By Jessie Trapp, Marketing Coordinator & Tiana Baur, Content Marketing Manager
This month has been a bit of a whirlwind. In just several weeks we’ve had Inman Connect, tons of tech news, and some announcements that continue to elevate industry pressures on a very real level. A lot of the news has been “hype” and had enough fluff to fill a million build-a-bears, but what are the main headlines we should all be focusing on? We put a little list together of the important news stories that came out in July and recapped them for you.
Here are the top five bites to know in the July Roundup:
1. “Cryptocurrency, Cyber Fraud Focus of Trump Task Force”
Don’t worry, we’re not getting all political. With a new-found focus on cyber fraud in the U.S., real estate will hopefully see less cyber-crime events, especially with cryptocurrency coming into the industry from all angles. Fraud in general, whether that be banks or cyber-related, has heavily impacted the industry. “According to an RISMedia survey, 27 percent of agents and brokers are ‘not sure’ if their brokerage has a cybersecurity policy, and 19 percent have no policy at all. The most common crime is phishing/wire fraud, in which buyers are duped out of their funds.” Hopefully this new focus will find a way to combat it.
2. “Gary Keller Slams Real Estate Startups, Refuses to Sit Down”
Gary Keller made moves at this year’s Inman Connect and made his agents across the nation extremely proud to be with his brokerage. He argued that many real estate tech companies, such as Redfin, Opendoor, etc. would get rid of agents if they could. Agree with his stance or not, he made it very clear and now everyone knows about it. Well played, sir.
3. “The ‘For Sale’ sign gets a modern update”
Well, it’s pretty obvious how we feel about Compass, but putting all that aside for a few moments, they had a major-ish announcement at Inman Connect and it deserves a spot as a top headline. Not only did they turn a rectangle into a circle, but they also illuminated the sign and added a connection to the internet so smart phones can connect. Sort of feels unnecessary for our industry, sort of feels like teenagers are going to go around vandalizing them, but who knows. To each their own.
4. “Overstock is making a push into real estate”
So, this is one we might have all overlooked. While July mostly focused on Inman, Compass, and other industry related news, this should’ve been a main discussion topic. The big boys are getting into real estate. Overstock announced they they’re relaunching Houserie, a property management website focusing on background checks, that basically helps landlords out. The juicy plot twist? It’s going to become a giant real estate platform in September for buying, renting, and managing properties. Alright, alright, alright Overstock.
5. Redfin announces $240M stock offering for potential acquisitions
Looks like Redfin has hopped into the dating pool. In their press release, the company stated that “it may choose to use a portion of the proceeds to invest in or acquire third-party businesses, products, services, technologies or other assets.” With this news, they’ll be looking for potential acquisitions, swiping right on dime piece businesses that catch their eye.
By Nick Van Valkenberg, Director of Business Development, MoxiWorks
When lost, a compass is used to help you find your way, but what is a compass used for when you are already on the path to success? Could a compass force you to look in the wrong direction? Is there a need for a compass when you already know the terrain and have the map? While in the field I have been having a number of conversations about the “lion coming over the hill” that is Compass. Massively funded, technology forward, and making waves. It is hard not to look in their direction and wonder if the moat you have built around your brokerage will last.
Circle of Concern vs. Circle of Influence
To summarize Stephen Covey’s The 7 Habits of Highly Effective People, habit one says to be proactive. A great way to becoming self-aware is to separate your Circle of Concern and your Circle of Influence.
You do not have control over your Circle of Concern – it’s filled with topics like: what Compass is doing in regard to raising capital, building technology, or whether they move to your market or not. You can worry about these until your face turns blue, but you cannot control the outcomes.
Your Circle of Influence you can control, and this is where you should be spending your time and energy. Topics include: educating your agents on not only the negatives, but also the positives of Compass (you would be naive to portray all as negative), finding technology to compete with what they are building, recruiting new agents, and actively recruiting your current team members to raise retention within your brokerage.
Now that we have cleared the air, know where to focus and what can be controlled, let me tell you our (MoxiWorks) take on the situation. Technology is a big topic and a key point to Compass’ recruiting efforts. To compete with the technology that Compass is building you may need an upgrade. Now I’m not suggesting that you go and build your own, I’m suggesting that you look at a platform that is already being used by some of the nation’s top brokerages.
Compass says that their technology will: have a CRM that combines listing information, client information, and transaction information. Compass’ technology is said to be in “one place,” combining all tools, giving power of integration, offering insights, and easy to launch digital social marketing. At MoxiWorks we would recommend researching our open platform that encompasses (pun intended) these aspects and more.
Recruiting is another part of your Circle of Influence that you can control. The discussion of recruiting generally invokes the thought of trying to increase your agent count or better yet, maintain your agent count as attrition is part of the business. In the fourth quarter of 2017, MoxiWorks built an agent recruiting tool called Moxi Talent. Moxi Talent uses a two-pronged approach: recruiting new agents to your brokerage and recruiting your current agents. Trust me when I say if you are not congratulating your current agents, someone else is and that style of interaction will win them over.
In summary, the only thing that stays the same is change and those that do not adapt to the times will be left behind. The best option is to partner with a technology company known for innovating to future-proof brokerages. If any of this has resonated with you I suggest that you reach out to our team and at least do yourself the service to learn how we are paving the way. I, or one of my colleagues, would be more than happy to look at your current technology stack to show you how we can connect your current systems and upgrade others. Do yourself a favor and be proactive; now is not the time to take a reactive approach.
CLICK HERE TO READ THE FULL ARTICLE The real estate technology startup Moxi Works has secured an unspecified investment stake from Hanna Holdings of Pittsburgh. Moxi Works has created an open-platform system, called Moxi Cloud, for large residential real estate brokerages, which serves over 100,000 agents and 50 brokerages nationwide.