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.

EXp Realty Director of Growth for California Troy Palmquist has been promoted to the brokerage’s vice president of growth and product marketing, according to an announcement on Friday. In his new role, Palmquist will lead eXp’s recruitment and retention strategies alongside the promotion of a growing list of divisions, including eXp Commercial and eXp Farm & Ranch.

Wendy Forsythe

“Troy’s leadership and deep understanding of the real estate industry will be invaluable as we continue to scale our marketing strategy and support our agents,” eXp Realty Chief Marketing Officer Wendy Forsythe said in a written statement. “His passion for the industry and agent success aligns perfectly with our mission and values.”

Palmquist has nearly 20 years of industry experience, including sales and leadership roles at RE/MAX, Engel & Völkers and Wedgewood Enterprise Group.

In 2017, Palmquist launched The Address, a multimillion-dollar indie brokerage that took the SoCal market by storm with expansions into Agoura Hills, Newport Beach, Oxnard, Malibu, and Long Beach. Palmquist sold The Address in 2018 and stayed as the broker of record for another four years until Corcoran Global Living bought the company in January 2022.

Troy Palmquist

After closing the door on The Address, Palmquist co-founded the full-service brokerage and interior design firm DOORA Properties with designer Antoinette Fargo. In October 2023, Palmquist moved DOORA to eXp Realty and became the brokerage’s California director of growth.

“I am honored to be part of eXp Realty, a true category disruptor in the real estate industry,” Palmquist said. “I look forward to leveraging my experience to drive growth and innovation, and to support our agents in achieving their highest potential. It’s amazing how one conversation can change your life. I am incredibly grateful for the leadership at eXp, and I love being part of this company.”

Palmquist is the latest in a series of upgrades eXp Realty has made to its leadership lineup, with star marketing and branding strategist Wendy Forsythe and leading Florida broker Kendall Bonner taking on high-level roles. In April, eXp also promoted seven leaders to high-level growth and agent success roles for the U.S. and Canada, a move eXp Realty Chief Growth Officer Michael Valdes said was “designed to harness the potential” of eXp’s team.

“As we navigate a fluctuating economic landscape, it is crucial that we continue to innovate and double down on our growth efforts, ensuring that eXp Realty remains a leader in the real estate industry,” he told Inman. “I am confident that with our new team in place, we can drive significant growth and help our agents to thrive in any market condition.”

Email Marian McPherson

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.

Twelve real estate startups will brave the stage at the National Association of Realtors’ technology conference at the end of August, the 1.5 million-member trade group announced Thursday.

The contestants, several of which are powered by artificial intelligence, offer 3D-printed homes, a tool to identify homes at risk for natural disasters, and mortgage loan readiness assistance, among other products and services.

NAR’s sixth annual Innovation, Opportunity & Investment (iOi) Summit will take place Aug. 28 and 29 at the Sheraton Grand Chicago Riverwalk in Chicago.

The event is best known for its “Pitch Battle,” a contest hosted by NAR’s for-profit investment subsidiary Second Century Ventures, in which aspiring real estate tech startups vie for $15,000 in cash and the attention of venture capitalists and others who could help them make a splash in the industry.

“The Pitch Battle highlights innovation and impactful solutions to some of real estate’s pressing challenges,” said Dan Weisman, NAR director of innovation strategy, in a statement.

“iOi Summit offers both startups and investors a platform to forge game-changing connections and previews up-and-coming technologies that will transform our industry for the better.”

The live Pitch Battle will take place on Aug. 28 and the winner will be announced Aug. 29. Each contestant will have four minutes to make their pitch and then another four minutes to answer questions from the Pitch Battle judges.

According to NAR, the prize package is winner-takes-all and includes $15,000, a booth at NAR’s NXT conference in November, a meeting with SCV’s executive team and a feature in Realtor Magazine.

Here are the 12 contestants, along with NAR-provided descriptions:

• Azure builds sustainable and affordable housing using 3D printing technology.
• Faura provides loss control solutions for insurance companies and homeowners in high-risk properties.
• Home Lending Pal offers equitable solutions to homebuying by utilizing AI-powered underwriter and borrower insights.
• Kukun is a real estate data, analytics and applications platform for homeowners and the industries that serve them.
• LeanCon produces data-driven insights to automate project planning and management for developers and construction companies.
• Maverick Systems leverages data to help brokers identify top talent, foster agent loyalty and optimize performance.
• PremiseHQ creates advanced digital employees to streamline property management tasks.
• PropTexx provides generative AI, data analytics, and actionable, real-time business intelligence for the real estate industry.
• Scout helps agents find and engage homeowners with AI-driven automated personalized email outreach.
• Tether RE improves critical agent safety from initial client contact to closing.
• Tuesday is a social MLS app, built exclusively for agents.
• Unlock helps consumers unlock the power of home equity without interest charges or monthly payments.

Email Andrea V. Brambila.

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July is Luxury Month at Inman. Tune in as we survey the evolving luxury market, explore emerging trends, and talk to top producers and influencers in the ultra-luxury space about how they got where they are today and the insights they’ve gained along the way. The month culminates with the announcement of the expanded Golden I Awards live onstage at Luxury Connect (July 29-30) in Las Vegas.

Entering the world of luxury real estate is both a thrilling and challenging venture. As experts in coaching luxury real estate brokers, teams and elite agents, we understand what it takes to thrive in this high-stakes market. If you’re an aspiring luxury real estate agent, here’s what you need to know.

1. To get into luxury, you need to understand your market

Luxury real estate markets vary greatly by location. Research the area thoroughly to grasp local market trends, demographics and economic factors. Knowing the market means understanding what drives it — from preferred architectural styles to the amenities that attract affluent buyers.

Additionally, familiarize yourself with the competition. Identify other luxury real estate agents and firms, study their strengths and weaknesses and determine how you can position yourself effectively. By mastering the market, you set the foundation for your success.

2. To get into luxury, you need to build a strong network

Relationships are everything in luxury real estate. Develop connections with high-net-worth individuals, luxury home builders, architects and interior designers. These relationships can provide valuable leads and partnerships.

Join exclusive groups and elite real estate organizations. Membership in clubs and professional associations can enhance your credibility and give you access to potential clients. Networking isn’t just about who you know; it’s about who knows you.

3. To get into luxury, you need effective marketing and branding

Your brand should scream luxury. Create high-quality marketing materials, invest in professional photography and maintain a polished online presence. Your branding needs to reflect the elegance and sophistication of the luxury market.

Utilize digital marketing to its fullest potential. A strong online presence, from a professional website to active social media profiles and targeted digital advertising, is crucial. Implement sophisticated marketing techniques, including professional staging, virtual tours and targeted digital campaigns. High-end marketing sets you apart and attracts discerning buyers.

4. To get into luxury, you need legal and financial knowledge

Luxury real estate transactions are complex. Understand the local laws, tax implications and zoning regulations that affect these high-stakes deals. Familiarize yourself with the financial aspects, from handling large transactions to understanding financing options available for high-end properties. Being financially savvy and legally knowledgeable positions you as a trusted advisor who can navigate the intricacies of luxury transactions.

5. To get into luxury, you need to provide exceptional client service

Luxury clients have high expectations. They demand top-tier service, so be responsive, discreet and attentive to their needs. Offer personalized services, such as private showings, custom property searches and concierge services to cater to individual client preferences.

Adopt a consultative approach — build long-term relationships, offer ongoing support and provide strategic advice based on deep market expertise. Exceptional service is not just about meeting expectations; it’s about exceeding them.

6. To get into luxury, you need to know luxury amenities

Luxury properties are defined by their features and amenities. Understand what makes a property luxurious, from smart home technology and premium materials to unique architectural details. Highlight the lifestyle benefits, such as proximity to exclusive schools, shopping, dining and recreational facilities. Selling a luxury home is about selling a lifestyle, and you need to communicate this effectively.

7. To get into luxury, you need continuous learning

The luxury market evolves rapidly. Stay updated with the latest trends, technologies and market data through continuous education and professional development. Attend industry conferences, webinars and read relevant publications. Consider obtaining certifications or designations that specialize in luxury real estate to enhance your expertise and credibility. Continuous learning keeps you at the top of your game.

8. To get into luxury, you need effective negotiation skills

Luxury real estate deals often involve significant negotiation. Develop strong negotiation skills to ensure the best outcomes for your clients. Understand your client’s priorities and motivations to negotiate effectively on their behalf. Excel in strategic negotiations, ensuring win-win outcomes that maximize value for both buyers and sellers. Your ability to negotiate can significantly impact your success in the luxury market.

9. To get into luxury, you need to leverage technology

High-end buyers often prefer to view properties remotely before visiting in person. Invest in virtual tours and VR technology to provide immersive experiences. Use data analytics to understand market trends, pricing strategies and client preferences. Embracing technology not only enhances your service but also sets you apart in a competitive market.

11. To get into luxury, you need patience and persistence

Luxury properties typically take longer to sell. Patience and persistence are key in nurturing leads and closing deals. Stay engaged with potential buyers and keep them informed about new opportunities. Establishing yourself in the luxury market can take time. Focus on building a solid reputation through consistent, high-quality service. Ensure clients feel respected, exceed their expectations and provide long-term value. Building lasting relationships can lead to repeat business and referrals.

12. To get into luxury, you need a robust growth framework

Your growth is limited by your systems. Implement efficient systems to manage leads, cash flow and operations effectively. Streamlining your business processes can help you scale efficiently. A system-based approach ensures you’re prepared for growth and can handle the complexities of the luxury market.

By integrating these elements, you position yourself as a successful luxury real estate agent, providing exceptional service and strategic insights to high-end clients. The journey is challenging, but with the right knowledge and approach, it’s incredibly rewarding.

July is Luxury Month at Inman. Tune in as we survey the evolving luxury market, explore emerging trends, and talk to top producers and influencers in the ultra-luxury space about how they got where they are today and the insights they’ve gained along the way. The month culminates with the announcement of the expanded Golden I Awards live onstage at Luxury Connect (July 29-30) in Las Vegas.

Houston-based Nan & Company Properties, an affiliate of Christie’s International Real Estate, has launched an auction division with initial bidding on a Friendswood mansion, the company has announced.

According to The Real Deal, the auction began on July 15 with the listing of FasciaBlaster inventor, Ashley Black’s, estate. The 12,954-square-foot-mansion stretches across 10 acres of land at 405 W. Spreading Oaks Ave. in Houston’s Friendswood suburb.

The 18-year-old, two-story home features six bedrooms and five and a half bathrooms. Inside the mansion, there are custom vaulted wood beam ceilings in the main living room and entertainment rooms. Upstairs, the second floor is divided into two wings, keeping the living quarters private, according to the property’s listing.

To ensure more privacy, the home features a gated entry. Outdoor amenities include a 24-seat hot tub, a resort-style pool and three garages, spacious enough to hold 12 vehicles.

After initially coming to the market with a $4.9 million asking price, the property received a bid of $2.5 million on the first day.

Nan Luxury Auction Concierge, Nan & Company Properties’ service for selling luxury properties at auction, is intended to guarantee impressive sales at quick rates.

Nancy Almodovar | Nan & Company Properties

In a statement to The Real Deal, Nan & Company Properties CEO and President Nancy Almodovar said that the company’s auction division is an outgrowth of the need to serve owners who are searching for a more convenient way to sell their luxury homes.

“A lot of the time, it’s just because they’re unique properties,” Almodovar said. “And the sellers don’t want to deal with your typical [process of] putting it on the market and just kind of waiting.”

Faster deals may be on the table for sellers but so is a list of drawbacks.

Rogers Healy, CEO of Rogers Healy and Associates Real Estate, told the Dallas Morning News that auctions tend to be accompanied by higher upfront fees for sellers and high buyer premiums, which can be up to 10 percent of the purchase price.

Prospective homebuyers can bid on the home by contacting the brokerage.

Houston Business Journal ranked Almodovar its No. 2 luxury agent in 2023. Nan & Company Properties affiliated with Christie’s International Real Estate in February 2017.

Email Richelle Hammiel