Glenn Sanford, CEO and founder of eXp Realty, discusses morning rituals, game-changing tech, going against conventional wisdom, overcoming a crisis of confidence, the sell-side pivot, and how to screw anything up in the real estate industry.
Glenn Sanford emphasizes the importance of staying connected and readily available to his team through constant communication via workplace messaging, calls, and texts.
The introduction of equity ownership for agents has been a game-changer for Exp, empowering agents to become shareholders and driving the company's rapid growth.
Deep dives
Starting the Day and Staying Connected
Glenn Sanford, CEO and Founder of Exp, begins his day by checking emails and his calendar. He engages in virtual meetings and stays updated on industry news. Sanford travels frequently and uses various workspaces, including hotels, coffee shops, and real estate offices. He emphasizes the importance of staying available to his team and maintains constant communication through workplace messaging, calls, and texts.
Managing Costs in a Changing Market
Sanford highlights the challenge of balancing cost reduction and investing in growth during market downturns. In 2022, Exp focused on cutting costs, but in 2023, they shifted focus back to growth. Sanford recognizes that in a slower market, there is a need for cost-cutting measures, whereas during a growth phase, expenses often struggle to keep up. He acknowledges the importance of managing the business as a business and making strategic decisions accordingly.
Innovation and Ideas in Real Estate
Sanford discusses the importance of being aware of market trends and adapting to meet the changing needs of agents and consumers. He shares examples of how Exp has introduced initiatives based on market observations, such as formalizing a program for broker owners who want to convert to Exp, and leveraging technology, like AI-driven property descriptions, to streamline processes and enhance agent productivity. Sanford also emphasizes the continuous exploration of new tools and technologies to stay ahead in the industry.
Equity Ownership and Supercharging Growth
One of the game-changing factors in Exp's growth trajectory has been the introduction of equity ownership for agents. By offering agents shares of equity, Exp differentiated itself from other brokerages and empowered agents to become shareholders in the company. This unique approach to ownership has been a significant catalyst for the company's rapid growth, as agents are highly motivated to build their own wealth and actively contribute to Exp's success.
Glenn Sanford, CEO and founder of eXp Realty, and I discuss morning rituals, the push/pull of a down market, where ideas originate, game-changing tech, going against conventional wisdom, the power of pure-plays, overcoming a crisis of confidence, the sell-side pivot, and how to screw anything up.
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