{"id":1678,"date":"2018-04-12T16:19:00","date_gmt":"2018-04-12T16:19:00","guid":{"rendered":"https:\/\/preprod.realtrends.com\/blog\/2018\/04\/12\/tech-wars-larry-kendall\/"},"modified":"2025-03-13T02:29:21","modified_gmt":"2025-03-13T02:29:21","slug":"tech-wars-larry-kendall","status":"publish","type":"post","link":"https:\/\/preprod.realtrends.com\/blog\/2018\/04\/12\/tech-wars-larry-kendall\/","title":{"rendered":"TECH WARS! What&#8217;s Your Strategy?"},"content":{"rendered":"<p><strong><i>Your job is to provide clarity. By doing so, you\u2019ll alleviate agents\u2019 anxieties about technology.<\/i><\/strong><\/p>\n<p><!--more--><\/p>\n<p><span style=\"font-weight: 400;\">Gary Keller declares, \u201cKeller Williams is no longer a real estate company. We are now a technology company.\u201d He also pledges to invest $1 billion in technology. Ryan Schneider, president and CEO of Realogy announces, \u201cLeveraging our untapped real estate data now takes center stage.\u201d Compass and Redfin claim to have the best real estate technology. Zillow Instant Offers, Open Door, Offer Pad, and Purple Bricks are disrupting the industry with their technology platforms. What\u2019s your strategy?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Are your people confused, anxious or afraid about these tech wars? As a leader, your No. 1 job is to clarify the future for them. Clarity is the antidote to anxiety. What\u2019s your strategy? Here are some ideas that may help you.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">First, take 10 minutes and watch Bill Chee\u2019s famous <span style=\"color: #0000ff;\"><a href=\"https:\/\/www.youtube.com\/watch?v=CyKFXVQwAPA&amp;t=3s\">\u201cHungry Lions Coming Over the Hill\u201d<\/a><\/span> speech on YouTube. Bill was 1993 NAR President and delivered his speech on April 26, 1993, to NAR\u2019s Board of Directors. He predicted, \u201c<em><strong>There is a high probability that the Realtor<\/strong><\/em><\/span><em><strong>\u00ae<\/strong><\/em><span style=\"font-weight: 400;\"><em><strong> organization will lose control over and direction of the MLS as it currently exists. We must allow greater public access versus being secret and exclusive. We must have a consumer focus versus a Realtor focus<\/strong><\/em>.\u201d How prophetic 25 years ago!<\/span><\/p>\n<blockquote><p><strong>AS A LEADER, YOUR NO. 1 JOB IS TO CLARIFY THE FUTURE TO THEM<\/strong>.<\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">At the time, Bill saw the hungry lions as IBM, Microsoft and media companies. Today, they are Zillow, Compass, and perhaps, at some point, Amazon. Bill missed the specific identities of the lions, but he was correct that, in the age of the internet-empowered consumer, our industry needs to be more consumer-centric. Which leads to the first of four fundamentals for building a tech strategy:<\/span><\/p>\n<ol>\n<li><strong>Consumer Centric.<\/strong> <span style=\"font-weight: 400;\">Focus on what the consumer wants. This is often in conflict with what the agents want. Your leadership skills will be tested on this one. What is the common thread among all the industry disruptors (Zillow, Open Door, etc.)? They are consumer-centric whereas most of the real estate industry is agent-centric. Build your technology to be consumer-centric.<\/span><\/li>\n<li><strong>Immutable Laws of the Internet.<\/strong> <span style=\"font-weight: 400;\">In their breakthrough 2000 book, The 11 Immutable Laws of Internet Branding, Al and Laura Ries clarify that your business, as it relates to the internet, will either be a market or a medium. It will not be both, and you will not decide. Your customer will. A market is where goods and services are sold\u2014think Amazon and eBay. A medium is where people go for information\u2014think Google and Zillow.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">It\u2019s fairly clear now that our industry, as it relates to the internet, is a medium, not a market. The early fears that consumers would \u201cbuy or sell a house with a mouse\u201d have been resurrected recently by Open Door and Zillow Instant Offers. We\u2019ll see if these disrupters can change this immutable law. It\u2019s my understanding that in the first beta test of Instant Offers, only 1 in 80 sellers took the offer. The real game is generating 80 seller leads to sell to real estate professionals. Again, the strategy reverts to a medium versus a market. The fundamentals still say build your technology to be a medium.<\/span><\/p>\n<ol start=\"3\">\n<li><strong>Nature of a Real Estate Transaction.<\/strong> <span style=\"font-weight: 400;\">Real estate transactions are infrequent (an average of every 8.18 years); high dollar (much higher than anything you are buying from Amazon); complex (not as simple as buying a book or an airplane ticket; uncertain (there are a lot of moving parts in a real estate transaction); and high risk (for all the reasons mentioned above). These five factors combine to require a human\u2019s interaction. Build your technology to make it easier and to create smooth transactions that close on time. <\/span><\/li>\n<li><strong>Power of Relationships. <\/strong><span style=\"font-weight: 400;\">Thought leader Simon Sinek was asked what he thought about the new technologies being introduced in the real estate industry. His observation: \u201cHuman beings are social animals and relationships will always win. There is a small percentage of people who just want a transaction. Most want a relationship. Invest in your relationships. They are your most valuable asset.\u201d Relationships are the \u201ckiller app.\u201d Build your technology to enhance relationships. In Ninja Selling, we believe this is your CRM and your flow systems for consumers. <\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Much of the tech buzz involves big data, predictive analytics and artificial intelligent (AI). Here\u2019s what Apple, Google, Microsoft and the leading tech companies are saying about AI, \u201cThe keys to figuring out AI are the sociology, the psychology, and the anthropology, not the technology.\u201d This was their conclusion when their Association of Boards of Directors met at the most recent Consumer Electronics Show (CES) in Las Vegas. Their speakers were sociologists and anthropologists\u2014not technologists. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The key is the human factor. How do humans relate to the technology? Is it friendly (R2D2) or is it a threat <\/span><\/p>\n<p><span style=\"font-weight: 400;\">(The Terminator)? Is it simple or is it confusing? Does it serve us or hurt us? Design your technology to serve your consumers and your agents\u2014not to disrupt, confuse, use or bypass them\u2014and you will have a winning strategy.<\/span><\/p>\n<p><i>By Larry Kendall, author of Ninja Selling and chairman emeritus of The Group, Inc.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Your job is to provide clarity. By doing so, you\u2019ll alleviate agents\u2019 anxieties about technology.<\/p>\n","protected":false},"author":15802,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[54],"class_list":["post-1678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.4 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>TECH WARS! What&#039;s Your Strategy?<\/title>\n<meta name=\"description\" content=\"Are your people confused or afraid about these tech wars? 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