{"id":16917,"date":"2020-09-06T09:34:50","date_gmt":"2020-09-06T16:34:50","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=16917"},"modified":"2020-09-06T09:34:50","modified_gmt":"2020-09-06T16:34:50","slug":"my-take-on-fintech-who-doesnt-love-a-better-pen-but-no-rainmakers-no-rain","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/16917\/my-take-on-fintech-who-doesnt-love-a-better-pen-but-no-rainmakers-no-rain\/","title":{"rendered":"My take on fintech? Who doesn’t love a better pen? But:\u00a0No rainmakers, no\u00a0rain."},"content":{"rendered":"

\"\"<\/a>

Click to embiggen.<\/p><\/div>I got a recruitment pitch from OfferPad the other day: Be an in-house listing agent for our fallback upsell team. This is not an honor, an oddity or an error; I’m in a database, that’s all. And: Fun for me to see, but not a temptation.<\/p>\n

They’re fools to make agents 1040 employees, rather than 1099 independent contractors. For a second reason, 1040 employees are going to be the death of all corporate entities. But the first reason is in the headline: No rainmakers, no rain.<\/p>\n

You can see they understand this simple fact: The pay plan is commission plus a draw, the scheme all corporate sales teams use to attract and retain dedicated plodders.<\/p>\n

But straight commission sales separates closers from losers just like that, with zero management intervention. That’s why real estate brokers like it so much.<\/p>\n

And I think that illuminates the folly of taking fintech seriously. Who doesn’t love a better pen \u2013 but who believes a better pen will make you a better persuader? Technology solves paperwork problems very well, and I would be more impressed with technology vendors if they put more attention there. (Hint: Title and escrow: Rich, ripe, ready.) Technology addresses people problems poorly \u2013 a fact it is perpetually incapable of discovering.<\/p>\n

Brian Brady pointed out to me that lenders live on Realtor marketing. That’s not wrong, it’s reasonable. Title, escrow, inspectors, tradesmen and home-warrantors all depend on Realtor referrals, which they can farm out only because they have already surfaced the buyer, seller or investor. You can’t buy your date a cocktail until you have a date.<\/p>\n

So it’s the other end of the food chain that concerns me \u2013 not fintech but leadgen. Realty.bots whose sole business is to get in front of your client before you can \u2013 so they<\/em> can sell access to you<\/em> \u2013 are not your friends.<\/p>\n

For what it’s worth: Of the big-name iBuyers, Zillow’s solution to abandoned shopping carts seems best. Instead of using salaried and lawsuit-curious employees to upsell more lawsuit opportunities, pitch the now-useless “leads” to starving Realtors. For 35%! Who has the Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Click to embiggen.I got a recruitment pitch from OfferPad the other day: Be an in-house listing agent for our fallback upsell team. This is not an honor, an oddity or an error; I’m in a database, that’s all. And: Fun for me to see, but not a temptation. They’re fools to make agents 1040 employees, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[212,6,5,19],"tags":[],"class_list":{"0":"post-16917","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-flourishing","7":"category-marketing","8":"category-real-estate","9":"category-technology","11":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":3198,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3198\/rainmakers-everywhere-but-not-a-drop-of-water-in-sight\/","url_meta":{"origin":16917,"position":0},"title":"Rainmakers Everywhere But Not A Drop Of Water In Sight","author":"Jeff Brown","date":"June 13, 2008","format":false,"excerpt":"I've started and deleted this post three times now. It's galling. I know what I wanna say, but can't say it the way I wanna. It's important though, at least in my thinking. So here's hoping the fourth time is a charm. Back in the '60's I was the janitor\u2026","rel":"","context":"In "General"","block_context":{"text":"General","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/general\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17506,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/17506\/overnight-news-people-who-write-well-but-do-math-poorly-working-with-people-who-do-both-poorly-could-not-conceive-of-people-who-write-poorly-but-do-math-very-well-thats-how-they-got\/","url_meta":{"origin":16917,"position":1},"title":"Overnight News: People who write well but do math poorly, working with people who do both poorly, could not conceive of people who write poorly but do math very well. That\u2019s how they got\u00a0caught.","author":"Greg Swann","date":"November 21, 2020","format":false,"excerpt":"The headline is the extent of my contribution to election news this morning \u2013 aside from the links below. I'm eager to see how matters play out. I have further thoughts on the NAR business, but I'll lay those aside for a separate post. Meanwhile, Glenn Kelman taught me long\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"Ya think it's easy?","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2020\/08\/BHBNewTopImage-300x225.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":3752,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3752\/another-real-estate-model-a-less-radical-variation-on-a-current-theme-that-can-work-within-the-present-regulatory-context-a-national-franchise-of-real-estate-franchisors-each-of-whom-is-committed-t\/","url_meta":{"origin":16917,"position":2},"title":"Another real estate model, a less-radical variation on a current theme that can work within the present regulatory context: A national franchise of real estate franchisors, each of whom is committed to sustaining the value of the brand","author":"Greg Swann","date":"August 4, 2008","format":false,"excerpt":"I read Rob Hahn's ideas about brokerage-as-law-firm last week. I thought that much was kind of naive -- a reflection of a lack of understanding the legal realities of real estate brokerage -- but I didn't jump in because I thought some of his other ideas were interesting. Here's the\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":19138,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/19138\/redfin-runs-out-of-other-brokers-agents-to-milk-resolves-to-milk-its-own-instead\/","url_meta":{"origin":16917,"position":3},"title":"Redfin runs out of other brokers’ agents to milk, resolves to milk its own, instead.","author":"Greg Swann","date":"October 26, 2023","format":false,"excerpt":"\u201cThere are two real estate brokerage business models: Selling houses or milking agents. Redfin yearns to discover that it can't do either.\u201d \u2013Greg\u00a0Swann I've spent much of this month documenting how ineptly Redfin.com lists homes for sale. It wasn't something I set out to do. I've been dour about them\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2023\/10\/Screen-Shot-2023-10-23-at-8.16.39-AM.png?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":3556,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3556\/the-new-real-estate-model-part-2-super-teams\/","url_meta":{"origin":16917,"position":4},"title":"The New Real Estate Model – Part 2: Super Teams","author":"Sean Purcell","date":"July 30, 2008","format":false,"excerpt":"In Part 1, I discussed the concept of Disbrokeration; some of its causes and effects. When I originally wrote about Disbrokeration I thought I had a pretty good idea what the next iteration of the industry would be: Super Teams.\u00a0 This type of development is not new and successful Super\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2352,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2352\/is-the-goal-is-to-have-a-big-team\/","url_meta":{"origin":16917,"position":5},"title":"Is the Goal is to Have a Big Team?","author":"Russell Shaw","date":"December 11, 2007","format":false,"excerpt":"\"My goal is to have a big team\". I actually had a Realtor say exactly that to me. Why? Is there some special reason someone, who wasn't deranged, would have the goal of having a big overhead and loads of people to manage and be responsible for and to? Is\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"teamwork","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2007\/12\/teamwork.jpg?resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/16917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=16917"}],"version-history":[{"count":7,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/16917\/revisions"}],"predecessor-version":[{"id":16925,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/16917\/revisions\/16925"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=16917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=16917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=16917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}