For Premier Pass (VIP) ticket holders attending EXPCON 2023, Day 2 included sessions headlined by real estate analyst Mike DelPrete, real estate leader Kendall Bonner, an eXp executive leadership panel, and bestselling author Michael Maher.
Adventures in Real Estate Tech With Mike DelPrete
Mike DelPrete is a real estate strategist who is grabbing the attention of industry experts and on Tuesday, he did not disappoint. Beginning with an overview of the real estate landscape for context, he shared data showing the declining trend of home sales.
DelPrete summarized, “It’s not the end of the world, but not everything is fine either.” He went on to explain what the numbers are saying about how companies like Zillow and Opendoor are navigating the current environment.
Moving on the topic of AI in real estate, DelPrete shared his analysis and predictions of where it will likely bring the most benefits to the industry.
“AI tools for agents look promising,” he said. “AI may make agents and brokerages more efficient. eXp and others are launching their own AI to increase productivity.”
Following his talk, he sat down with eXp World Holdings Founder, CEO and Chairman Glenn Sanford for a fireside chat. They took a deeper dive into AI and Sanford shared that he anticipates AI will make transactions quicker and more seamless.
“AI is going to be able to take over more aspects of the transaction life cycle. The whole back office will be rebuilt.”
Taking it a step further discussing the potential resulting composition of the industry, DelPrete commented, “You can’t have companies like eXp growing and it not affect anyone else.”
Florida Team Leader Kendall Bonner, Esq. Envisions the Future of Real Estate Commissions
In light of several high-dollar lawsuits looming over the industry about real estate agent commissions, real estate leader Kendall Bonner presented her thoughts from a talk she originally delivered at Inman Connect Las Vegas in August.
“Lawsuits are not going away,” she said. The current claims are aimed at unmerited compensation without negotiation, essentially targeting the buyer agent commission paid from seller’s funds. Bonner quickly points out the deeper issue that per current industry practice, buyer agent commission is not based on merit, rather it is the same amount for any agent regardless of experience.
Bonner outlined the risks and fears associated with potential changes to real estate agent commission structures and dove into proactive suggestions for shaping a better structure for all. “The biggest room is the room for improvement,” Bonner said. She then shared her proactive thoughts and suggestions which included:
- Charge what you are worth
- Buyer’s agents should present and sell the value they charge
- Increase the barrier for entry to get a license
- Change how we think about and present compensation
While a delicate and sensitive topic, Bonner encouraged an open-minded approach to considering the possibilities. “Stranger Things have happened,” she concluded with the audio support of the popular show’s theme music. With the vibe of a TED-style talk, this session resonated and inspired.
Executive Panel Insights on the Future of eXp
In a heavily anticipated discussion, eXp influencer Kendall Bonner moderated a panel with eXp leadership, including Glenn Sanford, eXp Realty CMO Carolyn Merchant, eXp Realty Chief Growth Officer Michael Valdes and eXp Realty Chief Strategy Officer Leo Pareja on “Breaking Through to the Next Level: The Future of eXp.”
They discussed topics including:
- Growth and market share
- Marketing resources
- Exclusive partnerships
- Off-market properties
Sanford emphasized his vision to “make it so agents want to be here and help them be more productive…make a model so good that no matter where you choose to plug in there’s potential for you to get where you want to be.”
Michael J. Maher’s Mastery System
Adding to the incredible lineup was Michael J. Maher, who joined eXp Realty in May 2023. Maher is a highly sought-after speaker, motivational coach, podcast host, and best-selling author, whose book (7L) “7L: The Seven Levels of Communication: Go from Relationships to Referrals, is among Amazon’s real estate best-sellers. As a real estate agent, he cracked the code for generating referrals and was known as “North America’s Most Referred Real Estate Professional.”
Due to his real estate referral success, he started REFERCO.com where he is CEO and his wife, Sheri, is the COO. REFERCO teaches the Referral Mastery System, which is based on a philosophy of generosity.
Drawing from his referral mindset, Maher offered insights on the importance of nurturing. He shared a key strategy which he coined ‘FOCUS Quest.’ It consists of seven questions aimed to help a person motivate toward progress. The questions are as follows:
- What is your biggest challenge right now?
- What have you tried so far?
- What are you going to do next?
- What is the first, next step to doing that?
- By when?
- Who can help you with this?
- How can I help you?
The result of the nurturing triggered by this questioning is not only deeper connection but often reciprocity.
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