The future of one-stop-shop brokerages
Today’s HousingWire Daily features a special Houses in Motion episode with Tracey Velt, the editorial director at RealTrends, an HW Media Company. Houses in Motion host Matthew Blake sat down with Velt to discuss the new wave of brokerage partnerships with companies like OpenDoor and Knock and how this one-stop shop model could affect buyers, sellers, and agents.
They also discuss the Federal Trade Commission’s regulatory and antitrust concerns within the real estate industry, including the REX lawsuit against Zillow and 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 thought you made a really good point that a lot of brokerages right now want to be one stop shops. You mentioned this is an idea that Sears and Merrill Lynch had back in the 1970s. So, what are you observing right now about brokerages pushing for a one-stop shop, and what might be different today than say 50 years ago?
Tracey Velt: Well, regulatory issues were really what brought them down before. It was not prepared to handle the one-stop shop. What I think is different today is that you’ve got so much more than mortgage and title. I think the new wave will be partnerships with companies like Knock and Ribbon, who are offering alternate financing for buyers and sellers and you’re going to see those become some core services that agents are offering. I know a lot of brokers are starting to partner with OpenDoor and getting referral fees and listing those properties.
What’s different is it’s going to expand out from mortgage title insurance, and you’re going to find a whole new wave of partnerships happening between brokers and companies, no longer are these tech companies trying to disrupt the industry, I think that a lot of them are looking instead to partner. And the reason they’re going to be successful, in my opinion, is that they offer something consumers want, they want to be able to not have the idea of a contingency where they have to sell their house to buy a house. Consumers want other options for financing. So I think that that’s going to be the biggest change. And I feel like that’s going to be a wave that we’re going to see.
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 firstname.lastname@example.org.
Below is the transcription of the interview. These transcriptions, powered by Speechpad, have been lightly edited and may contain small errors from reproduction: