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.
Texas agent Ben Caballero, who has consistently broken records and landed atop industry lists throughout his long career, has set a new record for annual home sales in the United States.
In 2023, Caballero sold 7,012 homes totaling $3.638 billion at an average of more than 19 individual homes every day of the year. Caballero is the CEO of HomesUSA.com and makes most of his sales by working directly with homebuilders in Texas cities.
“I have been blessed for more than six decades to work in the best business in the greatest state in the world,” Caballero, 83, said in a statement. “Texas is the best market for new homes in the U.S. year-in and year-out. Clearly, becoming a Texan is one of the best decisions I ever made.”
Cabellero first became a Guinness World Records holder for most annual home sale transactions through MLS by an individual sell-side agent in 2016 when he hit 3,556 verified home sales. He broke that record in 2018 with 5,801 home sales and again in 2020 with 6,438 home sales.
Now, 2023 marks the second straight year Caballer0 surpassed the $3 billion home sale mark, after hitting $3.06 billion in 2022. Caballero was the first agent ever to conduct more than $1 billion in sales volume, a feat he first accomplished in 2015.
Caballero has topped the Real Trends 1000 list every year since 2013, often beating out the second-place follower by a considerable margin.
Caballero became a Realtor when he was 21 and worked as a homebuilder for 18 years. He moved to Dallas from the Tampa area in 1960 and has lived there and based his business out of there since then.
Nearly two months after beta testing, Seattle-based brokerage Redfin has launched its artificial intelligence-powered home search assistant, Ask Redfin, nationwide. Homebuyers using Redfin’s Apple iOS app will automatically see Ask Redfin on a home’s listing page after completing a quick update.
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.
Nearly two months after beta testing, Seattle-based brokerage Redfin has launched its artificial intelligence-powered home search assistant, Ask Redfin, nationwide. Homebuyers using Redfin’s Apple iOS app will automatically see Ask Redfin on a home’s listing page after completing a quick update.
Homebuyers can question Ask Redfin about listing details, zoning limitations, homeowners association or condo fees, upcoming open houses, one-on-one touring availability, local market conditions and trends, nearby amenities, and a host of other questions related to homebuying. If the question requires a more nuanced answer than what Ask Redfin can provide, the assistant can immediately connect buyers with a licensed real estate agent.
Redfin said it has trained Ask Redfin to reject questions that violate fair housing guidelines.
“In developing Ask Redfin, we created a detailed set of instructions so it would answer questions in line with fair housing guidelines,” the company said. “We’ve been closely monitoring Ask Redfin on this front, and it’s performing well. When asked a question that touches on a potential fair housing issue, Ask Redfin appropriately says that it can’t answer the question.”
The press release said beta testing, which covered Redfin app users in Atlanta, Boston, Charlotte, Chicago, Dallas, Las Vegas, Philadelphia, Portland (Oregon), Phoenix, Sacramento, Tampa and Washington, D.C., was successful.
More than 90 percent of homebuyers who used Ask Redfin came back to the Redfin iOS app within a week, using it almost daily. The majority of homebuyers used Ask Redfin to get additional listing details, such as the square footage, renovation history, amenities and potential HOA fees (59 percent). Ten percent of Ask Redfin users got further help from a licensed real estate agent, and 8 percent went on to request a home tour.
“We include an enormous amount of data on every listing you find on Redfin because homebuyers deserve as much insight into a home as possible,” Redfin SVP of Product and Design Ariel Dos Santos said of the tool in a previous Inman article. “Ask Redfin makes it easy and effortless for customers to find the information they want to know.”
The nationwide release of Ask Redfin comes a week before Redfin’s first-quarter earnings call.
The company shared its Q4 and FY 2023 earnings results in February, which saw slowing revenue losses and slimming net losses as the company focused on cost-cutting amid market headwinds. Redfin’s stock (NASDAQ: RDFN) has been on the uptick over the past six months, rising 0.32 percent to the $6 range.
With CoStar’s acquisition of 3D scanning company Matterport and Zillow’s investment in Listing Showcase and Real-Time Showings, analysts have a keen eye on what Redfin has up its sleeves and whether it’s enough to break the company out of its earnings and stock market slump.
May is Commission and Compensation Month here at Inman. We’ll sort through the noise and misinformation and provide you with the most up-to-date facts and strategies about how to prosper in the wake of the commission settlements. And look for straight-to-your inbox updates with Inman’s new weekly digest, Commission Chronicles.
Big changes have rocked the real estate industry for months now with the antitrust commission lawsuits that have swept the country.
The National Association of Realtors’ and individual brokerage firms’ settlements may cause consumers to call into question the value of an agent, which means that agents need to be on top of their game more now than ever.
One way to accomplish this is for agents to be more strategic in how they think and to operate like a small business, says Jonathan Lack, an agent, coach and the founder and principal of MyBackOffice.RealEstate, who, before joining the industry in 2018, spent decades in management, strategic planning and marketing for high-end companies. Lack has worked with some of the top agents in the country to level up their businesses, including Compass’ Sally Forster Jones of Jones Fridman International.
In his most recent book released in January, You Can’t Scale Chaos: The Veteran Real Estate Agent’s Guide to Working Smarter and Selling More, Lack details a 90-day plan for how agents can grow their market share, sales, profitability and overall value, with breakdowns for what to do in the next 30, 60 and 90 days — and in a recent conversation, Lack shared some of those insights with Inman.
Jonathan Lack | Courtesy of Jonathan Lack
“[Real estate brokers and agents] are a small business, and they need to think like a small business,” Lack told Inman. “And that is a new concept for them. That was the genesis of the book, knowing that the high rates and the NAR settlement was only going to make things more complicated, not less complicated, and only make things more competitive in the market, not less competitive. The onus on agents is to work smarter, and that’s a full-time job for any small business person.”
Lack likes to keep in mind an acronym he developed, “SELL,” as an overall guiding principle, which stands for Strategic planning, Execution, Leverage and Leadership. What follows are some of the tips he shared with Inman for what agents can work into their businesses in the next 30, 60 and 90 days to increase their value and come out on top in the wake of industry shakeups.
30-day plan
At the core of Lack’s first 30 days of the business plan is nurturing relationships with clients.
“Owning the client is critical,” Lack said. “As an agent works longer in the industry, they want a higher percentage of their business as repeat and referrals, as opposed to having [to find] new clients every year.”
In the current market, where there are more agents than available homes for sale, Lack said it’s critical for agents to develop talking points that best position them within their market, whether that’s a geographical area or another niche of the market.
“Why should somebody pick me, or you, or anybody else [as an agent]?” Lack said. “Every agent should know what their talking points are, their value-add, in the context of the market today.”
Next, develop plans for how to reach out to past clients and schedule quality time that aligns with their interests, Lack added. Then, start initiating those types of interactions with new and potential clients as well.
“So you take care of your past clients first with activities, and then you say, Okay, what am I going to do for new clients? because I have to have new clients and that should be a plan that people should be thinking about within the next 30 days,” Lack said.
60-day plan
During those first 30 days and the next 30 (the 60-day portion of the plan), agents can start digging a bit into the data of their business for greater insights, Lack told Inman.
One crucial step they should take is to conduct a sales audit of their business, which means either creating a spreadsheet that includes every client they’ve ever worked with and the details of the sale they were involved in or updating their CRM to ensure all information on clients and their transactions is up-to-date.
“The goal is to go deeper with these folks and not have to chase new folks as much, but leverage the relationships they already have,” Lack said. “[But,] they can’t remember all the relationships they’ve had,” which is where the audit becomes helpful.
“As it becomes more competitive, agents are going to need to be more narrow in their scope and go deeper because they need to stand out more within the right target audience,” Lack added.
Similarly, agents should conduct what Lack called a competitive audit, or analyzing who the other agents are in your market that you directly compete with, and potentially, even collaborate with at times. Consider how they market and advertise, how much of the available marketing space they take up in your area, and how that tracks with the percentage of listings they hold in the area. Then, work toward matching or exceeding that share.
“Once you know where you’re going to focus, you should know who else is focusing in that same area,” Lack said. “That area can be geographic or a social segment, but it should be targeted and you want to know who else your competitors are. Because some of those competitors you’re going to collaborate with, and some of them you’re going to take market share away from, and you have to know who they are by actual metrics. Those are easy to come by from doing searches and reports on any MLS system.”
In Lack’s experience, it’s rare that the top agent in any given market holds more than 20 percent of listings, which means that there’s still ample opportunity for competing agents to grab hold of a fair share of the market as well, if they target their efforts.
“That is today’s age in real estate,” Lack said. “You have to leverage data. It’s your friend; it’s not something to be afraid of.”
Those agents who are not very data-savvy should also look to a qualified executive assistant, transaction coordinator, or the like, to help them parse out and make sense of these figures, Lack said, which can also save the agent time to focus on their strengths instead.
90-day plan
Over the course of the entire 90-day plan, agents should be thinking more big-picture about their business and its future, Lack told Inman.
“The big picture is, ‘What is your goal?’ depending on how old the agent is and where they are in their life,” Lack said.
“What are their personal, professional and financial goals? It is a business, and [agents] need to understand that the business is a means to an end. But they need to be clear on why they’re doing it and what they need to get out of it on the financial part.”
During the 90-day period then, agents should take steps like conducting a brand audit to determine how their brand reflects their business and value, as well as meeting regularly with a bookkeeper to understand their different expenses and whether or not they are paying out long-term.
“They can say, ‘Oh, we spent too much on that,’ or, ‘too little on that,’” Lack said. “So then they can start refining their spending and budgeting, which helps them understand the in-flows and out-flows of their business.”
After developing an understanding of those regular expenses, it’s time to create 12-month business development and marketing plans, Lack said.
“It’s on a rolling, 12-month basis,” Lack told Inman. “[Don’t] just think month-to-month, but think through a whole calendar year. And think more long-term — that helps mitigate the bumps in the market. Whether we were expecting rates to drop, but they’re going up, whether it’s the NAR settlements, whether it’s the limited inventory, whether it’s buyers being inconsistent, or the consensus now that buyers will be signing contracts [with one agent] … They’re going to work with the one agent that they think can provide the best value to them based on their needs.”
“The NAR settlement is going to weed out a lot of agents who are not competitive and it will force the ones that want to stay in the industry and be competitive to work smarter,” Lack added.
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This week we got our first glimpse into some of the practical, procedural changes that we’ll see in the aftermath of NAR’s commission lawsuit settlement.
May is Commission and Compensation Month here at Inman. We’ll sort through the noise and misinformation and provide you with the most up-to-date facts and strategies about how to prosper in the wake of the commission settlements. And look for straight-to-your inbox updates with Inman’s new weekly digest, Commission Chronicles.
Each week on The Download, Inman’s Christy Murdock takes a deeper look at the top-read stories of the week to give you what you’ll need to meet Monday head-on. This week: We got our first glimpse into some of the practical, procedural changes that we’ll see in the aftermath of NAR’s commission lawsuit settlement.
Ever since we got the first intimations that the National Association of Realtors would be settling its commission-related lawsuits, we’ve been waiting and hoping for clarification about exactly how things would work in practical terms. We knew there’d be buyer agreements required, but what would they entail? How would compensation work? Where would communication on commission flow through if not from the MLS?
Now, NAR is starting to provide some of the nuts and bolts facts and figures that agents and brokers will need to navigate the market beginning this July. They’re updating their Facts for Realtors page with settlement information as it becomes available, including more details about the practice changes everyone will need to get up to speed on in the days ahead.
Under the proposed settlement, which has already received preliminary approval, just marketing services to a buyer or just talking to a buyer on the seller’s behalf — for instance, at an open house or showing a client’s listing to an unrepresented buyer — does not mean you are “working with” a buyer, according to NAR’s updated FAQ.
But providing actual brokerage services to a buyer, i.e. identifying potential homes, arranging a showing, negotiating for the buyer, presenting the buyer’s offers, or performing other services for the buyer, are “working with” a buyer, the trade group said.
Alternatively, in a situation where the agent is an authorized dual agent and/or in a designated agency situation where the broker represents both the buyer and the seller but has different agents work with both, he or she is working with the buyer, as well as the seller, so a contract would be required before a home tour.
Don’t miss the chance to click through and dig into Brambila’s coverage, including:
What it means to tour a home
The difference between a written agreement and a written agency agreement
What the agreement must specify in regard to compensation
What happens to active agreements prior to the July deadline for changes
Understanding what’s about to happen is one thing, but putting it to work in your business is something else. It requires knowledge and strategy since you’ll have to craft new conversations and new value propositions.
Differentiating your service now is essential since it gives buyers a reason to use you instead of the next buyer agent on the block — or the listing agent. Get your mind right, get your facts straight and learn to communicate the factors that make you the only game in town when it comes to stellar buyer services.
Buyer’s agents have a critical responsibility to be the best they can be, new Inman contributor Filippo Incorvaia writes, as they navigate industry changes and advocate for themselves.
No longer is finding the dream home the only consideration when looking for real estate. You must find a community fit for your buyers, too, new Inman contributor Charles Banfield writes.
Expressing your value to clients begins with knowing yourself, writes mega-team leader Carl Medford. You cannot articulate what you have never taken the time to determine on your own.
Christy Murdock is a freelance writer, coach and consultant and the owner of Writing Real Estate. Connect with Writing Real Estate on Instagram and subscribe to the weekly roundup, The Ketchup.
Supra One is “all-new” and fully integrated with the company’s home showing system, a product that allows for simple online home tour scheduling, access details, collaboration features, ongoing showing insights, agent name and concise calendar management.
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.
Salem, Oregon-based Supra has debuted a significantly updated software solution to accompany its line of digital lockboxes, according to a May 2 press release sent to Inman.
Supra One is “all-new” and fully integrated with the company’s home showing system, a product that allows for simple online home tour scheduling, access details, collaboration features, ongoing showing insights, agent name and concise calendar management.
The software is delivered in both desktop and mobile environments and also provides task-listing and upkeep, lockbox assignment and templates for each that apply pre-set access details, showing instructions and notification methods, among other benefits.
“The new Supra One platform represents the most streamlined access management experience in real estate and delivers unparalleled convenience, security and efficiency,” said Fayyad Sbaihat, president of Supra, in a statement. “We are excited to continue empowering organizations and agents to provide relevance and value in an ever-evolving landscape.”
The company started making over its brand, looking to evolve from the stigma of being an analog, albeit well-known, lockbox company into a tech-forward, real estate solutions company. In 2022, it launched suprasystems.com to lead that effort.
The new resource-intensive website intends to “make it easier than ever for customers to find what they need and experience the benefits our solutions offer,“ according to a statement at the time by Maria Olivier, head of strategic marketing for Supra.
Later that year, Sbaihat said the company’s vision was leading it down new paths.
“We want to deliver tools and technologies that help agents, support them, and make their lives easier. If we help simplify the process work, they can focus on the people work. We’re successful if they are successful,” Sbaihat said.
The update helps lockboxes open faster, too, according to the release.
Most agents working today can share the experience of trying to overcome the hassle of a non-responsive, broken or hard-to-find lockbox, an issue that digital lockboxes didn’t entirely eliminate. The software also has a “locate” function, ideal for multi-unit urban properties and large condo communities.
The new lockboxes and Supra One are available for demonstration at the NAR Legislative Meetings & Expo in Washington, D.C., May 6-7, the release stated. It’ll begin rollout nationally in the fall of 2024.
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.
In the elite professional community of luxury real estate, the difference between ordinary and extraordinary comes down to one thing: distinction.
Agents and brokerages compete on service, yes, but also prestige and presence. This summer, Inman honors the fifth class of Inman Golden I Club inductees. Honorees will be announced live at Luxury Connect, July 29-30, 2024. But nominations to join the coveted Club end on May 17 —so act fast.
Here are five ways the Golden I Club helps to ensure your name resonates with luxury, quality and unmatched expertise — so you continue to dominate the luxury market.
1. Secure your status as a market leader
You’re among the most elite names in real estate. You deserve to be recognized for it. An accolade, like being nominated to The Golden I Club, serves as a testament to your exceptional capabilities. It highlights your professional expertise, setting you apart in a crowded marketplace.
2. Build unshakeable trust
Trust is the currency of luxury real estate. Being nominated for the Golden I Club boosts your reputation, which elevates client confidence and solidifies your image as a trusted adviser in high-stakes, high-dollar-value transactions.
3. Gain access to exclusive networking opportunities
The 2024 Golden I Club inductees will be announced at Inman Luxury Connect, taking place July 29-30, 2024.Luxury Connect is the leading event for elite agents and brokers in the luxury market. Recognition at this event positions the Golden I Club winners as the crème de la crème in the business. It’s your ticket to meet and engage with the very best — like you.
4. Amplify your marketing impact
Incorporating the prestige of the Golden I Club into your marketing materials can significantly enhance their appeal — and your appeal. This recognition is a powerful endorsement of your brand, making every property you represent more enticing to prospective buyers, while also attracting new clients.
5. Inspire innovation and excellence
Striving for an award that celebrates innovation drives you and your team to find unique and impactful ways to market properties. It sets you apart while fostering a culture of excellence and creativity.
You’re already committed to excellence. Why not be rewarded for it?
Nominations are currently open for the Golden I Awards. You can nominate yourself, or someone in your sphere, in the following categories:
Top luxury agent
Top luxury team
Top luxury brokerage
Top luxury technology or tool
Best sales and marketing campaign for a luxury home/property
Best sales and marketing campaign for a luxury development
Best City Sale
Best Beach Sale
Best Mountain Sale
It’s time to elevate your status in the luxury market. By aiming for the Golden I Club, you’re not just participating in the market — you’re leading it.
To nominate yourself, a colleague, company or campaign for an Inman Golden I, click here. Nominations close May 17, 2024.
