New markets require new approaches and tactics. Experts and industry leaders take the stage at Inman Connect New York in January to help navigate the market shift — and prepare for the next one. Meet the moment and join us. Register here.
Byron Lazine and Nicole White are two agents in Connecticut who give us their thoughts on the week’s news every Friday in “The Real Word,” a weekly video column on Inman.
This week, our hosts discuss Opendoor’s existential crisis, MV Realty’s alleged deceptive practices, and Left, Middle, Right.
Topic No. 1: Opendoor faces existential crisis
When he started out, Opendoor co-founder and CEO Eric Wu wanted to predict prices better than anyone else could and vastly simplify the home sale process. He is now stepping down and becoming the president of the company’s Marketplace.
Lazine said that if you’re an agent, you need to know about the company’s Marketplace, Opendoor Exclusives, which includes Opendoor-owned homes and homes offered by their owners directly on the platform. The homes are offered prior to or instead of being offered on the MLS.
At this time, Exclusives are only available in Houston, Dallas-Fort Worth and Austin, Texas. However, Opendoor plans to roll the service out in other markets in the months ahead.
Topic No. 2: MV Realty accused of deceptive practices
Data suggests that the company MV Realty has been engaging in deceptive practices in markets throughout the country and is focusing on minority neighborhoods. They first purchase initial exclusive rights to represent the property for the next 40 years, then, in hundreds of cases, have recorded mortgage liens on the properties to secure their commission rights.
In addition, the homeowners waive their rights to sue MV Realty while the company retains the right to sue the homeowners.
Left, Middle, Right
Supreme Court likely to rule Biden’s student debt relief program illegal
Although the official ruling has not yet come down, the student debt relief program looks likely to be struck down by the Supreme Court. Lazine says that agents should work with a financial planner to present budget workshops for creating 24-month plans to help recent graduates and millennials plan for homeownership.
White said that this should be happening anyway. She recently went to a high school and talked to students about personal finance along with a mortgage broker, and it was a great experience. Right now is a great time to hold these types of educational sessions, when people are home from college for the holidays.
Update on the University of Idaho murders
Lazine and White talked about data available at diedinhouse.com to provide information about state disclosures and publicly available information, including that regarding deaths occurring at the property. Because buyers often do ask, this might be something agents should know about properties they are showing and the disclosure laws in your state.
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