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Douglas Elliman CEO Michael Liebowitz kicked off Inman On Tour Miami Tuesday morning with a defense of private listings, saying that consumers should have choices — and offering some slight criticism of other unnamed players who are also championing the private listing concept.

Liebowitz appeared as part of a three-person panel, and began his comments by saying that the real estate industry is currently experiencing significant change. One of the largest of those choices has to do with private listings, Liebowitz said, adding that “I’m a big believer in you’ve got to give the client choice.”

“It’s for me as the CEO of a company to make sure the client understands the risks,” Liebowitz continued, adding a moment later that “you have to offer choice.”

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Liebowitz went on to say that a listing is likely to get a better price if more people can see it, but that different homeowners have different priorities and an agent’s job is to educate. He added that he himself once listed his own home as a private listing years ago due to concerns about how his neighbors might react to the news that he was moving. However, Liebowitz said, he eventually ended up listing the home publicly, which led to him finding a buyer.

Michael Liebowitz on stage at Inman On Tour Miami on Tuesday. Credit: Mike Nyffeler with AJ Canaria Creative Services

A debate over private listings has roiled the real estate industry in recent months. On the one hand, proponents of the concept have argued that it gives homeowners choice and potentially protects their privacy, among other things. The most publicly vocal advocate of private listings in the industry has been Compass CEO Robert Reffkin, who has made the concept a centerpiece of his brokerage’s marketing efforts. However, other companies have also rolled out their own private listing networks.

However, private listings also have many critics who argue that the concept potentially has negative impacts on fair housing, and that an open marketplace is most beneficial to homeowners. Zillow has been among the entities taking this position, and went so far as to ban privately marketed listings from its platform.

Zillow Chief Industry Development Officer Errol Samuelson also appeared on Tuesday’s panel with Liebowitz, though Samuelson’s comments focused primarily on artificial intelligence.

During his remarks, Liebowitz did not mention any other companies by name. However, he did hint that he doesn’t agree with how some brokerages have engaged with the private listing concept.

“Others are using it for different reasons than that,” Liebowitz said after discussing private listings as a tool advancing consumer choice. “They’re using it for other business plans. We are focused on the client.”

In addition to Liebowitz and Samuelson, LPT founder and CEO Robert Palmer also appeared during Tuesday morning’s panel. Much of Palmer’s commentary focused on the market, with him noting that “right now, our kind of word of the year so far is maybe ‘uncertainty.’”

However, Palmer also weighed in on private listings, saying that “if it’s truly a private listing, great.” However, he criticized private listings that don’t end up in a multiple listing service but are nevertheless marketed to the public in other forums.

“If private listing becomes proxy for circumventing cooperation,” Palmer said, “I think that becomes a problem.”

Email Jim Dalrymple II

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Elevated development costs have increasingly derailed the apartment construction pipeline, particularly in markets that had already begun to show signs of strain. The deceleration isn’t isolated to one factor; instead, it stems from a convergence of rising interest rates, material inflation and policy-induced uncertainty, especially concerning tariffs.

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What once was a thriving pipeline in major metros now reflects sharp drops in new starts, with deals often stalling even as rent benchmarks climb. Rents in many core markets have yet to reach levels capable of offsetting the compounded carrying and construction costs developers currently face, leading institutional capital to pivot away from speculative development and toward existing multifamily assets.

The downstream effects of that shift are already apparent. As new deliveries slow, the imbalance between rental demand and available inventory grows more pronounced.

Institutional investors understand the math — buildings under construction today won’t reach the market for 18 to 24 months. That visibility into future supply gives the multifamily sector a degree of clarity absent in other asset classes right now.

The leasing environment has tightened, with housing completions falling sharply in the past year. Strong demand persists, yet available units remain limited. The result: rising occupancy levels, climbing rents and accelerated competition across mid-market rental inventory.

Development

Although secondary markets like Phoenix, Arizona; Austin, Texas; and Nashville, Tennessee, experienced a brief cooling period due to overbuilding during the previous capital cycle, they remain outliers.

In most urban cores and high-barrier metros, the scarcity of new development is producing significant upward pressure on pricing. And while volatility tied to interest rates or trade policy may continue to cloud broader macro forecasts, the pipeline for multifamily supply remains quantifiable.

Cranes are few. Entitlements have stalled. Financing remains expensive. Against that backdrop, investors are increasingly aligning their strategies with sectors grounded in predictable fundamentals, and for now, multifamily’s constrained pipeline offers precisely that.

Further amplifying the issue is the parallel stagnation in single-family home production. Entry-level homes, once a pressure release valve for renters seeking to transition into homeownership, have grown cost-prohibitive amid escalating mortgage rates and tight labor markets.

With first-time buyers sidelined, more households remain in the rental pool longer, compounding multifamily demand when supply growth has hit a wall. The result is a layered strain on availability, pushing absorption rates even higher and driving sustained upward rent momentum.

Demand

These factors reflect a deeper structural divergence between housing demand and the system’s ability to deliver new units under current cost conditions. While no forecast can fully anticipate regulatory swings or financial disruptions, the known constraint on incoming supply sets the stage for a sustained landlord-favorable environment, especially in stable markets with high in-migration and tight zoning.

The near-term multifamily narrative won’t center on speculative optimism or economic guesswork; it will reflect the hard limits on how much (and how quickly) one can realistically deliver new housing.

Michael H. Zaransky is the founder and managing principal of MZ Capital Partners in Northbrook, Illinois. Founded in 2005, the company deals in multifamily properties.

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!

Your online presence is your first impression, and it takes more than uploading your headshot and hoping your brokerage website does the heavy lifting.

Your digital presence isn’t just your online business card; it’s how clients, friends-of-friends and complete strangers decide if you’re someone they’d trust to help them make one of the biggest financial decisions of their lives.

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Whether you’re just getting started or circling back to clean things up, here’s your go-to checklist to set up your digital profiles the right way from the start.

1. Start with an audit: Google Yourself

Let’s be real — if someone recommends you, the first thing that person is going to do is Google you. So, do it yourself first.

What comes up? Your LinkedIn profile from five years ago? Your wedding announcement from 2015? A college blog you forgot existed?

Take a minute to check what other people are seeing when they search your name. Make note of what you’d like to update, clean up or build out to take control of your online presence.

2. Level up your LinkedIn

Yes, people do check LinkedIn — even for real estate agents.

They might not spend the time scrolling and socializing on LinkedIn that they do on Facebook and Instagram, but it’s one of the first things that comes up when someone searches your name.

Make sure your profile is up to date with a recent professional headshot, a headline that goes beyond just “real estate agent” (such as: “helping [city] buyers and sellers navigate their next move with ease”), and fill out your “About” section with your most recent professional bio and links to your website and any other social media profiles where you’re active.

A strong LinkedIn profile helps build credibility, especially with relocation clients and professionals who live on LinkedIn more than Instagram.

3. Optimize your Instagram bio

Think of your Instagram bio like your 15-second elevator pitch. 

It needs to include your full name, what you do, who you help and what city you live and work in (it’s shocking how many bios skip this!). 

It’s also a best practice to include how to contact you, either by linking to your website, phone number or a DM-friendly CTA. 

4. Clean up your Facebook

Your personal Facebook profile will be found — so make sure it looks how you want it to. 

That doesn’t mean you need to start blasting business posts on your personal page. But it does mean you should make sure your profile picture looks like you today, add your business and tag your brokerage or Facebook business page in the About section, and adjust your privacy settings if you don’t want certain posts to be public. 

You can also pin a post or update your cover photo with information about your real estate business.

5. Claim (or update) your Google Business Profile

This is one of the most overlooked things new agents forget to do.

A Google Business Profile helps you show up in local searches and builds trust with people who are looking for an agent nearby.

Make sure to:

• Claim your profile (or ask your brokerage if they have one you can be added to)
• Add your headshot or professional photo
• Fill out your contact details
• Share a short bio about the work you do
• Start gathering reviews as soon as you can

6. Update your email signature

This one is easy to overlook, but your email signature shows up on every single email you send.

It should include your full name and title, your phone number, email address, website link and social media icons/links for the platforms you actually use. 

7. Brand your first posts intentionally

Before you start posting listings and getting down to business, post a quick “who you are and who you help” introduction. 

Let your friends, family and network know you’re in real estate, who you work with, and how they can refer you.

Need ideas?

• A selfie or brand photo with a caption about why you decided to get into real estate
• A post sharing your local market specialty and how people can contact you
• A fun “5 Things About Me” post that mixes personal and professional

This isn’t just content — it’s positioning. It sets the tone for how people think about you from Day 1.

8. Start building local authority

Don’t just post about being a real estate agent. Post like you live in your community. 

Share your favorite coffee shops, parks or restaurants; highlight local events or small businesses; and be sure to celebrate clients or share real estate tips specific to your market

This keeps you top of mind with people who aren’t actively buying or selling — yet.

9. Review monthly and adjust as you go

Your online presence isn’t something you “set and forget.” Block 30 minutes on your calendar once a month to check in and do some online housekeeping. Google yourself regularly to make sure nothing weird pops up, update your bio if your focus shifts, and add new photos or content to keep things fresh.

Your digital presence is your storefront, and it’s open 24/7. Make sure it’s working for you, not against you.

Because when someone thinks, “I need a real estate agent,” your name should be the one they see everywhere and actually want to reach out to.

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!

In the ever-evolving world of real estate, relationships are everything. While marketing strategies, open houses and digital ads all play essential roles, the foundation of sustainable success lies in leveraging your sphere of influence (SOI) — the network of people who know you, like you and trust you.

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Let’s explore how categorizing your SOI into A, B and C leads can transform your pipeline and maximize your business potential.

Understanding the SOI pipeline

Over the years, I’ve conceptualized the SOI as a pipeline with three distinct categories of leads:

• C leads: These are people who know you or know of you. They’re at the top of your funnel and might recognize your name from a postcard, a social event or a social media post, or they have met you in person. While they’re not ready to transact or refer you just yet, they represent opportunity.
• B leads: These individuals know of you or like you personally. You’ve made a positive impression through your marketing, events or interactions. However, they haven’t reached the trust level necessary to choose you as their agent — or recommend you to others.
• A leads: The holy grail. These people know you (or know of you), like you and trust you. They’re ready to do business or provide referrals. Trust is the key differentiator here, cultivated by consistently delivering on promises and establishing credibility.

Your ultimate goal is to move leads down the funnel, transforming Cs into Bs and Bs into As. It’s not just about transactions; it’s about creating ambassadors or raving fans for your business.

Building the know, like, trust factor

Success starts with answering three essential questions for every interaction, marketing piece or event:

1. Does this help people get to know me?
2. Does this help people like me?
3. Does this help people trust me?

Getting them to know you

People don’t need to meet you in person to know you. They can recognize your brand through various touchpoints:

• Social media: Share posts that reflect your personality and expertise, from market updates to moments with your family or pets.
• Community involvement: Join boards, participate in local events, or volunteer. Be visible and active.
• Marketing pieces: Repetition is key. A monthly postcard, newsletter or email keeps you top of mind. Brand impressions build familiarity over time.
• Door knocking or cold calling is an effective way to get people to know you, put a face to a name, and get a feel for your personality and demeanor. 

Getting them to like you

Once people know you or know of you, the next step is earning their affinity. This comes from authentic, meaningful interactions.

• Conversations: Whether at open houses, events, casual encounters, door knocking or cold calling, be approachable and kind.
• Content value: Offer valuable insights, such as market stats, tips for homebuyers or quality neighborhood intel.
• Actions in the community: Your behavior at events speaks volumes. Simple gestures, like helping a child at a community gathering, always being pleasant and approachable, coaching kids’ sports or volunteering philanthropically, can leave a lasting impression.

Getting them to trust you

Trust is the hardest yet most critical element to establish. Here’s how:

• Deliver on promises: When you say you’ll do something, follow through.
• Testimonials: Leverage reviews to boost credibility. Even if you’re new, ask for character testimonials from friends, family or past colleagues.
• Knowledge base: Be a resource. When someone asks about the market, provide thoughtful, informed answers that demonstrate your expertise.
• Philanthropy: Give of your time to charitable events or causes. It shows people that you are not self-serving and are trustworthy. 

Practical strategies for success

1. Be consistent in marketing: Every flyer, email and postcard should answer the “know-like-trust” question. Include testimonials or reviews to build trust quickly. A two-line quote, such as “Terry LeClair was professional and personable — highly recommend!” can make a big impact.
2. Host events: Community events are powerful for relationship-building. Whether it’s a seasonal celebration or a neighborhood cleanup, they allow people to know, like and trust you organically.
3. Engage beyond participation: Don’t just join a club — be active. Lead a committee, or organize events. Active involvement creates deeper connections and showcases your reliability.
4. Leverage testimonials: Use platforms like Testimonial Tree, or ask for character testimonials from your network. These build credibility, even if you haven’t yet closed many transactions.
5. Humanize your brand: Social media isn’t just for listings. Post about your hobbies, family, community engagements or philanthropy to make you relatable and approachable.

The long game: Turning Cs into Bs, and Bs into As

The beauty of this SOI methodology is its simplicity. By focusing on moving leads through the pipeline, you create a self-sustaining business cycle. Every interaction matters, whether it’s a quick chat at a dinner party or a thoughtfully written postcard.

Remember, it’s not about having the largest SOI; it’s about nurturing it. The more people who know, like and trust you, the more you’ll see your business and reputation flourish.

Terry LeClair is a seasoned real estate professional and trainer with over 30 years of experience. Connect with him on Instagram and LinkedIn.

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!

Mortgage rates surged Monday after Moody’s Ratings downgraded the U.S.’s credit rating over concerns that “successive U.S. administrations” and Congress have failed to tackle the nation’s annual budget deficits and growing interest costs.

With Republicans poised to extend tax cuts implemented during the first Trump administration — and with mandatory spending on Social Security, Medicare and interest payments on U.S. debt also expected to rise — Moody’s downgraded the U.S.’s long-term issuer and senior unsecured ratings to Aa1 from Aaa.

“This one-notch downgrade on our 21-notch rating scale reflects the increase over more than a decade in government debt and interest payment ratios to levels that are significantly higher than similarly rated sovereigns,” Moody’s analysts said.

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The downgrade represented “a major symbolic move” since the other major rating agencies had already stripped the U.S. of its top credit rating, analysts at Deutsche Bank said in a note to clients.

The announcement — made minutes before bond markets closed Friday — helped drive rates on 30-year fixed-rate mortgages up seven basis points Monday, to 6.99 percent, according to data tracked by Mortgage News Daily.

Yields on 10-year Treasury notes, a barometer for mortgage rates, briefly touched a high of 4.56 percent Monday, up 17 basis points from Friday’s low of 4.39 percent.

Appearing on NBC’s Meet the Press on Sunday, Treasury Secretary Scott Bessent dismissed the downgrade by Moody’s and other agencies as a “lagging indicator,” and pointed the finger of blame at the Biden administration.

“We didn’t get here in the past 100 days — it’s the Biden administration and the spending that we have seen over the past four years,” Bessent told NBC’s Kristen Welker. “We inherited a 6.7 percent deficit relative to GDP — the highest when we weren’t in a recession or not in a war — and we are determined to bring the spending down and grow the economy.”

Welker pointed out that the first Trump administration added $8 trillion to the nation’s debt, which economists attribute to 2017 tax cuts and a surge in spending during the pandemic.

Bessent objected that the Trump administration handled “the rescue portion of COVID” while the Biden administration was responsible for “the recovery portion.”

Moody’s analysts said U.S. debt, which hit $36.2 trillion last year, has been rising sharply for more than a decade, as federal spending increased and tax cuts brought in less revenue.

They noted that most federal spending — 73 percent in 2024 — is on mandatory entitlement programs like Social Security, Medicare and interest on the U.S. debt, which has soared to more than $1 trillion annually.

“Without adjustments to taxation and spending, we expect budget flexibility to remain limited, with mandatory spending, including interest expense, projected to rise to around 78 percent of total spending by 2035,” Moody’s analysts said.

If the 2017 Tax Cuts and Jobs Act is extended — as Trump and Congressional Republicans are pushing for — that would add around $4 trillion to the federal fiscal primary (excluding interest payments) deficit over the next decade, Moody’s analysts concluded.

Just back from a trip to the Mideast, Bessent claimed countries in the region are poised to invest trillions of dollars in the U.S.

“Who cares?” Bessent said of the Moody’s downgrade. “Qatar doesn’t, Saudi [Arabia] doesn’t,  UAE doesn’t — they’re all pushing money in. They’ve made 10-year investment plans. This administration, we’re doing peace deals, trade deals and tax deals.”

Federal deficit as a percentage of GDP

Economist Stephen Moore — a Project 2025 author who Trump tried to appoint to the Federal Reserve’s governing board in 2019 — lashed out at Moody’s Ratings in a Fox Business op-ed Monday.

Although Moody’s was the last of the credit rating agencies to downgrade the U.S.’s credit rating, Moore called the timing of the downgrade “particularly suspicious,” coming “just as Congress is voting on the Trump tax cut.”

“What Moody’s and other credit-rating agencies still can’t understand is that tax cuts like Ronald Reagan’s in 1981 and Trump’s 2017 bill grow the economy and, over time, lower the debt burden as a share of the nation’s wealth,” Moore wrote. “More people working and less people on welfare is a great way to lower debt spending. If we can get the growth rate up to 3 percent — which President Trump is aiming for — the debt burden starts to shrink.”

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Email Matt Carter