On this Real Estate Insiders Unfiltered, former CEO of Realtor.com (2002–2007), real estate advisor, author and 50-year industry veteran Allan Dalton delivers an impassioned and unfiltered critique of the industry’s failure to communicate its value properly.
Dalton, who was also recruited by the Boston Celtics and donated a kidney to his wife, draws on a lifetime of experience to challenge conventional wisdom.
Highlights
Dalton’s core argument centers on the catastrophic impact of outdated language. He argues that phrases like “past client” make you a “past agent.” He condemns the continued use of “listing presentation,” which should be a “marketing proposal,” and the term “comps,” saying that using such terms makes real estate agents look like the “confederation of dunces.”
The public believes homes sell based on “market” or “buyer” demand because agents fail to articulate that the agent’s marketing strategy and negotiation influence the price, he argues.
Recounting his time at Realtor.com and the pivotal moment when Zillow launched, he candidly admits he compared Zillow to a Long Island Pier carnival worker who guesses the weights of passersby.
His concern was that the Zestimate commoditized the home by asserting that value could be determined before the Realtor’s value was inserted.
Dalton details how he resigned from his position after the board resisted his innovative idea for a Real Estate Financial Planning System, believing the industry was too resistant to long-term advisory services.
He advocates for the future role of the “Certified Real Estate Consultant.”
The conversation concludes with his ultimate advice for agents: Stop treating your work like a business (which has customers), and treat it like a professional practice (which has clients). This mental shift is necessary to establish value, influence and relevance before a transactional need arises.
Connect with Allan Dalton on LinkedIn, and check out his website.
Real Estate Insiders Unfiltered is now exclusively on Inman. Tune in for agent- and team-focused content on Mondays and leadership interviews on Wednesdays each week. Listen on Apple or Spotify.
James Dwiggins is the Co-CEO of NextHome, Inc. and co-host of Real Estate Insiders Unfiltered.
Keith Robinson is the Co-CEO of NextHome, Inc. and co-host of Real Estate Insiders Unfiltered.
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