Ten years into fueling agents with leads and technology, Mike Oddo has launched Pay Per Closing, a new program for real estate agents across North America to access fresh new leads without a hefty monthly retainer. This news has kindled joyful noise with agents looking for a reliable real estate company with a soundtrack record, hence the company's recent media coverage.
Pay Per Closing's roots sprouted from simple real estate agent beginnings. The Founder, Mike Oddo, got licensed when he was 20 years old. Despite appearing like he was 12, he says, a young Mike was confident he'd succeed.
Mike Oddo had recently moved from Omaha, Nebraska, to Lake of the Ozarks with no sphere of influence. His business certainly wasn't going to thrive from word of mouth. Oddo struggled for several years, just getting by like many of the nation's agents, relying on ample time to get new clients through cold calling, door knocking, and floor time. Yet, he says, "I eventually discovered the possibility of online leads". After much exploring, testing, and reiterating at 26 years old, Mike Oddo would become the number one agent in his market through leveraging online advertising. This was in 2012 before online lead generation for agents would hit popularity.
In 2012, Oddo had built a successful team in his brokerage and started a technology company, Market Maker. Market Maker took off quickly, becoming one of the fastest-growing companies in the United States, making the INC 5000 list multiple times.
For the past ten years, American agents and teams have closed hundreds of deals annually through the company Market Maker providing advertising efforts, and it's this very engine behind the brand new Pay Per Closing program. As you can imagine, throughout a decade of service and making INC multiple times, you'd see a fair share of service inquiries. One that would arise frequently given Market Maker has a cost of no less than $1,500 per month, a price many can spare, and many can not, begging the question from those who can not: Could we do a referral fee? In short, Market Maker will advertise and take 25% of the profits generated from their leads.
This year Market Maker answered one of those inquiries with a yes. Ryan Ruehle, in Columbus, OH. Ryan told Mike that he paid Market Maker $20,000 the year prior, closing 33 transactions from it for over $200,000 in Gross Commission Income. So, if he had paid a 25% referral fee, Ryan would have paid Market Maker more than double. However, had Ryan not had the initial $1,500 to spend, he could have gone the Pay Per Closing route where Mike's team would have produced him the same $200,000, but without the upfront investment and their 25% share.
After running a successful trial phase, Mike Oddo is now looking for coachable agents with a good skillset. In other words, you can close deals and, most importantly, look to grow your business but may not have the funds for an upfront investment.
If that's you, Pay Per Closing may be worth a view: