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Host Clelia Peters pointed out to a panel of brokerage CEOs that it’s been a tumultuous time for the industry, to say the least, with many brokers losing hope as home sales figures fall to their lowest level in a decade. People and their companies are constantly trying to transform.
Matt Widos | Smart Home
But the CEOs of RealtyONE, HomeSmart and LPT Realty have somehow managed to grow their businesses during this time. Peters wanted to know how.
“It’s going back to the basics of what was done before things were easy,” explains HomeSmart’s Matt Widdows, referring to the era before the pandemic boom caused the housing market to soar. “I do not think so [newer agents] It’s a rude awakening to realize that things weren’t always this way.
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“Our intention is just to expand,” explains Robert Palmer of LPT Realty.
Robert Palmer | LPT Real Estate
LPT Realty originally started as a go-to-market product. Its leaders eventually decided to create a brokerage firm and use their proprietary technology for the company’s agents. The company is now two years old.
“Even during these difficult times, we are seeing agents grow,” Palmer added.
RealtyONE’s Kuba Jewginiew attributes the company’s growth to its outstanding leadership team.
“I’m grateful we’ve assembled a dream team of leaders who set the tone for everyone,” said RealtyONE CEO. “This market has been changing over the past few years, and we all know that as real estate agents and entrepreneurs, we are resilient, we adapt, we rely on each other…that’s what community or culture is.”
Jewgieniew added that the company has invested significant financial and other resources to build the best leadership team possible and has gradually increased agent satisfaction. “Our retention rate is very high,” he said.
Since these three companies tend to provide most of their technology in-house, Peters wondered how they viewed agents’ options for investing in tools outside the company.
Kuba Devgenev | First Real Estate Group
At RealtyONE, the company customizes its tools based on office locations and agents’ preferences, Jewgieniew said.
“I think there are a ton of tools out there,” he said. “So from day one, our philosophy and the core value that we live by our actions every day is that our only belief is that everyone matters, our only belief is that everyone has a voice.
He added: “What works in Las Vegas (where we all come from), may not work in Omaha, Nebraska, Spain or Italy, so we listen. “
Likewise, Palmer said LPT Realty assesses where agent needs are greatest and then provides solutions based on that need. The company actually allows agents to choose from a variety of trading platforms, recognizing that one size does not fit all.
Clelia Peters | Times Venture Partners
LPT Realty also has its own in-house print shop, which despite looking a bit old-school is popular among agents and is working on developing its own social network.
In supporting agents ahead of the August 17 deadline for industry change based on NAR billing, CEOs have largely echoed the bespoke approach they have taken elsewhere in the business.
“We are developing our own forms at the most general level to address buyer-broker agreement issues,” Palmer said, adding that the company will supplement those forms with state-provided forms. The company is also working to convert many of its seller agent tools and resources for buyer agents.
Palmer added that he feels agents now have to “win” the buyer’s business, whereas before the settlement, they were just happy to work with the buyer’s agent to get in and see the house.
Widdows said HomeSmart’s goal is to create customizations for different regions of the company, much like its in-house technology, tailored to market preferences or the preferences of a specific team.
For now, the company has been studying what others are doing and deciding exactly how they want to launch their own version.
“So we’re going to create our own form and make it super simple so agents can complete it on a mobile device,” Widdows said.
With so much change coming, Peters wanted to know which companies CEOs thought would be winners and losers in a few years.
“The winner is on stage,” Vidos said, and Jewgieniew raised his hand.
“I think I might be a little biased, but I think all of us believe we have a winning formula,” Jewgieniew said. “It’s all about providing value.”
He added that he believed this transition period would lead to significant consolidation over the next six to 12 months.
“Is this something you would take advantage of?” Peters wondered.
“Of course,” Jewgieniew replied. “A lot of independent brokerages are coming to us.” He added that the company will make a major announcement in the coming weeks to add a large number of agents.
“Now is not a good time to play the victim, so don’t do it,” Jewgieniew added. “We’re going to figure this out together… If your leader is nervous, change the leader.
“You want to wake up and win. Surround yourself with these guys,” he concluded.
Email Lillian Dixon
