Opcity Reviews

If you’re a real estate professional, there’s a high chance you might’ve heard about Opcity. With hundreds of thousands of brokers and agents using their service, you can say that they’re one of the more popular concierge service out there.

But being well-known doesn’t mean they’re the best… At least, not necessarily. It’s not a popularity contest, y’all.

So, should you opt in or opt out? Read this Opcity review first before you decide!

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What Is Opcity?

Program At A Glance

Opcity ReadyConnecrt Concierge

Opcity is an Austin-based referral network slash concierge service that aims to provide qualified leads prescreened without upfront cost to real estate agents. Instead, they only pay on closed transactions.

Due to the fully-vetted nature of their leads, they claim that agents using their service make conversions up to 3x to 5x higher than the industry average. For brokers, Opcity also provides a dashboard to track the performance of brokerage.

Since the acquisition by Move Inc. in 2018, Opcity have been operating under a new name, Realtor.com’s ReadyConnect Concierge service.

Want to compare Opcity to other referral and lead generation programs? You might want to check out Deallanders Reviews, Housejet Reviews, and Leadspring ISA Reviews, then!

Founders Of The Program

Opcity Founders

Ben Murenstein and Michael Lam are the founders of Opcity. Since the acquisition by Move Inc., Ben remained as the CEO of the program, while Michael went from CFO and head of analytics to COO. So, things are pretty much the same for these lads besides the labels and needing to report under Move Inc.‘s CEO Damien Eales.

FYI, Damien is previously an executive of Move Inc.‘s parent company, and was transferred to Move Inc. since David Doctorow departed the company last June after three years at the helm.

There are rumors that the lower volume of leads and revenue this year might’ve contributed to David’s resignation. A food for thought for those considering Realtor.com (and Opcity) for their lead gen needs. 😉

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How Does Opcity Work?

Vetting Process

The Opcity will screen if the leads are qualified (ready to make a transaction and is able to, rather than “just looking” window shoppers) by asking questions about the following:

  • Their intent to buy/sell/rent, including their time frame
  • Their preference of property
  • Desired price point
  • Desired location
  • Whether they’re pre-approved fort financing or not

If Opcity deems that the leads are qualified, they’ll proceed with the matching process as discussed below.

Matching Process

Here, Opcity will try to match qualified leads (now referrals) to potentially capable agents via referral notifications. The said alerts are either through a push notification from their mobile app or SMS, whichever you prefer.

Top performing agents, as ranked by the scoring criteria, will be prioritized by Opcity in sending referral opportunities. The rich get richer typa beat.

If an agent claimed and “won” the referral, a live transfer will commence almost immediately— with Opcity, leads/referral, and the agent in a three-way call.

Opcity’s Expectations On Agents

Opcity expects the agents enrolled in their service to follow their desired fast-track timeline. To get in their good graces, an agent must contact their referrals within a week, then meet them within two weeks.

All the outreach and updating must be done through the program’s mobile app, so their system to verify and count it on your agent’s score.

Scoring Criteria For Agents

With Opcity, the quality of the leads you’ll get (as an agent) is determined by your agent’s score, on a scale of 80 (lowest rating) to 120 (highest possible rating). The default is 100.

The score changes depending on how well you fare with their five success metrics. You only get rated on each metric after you satisfy a certain condition to unlock them.

The better your score, the more Opcity will prioritize sending you referral notifications, the better ones that closely matches what you’re looking for.

The top performing agents don’t even need to click a notification first to “win” one. Being the ones at the front of the queue, they can claim as long as the leads aren’t expired, even after notifications are already sent to other agents. Talk about being the VIP.

Oh, and to clarify, we have no complaints for those on top. It’s simply not a matter of being first on using the service nor being lucky. We believe that it’s more on being dedicated, hardworking, and always on the lookout for opportunities. We respect the grind.

That being said, the five success metrics that’ll determine the agent’s score are explained below.

Claiming Referrals

The first success metric pertains to the percentage of referral notifications you tried to claim over the past ninety days. Conveniently, it unlocks after you receive your first referral notifications.

To improve your ratings, clicking more notifications plus setting an accurate “Do Not Disturb” period (aka don’t send me leads during this time of the day/week) will help. It doesn’t matter if you didn’t “win” the referral, you’re golden as long as you “attempt” to get it.

If you want more opportunities to claim referrals, Opcity encourages enabling renters on your lead pool, increasing the scope of your service area and including more zip codes, and expanding your target price range.

Yup, it’s about relaxing the criteria (lowering your standards, to be more frank) if you’re a new agent and not seeing the amount of notifications you’d like.

Contacting Referrals

This pertains to how you’ve established contact with your active referrals in comparison to other agents in similar markets. This metric is unlocked after you successfully claim and win your first referral.

To improve your rating, you have to either call, video call, or message your referrals within the first week of them being active. All the outreach should be the done through Opcity’s mobile app.

Using the app is critical here, since you won’t get credited for any outbound calls or messages unless you use the said app that has a system to detect your attempts to keep in touch.

Updating Status

As the name implies, this metric rates on how frequent you update your referral manager. The expectation is being able to update at least once a week.

Just like the second metric, updating status is unlocked after you win your first referral. To get better scores, try to update more active referrals, move them through the pipeline accordingly, and do it consistently.

Meeting Early

This metric defines how you’re able to meet your referrals, in-person or over a video call, within the first two weeks. It unlocks after you meet your first referral or two weeks after you win your first.

The rating is calculated by looking over your active referrals over the past ninety days, and checking how many you’ve updated the status to “met” within the first two weeks of assignment. The more referrals you meet early, the better.

Closing Deals

Last but certainly not the least is closing deals, the metric which pertains to your ability to close leads, including both recent referrals and older ones that you’ve just “resurrected” and bring back to life. The metric is unlocked after you close your first deal or ninety days after you updated the status of your first referral to “met”.

They won’t judge if you take too long (over ninety days after meeting a referral) to close leads, and as they should because closing is easier said than done. As long as you make a closing, the better your score will get.

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Is Opcity Worth It?

Cost Of The Program

Opcity Cost

With Opcity, you don’t have to pay upfront to get leads. Instead, you only pay after closing.

The referral fee is 30% for closed deals worth $150,000 and below, then 35% for deals a dollar or more above $150,000. Then, you, the agent, still have to split the remaining commission with a broker.

As if the fees mentioned above aren’t steep enough, the agents will also shoulder the cost of rebates for their clients under the Buyer Cash Rewards program. It’s a whopping 3% additional referral fee on top of either 30% or 35%.

Pros Of The Program

Opcity truly don’t require you to pay upfront cost to get a lead. This is contrary to other programs that ask for a setup fee that could cost a couple grand.

Do note that only your broker can sign up for the program first, and then hook you up. Not every agent is accepted too, it depends on the area’s availability.

In other words, the limited number of agents per area isn’t just a marketing gimmick for agents to opt in and “reserve” their zip code without much thought unlike other programs.

Cons Of The Program

Opcity Reviews

One of the most glaring cons of the program is the cost. Not only is it steep, Opcity isn’t so transparent about it as well, especially on the Buyer Cash Rewards program which is paid at the agent’s expense.

It’s their promo, they should be the ones shouldering the cost to run it and NOT the agents. Besides, the rebate is only 0.3% at most, so why charge 3% on agents? That’s greed.

Also, this is the traditional lead generation/referral program the newer ones (albeit scummy on their own, usually) warned us about. No such thing as lead exclusivity here, whatsoever.

Reports online mentioned that you need to click the notifications within fifteen, twenty seconds of receiving it or else, it’ll be gone. Then, as mentioned earlier, clicking fast isn’t even a guarantee that you’ll win the referral due to agents that are put in front of the queue.

If you’re a beginner, prepare for a rough ride early on. Imagine being on the lookout for notifications all-day, every day— only to end up with low quality referrals due to your agent’s score or the fact that it’s just leftovers of those in front of the queue. Or maybe, the radius you’re assigned to hilariously ended up being in the water.

Are you up for the grind? Most aren’t, and we can’t blame them, since the referral fees are too high, yet the lead quality is too low. The bare minimum for the lead quality should still be decent, and not straight-up garbo.

But nope, many have dragged Opcity online for sending out referrals that are far from being qualified. The so-called time wasters and tire kickers, and so many of them.

They do whip on their promise of scrubbing the leads. Heck, they even send out referrals that are already working with another agent.

Like, getting involved with someone who’s already under a contract is illegal, so what’s up with Opcity sending those? Encouragement to do something nasty? Pumping their referral numbers up? Whatever the reason, this isn’t a good look for them.

Finally, due to a contract Opcity put in place, they’re still within their rights to demand a referral fee if you close a referral from them before two years have passed. That’s a long ass time for the referrals to be locked out, and agents who realized the fact way too late agree.

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Conclusion

Opcity, now Realtor.com’s ReadyConnect Concierge Service, is a legit referral program for real estate agents. No upfront fees required to receive referral opportunities from them, only after making a closing.

However, we cannot overlook how high Opcity charge for their referral fees, up to 38%. Combined that with all the complaints on BBB and real estate forums made by agents who used their service, we see no reason to recommend them.

They’re not a scam, but they’re not the best (far from it) either. The only recommendation we have is to never, ever sell yourself short, and don’t settle for less.

Before leaving..

If you are serious about starting your own online business, I highly recommend you to check out my #1 recommendation.

This is simply the BEST business to start right now and it made me $30,391 in the last month alone.(*and sky’s the limit*)

Go here to start leasing leads to small business owners and become a digital landlord

Best Business To Start >>