Illustration: Lanette Behiry/Real Estate News
Check out our conversation with consultant Jack Miller about the Opportunity Report, which takes a deep dive into agent compensation, NAR policy, the role of MLS, and more.
Editor’s note: The Real Estate Insiders Unfiltered podcast explores the people and forces shaping the real estate industry. Check out the latest episode with NextHome CEO James Dwiggins and NextHome Chief Strategy Officer Keith Robinson to find out the key takeaways.
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In the latest episode of Real Estate Insiders Unfiltered, industry consultant and thought leader Jack Miller talks about the newly released Opportunity Report, a 2015 report that eerily predicted many of the challenges facing residential real estate today. DANGER (Sequel to the Report), we take a closer look at the following points: Some important opportunities for the future.
Miller, president and CEO of T3 Sixty, called the report a “grand strategy document” that will help industry leaders identify meaningful opportunities for their businesses. Ta. (Note: T3 Sixty and Real Estate News share a founder, Stefan Swanepoel.)
Critical crossroads: Opportunities arise during times of change, Miller points out. “And this is one of those times. This is a time in our industry that we’re going to look back on over and over again. ‘When this happens and that company or organization does it because of the opportunity it created. ‘Do you remember when you made a big move?’ And that’s where we want to focus on people. ”
What are the alternatives? It’s not beautiful. “We can cry and complain that things used to be better, and we can try to keep things that way. But that’s a very weak approach to anything, isn’t it? is what happened.”
Instead of getting angry, let’s move. Looking for someone to blame, such as a lawyer, the NAR, or even your own representative, means staying stuck in the past, Miller says. “We can be angry at everyone, or we can think, ‘How can I use this moment to create value for my company or my organization?'”
And Miller hopes leaders will take note this time. Too many of them ignored the threats outlined in the hazard report, he said. Consider “marginal agency,” a risk identified a decade ago. “I think you could argue that the industry’s reputation has been dramatically affected by the practices of poorly trained agents. And it’s not all their fault.” The industry’s fault. ”
On fees and clear cooperation: Miller noted that some opportunities, such as fee unbundling, are clearer than others, based on dozens of interviews included in the report.
“Most of the leaders we talked to were like, oh, that’s enough. It’s settled at this point, so we’ll just cut it off and move on.”
As for the Chinese Communist Party, “we didn’t hear a clear signal,” Miller acknowledged. This reflects the continuing debate over policy. “What the industry values and focuses on is what wins.”
On the relationship between MLS and the association: Unlike CCP, Miller said there was agreement among industry leaders to separate the MLS and the association. The MLS “must be a true business data organization. That was very clear: remove associations as much as possible from the operations, management, governance, and everything else in the MLS. They are still the owners. It could be. But let’s get out of there and let MLS run.” ”
