Weekly Real Estate News Quiz: Think You're Up On The Biggest Headlines?
From KW's partnership with Offerpad to a nod to "Old Town Road," the real estate industry threw some curveballs. Take Inman's real estate news quiz to demonstrate how strong your talking points and cocktail banter are this week.
This term, which Realtor Christy Murdock Edgar explored in detail this week, is rooted in the idea that more effort, hours and dedication are all that is required for success. It posits that everything else — family, friends, health and happiness — should be secondary to hard work.
We’ve all, no doubt, had those times when work became so overwhelming it seemed to consume every waking minute. However, there’s a difference between hustle and hustle culture — and that difference can have major implications for your health and success.
This Puerto Rico-based tech vendor is accusing Keller Williams of hiring them in 2015 to build a consumer-facing app, but refused to pay up, then copied the company's prototype for its own proprietary app development.
In a lawsuit, TIP Cloud Hosting claims Keller Williams contracted it in 2015 to develop software for Keller Williams' exclusive use. All of the data from the software – which was to be a public-facing app where consumers could access all of Keller Williams' services – would be owned by KW.
The two parties entered into an agreement in July 2015, whereby Keller Williams would pay TPI $1.8 million payable in six monthly installments of $300,000, beginning in August 2015 for the creation and development of the app, according to the complaint.
TPI says it submitted its first invoice on August 18 without objection from Keller Williams and with acknowledgment from the company that this was to be the first invoice. The company says it submitted wireframes and a functioning prototype to Keller Williams on September 15 and its second invoice on September 18.
A new platform unveiled this week promises to provide mortgage, title, escrow, warranty and moving services to agents and clients inside this company’s self-contained virtual world.
EXp Realty on Monday revealed the details of its Preferred Partners program, a new offering that provides eXp Realty agents and their clients with homebuying services.
The platform leverages partnerships to provide mortgage, title and escrow, home warranty and moving services right inside eXp Realty’s virtual world.
For mortgages, the company is partnering with IntroLend First Cloud to create a lending platform that will integrate with eXp Realty's existing technology. EXp will act as a mortgage company that refers lending opportunities to existing preferred lenders, Sanford said.
This company is becoming “irrelevant,” argues Mike DelPrete, a strategic adviser and global expert in real estate tech.
"With the rise of iBuyers as a powerful new starting point in the consumer journey, realtor.com is yielding the strategic advantage to arch-rival Zillow," DelPrete writes.
"Lacking an iBuyer strategy for the past year, realtor.com has fallen further behind in terms of delivering value to consumers and agents," he continues. "Multiple options to enter the space are available, but the clock is ticking for realtor.com to execute strongly and maintain relevance in a rapidly evolving industry."
Operating partners with this company will no longer be required to own a 20 percent stake in company market centers, according to a policy change that went into effect this week.
Keller Williams revealed major changes to its franchise agreements that were made public this week.
Moving forward, operating partners will no longer be required to own a 20 percent stake in company market centers. The company is also removing non-compete language that will allow market centers to go outside Keller Williams for ancillary services if they so choose.
Keller Williams and Offerpad entered into a partnership this week that will place the Arizona-based iBuyer at the center of the Texas-based brokerage's rapidly growing iBuyer platform. Who is the CEO of Offerpad?
Brian Bair is the CEO and co-founder of Arizona-based Offerpad. Much like Opendoor and other iBuyers, the company provides a quick turnaround by making discounted offers on homes.
On Wednesday, it announced a deal that will allow Keller Williams agents to act as listing agents for various Offerpad-owned homes while shifting financial obligations onto its own shoulders for the homes Keller Offers buys, effectively handing the company access to KW's 160,000 agents.
Compass has long been known for its aggressive recruiting practices, but this week the brokerage appeared to focus on agents from one competitor in particular. Which one?
Ginger Glass, the nation's 71st-ranked real estate agent in sales volume according to Real Trends, is making the move from Coldwell Banker Residential Brokerage Southern California to Compass. Glass is the second high-profile departure from the own-side NRT brokerage to jump to Compass in Southern California in the past two weeks.
Last week, Chris Cortazzo, Coldwell Banker's top agent and the number three agent in the country announced he was moving to Compass.
Kelly Bensimon, once on the cast of “The Real Housewives of New York,” joined Douglas Elliman’s Holly Parker Team, it was revealed this week. But Bensimon isn’t new to real estate. Name one of the two firms she previously worked at before joining Douglas Elliman.
Bensimon, who appeared on the Real Housewives of New York show from 2009 to 2011, was married to fashion photographer Gilles Bensimon and is also known as a former model and socialite who attends fashionable galas and parties in the city.
According to her new Douglas Elliman bio, Bensimon moved to New York to complete a bachelor’s at Columbia in 1998 and worked in various design roles, including as editor of Vogue Accessories, since. She earned her real estate license in 2017.
According to a CoreLogic analysis this week, 3.6 percent of homeowners fell into some sort of delinquency on their mortgages in May, identical to delinquency rates in April. But what about March? Were there more or less instance of mortgage delinquency during the month of March?
It’s a home leaseback startup that announced a funding round of $100 million, but it’s the company’s ambitious goal to reach a valuation of $1 billion that has tongues wagging.
Figure is apparently seeking a valuation that's more than double its valuation just six months ago. In a $65 million equity financing round that Figure announced in February, investors valued the firm at $380 million, according to PitchBook, Bloomberg reported.
Figure was founded by Mike Cagney, the founder of Social Finance, or SoFi, a well-funded online student loan provider that has since expanded into mortgages and other credit products. Cagney resigned from SoFi in 2017 over sexual harassment allegations.
Figure hasn't closed the funding round reported by Bloomberg, meaning its valuation and size has not been finalized.
In a blistering economic report released this week, this institution described in no uncertain terms the state of the U.S. housing market, deriding it as “anemic” and “lackluster.”
The Federal Reserve Bank of New York on Monday described the U.S. housing market as “anemic” and “lackluster” in a blistering economic report that, nonetheless, acknowledged favorable labor market conditions and declines in mortgage interest rates as positive forces.
Existing-home sales activity lagged in June with single-family home sales falling 1.5 percent, to 4.69 million units, and 1.7 percent year-over year, according to the report, titled “U.S. Economy in a Snapshot.” Single-family new-home sales, meanwhile, grew 7 percent to 646,000 units.
Total sales are up 4.5 percent year-over-year, according to the report.
“Existing home sales fell in June while new home sales only partially rebounded,” the report states. “Single family housing starts and permits remained anemic. A still strong labor market and lower mortgage rates could provide more support to housing.”
This company, which announced its plans to go public this week, lost $1.9 billion last year.
The We Company, the parent company of coworking giant WeWork, filed paperwork with the U.S. Securities and Exchange Commission to announce an initial public offering. The company says in the filing it's seeking a $1 million public offering, but that number is likely a placeholder and will be significantly higher.
The filings give the first inside look at The We Company's financials and reveal the company lost $1.9 billion last year, while posting revenue of $1.8 billion.
For perspective, Uber said it lost $1.8 billion in 2018 and Lyft lost $911 million in 2018, according to CNN. Read the full story.
Stop whining about “clickbait,” said this former brokerage owner and one-time Zillow executive.
"Go to Facebook, find a post that links to an Inman article," Thompson writes. "Scroll down. It’s a pretty safe bet that within the first five comments someone will be crying out about the 'clickbait headline!'"
"Welcome to media in the age of the internet. Welcome to the always on, 24-hour news cycle."
Two houseplants are currently dueling for the role of trendiest plant. Name one of them?
If you’ve spent any time on social media, you’ve likely seen plenty of young homeowners proudly showing off their new "plant mom" or "plant dad" status. A few succulents here, a hanging basket by a windowsill, or if they’re truly bold, some lumbering Elephant Ears will be poking behind a new IKEA chair.
While succulents are still a fan favorite thanks to their heartiness, two plants — the Pilea peperomioides, also known as the Chinese money plant, and the fiddle leaf fig are gaining popularity among homeowners who want to spruce up their spaces. Recent reports by Yahoo News and SF Gate say these two plants are poised to become the next "it" thing in home design, thanks to their Instagrammable aesthetics and affordable pricing.
RE/MAX has a big fan from the world of hip hop. Who?
The rapper’s mother-in-law, Janice Corley, is a franchisee of RE/MAX Premier Properties in Chicago. In a newly released track, Chance raps about Corley, who, one day, “called up the RE/MAX and opened her own site.” The song, “Zanies and Fools” goes on to tell the story of how he and his wife first met at a party at the RE/MAX branch. The rest, as they say, is history.