Chris Heller’s insights into the evolution of real estate
May 16, 2024
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Chris Heller, President at OJO and former CEO of Keller Williams, discusses OJO's rebrand to Movoto, acquisition of The LEAD Syndicate for the launch of Lever, and industry changes like fewer, experienced agents and lower commissions. They touch on enhanced services for solo agents, industry shifts, opportunities for consolidation, and the Department of Justice's scrutiny.
Acquisition of The Lead Syndicate by OJO aims to support solo agents with enhanced services in database management, marketing, and transactions
Anticipated changes in real estate industry emphasize the need for agents to focus on higher-value services and adapt to new market dynamics
Deep dives
Acquisition of Lead Syndicate by Ojo and Movoto
Ojo and Movoto recently acquired the lead syndicate, a service catering to agents who may not fit the typical team structure. This acquisition complements the services offered by Ojo and Movoto, providing a solution called Lever for solo agents. Lever handles database management, marketing, transactions, training, and leads, allowing agents to focus on interacting with buyers and sellers.
Impact on Real Estate Industry from Commission Changes
Anticipated changes in real estate agent commissions might lead to fewer agents and downward pressure on commissions. While top agents and teams may not be significantly affected, industry-wide changes could prompt consolidation and a shift towards higher value services. This situation may create opportunities for M&A activity and require companies to focus on providing increased value to a smaller customer base.
Future Trends and Consumer Impact in Real Estate
The real estate industry is poised for innovation and new models in response to evolving market dynamics. Potential developments include innovations from various companies seeking to disrupt the industry and regulatory scrutiny from entities like the Department of Justice. Balancing industry changes with consumer welfare remains a critical consideration to ensure positive impacts and adjustments in the market.
This week we are sharing an exclusive conversation recorded live at The Gathering in Scottsdale, this time with the esteemed Chris Heller, current president at OJO and former CEO of Keller Williams. Chris has worn many hats with over 35 years of experience in the real estate industry in multiple leadership and advisory roles under his belt.
In today’s conversation with Clayton, they talk about OJO’s consumer-facing rebrand to Movoto and their recent acquisition of The LEAD Syndicate to launch Lever, a platform delivering an all-in solution suite for agents. They also talk about anticipated changes on the horion as the commission changes take effect, such as an industry-wide shift of fewer, more experienced agents and a downward trend in commissions.
Here’s a glimpse of what you’ll learn:
The Lead Syndicate acquisition aims to enhance services for solo agents and provide support in areas such as database management, marketing, and transactions.
The upcoming changes in the real estate industry will require agents and brokerages to focus on higher-value services and adapt to new market dynamics.
The industry is likely to see opportunities for consolidation and M&A as companies look to combine resources to navigate the changing landscape.
The Department of Justice's ongoing scrutiny of the industry and potential consumer impacts should be closely monitored.
The Power House podcast is a show about leadership, markets and entrepreneurship in the housing industry. Each Thursday, Clayton Collins speaks with CEOs and founders from the mortgage and real estate sector to reveal how housing executives think about business growth, operational strategy, and leadership. The Power House podcast reveals the full picture through the stories of the industry’s most impactful leaders. Clayton Collins is the CEO of HousingWire, and the Power House podcast is produced by HousingWire’s Content Studio. Initially launched in 2019 as the Housing News podcast, the show was relaunched as Power House in 2024.