Where Real Estate Gets Its Dirt

Listing Bits Episode 64: An IT Geek Turned Broker’s Take on Tech – with Georgia Purpura of Urban Nest Realty

What can technology vendors do to better connect with the agents and brokers we hope to serve? And what can we learn from the perspective of a computer engineer turned REALTOR about how to approach real estate professionals and what kind of tech solutions they need?

Georgia Purpura is Managing Broker at Urban Nest Realty, a mid-size independent brokerage out of Las Vegas, Nevada, where she specializes in helping agents grow their business. She is also very involved in the local association, most recently serving as Chair of the MLS. Georgia has been a licensed agent for 12 years, acting as broker for Keller-Williams Southwest before joining Urban Nest in 2018. Prior to real estate, she earned her degree in business and information technology and spent eight years working as a computer engineer.

On this episode of Listing Bits, Georgia discusses how her background in IT has served her well in real estate, explaining how she evaluates technology solutions and what vendors can do to market their software more effectively. She offers advice for vendors and brokers on creating a business model that mitigates agent churn, challenging us to focus on producers rather than subscribers—casting a deeper net as opposed to a wider one. Listen in for Georgia’s insight on how modern agents learn about technology tools (and how that’s evolved over the years) and get her take on the top technology needs in the real estate space.

What’s Discussed:  

Georgia’s background in computer engineering and how that tech experience has served her well in real estate

How Georgia learned about tech tools early in her career from sales meetings and through the local association

How modern agents learn about tech tools through word-of-mouth on social media

Georgia’s advice for vendors around marketing to top producers who can create influence for you

Why vendors should lead with the problem they’re solving for in pitching agents and brokers

How Georgia evaluates tech based on its potential to shorten the sales cycle and save time or money

Georgia’s criticism of how brokers have gone about increasing profitability by having the biggest army (rather than the best)

How real estate brokerages and software vendors can build a business model that mitigates agent churn

The top technology needs Georgia sees in the real estate space

–Integration among tech solutions (strategic alliances)

–Agent retention and engagement tool for brokers

Connect with Georgia:

Urban Nest Realty

Email georgiapurpura [at] gmail [dot] com

Resources:

David J. Tina

Top Producer

Inman News

Realtor.com

Realtor Magazine

Vendor Alley

Rob Hahn

Joe Versus the Volcano

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Industry Relations Episode 57: On Divorcing Commissions & Weathering the Tweetstorm

The November 2020 DOJ-NAR settlement requires that buyer’s agent commissions are apparent to consumers. But that transparency is just a first step in a push to divorce real estate commissions entirely. Should the other DOJ lawsuits succeed, home buyers will negotiate buy-side commissions directly with the buyer’s agent. So, what happens if the disruptors calling for these changes (like Jack Ryan) get their way?

On this episode of Industry Relations, Rob and Greg discuss Sam DeBord’s passionate Tweetstorm in response to their recent interview with Jack Ryan of REX, clarifying the arguments made by both Jack and Sam and considering how transparency around buyer’s agent commissions is likely to reduce the population of agent-facilitators and drive market share to the true realtor-counselors in the space. 

Rob and Greg describe how a rule ending cooperation and compensation would impact the industry long-term, exploring a possible transition from a buyer’s commission to a flat fee or hourly model. Listen in for insight into the questions industry disruptors raise with regard to the role of the MLS, the brokerage and the agent in the absence of cooperation and compensation.

What’s Discussed:  

Lone Wolf’s acquisition of W+R Studios and how Greg & Dan are sharing $1M of the proceeds with their team

Sam DeBord’s passionate Tweetstorm in response to our interview with Jack Ryan of REX

What makes a real estate agent a facilitator vs. a counselor

How transparency around buyer’s agent commissions could significantly reduce the agent population

How Jack Ryan’s background in politics and high finance informs the way he thinks about making real estate better for consumers

How the end of cooperative compensation is likely to disrupt real estate referral networks

The opportunity for vendors to help buyer’s agents demonstrate their value

Why Rob thinks there could be a transition from buyer’s agent commissions to a flat fee or hourly model

What agents and brokers might do to take advantage of the required disclosure of buyer’s agent commissions 

The questions Jack Ryan’s line of attack raises re: the value prop of the MLS or the real estate brokerage in the absence of cooperation and compensation

Connect with Rob and Greg: 

Rob’s Website

Greg’s Website

Resources:

Lone Wolf Technologies

Lone Wolf’s Acquisition of W+R Studios

Greg’s Post on the Lone Wolf Acquisition

Sam DeBord on Twitter

Sam DeBord’s Tweetstorm on Jack Ryan

Jack Ryan on Industry Relations EP055

Spencer Rascoff & Austin Allision on Industry Relations EP056

HousingWire’s Acquisition of REAL Trends

Jeff Corbett’s Post on Divorcing Real Estate Commissions

The NAR-DOJ Agreement on MLS Rules

Buyside

Biden’s Proposed First-Time Home Buyer Tax Credit

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Bloc Party – from Radiolab

“In the 1996 election, Bill Clinton had a problem. The women who came out in droves for him in ‘92, split their vote in the ‘94 midterms, handing over control of the House and the Senate to the Republican Party. As his team stared ahead at his re-election bid, they knew they had to win those women back. So, after a major polling effort to determine who exactly their undecided ladies were, Clinton turned his focus toward the most important swing vote in the election: the soccer moms. 

The soccer mom ushered in a new era of political campaigning, an era of slicing and dicing the electorate, engineering the (predominately white) voting bloc characters that campaigns have chased after. Security Moms. Nascar Dads. Joe Six Pack. Walmart Moms. “

I’ve used to listen to the radio a lot. I’m a big fan of Ira Glass’ This American Life, and Radiolab is another favorite. Now with podcasting storytelling has gone to a whole ‘nother level. I’m loving all of it.

On the eve of the general election, this episode of Radiolab really hit me. I gotta say the last interview of “Francis” kind of gobsmacked me. Don’t skip, and listen at regular speed.

Listing Bits Episode: How to Win Business with Buyer Data – with Ashley Terrell of Buyside

Speaking of Buyside

It’s easier to gain a seller’s trust when you have the data to back you up. But where can agents and brokers go for real-time buyer data? And how do we turn those numbers into actionable insights to earn new business?

Ashley Terrell is the Executive Vice President of Partnerships at Buyside, a real estate tech platform that helps real estate professionals leverage intelligent buyer data to capture seller leads, win more listings and close more transaction sides in-house. Prior to joining Buyside, Ashley served as the Director of Account Management and Director of Strategic Growth at Constellation Software and the Director of Account Management and Product Marketing at Real Estate Digital. 

On this episode of Listing Bits, Ashley explains how Buyside partners with other vendors to procure data and provide its users with seamless product integration. She offers insight around the current buyer landscape, sharing her take on why there’s such a boom in real estate right now. Listen in for Ashley’s insight on the resources available to help agents use the Buyside tools and learn how to leverage buyer data to win your next listing presentation.

What’s Discussed: 

Ashley’s background in tech and how she was introduced to the real estate tech space

How Buyside serves as a seller lead gen tool and helps agents win listing presentations

How Buyside procures data from vendors like Zillow, ShowingTime, etc.

Buyside’s focus on seamless product integration to create the best possible user experience 

Ashley’s insight around the current buyer landscape in real estate

Ashley’s take on why there’s such a boom in real estate right now

How agents and brokers can leverage buyer data in a listing presentation

–Help seller price home

–Marketing strategy

–Pool of buyers

How Buyside serves large brokerages vs. small brokerages and large teams

The value proposition for Buyside in a buyer’s market

Ashley’s commitment to building out resources that help agents use the Buyside tools

Connect with Ashley:

Buyside

Ashley on LinkedIn

Resources:

Market Leader

Sharper Agent

Real Living

John Hensley

John Heithaus on Listing Bits EP061

Charles Williams

ShowingTime

RealScout

Cloud CMA

Inman News

‘Existing Home Sales Skyrocket Amid Pandemic, Inventory Down’ in Inman News

ShowingTime’s June 2020 Showing Index Results

Buyside Help Center

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Industry Relations Episode 49: Why So-Called Disruptors Just Can’t Change Real Estate

For every tech platform that sets out to disrupt real estate, there’s a story of slow evolution to working with brokers and agents. And while companies like Zillow, Opendoor, and Offerpad have brought about minor changes to the home buying process, they always end up morphing into our traditional system. Why is it that these so-called disruptors just can’t change the way we do real estate?

In this episode of Industry Relations, Rob and Greg are exploring why would-be disruptors have such a hard time changing real estate. Greg walks us through his five-stages-of-grief analogy around how tech platforms always end up working with brokers and agents, and Rob compares real estate with the auto industry, reflecting on how little buying processes have changed despite advancements in technology. 

Rob and Greg go on to introduce the idea that the human connection is what prevents tech disruptors from succeeding in our industry, speculating that agent teams have been the biggest disruptor in real estate in recent years. Listen in for insight on how human knowledge and connection factor into making tech platforms successful and learn why the human need for approval is not disruptable. 

What’s Discussed: 

Rob’s take on the two possible reasons why disruptors have trouble in real estate

–System has been perfected over time

–Entrenched infrastructure (need billions to play)

Greg’s five-stages-of-grief analogy re: how disruptors end up working with agents

The similarities and differences between real estate and the auto industry

–Way we buy + sell changed little in spite of technology

–Remember dealership but not broker (agents ≠ employees)

How technology has expanded consumer knowledge around price, inventory, etc.

Greg’s insight that real estate tech disruptors struggle because they lack human connection

Why agent teams have been the biggest disruptor in real estate in recent years

How Zillow has evolved its Zestimate algorithm to include human knowledge

Why Rob believes that our human need for approval is not disruptable 

What makes Zillow the most likely platform to cause true disruption in real estate

The Tom Ferry study around top agents living paycheck to paycheck

Connect with Rob and Greg:

Rob’s Website

Greg’s Website

Resources:

Rob’s Blog on Innovation in Real Estate

TrueCar’s No-Haggle Price

Notorious ROB on Facebook

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Nicole Aguilar of CRMLS joins Andy Woolley’s Secrets of a Smarter MLS Podcast

13 – Hotsheet Episode | Nicole Aguilar, Director of Marketing & Communications, California Regional MLS

“As the communications director for the largest MLS organization, Nicole discusses with Andy how she delivers consistent messaging to over 100,000 members of CRMLS, along with the impact the Covid-19 pandemic has had on the content being delivered and the engagement of CRMLS members.”

Great conversation with Nicole Aguilar, Director of Marketing & Communications, of CRMLS on how MLS providers are communicating with their members during the pandemic.

Andy has been getting some great guests like, Rene Galvan of Houston Association of REALTORS, Deborah Boza-Valledor, COO and CMO of Miami REALTORS, Casey Hickman, Chief Operating Officer, UtahRealEstate.com, John Ryan, Chief Marketing Officer, Georgia MLS and Denee Evans, CEO of Council of MLS (CMLS).

If you haven’t added Andy’s podcast to your podcast stream yet you are missing out.

Industry Relations Episode 47: 3 Predictions for the Future of Real Estate – with Errol Samuelson

The Coronavirus forced many of us to work from home, leveraging technology to do our jobs remotely. Not only has this made us more comfortable with digital tools, it has us rethinking the need to commute to our offices on a daily basis. So, what do these changes mean for the real estate industry? 

On this episode, Errol Samuelson, Chief Industry Development Officer at Zillow, joins Rob and Greg to share his top predictions around the post-pandemic future of real estate. He explores how commercial real estate is likely to change in light of COVID-19 and speaks to the potential to make transactions 100% digital moving forward.

Errol weighs in on how different geographies experienced the pandemic in different ways and how he thinks about the crisis’ potential long-term psychological impact. Listen in as Errol shares Zillow’s most recent stats on the changing consumer preferences for homes and learn how our growing comfort with virtualization will impact the way brokers and agents do business in the future.

What’s Discussed: 

Errol’s top predictions re: the post-pandemic future of real estate

How commercial real estate will change in light of COVID-19

The potential to make real estate transactions 100% digital

The accelerated consumer use of digital tools in the home search process

How Errol thinks about the possibility of virtual appraisals 

How virtualization is likely to impact brokers and agents

Zillow’s stats on how working from home is shifting consumer preferences

How cities may look different in a post-pandemic world

The possibility for COVID-19 to have a long-term psychological impact

How different geographies experienced the pandemic in different ways

What sci-fi technology is likely to change real estate in the near future

How Zoom is driving changes in the way we communicate

Connect with Errol:

Errol on Zillow

@ErrolSamuelson

Connect with Rob and Greg:

Rob’s Website

Greg’s Website

Resources:

Dotloop’s 8 Predictions About the Post-Pandemic Future of Real Estate

The New York Times Article on Working from Home

CMLS Events

Books by Nassim Nicholas Taleb

The Atlantic Piece on the ‘Patchwork Pandemic’

Glenn Kelman’s Diary of a Pandemic Part 1

Glenn Kelman’s Diary of a Pandemic Part 2

Glenn Kelman’s Diary of a Pandemic Part 3

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Join us for a live recording of our Industry Relations podcast this Friday

Rob Hahn aka The Notorious ROB and I are hosting a live recording of our podcast Industry Relations this Friday at 1:30 PT. If you ever found yourself screaming at us while listening to our podcast, now you can do live.

Register for a live recording of the Industry Relations podcast by clicking this link—-> Register

Listing Bits Episode 57-Coronavirus Foundational Shifts in Real Estate – with Jessie Beaudoin

While we may not be able to predict exactly how the current health crisis will impact organized real estate moving forward, most of us would agree that change is in the air. The kind of change that could transform the way we do business altogether. So, how is the Coronavirus changing the way we think about the spaces where we live and work? And how might this new perspective lead to foundational shifts in our industry?

Jessie Beaudoin is the Founder and CEO of CallAction, a lead engagement automation platform that helps real estate agents capture, track, and respond to leads from online and offline marketing channels. He has 35 years of experience in real estate, working as a mortgage broker for nearly two decades before his interest in efficiency and scale led him to the technology space. Now, Jessie is on a mission to help businesses do more in less time through intelligent sales and marketing automation.

On this episode of Listing Bits, Jessie discusses the foundational shifts in real estate that may come from the Coronavirus pandemic, exploring how the crisis is changing the way we define ‘home’ and why the efficiencies of working remotely might shift the way we do business moving forward. He offers insight into why we lean on technology in moments of crisis and how the virus could impact the housing market in the months ahead. Listen in to understand what mainstream adoption of virtual showings means for real estate agents and get Jessie’s advice on what YOU can do to step up as a leader for your clients and your family in this challenging time.

What’s Discussed: 

Jessie’s background in real estate and segue into the technology space

How the Coronavirus is giving us a newfound appreciation of what home means

How the efficiency of working remotely might change commercial real estate

Why we leverage technology in moments of crisis

The positive foundational shifts that may come from the COVID-19 pandemic

–  Appreciate being together, hyper-focused during appointments
–  Written + verbal communication more clear, poignant and thoughtful

How mainstream adoption of virtual and self-showings could impact agents

Jessie’s insight around how the virus might affect the housing market

The innovations that emerged in the last recession

Jessie’s advice for agents on navigating the current health crisis

     –  Leverage overcommunication and connection
     –  Depend on technology to scale efforts
     –  Step up as a leader for clients and family

How CallAction allows agents to scale their communication via automation

Resources:

Zoom

Real Estate for Millennials vs. Baby Boomers

Gary Vaynerchuk’s Keynote at Inman Connect 2016

Connect with Jessie:

CallAction

Call (323) 741-2255

Jessie’s Blog

Jessie on LinkedIn

Industry Relations Episode 42: The Incumbent Wars Have Begun!

What does organized real estate look like in 2030? Who is winning? 

Incumbent brokerages are betting on the recruit-and-retain model that has worked for the last several decades, doubling down on the agent’s sphere as their primary source of leads. Disruptors are betting on a world where the agent matters less than the brand itself, where realtors are only responsible for service delivery and leads are generated entirely through the institution’s online platform. Who is your money on?

In this episode of Industry Relations, Rob and Greg are discussing the themes that came up at Inman’s CEO Connect and the confidence incumbent brokerages have in their ability to outlast market disruptors. They cover the advantages incumbents boast in terms of scale and profitability, exploring whether industry giants are truly all-in on technology and the iBuyer models—or if they’re adding those initiatives simply to overcome agent objections. 

Greg and Rob go on to consider a potential decline in the number of agents by the end of this decade and explain why agent teams continue to pose the greatest threat to brokerages. Listen in for insight around how key players in other industries have leveraged the power of incumbency to compete with disruptors and place your bet on either the agent-centric incumbent brokerages OR the institution-focused disruptors.

What’s Discussed: 

The advantages incumbent brokerages have in terms of scale + profitability

Adopting new tech as a marketing ploy to bolster a brokerage’s value prop to agents

Why many brokerages chose to partner with rather than acquire iBuyers

Why successful brokerages can do everything right and still lose market leadership

How key players in the automotive industry have leveraged the power of incumbency

The fundamental difference between real estate incumbents and disruptors

-Agent-centric, focused on recruiting/retention vs. institution-centric 

-Agents as lead source vs. service delivery only

How the future of real estate will continue to be dominated by agent teams

Why the number of agents is likely to drop to 400K by the end of the decade

Connect with Rob and Greg:

Rob’s Website

Greg’s Website

Resources:

Inman Connect

The Innovator’s Dilemma: The Revolutionary Book That Will Change the Way You Do Business by Clayton M. Christensen

The Straight Pipes on YouTube

John Campbell on The Notorious Interview

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