by Andy Florance | Apr 14, 2025 | Industry, News Feed
CoStar founder and CEO Andy Florance takes Zillow to task for its new listings policy, calling it anti-consumer and anti-agent.
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This week, Zillow executive Errol Samuelson announced that homes not listed on the MLS within 24 hours of public marketing won’t be published on Zillow “for the life of the listing.” Simply put, if your listing is not on Zillow within 24 hours, Zillow will retaliate against you and your homeowner by turning off your ability to list on Zillow. It is an incredible move of audacity and a pure power play of epic proportion.
Delayed IDX syndication is allowed under NAR rules. But Zillow is asserting that they, not NAR, not your brokerage, not you the listing agent — and not even the homeowner whose house it is and is paying the commission — should decide how a listing is marketed.
This isn’t about protecting consumers. It’s about protecting Zillow’s ability to profit from your listings by selling your leads to competing agents.
Whether or not you support the Clear Cooperation Policy, it is never acceptable for a real estate portal to threaten agents this way. Real estate portals must remain neutral. Whether you’re a buyer’s agent, a listing agent or both, we support all agents and believe you deserve better. And we believe every real estate professional deserves to be treated with fairness and respect — never bullied by a tech platform looking to control an industry.
Zillow’s lead-diversion model is anti-consumer and anti-agent. Just last week, I listened to focus groups with homesellers who believed that when a buyer clicks the “Contact Agent” button on their listings in Zillow, they’re contacting their listing agent. When they found out that wasn’t true — and that their home was being used as bait to funnel buyers to competing agents — they were outraged. One seller exclaimed, “Holy hell!” Another said, “What the … ?”
Zillow’s lead diversion model hijacks your hard-earned listings to generate commission splits for them and grow their brand at your expense. As the listing agent, you deserve clear, undisputed credit for your listings. When a buyer believes they are contacting the listing agent, that’s exactly who they should reach.
Homes.com is agent-friendly. We always show the listing agent — and only the listing agent — on listings. We follow the principle of Your Listing, Your Lead. That means we only display your name, your photo, your brokerage and connect potential buyers only to you.
We never take a commission split or sell leads to competing agents. Instead, we earn revenue by promoting your listing to thousands of additional buyers across the internet.
Zillow’s lame claim that “Your Listing, Your Lead” creates dual agency issues is a red herring. If having the listing agent’s name on a listing truly caused dual agency, then Zillow should also be the only name on your open houses, your yard signs and your marketing materials — which is obviously absurd.
Zillow has overplayed its hand. I believe they panicked at the thought that agents might have real choice in how they market their listings.
And when agents have a choice, many won’t rush to publish listings
on a site that siphons off their leads.
Even if just a few agents hold back from listing on Zillow, buyers will quickly follow suit — and stop searching there. Zillow’s lead diversion business model is coming under threat.
Meanwhile, Homes.com has invested billions of dollars into marketing to successfully attract over 110 million average monthly unique visitors to the Homes.com network. This past year, the Homes.com network drew 1 billion visits. With our “Your Listing, Your Lead” approach, agents finally have a better way to market their listings online.
Homes.com and the other major portals (Zillow, Redfin, and Realtor.com) together reach over 418 million monthly visitors.
Zillow accounts for less than half of that audience — and many buyers use multiple sites when searching for homes. Rest assured, if Zillow does block your listing, it will still be seen on Homes.com and the other sites.
If you are making a listing presentation and a homeowner asks if you will list on Zillow, let them know that Zillow makes it harder to sell a home by diverting the potential buyers away from you, the listing agent, who knows the home the best and is the most motivated to sell that home.
These are your hard-earned listings. You deserve control. You deserve respect. You deserve a platform that helps you sell the home — not one that hijacks your leads for profit.
If you feel that Zillow’s heavy-handed attempt to use their market power to force agents like you to list on Zillow within 24 hours is anti-competitive, you can let the DOJ know by clicking United States Department of Justice Antitrust Division.
Andy Florance is the founder and Chief Executive Officer of CoStar Group.
This post was originally published on this site
by Andy Florance | Aug 16, 2024 | Industry, News Feed
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As all eyes have turned toward the implementation of the terms of the National Association of Realtor’s settlement, agents and coaches are talking about how to define the service they provide and communicate its value.
Moving into the role of expert — and expressing that expertise through effective branding and marketing — fast-tracks the process of developing professional relationships and convincing a significant market segment that you’re the right option for their highly specialized real estate needs.
Generalist vs. specialist
Before the days of the internet, social media and IDX solutions, real estate agents worked narrowly defined geographic areas. You often heard, “Joe Smith ‘owns’ that neighborhood.” Or, “Betty Brown has that condo building sewn up.”
Once an agent had “locked up” a particular niche, they could own it their entire career. The repeat and referral business was plentiful, and the agent had no need or inclination to step outside their comfy niche to see or list property elsewhere. Word of mouth was their best marketing vehicle.
There were several reasons this model was common. First, it was exhausting to work any other way. The brain power and time it took to learn an entire market area drained valuable resources. Second, homebuyers relied on agents to be their information source when it came to specifics about neighborhoods, school systems and area amenities.
Lastly, without digital tools like the many we have at our fingertips today, wet signatures were necessary at every phase of the negotiation process. This required in-person meetings. All things considered, selling in a defined geographic area just made good business sense.
The age of average
The internet, multiple listing services (MLSs) and IDX solutions have changed the industry entirely, making it possible for agents to sell to anyone and list anywhere at virtually any time. Isn’t it grand?
Or is it? As a result of this amazing accessibility and age of information sharing, the real estate industry is now chock full of non-experts. Most agents fall in the category “jack of all trades, master of none.” They are typical, average, ordinary, replaceable.
Consumers say it, too. They see real estate agents as a commodity. Even with years of experience, many agents wonder why they still have a mediocre business making average money. It’s because they are acting like average, mediocre salespeople.
Becoming an expert
Specialists in every field get paid more and are in high demand because they are, in fact, special. Choosing a niche and becoming an expert in that niche is how you become special. It’s how you differentiate yourself in an industry of mediocrity and average.
Here are a few signs that a niche might be a fit for you and your business.
- It zings with you. You get excited just thinking about it.
- You keep finding yourself there anyway. It seems to be a natural attraction.
- You are passionate and curious about it or are already an expert in it.
If you choose your niche based solely on ROI, status, image or because your best bud thought it would be cool, you are probably in for disappointment. This has to be about you and what works for you, your personality and your zone of genius. Otherwise, you won’t likely have the staying power necessary to go the distance.
Common sense must also be involved in this decision. If you decide to make your niche all about waterfront property, and there are only two miles of shoreline within 20 miles of your home or office, you’ll want to think again. Or, if you decide to go with a niche in housing for seniors (because it’s the fastest-growing population) but have an aversion to “old people,” move on.
Here are five benefits of becoming a specialist.
- Stand out from the oh-so-average crowd. Average people make average money.
- Create more opportunities to have more conversations. Enjoy talking to like-minded people about interesting and relevant topics.
- Expand your network of satisfied clients. Repeat and referral business comes from being in relationships.
- Get media attention, speaking gigs, VIP invitations, sponsorship opportunities and exclusive access.
- Give yourself more time and energy. When you are laser-focused and not running all over creation trying to be all things to all people, you have more time and energy to focus on what’s most important in your business and life.
A few words about narrowing the niche. There are some categories that are way too vague to be effective in creating that distinct point of difference. If someone is specializing in luxury, commercial, seniors, condos, waterfront or distressed properties, this requires drilling down.
A too-vague niche leaves the consumer asking, “What’s special about that?” There are a bazillion luxury home agents, commercial agents and senior specialists out there. When everyone is a specialist, no one is a specialist. Carve out your unique niche within the greater niche category.
How to get started
When you’re ready to say, “I have chosen my niche. I am excited, passionate and already have a fair amount of experience in the area I want to master,” that’s just the beginning. There are still a few things left to do.
Step 1: Gather information
You are going for a Ph.D. equivalent in your chosen niche. To do that, you need to do what any Ph.D. candidate does: Research. A lot of it.
Start by interviewing people who have bought and sold in the niche you are mastering. Find out what they liked, didn’t like and would expect from their real estate experience should they choose to do it again.
Visit and study any and all related services, community buildings, retailers and landmarks related to your niche. Become an expert in all things niche. Google keywords related to your niche. See what pops up. Follow the trail. Explore the terrain. Get acquainted.
Rub elbows with key people in your niche market. Are you a luxury agent who specializes in waterfront property? Go meet the yacht brokers, marina owners and marine mechanics. Plan to be at every boat show in the area.
Learn everything about every property that comes up in your niche service area or property type. Make it your business to know more than every other agent. Even the listing agent.
Join networking groups, civic organizations, nonprofit boards, and social groups to become familiar with the movers and shakers. Add value to these groups. Be consistent, and be fun.
Keep notes and sources of information, feed your database and develop a library of all the information that you amass.
Step 2: Add value
Give before you get. It’s the Law of Reciprocity.
Why do you think real estate agents get such a bum rap? Because they come off as greedy. They say “gimme gimme gimme” before they give one single thing of value in return. They start asking for referrals before they have built rapport and gotten into relationships.
Not sure how to add value? Create some educational and informative blogs, sponsor an event, teach a class, volunteer, and get involved.
When it comes to connecting with people and creating relationships with value, I highly recommend reading The 7 Levels of Communication by Michael Maher, a Realtor in Kansas City, Kansas. It’s a short read and has great strategies for becoming an icon, regardless of your chosen niche market.
Step 3: Establish and promote your brand
Creating your niche is one thing, but building a brand around it is another. The goal is to make it clear to the world that you are different. You know more and have more to offer than other agents they may know or follow. Your social feeds should reflect your specialty, as well as your website, your print materials and your email signature.
Sometimes agents get nervous when it comes to doing things differently. For instance, an agent might say, “If I am a waterfront specialist, I won’t get any inland listings,” or “If I specialize in older adults, no one younger will call me.” Your well-meaning broker may even question your decision because when you become an expert, you’ll begin to challenge the status quo of most brokerages. Sadly, many of them would prefer you stay average — you’re easier to manage that way.
Put aside internal reservations and external expectations and trust that, though you may miss out on a few potential sales (which isn’t likely), you will attract far more as a result of differentiation and specialization. Not only will mastering a niche make you more valuable in the eyes of consumers, but it will also make selling real estate a far more interesting and enjoyable career.
Nikki Buckelew, Ph.D., is the founder of Seniors Real Estate Institute, a coaching training, and educational organization dedicated to equipping real estate agents to better serve the mature market. She is the author of “Senior-Centered Real Estate: My Path to Purpose.” Contact her at SeniorsRealEstateInstitute.com or 512-842-6011.
by Andy Florance | Aug 1, 2024 | Industry, News Feed
The high-volume RE/MAX real estate agent and former “Survivor” contestant broke down how he manages his time to build a fast-growing real estate business at ICLV on Thursday.
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Hungry, exhausted and demoralized, Quintavius Burdette’s team had suffered defeat after defeat in the reality TV contest “Survivor.”
To earn food, they had to break their losing streak.
That’s when he dug deep, he said, and channeled the same determination that had proven crucial in building his real estate business from nothing into a multi-million-dollar revenue machine.
“I made it my business to make sure that as hungry as I was, we were gonna eat that day,” Burdette said. “At some point in time, you have to make the decision, that [if] you’re gonna have everybody around you to eat, they gotta see you take the first bite.”
Ultimately, Burdette’s team bounced back, and he ended up in the final six group of contestants on the 46th season of “Survivor,” which aired earlier this year.
On Thursday at the Inman Connect real estate conference in Las Vegas, Burdette laid out the combination of high drive and rigorous time management that he said has become the foundation for his success.
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The former athlete and reality show contestant and current RE/MAX agent said that his time management in particular has been crucial.
Every week has 168 hours, Burdette said. And he uses this number as a starting point for how to plan out his time on a typical week.
Burdette told attendees to tally up how much time they plan to set aside each week for sleep, exercise, taking care of children, and social activities. Subtract that number from the 168 hours. Then allow for another “40 hours of BS” — time wasted due to distractions, interruptions or otherwise unproductive time.
The number of hours that remain, he said, should be an agent’s primary focus for maximizing the growth of their business.
“We have to figure out how to be successful with our remaining time,” Burdette told the audience of real estate agents, brokers and other professionals.
In addition to this time-management system, Burdette also scores himself daily based on a set of achievements that help his business keep churning.
A contract is worth 4 points, he said. A listing agreement is worth 2 points in his system. Showing a buyer a home is worth 1 point. And a meeting with a potential customer looking to do business within 90 days is worth a half-point.
That last one, Burdette said, is his favorite type of point to rack up. It helps him project his business activity 90 days out and know that he’ll keep an active stream of revenue.
Notably, closings are not incentivized under his point system.
“The worst thing that can happen to your business is [for] a closing to happen and you don’t have anything to replace it with,” Burdette said. “Detach yourself from closings.”
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by Andy Florance | Jul 23, 2024 | Industry, News Feed
The median existing-home price jumped by 4.1 percent year-over-year to $426,900 for all housing types, marking the second month of record highs.
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In June, existing-home sales continued to decline across four U.S. regions while the median existing-home price reached a record high for the second consecutive month, according to data released Friday by the National Association of Realtors (NAR).
The median existing-home price jumped by 4.1 percent in June 2023 to $426,900 for all housing types, a record high for the second consecutive month and the 12th consecutive month with year-over-year price increases showing in all four U.S. regions.
Existing-home sales declined 5.4 percent nationally between May and June to an annual rate of 3.89 million, and were down from 4.11 million a year previous.
“We’re seeing a slow shift from a seller’s market to a buyer’s market,” NAR Chief Economist Lawrence Yun said. “Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.”
The total housing inventory registered at the end of June was 1.32 million units, up 3.1 percent from May and up 23.4 percent from a year before. The total of unsold inventory represents a supply of 4.1 months at the current sales pace, according to NAR.
According to the Realtors Confidence Index, properties typically remained on the market for 22 days in June, down from 24 days in May and up from 18 days the previous year.
“Some 1.32 million homes were on the market at the end of June, and that’s a quarter of a million more than 12 months earlier,” Holden Lewis, home and mortgage expert at NerdWallet, said. “Each month, buyers have more inventory to choose from, and eventually this dynamic will keep house prices from rising so fast.”
In the Northeast, existing-home sales declined 2.1 percent between May and June to an annual rate of 470,000, down 6 percent from the previous year. In the South, existing-home sales declined 5.9 percent from May to an annual rate of 1.76 million in June, down 6.9 percent from the year before.
Existing-home sales in the Midwest declined 8 percent to an annual rate of 920,000 in June, down 6.1 percent from a year before. In the West, sales dropped 2.6 percent to an annual rate of 740,000, identical to the year prior.
“Homebuying is likely to remain a cornerstone of the American dream. However, relatively steady rent, at a level that is up more than 20 percent compared to five years ago, and rising home prices make it challenging for aspiring owners to break into the market,” Realtor.com Chief Economist Danielle Hale said.
“An increase in new home construction, which would boost supply, and a reduction in the cost of borrowing, which we’ve started to see and expect to continue, should help improve conditions for buyers and thus the number of home sale transactions in the months ahead.”
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by Andy Florance | Jul 17, 2024 | Industry, News Feed
Leading during times of change is undoubtedly challenging, new Inman contributor Justin Bailey writes, but it also presents an opportunity to propel education, build stronger teams and enhance relationships.
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In today’s fast-paced real estate industry, change is not just inevitable — it’s constant. I’ve witnessed first-hand the seismic shifts that can occur almost overnight, from market fluctuations and regulatory changes to technological advancements and shifting consumer preferences. All great businesses and industries undergo change frequently.
Leading during such times requires not only adaptability but also a proactive and people-centered approach. We are going to be inundated with new information over the next few months, and I truly believe we will all look back at this moment in our industry’s history as an opportunity for learning and growth.
Embrace the change
Change is a good thing, but it all starts with mindset. If you are an agent who is looking at our current season of change with optimism and positivity, I believe you will make it out of this as a better Realtor and leader. In a landscape where changes are occurring almost daily, agility and attitude become a leader’s best asset. This means fostering a culture that is open to innovation and quick to pivot when necessary.
I have found that attitude, like many other things in real estate, can have a domino effect. As a leader, it is your job to not only have a positive attitude toward change but also to influence others to carry that same attitude. This doesn’t mean falsifying the truth; there are many things coming our way that may be daunting or concerning to people.
Influencing others with a positive attitude simply means to focus on the positive aspects to come, not just the negative. We all know many “talking heads” who thrive on sharing only the negative side of things; in my opinion, that isn’t helping anyone in our industry.
Prioritize communication
Clear and frequent communication is paramount during times of change. Whether it is email communications, social media posts or other internal methods, agents want to feel included and in the know. I believe that the best agents in each market are those who are informed, ethical and educated. As leaders, it is our responsibility to ensure we trickle down any information we know to our audiences.
Uncertainty can breed anxiety, and the best way to combat this is through transparency. I make it a point to keep our brokerage informed about industry developments, company strategies and any potential impacts on their roles. This not only builds trust but also ensures everyone is aligned and moving in the same direction.
Change can be made harder when there are two waves of people moving in opposite directions, and efficient communication helps to drive everyone in one direction with the facts.
Leading with empathy
A leader’s vision provides a sense of direction and purpose. It is almost like a sixth sense that others can feel from a leader. Whether you are a broker, office manager, or in any other leadership role at your firm, people are most likely looking to you for hope in this season.
Many things are uncertain and potentially concerning to many agents. It’s our job as leaders to meet them where they are, acknowledge that and find ways to counterbalance the anxiety.
Understanding and addressing the concerns of your agents helps in building a resilient and cohesive organization. It is important to articulate a clear vision of where the company or industry is headed and a plan to navigate the changes ahead. Sometimes, even admitting “I don’t know what is going to happen, but I will be here for you,” speaks volumes.
Building a culture of resilience
Fostering a culture of resilience is essential for navigating change. This means many things, but for one, it means encouraging a mindset that views challenges as opportunities for growth and learning. By celebrating successes, learning from failures, and maintaining a positive outlook, you can build a resilient organization that thrives amid change.
Leading during times of change is undoubtedly challenging, but it also presents an opportunity to propel education, build stronger teams and enhance relationships. Don’t miss this key time in our industry to double down on caring for your people.
Justin Bailey is the CEO of Realty Executives Associates, the largest real estate brokerage in East Tennessee. Connect with Justin on Instagram and Linkedin.
