Nicole is back for the 234th episode of The Real Word podcast with Byron, and both hosts are ready to launch the new third segment, which they explain at the end.
Before diving into today’s topics, they took a moment to congratulate Matt Lionetti and The Broke Agent for the 2022 Inman Innovator Award, which they won last week for the Over Ask Podcast.
This week, Byron and Nicole discuss the real estate partnership between Zillow and Opendoor, as well as sinking consumer confidence and the new third segment: Left, Middle, Right.
Zillow and Opendoor
First up is a BAM article on the new Zillow and Opendoor partnership.
I agree with what Jeffrey Wacksman, the COO for Zillow said—that Zillow’s got the audience, they’ve got the brand power, and, you know what else they have, they do have a healthy relationship with their Zillow Premier Agents. And these are three things that Opendoor never decided to build upon…
As Mike DelPrete has said before of house-flipping ventures like Opendoor, “This is gonna be a slice of the pie–but a small slice.”
This partnership can only help Opendoor, whose stock has tanked and whose credibility is in even worse shape. And in turn, Opendoor’s offer service could provide a flood of new seller leads for Zillow’s Premier Agents.
Consumer confidence in housing market at lowest point
Next is a CNBC article, “Consumer confidence in the housing market hits the lowest point in over a decade.”
I feel like we’ve been talking about this for months, though. I mean, of course they’re feeling a little pessimistic about the rates and all, but I think it’s still very much dependent on location.
Motivated agents can take the lead here by promoting a seminar, live at their offices, on why this creates an opportunity for agents in their local market. Use the Consumer Confidence headline to educate your audience on smart real estate investments, how to invest or get funding to invest, etcetera.
People in your community are seeing negative headlines; you need to be the voice of reason and help them focus on and explore the opportunities available to them.
Left, Middle, Right
That’s the name of our new third segment, featuring headlines in politics that real estate entrepreneurs and agents need to know.
It’s called “Left, Middle, Right,” because we at BAM are not taking any position—left, right, or middle—on any of the political news discussed in this segment.
Nicole will provide the hottest political headlines (could be two, could be three or four), and Byron will offer quick hot takes on why or why not you as an agent need to know about the details in each story.
This week, we’re starting with four. Here we go….
#1—”The Inflation Reduction Act Unleashes a Tougher IRS” (Forbes)
At the bottom of the Forbes article is a reference to the $80 billion in tax money that will go to the IRS, which will use that money to hire 87,000 new agents.
How often do you hear agents are behind on taxes?
#2—”Inflation Reduction Act Is Big Win for Serial Green-Home Remodelers” (WSJ)
Another part of this same act involves $1.6 billion of potential tax savings for consumers. Agents get questions all the time about what they should fix in their house or how they should do it.
If they can get a tax credit by fixing their skylight, adding solar panels, whatever, you can point them in the right direction and save them some serious money.
#3—”Market Rout Sends State and City Pension Funds to Worst Year Since 2009” (WSJ)
Take a closer look at the political landscape in your community. Chances are good that your local municipality will be looking at property tax revenue to support your local infrastructure.
Find out whether property taxes are likely to change in the near future and be prepared to answer the questions you know your clients will have.
#4—”SoftBank Reports Record $23 Billion Quarterly Loss as Tech Downturn Hits” (WSJ)
This is important if you’re a Compass agent. Softbank sold its entire stake in Uber, which is still in good standing. Could there be other investments in their portfolio that they’re poised to unload in the near future?
Side note: Byron recommends running ads for your real estate business on political talk radio in your local community, since more listeners tune in to those shows go up as we get closer to elections.
Watch the full episode for more.
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