As a real estate professional, staying ahead of industry trends is essential, and there’s no better resource than the Real Estate Insiders Unfiltered podcast. In a recent episode, hosts James Dwiggins and Keith Robinson engaged in a captivating discussion with Hoby Hanna, a third-generation leader from Howard Hanna Real Estate Services. Hoby shared invaluable insights into the evolving landscape of the real estate industry, touching on everything from private listings to the importance of professionalism among agents.
The Legacy of Howard Hanna
Hoby Hanna’s family has been a cornerstone of the real estate market since 1957, with a rich history that spans three generations. As the largest privately held real estate brokerage in the U.S., Howard Hanna operates in 15 states and sold over 110,000 homes last year. Hoby emphasized the importance of diversification in their business model, which includes ancillary services like mortgage and title companies. This holistic approach positions them uniquely within the real estate market.
The Role of Technology and Data Control
A significant part of the conversation centered around the control of data within the real estate industry. Hoby discussed the launch of “Hanna List,” a private listing network that aims to give brokers more control over their listings. This initiative reflects a broader trend towards managing data more effectively in a landscape where real estate technology is rapidly changing.
- Data Control: Hoby pointed out that while MLSs have value, they have also unintentionally limited brokers’ ability to control the distribution of their data. By creating their own ecosystem, Howard Hanna aims to enhance the consumer experience by allowing sellers to dictate where and when their properties are listed.
The Importance of Professionalism
One of the key takeaways from the episode was Hoby’s call to raise the professionalism within the real estate industry. He expressed concern over the high percentage of agents who fail to achieve even modest sales goals. Hoby suggested implementing stricter standards for agents, which could lead to a more professional environment.
What Can Agents Do Today?
You can implement Hoby’s suggestions to propel real estate business forward in the following ways:
- Set Clear Standards: Establish a minimum performance standard for agents within my brokerage. This can ensure that agents are held accountable for their performance while also providing them with the necessary resources to succeed.
- Foster Collaboration: Encourage a culture of collaboration where agents are motivated to share leads and support one another, which can enhance the overall performance of the team.
- Invest in Training: Provide ongoing training and education opportunities for agents to improve their skills and knowledge of the real estate industry.
The Future of Real Estate Listings
Hoby also touched on the potential impact of national MLS systems and the ongoing discussions about data sharing among companies. He pointed out that the real estate industry has been slow to adapt to changes, often bogged down by bureaucracy. He believes that the key to success in the future will be collaboration among brokers and a willingness to innovate.
Key Takeaway
In today’s rapidly changing real estate market, staying informed and adapting to new trends is crucial. The conversation with Hoby Hanna reminds us of the importance of professionalism, data control, and the need for a collaborative approach in the real estate industry. Whether you’re a seasoned real estate broker, a new real estate agent, or someone interested in real estate investing, these insights can help shape your business strategy moving forward.
