Stay Paid Podcast
Episode: 2025 Housing Market: Insights from HomeSmart’s Top Executives
Release Date: December 9, 2024
Hosts: Luke Acree and Joshua Steich
Guests: Todd Sumney and Rich LaRue from HomeSmart
Introduction
In this insightful episode of the Stay Paid Podcast, hosts Luke Acree and Joshua Steich welcome Todd Sumney and Rich LaRue from HomeSmart to discuss the evolving 2025 housing market. Todd, as the Chief Industry Officer at HomeSmart, oversees branding and marketing initiatives, while Rich, the Vice President of Corporate Brokerages for the western region, manages alignment among market leaders and brokers across multiple states, representing approximately 12,500 agents.
Current Market Landscape and Future Outlook
Time Stamp: [02:30]
Luke opens the discussion by addressing the numerous challenges facing the real estate industry, including commission lawsuits, low inventory, high interest rates, and shifting political climates. He inquires about HomeSmart's perspective on these changes and seeks advice on how agents can navigate these turbulent times to achieve success in 2025.
Rich’s Perspective: Rich emphasizes that "change is the only constant in real estate" ([00:30] D). He underscores the importance of adhering to fundamental marketing principles rather than chasing fleeting trends. According to Rich, "relationship building and serving your clients" remain the bedrock of sustained success, even as marketing techniques evolve with technology.
Hope for 2025: Rich reflects on the tumultuous year of 2024, describing it as "a brutal year" ([04:02] D). However, he remains optimistic, pointing to a renewed sense of hope observed at the NAR convention in Boston. The key focus for agents, he asserts, is cultivating the right mindset, which he views as the most powerful tool for overcoming challenges and building a resilient business ([05:12] D).
The Power of Mindset and Consistency
Time Stamp: [05:36]
Joshua challenges Rich to provide tangible examples of maintaining a positive mindset. Rich shares his personal routine, highlighting the importance of starting the day early with exercise and meditation. He explains how waking up at 5 AM, initially prompted by his puppy, has become a cornerstone of his daily discipline: "If you can just get that first hour right, the rest of the day seems to fall together" ([07:55] D).
Accountability Tools: Todd adds that accountability is crucial for maintaining consistency. Using tracking apps, Rich monitors his progress, reinforcing his commitment to daily routines. Todd notes, "Accountability is a coach. It helps you achieve more if you embrace it" ([08:34] C).
Actionable Advice: Luke echoes the sentiment, emphasizing that success in real estate isn't just about strategic marketing but also about disciplined daily actions: "Success really comes down to your ability to manage your calendar and do what you said you were going to do" ([12:14] A).
Building and Managing Relationships
Time Stamp: [21:37]
The conversation shifts to lead generation and the importance of relationship-building activities. Todd and Rich advocate for strategies that foster genuine connections rather than high-volume outreach. They discuss various methods such as phone calls, texting, handwritten notes, and neighborhood reports, all aimed at nurturing relationships.
Deep vs. Wide Outreach: Rich champions the "go deep" approach, focusing on developing meaningful relationships with a smaller group of clients. He explains, "If you can have 25 card carrying members of your fan club, you will never want for referrals" ([25:46] D). This strategy contrasts sharply with the "go wide" method of mass marketing, which often leads to burnout without substantial returns.
Success Stories: Josh shares examples of top agents like Frank Assoldi and Garrett Maroon, who have achieved remarkable success through concentrated relationship-building. Frank manages nearly 200 core relationships, resulting in $100 million in annual volume, while Garrett’s focused database of 287 leads supports 88 transactions ([27:20] A).
Database Management and Organization
Time Stamp: [35:26]
A critical takeaway from the discussion is the necessity of organizing one's database. Both hosts and guests agree that a well-segmented and managed database is essential for sustained growth. They recommend starting with a manageable list of contacts, segmenting them into categories, and gradually expanding while maintaining organization.
Practical Steps: Luke provides a clear action item for listeners: "You must segment and get your database in order. Spend the time to do that." He suggests beginning with trusted contacts and systematically expanding the network ([37:55] A).
Common Pitfalls: Many agents struggle with database management as their business grows. New agents often overlook the importance of early organization, leading to cluttered and ineffective contact lists. By establishing a structured database from the outset, agents can efficiently manage and leverage their relationships for ongoing success.
The Role of Empathy and Service in Real Estate
Time Stamp: [30:55]
Todd and Rich emphasize that empathy and genuine service distinguish top agents from the rest. Their discussion includes insights from a study on DISC profiles, revealing that top 10% agents excel in empathy and commitment, fostering long-term client relationships over mere transactional interactions.
Key Attributes: Successful agents demonstrate strong empathy and a commitment to serving their clients' needs, aligning with the inherent relationship-focused nature of real estate ([30:55] C). This approach builds trust and encourages repeat business and referrals.
Conclusion and Action Items
Time Stamp: [38:03]
As the episode wraps up, Luke encourages listeners to implement the discussed strategies:
- Organize Your Database: Start small, segment contacts, and maintain consistent engagement.
- Focus on Relationships: Prioritize deep, meaningful connections over high-volume outreach.
- Maintain Consistency and Accountability: Develop daily routines and use tools to track progress.
- Embrace the Right Mindset: Cultivate a positive, proactive attitude to navigate industry challenges.
Todd and Rich provide their contact information and promote their podcast, Real Estate by HomeSmart, available across various platforms for additional insights and strategies.
Final Encouragement: Luke leaves listeners with a powerful message: "Take action today. Start small, be consistent, and build those deep relationships to thrive in 2025."
Notable Quotes
- Rich LaRue: "Relationship building and serving your clients... drives results." ([02:30] C)
- Rich LaRue: "If you can just get that first hour right, the rest of the day seems to fall together." ([07:55] D)
- Rich LaRue: "If you can have 25 card carrying members of your fan club, you will never want for referrals." ([25:46] D)
- Todd Sumney: "Accountability is a coach. It helps you achieve more if you embrace it." ([08:34] C)
- Luke Acree: "Success really comes down to your ability to manage your calendar and do what you said you were going to do." ([12:14] A)
This episode provides actionable strategies for real estate agents aiming to excel in a dynamic market. By focusing on mindset, consistency, relationship building, and effective database management, agents can navigate challenges and achieve remarkable growth in 2025.