Industry Relations Podcast: iOi, NAR's new CEO, the CCP and other letters of the alphabet
Sep 5, 2024
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In this engaging discussion, Cole Boyer, founder of the innovative app Tuesday, chats about winning 'Crowd Favorite' at the iOi Summit. Nykia Wright, the newly appointed CEO of NAR, dives into the complexities of her new role amid skepticism about her experience in real estate. The conversation touches on the importance of leadership transparency and the challenging dynamics within the industry. They also explore the future of the Clear Cooperation Policy (CCP), sparking debates about trust and ethics in real estate transactions.
The iOi Summit showcased groundbreaking innovations in real estate technology, emphasizing the importance of adaptability in a shifting market landscape.
NAR's new CEO, Nakia Wright, aims to enforce governance changes that could significantly impact the organization’s entrenched practices and culture.
The discussion surrounding the Clear Cooperation Policy raises critical questions about regulation versus trust in real estate agents and their ethical responsibilities.
Deep dives
Transition to a Regular Posting Schedule
The podcast mentions an effort to establish a more consistent posting schedule for episodes, addressing previous interruptions that disrupted listeners' routines. This change reflects the hosts' acknowledgment of audience engagement and demand for regular content. The hosts express gratitude to listeners for their patience during this transition phase. They emphasize their commitment to maintaining quality discussions while adapting to this new schedule.
CoreLogic's Value Proposition
The episode highlights the significance of real estate agents demonstrating their value to clients and how CoreLogic provides tools to facilitate this. CoreLogic's platform includes features like listing and neighborhood data access for agents and an AI-powered photo search to aid clients. Additionally, the introduction of the MLS Touch app is stressed, which offers critical data accessibility for agents on the move. The hosts emphasize that these advancements are crucial as the market shifts towards increased reliance on technology.
Insights from the IO Summit
The podcast delves into the recent IO Summit, where discussions featured influential speakers and innovative ideas in the real estate tech space. The hosts highlight particularly notable presentations on property valuations and emerging technologies within the industry. Among the featured innovations were advancements in 3D-printed housing and unique financing options like HELOCs. The pitch battle event captured the hosts' attention, showcasing diverse startups and their fresh approaches to real estate challenges.
NAR's New CEO and Industry Changes
A significant topic discussed is the leadership shift at NAR with Nakia Wright as the new CEO, marking a departure from past practices. Her remarks at a leadership summit hinted at a more assertive strategy moving forward, focusing on rule enforcement and governance changes within NAR. This transition has sparked conversations about long-standing practices and the potential for reform in industry structures. The hosts express skepticism about whether real change can occur, given the entrenched culture within NAR.
Clear Cooperation Policy Concerns
The episode also reflects on the Clear Cooperation Policy (CCP) and its implications for the real estate industry. Hosts discuss the policy's origins and its perceived shortcomings, highlighting concerns about trust and the necessity of restricting broker choices. The conversation questions whether regulation is beneficial or patronizing, suggesting that a better approach may involve trusting agents more. This dialogue emphasizes the ongoing struggle between maintaining market access for consumers and ensuring ethical behavior among real estate professionals.
Greg joins Rob from Chicago where he was attending NAR's iOi Summit. Greg gives his experience of being at the iOi Summit and discusses the pitch battle and his favorite new app, Tuesday, and its founder Cole Boyer who won "Crowd Favorite".
They go on to discuss NAR's decision to appoint Nykia Wright as their new CEO and if experience in organized real estate or connections in Washington D.C. really matter. As you can imgaine Greg and Rob have different opinions.
They finish with discussing the ongoing rumors of the fate of Clear Cooperation Policy (CCP), a.k.a. "The Ocho". It's a fun one!