Insights from Inman Connect 2019
Inman Connect Las Vegas 2019 brought together some of residential real estate’s top agents, independent brokers, franchise executives, MLS and association leaders including tech entrepreneurs and marketing specialists. Our team took Pitch Powered by Realtair to Start Up Alley and post event we spoke to our CEO, Peter Matthews to get his key take outs from the week there.
Is the traditional model for residential real estate still predominant?
The US market is still managing the change from the traditional model to modernised models. These see an evolution from a more restricted information environment with the Multiple Listing Services (MLSs) to an open information environment through Zillow and Trulia where buyers can search for properties themselves. There is also a lot of discussion around the roles and the process of having Listing Agents and Buyers Agents and transparency around commission splits.
What was some of the biggest news to emerge during the week?
On the first day of the conference the announcement was made that Amazon was entering the real estate space in a deal with Realogy. Just another example of how the traditional model is being tested. Realogy was the only real estate franchisor or brokerage to make the 2019 Fortune 500 list. Century 21, Coldwell Banker, Better Homes and Gardens Real Estate and Sotheby’s International are among the brands owned by Realogy. Given these brands exist in Australia as well, there will be implications here, so definitely watch this space.
What are the impediments to real estate software solutions in the US?
The USA remains in the same state where there are a host of software options, however not many are completely integrated. Layers of administration and marketing are required to facilitate the listing process. In a market where commissions are under pressure, there is a real opportunity for the right platform to provide these much needed time and cost efficiencies.
Did you feel there was scope for a product like Pitch to find an audience in the US?
All 2.5 million agents in the USA use a Pitch type product in some form. Whilst some companies like Compass and Keller Williams have their own technology process the vast majority of agents use Microsoft software to create and send by email. The data loss and detriment to presentation and brand is significant and the rationale for Pitch by Realtair is not just valid, but essential. We are more excited and driven than ever for the future of Realtair’s real estate tech ecosystem solutions.