We know that Compass is built around technology and that the real estate company has a shit ton of money—$4.4B, to be exact. But what else do we know about the tools and resources Compass offers its agents or the direction the company might take moving forward? Lucky for us, the firm’s most recent vision statement was published online, and while it was incredibly inspiring, the presentation also raised a number of questions.

Rob and Greg welcome special guest Sunny Lake Hahn, partner at 7DS Associates, to offer a broker’s perspective as they discuss the Compass vision statement. Greg offers an overview of the presentation, covering the suite of products and services that Compass offers their agents and CEO Robert Reffkin’s inspiring personal story and message of empowerment. Sunny explains why she was impressed by the company’s COO offering for agents as well as their technology feedback loop.

Rob, Greg and Sunny debate whether Compass can provide a consistent user experience, describing how the company does offer continuity in terms of tools, resources and consumer-agent interaction. Greg shares his take on why wooing agents with a payout might be problematic, and Rob speaks to Compass’ potential play to generate revenue through preferred vendors. Listen in for Sunny’s perspective of Reffkin’s emphasis on female entrepreneurs and learn more about what differentiates Compass—and what makes it just like all the other brokerages.

What’s Discussed: 

Compass’ strategic decision to publish their vision statement

The suite of products and services Compass offers their agents

CEO Robert Reffkin’s inspiring personal story and message

Sunny’s insight on the value of Compass’ tech feedback loop

Compass’ contract provision around using the tools provided 

Why Compass cannot guarantee a consistent user experience

How Compass can provide continuity in terms of resources

Greg’s take on why wooing agents with a payout is problematic

The potential for Compass to leverage the ‘referral economy’ 

Sunny’s view of Reffkin’s message on female entrepreneurs

Sunny’s idea for brokers to execute on the COO offering locally

Resources:

Compass

The Compass Vision

Women Up

Glenn Kellman’s Gender Pay Study

The Red Dot

Connect with Rob and Greg:

Rob’s Website

Greg’s Website

Look into your crystal ball and ask about the future of real estate. A venture capitalist’s vision of the industry eliminates agents entirely in favor of the data a tech company can provide. A number of brokers are hoping to go back to the future and once again serve as the gatekeepers for real estate listings. Meanwhile UpstreamRE can’t seem to get a clear picture of its future at all. Will software ‘eat the real (estate) world’ as the recent a16z video suggests? Will brokerages find a way to regain control of their listings? Will UpstreamRE ever nail down an objective?

Rob and Greg start their review of recent real estate news with a discussion of the humbling Andreessen Horowitz video exposing the obvious flaws in organized real estate. They cover Alex Rampell’s argument against the narrative of agent as ‘trusted advisor’ and his thesis that metrics will eventually replace agents. Rob describes how technology might impact the future number of real estate agents and how much consumers will be willing to pay for guidance from a professional.

Greg shares his frustration with the ‘obvious BS’ surrounding UpstreamRE’s breakup with NAR, offering his take on why the alliance didn’t work and the new narrative around the company’s purpose. Rob and Greg both deliver their predictions regarding who UpstreamRE’s new vendor might be and how MLS providers may view the project’s latest pivot. Listen in for insight into the futility of broker efforts to regain control of listings and learn why UpstreamRE’s new vendor may want to ask for their money up front!

What’s Discussed: 

The Andreessen Horowitz video on organized real estate

Alex Rampell’s argument against the ‘trusted advisor’

The prediction that metrics and data will replace agents

Mike Delprete’s insight on loss aversion in transactions

Money and partnerships vs. execution in tech startups

The impact of tech on the number of real estate agents

Why UpstreamRE’s partnership with NAR didn’t work 

The new narrative around UpstreamRE’s objectives

Rob & Greg’s predictions re: UpstreamRE’s new vendor

How MLS providers may view UpstreamRE’s latest pivot

The futility of broker efforts to regain control of listings

Resources:

Andreessen Horowitz

a16z Podcast

When Software Eats the Real (Estate) World

The Hard Thing About Hard Things: Building a Business When There Are No Easy Answersby Ben Horowitz

Who Is Michael Ovitz?by Michael Ovitz

Creative Artists Agency

PropTech CEO Summit

Divvy

Mike Delprete on Loss Aversion

Rob’s Upstream Post

Greg’s Upstream Post

New York TimesFinancial Crisis 2019 Article

The Red Dot

W+R Studios

Connect with Rob and Greg:

Rob’s Website

Greg’s Website

The crew at W+R Studios have put together another fun video for the holidays. Hope you enjoy!

Happy Holidays everyone!

Cantey Davis today named Jeremy Crawford as the new CEO at FMLS.  Cantey has served as CEO of FMLS for the past 18 years of his 46 years in the real estate business.  The transition will happen in January 2019.

Jeremy is currently the CEO of RESO and will resign from that position and move from Dallas to Atlanta.  No word on his replacement at RESO.

I’m going to miss Cantey’s wry smile and sense of humor.  In his letter he quoted Mark Frost…

Life is not a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside, thoroughly used up, totally worn out, and loudly proclaiming: Wow, What a Ride!

Couldn’t have said it better myself.

I’m going to be hosting an iBuyer Connect webinar tomorrow (12/19) at 10:30 AM PT.  If you are interested in finding out how Cloud CMA agents are using iBuyer Connect to bring cash offers to their listing presentations please join me.  

I will be interviewing Tony Diaz, founder of Flip Wolf, the company we are partnering with in our Southern California test market.  Tony and I will be talking about how iBuyer Connect works and the success agents are finding using Cloud CMA and iBuyer Connect.

To Register Please click the link below

Webinar: Generating Cash Offers with Cloud CMA

Here are a few items that any vendor would love to see under their tree or in their stocking.

1.  AirFly from Twelve South- So you love your wireless noise canceling headphones, but can’t watch the movie on the airplane?  No problemo!  These are handy in just those type of situations.  One thing you’ll want to keep in mind is not to forget this sucker is plugged in when you deboard.
2. Book: Who is Michael Ovitz – This was a enjoyable and fast read about one of Hollywood’s biggest deal makers and entrepreneurs.  
3. MoKo Wireless Charger – If you have a new mobile phone that wirelessly charges you should order one of these.  I have an iPhone X and it works great.  The best feature about this is that it’s NOT a mat.  The stand puts the phone at an angle so you can read it.
4. 2019 Swanepoel Trends Report – I’m about half-way through this year’s edition and as usual Swanepoel and his team has offered some great insights.  Best thing to do is order multiple copies for your team members.
5. Monoprice Ultra Slim Series Active High Speed HDMI Cable – As a former A/V guy I’m kind of a cable nut.  Here’s the perfect HDMI cable for the next time you do a demo in your hotel suite.  It’s thin and about 15 feet long.  So it’s easy to throw in your suitcase and is long enough so you can reach the flat screen in your hotel room and sit somewhere comfortably.  You’re welcome.

I wanted to give a quick shout out to Zvi Band who is publishing a book called “Success is in Your Sphere”.    Here’s a blurb about the book.

The idea behind the book is simple. Effective relationship marketing is not about acquiring new relationships; it’s about deepening relationships with the influential and important people in your network – those centers of influence who can help you achieve your business goals and objectives. It’s about building habits and incorporating strategies that will help you deepen those relationships on a daily basis.

Earlier this year I had a great conversation with Zvi about maintaining relationship in business and life.  You can listen to the podcast here.

If you want to find out more about Zvi’s new book and get updates click the link below:

2018 Success is in Your Sphere by Zvi Band