On this episode of The Walk Thru, Byron Lazine and The Broke Agent sit down with Taya DiCarlo and Tom Toole to discuss eXp Week, declining home sales, and the TikTok takeover.
It’s eXp week
Dustin Brohm, aka the Massive Agent, shared his biggest takeaways from the eXp conference week in Orlando. As a brokerage, eXp stands out with their lack of debt and low operating costs. They’re making acquisitions right now on free cash flow while other brokerages are backing off.
As a luxury real estate agent with Compass, Taya pointed out a key difference between Compass and eXp: the types of agents flocking to the latter are those who don’t want the tools and support provided by brokerages like Compass.
“I’ve been at Compass, I was the founding agent in the south bay of Los Angeles, I have found it’s made a huge impact on my career, and I like being in a brokerage where I have a lot of support. I would never go to eXp because that model just doesn’t work for me…I don’t want to be at a brokerage where people are getting paid to recruit.”
Byron added that eXp agents who aren’t on high-producing teams can get lost in the shuffle. That said, he agreed with the Massive Agent’s point that eXp’s status as a publicly traded brokerage with zero debt is an advantage – one that will benefit them over the next 24 months.
Home sales are declining
Recent headlines on Inman, CNBC, and other outlets are focused on the drop in home sales and projections for a further decline this year and the next.
Consumers are seeing these headlines and jumping to the conclusion that housing prices will also decline, which isn’t the case at all.
“If it’s anything over 5 million, we’re at a normal market… So, there’s an opportunity for agents that don’t take the summer off, that dig into their business, to go out and sell a record amount of homes for their business.”
TikTok Takeover
Next up was Eric’s recent blog post: “Instagram Needs to Chill,” referencing comments from former Facebook employee and now TikTok’s President of Global Solutions, Blake Chandlee.
Given TikTok’s growing popularity, Byron asked Eric how important it is for agents to go all in.
“Well, they have to because Instagram, if you haven’t noticed, has been so all over the place… It’s just nonstop changes from Instagram because they’re doing everything they can to copy TikTok – understandably because TikTok is way more entertaining.”
Tom has seen different results with TikTok, but he sees the potential.
“My stuff’s really like sales-skills-based, that’s the audience I’m looking for, so it’s done better on Instagram, but my view is that you’ve just got to post this stuff everywhere and see what happens and keep going.”
The big takeaway here is that if you’re not producing short-form video, you’re going to be left behind on all platforms – not just TikTok.
Watch the full episode for more.
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