by Inman | Apr 23, 2025 | Industry, News Feed
Bigger. Better. Bolder. Inman Connect is heading to San Diego. Join thousands of real estate pros, connect with the power of the Inman Community, and gain insights from hundreds of leading minds shaping the industry. If you’re ready to grow your business and invest in yourself, this is where you need to be. Go BIG in San Diego!
Pulse is a recurring column where we ask for readers’ takes on varying topics in a weekly survey and report back with our findings.
Challenges to fair housing can come from all sides, from a lack of training to a lack of regulatory compliance to discriminatory personal views. It’s not just about where someone lives or the value of their property — fair housing has implications for education, health, upward mobility and building generational wealth.
As a Realtor, we know you’ve seen some things, and you’ve probably formed your own ideas, so tell us what one thing would instantly improve fair housing outcomes from your perspective. Do agents need more training? Do clients need yet another disclosure? Are fair housing challenges more systemic or more personal, and how can they be effectively addressed? Let us know below:
We’ll compile a list of the top responses and post them on Inman next Tuesday.
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by Mauricio Umansky | Apr 23, 2025 | Industry, News Feed
When you lead negotiations with skill and confidence, your clients feel empowered — and they’ll reward you with loyalty, referrals and long-term success, Mauricio Umansky writes.
Bigger. Better. Bolder. Inman Connect is heading to San Diego. Join thousands of real estate pros, connect with the power of the Inman Community, and gain insights from hundreds of leading minds shaping the industry. If you’re ready to grow your business and invest in yourself, this is where you need to be. Go BIG in San Diego!
Refining your negotiation skills can help you reach the closing table quicker and more frequently. Turning your client’s no into a confident yes is more than a skill — it’s a differentiator that can help you win more listings and build lasting trust with your clients.
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A client’s “no” isn’t always the end — often, it’s the beginning of a deeper conversation. Seasoned agents know that objections can be opportunities to uncover their clients’ deepest motivations and guide them toward more favorable transaction outcomes. Here are some strategies I recommend, from contract to closing.
Know your unique value proposition
When a client hesitates to give you their business, you need to be able to articulate your unique value proposition (UVP). To do that, you need to identify what you can do better than any other agent or broker in your market.
Whether it’s your proven marketing acumen, your professional reputation or skilled negotiation that sets you apart, be prepared with a sharp, convincing elevator pitch. Memorize it, and confidently share it at listing presentations, client lunches, networking events and wherever you meet potential clients.
Build trust through transparency
Trust is the cornerstone of client relationships and successful negotiations. Be honest with your clients about market conditions, property values and potential challenges. When clients feel informed and respected, they’re more likely to consider your recommendations and move from a no to a yes.
When in the throes of a transaction, your fiduciary responsibility to your client is paramount, but being straightforward and factual when dealing with the other side’s agent also builds trust and a solid reputation as a fair player in your market.
Uncover their deepest motivations
Whether they’re buyers or sellers, clients typically have a hierarchy of wants and needs. Some wish list items are more essential to them than others. Leading any negotiation should begin with knowing your client’s priorities.
To identify your client’s ultimate goals and deepest concerns, ask open-ended questions to learn which items are non-negotiable for them:
- “What concerns do you have about this process?”
- “Can you share more about what’s influencing your decision?”
- “What would an ideal outcome look like for you?”
- “Can you walk me through what would make this deal feel like a win?”
Listen like it’s your superpower
Careful listening and empathy are key here. The best negotiators are expert listeners. Don’t just wait for your turn to speak — listen to understand. By understanding the client’s perspective, you can address specific concerns and tailor your approach and strategies accordingly. A client’s goals are rarely just about price.
“If I hear you right, moving by July 31 is your top priority, right?” Active listening involves reflecting what you’ve just heard to clarify meaning. Read between the lines as you study their body language (when possible), tone of voice and timing. These can often tell you more than words alone.
Silence is golden
Silence can also be a powerful tool. After a listing presentation or following an offer or counteroffer, resist the urge to fill the gap.
Let the other party respond — on their terms. Allowing your client time to process information can lead to more thoughtful decisions. This pause demonstrates confidence and gives them space to articulate their most honest thoughts and ideas, often resulting in a more favorable transaction outcome.
Reframe ‘no’ as ‘not yet’
Clients may voice surface-level objections that mask deeper concerns. A client’s initial refusal often signals hesitation rather than a definitive rejection. By interpreting “no” as “not yet,” savvy agents can explore underlying concerns and timing issues.
For instance, if a client says, “We’re not ready to sell,” you might respond with, “I understand — timing is crucial. Could we discuss what factors might make the timing right in the future?” This keeps the dialogue open and positions you as a supportive advisor, responsive to their needs and available to serve them in the future.
Turning a client’s “no” into a “yes” isn’t about pressure or hard-nosed tactics — skillful negotiation requires clarity, empathy, strategic communication and control.
When you lead negotiations with skill and confidence, your clients feel empowered — and they’ll reward you with loyalty, referrals and long-term success. By employing these techniques, you can gain a deeper understanding of your client’s values and concerns, foster a trusting relationship and guide them toward decisions that align with their goals.
Mauricio Umansky is the founder and CEO of The Agency in Los Angeles. Connect with him on Instagram.
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by Drew Thompson | Apr 23, 2025 | Industry, News Feed
Bigger. Better. Bolder. Inman Connect is heading to San Diego. Join thousands of real estate pros, connect with the power of the Inman Community, and gain insights from hundreds of leading minds shaping the industry. If you’re ready to grow your business and invest in yourself, this is where you need to be. Go BIG in San Diego!
ChatGPT just dropped a game-changing update: It remembers everything about you.
That means it doesn’t just answer your questions anymore. It learns you — how you think, how you speak, what holds you back — and builds on that, session after session.
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And while most people are using it to write listings or plan vacations … I’m using it to change how I think, lead and operate. Every single day.
Because let’s face it: Most agents don’t have a lead-gen problem. They have a limiting belief problem.
But that doesn’t show up on your calendar. It shows up in subtle ways:
- You procrastinate on the one call that could change everything.
- You default to busy work when things feel emotionally risky.
- You play small in moments that beg for boldness.
You already know what to do. The real question is: Why aren’t you doing it?
What if AI could answer that?
Not with another content idea or social script, but with a mirror.
A brutally honest, pattern-recognizing, behavior-analyzing mirror that sees the real you — and won’t let you off the hook.
That’s what this prompt does. It turns ChatGPT into your AI Meta-Coach: Not a marketing assistant but a mindset assassin.
And here’s the cool part — I didn’t invent this idea out of thin air.
I saw a rough version of it buried in a random Reddit thread, and I thought, “This could be way more powerful.”
So I started tweaking it. Adding to it. Testing it.
And what came out is a self-coaching prompt that doesn’t just give feedback — it gives you back control.
If you’ve ever felt stuck, scattered, or self-sabotaging, this might be the most valuable use of ChatGPT you’ll ever find.
First, copy this prompt into ChatGPT
Just drop it in. No editing. No softening.
You are my AI Meta-Coach. Your role is to provide an unfiltered, objective perspective on my behaviors, beliefs and patterns, with the sole purpose of accelerating my personal and professional growth. I want you to be brutally honest — directness is far more valuable to me than politeness.
1. Identify five recurring patterns in how I think, speak, or act that may be limiting my potential. Base these observations on any past discussions or cues you’ve gathered about me.
For each pattern, provide:
- Context: Where it most often appears (topics, tone or specific behaviors).
- Underlying belief/emotion: Which belief, fear, or emotion might be driving it?
- Limitation: How this pattern might hold me back (professionally, relationally or personally).
- Challenge action: One practical, uncomfortable step I could take to test or break this pattern.
2. Brutal question: Pose exactly one uncomfortable, deeply honest question that no one else would dare to ask me, but that I need to answer.
3. 7-day self-recalibration exercise:
- Provide a day-by-day breakdown of actions, reflections or journaling prompts that will help me tackle these blind spots.
- Keep it specific and measurable: For each day, outline a short task, reflection or behavioral tweak.
- Make it challenging enough that it forces me to step out of my comfort zone.
Finally, do not sugarcoat or soften your observations. Offer evidence or reasoned arguments based on my previous statements or tendencies if needed. Your goal is accuracy and candor — so I can make real changes. Go all-in.
Why this works
Now, let’s break down why this works so well:
Step 1: ChatGPT will expose your invisible patterns
You’ll get back five specific patterns.
Stuff like:
- “You tend to downplay your wins when talking to clients.”
- “You avoid follow-up calls after rejection-heavy weeks.”
- “You use perfectionism to mask fear of being judged.”
It’ll show you where it shows up, why it exists and how it sabotages your results.
But it doesn’t stop there.
ChatGPT gives you a challenge action for each one — a specific, uncomfortable step to break the cycle.
Think of it as exposure therapy, AI-style.
Step 2: Face the brutal question
You’ll get one question.
Just one.
But it will feel like a punch to the soul.
Because this is the question no one in your life is bold enough to ask — not your broker, not your coach, not your spouse.
Examples I’ve seen?
- “Who would you be if no one were watching?”
- “What’s the real payoff you get from staying stuck?”
- “What fear are you dressing up as strategy?”
This is the kind of inner work that creates outer breakthroughs.
Step 3: The 7-day recalibration
ChatGPT won’t just tell you what’s broken. It’ll coach you into momentum — one day at a time.
You’ll get:
- Day-by-day prompts
- Mini behavior shifts
- Journaling that reveals patterns
- One small stretch every day that rewires your habits
No fluff. No vague inspiration.
Just specific, measurable action — for seven days straight.
Here’s where it gets wildly powerful:
Because ChatGPT now remembers everything about you, you can treat this like a daily mindset mentor.
It knows:
- What patterns you’ve broken
- What you’re avoiding
- What you’re afraid to admit — even to yourself
You can literally say:
- “I’ve got a big presentation this week. What behavior traps should I watch for?”
- “I’m feeling stuck again — help me course correct.”
And it will coach you like someone who’s been with you through it all.
Use this every day. It’s the most consistent, context-aware mentor you’ll ever have.
How to use this (right now)
- Paste the prompt into ChatGPT (use GPT-4 or Advanced Reasoning, if available).
- Sit with the feedback. Don’t skim it. Let it sting.
- Do the 7-day challenge. Commit. Even if it feels awkward. Especially then.
- Bookmark it. Re-run the prompt every 30 days to stay sharp and self-aware.
You’ve tried the strategies. You’ve read the books. But you can’t out-market a mindset that’s quietly holding you back. And no one’s coming to call you out. Except this.
This one prompt might be the most honest voice in your business right now. Use it. Face it. Grow through it.
Then go become the agent — and the leader — you were meant to be.
Drew Thompson is the head of agent performance and head coach at Real. Connect with him on Instagram and LinkedIn.
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by Matt Carter | Apr 22, 2025 | Industry, News Feed
In April, we’ll go deep on money and finance for a special theme month, by talking to leaders about where the mortgage market is heading and how technology and business strategies are evolving to suit the needs of buyers now. Inman’s Best of Finance returns for 2025, celebrating the leaders in this space. And subscribe to Mortgage Brief for weekly updates all year long.
The Trump administration’s attempt to undo a settlement in a fair lending case that the government reached with a Chicago mortgage broker just days before the November election is an “unprecedented” request that would establish a “dangerous and destabilizing precedent” if granted, according to fair housing and consumer protection groups opposing the move in court.
Under new leadership since the election, the Consumer Financial Protection Bureau has dropped at least nine pending consumer lawsuits, and the Trump administration is also embroiled in a court battle over its plans to fire all but 200 of the consumer watchdog’s 1,700 employees and hand many of its duties back to states.
But in seeking to vacate a settlement it reached with Townstone Financial Inc. and its owner, Barry Sturner, last year, the CFPB’s new leadership has taken the remarkable step of trying to undo an enforcement action the bureau achieved after more than four years of litigation.
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The motivation for undoing the settlement is not new information about the law or facts, as the CFPB claims, but boils down to a policy disagreement, 14 nonprofit fair housing and consumer protection groups alleged in an April 4 amicus brief opposing the move.
The “unprecedented relief” sought by the CFPB “would invite a host of similar docket clogging motions at the beginning of each new presidential administration, undermining public confidence in the finality of judicial orders and wasting the courts’ and agencies’ time rehashing old cases instead of addressing current controversies,” the groups said. “The parties point to no other case where a court anywhere in the country vacated a final judgment because incoming agency leadership disagreed with the decision to litigate the case leading to that judgment.”
The groups — including the National Fair Housing Alliance, the American Civil Liberties Union, the Consumer Federation of America and the National Consumer Law Center — were granted standing to file the amicus brief after the CFPB essentially switched sides in the case against Townstone.
Case filed during Trump’s first term
The CFPB sued Townstone in July 2020 — the final year of the first Trump administration, when the bureau was led by Trump appointee Kathy Kraninger.
Townstone was accused of broadcasting statements on an AM radio show and podcast that effectively discouraged Black residents from applying for loans.
In a 2016 episode, for example, Sturner allegedly said that between Friday and Monday, it’s “hoodlum weekend” on the South Side of Chicago, and that police are “the only ones between that turning into a real war zone and keeping it where it’s kind of at.”
The CFPB alleged that Black applicants accounted for only 1.4 percent of the 2,700 mortgage requests fielded by the mortgage broker in the Chicago market from 2014 to 2017, compared to 9.8 percent of applications taken by its competitors.
After more than four years of litigation, Townstone settled the case in November, agreeing to pay a $105,000 fine without admitting to or denying the allegations against it.
The proposed settlement was submitted for court approval on Nov. 1 — four days before the 2024 presidential election — and approved by the court on Nov. 7, two days after Trump was elected to a second term.
After Townstone paid the fine, the CFPB and attorneys for Townstone filed a motion to vacate the judgment, seeking not only a refund for Townstone but to revoke requirements that the company (or its successors) implement additional policies, procedures, education and training of employees to prevent discrimination for five years.
In their March 26 motion to vacate the settlement, attorneys for the CFPB claimed they’d uncovered evidence that Townstone was targeted “based on the political views of its owner,” and that that CFPB lawyers “misled their superior” — suggesting that Kraninger may have decided to proceed with the case based on incomplete or inaccurate information.
The CFPB also found fault with its investigators’ use of audio mining software to search Townstone’s radio show and podcasts, identifying 16 minutes out of nearly 79 hours of radio content that formed the heart of the case.
“CFPB abused its power, used radical ‘equity’ arguments to tag Townstone as racist with zero evidence, and spent years persecuting and extorting them – all to further the goal of mandating DEI in lending via their regulation by enforcement tactics,” CFPB Acting Director Russ Vought said in a March 26 press release.
But searching hours of publicly available audio programming for key terms is “certainly a more efficient use of government resources than having investigators listen to every episode in real time,” fair housing and consumer protection groups said in opposing the CFPB’s motion to vacate the settlement.
The information that CFPB lawyers were accused of omitting from a memo to Kraninger concerned case law that the attorneys may not have considered relevant, the groups said.
No ruling on First Amendment issues
While the CFPB maintained that the speech in question was not protected by the First Amendment because it was advertising, neither the trial court nor the appeals court weighed in on the First Amendment issues in the case.
Not in dispute is that Townstone employees made six “racially charged statements,” and that the case weighed on whether any or all of them would have discouraged a “reasonable [Black] person from making or pursuing” a mortgage loan, the consumer groups said in their amicus brief.
There are only six circumstances in which courts can undo a final judgement, the groups said, including “a mistake,” “newly discovered evidence,” and “fraud … misrepresentation, or misconduct.”
The CFPB is seeking to overturn the judgment under a catch-all provision, they said: “Any other reason that justifies relief.”
In an April 15 response, lawyers for the CFPB and Townstone said the bureau moved to vacate the settlement “not because of a change in leadership, but because it discovered that the Townstone case lacked any evidence of actual discrimination, lacked any actual consumers who complained about anything Townstone did, and was both brought and pursued because CFPB disliked Townstone’s speech.”
Vacating the settlement “will not open the floodgates to other efforts to vacate cases, unless those other efforts involve cases, such as this one, in which agencies have used baseless lawsuits to target individuals because of their speech,” CFPB lawyers said.
“Boiled down to its essence, CFPB’s case turned on an alleged statistical disparity in minority mortgage applications between Townstone and unknown (and unrevealed) ‘peer lenders’ and six statements that represented a mere 16 minutes out of 78 hours of total programming from Townstone’s radio show,” the CFPB now maintains.
“As the parties pointed out in their opening brief, a mere statistical disparity in applications is not actionable” under the Equal Credit Opportunity Act, CFPB lawyers said.
“The entire case was built on speech that CFPB lawyers did not like,” the CFPB now says. “That speech was not bigoted — it was, at worst, offensive.”
Even if it were, bigotry “is actionable only if it results in injury to a plaintiff; there must be a real link between the bigotry and an adverse … action,” CFPB attorneys said, citing a 2003 ruling by the Seventh Circuit Court of Appeals in Adams v. Wal-Mart Stores Inc.
At an April 8 hearing, U.S. District Court Judge Franklin Valderrama said he would consider the amicus brief filed by fair housing and consumer groups when deciding the CFPP’s motion to vacate the settlement and that the trial court “may set this matter for an in-person hearing following the review of the filings.”
Valderrama on March 26 granted Mark Paoletta and other attorneys representing the CFPB standing to appear before his court in Illinois, but minutes of the hearing noted that, “At this time, the case remains closed.”
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by Richelle Hammiel | Apr 22, 2025 | Industry, News Feed
First American Financial Corp. terminated CEO Kenneth DeGiorgio “without cause” on April 10 after authorities charged the title insurance veteran with misdemeanor assault aboard a cruise.
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Ousted First American Financial Corp. CEO Kenneth DeGiorgio is set to receive $18.6 million in severance and other pay after being accused of choking a passenger on a cruise ship in March, according to a revised proxy statement.
First American terminated DeGiorgio “without cause,” effective April 10, after the two-decade veteran of the title insurance firm was arrested and charged with misdemeanor assault. Despite the altercation, the former CEO is entitled to $7.24 million in severance and $11.34 million in accelerated vesting of stocks and retirement plan benefits, according to the amended proxy statement.
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The altercation aboard a Virgin Voyages cruise ship on March 31 began after DeGiorgio’s wife, Nichol, asked an unidentified passenger to put his shoes on after the man had been dancing barefoot inside the ship’s “On The Rocks Bar.” When the passenger — referred to as “M.A.” in the complaint — refused, DeGirgio threatened the man at a bar before choking him, according to an affidavit filed in the U.S. District Court in Puerto Rico.
“Look, we are all adults here. Can you put your shoes on?” Nichol reportedly asked as the cruise waded approximately 70 miles west of Fort-de-France, Martinique. The passenger allegedly responded with an obscenity, calling her a derogatory name before flipping her off.
Although DeGiorgio’s legal team contends he acted in defense of his wife and will be cleared of wrongdoing, First American opted to part ways with the former CEO.
If DeGiorgio had been terminated due to a change in control — such as a merger or sale — his payout would have totaled nearly $27 million, the proxy statement shows. It also reflects a correction: an earlier version listed DeGiorgio’s payout as $16.4 million, excluding additional elements incorrectly categorized under “Disability,” according to Fortune.
Amid the fallout, First American swiftly announced a series of executive changes on April 15, with longtime executive Mark E. Seaton replacing DeGiorgio as CEO and Matt Wajner promoted to Chief Financial Officer. Dennis Gilmore, meanwhile, was named executive chairman.
The salaries of several executives, including DeGiorgio, were also recently adjusted, according to the proxy statement, with the former CEO’s base salary rising from $925,000 to $1 million annually through the end of 2027. Seaton and Wajner also saw salary adjustments.
Georgetown University professor and corporate governance expert Jason Schloetzer told Fortune that boards occasionally terminate CEOs without cause when facing misconduct allegations — even without conviction — to protect the company’s reputation, maintain stability and avoid legal battles.
“Terminating without cause reduces the risk of a wrongful termination lawsuit,” Schloetzer told Fortune, “especially when the charges haven’t yet resulted in a conviction and the board cannot prove the CEO’s involvement in the misconduct.”
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by Lillian Dickerson | Apr 22, 2025 | Industry, News Feed
Bigger. Better. Bolder. Inman Connect is heading to San Diego. Join thousands of real estate pros, connect with the Inman Community and gain insights from hundreds of leading minds shaping the industry. If you’re ready to grow your business and invest in yourself, this is where you need to be. Go BIG in San Diego!
You know it’s a tough market when an agent thinks his next best option is trying to smuggle nearly 164 pounds of cocaine through Chicago’s Union Station.
That’s what LA-based agent Jerome Nalbandian resorted to this month, but authorities stopped him in his tracks once they saw him on April 13 toting four roller bags loaded up with 75.15 kilos of suspected cocaine through the station.
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“Wow. That’s a lot,” Cook County Circuit Court Judge Deidre Dyer said during Nalbandian’s first court appearance, CWB Chicago reported. “I mean, that’s a lot.”
“I’m totally shocked it’s not a federal case,” Judge Dyer continued, “but whatever. Nobody comes from another state with that many kilos. I don’t know. But I guess somebody in the drug unit was just itching to file something.”
According to California’s Department of Real Estate license records, Nalbandian is currently licensed with Dream Team Real Estate Consultants, Inc., based in Sherman Oaks, California. He also has a profile on Equity Union Real Estate’s website, a company that Dream Team Real Estate Consultants, Inc. also does business as, which says he specializes in residential sales across Southern California, including single-family properties, condos and investment properties, as well as some commercial and land sales. His bio on that website states he “brings an uncompromising level of responsive, attentive service — while adhering to the highest level of ethical standards.”
Nalbandian could not be reached for comment.
The state of the market has taken a toll on some agents in the last few years, which may be prompting some — like Nalbandian — to pursue other side hustles.
Cocaine and other illegal substances are often traded by what’s known as an 8-ball, or one-eighth of an ounce, according to the Carolina Center for Recovery. An 8-ball can be sold for anywhere between $120 to $300. Nalbandian had enough cocaine for about 21,208 8-balls, which could net him up to $6.36 million.
With the median home sales price at $419,200 as of the end of 2024, according to the Federal Reserve Bank of St. Louis, if an agent is earning a 2.5 percent commission on a typical sale, they’re earning about $10,480 per transaction. In order to earn the same amount as selling 21,208 8-balls of cocaine, Nalbandian would have to sell a little over 606 homes.
In this market, it appears that Nalbandian thought the cocaine was a surer bet — albeit a more risky one.
Judge Dyer confirmed in court with prosecutors, a public defender and court officers that Nalbandian had never been arrested before and that the state was not attempting to detain him. She released him to await trial on charges of trafficking a controlled substance.
But before she let Nalbandian go, Judge Dyer gave him a stern warning.
“So I’m just telling you, you can mess around and go back to California and think it’s not just going to away,” the judge said. “So it would behoove you to get to all of your court dates. For this class of offense, if you fail to come to court, I’m certain we would come and get you and assist you back here. Just so you know.”
Correction: The number of homes someone would need to sell at a roughly 2.5 percent commission on a $419,200 home to meet a profit of $6.36 million would be over 606 homes. A math error in a previous version of this story stated that only 21 homes would need to be sold to meet the same profit as selling the amount of cocaine Nalbandian had in his possession.
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