On this episode of The Walk Thru, Byron Lazine and The Broke Agent sit down with veteran guest, Tom Toole—aka the king of Philadelphia—and, for the first time, Brooks Landry, whom you may know from his Instagram “Be a Realtor” series. 

The four sit down for a lively discussion on the FTC’s crackdown on Opendoor, NAR’s 2022 housing forecast, and shopping habits for the five generations of homebuyers. 

Opendoor Busted

First up is a bit of news that comes as no surprise: FTC fined Opendoor $62 million for misleading sellers

So, obviously, Opendoor agreed with the investigation, because they paid the fine, right? That’s what happened. When you settle a case, you’re saying, “I’m probably gonna lose in court, this is gonna save me, here, ‘cause the damages in court would have been way more than $62 million when you look at their valuation. 

Tom Toole

Opendoor-tweet

As The Broke Agent pointed out, Opendoor’s own employees were cooking the numbers to maximize their profits at the consumer’s expense. The FTC complaint lays it all out. 

2022-2023 Housing Prediction

Next up was NAR’s forecast for the 2022-2023 housing market, with Lawrence Yun’s predictions. Byron started by focusing on Yun’s statement that the mortgage rate changes have already happened. 

kcm-chart-mortgage-rates

I do see interest rates adjusting a little higher—6% or 7%, I can’t imagine that anytime in the next 12 to 18 months. If that does, do we lose equity gained over the past few years? As interest rates increase, it obviously affects the buyer power, depending on down payments and what-not. And I can only speak to what we have here in the Bay Area, because we’re in it, we’re in the trenches, but I do see it leveling out.

Brooks Landry

5 Generations of Homebuyers

Last was a discussion on how each generation shops, covering the top takeaways from HubSpot’s report. 

Statista-five-generations-of-homebuyers-bar-graph

If I’m focused on any one of these generations… You’ll get the most listings by focusing in on the Boomers. And the Boomers make up 29% of homebuyers… If I’m trying to dominate my local market—be the go-to agent that has all the listings—the Boomers is where I want to spend 80% of my time.

Byron Lazine

The Broke Agent pointed out that the number one form of marketing for every generation besides Gen Z is email. He asked Tom and Brooks how they were building their email lists. 

We have pop-ups, we have email captures at the end of each article that entice people to join. Then we’re also doing ebooks basically on a bi-weekly basis. And anytime we do those ebooks, we’ll get a thousand, two thousand emails because we’re providing them a 20-25 page really high-quality, valuable book… The ebooks, for us, have been the easiest way to get mass emails at once, but we’re collecting them daily just from people visiting our website.

The Broke Agent

Watch the full episode for more. 

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