Ryan Gorman on why real estate brokerages still matter
Today’s episode of HousingWire Daily features Ryan Gorman, the CEO and President of Coldwell Banker, one of the most venerable and recognizable brokerages in the country. It’s also a brokerage that – like many others – is facing litigation over agent pay structure and competing with Compass and other outfits that offer increasingly favorable commission splits to agents.
In this episode of our Houses in Motion series, Gorman spoke with Matthew Blake, senior real estate reporter for HousingWire, about the issues facing Coldwell Banker and the industry as a whole.
Blake and Gorman also got into how brokerage is changing, the role of title insurance beyond a generic answer for how brokerage’s can seek added revenue, and a perhaps surprising rule being considered by the National Association of Realtors.
Here is a small preview of the interview, which has been lightly edited for length and clarity:
Matthew Blake: I wonder how the downward pressure on commission splits and the low margins brokerages face ties into our conversation about agents learning to become professionals. Specifically, do you feel that brokerages may not have the latitude to offer training programs any longer?
Ryan Gorman: Certainly there are a number of brokers and brands out there that just can’t afford it. It may be that agents need to affiliate with other brands to self-procure their training more. They may need to go to National Association of Realtors resources, state real estate board resources to kind of stitch together what they need.
One of the ways that with even tighter margins of business that we have been able to raise our game on education has been leveraging technology. So, we may have thousands of people together in Radio City Music Hall to receive great learning opportunities here in the next couple of weeks. But we will also have thousands of people together digitally for that event.
…So, I think resourceful brokerages and brands, like ours, can leverage the technology in a way that we never lower but always raise the game on education. And maybe others will just have to rely upon what they can find from state resources and even, frankly, YouTube university. I think that’s pretty popular with some folks who need to do it themselves.
HousingWire Daily examines the most compelling articles reported across HW Media. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsrooms that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Elissa Branch. If you have a pitch or an inquiry relating to podcasts, you can reach our team at email@example.com.
Below is the transcription of the interview. These transcriptions, powered by Speechpad, have been lightly edited and may contain small errors from reproduction: