Opcity Review – Scam Or Legit?

Today, we are going to talk about Opcity. Is it legit? Find out more in this review.

One of the hardest things that real estate agents and brokers often face is finding legitimate leads for their business. There are a ton of people who have an interest in buying or selling a property. But the challenge with that is making sure that those people are actually going to go forward with buying or selling. Because, let’s face it, a lot of these types of leads never really go anywhere. So it feels like everybody just wasted their time.

Lead generation is often the biggest hurdle that a lot of people in the real estate industry face. You never really know which of the leads that that real estate agents and brokers get would actually lead into a sale. It takes so much time to filter out the buyers who are actually intending to buy a property and the sellers who actually want to sell and list their property on the market. And not a lot of agents and brokers are willing to spend that much filtering them out.

That’s the reason why lead generation services exist. They see that there is a need for these kinds of services. And they are more than ready to help real estate agents and brokers close a deal for a cut of their commission. Let’s be real here, they are providing a service. It only makes sense that they earn some money out of giving people legitimate leads for their business.

There are a lot of independent companies that offer their own lead generation services for the real estate industry. But there also those, like Opcity, that have been bought out by these larger companies because they see that the services that they provide makes sense to be included in their portfolio. What exactly are you getting out from the services that Opcity provides? Is it better now that it is part of a larger machine? Or does being party of a corporate portfolio changed it? We’re going to find out in this review.

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Opcity Review: Quick Details

  • Name: Opcity (now called ReadyConnect Concierge)
  • Founders/Creators: Ben Rubenstein and Michael Lam
  • Website: https://www.realtor.com/marketing/opcity/
  • Socials: Facebook, Instagram, YouTube
  • Type: Lead generation service
  • Niche: Real estate, lead generation
  • Recommendation: There are a lot of other lead generation services that are worth the money. But it does not guarantee that every single lead that you will get actually finalizes in a sale.

Who Are Ben Rubenstein and Michael Lam?

Opcity co-founder Ben Rubenstein

Ben Rubenstein and Michael Lam are the co-founders of Opcity, a real estate lead generation company. It’s kind of interesting how both of the co-founders for Opcity had other work experience that lead them to start the company. It’s not really surprising all that much whenever I find out that somebody had other experience working in a related field to what they would end working on at the moment. It’s great how they manage to use their experiences from their previous work to inform how they run their current company.

Let’s start off with Ben Rubenstein, who also served as Opcity’s CEO. The first company that he co-founded was Yodle, a company that offered online marketing services to local businesses. Like certain businesses, Yodle grew into a company that had more than a thousand employees. In 2016, Yodle was bought by Web.com, a domain name registration and web development company. And since his company got bought out, Ben decided to forge a new path for himself. But we’ll get to that in a bit.

Now, let’s talk about Michael Lam, who also served as Opcity’s CFO and head of analytics. Michael had gone through a lot of different roles at around the same time that Ben was running Yodle. In 2004, he co-founded a clothing store and custom design business called Smash. At some point that whole company was spun off into two different businesses. The clothing store was called Raygun while the custom design business was called 8/7 Central. While he was running that business with his co-founder Mike Draper, Michael was also working as a management consultant for a big management consultant company. That lead him to become hired as vice president for corporate strategy and management & acquisitions at Citi Group.

Michael went back to clothing business and co-founded Pendleton International, where also served as president. Five years later, Michael and Ben co-founded Opcity.

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The Beginning of Opcity

So in 2015, Ben and Michael co-founded Opcity, a real estate lead generation company. Basically, what the company does is that they screen generated leads before they even get referred to real estate agents and brokers. They essentially make sure that all of the leads that these agents and brokers get end in them closing a deal.

You may be asking yourself, why are leads important for real estate agents and brokers? The answer to that is because leads have an interest to patronize a product or service. Leads don’t just appear out of nowhere. You have to get their attention to your business before they become an actual customer. This process is often called a marketing funnel.

In order to get leads, you have to market your business to them. They wouldn’t really be aware of your business unless you’re in their faces. You’re essentially planting a seed that you hope would grow. In the sense that you’re hoping that the idea for your business is enough for them to have an interest in whatever it is that your business is going to provide to them.

Opcity co-founder Michael Lam

With the marketing funnel technique, you’re basically just marketing yourselves to the most amount of people that you can. But it doesn’t really mean that every single person that your market to immediately becomes a customer. That’s not how it works. I mean, it should be how it works. But people often have their reasons why they don’t have any interest in patronizing your business currently. Not everything that goes into a funnel would make it to the end. That’s why they use the word funnel to describe it.

Opcity pretty much handles the lead generation part of it all. They apparently have a system where they see who is showing an interest for a certain property. I guess it’s a funnel site of sorts that they made sure appeared on the results of a search engine. They go through that whole process of making sure that the buyer or seller has an intent to buy or sell a property. And when they have made sure that there is an intent, the people at Opcity would then refer them to the agents and brokers in their system that are located in their area. It doesn’t stop there. Once they’ve connected a buyer or a seller to agent or broker, they will follow up until that transaction is closed. Things will inevitably happen that may cause a buyer to rescind the transaction despite it being screened. Opcity only earns commission from closed transactions.

Opcity Gets Bought (Literally)

In 2018, News Corp.—the company that owns the Fox television network—announced its acquisition of Opcity throug Move Inc., a subsidiary of theirs that runs Realtor.com. This is pretty much what happened to Yodle. The services that Opcity was providing proved to be something that a larger company like Move Inc. could use to strengthen their portfolio. I mean, a company as big as theirs could easily create a similar service from scratch. But when there’s a smaller company that has that kind of service with a big enough user base, why not just acquire them? There’s less work to do and they could easily integrate the existing service into their system.

They eventually renamed Opcity into ReadyConnect Concierge. It does seem that the structure that Opcity created also lead Realtor.com to implement it for pre-screened buyers who want to connect with a mortgage lender. But it may have been something that Opcity was doing prior to the acquisition.

There is no fixed pricing for Opcity / ReadyConnect Concierge. You will only pay them a commission if the leads that they have referred to you ends with a closed transaction. It seems that they take about 30–35% of your total commission as the referral fee.

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Final Verdict – Opcity Review

There’s no guarantee that the leads that you will get from Opcity will actually lead to a sale. Sometimes, leads will change your mind even if they had an intention of buying or selling a property. There will always be circumstances that will make people change their minds. But considering that you will not be paying anything unless there is an actual sale involved, it could be a good way to sus out legitimate buyers or sellers.

The commission that Opcity will definitely eat into the commission that you will be earning from those sales. 30% is a pretty large cut out of what you will be earning from the sales that you make with your clients. This is probably not going to be something that a lot of beginner real estate agents will use. And it’s mostly because of the referral that Opcity will be getting from them.

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That’s it for my review of Opcity. I hope you enjoyed reading it.

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