Tim G. Smith was appointed in April 2010 as CEO of Inman News, a leader in independent real estate news, information and technology. Smith brings more than 20 years of senior management experience to this position, having run global, multimillion-dollar business units primarily in the media and events industries – most notably Future US Inc., 1105 Media, Upside Events and Oracle Corp. He reports to Inman News founder and publisher Brad Inman.
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As an “industry visionary,” what do you see as the major changes occurring in the real estate industry?
3
things stand out for me:
- The market seems
to have improved somewhat, but there are still areas of the country that are
hit extremely hard – especially recently in the Gulf coast. I think the ability
to adapt with market situations quickly and efficiently will help agents and
brokerages differentiate themselves.
- Mobile technology
– more than half of all REALTORS® have a Smartphone and I only see this increasing
by the end of 2010. It has really become more of a ‘must have’ – like a fax
machine was a decade ago.
- RPR – everyone is
still waiting to see what is going to happen here in 2010. Whatever will be
decided will certainly impact the industry.
What major “corporate players” are driving change and what may be their impact?
There are a number of
brokerages really pushing the envelope with their branding, connection to their
community, social media presence, and willingness to embrace technology. Some
of the stand-outs in my mind include Better Homes and Gardens Real Estate, The
Corcoran Group and Redfin. All 3 of these companies have a huge online presence
via their blogs, mobile apps, Facebook and Twitter streams, etc. They are
really setting the bar for the ‘new way’ of doing business.
Who are the “individual trendsetters” that are shaping the future real estate industry?
I think Mark Lesswing is
making some great strides over at NAR in bringing the REALTOR community into
the future. I think Houston Association of REALTORS® President/CEO Bob Hale is
showing us how an association can really embrace the changes that are taking
place in the industry.
What are the expectations of the emerging real estate consumer?
The real estate consumer is
expecting to be able to reach their agent quickly via several methods: text, e-mail,
social media, blogs, and of course the phone. However, more and more, we are
seeing home buyers/sellers who are in the Gen X and Gen Y age groups not
wanting to do a lot of chatting on the phone and prefer an agent who is savvy
and quick online and with their mobile device. I also think more and more
consumers are looking for agents with expertise and experience – but are turned
off by the agent who always markets themselves as ‘the expert’ or ‘the best.’
Agents and brokers are better off to gain trust by giving valuable information
over time and letting their experience speak for itself.
How should the Brokerage and Realtor Association / MLS respond to these real estate consumer expectations?
I think they need to offer
continuing education and classes by a variety of industry experts – not the
same people. I also think neighboring MLSs need to work together more and pull
their resources together in a smart way. I think MLS
boards need to be on the same page in terms of releasing IDX data – this has long been a hot topic – but
something that needs to be consistent across the United States.
What changes should a Brokerage implement to ensure profitability in the future?
I would love to see more
brokerages encouraging their agents to get the training on technology and
social media that they need. Many brokerages provide this in-house but even
that can be quite an undertaking. Technology is moving so fast its hard for
brokerages to keep up – this is one of the reasons why I feel our conference,
Real Estate Connect, is so successful each year. Agents and brokers are really
yearning for someone to tell them what is the future of real estate and what
they need to pay attention to in terms of technology. We really pride ourselves
in being able to “filter through the noise”!
What role do you see the Realtor Association / MLS playing to ensure Broker profitability?
The Associations/MLSs can
support their communities by playing a significant role in bringing their
constituents opportunities to learn about the changes happening around them and
how to cope. My suggestions for the brokerages apply to the Associations and
MLSs as well.
Based upon your vision of the future of the real estate industry, what are you doing to help influence positive change?
I bring to Inman News years of event and conference-planning
experience. I am very excited to be able to take Inman News to the next level in 2010 and beyond. This year we are
expanding our conference line-up from 2 to 14 events by the end of the year.
These conferences: Real Estate Connect and Agent Reboot were designed because
we see a real need for agents and brokers of all levels craving the learning
and help with new real estate technology tools. My hope is to bring the best of
the best to each of these events and give agents and brokers across the nation,
hands-on tools that will help them make more money and adapt to these changes.
What books would you recommend as a “must read” that have influenced your vision?
Reality Check by Guy Kawasaki – Each chapter helps me to be a bit
better at something I’m currently doing.
Out Of The Crisis by W. Edwards Deming – This book focuses the manager
on treating employees with respect, focusing on process, and insisting on the
collection and analysis of data. The creation of metrics to manage the business
is critical.
What advice would you give Brokerages and Realtor Associations / MLSs to assure they stay relevant and successful in the future?
Be open to change, don’t
resist new ideas. Take the time to develop your brand and make sure everyone in
your organization understands your vision. Question everything! Take a hard
look at the holes in your organization and see how you can fix them quickly!
Lastly, don’t be afraid to ask for help or guidance – it’s the only way we can
learn!
