James and Keith were joined by special guest, Adam Contos, former CEO of RE/MAX Holdings, Inc. and current Partner at Area 15 Ventures, brought a wealth of experience and insights that left me eager to share some key takeaways with fellow real estate professionals.
Navigating the Real Estate Landscape
Understanding the Verdict: Lessons from Contos
In the opening segment, the hosts dived into the challenges faced by the real estate industry, specifically addressing recent class action cases against major players. Adam Contos emphasized the importance of self-reflection within the National Association of Realtors (NAR) and urged industry members to move beyond a victim mentality. Acknowledging the need for accountability, he encouraged a collective effort towards making positive changes.
Revolutionizing the Buy Side
Adam forecasted a shift in the real estate landscape over the next 36 months, particularly in the buy side of transactions. He stressed the necessity of better marketing to highlight the value of buy side agents. According to him, the industry needs to rewrite the narrative, focusing on professionalism and delivering value. The key, he argued, lies in adapting to an evolving society and embracing innovative approaches.
The Heart of Real Estate – Consumers
Consumer Perception and Public Relations
One of the podcast’s central discussions revolved around the public’s perception of real estate professionals. James Dwiggins shared his perspective on the disconnect between the industry’s self-promotion and the lack of consumer-centric storytelling. He suggested a shift towards highlighting real-life consumer stories rather than just pushing the ‘REALTOR®’ brand. Adam concurred, emphasizing the need for a more consumer-centric approach to rebuild public trust.
Omnipresence and Leadership
Adam emphasized the role of leaders in the industry, urging professionals to be omnipresent. He stressed the importance of continuous value delivery, especially during challenging times. In a nod to the power of video, he encouraged real estate agents to share their knowledge generously and position themselves as kind, giving leaders.
Area 15 Ventures – A New Chapter for Contos
The Birth of Area 15 Ventures
In the final segment, the hosts and Adam engaged in a light-hearted conversation about Area 15 Ventures, a venture fund delving into various businesses, including franchising. Adam shared the interesting story behind the name, a blend of fascination with Area 51 and a hunting area numbered 15 in Colorado.
Bringing It All Together – What Can You Do?
Strategies for Real Estate Success
As a real estate professional, the key to thriving in the evolving landscape is to embrace change and become an omnipresent leader. Here are some actionable strategies:
- Embrace Accountability: Reflect on your role in the industry and be open to acknowledging shortcomings.
- Focus on Consumer Stories: Shift your marketing focus towards real consumer stories to connect with your audience.
- Adopt an Innovative Mindset: Be ready to adapt and innovate, considering the changing expectations of consumers.
- Invest in Self-Promotion: Utilize video content to share your expertise and position yourself as a kind and giving leader.
- Explore New Ventures: Keep an eye on evolving trends and consider diversifying your investments, as exemplified by Adam Contos with Area 15 Ventures.
This episode serves as a reminder that to thrive in this dynamic industry, we must be leaders, storytellers, and innovators. As we navigate the changing landscape, let’s embrace the lessons shared by industry experts and position ourselves for success in the years to come.