hospitality of real estate
Issue 118 - January 13th, 2023
Impeccable service is a hallmark of successful companies.
The goal of traditional hospitality companies such as restaurants & hotels is to make sure their customers walk away with an unforgettable, incredible experience.
Good service, attentiveness, professionalism, and attention to detail are all important aspects of the hospitality industry.
Real estate agents are in the hospitality business whether they realize it or not. The agents who provide a delightful, unforgettable, and memorable experience for their clients rise to the top of their fields.
Real estate brokerages who focus on the “agent as the customer” are also in the hospitality business. Brokerages must always think with an “agent (customer) first mentality” to deliver an incredible experience day in and day out to their agents who are their customers.
Legacy brokerage firms are confused and not sure who their customer is in today’s world. Some try to blend the lines between being a great “direct to consumer” type brand and also an “agent first” brand but rarely do they do either well.
Intense focus on one or the other is the way to success.
I believe that the way to build an industry changing company in today’s world is to obsessively focus on agent service. The agent is our customer in everything we do. We believe that by empowering agents to be the best version of themselves then everyone else in the real estate ecosystem benefits, and we will make real estate better for everyone.
I take a lot of inspiration from Jeff Bezos and his “Day 1 Mentality” as I think about building our business at Pinnacle Realty Advisors, and this quote is one of my favorites by far:
“There are many ways to center a business. You can be competitor focused, you can be product focused, you can be technology focused, you can be business model focused, and there are more. But in my view, obsessive customer focus is by far the most protective of Day 1 vitality.
Why? There are many advantages to a customer-centric approach, but here’s the big one: customers are always beautifully, wonderfully dissatisfied, even when they report being happy and business is great. Even when they don’t yet know it, customers want something better, and your desire to delight customers will drive you to invent on their behalf. No customer ever asked Amazon to create the Prime membership program, but it sure turns out they wanted it, and I could give you many such examples."
Our obsessive focus on agent happiness and service impacts every single decision we make:
“How can we make life better for the real estate agent? What can we do better to serve them?”
Newsworthy Links To Share
Lessen Acquires SMS Assist, Signaling A New Era for Property Technology and Services
Doorstead raises $21M to fuel its guaranteed rental income service
The San Francisco startup also acquired another proptech's assets, instantly expanding its portfolio to the East Coast.
Goldman to Renovate 130k-sqft Leased Downtown Dallas Office
Goldman Sachs’ downtown campus will be completed in 2026. Until then, it just leased five floors at 717 North Harwood.
What eXp's Glenn Sanford has up his sleeve for the housing market in 2023
Glenn Sanford, the newly named eXp Realty CEO and founder of eXp World Holdings, discusses what his expectations are for 2023.
Tesla eyes huge expansion of Gigafactory Austin: Tesla has applied for an expansion of the factory with the Texas Department of Licensing and Regulation for a large expansion of the Gigafactory in Austin.
CoreLogic releases 2022 housing trends wrap-up
Property data and analytics company CoreLogic released its housing trends wrap-up for 2022, charting wild swings from the start of the year.
Universal heading to Frisco with 'one-of-a-kind' theme park (Dallas Business Journal)
- Except in the months leading up to a political appointment, which is why Powell let the housing market overheat until officially appointed to a 4 year term in May 2022. He wanted to be reappointed IMHO. https://t.co/YYRk7gBODlPowell: What the Fed is doing to bring down inflation won’t be politically popular and we know that, and that’s why we have this institutional arrangement that provides more autonomy to do our job https://t.co/U5UteF8hSaNick Timiraos @NickTimiraos
ReelData, a startup providing data and automation for land-based aquaculture farmers, raised an $8M Series A led by Buoyant Ventures (PRN)
Real Estate Startup zavvie Lands $3.65 Million in New Funding as Consumer Change Will Drive Company Growth Through 2023
PROPERTY HIGHLIGHT: 11500 Snowmass Creek Rd, Snowmass, CO for $50,000,000: Encompassing a picturesque mountain valley nestled at the base of towering peaks, Snowmass Falls Ranch offers the ultimate combination of natural beauty, seclusion, and access to world-class amenities. This stunning 650± acre ranch is highlighted by lush meadows, tumbling streams, aspen groves, and forested hillsides, all set against a backdrop of snowcapped summits. (Zillow)