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March 2020

T3 Insight Monthly Digest

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The industry has so many stories, blogs, press releases and announcements each month that we all struggle to digest the information and distinguish between truly meaningful developments and hype or advertisement. Here are this month’s articles.

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March 2020
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IFunding and the consumer-direct brokerage strategy

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[
March 2020
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Lessons from 2 high-performing local Realtor associations

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March 2020
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10 strategies to building a fast-growing real estate brokerage or team

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In addition to the three deep-dive articles above, T3 Sixty has, in addition, identified a collection of noteworthy articles from various news sources. Here are those honorable mentions.

MLS paying brokers for closed transactions

(Read the Story)
  • From: Inman
  • Summary
The MLS RealTracs, which serves 15,000 subscribers in the Tennessee area, has launched a program, RealTrac Rewards, in which it will pay member brokers $5 for every transaction they close through the MLS, as part of an effort to encourage use of the MLS. The MLS paid out $300,000 in retroactive payments to brokers for 2019 transactions.
  • Commentary
As MLSs strive to remain the center of the real estate transaction universe, this is one novel way to do it. Time will tell whether other MLSs will consider this or similar programs. The Clear Cooperation Policy, taking effect May 1, 2020, may preclude the need for others to take a step like this, however.

BHHS begins franchising in Canada

(Read the Story)
  • From: RISMedia
  • Summary
After expanding overseas, BHHS now also formally jumps into Canada for the first time with a 100-agent affiliate in Toronto.
  • Commentary
BHHS, which rolled out its first franchisee in 2013, expands its global reach. It now has a presence in six countries: Canada, Spain, England, Germany, Italy and Portugal.

Tim Ferris interviews Gary Keller

(Read the Story)
  • From: Tim Ferris
  • Summary
Tim Ferris (author of bestseller “The 4-Hour Workweek”) interviewed Gary Keller.
  • Commentary
This interview has great insights into starting up a company with little capital and a strong vision and is worth the listen.

NRT rebrands to Realogy Brokerage Group

(Read the Story)
  • From: Realogy
  • Summary
Realogy renames NRT as Realogy Brokerage Group.
  • Commentary
This cleans up a legacy acronym (NRT was stood for National Realty Trust), which has no consumer recognition. The move simplifies the perception of its corporate structure. Its two large divisions now have the same naming structure: Realogy Brokerage Group and Realogy Franchise Group.

Fallout from the startup wave cresting

(Read the Story)
  • From: The New York Times
  • Summary
A startup reckoning appears to be happening beyond just SoftBank’s painful WeWork stumble. The New York Times chronicles the struggles of an increasing number of once high-flying startups as investors, and Wall Street, refocus their attention on companies demonstrating profitable business models.
  • Commentary
The idealism of recent startup lifestyles are crashing back to reality. Real estate has lived this front and center with SoftBank fueling Compass to exceptional growth that now leaves it with a reported tightened spending culture and cooled acquisition appetite. It, however, also helped Compass grow quickly into the nation’s third-largest real estate brokerage, by a huge margin, by surpassing companies such as Douglas Elliman, Howard Hanna nd Redfin over the past two years.

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