Data is the new oil—and the one with the most insight wins.
As technology becomes more and more important to the industry, many brokerages are justifiably concerned that real estate will go the way of travel and eCommerce, eventually doing away with the agent altogether. Gary Keller is uneasy about the current shift from tech-enabled agent to agent-enabled technology, and that is where he is drawing a line in the sand. But his controversial ‘KW First’ solution has a lot of us scratching our heads…
Rob and Greg are camped out in the lobby of the 2018 MLS Executive Workshop to talk about Gary Keller’s polarizing vision speech at the recent Keller Williams’ Family Reunion. They are joined by Sunny Lake, official wrangler of Rob Hahn and partner in charge of brokerage consulting with 7DS Associates. Tim Dain, President of MARIS, the regional MLS serving Greater St. Louis, wanders into the conversation as well.
Rob, Greg and Sunny walk us through the crux of Gary Keller’s speech, explaining his fear of the shift from tech-enabled agent to agent-enabled technology. Rob explains his take that Garry correctly identified the problem but is misguided in his solution to paint real estate vendors and MLSs as ‘unsafe’ and move to control and protect their own data. They discuss the contrasting ‘better together’ approach being taken by Re/Max and Realogy, addressing why KW would be better served to embrace other players in the fight against agent-enable technology, and Tim explains why the MLS cannot legally ‘sell out’ brokerage data to platforms like Zillow without their permission. Listen in for debate around how much of Gary’s speech may have been theatre meant to ‘rally the troops’ and how his message might impact the upcoming DOJ/FTC talks on real estate data.
What’s Discussed:
Gary Keller’s polarizing vision speech
-Dangerous shift from tech-enabled agent to agent-enabled tech
-Data not safe with vendors, MLS
-KW will collect, protect own data moving forward
The pressure on brokerages as profit margins continue to shrink
Rob’s take that Gary identified the problem but misidentified the cause
How much of Gary’s speech was theatre to ‘rally the troops’
Why KW won’t be able to do predictive analytics
Agent hesitation to share data with the brokerage
-6-8% average agent adoption with Contactually
Why KW’s ‘go it alone’ approach is misguided
Re/Max’s acquisition of booj
Tim’s insight around the legal restrictions on ‘selling out’ data
-Broker decision, not MLS
The ‘open platform’ approach of Realogy, Re/Max
The fantastic culture at Keller Williams
How Gary’s speech might impact the upcoming DOJ/FTC talks
Resources:
“Did KW Just Say FU to Vendors?” on Vendor Alley
“In Which Keller Williams Completely Confuses Me” on The Notorious ROB
“The Keller Williams Vision Speech: Followup and Further Thoughts” on The Notorious ROB
“Keller Williams Sheds ‘Traditional Broker’ Shell for New Data-Driven Model” in Inman
Connect with Rob and Greg:
