After an energetic first day of eXp Realty’s EXPCON 2020, the 11th annual conference for agents, brokers, staff and guests, the second day of the virtual conference was no less exciting.
It was highlighted by an insightful keynote by Jason Dorsey, an expert in generational research, XCamp sessions and a fireside chat to review eXp World Holdings’ accomplishments in Q3 with leaders.
EXPI Investor Q&A Fireside Chat Reviews Q3 Accomplishments
The day started with a virtual fireside chat to review third-quarter earnings with eXp World Holdings Founder and CEO Glenn Sanford, CFO Jeff Whiteside and President of eXp Global Michael Valdes. It was moderated by MZ Group’s Greg Falesnik and was held in Virbela’s Open Campus. Virbela is owned by eXp World Holdings and powers eXp World. It is an immersive technology platform for business, events and education.
Watch the taped live-stream here or click below:
Sanford highlighted the year’s accomplishments for eXp World Holdings, including being named to Glassdoor’s Top Companies for Work-Life Balance during COVID, acquiring Showcase IDX, enhancing eXp’s iBuyer platform, Express Offers, and summarizing Virbela’s rapid growth to help eXp scale, as well as help other businesses work remotely.
“Virbela’s usage is through the roof,” said Sanford. “We have a lot of interesting customers who are setting up private campuses and doing interesting things. On the innovation side, we are working on a web-based remote work platform with Frame VR. It’s fully immersive and we’re excited about what that will give us in this ecosystem.”
Sanford said Q4 is already seeing strong volumes. “People are no longer locked into living near their workplace due to COVID,” said Sanford. “They want to make a change. And historically low-interest rates make it easier to buy. Across the board, real estate is being consumed by a very high level.”
Jason Dorsey’s Keynote Explains Generational Insights, Which Can Help in Sales
In the day’s keynote, Jason Dorsey gave a quick-paced and insightful overview of the importance of how to work with different generations. Dorsey is a three-time company founder and an expert who studies generational challenges and advises CEOs, startups, boards, venture capital firms and private equity firms.
Dorsey opened up about how every generation is important and what drives each. He explained his research doesn’t just show what has happened (data), but “why it happened.”
“Understanding generations require you to walk in the shoes of other people and are “clues” as to how they operate, but don’t put them in a box,” said Dorsey.
To see Jason Dorsey’s entire presentation, go to the 7:33 mark of this video or click below:
Some other highlights of Dorsey’s presentation:
Geographies: Everyone defines generations differently due to geographies — it’s a key driver of generational predictability. For example, you could be born the same year, and in the same country, but in a different location. Different geographies will have different thinking and different exposures to shape you. Urban types will see/learn things differently and more quickly as opposed to those in rural settings.
Defining Moments in Generations: It’s a “where were you when moment,” said Dorsey. For Dorsey, 9/11 was the defining moment for his millennial generation. Dorsey said his grandfather reacted by saying, “It will be OK. We got through things before like this and it will be OK.” That’s because his grandfather’s defining moment was Pearl Harbor, so it shaped him. Dorsey’s father, on the other hand, was silent when he heard about 9/11. Why? Because his father’s defining moment was the Vietnam War. Dorsey’s dad was afraid that his son would be drafted.
Trends that Shape Generations:
- Parenting. How you were raised will influence what you do as an employee, consumer and trend-setter. If you were raised to save money, invest, buy a house, respect others, you will do those things. Parenting is a huge influence that is almost never talked about.
- Technology: Everyone one of us has a different, natural relationship with technology, depending on our age. Our first-time experiences with technology are often invisible until we’re forced to interact with someone who has a different relationship with technology. Examples of types of technology we may have experienced for the first time: Color TV, Atari, microwave, computer, dial-up internet, calculator, MTV, dishwasher, pinball machine, FAX machine, etc. Now, technology trends are starting at the youngest age and rippling up to the oldest.
- Economics: Mobility among millennials and 20-somethings in particular has been decreasing for the past 10 years. There are more 20-year-olds living at home in the U.S. since the Great Depression. Mobility is trending down more than ever. It’s because they are risk-averse. They don’t want to take risks (i.e., moving across the country or to Europe).
Tendencies of generations:
- GenZ (1996 – 2015) – Their parents are not Baby Boomers. They are mostly GenX or older millennials. GenZ was told they will not show up like an entitled millennial. They are being raised differently. They came of age during the housing crash of 2008. They saw their parents lose jobs, houses. They were old enough to understand what was going on. As a result, GenZ is frugal with their money. They use coupons, buy things that will last a long time. They save money. They choose products over experiences.
- Millennials (1977 – 1995) – Huge generation. They are older than most people assume. They are working and currently outspend every generation. Parents are Boomers who “want it to be easier for our children than for us.” Experiencing delayed adulthood. Entering the workforce, buying a house, getting married, having kids later than before. Doing traditional things later. Millennials are not tech-savvy, but tech-dependent. “We don’t care how the technology works, but just want it to work in the fewest steps and clicks possible. It should just happen.” Millennials choose experiences over products.
- GenX (1965 – 1976) – Naturally skeptical. “Actions speak louder than words.” Trust, but verify. They want to see the data. Generation of self-reliance. They like backup plans and options. They want to be more in control of their future and career. It’s the most loyal generation, but, loyal to individuals more than organizations. They look for leaders they can share a vision with. They are the glue in the workforce. They are the bridge between millennials and Boomers. GenX trying to figure out whether to stay or go – make that last decision in legacy and career. This is the group to go after.
- Boomers – They define work ethic in hours per week. Believe in policies, procedures, structure, protocols. Boomers have the experience; they are the most influential generation in the entire workforce. They have the best relationships and have senior leaders, best leadership. Strongest regulatory relationships and strongest access to capital. They control the wealth.
- Silent Generation – Pre-boomers. The Greatest Generation. Shockingly, they are still working. Still engaged in real estate. Abide by honor, integrity and ethics and make sure you are abiding by that. Delayed gratification. Highly loyal and patient listeners. Grandparents to millennials.
It was a fascinating hour-long session offering insights into generations, which can help real estate agents learn how to work with them. To summarize, Dorsey said, “Whoever adapts, wins. It’s all about learning how other generations think so you can serve other people. Focus on service, you will build a successful business.”
Several Tracts of XCamp Covered All Kinds of Topics, Including Attraction and TikTok
Orlando agent Renee Funk kicked off the XCamp workshop, which is essentially a gathering of agents who brainstorm topics they would like to be covered. It is a real-time, unfolding workshop that develops organically. Via Slido, people enter topics they want to hear about and then votes are taken on which subjects get taught. Then, eXp agents volunteer to teach about the topics and the schedule gets built out in a matter of minutes.
Five different sections of the auditorium were set aside for topics, including: Attraction, social media marketing, starting as a new agent, TikTok, lead generation, investing 101, videos, hyper-local, and agent attraction.
Classes were taught by eXp agents, including Brent Gove, Sheila Fejeran, Gene Frederick, Elizabeth Riley, Suzy Truax, Rich Tomasini, Mitch Ribak, Jeff Rubenstein, Michelle Morton, Tony Hughes, Kati Spaniak, Aaron Foster, Gogo Bethke, Shannon Milligan, Steve Freeman, Curtis Shewell, and Kyle Vasquez.
3-Day EXPO Begins With 31 Booths Representing Businesses, Diversity Groups, and Countries
eXp’s popular three-day EXPO started, which is a huge convention hall filled virtually with 31 booths representing a wide array of groups and interests, including eXp’s international operations (Canada, UK, Australia, South Africa), diversity groups (Black network, LGBTQ, veterans) as well as eXp’s Preferred Partners (businesses from mortgages to moving).
It’s a great venue to roam around and talk to different groups to learn more about what they do and learn how they can possibly help your business!
And Last But Not Least — Trivia!
Lastly, a Trivia Night was held in which Brad Andersohn, Director of Sales Education, hosted a virtual evening of fun questions with multiple choice answers to challenge your trivia knowledge against your colleagues. It was a great way to end another fabulous day at EXPCON.
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