Delta Media Group published a white paper on Monday detailing the benefits of brokers adopting all-in-one tech solutions in the face of decreasing transaction volume.
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The real estate industry must pivot away from tech “frankenstacks” and lean into the power of artificial intelligence-based all-in-one solutions, according to a new analysis by Delta Media Group released Monday.
The 28-page white paper, “Future-Proofing Your Real Estate Brokerage,” cites costly third-party vendors and “disjointed” tech stacks as top reasons why many all-in-one solutions fail for brokerages and agents.
Michael Minard | Credit: LinkedIn
“Agents are burdened by the weight of standalone tools meant to simplify their lives,” Delta Media Group CEO Michael Minard said in the report. “Unfortunately, this jumbled chaos of disjointed applications, dubbed ‘frankenstacks,’ has become a monstrous obstacle to growth and productivity. These patched-together systems fail to deliver the streamlined experience that modern real estate professionals crave.”
“As the industry pivots to the reality of fewer transactions,” he added, “this outdated marketing approach is quickly losing ground to a sleeker, more efficient,and highly affordable contender: the all-in-one marketing platform.”
Delta Media Group is an all-in-one solutions provider that counts Berkshire Hathaway Home Services and Coldwell Banker franchises as well as several leading independent brokerages among its client base.
The paper said all-in-one solutions offer brokerages enhanced data flow and accessibility, improved operational efficiency, an enhanced customer experience, and a holistic view of business processes that enable brokers to quickly shift their financial and growth strategies.
The healthcare, retail, finance and travel industries are already reaping the benefits of all-in-one solutions, as evidenced by health records platform MyChart’s 15 percent increase in patient use, Walmart’s 40 percent online sales boost, banks’ and consumers’ rapid adoption of Plaid to easily connect their financial accounts, and Marriott’s 5 percent increase in mobile bookings.
“A consistent theme across these industries is the move towards streamlined processes,” the report read. “Time and resources are precious commodities, and any technology that can help reduce waste, simplify tasks, and enhance operational efficiency is worth consideration.”
The number one factor that’s stopped real estate from fully embracing the all-in-one trend is the fallacy that using multiple best-in-class solutions will automatically yield a best-in-class experience for agents, Delta said. The chase for the latest and greatest tool causes brokerages to waste time and money and heightens frustrations among agents who attempt to adopt new systems.
“This approach can prove to be a costly and time-consuming endeavor for any brokerage,” the report read. “That’s because real estate firms invest significant resources in acquiring, maintaining, and updating these separate technologies, only to find that they quickly become outdated as new innovations emerge.”
“Agents, like most professionals, value stability and familiarity in their work processes,” it added. “They are more likely to stick with the tech they know, even if it may not be the most cutting-edge, to avoid the disruption and time investment required to start anew.”
The report said the emergence of artificial intelligence makes adopting all-in-one solutions the best approach, as AI can manage mundane tasks on the backend and create a more engaging experience for consumers on the front end.
“By centralizing data from various sources, such as property listings, client interactions, and market trends, an all-in-one platform can create a rich tapestry of information and insights,” the report said. “Leveraging AI and machine learning, brokerages can analyze this data to identify patterns, predict trends, and generate actionable recommendations.”
“The future of residential real estate, enhanced by AI, promises a landscape where precision, efficiency, and insight drive success and sustainability in the ever-evolving real estate industry,” it added.
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The theft of trade secrets lawsuit between Move and CoStar Group has taken another turn.
On Tuesday, CoStar revealed it placed former Realtor.com News & Insights editor James Kaminsky on administrative leave “out of an abundance of caution” as both portals battle over Move’s July 19 request that CoStar relinquish Move-owned files and any electronic devices Kaminsky used after moving to CoStar Group in January.
“Mr. Kaminsky does not have any strategic role or input at CoStar beyond the localized content he and his team are generating regarding the New York condominium market,” court documents read. “CoStar has a wholly separate residential real estate data and information team, which is run by a different editor.”
“Out of an abundance of caution, CoStar has also placed Mr. Kaminsky on administrative leave through the continued hearing date so that he can focus on the defense of this case and to further eliminate any credible claim of imminent or irreparable harm during any continuance the Court may grant,” it added.
CoStar’s decision came as Move petitioned the court with an ex-parte request (i.e., the expedition of an order without giving the other party time to oppose) for an Order of Protection preventing the disclosure of confidential and trade secret information during the discovery process. Especially sensitive documents, they said, should only be available to Move’s counsel and CoStar Group’s outside counsel.
Move said the expedited approval is critical to preventing the “further [misappropriation]” of confidential information in the suit, as they fear additional competitive harm beyond Kaminsky’s alleged use of 37 Move-owned files from January to June.
“Move naturally needs a Confidentiality Protective Order that prevents Mr. Kaminsky from seeing Move’s confidential documents yet again, in the context of this litigation,” Move’s filing read. “In addition, if Move were to disclose its trade secrets to Defendants, unredacted, without a protective order in place, that could constitute a failure of Move’s obligation to take reasonable measures to maintain the secrecy of those trade secrets.”
CoStar answered Move’s expedited Order of Protection request with a filing requesting expedited discovery and the rescheduling of the preliminary injunction hearing from Aug. 15 to Sept. 19.
In their filing, CoStar’s counsel said the expedited discovery would allow both parties to access unredacted versions of previous filings and accompanying exhibits so each side can submit a “more fulsome briefing” ahead of the preliminary injunction hearing. They also said that now that Kaminsky is on administrative leave, there shouldn’t be any concern about providing unredacted files during the discovery process.
“Move has flatly rejected Defendants’ proposal to allow for such discovery even though it asked for certain expedited discovery as part of its [preliminary injunction] Motion,” the filing read. “It is telling that Move shows no interest in quickly discovering, in advance of the preliminary injunction hearing, the truth regarding the Defendants’ alleged conduct, and is unwilling to reveal the facts about its own investigation, the timing thereof, the supposed trade secret nature of the documents at issue, and Move’s basis for claiming that such documents were used to compete against it.”
In an emailed statement to Inman, CoStar Group General Counsel Gene Boxer once again called Move’s lawsuit a “PR stunt” while questioning Move’s legal strategy.
“Move took a month to file a complaint without ever approaching CoStar, and six weeks to seek an injunction,” he said. “It has offered not a single fact in support of its core claim that CoStar used Move’s information to compete against Move. And now—stunningly—it is trying to block early discovery and a brief extension of the preliminary injunction hearing to allow for such discovery.”
“Any company with a real trade secret concern wants to uncover the facts, and fast. Move is instead trying to hide the truth,” he added. “Its request for the Court to enter an overly restrictive protective order is more of the same. Move’s efforts to conceal the truth speaks volumes. By contrast, CoStar is seeking discovery, including about Move’s delays, and is doing so on the fastest possible track.”
He continued, “We call upon Move to drop its opposition and let the truth be known. What is Move scared of?… They have not a shred of evidence to support [their claims]. The press should be asking Move a direct question: ‘What’s your proof that CoStar used Move’s trade secrets to compete against Move?’”
A Realtor.com spokesperson said the company “doesn’t comment on pending litigation,” however they addressed Move’s claims that the suit is a stunt.
“We also don’t take action like this frivolously and have only had one similar case in the last decade,” they told Inman in an emailed statement. “We’re confident in the merits of our action, and out of respect for the judicial system, we will litigate in the courts, not the media.”
These filings are the latest chapter in Move and CoStar Group’s battle over which residential portal can rightfully claim the second-place spot during a pivotal point in a years-long portal war.
Both companies have publicly battled over traffic claims, with Move putting pressure on CoStar throughout July through an advertising challenge with the Better Business Bureau National Programs’ National Advertising Division, which recommended that CoStar stop using “Homes.com just reached 156M monthly unique visitors” and “Homes.com now has DOUBLE Realtor.com’s traffic” in its ads as both claims are based on traffic for the Homes.com Network.
CoStar Group acquiesced to NAD’s recommendations, with recent advertising highlighting Homes.com’s 100 million monthly unique visitors. The company can still highlight traffic numbers for the Homes.com Network if they “explicitly disclose it in the body of its advertisements.”
There’s no specific timeline on when the judge will answer CoStar and Move’s ex-parte requests.
Rising home prices and mortgage rates, and sticker shock from surprise housing costs, pushed buyers to cancel 56,000 home-purchase agreements in June, according to Redfin.
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Rising home prices and stubborn mortgage rates are leading a growing number of homebuyers to abandon their home purchasing plans, according to a Redfin report published Tuesday.
In June, median home prices increased 4 percent year over year to an all-time high of $442,525 as 30-year mortgage rate averages hovered just under 7 percent. Those conditions led homebuyers to cancel 56,000 home-purchase agreements — or 14.6 percent of the pending sales for the month.
Florida bore the brunt of the rise in home-purchase cancellations, with more than a fourth of for-sale inventory in Orlando (20.8 percent), Jacksonville (20.5 percent) and Tampa (20.5 percent) falling out of contract in June. Homebuyers in Las Vegas (20.2 percent) and San Antonio (19.9 percent) were also skittish, with roughly 20 percent of contracts kicking the can at the peak of the summer homebuying season.
Rafael Corrales
Redfin Premier agents Rafael Corrales and Julie Zubiate said affordability concerns are the primary culprit, with insurance, property taxes and homeowners association fees giving homebuyers serious sticker shock.
“Buyers often back out during the inspection period because they find something they don’t like, but affordability is really the underlying issue,” he said. “I don’t want my buyers to be surprised by all of the expenses that come with owning a home in Florida, so I advise them to proactively research the hefty costs of insurance, property taxes and HOA fees, in addition to the cost of their mortgage payment.”
Meanwhile, Zubiate said Bay Area buyers have become increasingly picky — a 180 from the pre-pandemic and peak-pandemic trends when homebuyers entered bidding wars for fixer-uppers and even half-burnt lots.
Julie Zubiate
“Buyers are getting more and more selective,” she said. “They’re backing out due to minor issues because the monthly costs associated with buying a home today are just too high to rationalize not getting everything on their must-have list.”
Although homebuyers’ worries got the best of them in June, the report said home purchase cancellations could soon improve as homesellers face longer list-to-sell timelines. Nearly 20 percent of homes (19.8 percent) experienced a price cut in June — the highest rate for the month since 2017.
“Some sellers are reducing their prices because their homes are sitting on the market and getting stale — the result of an ongoing affordability crisis impacting buyers,” the report read. “The typical home that sold in June spent 32 days on the market, the longest of any June since 2020. That’s up three days from a year earlier — the biggest annual increase since last summer.”
After four years at eXp Realty, Michael Valdes is moving to LPT Realty. After surpassing 10,000 agents in the U.S., the Florida-based brokerage is ready to expand internationally, executives told Inman.
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Four years after taking charge of eXp Realty’s global growth, Michael Valdes is starting the next chapter of his career as the CEO of cloud-based brokerage LPT Realty’s newly formed international division.
Valdes comes to LPT Realty with 19 years of executive experience at Sotheby’s International Realty, Anywhere Real Estate and eXp Realty.
Michael Valdes | Credit: eXp Realty
“I am thrilled to step into this role,” Valdes said in a statement on Monday. “LPT has been the fastest-growing cloud-based brokerage in history and is uniquely poised to expand this model globally. Robert is a true visionary, and I am honored and humbled to join this impressive company. I look forward to contributing to the unparalleled growth we are about to embark on.”
At Sotheby’s International Realty, Valdes served as the senior vice president of international relations for two Florida-based affiliates before moving up the ladder to lead SIR’s Europe, Middle East and Africa (EMEA) and Latin America and Carribean regions. By the end of his tenure with SIR, Valdes held dual roles as the global vice president for SIR and SVP of global servicing for SIR’s parent company, Anywhere.
Valdes joined eXp Realty in 2020 as the president of eXp Global; however, two years later, he was promoted to chief growth officer for eXp Realty and eXp Commercial. During his tenure with eXp, Valdes helped the brokerage expand to 22 new countries and add 60,000 new agents — results LPT Realty and LPT Holdings founder and CEO Robert Palmer couldn’t ignore.
“This is a strategic step in our company’s growth trajectory, and Michael is uniquely qualified to lead this endeavor, having previously opened 86 countries across seven brands in his career,” he said in a statement.
Robert Palmer | Credit: LinkedIn
In a phone call with Inman, Valdes and Palmer shared the genesis of their relationship and their belief in LPT Realty, which has grown to 10,000 agents across 24 states in two years. The Florida-based outfit offers agents marketing, technology and training with a $500 annual fee and a $195 transaction fee. Agents also choose their compensation plan: $500 per file with a $5,000 cap or an 80/20 split with a $15,000 cap.
“As Michael and I got to know each other, he really started to understand the LPT model, and I think he started to see the potential for our international expansion,” Palmer said. “I saw the potential in having someone with his expertise and experience in that space, and [him joining LPT] just made a ton of sense.”
Both men said the current market — despite headwinds — is the perfect environment to build LPT’s international reach as foreign consumers still recognize the benefit of buying and selling in the U.S.
“I always say that opportunity happens in down markets,” Valdes said. “WhatsApp and Uber came into the marketplace in 2009 and look at what they’ve built.”
“You also have the idea of expanding internationally — [there’s] currency diversification, opportunity diversification that actually makes you stronger,” he added. “You have a much stronger balance sheet by going out and trying to sort of create something on an international basis. That’s exciting to me.”
The FCC announced on Tuesday a plan to help consumers identify and block AI-generated robocalls. The plan, if passed, could impact a key part of real estate agents’ lead generation methods.
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The Federal Communications Commission has plans to tighten the reigns on artificial intelligence-generated robocalls.
Jessica Rosenworcel | Credit: FCC
FCC Chairwoman Jessica Rosenworcel announced her plan on Tuesday, requiring callers to disclose the AI-generated robocalls when obtaining prior express consent from consumers. Even with prior express consent, callers would be required to make another disclosure on every AI-generated call they make, a measure Rosenworcel said would help consumers “identify and avoid” calls that “contain an enhanced risk of fraud and other scams.”
The plan also calls for creating tech that helps consumers identify and block unwanted AI-generated calls and protecting “positive uses” of AI-generated calls for consumers with disabilities.
Rosenworcel said her proposal builds on several recent actions the FCC has taken to regulate robocalls, including the passage of a declaratory ruling that said voice cloning technology is illegal and a $6 million fine levied against a New Hampshire man who made voice-cloned robocalls to sway 2024 primary voting.
The plan will undergo a three-part voting process, starting at the FCC’s August Open Meeting. If commission members approve it, it will face public comment and a final vote before implementation.
Although the plan doesn’t mention any specific industry, it addresses a critical component of many real estate agents’ lead generation plans and emerging tech that uses AI to automate cold calls.
Last year, Texas-based franchisor Keller Williams settled a $40 million class action lawsuit for unsolicited, pre-recorded telemarketing calls its agents made to consumers without their consent. The lawsuit leaned on the 1991 Telephone Consumer Protection Act (TCPA), which Rosenworcel cited multiple times in her announcement on Tuesday.
“Bad actors are already using AI technology in robocalls to mislead consumers and misinform the public,” she said in a written statement. “That’s why we want to put in place rules that empower consumers to avoid this junk and make informed decisions.”
Katie Lance
In an email to Inman, marketing expert Katie Lance said Rosenworcel’s proposal is a “significant development” that agents and brokers shouldn’t ignore.
“For agents who rely on AI to streamline their marketing tasks, this move underscores the importance of ethical and compliant AI usage,” she said. “AI has revolutionized our industry by enabling more personalized and efficient communication with clients; however, it’s crucial for agents to understand the boundaries of these tools to ensure they are not infringing on consumer privacy or regulatory standards.”
Lance said AI must be used responsibly, and this is the time for agents to review what AI tools they’re using and adjust how they’re using them.
“For agents, this means being vigilant about the sources and methods of their AI tools, ensuring they comply with all relevant regulations, and focusing on building genuine connections with clients,” she said. “AI should augment our efforts, not replace the personal touch that is so vital in real estate.”
