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NAR REThink: meaningful dissection of the future of real estate

As a convention cynic, I typically roll my eyes when someone addresses “the future,” but at this event, there was a tangible sense that people are finally becoming aware of industry changes.

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nar rethink

Finally, a real estate event that didn’t put me to sleep

The thought of conventions, seminars, and webinar’s of people in the real estate industry getting together to talk usually makes me yawn. Talks of the latest technology, IDX syndication versus sites like Zillow and Trulia, agents fighting for the return of their information, agents becoming extinct and how social media perfection is the way of the future… I tire of this not because I don’t agree things are/will change in the future. Quite the contrary.

I LOVE ideas, but loathe lack of action and continuous talks of some so-called revolution or people just trying to sell me things. While things never change overnight and there have been some big game changers in the past decade of real estate and technology coming together, agents are still around, doing the same things and thinking still, that nothing will really ever change. Leadership in state and local boards don’t want to talk about it because that would mean opening up and discussing the idea their jobs may one day become extinct. Many brokerages don’t want to talk because there is fear of agents becoming too educated and leaving.

But that didn’t happen at the National Association of Realtors’ (NAR’s) recent REThink session, NAR’s new “open source” strategic planning initiative. I was impressed. If any of you know me at all, a good impression of a national convention attended strictly by people out to protect their own jobs is NOT my idea of a great way to spend a whirlwind of 24 hours between Baltimore and Chicago and leaving my work and family to attend. However, this was different. There was even a young 25ish agent helping to lead the discussion on stage in skinny jeans and some hip brand of shoes I am sure I don’t know about.

Told to arrive at 8am on Monday at the Sheraton in Chicago, the YPN (Young Professionals Network) chairs from around the country were brought together to be given an intinerary of how the remainder of the day was to go. The NAR strategic planning committee announced that this year, they were switching things up. The idea was to have all 200 of us man 2-3 tables each of 6 incoming or outgoing NAR and state level leadership.

Our job was to get them to fill up tables from the front to the back, inquire as to who followed the email sent out about bringing a fully charged lap top or iPad and make them “tech scribes.” We were even in charge of giving each of our tables the instructions for the day. Let me just tell you how someone reacts to someone 20 years their junior telling them where to sit and how a program was to go… Let’s just say the majority of us weren’t greeted too fondly. I am pretty sure at least 10 people rolled their eyes at me when I asked them to fill up tables before sitting down where I had asked, people walked away from me and sat where they wanted and I know I heard several comments of “What is going on?” and “We’ve never done it like this before…psh.”

Once everyone was wrangled, seated, directed and served food, things started loosening up a bit.

nar rethink

Legitimate outside research on the future

The usual talks were given in the beginning and then an outside company from Canada was introduced. The term used to describe the role of the company that caused me to start paying attention was “Cultural Anthropologists.” Coolest. Job. Ever.

This company had actually researched data from consumer attitudes, REALTORS(R), and other national trends and had put together over the course of a year of research, an amazing well thought out, data driven prospective on the future of real estate. Not some general ‘what-if’ scenarios, but actual scenarios based on facts. With NAR (the strategic planning committee) bringing in an outside company, the level of credibility (in my mind) sky rocketed.

The overall idea of the conference was focused on this central idea:

“In an ever-changing world, what is the future of the real estate industry in 5 to 10 years?”

How will this impact:

  • Consumers, including buyers and sellers?
  • Agents, brokers and companies?
  • NAR, state and local associations?

The responses at first were slow. The idea that people don’t fear change but fear some sort of loss was very apparent. The blunt ideas presented made people squirm. I loved it. Once people got talking though and felt more comfortable things came to life for the next 4 hours.

Here were some basic scenarios presented:

  • There will be a large exodus of brokerages leaving NAR. REALTORS questioning their dues and opting out. Together another solution is found to allow agents access to lockboxes and MLS’s without being a “member” of a board.
  • More independent brokerages get together from around the country and put their heads together to form a “new” brokerage
  • Outside of the industry, companies start sharing their data with the real estate industry to predict home buying and selling signals and sell that back to brokerages as leads
  • People stop buying homes and want to be more transient and ideas of leasing homes gains popularity
  • Homesharing becomes the norm
  • Small communities of people get together to start sharing land, farming it and owning it
  • More immigrants coming to the country reinvigorate the idea of the “American Dream” of owning a home and long time residents opt for other investment options
  • Big data: how can it reduce expenses? How can competitors come together to combine new value and create new ideas? When will Zillow, Trulia and/or Realtor.com come together to create something so massive no one can compete?
  • Finding cooperation and competition amongst one another to balance and change the game.

The unavoidable future

Once the scenarios were rolled out, they used a technology called Sayzu. With this real time technology, the “tech scribe” of the group (aka, the one person per table that followed directions and actually brought a laptop or iPad) was able to collect actual comments and thoughts from each member of the table and stream directly to the cloud. Ok, and there were also low tech options of branded REThink plastic paddles for yes/no questions and good old fashioned text the answer to…

Hashtag for the event was #rethinkfuture and after looking back through Twitter, this was no real estate tech conference with my whole feed blowing up and everyone tweeting and retweeting the exact same thing to get in the “cool crowd.” There were a very small handful of tweets, hardly anything in Instagram, and then just some chatter on a closed Facebook page for the event through YPN.  

There was a pretty apparent lack of social media hype throughout the whole event. This to me ultimately highlights the difference in demographics between the industry of 2012 and the idea of how quickly an idea can spread like wild fire through a more social media savvy type of person/leader of the future. With current leaders already announcing their plans for running in years like 2019, they better keep up quickly with these trends and ideas which are spreading. I have a feeling some of these people have been planning a run for quite some time as a natural progression in leadership and salary based position. But based on what I saw, the times when working up that ladder through time served is coming a lot closer to an end as ideas and people are changing much quicker year after year.

A current NAR leader sitting at my table gathering ideas with us said  “Just seeing those two young women up on stage this year leading this discussion makes you realize things are changing… and they haven’t changed in over 30 years since I have been involved in this industry.”

Kudos to the NAR Strategic Planning committee. You have impressed a convention cynic. And yes, I have read your 2012-2014 Strategic Plan. Thank you for recognizing the new “younger, more racially diverse generation” of agent that demands more from their leaders and for adding the importance of the rapidly changing consumer voice to what we need to be addressing as an industry.

“The thing about tsunamis is that you can not see them from the shore.”

Images of REThink

I took the following photos while at REThink:

REThink the future of real estate

REThink the future of real estate

REThink the future of real estate

REThink the future of real estate

Amanda Lopez is a real estate broker and founder of Style House Realty in Baltimore, Md. She has worked in the real estate industry for over 6 years and prior to that studied advertising, branding and web design. Refusing to believe the real estate industry had to be bland and boring in design and appeal to everyone, she set out to bring some style and technology into the mix. Amanda can most likely be found with coffee that got cold, great shoes, her mind in the sky and her evernote app open.

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4 Comments

4 Comments

  1. kenbrand

    August 27, 2012 at 3:05 pm

    Nice report Amanda, thanks.  Nice to hear there are some sharp tools in the shed.  Cheers.

    • AmandaLopez

      August 27, 2012 at 10:07 pm

       @kenbrand Thanks Ken!

  2. VianeyOjeda

    August 27, 2012 at 6:50 pm

    I was there as a YPN Chair and I concur Amanda. Thanks for writing about it. Vianey

  3. QuincyClayton

    September 16, 2012 at 8:12 pm

    Wow! Well captured!

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Opinion Editorials

The cringe inducing and lesson learning tale of Poor Jennifer

(EDITORIAL) Video conferencing is becoming the norm, so make sure you don’t end up like poor Jennifer. Take some extra time and precautions against exposure.

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poor Jennifer

Ever had that bad dream where you were giving a speech, but realized you were totally naked? If so, you’ll join us in cringing at the true life tale of “Poor Jennifer.”

We are all Poor Jennifer. We love Poor Jennifer. We stand with Poor Jennifer. Take a deep breath and prepare to relate far too well to a story this mortifying. You’ll want to tell her you feel for her and perhaps even offer up your own embarrassing anecdotes to let her know she’s not alone. Jennifer’s story serves as the ultimate cautionary tale for Zoom calls.

Working from home is a luxury/burden that was still surprisingly rare until the COVID-19 crisis sent office workers home in droves. IT departments across the country–and across the world–scrambled to ensure they had solid firewalls and valid VPNs locked and loaded on everyone’s computer. Everyone signed up for video conferencing tools. Zoom became a household name overnight, though other options are available, too.

Nearly everyone’s reality has drastically changed over the past several weeks due to the novel coronavirus–and in some cases overnight. With this global pandemic comes uncertainty, anxiety, and dread, meaning few of us are working at our own full mental capacity. Many professionals find themselves working at home, using new tools, and with new, often rambunctious, noisy, or needy coworkers, AKA children, pets, or life partners. It can be jarring, disconcerting.

If you’re used to participating in conference calls in an office environment, whether video or audio, you take them at your desk. Working from home can tempt one to mute the audio call and do some multi-tasking. Nobody can see you or hear you once you mute the phone, after all, and not every part of every call is important for your particular piece of the puzzle.

I’m not proud of it, but I’ve walked the dog or loaded the dishwasher while I muted a conference call during another department’s report. It’s not ideal, but I have to tell you…it happens. I am thanking my lucky stars today that we kept video conferences to a bare minimum at work.

What does this have to do with Poor Jennifer? Well, Poor Jennifer was on a team video conference call when she answered another call: nature’s. Yikes. Zoom caught it all, and her colleagues’ faces told the story. We see confusion, discomfort, then disbelief. By the time one of her colleagues tries to tell her, she obviously already caught a glimpse of herself on the porcelain throne and took care of the problem.

The whole scenario was over practically before it began, yet it’s a moment that will live on forever, because one of Poor Jennifer’s inconsiderate coworkers went ahead and posted the Zoom feed online. NOT COOL, BRO. As for Poor Jennifer, please know we get it. The world is coming to a standstill, and this weighs heavy on our heads. Your accident serves as a warning to all of us coping with a strange new world. And yes, we laughed a little, awkwardly, because we were taken by surprise and felt uncomfortable for you.

Please know, Poor Jennifer, that it could happen to anyone. Know that we’re on your side. Know that we think your coworker is in the wrong 100% for posting it. Most importantly, know that any minute now, some other unsuspecting soul will unseat you from your internet throne of ignominy. This is the beauty of the internet and our ridiculously short attention spans.

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Opinion Editorials

How to combat the viral spread of COVID-19 anxieties

(EDITORIAL) As if work stress wasn’t enough, no work, with a viral pandemic sweeping the globe can be way worse. Here’s some tips to deal with COVID-19 related anxiety.

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stress overworked COVID-19

When the CDC has a page about managing anxiety and stress during the COVID-19 pandemic, you know there’s a serious problem. The uncertainty of the situation is enough to put anyone in a tailspin, but when you add financial issues, health problems and social distancing, the stress can be overwhelming.

Fear, anxiety and panic are contagions just as dangerous and damaging as the COVID-19 virus. When you see other people panic-buying, it increases your stress level. When you act on it by shopping and stockpiling groceries, it doesn’t absolve your stress. It simply makes you even more stressed.

Anxiety is hard enough to deal with during normal times. During times of crisis, we have to be even more aware of our response to stress. It’s not that you can take away the stress. It’s about how you cope with stress. Unhealthy coping mechanisms include drinking too much, smoking, overworking and poor sleep habits.

How can you deal with anxiety during this time?

I’ve dealt with anxiety for years. When it’s gotten real bad, I’ve taken medication to help me find balance, but currently, I’m relying on what I’ve learned in therapy. When I start to spiral, I try to find ways that help me shut down my unhealthy responses.

  • I take it one moment at a time. Sometimes, that means only thinking about one hour or even the next 10 minutes. I try to remember that I can only control so much. What do I need to do to get through the day?
  • I am sticking to my schedule. I get up and make my bed. At the end of the day, I try to put work away. I keep lunch easy, just as if I were going to my co-working office. I clean up the kitchen before I go to bed. A routine is comforting for me and reduces my anxiety.
  • I’ve muted people on FB who are panicking. I’m also limiting my time on social media and the news. I believe nothing unless it is verified against a reliable source.
  • I work crosswords, but any activity that takes your mind off what’s going on in the world works.
  • I’ve made sure to connect with others. With some people, I’ve talked about my concerns. With others, I’ve tried to be lighthearted and talk about other things. No matter what, I’ve tried to make sure that I only share accurate information.
  • Try to find ways to get out of your four walls without violating any recommendations. Go for a drive. Sit outside on your patio. Play with your dog in the backyard.

We don’t know how long this situation will last. You’re going to have to deal with some stressful problems. Finding your calm in the midst of the storm will help you move forward instead of feeling paralyzed with fear.

If you, or someone you care about, are feeling overwhelmed with emotions like sadness, depression, or anxiety, or feel like you want to harm yourself or others call:

  • 911
  • Substance Abuse and Mental Health Services Administration’s (SAMHSA’s) Disaster Distress Helpline: 1-800-985-5990 or
  • Text TalkWithUs to 66746. (TTY 1-800-846-8517)

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Opinion Editorials

Sequoia ‘Black Swan’ memo could steer companies off of the COVID-19 cliff

(EDITORIAL) Venture capital firm, Sequoia sent out a memo to their companies, but also to the world. And the echoes are about to cause tech companies to make irresponsible layoffs that will cripple their brand when this crisis is over.

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sequoia black swan

Nearly two weeks ago, venture capital (VC) company, Sequoia Capital sent a note, “Coronavirus: The Black Swan of 2020” to all founders of companies currently in their portfolio to offer insight into how they should handle the new business environment in the midst of a global pandemic.

Much of the advice was fairly standard “hunker down” advice – plan, prepare, and perform. Move quickly and be decisive. Be “bold,” they say in the memo. Anyone who took an intro business course in college knows the drill.

There are the predictable anti-capitalism responses in comments on the original post and across social media, but simultaneously a realistically dark and recklessly invisible reaction spreading in the tech world.

In their actionable advice, one point was the shortest, but loudest statement: “5. Headcount. Given all of the above stress points on your finances, this might be a time to evaluate critically whether you can do more with less and raise productivity.”

We are now being told that boards are meeting behind closed doors and referencing the “Black Swan” memo, and they’re seeking to act “clinically realistic,” as Sequoia instructed. Even if they’re not in Sequoia’s portfolio, the weight of the VC firm’s influence has rippled across the nation and pushed companies to put real thought into mass layoffs. In the middle of a global pandemic.

Why is that the takeaway from the memo when so many other points were made? Because we’re all panicking, and it feels like one of the only immediately actionable moves. Hunker down, trim the fat, keep as much cash on hand, be brutal, keep the company afloat. It makes sense, but it’s wildly tone-deaf and instead of leading on the topic (offering insights into how NOT to lose the loyalty and “culture” brands have so heavily invested in), it is cold. Clinical.

“5. Headcount” is echoing in boardrooms across America.

Bret Starr, Founder & CEO of B2B marketing agency, The Starr Conspiracy wrote a scathing point-by-point takedown of the Black Swan memo, also taking issue with pressuring their portfolio to review their headcount. “There it is. This is Sequoia at its core. Why wait to fire people? Go ahead and fire them now! And while you’re at it, see if you can squeeze the people left behind to be more “productive.” (Remember that part at the beginning of the memo when they talked about how much they care about people? Come on. Sequoia doesn’t care about people. They care about money.)”

Just yesterday, we wrote an open letter to employers struggling with sending their teams home or not, noting, “now is not the time to shut down your hiring pipelines, in fact, right now is the exact time you need to fire up your efforts, because remote work is going to reveal a lot about your team, and some folks are going to shine more than you ever knew they could. But in this sink or swim scenario, some are going to sink and you need to have a deep roster to pull from. If you don’t keep that pipeline full, your sinkers could drag your whole company down.

Starr concluded, “Sequoia had an opportunity (like the rest of us) to reassure their portfolio companies and demonstrate their care for our people, our communities, and our country. Instead, they whipped up fear and uncertainty, gave bad marketing advice, recommended firing some people and making others work harder, told folks to hoard cash, said some stupid shit about Darwin, mansplained a bunch of stuff using jargon, and trotted out Alfred Lin so he could once again compare shit to Zappos. None of us are selling shoes, dude! And we wonder why people are pissed at Silicon Valley.”

This would be the time to confess that I personally believe capitalism is beautiful. Truly. But even “bold” leaders and “clinical” thinkers who also believe in capitalism have an opportunity to do the right thing here without losing their companies.

And maybe that’s the Austin tech geek inside of me raging at the idea of taking an axe to something that requires a scalpel and a steady hand. A native of the nation’s most philanthropic city, I’m surrounded by people that give as much time, talent, and treasure (money) as possible. We’re used to coming together and helping each other out.

And one defining characteristic of Austin tech companies is thinking creatively – something others look to us for. And a top reason firms like Sequoia flop their thick wallets around our town.

So here’s what I hope Austin tech companies will do instead of use an axe to blindly chop down headcount – pick up a scalpel, take a deep breath, and make small cuts.

As teams work remotely, some are going to sink while others swim, so do a productivity audit, do a leadership audit.

Look at how people are working right this very minute – are there managers going above and beyond to make sure the transition to remote is seamless? Keep ’em. Are there support staff spotting challenges and offering ideas on fixing them? Keep ’em. Is there anyone on the team looking at budgets without being asked and sending in suggestions for how to mitigate the pandemic onslaught? Keep ’em. Are there sales staff that are dragging their feet and offering excuses while others are digging in and thinking outside of the box? You know what to do.

Leaders that can’t take the time to pick up the scalpel are going to have a hard time recruiting QUALITY talent after this pandemic is under control.

Can companies afford to take that kind of hit? Can Sequoia companies take that hit? Did Sequoia just put their portfolio companies in a negative spotlight by association with their Black Swan memo?

When layoffs begin (and of course they will, it’s inevitable), how awful will the headlines about each company be? Will it be clear whether a compassionate scalpel was used, or if the Board pressured a CEO into indiscriminately flailing an axe around the corporate offices for two minutes then staring at the fallout?

Sequoia’s advice isn’t just in conflict with Austin tech culture, it is the worst kind of useless “business advice” that people are going to listen to, be they a 5-person graphic design shop in Dallas, or a 1,500-person SaaS company in San Francisco.

Because Sequoia is the source, the generic advice will be followed blindly.

It speaks volumes about Sequoia that the memo wasn’t their fund offering to chip in a bit to help mitigate the impact of layoffs and offer staff severance packages to make sure those impacted don’t literally starve during this pandemic. There was no mention of mental health. There were no whispers of mentoring their portfolio companies through this storm to make sure their long term brand name survives this potential PR hit. Nothing about doing the right thing or being American, or anything about a rising tide lifting all boats.

Instead, it was a list of platitudes that could have been written by a high schooler assigned a paper on “how to do business during a crisis.”

Of course it is prudent to prepare for the worst right now, because it’s looking like a serious possibility, but thinking more creatively (doing a productivity and leadership audit (scalpel) versus aimlessly cutting higher paid or underutilized staff (axe)) is the only way to protect the company’s reputation long-term.

Trust me, people won’t forget how EVERY company acted during the COVID-19 crisis. In this current environment, the world is news obsessed, they’re taking stock, and can you blame them?

News organizations like ours won’t be deleting stories about companies using the axe when they could have used the scalpel. Or not made cuts at all.

America is watching business leaders right now more than ever, and companies’ futures rely on the decisions they make right this minute.

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