CoreLogic sent out an email recently about eProperty Extra that was forwarded to WAV Group by numerous MLS with tons of questions. Rather than answer each of them individually, here is an overview that may be helpful in understanding the program so that you may facilitate a consideration by your board of directors.
What is it?
eProperty Extra is a rewards and loyalty program. 30,000 brands make their products available at a discount. Moreover, users get points when they buy through the program that can be exchanged for other benefits and merchandise. Agents will save money on many of the things they buy the most thanks to you. Moreover, agents may enroll their customers in the program and extend the same benefits. The MLS version is co-branded to the MLS as a member benefit. When your subscribers enroll their customers, the program is branded to them. Some of the merchants using the program include Priceline, Lenovo, Expedia, Restaurants.com, Best Buy, HomeDepot, Nordstroms, etc. Fidelity Title has offered a similar program for more than a decade.
eProperty Extra is free. There is no budgetary consideration in offering this program to your subscriber base. Also, there is no catch. Nearly every fortune 100 company offers a program of this type to their employees. The difference here is that you would be making this available to your subscribers and they have the option of extending it to their customers. Its always free, all of the time.
Adoption and Non-Dues Revenue
I did a little web research, and companies like AT&T, JPMorganChase, Bank of America, and others offering these loyalty programs see an average monthly usage of 39%. As people use the service, revenue is generated from merchant advertising and split between CoreLogic and you. WAV Group does not have any information about the revenue being generated by the program with MLSs who are early adopters. You may want to ask CoreLogic about this, but I would not expect that they have enough information to predict what your revenue will be at this point. I would suggest that you expect nothing and hope for the best. After the first year, you can begin to forecast revenue relative to adoption.
Do your research
I have been trying the program for a few months and I have saved a lot on restaurants. I have not really used it for anything else. If you contact Kim McLean at CoreLogic she can set up an account for you and a few staff members or directors to evaluate the program.