Why RE/MAX’s Adam Contos Doesn’t Think The Real Estate Industry is Ripe for Disruption

I had the opportunity to attend the RE/MAX Broker Owner Conference in Chicago in August 2019. Here are some takeaways:

• CEO Adam Contos said there is one main question to ask before hiring anyone, whether managers or agents, and that is: Are you coachable? “Do you want to be pushed? Do you want to be told things you don’t want to hear? Recruit people who are coachable, but you as a leader have to be as well,” says Contos.

• While there is a lot of noise in the industry with new business models, iBuyer and low to no-fee brokerages, Contos doesn’t think real estate is ripe for disruption. “Buying real estate is not getting a ride, buying a book or renting a movie. Disruption starts with unhappy customers, not changes in technology. Some 93 percent of U.S. sellers work with an agent or builder,” he says. A futurist gave him five questions to answer to determine the potential for disruption. The more you answer no; the riper the business for disruption. They are:

  1. Is the purchase frequent?
  2. Does it have a big cost?
  3. Is there a risk?
  4. Is transaction complicated?
  5. Is the product unique?
  • RE/MAX’s technology platform Booj is rolling out its first iteration. They will have a progressive launch cycle to add on new capabilities so as not to overwhelm agents and brokers during the process. The first cycle will see the CRM, lead cultivation and client manager portion. “Throughout the year, we will get deep into marketing and back office, finally, we’ll get to the consumer part,” says Contos. About half the sessions at the conference were dedicated to teaching broker-owners about the platform and how to encourage agent adoption. “Getting agents trained on the system is a priority for us. We are going on the road with 324 days of live training in 90 days,” he says.
  • That’s not all in the tech area. RE/MAX has a new app called Photofy available that includes recruiting and retention material where brokers and managers can engage prospects with email, social and text messages. “It takes 14 touchpoints before agents want to consider a move to your brokerage. This free service offers an easy way to make those touchpoints. A prototype of the agent version of Photofy is in the works.
  • The fun stuff. RE/MAX is launching a line of Emojis gifs or stickers that can be used in text messages.

 

 

 

 

 

 

 

 

 Best quotes from the conference:

“Real estate agents need leads. The technology is there to make that happen,” Chairman and Founder Dave LIniger. “However, being in touch with the client, doing right by them and providing a great customer experience gets you leads for free.”

“Motion is talk but doesn’t get anything done. Action gets things done. Allocate time and focus on recruiting. Use the tools and tech available to you, and coach and be coachable,” CEO Adam Contos.

“Embrace change and thrive. Make course corrections. The internet didn’t kill agents and apps won’t either; they are tools to help you do their jobs,” Contos.

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After earning her bachelor’s degree in journalism at the University of Central Florida, Tracey set out in the real world at Florida Realtors in 1994 as a communication assistant, working her way up to editor in chief of Florida Realtor magazine. In 2004, she left the association to start her freelance writing and editing business. One of her first clients was REAL Trends, and she started working for the organization in 2005. In 2014, Tracey was promoted to editor in chief of publications for REAL Trends. She handles the writing and editing of all REAL Trends publications and marketing materials, including LORE Magazine, the REAL Trends newsletter and the blog. She is also the primary podcast interviewer where she conducts interviews with top real estate industry leaders and affiliated industry leaders. Tracey is married with two children.

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