Inman Connect San Francisco 2016
August 5, 2016, Emeryville, USA
Inman Connect San Francisco 2016
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The X-Files: How Marketplaces are Changing Real Estate
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About speakers

Laura Brady
President at Concierge Auctions
David Camp
SVP Business Development at Real Estate Digital
Rick Sharga
CMO at Ten-X

As the president of international luxury real estate auction marketplace Concierge Auctions, Laura Brady is responsible for leading the company and it’s aggressive growth. In only seven years, she’s driven the firm to nearly a billion dollars in sales and placement on Inc. Magazine’s list of the fastest-growing companies in America for two years in a row. Laura’s knowledge of high-net-worth clientele and her insight into the luxury real estate market have led her to be profiled by FOX News, CNBC, Bloomberg, the Today Show, the Financial Times, the Wall Street Journal and the New York Times, among others. In 2014, she was named “One of the top 100 most influential leaders in real estate” by Inman.While Laura has a keen eye for branding and design, she is also a numbers wiz. These dueling traits led the Neiman Marcus Group to select her as a top corporate recruit from the University of Texas at Austin when she was only 20 years old. But inevitably, a lifelong love of real estate drew her in. After a quick stint of rising to be one of the top-selling luxury agents in the country, Laura was one of few who foresaw the pending market decline and wasn't afraid to take action. She founded Concierge Auctions and has been revolutionizing the industry since. Other credentials include being a wife and mother to twin girls.

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David Camp has a unique operational and sales management background. David has exercised his management expertise in the startup company, small company and Fortune 500 company environments. Since 2007, David has served as the CEO and Founder of Reflect Resources focused on internet marketing and enterprise software solutions to real estate companies and lenders. In 2013, Reflect Resources merged with Real Estate Digital (RED). With the merger, David was appointed to serve as the Senior Vice President of Business Development for Real Estate Digital (RED) and continues in this role with Xome. David has consulted with large real estate companies, lenders and settlement service providers such as Bank of America, Discover, Acopia Home Loans, Skyline Financial, Berkshire Hathaway Franchise Affiliates, HomeServices of America (a Berkshire Hathaway Affiliate), Fidelity National Title, North American Title RE/MAX and Prudential. Most of David’s career within real estate has focused on developing strategies to help real estate companies increase leads, lead conversion, core services revenue, lenders develop purchase business and help both drive more settlement services revenue to their bottom lines. David began his career in the software replication, logistics, packaging and warehousing industry managing operations that serviced EA Sports, Microsoft and Activision.

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Rick became CMO of Ten-X in January, 2016, after spending two years with the company (then branded as Auction.com) as an Executive Vice President. One of the country’s most frequently-quoted sources on real estate, mortgage and foreclosure trends, Rick has appeared on the CBS Evening News, NBC Nightly News, CNN, ABC World News, CNBC, FOX, Bloomberg and NPR; briefed government organizations such as the Federal Reserve and Senate Banking Committee; and corporations like JPMorgan Chase, Citibank and Deutsche Bank.Prior to joining Auction.com, Rick was an Executive Vice President for Carrington Mortgage Holdings, which owns and operates multiple businesses in the mortgage, real estate and securities industries. Rick also spent eight years at RealtyTrac, where as senior vice president he was responsible for marketing, business development and data operations, and won the Stevie® Award for National Marketing Executive of the Year. Before RealtyTrac, Rick developed and executed sales and marketing programs for technology companies such as Fujitsu, JD Edwards, Toshiba, and Hitachi; start-ups like Tickets.com; and consumer brands including Pizza Hut, Acura and Cox Communications.Rick is a member of the Corporate Board of Governors of the National Association of Hispanic Real Estate Professionals, and was included in Inman News’ Inman 100, an annual list of the most influential leaders in real estate in both 2013 and 2014.

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About the talk

Topic: Business

An array of new business models are sprouting up that put buyers with sellers in marketplaces that change the rules for the industry.

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I'm really excited about this panel. We've got three really is your seat way down? Nope. So we call this The X-Files, how marketplaces are changing real estate. A lot of words Marketplaces 123 succinctly. Like we are on the 11th floor of the elevator and we are going to the first floor and there's going to be no stops in between. Let's start with Dave you know, we see Zone logo everywhere. What is the Zone Marketplace Marketplace is the opportunity for consumers to visit zone.com and they're going to get exposed to two types of properties. They can move through the auction

process at the same time they can search for traditional retail listings there as well so we can see where they've got the option to go auction or go to the auction and Retail retail that okay, and so I just take me through this as a buyer. I choose the auction. I'll see a list of properties coming to auction. We are aggregating assets from a variety of sources that's from servicers. We're marketing those assets, you know the end of the given marketplace. Yeah, I typically and I'm still today Brad. We see within an

environment primarily cash buyers investors, but there are some unique trends that will you know, talk a bit more about today. Okay, Laura who is 7 and a half months pregnant? With number 3 Could it be twins? Oh no, my husband almost fainted when the nurse said that. We have twins that are 3 years old. Tell us what your marketplace is? So Concierge Auctions is a luxury residential real estate marketplace. So we curate properties from around the world that is typically one-of-a-kind difficult to value their worth what buyers are willing to pay for them. We expose them on an online

platform where agents buyers and sellers can come together to identify value, create price revelation for these properties. Great. Rick? We are an online transaction platform, we actually have 3 business lines that is Ten-X. So we have our Legacy business, which is auction.com the most people are probably familiar with all that's focused exclusively on bank-owned and foreclosure properties in that same did investor purchasers. We have Ten-X Commercial which you can guess from the name is a platform where we are selling commercial properties. The newest product

a startup if you will is Ten-X Homes, and that's our first consumer-facing website. It is aimed at selling traditional properties to buyers and sellers and working with sellers and agents who represent gotcha the people here the benefit of what each of you do that might help a real estate agent or broker. So Rick, can I list my commercial building my home? I'm an agent and sell it through your auction. That's actually our model and I do need to correct something. We focus on auctions because that's where we all came from or our new

products really are are built primarily for none auction transactions, but is it online bidding? I know. I know I saw you partying last night. It is much simpler than it sounds, so look. A listing agent brings a listing to us, we market it at Truly realtor.com. We drive buyers to decide the buyer makes an offer through the site which is shared in real time. If I are doing it with an agent or by themselves together, we we actually think our fastest way to success is to work with listing agent and buyers agents 2020 if they do all that all the negotiating online, they

close the paperwork online if it's all online online online. She's smart Savage you can put in the in the last you can put until Trulia. She can do the whole nine yards. Why would she go to this would be called Online Marketplace managed because we're right now the only site where you can actually complete the transaction online and show the realtor can get it done really quick. Make the run a go home. So Katie can maybe get a commission while she's in moderating Connect and it's all done. It isn't Lee Brown great and

aren't I mean and how about Joe ran? Like my Joe together with Lee and they would have genius babies. wow, Laura We we just surpassed a billion dollars in historic sales at the company and we've never sold a property without a listing agent involved and offering a commission to a buyer's agent. What is your promise to the realtor certainty quick set up an exposure of the property for 30 days before the auction occurs, so that the near certainty of a sale in 30 days for the agent and

with our Partnership of our platform coming on and we're actually funding all of the exposure efforts for that for me. So I was going to wait and see how we did this this week with registrations sign up for the Besides I understand that right I have to wire some money to you. to be prevented pre-qualified an order today anyone can can download and send galgalatz free in the hospital or and you can watch our bidding as it goes on right now 85% of our options are being conducted through the intestine gavel application the other 15% still have a live Auctioneer who

typically is present at the property in a live auction is going on, but it's a great way to get to know our company download the app and watch it. Like I got my Uber car this morning with REO properties. So if you want to be a member of the are your network, you have expertise and managing Bank on distress that prop and distressed assets and properties. You got that path, right? We're always looking to build out that Network and in deal with agents who have expertise specifically in that area on the retail side think of us as a referral

exchange. So as we generate opportunity that's coming off of traditional retail. Then we'll take those opportunities were identifying the best agents in a market top-performing agents with her ultimately that's through reviews past performance. And we're seeking to connect that consumed with with the agent in that Marketplace from using all these characters after the inventory is flushed out. They would all disappear right? Are you guys survivals the survivors this time? Is it because of technology or demand and make it really quick because I want to get to the demographic who's really using

this is just another pipe dream Marketplace BS or is it real? Okay. So why are you still here with all the foreclosures out of the market? Record a song about foreclosures and end in the big difference is what you said. It's about technology. It is used to be everybody thought auctions wood would carry on after the dryer never did this is this is about enabling people to buy and sell properties online using either an auction or more traditional methodology. But but I call you auctions doing did you all feel that way and I want to

because she represents the high-end properties when we make that parallel then actually today clients are at our seeing that buyers and sellers even more. So maybe then real estate agents are understanding that definition of more than when we started it years ago. Bakersfield auction but let's do this demographics Laura luxury. Tell us are rich people high-net-worth. Are they really doing this non auction auction? Are they really doing this? Are they using it? Give

me one example of how much money we're who the buyer to who the seller was and who bought it. A lot of discussion about CRM and and database Management in this conference and one real time example that's recent is we had a client who came into our database in 2013 and they were only an email address. That's all you have to do to first get into the marketplace. And so we had them in there and our marketing software with following all of their traction on our website, but we really know who they were they surfaced

last year in 2015 to bid on a property in the bale beds. So they then bid on a property in jail, so we been knew that they were interested in Mountain properties then 2.6 million lost it registered two months later in April 2015 for property in Snowmass been 4 and 1/2 million lost it and then registered for a property in Park City and then six and a half million and one it so that they were looking for D&D say that's a lot to our clients are more lifestyle oriented. So weather Vail snow Mass are Park City. They wanted you know grapes.

Okay, that's the rich. The rich are not freaked out by this Rick you're dealing now with more middle-class. Yeah, we did Regular should and we were selling rehabbed bank property seized we're going for full price. We had 100% sell through rate 88 88% sold in 3 weeks. How many units is a couple hundred small test 96% lowest price two-thirds of the buyers were traditional home buyers everybody work with an agent agent. Everybody used to Regional Finance in the only difference is they happen to be buying stuff online? So we're clearly aimed not at that floor is

Mark and they're taking a younger. All surprisingly know this is a pretty pretty cross the board member that bet online online anime 45% of our traffic now in about 30% of her mobile devices that we found an interesting Trend with first-time home buyers and anteaters. The University of Georgia early twenties had some student debt was struggling to find the right property in the right place at the right price doing a lot of homework couldn't find the property couldn't qualify you for exactly what he was looking for. Ultimately. He landed on zone.com working with an agent through this process

moved into the auction process and looking at distressed assets and ultimately found the property that he desired but what he was willing to do was one with willing to do the homework. Did he get rid of the agent or did he The agent was removed. It was in the process the entire time. They did their homework. They understood the value of what they like doing anything Friday Indian doing and doing the proper CMA was willing to do right? So this is this unique so you got the student debt issue trying to find the right

value. The j-league was willing to take on a do-it-yourself dollar project, right? There's some risk when you go to buy that we all started over whelming majority of our Saddles but it is a trend right is not a blip on the radar. It is a trap participate in activities. We all all all of the the promotion Business in the Realtors happy to do that. It's reward-based and they get how much do you take from him about a point a half and then there's agents that

will do that all day long. I may not like it but they'll do it all the time, you know, if there's 3% and play, you know, we take a point in the Asian keep this reminder at 9. Exactly but this idea when they have self-driving cars, I'll buy a bunch of put it in the car and make money without doing much. Maybe if you do all the work they get a point half enough to do anything, baby. And I don't mean to minimize the new I just try to understand where this might go get paid same way.

It still have full market-rate commissions and all of our sales were paid by the buyer. Now one caveat. I bought a 20 million or 2 million in Aspen what I did it, but I paid why would I do that? So it will end a cover. It covers all of the fees associated with our firm in the marketing of the auction itself on the auction. I don't get back to that. But I know that you're not doing options anymore bit. We are really bit anyway to 10% of you coming back, but you're doing it because you think you're going to get a

house cheaper. So you don't mind paying the 10 per-cent. How is this going now? For sellers, you know, we're offering the time certainty of us having a sale and so sellers are our sellers value control and time in in return for letting the market identify the price. So I will say though that the higher the price point goes there. We do start covering some of the conditions for the quickly, It's similar to 5% buyer's premium on the commercial business you're cheaper than or

so that they built on the commercial side it the highest we charge is a buyer screaming at 5% But if it really comes down pretty rapidly and and the good news free agents right now on the platform is absolutely free actually funding it through the other two businesses so we can start to build something volume because I'm here representing you. Got them. It's about you. Not them, but it's just sometimes I just feel so bad after I do it, but I want you to know I really respect you did really good job with all the things. I fired at you

and you really gave me this, you know, the Bots and him and like your kind of the bot world, and it's going to be out there and Realtors are going to still be hooked into it. So, that's what I hope to get across you did a really amazing job and thank you very much. Thank you. OK Google

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