The Insider: Issue 003

Welcome to the third issue of The Insider — your Monday morning briefing with a side of inspiration. (If you’re just joining us, check out our first two issues in the Insider archive.)

Let’s dive in...

LAST WEEK THIS WEEK

• Cash offer startup Accept.inc raised $90M. Yeah, this again, because, holy cow, this niche is exploding. Another way to think about this model is as a rather capital-intensive form of mortgage origination. Accept, like several others in this space, sells buyers a mortgage once they’ve bought the home with OPC (other peoples’ cash).
  
  
• Bilt launched with a rewards credit card for renters that accrues points that can be used towards a down payment. This strikes us as a uniquely American idea — short-term debt spending to work towards long-term debt — that also underscores a trend toward lengthening the runway to homeownership (Rent-to-own companies like Divvy and Home Partners of America are gaining traction) as prices spiral upward.
  
  
• Zillow launched a major update to the way it calculates Zestimates. Home values will now be updated as often as several times a day. Accuracy gains are greatest in Phoenix, Houston, and San Antonio — big iBuyer markets. And that’s the point here: getting the Zestimate to the point where it’s a live offer for most homes in America.

HAVE YOU HEARD ABOUT THIS?

The Allure of Elusive Homes

We spotted this new-ish offering in the San Francisco Bay Area called Aalto, a self-described homeowner marketplace promising to take the stress out of selling for sellers, and giving buyers an “off-market” source of homes for sale. Aalto appears to be a modern FSBO site (homeowners post homes, but are aided by a licensed agent after doing so — a twist that places it outside Clear Cooperation rules) built by founders who grew up in real estate families. There’s plenty of room for options like this today, but we’re still all for the market efficiency, transparency and openness that’s created by the MLS. It ain’t perfect, but it accomplishes a lot so well.

WHAT’S INSIDE

Log In, Dig In, and Spark Some Ideas

“Most people water ski in recruiting conversations. You have to scuba dive.”
We asked some of the best in the business to break down recruiting for us. Get their insights in our Smart Guide to Recruiting.

We held our first Floor Time on Friday and had some rousing conversations on the topic of retention. Keep an eye out for our next session!

Coming up: We are asking real sellers for the inside scoop on pain points and how they chose an agent. Let us know what questions you’d like us to ask.

INSPIRATION POINT

Novel Idea: A One-Sheet Philosophy

The document pictured above from Apple was written in 1977. Reading it is like traveling back in time and predicting the future. If you pay any attention to Apple today, you can see clearly how close the brand has stuck to its guns. It’s a great reminder that knowing what we stand for and why can be the simplest path to powerful decision-making and results.

 
The Life Coach We All Want to Have a Beer With

If you’ve watched any sort of commercially-interrupted programming in the last year, you’ve likely seen Progressive’s advertising campaign that follows Dr. Rick, a life coach who coaches young homeowners how to not become their parents. He’s back with a new campaign to coach his clients on re-entering society after lockdown, and it doesn’t disappoint. Great advertising starts with great characters and story-telling. Plus, Dr. Rick is much more fun to talk about than insurance.

QUOTE OF THE WEEK

“A confused mind always says no.”
— Anonymous person who knew a lot about marketing