Having successfully developed an online business model in Australia, RMA Global (ASX: RMY) has ramped up penetration of the lucrative US market with RateMyAgent, their reviews platform for real estate agents, since launching a strong marketing push in March 2020.
The platform has now advanced in the US to have more than 60,000 real estate agents registered and 35,000 reviews posted. Since 31 January alone, there has been a 33% rise in agents registered and a 70% increase in client reviews as COVID-19 isolation has given buyers more time and opportunities to explore their real estate options online.
“We are delighted with our recent progress in the US in attracting agents to our platform,” said RMA Global CEO, Mark Armstrong.
“The significant increase in reviews also shows that agents are engaged in actively improving their profile and using our platform to market themselves.”
The company further attributes the surge in adoption from real estate agents over the last quarter to improvements in their onboarding system which led to three times more agents registering to be reviewed in June than the prior month.
Political and economic uncertainty has further fueled competition in the real estate agent market.
While the platform is entirely free for home buyers and sellers to access, real estate agents are sold prepaid subscriptions to customise their personal review pages, obtain web analytics and showcase their listings, among other features.
At present, RateMyAgent has its largest footprints in California, Texas and Florida but the Company has now expanded its sales and marketing efforts and is offering subscription products for teams and entire offices rather than solely individuals. By the end of 2020, RMA Global has set themselves an objective of having 100,000 US agents on the platform.
Comparatively in Australia where the platform was first developed, there are 36,000 agents registered but more than 810,000 reviews having launched in 2014.