire.
“This strategic partnership in the way our technologies will be integrated will combine the entire process. As I’m searching for properties on the Homegenius platform, I’ll have more confidence in my ability to afford a home because inside the FinLocker platform, my financial readiness will already have been assessed by the technology.”
Radian and Homegenius “relentlessly seek to make homeownership more easily achievable and to help our business partners accomplish that goal more efficiently. FinLocker also does both of those things,” said Radian’s CEO Rick Thornberry. “As we continue to help redefine the homebuying process, we are delighted to invest in innovative companies such as FinLocker which are leading the way.”
Both companies have been in talks for more than a year and recognized pent-up demand to purchase a home from a pool of prospective first-time homebuyers, Vieaux noted.
“This pool may not be ready to use the search feature by itself just because there’s a lack of inventory (…) Even with inventory where it’s at, people are still mentally and and wanting to actually prepare for buying and our financial fitness tools that are centered around homeownership are another way to engage consumers despite the inventory problem,” said Vieaux.
In a tough market of lack of inventory, high interest rates and elevated housing prices, it has become increasingly important that a loan officer is able to get up the funnel earlier in a consumers’ journey towards homeownership.
“A toolkit like FinLocker with the Homegenius technology is empowering individual loan officers to have the ability to reach, assist and nurture,” added Vieaux.
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