- The rise of real estate teams suggests that companies are moving closer to office-less work environments.
- Few CRMs and agent business platforms integrate mortgage professionals and the loan process like Loomlogic, which is assembling a social network of agents and mortgage brokers that users can connect with nationwide to create virtual teams.
- I expect to see a great deal more from LoomLogic, which is now in beta.
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Loomlogic is a real estate business management platform for lead cultivation, team management, transaction oversight and loan monitoring.
Platform(s): Browser-based; mobile-optimized
Ideal for: Larger agencies and teams
Top selling points
- Superior user interface
- Create, manage nationwide referral teams
- Actively manage buyer mortgage status
- Comprehensive listing management features
- Built by agents to manage own team
- Will need to replace any existing system
- Ongoing support
What you should know
Loomlogic was the first company I met with on Startup Alley last year at an Inman Connect conference. However, the company soon dropped off my radar, and we never connected for a full demo.
That probably won’t happen again.
The guys wanted a better way to manage their growing real estate team. They also envision a future where brick-and-mortar real estate offices are no longer needed.
What Loomlogic does
LoomLogic is assembling a social network of agents and mortgage brokers that users can connect with nationwide to create virtual teams.
Each professional is rated by the software based on their ability to provide leads, close leads and, of course, sell property.
The duo’s belief is that Loomlogic will allow agents with successful online marketing plans to replicate their models in markets where they have no physical presence. Each agent they connect with will have their own Loomlogic portal.
The software is the first I’ve come across that actively integrates the mortgage process by making loan officers a direct part of the transaction management module.
Loomlogic has a built-in mortgage application and loan status tracker that feeds loan updates directly to every member of the team. There’s no need to call or email the bank to stay on top of a deal.
Listing agents oversee properties in Loomlogic with a sharp interface that includes bold, color-coded bar graphs counting down days left in the agreement.
Agents know right away which listings require the most attention. Leads, contacts and all other property details are a click away.
Beyond the expected
Both buyer and seller deals are tracked diligently by Loomlogic. Offer status, contingency dates, vendor contacts and commission totals are found at a glance, as well as any related tasks associated with a deal.
Like most systems this comprehensive, Loomlogic has drip campaigns, mobile lead notifications, in-app communications, action plans, lead-source tracking, phone call recording, tasks and document management.
Tkachuk didn’t want to talk much about those features, though, referring to them as merely things you would expect to see on platform like this.
Both buyer and seller deals are tracked diligently by Loomlogic.
He’s most excited about how their creation will push the future of real estate team building.
They’re working on an text-based artificial intelligence feature that will be smart enough to cultivate a lead from initial contact to buyer agreement or scheduled showing.
Theoretically, an agent can awake to a new client as a result of a conversation he or she never really had.
I expect to see a great deal more from LoomLogic, which is now in beta. The user experience looks terrific and because it was built by agents, all the right pain points are addressed.
Using Loomlogic to its full potential will call for a big, everyday investment of time. Like running a real estate business.
Have a technology product you would like to discuss? Email Craig Rowe.