April 17, 2020
Every industry is being driven into tech-adoption en masse at rapid speed to balance social-distancing and quarantine with continued business. Real estate is no exception — as an agents’ essentialness remains debated in every state. However, while you may hear some companies claim their ‘virtual-ness’ and absence of a brick-and-mortar location as a competitive advantage during the COVID-19 pandemic, the reality is that every single real estate brokerage has the ability to pivot and continue business virtually. Every brokerage is a virtual brokerage.
I had the pleasure of wrapping up the LeadingRE Annual Conference in Las Vegas last month with a presentation on why every real estate brokerage is a tech-enabled brokerage — a statement that some companies are trying to use as differentiation to compete for talent. But you, as a human, are tech-enabled and therefore so is your business. If you’re a tech-enabled brokerage, you’re also a virtual brokerage. Perhaps you won’t want to operate as a virtual brokerage forever, but you are capable of pivoting temporarily to best serve your agents and their clients.
LIVE: “Don’t fear the technology, make it work for you.” – York Baur, CEO of MoxiWorks pic.twitter.com/HCAUrGYmPn
— MoxiWorks (@MoxiWorks) March 12, 2020
Going Virtual Brings Us Together
In critical situations, it’s impossible for a leader to over-communicate with their team. Honesty, transparency, authenticity — no one has all the answers, but openly talking through our shared experience is cathartic and productive for everyone.
Encourage your staff and agents to communicate using video. All smartphones these days offer front facing cameras and most laptops have a built-in camera, too. We can absorb both verbal and non-verbal cues in conversation and have more productive and fulfilling chats. We can hold each other accountable to the conversation when we’re visible, rather than a phone call where we can get distracted just listening.
It’s Time to Gear Up – Virtually
So, here’s what you do. Brokers, managers, office admins — take a second to think about all the traditional tasks you do during the day that ‘require’ face-to-face interactions or on-site access. Now, brainstorm a new, virtual way to achieve that goal. Is it a group video chat? Perhaps it’s e-signatures on forms instead of wet ink.
The MoxiWorks suite of products and services has always been here to help future-proof the way you work and our cloud, along with over 50 integrated partners, will help our clients thrive during this unique time. We’re right there with you — Seattle being one of the first and hardest hit hot-spots of the crisis, our staff have all been rising to the challenge of working from home and continuing to provide stellar service. We even continue to have our regular releases of feature updates right on schedule. I personally was excited about 2020 being the year MoxiWorks moved into a new office downtown, but 2020 is now the year that MoxiWorks transcended physical location to keep doing what we do: getting shit done.
Competition, fresh players, technology — every disruptor you’ve faced before has trained you for this whether you knew it or not. The pandemic is another kind of disruptor. Your response will drive your future success. Business has always been about inertia: an object in motion stays in motion. Now is the time to stay in motion.
Let’s do this together,
By Jessie Trapp, Marketing Coordinator & Tiana Baur, Content Marketing Manager
Summer is coming to an end and I think most of us are excited for it to cool down (but also for the holidays, sweaters, and an excuse to go to bed a little bit earlier). August was another exciting month for all of us at MoxiWorks and for the industry as a whole. So as per usual, we wanted to sort through the weeds and deliver the most notable headline summaries for this month.
Here are the top five real estate news stories to know:
1. “Talk of the inventory drought easing up”
Pop a bottle of bubbly because apparently there’s some easing up on inventory shortages. However, on the unfortunate side of things, it’s mostly in the higher-priced tier of homes. According to RISMedia, “In July, the inventory of listings priced $350,000-plus was up 5.7 percent but inverted in the lower segment—dropping 15.6 percent at $200,000 and under. Inventory in the $200,000-$350,000 range slipped 0.6 percent.” Plus, they said that, “inventory is down 4 percent year-over-year, which is half the average 8 percent observed in the past year, and inventory in 16 of the largest markets has risen year-over-year.” That’s some good news.
2. “KW to launch virtual brokerages for expansion business owners”
Keller Williams is diving into virtual brokerages. When was this decided you ask? Keller Williams had a Mega Camp aka business retreat and announced it there. According to Inman, the “new business model will be available to 166 expansion businesses, representing 509 locations and 3,433 real estate agents.” Alright, alright, alright.
3. “NAHB: Affordability Hits Lowest in 10 Years”
In less thrilling news, things are getting seriously expensive and many of us can’t afford to hop into the housing market just yet. In fact, according to the National Association of Home Builders, affordability has hit its lowest in 10 years. And only “57 percent of homes sold in the second quarter were affordable based on income, down from roughly 62 percent in the first quarter.” #WhyTho
The most affordable major metro in the second quarter, based on income and local median price was Syracuse, New York.
4. “Deadly California Wildfires Claim Lives and Real Estate”
On a serious note, our heart goes out to all those in California who have had to deal with the wrath of the many fires burning, destroying, and devastating communities across the State. Just one fire in California alone burned “160,049 acres across Shasta and Trinity counties (at press time), as well as destroyed over 1,000 homes, 24 commercial buildings and 500 other structures.” To all the insanely brave firefighters out there, we salute you and thank you.
5. “Compass to acquire Pacific Union in blockbuster deal”
P.S. In other random real estate news, there’s a Men of Real Estate shirtless swimsuit calendar featuring Keller Williams agents in Chicago. Did not see that one coming.
Phew – what a month. Any guesses for the biggest headlines in September? Stay tuned for another #ICYMI!