More than a month after the T3 Summit in San Diego, and I continue to reflect on what was shared throughout the three-day mastermind. The following seven CEO’s all agree the future of real estate relies heavily on technology and big data, making lower end transactions vulnerable.
Reviewing my own notes, and reading through the T3 Summit Executive Notes, I compiled the most impactful points to help prepare for the rest of 2019 and beyond.
Agents in a sub $500,000 market should leave.
Robert Reffkin, Co-Founder and CEO, Compass
This speaks to something all of the CEO’s agreed upon: low end transactions will become more and more vulnerable in the future. Robert Reffkin believes this so much, he is encouraging agents to move into high end markets.
The individual real estate agent doesn’t have enough money to give the consumer the change they need.
Gary Keller, Co-Founder and CEO, Keller Williams Realty
…and a bonus quote from Gary:
Agents and teams last year spent $1B on software and technology outside of Keller Williams.
Gary Keller is finding many agents are spending money on new software and technology. His goal is to get that money to come back to Keller Williams through building an AI platform.
Buyer agents will come under pressure, and the iBuyer will be here for a long time.
Glenn Kelman, CEO, Redfin
The iBuyer is only going to get more powerful, with many brokerages working overtime to build their own version. Buyer agents need to take this into consideration as they move forward.
Startup is a state of mind. We should all be there. Elephants can dance, they just have to hear the music. I am trying to bring that startup mentality back to a 14-year-old Zillow.
Rich Barton, Co-Founder and CEO, Zillow Group
As a leading company in residential real estate, Zillow is continuing to innovate and push forward. Rich Barton spoke of the importance of thinking and acting like a startup.
Realogy embraces technology and is setting up incubation tanks within the company around big data, tech and analytics, voice-activated tools and more.
John Peyton, CEO, Realogy Franchise Group
Big data was a topic that was spoken of throughout the entire three days. Brokerages and companies are in a race to get the most data and develop the most innovative technologies.
With modern technology giving us all the ability to work with anyone, anywhere at any time, any real estate brokerage can today be completely virtual. Few are.
Glenn Sanford, Co-Founder and Chairman, eXp Realty
Technology is the future. Not just in real estate - but all businesses. Being able to meet the needs of the consumer includes being able to work with anyone from anywhere.
Most people do not know how to manage their home and left the consumer at the closing. Agents, as the experts, should focus on helping homeowners with their homes–for life.
Ron Peltier, Chairman, HomeServices of America
How often does the agent disappear after the closing? Ron Peltier believes the value in the agent will be to continue to help homeowners after they move in.
The leaders in the industry are passionate about transforming how residential real estate transactions are done. As real estate is redefined, agents and teams can either get on board with innovation or be left behind.
Watch Byron Lazine Vlog 002 for more insights on my time at the T3 Summit.