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Inside Real Estate has acquired AmpStats, a recruiting, retention and coaching technology company, to bolster its fast-growing enterprise product offerings and augment its existing recruiting features.
While the terms of the deal were not disclosed, the company announced the transaction in a press release with its CEO Joe Skousen saying that AmpStats is more than a recruiting tool.
“AmpStats arms brokerages and their leadership with the actionable intelligence they need to increase productivity and strategically expand market share,” he said, adding that Jay Teresi, founder and CEO of AmpStats recognizes how important talent management is to the sustainability of a real estate brokerage business.
AmpStats states that it leverages predictive analytics to help brokers know who to call when and why. The software absorbs regional performance data and consistently feeds that into agent profiles and alert systems for brokers to compare and potentially match with pending needs.
“AmpStats delivers unprecedented visibility into key performance metrics, helping brokerage leaders stay one step ahead to ensure maximum productivity and loyalty amongst their existing agent base,” the release stated.
Recently, agent recruiting has become a top-of-mind business concern for industry leaders.
New models, service incentives, in-house technology and anti-establishment marketing have drastically tilled the recruiting soil, causing big-name teams and top producers to more frequently hop from one brokerage brand to another.
Inman reported this week on the $62 million, Hudson Valley, NY-based Team Banx’s switch from Berkshire Hathaway to Compass, as well as the jump of Nantucket’s Carl Lindvall to the Holly Parker Team at Douglas Elliman. In 2021, Lindvall closed more than $30 million in sales volume, as well as an additional $12 million in construction contracts while at Great Point Properties Christie’s International Real Estate, where he worked for 15 years.
In 2019, Anywhere (then Realogy) filed a lawsuit against Compass, citing that its “compensation packages to competitor’s employees and agents that are so inflated that Compass is sure to operate at a loss.” The case was settled earlier this month.
Also, the rise of teams has triggered a power shift, with many of them operating internally as stand-alone brokerages, often with their own technology tools, branding and marketing autonomy.
Thus, it makes sense for the industry’s bigger-named technology providers to seek ways to assist clients in their efforts to find and keep their best human assets.
Chime, for example, launched its Active Recruiting solution in June at the RealTrends’ Gathering of Eagles event. Another direct competitor, Lone Wolf Recruit, was rolled out in 2021.
Inside Real Estate’s kvCORE Platform currently empowers users to build recruiting campaigns with its landing page creator, CRM-based email and text features and “pond” module for collecting data and acting on specific prospect profiles.
AmpStats capabilities will be integrated over the next several months into kvCORE Platform, according to a statement, and should be greatly enhanced by IRE’s breadth of MLS relationships and in turn, its access to market data.
Teresi will join the Inside Real Estate family as a member of the leadership team supporting back-office initiatives, and AmpStats will continue to be available as a standalone product offering for brokerages in select markets.
