Where Real Estate Gets Its Dirt

Kevin Greene talks Trestle

A couple things to announce. Inman News will be the exclusive distributor of my podcast, Listing Bits. I’m super excited about this and my thanks to Brad for helping it find a wider audience.

Here’s my latest, an interview with Kevin Greene about how he started in the industry and about CoreLogic’s new initiative, “Trestle”.

Listing Bits: CoreLogic’s Kevin Greene talks Trestle upgrade

You will still be able to listen to Listing Bits on your favorite podcast app, but it most likely will be posted on Inman News first.

Industry Relations Episode 7: Greg Fischer Takes Us Back to the Future with NYC Brokers vs. Zillow

We’re feeling a little déjà vu at Industry Relations as controversy brews between Zillow and brokers in NYC. Everything old is new again with the launch of the premier agent feature on leading real estate marketplace StreetEasy. For the last ten years, agents across the country have dealt with syndication – and it seems New York real estate’s time has come.

Today’s guest, Greg Fischer, serves as principal broker at Fred Real Estate Group in Bend, Oregon, and author of the blog Next in Housing. His unique background also includes work in the tech industry with real estate software companies Move, Inc. in San Francisco and Doorsteps in New York City. This makes him uniquely qualified to discuss the bruhaha as NYC brokers decide whether to pay the Zillow tax or boycott it.

**Audio alert.  Robertson’s audio track has an echo effect that we couldn’t get rid of in post.  But Fischer and Rob audio (which handle the majority of the discussion) sounds great.***

What’s Discussed:

How NYC brokers reacted to the premier agent feature on StreetEasy

How StreetEasy GM Susan Daimler justified the change

-Home shoppers deserve the option to connect with agent who represents only them

The explicit language used by the StreetEasy product to suggest a buyer agent

Why NYC should seek the counsel of brokerages around the country who have dealt with syndication

How Manhattan real estate does business differently

-Listing agents are used to owning all buyer leads

REBNY’s request for an investigation into the legality of advertising an exclusive listing

The potential to create an MLS in NYC

-Change in compensation model

-Dominance of top ten listing brokers

-Legal ramifications of only sharing data feed with REBNY

The differences among IDX, VOW and StreetEasy’s premier agent

The danger of dual agency

Fischer’s take on leads generated via third-party websites

-Inquiries rarely lead to sales

The evolution of Zillow’s playbook on generating revenue

Why brokerages need to get savvy on how ad tech works

The value of agents as local experts

Compass CEO Robert Reffkin’s concession to Zillow

Resources:

Greg Fischer’s Premier Agent Blog Post

The Real Deal’s Premier Agent Article

The Real Deal’s Premier Agent Video

Vendor Alley Job Board

Connect with Greg Fischer:

Blog

Twitter

Industry Relations EP006: What Real Estate Coaches Can Learn from the Pickup Artist Community

Rob and Greg are back, and this time they are debating an unusual strategy real estate coaches and trainers might employ to establish credibility – using the techniques of the pickup artist community.

In researching the dating habits and family formation of millennials (for work – no, really!), Rob happened upon a company called Real Social Dynamics, the world’s largest dating coaching company. Among their promotional materials are YouTube videos called ‘infields’ in which their coaches demonstrate the company’s techniques for attracting women in real situations at parties and nightclubs.

This got Rob to thinking, “Why don’t we do that in real estate?” On this episode of the podcast, Rob and Greg explore the feasibility of real estate trainers generating similar footage to market their services.

 

What’s Discussed:

How infield footage lends credibility to the trainer

The legality and ethics of filming interactions with clients

How Hear It Direct sought to give professionals an understanding of the consumer point of view

Why data (# of transactions) may not be enough to establish a coach’s authority

-Numbers demonstrate personal credibility (sufficient for the consumer)

-Infields would establish credibility for the tactics you are selling

The significance of training as a key value proposition for every association

The aspects of an agent’s work that could benefit from infields

-Listing presentations

-In-person lead generation

-Buyer negotiations

-Sphere of influence calls

-Customer relationship management

Resources:

Real Social Dynamics YouTube Channel

Connect with Rob and Greg:

Rob’s Website

Greg’s Website

 

 

New Industry Relations podcast episode: Does the Agent’s Fiduciary Duty Extend to Listing on Zillow?

 

The Industry Relations podcast is available on iTunes, Google Play and Stitcher.  If you are new to podcasting and an iPhone user my favorite podcast app is Overcast.

Rob and Greg are back with yet another spirited debate. This time they explore whether fiduciary duty extends to listing on Zillow. With Zillow’s current dominance, Rob argues that to provide maximum exposure for your seller client, listing on the platform is a must.

Rob and Greg get into the perception of Zillow as a threat as well as the issue of buyer agency. Listen and decide whether the responsibility to act in the client’s best interest means that a realtor is obligated to list on Zillow.

What’s Discussed:

The current dominance of Zillow

-Quarterly record Revenue of $227.6 million increased 34% year-over-year

-Full year 2016 record Revenue of $846.6 million, up 31% year-over-year

Rob’s argument that fiduciary duty requires listing on Zillow

-Must provide seller client with maximum exposure

-Only exception is when the client has other interests that take precedence (i.e.: privacy concerns)

-Brief your client and have them sign off if you do choose not to use the platform

The potential for lawsuits if agents don’t use Zillow

How the internet has changed the value proposition of the MLS from an advertising standpoint

Why the perception of Zillow as a threat is flawed

-Zillow is a vendor that relies on agents for its existence

-Their continued success depends on the model staying the same

The core complaints against Zillow

-Buyer agency

-Zestimates

-Access to information lessens realtor’s value

Resources:

Inman Report on Zillow

Rob’s Zillow Blog Post

Connect with Rob and Greg:

Rob’s Website

Greg’s Website

The Rob and Greg Show

I’ve been really having a good time with my new podcast, Listing Bits. In Episode 5 I teased that Rob Hahn (The Notorious R.O.B.) and I were launching another podcast, called “Industry Relations“. I’m happy to announce that it’s now available on iTunes, Google Play and Stitcher with 4 episodes.

Here’s the rundown.

In Episode 1 Rob and I discuss the state of organized real estate.
In Episode 2 we talk about the state of MLS industry.
Episode 3 we invited special guests, David Charron, Andrea Bushnell along with Sunny Lake and discuss her “NAR Girl Boss” initiative.
In episode 4 (which is just being posted) we discuss what’s going on in Canada, specifically British Columbia, and how it might effect real estate here in the U.S.

We are currently looking for sponsors. So if you want to reach some the industry finest, please drop me a line at vendor.alley@gmail.com

Listing Bits EP006: Charting new directions in real estate tech

Rebecca Jensen is busy.  She is the President and CEO of Midwest Real Estate Data LLC (MRED), the real estate data distributor for the greater Chicago area. She also serves on the boards of Broker Public Portal (BPP), a national consumer-facing property search experience powered by MLS data, and the Council of Multiple Listing Services (CMLS), the trade association dedicated to strengthening the MLS industry.

Jensen began her career working the tech support line for what is now UtahRealEstate.com (She even supported Lightning for a short time.) She rose through the ranks by creating her own positions in the small company, eventually serving as CEO at the age of 29. Under her leadership, the company developed a new in-house MLS platform, including an integrated public-facing website and mobile apps.

Jensen also served a full term of six years on the board of the Real Estate Standards Organization (RESO), acting as Board Chair from 2011 to 2015. During her tenure, the organization went from being a project within the NAR to a standalone nonprofit with support across the industry. On this episode of the podcast, she shares her journey from tech support to CEO. Click and listen to find out what drives Jensen, her take on the role of organizations like RESO, COVE and CMLS, and the direction of the MLS industry.

What’s Discussed:

– How implementing best practices from other fields can enhance your business
Jensen applied principles of Agile product development to identify priorities
– How “creating the opportunity to say no” helped Jensen land her gig at MRED
– The restructuring of RESO during Jensen’s tenure on the board
– Jensen’s aspirations regarding the direction of CMLS
Cultivate think tank atmosphere to generate ideas
Add policy creation arm to implement solutions
– What drives Jensen to achieve
– The promise of big data in real estate tech
Jensen is intrigued by a remine product that correlates data to drive better business decisions
– Jensen’s take on the future of MLS and real estate tech
Integrated software and business entities
Streamlined electronic transactions
– The non-traditional partnership between BPP and Homesnap

You can subscribe to Listing Bits on iTunes.

Resources:

Remine Website

Connect with Rebecca Jensen:

MRED Website

Listing Bits EP005: The Staying Power of MLS

You can subscribe to Listing Bits on iTunes.

Michael Wurzer is the President and CEO of FBS, Creators of Flexmls. FBS is a 100% employee-owned company, and every employee-owner is committed to exceeding customer expectations. Flexmls is a standards-driven technology platform connecting real estate professionals to their customers with collaboration tools that deliver timely and accurate information. Their products serve 185 organizations and 200,000-plus agents in the real estate sector.

Before taking over for his father at FBS, Wurzer enjoyed a seven-year career in law, primarily defending publicly traded companies in class action litigation. He also worked as the Assistant General Counsel for Aveda, a botanically-based hair and skin care manufacturer for beauty professionals. The method of thinking employed in legal analysis and writing provided unique preparation for his eventual work in the field of real estate tech.

Under Wurzer’s leadership for the past 20 years, FBS has worked to constantly evolve and embrace change. They were among the first to build a web-based system, striking a balance between the stability of being an established company and creating a culture of innovation. On this episode of the podcast, Wurzer examines the staying power of the MLS, real estate software product integration and the implementation of industry standards. Listen in to find out how building relationships provides the foundation for FBS’s success.

What’s Discussed:

– How a law background benefits Wurzer in the real estate tech industry
Talent in writing and communicating have been integral to his work with FBS
– The evolution of real estate tech community-building online
– The continued need for integration among real estate software programs
– Wurzer’s take on new initiatives like AMP and Upstream
– The source of anti-MLS sentiment
– The challenge of implementing standards in real estate tech
– How to solve the industry’s permissioning problem
– Wurzer foresees expanding agreements so that belonging to one MLS will provide access to a broader pool of data that can then be used
As long as the broker has permission, the vendor should have permission
– The necessity of reinventing yourself in the real estate tech business
FBS is actively developing leadership that embraces change

Connect with Michael Wurzer:

Twitter
Blog

Also, don’t miss Michael’s latest post

More Tired and Erroneous Propaganda About the MLS

Raising Standards in Real Estate – Listing Bits Episode 4

Special guest Rob Hahn talks about organized real estate

The Notorious R.O.B., Robert Hahn, is Managing Partner of 7DS Associates, a real estate consulting firm that specializes in developing and implementing corporate strategy including product management, brand marketing and social networking.

Hahn has a wide range of experience. His holds a BA in Philosophy from Yale and a graduate degree from NYU School of Law. After working briefly for a firm, he took a 98% pay cut to work as a magazine editor. Hahn’s diverse resume also includes positions at USA Networks, Inc., Kinesis Marketing and Realogy.

Hahn launched his consulting career in 2009 with the formation of 7DS Associates. He also writes a popular real estate blog, The Notorious R.O.B., and co-hosts the real estate podcast Trialogues which addresses technology, marketing and leadership in the real estate industry.

Hahn is a sought-after keynote speaker and change agent who thrives on speaking his mind and shaking things up in the real estate industry. On this episode of the podcast, he speaks to the nature of his consulting work, his candid approach to identifying industry challenges and the impending mood shift regarding standards for agents and brokers. Listen and learn what’s next for Hahn as makes an exclusive announcement about a new venture.

What’s Discussed:

– The pros and cons of consulting
The “eat what you kill” model means you must continually prove value
– The differences between commercial and residential real estate
– The “tyranny of politeness” in the industry and why Rob and Greg feel a responsibility to speak their minds

– Hahn’s take on the biggest issue in real estate
The preamble to the National Association of Realtors Code of Ethics outlines the fiduciary responsibility of agents and brokers
– Why it’s difficult for consumers to evaluate realtors
Lack of transparency
Infrequent contact
– How REALTORS themselves can help raise standards
– What’s next for Hahn and the details of an upcoming partnership

Connect with Rob Hahn:

Website

Twitter

 

Real Estate FinTech

This a16z podcast: Real Estate — Ownership, Asset, Economy kind of blew my mind.

“So, right now when you want to find a place to live you’ve got 2 choices. You can rent, which means you own 0% of your home, or you can buy which means you own 100%, usually from the help from a mortgage from a bank.

But why can’t you own 80%? Or 85%? Not only would this make owning a way more affordable, but, it would also mean you wouldn’t have 300% of your net worth tied up in this one asset which is completely against all standards of diversification.

Mind blown.

The Business of Design in Real Estate Tech – Listing Bits Episode 3

Damien Huze, CDO at W+R Studios, talks design

You can also download the Listing Bits podcast on iTunes

Damien Huze is the Chief Design Officer at W+R Studios. He was born in Paris and grew up in a creative environment, watching his parents design ads on the floor of their home office. When Huze was ready to apply his own talent, the internet was just taking off. He found his medium in building websites, first for his band and then his father.

Huze has known W+R co-founders Greg Robertson and Dan Woolley since the inception of the company in 2008 when they connected over a shared approach to software design. At the time, he was running a design shop called Wake Interactive where his small team did design work for tech-driven companies including Verizon, Target and even Jennifer Lopez. Huze consulted for W+R Studios, designing their corporate identity and contributing to the UI/UX of their flagship product, Cloud CMA.

Wake Interactive’s bread and butter was designing usable websites, but Huze eventually wanted to shift his focus to product design. When the opportunity came along to join the W+R team in 2015, he was ready to lead their rebranding effort and apply his talent to design from a product standpoint. On this episode of the podcast, Huze addresses the creative process, the benefits of creative thinking in business and how to view processes as a design task.

 

What’s Discussed:

-What the creative process entails

-Generating ideas can be frustrating and ugly

-The aha moment when you find a solution is addictive

-Why Boulder is a best case environment for software design

-The level of work happening in the field there is tremendously motivational

-The potential for transformation in the real estate industry

-How businesses benefit from creative thinking

-Design goes beyond simply shaping the way things look

-Processes are a design task, i.e.: hiring, support, etc.

-How Huze approached the rebranding effort at W+R

-A brand survey revealed that the name was the most valuable element of Cloud CMA’s identity

-The rebrand was based on the word “cloud” and employs a very simple mark

-Huze’s team developed Cloud Agent Suite with complementary products identified by color

-Why continuity is the key to a polished image

-An internal transformation was required for W+R to be well-managed from a brand guidelines standpoint

-The changing value proposition of real estate agents

-Agents continue to provide crucial representation as they assist buyers in navigating the process of putting in an offer

-Agents provide local knowledge for buyers who will be joining the community

-Why focusing on one aspect of an agent’s job that is underserved is the best approach to software design

-A product that tries to do too much for too many people is a product that is not great at any specific thing

-The best way to reign in a product manager who is adding too many features

-The goal is to build a product that fixes a problem

-The designer’s job is to figure out if the product manager’s assumptions are correct by asking a lot of questions (Why?)

Resources Mentioned:

Welcome to the W+R Studios Team Damien!

The New Face of Our Brand

W+R Studios hires chief design officer, prepares for launch of Cloud MLX

Connect with Damien Huze:

@huze

Instagram

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