Maha Abouelenein: Self-reliance is investing in yourself to help others

by Angela Yungk | Jul 30, 2024 | Industry, News Feed

HAPPENING NOW! At Inman Connect Las Vegas, July 30-Aug. 1, 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will be revealed. JOIN US VIRTUALLY.

“Today we’re going to talk about the most important thing on the planet, and that is you,” global communications expert Maha Abouelenein of Digital and Savvy told attendees at Inman Connect Las Vegas on Tuesday.

The communications guru who has spent half of her life in Egypt and Dubai and worked with high-profile clients, like author Deepak Chopra, said that self-reliance — a topic she wrote about in her book, 7 Rules of Self-Reliance — can help individuals unleash their potential and bring them more happiness.

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“I did communications with one mission: To help people communicate better,” Abouelenein told a packed Inman Connect audience at the Aria Resort & Casino in Las Vegas.

“It wasn’t what I did,” she continued, “it was how I did it. I created value for others — that was the underlying principle in self-reliance. How can I rely on myself to create value for others?”

Abouelenein went on to share her seven rules on the Inman Connect stage, to help real estate professionals grow their own businesses through self-reliance.

“It’s about investing in yourself, believing in yourself,” she said.

1. Stay low, keep moving

“This is a military term,” Abouelenein explained, noting that the expression “Stay low, keep moving” refers to avoiding being targeted by keeping low to the ground while moving.

“I took ‘stay low, keep moving’ as a metaphor for my life,” Abouelenein said.

It helped her avoid distractions and negativity from naysayers who said she couldn’t accomplish her goals.

“Try to win one day at a time, one step at a time,” she added.

2. Be a value creator

“To be a value creator means you need to be motivated,” Abouelenein said.

“It means I’m going to deliver something first,” she continued. “I’m going to offer something to someone else without them asking for it.”

Be one step ahead and show your dedication by anticipating your clients needs, Abouelenein explained.

The communications expert discussed her opportunity to work with Matt Higgins, former Vice Chairman at the Miami Dolphins and star of Shark Tank, and how she latched on an opportunity by proactively offering to be his guide through Dubai, even though she wasn’t yet formally working with him. After the trip, however, he became a client of her company and they became business partners.

3. Don’t be a waiter

“Stop waiting,” people told Aboulenenein after she found herself waiting for the perfect man, the perfect job, and other things in her life.

Abouelenein quickly realized that she couldn’t wait around for opportunities, but had to make them herself.

She decided to create an opportunity to help American businessman and Resy co-founder Gary Vaynerchuk at the Super Bowl, by helping him create successful content, which ultimately helped launch a successful podcast.

4. Unlearn, relearn and invest in yourself

“Being here today, you all are investing in yourselves,” Aboulenenein told the Inman Connect audience.

“This is a form of learning,” she continued, noting that you can learn from anywhere — including from other people.

Last year, Aboulenenein said she took a class at the London School of Economics, decades after establishing her career, because she realized there was more to learn, and this principle of being open to learning throughout one’s career can help anyone level up.

5. Think of your reputation as a currency

“This is the No. 1 thing that everyone in this room needs to be obsessed with today,” Aboulenenein said. “You only own your name — what are you doing to build and protect it?”

Reputation drives sales, livelihood, and it can be destroyed in an instance, Aboulenenein said, especially in the era of cancel culture.

Instead of thinking of social media influencers when thinking of “personal brand,” think of reputation, Aboulenenein said, both online and off-line (which she noted was even more important).

6. Be a long-term player

“I have this term I call ‘making deposits in other people’s trust banks,’” Aboulenenein said. After adding value for an extended period, then you’re in the position to make a “withdrawal” from that bank when you need it, she noted.

“Choose people over profit,” Aboulenenein added, explaining that this is part of a long-term strategy and protects one’s reputation. This also includes building relationships and networking, she added.

Being a “super-connector” is a skill for the long-term that will help build a robust social network.

7. Live with no regrets

“Embrace your story, embrace where you’re at,” Aboulenenein said, explaining how important it is to live life without regrets.

She pointed to Olympian Simone Biles’ career, in which she’s already faced many ups and downs, going through a period away from her sport as she dealt with mental blocks that prevented her from performing her best.

But Biles made a brave return to gymnastics, and thus far, has shown a strong performance at the 2024 Paris Olympic Games.

Email Lillian Dickerson

Inman Connect moving from Las Vegas to San Diego summer 2025

by Phillip Cantrell | Jul 30, 2024 | Industry, News Feed

Inman, the leading news source for agents, brokers, executives and technology leaders, announced today that it will move its flagship real estate conference, Inman Connect, from Las Vegas to San Diego, California, in summer 2025. 

For the first time, the real estate community’s most important stage will take place in Southern California, at the Hilton San Diego Bayfront, from July 30 – Aug. 1, 2025.

“After an amazing five-year run in Las Vegas, we’re excited to bring the magic of our flagship event, Inman Connect, to the San Diego waterfront,” said Inman CEO Emily Paquette. “For the real estate industry, this event is truly the big one, and I’m excited for Connect veterans and newcomers alike to experience what we have planned.” 

Legendary skateboarder, New York Times bestselling author, entrepreneur and philanthropist Tony Hawk is the first announced keynote speaker. He’ll be joined by experts and thought leaders from both inside and outside the real estate industry alongside an abundance of networking opportunities that will go beyond the conventional and focus on what’s trending and what’s next for real estate. 

Early bird tickets for Inman Connect San Diego are on sale now for $799. Inman Select subscribers get an additional $100 off the ticket price.

For more than 25 years, Inman Connect real estate conferences have brought together professionals from across the country for insights on the latest trends, market analysis, business planning, skills-building and networking. 

The new west coast location rounds out Inman’s roster of premier real estate conferences in Inman Connect Austin (Oct. 9, 2024, at Brazos Hall; tickets are on sale), Inman Connect New York (Jan. 22-25, 2025), and Inman Connect Miami (May 20-21, 2025).  

View the complete list of Inman Events here.

Housing inventory growth doesn’t guarantee greater affordability

by Amy Stockberger | Jul 30, 2024 | Industry, News Feed

Judge rules in favor of CoStar, grants expedited discovery

by Inman Content Studio | Jul 30, 2024 | Industry, News Feed

HAPPENING NOW! At Inman Connect Las Vegas, July 30-Aug. 1, 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will be revealed. JOIN US VIRTUALLY.

Nearly a week after Move and CoStar Group filed competing expedited requests in a theft of trade secrets lawsuit, California District Judge George H. Wu ruled in favor of CoStar’s request for an expedited discovery. Judge Wu ordered both parties’ counsels to meet and outline the terms of the discovery. If they cannot agree on those terms, they must file a joint brief explaining the unresolved issues by Aug. 5.

“We are delighted that the Court rejected Move’s attempt to obtain an injunction without discovery and granted CoStar’s request for discovery from Move and for a hearing in September,” CoStar General Counsel Gene Boxer said in an emailed statement to Inman. “We have said all along that Move’s case is a PR stunt, and Move’s attempt to hide the facts was in line with that.  We look forward to holding Move to account.”

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Although Judge Wu ruled in favor of CoStar’s request, a Realtor.com spokesperson said the company doesn’t see the ruling as a loss since the company’s request for a preliminary injunction and limited expedited discovery are still on the table. In his one-page ruling, Wu moved the hearing for the injunction and limited expedited discovery to Sept. 23 at 8:30 a.m.

“The latest filings have only bolstered our case,” the spokesperson said in an email to Inman. “CoStar’s employee has admitted under oath to accessing and deleting many of Move’s electronic files, confirming our allegations.”

“Although CoStar initially denied any wrongdoing, they have put their employee on leave,” they added. “Today, the judge acknowledged CoStar’s conduct appears to have been improper, and we couldn’t agree more.”

Judge Wu’s ruling is the first major step in the lawsuit between Move and CoStar, which have been locked in an intensifying battle over the past year regarding CoStar’s website traffic claims for its residential portal, Homes.com.

Move escalated its efforts against CoStar on July 3 with a theft of trade secrets lawsuit that claimed former Realtor.com editor James Kaminsky accessed Move-owned files outlining core information about Realtor.com’s News & Insights editorial budget, audience and revenue numbers, alongside employment summaries for several Move employees, to bolster CoStar’s traffic growth efforts.

Since then, Move has made several requests, including a preliminary injunction to block Kaminsky and CoStar’s alleged access to Move-owned files, a limited expedited forensic discovery of Kaminsky’s electronic devices (e.g., desktop computer, laptop computer, cell phone), and an expedited Order of Protection request to prevent the disclosure of confidential and trade secret information during the discovery process.

CoStar answered back with a few filings of its own, including the request for an expedited discovery and the rescheduling of the preliminary injunction hearing. CoStar said the expedited discovery — which was granted on Monday — 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 put Kaminsky on administrative leave “out of an abundance of caution” to relieve Move’s concerns about providing unredacted files during the discovery process.

Kaminsky spoke out for the first time on July 25 through a 36-page statement, which outlined his recollection of events and stated support for CoStar’s filings. In the statement, Kaminsky said his layoff from Move was “surprising” and put him in a six-month scramble to find a new job before his severance ran out.

The former Realtor.com editor said he deleted “financial, personal and medical information” from his Move-owned devices and email account and only accessed several Move-owned files that included his team’s salary and bonuses, an ongoing list of Realtor.com News & Insights stories, a “2022 or 2023” presentation on audience and revenue projections, and two other files with passwords to third-party subscriptions, WordPress instructions, and staff contact numbers.

These files, he said, didn’t include any proprietary information and were only used to “jog his memory” about his achievements at Move during his job search. He said he only accessed files two times after starting his position with CoStar on March 11 — once when he searched through old Move emails for paystub information and realized Move hadn’t removed his personal email address from those files and then again when he accidentally clicked on a document titled “News & Insights content decks.”  The link, and several others, was dead, he said.

“I have not engaged in any work at CoStar that competes with Move’s News & Insights group, nor have I assisted anyone at CoStar in doing so,” the statement read. “I am currently on administrative leave. I have no access to CoStar’s computer system and am doing no work for CoStar other than assisting with the response to Move’s lawsuit.”

Kaminsky’s lead counsel, Brown Neri Smith & Khan LLP Managing Partner Ethan J. Brown, said he’s pleased with the court’s decision, saying it’s clear that his client is “being used by Move as a pawn to attack CoStar.”

“Given his personal circumstances—he was let go by Move after years of exemplary and highly successful service while being the sole breadwinner of his family of four—Move’s decision to smear Mr. Kaminsky is inexcusable,” he said in an emailed statement. “… Mr. Kaminsky is a sacrificial lamb, treated as mere collateral damage in Move’s attempt to hit back at a competitor.”

“If Move has any real concerns regarding Mr. Kaminsky’s actions they would have quickly been resolved if they had just picked up the phone and called him to discuss what he did and why he did it,” he added. “Move and its CEO are directly responsible for the significant personal and reputational damage they have caused Mr. Kaminsky, who has a spotless, decades-long career of high-level media positions, through the pursuit of this unnecessary legal action.”

Email Marian McPherson

Home prices grew in May as mortgage rates, inventory rose

by Maeda Palius | Jul 30, 2024 | Industry, News Feed

7 musts for buyer presentations ahead of the commission deadline

by Drew Thompson | Jul 30, 2024 | Industry, News Feed

HAPPENING NOW! At Inman Connect Las Vegas, July 30-Aug. 1, 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will be revealed. JOIN US VIRTUALLY.

Buckle up; the game has changed.

The real estate landscape is shifting, and it’s all about empowering buyers. Starting Aug. 17, 2024, a landmark settlement with the National Association of Realtors (NAR) will be implemented, and promises to change the way commissions are handled.

Now, buyers will have more control, negotiating and potentially paying their agent’s commission directly. This means it’s more important than ever for buyers to understand the value their agent brings and have a clear agreement in place before starting their home search.

This shift means a few key things

• More transparency: Buyers will have a clearer understanding of how much they’re paying for representation, leading to more informed decisions.
• Increased competition: Agents will need to compete more aggressively for buyers based on their value proposition and negotiation skills.
• The power of the buyer presentation: Your ability to clearly articulate your value and secure a buyer representation agreement upfront has never been more crucial.

Don’t panic. This new landscape is full of opportunity. This article will equip you with the tools and strategies to adapt to this shift, master your buyer presentations and continue building a thriving real estate business.

7 tips for winning buyers

Ready to step up your game? Let’s dive into the essential tips you need to win clients and earn your commission in 2024 and beyond.

I’ve placed these tips in the order in which I believe you should talk about them in your presentation:

1. Introduce yourself

This is your chance to make a genuine connection with your potential client. Share your story and paint a picture of who you are, both as a professional and as a person.

Here are some key points to include:

• Your experience: Briefly outline your years of experience in real estate and the number of buyers you’ve helped. If you have any specializations (first-time homebuyers, luxury properties, etc.), highlight them here.
• Your expertise: Explain what makes you uniquely qualified to guide them through the buying process. Do you have extensive knowledge of the local market? Are you a skilled negotiator? Do you have a proven track record of success? Make this brief because we will go into more detail on your expertise later in the presentation. 
• Your passion: Share your genuine enthusiasm for helping buyers find their dream homes. Explain why you’re passionate about real estate and how that passion translates into exceptional service for your clients.
• Your personal touch: Let your personality shine through. Share a personal anecdote or detail that helps the buyer connect with you on a human level.

Here are a few examples of how you could introduce yourself: 

“Hi [buyer’s name], I’m [your name], and I’ve been a passionate real estate agent for [X] years. I’ve helped countless buyers navigate the complex world of real estate and find homes that truly reflect their dreams and lifestyles.”

“Real estate is more than just a job for me — it’s a passion. I love helping people find the perfect place to call home, and I’m committed to providing my clients with the knowledge, expertise and support they need to achieve their goals.”

“I’ve lived in this community for [X] years, and I know the local market like the back of my hand. Whether you’re looking for a family-friendly neighborhood with top-rated schools or a trendy urban condo with walkable amenities, I can help you find the perfect fit.”

Remember, this is your chance to make a great first impression. Be confident, personable and let your passion for real estate shine through.

2. Start with a bang

Kick off your presentation by painting a vivid picture of the challenges buyers face in today’s market. This will grab their attention and show them you understand their pain points.

Here are a few examples of how you can start with a bang:

• Tell a story: Share a brief anecdote about a recent client who struggled to find their dream home due to low inventory, bidding wars or skyrocketing prices. Emphasize the happy ending — how you helped them navigate those challenges and ultimately secure the perfect home.
• Share a startling statistic: “Did you know that the average home in [your market] is now selling for [X] percent over asking price?” or “According to the latest data, there are currently only [X] homes available in your desired neighborhood.”
• Highlight the emotional toll: Talk about the stress, frustration and uncertainty that many buyers experience during the home search process.
• Emphasize the new commission reality: “With the recent changes in commission rules, it’s more important than ever to have an experienced advocate on your side to help you navigate this complex landscape.”

3. Justify your commission

I wrote a previous article for Inman News called “Your essential marketing toolkit for a post-NAR settlement landscape”. In this article is a huge section devoted to how to justify your commission. I recommend you read it, but a summary is below. 

Think of yourself as a financial advisor for real estate. Your expertise translates to real savings and smart investments for your clients. Here’s how to break it down:

• Local market mastery: You’re not just familiar with the local market — you’re an expert. You know the up-and-coming neighborhoods, the hidden gems and the school zones that matter. This knowledge isn’t just about finding a nice house; it’s about guiding your clients toward properties with the greatest potential for appreciation.
• Negotiation prowess: Numbers are your playground. You go beyond securing the house; you strategically negotiate repairs, closing costs and contract terms to put thousands back in your client’s pocket. Share examples of how your negotiation prowess has resulted in significant savings for past clients.
• Contract expertise: Contracts aren’t just paperwork to you; they’re a roadmap to protecting your client’s investment. Highlight your ability to spot potential pitfalls, ensure favorable terms and catch costly errors before they become problems.
• Problem-solving: Real estate is full of surprises. But you’re not just reactive, you’re proactive. Share stories about how you’ve anticipated issues and used your resourcefulness to keep deals on track, saving your clients time, money and stress.
• Access and advocacy: Your network is your client’s secret weapon. Explain how your connections with lenders, inspectors and other pros streamline the process and uncover off-market opportunities that other buyers might miss.

By focusing on your expertise, quantifying your value and sharing real-world results, you’ll create a powerful buyer presentation that not only justifies your commission but also positions you as the trusted advisor your clients need in this evolving market.

4. Add success stories and testimonials

Don’t underestimate the power of your past successes. Testimonials are more than just feel-good stories; they’re powerful tools to demonstrate your value proposition to potential clients. But to truly make an impact, it’s time to go beyond generic praise and focus on the numbers.

Encourage your clients to share specific, quantifiable examples of how you’ve helped them save money, maximize their investment or achieve their real estate goals. 

Ditch the vague testimonials

Instead of “Jennifer was great!”, get specific about your impact:

• “Jennifer’s negotiation skills are priceless! She saved us $15,000 on our dream home, even in this crazy market!”

• “Jennifer went above and beyond to find us the perfect fixer-upper in our budget. Her knowledge of local contractors and renovation costs was invaluable — we were able to increase the home’s value by 20 percent in just 6 months!”

Share quantitative stories

Craft mini-case studies for your presentation that highlight your unique value:

• “Meet the Smiths! They were feeling discouraged after losing out on 3 bidding wars. I helped them refine their offer strategy and secure their dream home for $10,000 under budget!”

• “Relocating to a new city can be daunting. But for Maria, I made it a breeze. I helped her find the perfect neighborhood with top-rated schools AND secured her dream home for 5 percent below asking price!”

By focusing on specific results and real-world stories, you’ll paint a vivid picture of the value you bring to the table. This will make potential buyers feel confident in their decision to choose you as their trusted advisor in the competitive real estate market.

5. Include your local market expertise

As a dedicated buyer’s agent, you’re not just familiar with the local market—you live and breathe it. You know the pulse of each neighborhood, the hidden gems and the subtle nuances that make all the difference in finding your client the perfect home.

Here’s how your local expertise adds value for your buyer: 

Insider intel: We’re not just talking about the basics you can find online. You know about the quiet, tree-lined streets that are perfect for families, the up-and-coming neighborhoods with untapped potential and the charming pockets of history that make a community unique.

Schools: For families, schools are a top priority. You have up-to-date information on school zones, extracurricular activities and even the inside scoop on which schools have the most engaged parent communities.

Future development: New developments, zoning changes and infrastructure projects can significantly impact property values. You stay ahead of the curve, keeping an eye on upcoming changes that could affect your investment, both positively and negatively.

Micro-markets: Every neighborhood has its own micro-market with unique pricing trends and dynamics. You analyze the data and understand the subtle differences to ensure your clients are not overpaying and that their offer is strategic and competitive.

Your goal isn’t just to find your client a house; it’s to find them a home that fits their lifestyle, their budget, and their long-term goals. By leveraging your local market expertise, you can help your clients make an informed decision and secure a property that not only brings them joy but also has the potential for appreciation. Make sure they understand the value of your local market expertise. 

6. Explain your value at every point of the buying journey

In your presentation, give your potential buyer client a tour of the home-buying journey. Break down each step, highlighting your role as their trusted advisor and the value you bring: 

Step 1: Getting pre-approved

• Your role: You’ll connect them with reputable lenders to secure pre-approval, which strengthens their offers and gives them a clear budget.
• Your value: You’ll help them navigate the pre-approval process, answer any questions they have, and advocate for them to get the best possible terms.

Step 2: Finding their dream home

• Your role: You’ll use your market expertise and powerful search tools to curate a list of properties that match their criteria. You’ll tour homes together, both virtually and in person, to find the perfect fit.
• Your value: You’ll go beyond the MLS to uncover hidden gems and off-market opportunities. You’ll also provide insights into neighborhoods, schools, zoning and amenities to help them make an informed decision.

Step 3: Presenting a winning offer

• Your role: You’ll analyze comparable sales, market trends and the property’s condition to help them craft a competitive offer that protects their interests.
• Your value: You’ll leverage your negotiation skills to secure the best possible price and terms while ensuring a smooth and timely closing.

Step 4: Due diligence

• Your role: You’ll coordinate inspections, appraisals and other due diligence tasks to ensure the property meets their expectations and uncover any potential issues.
• Your value: You’ll connect them with trusted professionals, review reports with them and negotiate repairs or credits on their behalf.

Step 5: Closing 

• Your role: You’ll guide them through the closing process, ensuring all paperwork is complete, accurate and submitted on time.
• Your value: You’ll act as their advocate, communicating with all parties involved (lenders, attorneys, title companies) to ensure a smooth and successful closing.

Beyond the closing 

• Your role: You’ll continue to be their resource for all things real estate, even after they’ve moved into their new home.
• Your value: You’ll provide ongoing support, answer questions and connect them with local service providers. You’re committed to building a lasting relationship with them, not just closing a deal. 

7. Explain the new commission landscape (transparency)

Let’s talk about the elephant in the room: commissions. Don’t stress. I’m here to help you position yourself as the go-to expert your clients need.

Here are the four most important things to review with your potential client about buyer agency and commissions:

• What buyer agency is: Explain what buyer agency means to the buyer. You’re the champion for your buyer clients. Your loyalty lies solely with them, and you’re their advocate throughout the entire buying process. Here are a few key benefits you might want to share in your presentation:
  • Unwavering loyalty: As a buyer’s agent, your sole focus is on your client’s best interests. You are not swayed by the seller’s goals or motivations. Your loyalty lies with the buyer, ensuring they get the best possible deal and terms.
  • Confidant and advisor: You’re not just there to open doors; you’re their trusted advisor throughout the entire process. You’ll answer their questions, address their concerns and provide unbiased advice to empower your buyer to make informed decisions.
  • Protection and advocacy: As their agent, you are legally obligated to protect their interests. You’ll help them navigate complex contracts, negotiate repairs and ensure all contingencies are met to protect their investment.
  • Peace of mind: With you by their side, your buyer can have peace of mind knowing that they have a dedicated professional advocating for them every step of the way. They’ll never feel alone or overwhelmed in the process.
• Negotiated commissions: Here’s where things get interesting — and potentially more lucrative for you. It’s crucial to be upfront with your buyer from the start. Clearly explain that you will negotiate with the seller to cover as much of your commission as possible. However, if the seller is unwilling or unable to cover the full amount, the buyer will be responsible for the remainder if they choose to buy that home. 
• Your commission structure and fee expectations: I strongly believe in transparency and open communication, especially when it comes to finances. You’ve already shared your value, now it’s time to share what you get paid. Lay it out clearly and with confidence because you’re worth it. Explain how it works, what services it covers and any potential scenarios where they might need to pay a portion directly. 
• The buyer representation agreement: This is your new best friend. Before you dive into property showings, have your buyer sign your brokerage’s buyer agreement, which clearly outlines your services and the agreed-upon compensation. Explain that it’s designed to protect both of you and ensure everyone’s on the same page. If you have a buyer who hesitates to sign a longer-term agreement, I suggest using a short-term or single-property agreement. The goal is to move them to a longer-term contract but get to know each other first. With time their trust in you will build.

Your buyer presentation is your superpower — unleash it!

Remember, in this brave new world of real estate commissions, you hold the power. Your buyer presentation is your chance to not only showcase your expertise but also your passion for helping clients achieve their homeownership dreams. By focusing on the real value you bring — through market mastery, negotiation skills, contract smarts and unwavering advocacy — you’ll win over hearts (and signatures) every time. 

So, go forth and conquer those buyer presentations. Be confident, be transparent and be the real estate rockstar you were born to be. This new commission landscape might seem daunting, but with the right approach, it’s an opportunity to shine brighter than ever before. Now go make some magic happen.