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Real estate agents who have overcome the turbulent change in one year need to have a plan to survive the difficult market in the future, Mr. Suue Yanacorn, the president and highest executive of the Eni Wear Brands. On Thursday, he said on the stage of Inman Connect New York.
However, brokers and agencies need to continue to adapt to changes such as AI, but Yanakone is a founder of Inman, saying that nothing has fundamentally collapsed in residential real estate brokerage and franchise business models. He told Brad Inman.
After starting a discussion with the leadership of Yanacorn, who was loudly appealing to the reform of the US Real estate agent association in response to the sexual harassment scandal, Inman moved to the main subject.
He has a brand of the current market value of a stock, which has brands such as Better Homes and Gardens Real 21, ColdWell Banker, Corcoran, Sothby’s International. He pointed out that it was about one -50th of LOW and set up. 。
“Looking at this, I think that traditional industry officials need to reform themselves,” said Inman. “It is not a culture, education, or training, but a more fundamental change in direction. You can prevent one of the Kodaks that no longer intermediary by mobile phones.”
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Mr. Yanakorn pointed out that Anyway and Zillow belong to different business fields, suggesting that macro economy and interest rates have a significant impact on securities companies, and that corporate value is more noticeable than market capitalization. did.
“It’s very easy to open your mobile phone and see the stock price display, and say,” What is that company, the value of that company is X, Y, Z? “
(While the total price of Zillow on Thursday, the company’s issued shares, had a total of about $ 18.8 billion, the market capitalization of Anyway Reale Estate Inc. was $ 427 million. And the corporate value of Anywhere, including the adjustment of cash equivalent, was $ 3.4 billion, and the Corporate value of Zillow was $ 17.6 billion.
Sue Yanakorn
“Looking at the basics of companies like Anywhere, we are making a profit, producing free cash flows, making more than 1 million housing sales transactions a year, and currently the maximum 15 brands in the franchise field. Six brands are operated. “I think we sold more than 250 houses equivalent to more than $ 10 million per case in the third quarter alone. So, as you know, we are focusing on the healthy basics of business and that. Thanks to this, we can continue investing in agencies and franchise merchants, and we can provide more services to consumers.
Yanakone argued that Anyacorn has evolved and the industry is following it, as to whether the industry needs a fundamental direction to survive.
“We have existed for decades and our industry has experienced many changes,” she said. Anywhere and their predecessors said, “I’ve consistently changed directions to achieve these healthy bases, and have been providing for our brands, our distributors, and consumers. I look today. I think that more companies are actually turning to what we have. “
Reduce the footprint of the broker you own
Inman agreed that the franchise business was a “pretty good model”, but was wondering if he wanted to sell a real estate intermediary company owned by Ennewear.
According to the company’s latest quarterly reports, Franchizer (an independent securities company in affiliated with the Eneware brand) has contracted about 529,000 transactions in the first nine months of 2024, but is owned by Ennewear. The intermediary company has contracted 190,000 transactions. During this period, the franchise business produced $ 399 million operating profit before the interest, tax, and depreciation expenses (eBitDa), while the securities company owned by Eniware was 66 million dollars when measured at sales EBITDA. Is recorded.
Yanakorn is valuable insights on the mediation business owned by Eniware and the needs and issues of the Galantide Affinity and Title Resources Group, a joint venture between mortgages and Gonhara insurance He said he would give you.
“If you run a franchise business and you are involved in that business, you will be able to understand what the franchise customer is experiencing every day,” said Yanacorn. “I operated 500 offices in Coldwell Bunker Realty, so when I talk to an affiliated company on the street, I can get a completely different perspective.”
In response to Inman, Yanakorn acknowledged that Eniware had closed some of its securities companies.
The brokerage group owned by Anywhere Advisors operates about 600 brokerage offices as of September 30, 2024, providing 54,400 agents, which is the same as 2023, 630 offices. It has decreased compared to 57,600 agents.
“Yes, we have reduced footprints and are re -evaluated,” said Yanacorn about the company’s company’s securities company. “But for me … this is a turning point. This is agile. This is innovative. The market has changed. How many people are currently in the office or go to the office every day. How many people are there? “
“Coldwell Bunker Realty, Sothe Beads International Realty, Kokoran, and our brokerage businesses will always have an office,” said Yanakorn. It is part of our DNA. Do you need a lot? No, and what is important for me and for us is to keep an agent promised to respond anywhere when we need support. “
Investment in AI
Inman mentioned that companies, such as Zillow, RealTor.com, and Homes.com, are all investing in AI, and asked if anywhere could catch up.
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“One of the things that happened in the mid -1990s when the Internet appeared was that traditional companies did not invest in the Internet, which is why they lost their position,” said Inman. “Do you have any capital to invest?” [AI]? It will cost a huge amount of money. “
Mr. Yanakone stated that ANYWHERE has invested in AI and is continuing to invest in the future, and as an example of a Coldwell Bunker listing concierge program. Coldwell Banker’s exclusive listing concierge created 12,000 listing marketing plans during the third quarter using the generated AI.
CEO Ryan Schneider, CEO of the Eni Wear Real Estate, said at the third quarter financial meeting with investors, the company’s bundle, mortgage, and seamless transactions with the company’s bundle, mortgage, and insurance services. “Almost all areas of our business can benefit from generated AI,” he continued to pursue the experience.
“In our business, we have used AI and generated AI. This is because it is related to tools that use data to grow the business of affiliated companies and see things from a different perspective.” Yanakorn told Inman.
“We can consider what will be useful for successful agents based on many years of performance data in our brand. There is a possibility that agents will perform excellent performance in the future, which way. What do affiliates use and not use it? How do you incorporate them into marketing tools? I also need it.
Reform, don’t abolish clear cooperation
When asked about the position of Ennewear in the discussion of a clear cooperative policy, Yanacorn said in a position he claimed in the October Inman theory, that is, the wisdom of reforms, not abolition.
According to the Enni Wear document obtained by Inman in August, the company has eliminated “restrictions on mixed mixture of MLS and non -MLS exhibitions, even if it is an optional rule,” and “sellers, agents, and alternative providers are relieved. It has been suggested that it supports clear cooperation rules so that you can trade. Marketing and service options are further expanded. “
Plan a high mortgage interest rate
Agents and brokers should be prepared to help customers can deal with high mortgage interest rates in response to questions about what to prepare in 2025.
He said, “Hope is not a strategy,” he said on the expectation that mortgage interest rates could be reduced this year.
“The mortgage interest rate environment is currently severe,” said Yanacorn. “Everyone was expecting the situation to change, but people still need to move. When the mortgage interest rate was 18%, people moved? In other words,” for today’s consumers. How do you understand what the reasonable price is like? ” What other funds do you have to do for them now? How do you think about this long -term battle? “
“Everyone, we have experienced a lot of changes. We know how to do it,” concluded Yanakorn. “Learn and keep learning your own way. There is something you need to do, so people with knowledge will do a great job.”
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