Prince
RESO Remote starts tomorrow
I gotta say I’m kind of excited about RESO Remote. I know Sam DeBord and his crew have been working non-stop to move this from a live conference in New Orleans to completely online.
I’ll be attending the Welcome session and dropping in on a few panels (lots to choose from), following and commenting on Twitter, and checking out the “RECEPTIONS” in the evening. From the looks of RESO swag sent out recently, they are bringing the party to you! See you there.
#RESOHAIRDONTCARE
Behind Opendoor’s layoffs
I think I’ve told this story before, but I attended a Proptech CEO Summit a couple of years ago put on by Pete Flint and Paul Levine. One of the speakers was Glenn Kelman, CEO of Redfin. During his interview, he commented that Opendoor was the first company he thought cared about operating margins as much as Redfin.
Opendoor’s culture is one of frugality. You have to deeply care about your margins if you are in the iBuyer market because, at this stage of the game, they are razor-thin. They even have a saying at Opendoor, “We eat BIPS for breakfast”. BIPs meaning basis points (BPS), meaning 1/100th of 1%. That’s the increments Opendoor lives in. Every little expense matters.
Flash forward a couple of years and I wasn’t surprised that Redfin had partnered with Opendoor.
Last week when I read the news about the Redfin layoffs I tweeted this.
Glenn Kelman is usually ahead of the curve on these types of decisions. I would expect more companies to follow suit. Redfin is furloughing 41% of its real estate agents https://t.co/rSsg46ST0p
— Greg Robertson (@gregrobertson) April 7, 2020
A few people on Twitter thought I was referring to other brokerages or franchisors. But, knowing how similar Redfin and Opendoor operate my first thought was Opendoor. Cuts are coming, and they are going to be deep.
Haters are gonna hate. Just as many people were crowing that Redfin’s model of employee agents doesn’t work, many are already calling the death of iBuying. Pay no attention to the haters, they are wrong. What is happening now is unprecedented.
Mr. Kelman and Mr. Wu are fighting for the survival of their companies and sometimes that means you have to make tough decisions, you have to focus, and give it everything you got.
That’s what happens when you are in the arena.
How to Effectively Implement a Front End of Choice solution at your MLS -Webinar Video
I was pleasantly surprised to see how many people registered for and attended our Front End of Choice webinar yesterday. Hopefully, Katie and I put some simple, actionable ideas for MLS organizations that will drive the discussion forward.
We recorded the video of the webinar, which also had a quick Cloud MLX demo and sneak peek of our new Cloud CMA LIVE enhancement launching in a couple of weeks.
Due to the screen lag that sometimes accompanies these online webinars, we re-recorded the product demos to match the audio for better quality during playback.
I would love to hear your comments and thanks to everyone who attended. To see the video click on the link below
Click link = > Webinar Reply: How to Effectively Implement a Front End of Choice
Industry Relations Episode 45: Best-Case Predictions for Real Estate Post-COVID
Imagine a best-case scenario in which the Coronavirus is under control and the country is up and running by May 1. How have our social norms changed? What do these cultural shifts mean for organized real estate? And how is the industry different in a post-COVID-19 world?
On this episode of Industry Relations, Rob and Greg get relentlessly positive, discussing the post-Coronavirus landscape of the real estate industry should the best happen. They weigh in on the cultural shifts that are likely to occur in the aftermath of COVID-19, predicting which rituals will persist once the current restrictions have been lifted.
Greg and Rob go on to debate what open houses will look like in a post-pandemic world, why showings may (or may not) be restricted to serious buyers, and when we might be back to pre-COVID transaction levels. Listen in for our hosts’ best-case expectations regarding buyer demand as well as NAR membership and brokerage numbers come September—pending a V-shaped recovery.
What’s Discussed:
Rob & Greg’s parameters for this potential best-case scenario
-Vaccine or cure for virus (no resurgence)
-All restrictions lifted, back to work on 5/1
How the culture is likely to shift in the aftermath of COVID-19
What open houses will look like in a post-Coronavirus world
Why Rob believes showings will be restricted to serious buyers
When we might be back to pre-pandemic transaction levels
Why Greg expects a best-case scenario uptick in buyer demand
Rob’s prediction of a 20% drop in first-time homebuyers
Why Rob & Greg anticipate a 20% decline in NAR membership
How Rob & Greg differ around which agents will leave
The potential for 25% of small brokerages to join a larger team
Connect with Rob and Greg:
Our Sponsors:
Looking for a new gig?
PropertyRadar- VP of Strategic Alliance
“We’re seeking an experienced leader to build and scale strategic partnerships at PropertyRadar. As the Vice President of Strategic Alliances, you will have overall responsibility for leading the development and implementation of our national partner strategy as we expand our successful SaaS-based business model. You will report directly to the CEO and be part of the leadership team.”
It looks like a great job for the right person, the job description gives you a good idea of the scope. Find out more about this job and others on the Vendor Alley Job Board.
ShowingTime adds the option to schedule virtual showings.
Conducting Virtual Showings with ShowingTime
The spread of COVID-19 has affected almost every aspect of our lives. Communities have shown themselves to be resilient, however, and so too have real estate professionals. Responding to the challenge imposed by the pandemic to continue to serve their clients in a safe, responsible manner, agents have incorporated streaming video technology to offer showings while adhering to social distancing best practices.
I’m a little late to some of this news but I’m just loving how a lot of vendors are stepping up their game during this crisis. ShowingTime in particular. Adding a way to schedule virtual showings is a no-brainer. Plus the showing data they are tracking and publishing is fascinating.
Flexmls has a way for agents to schedule Virtual Open Houses. Remine has announced a soon to be launched feature to create a Live Open House via their mobile app.
MLS organizations like Stellar MLS are putting together handy guides to help their members show the different options they have in their Matrix MLS systems along with best practices.
Black Knight is also launching live streaming options as well.
I’m sure I’m missing a few other solutions here but it’s great to see the old proverb of necessity is the mother of invention come to life in the real estate space.
Happy Easter!
Here’s an oldie but a goodie. Enjoy!
Industry Relations Episode 44: What Forbearance Means for Mortgage Markets – with Rob Chrisman
On the surface, the government’s effort to support homeowners through forbearance is a good thing. Many Americans have lost their jobs because of the Coronavirus pandemic and simply don’t have the resources to make a mortgage payment right now. But what does this mean for the servicing industry? Why are lenders concerned about the unintended consequences of Washington’s response?
On this episode of Industry Relations, mortgage banking expert Rob Chrisman joins Rob and Greg to discuss what’s happening in the capital markets as a result of the Coronavirus shutdown. He walks us through how a mortgage functions as a product, explaining the relationship between the servicer and the end investor in a mortgage-backed security or MBS.
Rob C. addresses how government forbearance for borrowers will impact big banks as well as smaller, independent lenders and weighs in on Ginnie Mae’s promise to back nonbank servicers lacking the capital to pay investors. Listen in to understand how the Federal Reserve’s activity in the MBS market affects mortgage servicers and learn why the lending system is not broken despite the changes imposed by the health crisis.
What’s Discussed:
Rob C.’s background in mortgage banking + understanding of capital markets
How a mortgage functions as a product manufactured and sold to a buyer
The relationship between a mortgage servicer and the end investor
How government forbearance due to COVID-19 impacts mortgage servicers
Ginnie Mae’s promise to back nonbank servicers lacking capital to pay investors
How current circumstances compare to the 2008 recession
The tens of billions of servicers will owe in margin calls due to the MBS price increase
The consequences of the Federal Reserve’s activity in the MBS market
Why the non-QM and jumbo loan markets are on life support
Why Rob C. is predicting a V-shaped recovery for residential lending
How underwriting guidelines have changed in light of the global shutdown
Why property values are unlikely to take a dive across the board
Connect with Rob Chrisman:
Rob’s Daily Mortgage & News Commentary
Connect with Rob and Greg:
Our Sponsors:
Webinar: How to Effectively Implement a Front End of Choice solution at your MLS organization
I hope everyone is staying safe out there! I haven’t heard of any of you getting sick, so that’s a good thing.
I wanted to let you know about something I’ve got planned for next week.
Katie Smithson and I are hosting a webinar next Tuesday on How to Effectively Implement a Front End of Choice solution at your MLS organization.
When Dan Woolley and I started our first company (IRIS, LLC) in the early nineties our first product was a front end of choice type software solution, it was called Lightning – Easy MLS Access. It was an alternative to the other terminal access software solutions being provided by MLS Vendors.
So when the concept of Front End of Choice came back into vogue I knew our company, W+R Studios would be a natural to take advantage.
But things are different now. MLS organizations have had varying success launching and increasing adoption with these new solutions. Giving your members more choices can bring a lot of benefits but also more than a few challenges.
So next Tuesday Katie and I are going to be talking about ways to successfully implement a Front End of Choice solution in your market. We will have actionable things you can do at your MLS organization today, with just a small bit of effort.
If you are interested, please click on the link below to register.
Click here to register = > How to Effectively Implement a Front End of Choice Webinar
P.S. This video I did three years ago, pairs nicely and gives some perspective with what we are going to discuss on the webinar.
