Douglas Elliman CEO on Agents' Starring Role in a Transaction
“You have to be a star on social media and use CRM software to help get you there.”
Real estate agents are unusual creatures, according to Scott Durkin, CEO of Douglas Elliman, who spoke about their resistance to change and new spotlight as media celebrities during a session at the Blueprint Conference this week in Las Vegas.
In “Building the Brokerage of the Future,” Durkin said real estate agents are very meaningful in helping their clients, but now the successful ones are having to get used to becoming “the star” of the transaction.
“It used to be all about building relationships,” Durkin said. “But the playbook has changed. You have to be a star on social media and use CRM software to help get you there.”
He said there are still many agents today who work with a pencil and eraser.
“We’ve moved on from that at our offices,” he said. “We threw out all our desk phones. It’s all about using the smartphone now, and you need them to keep up with the speed of buyers. [Buyers and sellers] are looking up listings and can sometimes find them before the agent can.”
Nonetheless, Durkin said about any real estate owners who want to do the sale themselves, “Well, that won’t work out well. No more blue bathrooms, please. You need the guidance of a real estate agent.”
Durkin said the market today is still facing an interest rate storm, “looking to get out away from it at sea. We’re in a coma from the Fed. It’s their fault.”
He said much has changed in May from today. “I think we hit our low and now we’re flat and can [grow from here].”