Jun 07, 2022
Rich Barton, Co-Founder and CEO, Zillow Group - ‘Our focus will be on the consumer perspective and their pain points along the (home buying/selling) journey.' 'The modern consumer wants it right now!' ‘Touring (homes) needs to get a lot better physically and online. It should be a more immersive experience.’ Barton’s thoughts on innovation - ‘Fortune favours the bold’.
Sue Yannaccone, President and CEO, Realogy Franchise Group (now Anywhere Real Estate Inc.) - We need to ‘read what the consumer is looking for. The way we transact must be a balance between the needs of consumers and the changing economics of the deal.’ That’s why they entered the iBuying world with a joint venture with Home Partners of America to form RealSure, where a seller puts their home for sale on the traditional MLS®, and if it does not sell in 45 days, RealSure will buy it.
Gary Keller, Co-founder Keller Williams Realty, Chair of KWx - ‘Lead efficiency’ is a critical cornerstone to your business, ‘as more leads are created, lead nurture is where its at!’ ‘Media companies are very good at this (lead generation). It is important for us to focus on leads, listings and leverage’. Ask yourself where is the real estate Agent most needed? The answer is with your consumer’s anxieties - high emotion and high anxiety. Keller believes in automating & systematizing low emotion and low complexity.
Nick Bailey, President and CEO RE/MAX - On what’s going to be leading edge in the near future, ‘block chain security of information and crypto’s longevity is going lie in its regulation.’ The real challenge that faces us as an industry is the shortage of 4.5 million homes in the US over the next 10 years.
Glenn Sanford, Founder and CEO, eXp World Holdings - The future lies with ‘collaborative technology, its the only way we can achieve true technological scale and knowledge'. Anthony Hitt, CEO, Engel & Volkers Americas - In the words of Christian Volkers 'we all cook with water, (thats where the commonality ends). Make sure your brand stands for something.'
Paul Boomsma, CEO, LeadingRE. - ‘Consumer segmentation’ and a bespoke customer experience will always win the day. What comes out of the Agents mouth makes the difference. 'I would like to work for you' (Consumer). 'Know your place (Real Estate Agent) as a service provider.”
Helen Hanna Casey, CEO Howard Hanna Real Estate Services - The secret to longevity is merging historical innovation with cultural innovation. Thad Wong - Co-founder and Co-CE), At World Properties - On why he started @properties - 'We thought we could build something better. Our first focus was marketing and giving more than you take.' Current strategy, ‘growing share in a responsible manner and luxury is the place to be in the next 10 years’. Is that why he bought Christies International Real Estate back in November of 2021?
Tamir Poleg, CEO, The Real Brokerage - Why Real is different than other brokerages. ‘The difference between Real and other brokerages is that Real is technology, tools and processes that help solve problems.’ The 4 pillars that make up Real are: efficiency with technology, marketing, online presence, and brokerage back office automation to eliminate the human component. Poleg, being the new kid on the real estate industry block, was extremely open about how his past experiences and past mistakes helped shape Real. He mentioned being at a crossroads when someone he knew very well wanted to invest $50,000 into Real. He went to his major angel investor for advice, who quickly responded by saying 'if that $50,000 will allow us to make one more mistake…take it.'
Speaking of raising money for a real estate start-up, this absence at this year's T-3 summit was somewhat noticeable. Robert Reffkin, Co-Founder and CEO of Compass was no where to be found amongst his industry colleagues. Shortly after the conference, real estate tech strategist, Mike Delprete reported that Compass’ latest financial results reveal the the company burned through $142 million in cash during the first 3 months of 2022, with $476 million left in the bank. Seeing as Compass has a voracious appetite for cash, (burning over $400 million over the past 15 months) even with a major re-calibration can Compass turn it around?