by Makenzie Green | Jul 30, 2024 | Industry, News Feed
A panel of marketing and AI experts at Inman Connect Las Vegas discussed how consumer sentiments and product choices can help make homebuying faster and better for the consumer.
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Alex Elias, CEO and co-founder of Qloo, was asked by a skeptical investor to further demonstrate the power of his company’s “cultural artificial intelligence.”
The challenge was to determine the fashion preferences of his neighborhood. So Elias launched the application, drew a polygon around his investor’s home, and asked Qloo for a report.
It predicted the very brand of pants the investor was wearing.
Artificial intelligence’s use in predicting consumer trends is driving remarkable change in the accuracy of advertising messaging, how music services recommend new artists and, to the interest of Inman Connect’s Las Vegas audience, what homes a person may buy.
“We’ve all been using AI longer than we think, from Pandora to Spotify and Netflix, you’re getting intelligence from behind the scenes that sort of decides what it is you consume,” Elias said. “When we started Qloo, we wanted to take that kind of data science and that type of AI to expand it across all categories.”
The company has scaled its AI across a range of industries, such as dining and music and, according to Elias, is most excited about the “enormous implications for real estate.”
Alongside Elias on stage was the founder and CXO — Chief Experience Officer — of Torque, Eric Masi. The Chicago-based company works with real estate companies in all sectors, including industrial. A component of Torque’s mantra is that branding begins with people, and that AI is doing a lot to help us understand how people operate.
“How can you use AI to really build a brand, the brand of a home, the brand of a neighborhood? Well, it’s like dating,” Masi said. “We all want to read the mind of the other person; reading your date’s mind is kind of an obsession.”
Elias agreed, saying that when AI is applied to real estate, it suddenly becomes more individualized and qualitative. He provided an anecdote about how an agent’s intuition will always be valuable to buyers and sellers, but that AI can scale that intuition, and create models around the fundamental expertise of the agent.
“What we’ve come to realize is that [agent intuition] is not that different from how Spotify makes a recommendation,” Elias said. “There’s a super exciting opportunity now with the consumer-friendliness level we’re at with AI to scale that intuition, to empower brokers to really understand the tastes of the people they’re serving.”
The pair agreed that if AI can learn what kind of pants a person in a specific neighborhood is most likely to buy, there’s no reason the industry can’t become better at helping buyers determine what kind of home they want, and general consumer tastes — clothes, music, dining choices — absolutely play a part in that.
A number of startups are capitalizing on Elias’ and Masi’s collective take, using it to better align lifestyles and deep personal wants with available inventory. LocalizeOS, Lundy, Eden, ListAssist and Tomo are a few examples. The major portals, which have a bigger lift to achieve integration, are moving toward more a human search experience, as well.
“Where this gets really interesting is that you can tell your customer base that you have this tool, that you have the ability to really get to what matters to them,” Masi said. “That’s a differentiator. Instead of advertising on a billboard that you know your city, you can say, ‘We have data; we have tools.’ Once you have a great tool, claim it. It’s an edge.”
“In this climate, having data is an edge, it’s an advantage,” said Elias.
by OB Jacobi | Jul 30, 2024 | Industry, News Feed
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Austin’s Kumara Wilcoxon took home the Golden I Award for the nation’s top luxury agent while the Beverly Hills-based Jones Fridman International & Associates was recognized as top luxury team in one of the real estate industry’s most prestigious luxury real estate honors.
The award for top luxury brokerage went to Austin-based Moreland Properties on Tuesday at the Inman Luxury Connect real estate event in Las Vegas.
“You are looking at the crème de la crème of our luxury community,” Inman Head of Community Laura Monroe told attendees while acknowledging the finalists.
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The Golden I Awards are reserved for agents and brokers who hit “record-breaking sales” while demonstrating top-level client service.
In addition to the top agent, team and brokerage distinctions, Golden I Awards were bestowed to developers of top tech tools and specific marketing campaigns.
See the winners — and the full list of finalists — below.
Top Luxury Agent
Kumara Wilcoxon
Sotheby’s International Realty
Kumara Wilcoxon | Sotheby’s International Realty
Top Luxury Team
Jones Fridman International & Associates
Compass
Photos by AJ Canaria Creative Services
Top Luxury Brokerage
Moreland Properties
Photos by AJ Canaria Creative Services
Top Luxury Tech/Tool
Matterport
Photos by AJ Canaria Creative Services
Best Sales & Marketing Campaign for Home/Property
Dawn McKenna Group
Coldwell Banker, Home Alone House
Photos by AJ Canaria Creative Services
Best Sales & Marketing Campaign for New Development
SERHANT.
Mercedes Benz Places, Miami Grand Prix Special Event
The complete list of finalists for each award is below.
Top Luxury Agent finalists
Santiago Arana, The Agency
Carrie Chiang, Corcoran Group
Drew Fenton, Carolwood Estates
Dina Goldentayer, Douglas Elliman
Paul Grover, Berkshire Hathaway HomeServices
Chris Leavitt, Douglas Elliman
Alex Perry, Allie Beth Allman & Associates
Steven Shane, Compass
Tracy Tutor, Douglas Elliman
Kumara Wilcoxon, Sotheby’s International Realty
Top Luxury Team finalists
Chernov Team, The Agency
Daftarian Group
Gullixson Team, Compass
Jones Fridman International & Assoc., Compass
Koch Team, Corcoran Group
Noble Black Team, Douglas Elliman
Tim Allen Properties Team, Coldwell Banker
Williams & Williams, Beverly Hills Estates
Top Luxury Brokerage finalists
The Agency
Brown Harris Stevens
Coldwell Banker
Coldwell Banker Warburg
Corcoran Group
Engel & Völkers
Moreland Properties
Sotheby’s International Realty
Top Luxury Tech/Tool finalists
Concierge Auctions
Curaytor
Luxury Presence
Matterport
Rechat
Best Sales & Marketing Campaign for Home/Property finalists
Dawn McKenna Group, Coldwell Banker, Home Alone House
Shawn Elliot and Zachary Elliot, The Elliot Team, Nest Seekers International, Sean Hannity Long Island Estate
Hedgerow Exclusive Properties, Exclusive Hamptons Dinners with Chef Francis Mallman
Latham Jenkins, Live Water Properties, Jackson Hole Ranch
Best Sales & Marketing Campaign for New Development finalists
Alys Beach, Brand Campaign for Alys Beach
Compass, Rosewood Residences Beverly Hills, Upfronts Event with Wolfgang Puck
SERHANT., Mercedes Benz Places, Miami Grand Prix Special Event
Sixth&Blanco Homes, Bespoke Austin Luxury Residences Campaign
Coldwell Banker and The WG Team, The Brokerage, A Real Estate Firm, Cello Tower Las Vegas Brand Campaign
Best City Sale finalists
Cindy Ambuehl, Christie’s International Real Estate & Mark Norton, Palm Realty Boutique, Kendrick Lamar Brentwood Sale
Noel Berk, Engel & Völkers, 79th Floor of 432 Park, NYC
Eklund Gomes Team, Douglas Elliman, Central Park Tower Penthouse, NYC
Steve Fridich, Fridrich & Clark Realty, Estate on Nashville’s Outskirts
Sotheby’s International Realty, Woolworth Building Penthouse, NYC
Joshua Wesoky, Compass, Greenwich Village Off-Market Townhouse Sale, NYC
Best Beach Sale finalists
Susanne Frisbie, Corcoran & Chris Leavitt, Douglas Elliman, 10 Tarpon Island, Palm Beach, FL
Paul Grover, Berkshire Hathaway HomeServices, Cape Cod Estate, MA
Leslie McElwreath, Joseph Barbieri, and Nikki Field, Sotheby’s International Realty, Copper Beech Farm, Greenwich, CT
Lawrence Moens, Lawrence A. Moens Associates, Palm Beach Oceanfront Plot, FL
Kurt Rappaport, Westside Estate Agency, James Jannard Mansion, Malibu, CA
Spears Group, Compass, Florida Panhandle Sale
Sotheby’s International Realty, La Dune Auction, Southampton
Best Mountain Sale finalists
Lisa Hatem, The Agency, Developer Sale in Aspen
Stephanie Lewis, Christie’s International Real Estate, Aspen Home Swap
David A. Neville and Shawn M. Asbfell, Keller Williams Jackson Hole, 119-acre Ranch
Riley Warwick, Douglas Elliman, Aspen Estate, CO
Carrie Wells, Coldwell Banker Mason Morse, Ranch at Owl Creek, CO
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by Angela Yungk | Jul 30, 2024 | Industry, News Feed
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“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.
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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.
by Amy Stockberger | Jul 30, 2024 | Industry, News Feed
In June, five of the top U.S. markets showed some improvement in housing affordability and supply year-over-year, according to First American’s Real House Price Index, while some markets with improved inventory still struggled with rising costs.
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The housing market has been undersupplied for more than a decade and, alongside increases in housing inventory in a few U.S. markets, mortgage rates and income levels are helping to determine the direction of housing affordability, according to a report from First American Data & Analytics, released on Monday.
In June, only five of the top 50 U.S. markets showed improvement in housing affordability and supply year-over-year: Denver; Tampa, Florida; Portland, Oregon; Austin, Texas; and Raleigh, North Carolina.
According to First American’s Real House Price Index (RHPI), which adjusts prices for purchasing power by considering how income levels and interest rates impact borrowing ability, prices overall decreased 1.3 percent month over month due to lower mortgage rates and positive income growth, while prices increased 3.9 percent year over year.
Median household income was up 3.8 percent year over year, but “was not enough to offset the affordability loss from higher mortgage rates and rising nominal prices,” according to the report.
“While inventory nationally and in most markets is higher than one year ago, it remains low from a historical perspective,” First American chief economist Mark Fleming said. “Nationally, housing supply is nearly 34 [percent] lower compared with June 2019, the summer before the pandemic hit. Nevertheless, as this analysis shows, the faster housing supply increases, the more affordability improves and the strength of a seller’s market wanes.”
Denver’s housing supply grew 28 percent while the real house price decreased 7 percent. Tampa’s inventory grew 62 percent while the real house price decreased 5 percent. Portland’s housing supply grew 20 percent while the real house price decreased 3 percent. Austin’s inventory grew 14 percent while the real house price decreased 2 percent and Raleigh’s inventory grew 30 percent while the real house price decreased 2 percent.
According to the report, some markets saw increases in housing supply that were “quickly absorbed by demand, and fierce market competition continues to fuel robust price appreciation that reduces affordability.”
Cincinnati, Seattle and Memphis, Tennessee, are among those markets that displayed a drop in housing affordability even as inventory improved.
Cincinnati’s inventory grew by 13 percent while affordability decreased 11 percent. Seattle’s inventory grew 25 percent while affordability dropped 9 percent. Memphis’ inventory increased 26 percent while affordability decreased 13 percent.
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by Inman Content Studio | Jul 30, 2024 | Industry, News Feed
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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.”
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