Last week we examined the evolving role of the real estate agent in light of changes happening across our industry. Technology is a major player in both how and why our industry is shifting. This week we’ll look at the role it’s played as well as how agents can harness technology to grow their businesses.

Technology’s Impact
Historically, agents have served as data providers for their clients—helping potential buyers find properties, guiding sellers through the pricing process based on home prices in the area, and more. But with the introduction of technologies like Zillow, Trulia, and even Amazon’s Alexa, consumers are being increasingly empowered with easy access to information.

The power and impact of technology doesn’t end there. Artificial intelligence and machine learning will be the next big drivers of change with respect to automation and data-driven insights as well as products and services. And many transactions will be moving into the digital space, speeding up the home buying and selling process.

For the smart agent, it’s time to pivot from fighting back against technology. Agents must embrace their new roles and harness new tools for greater efficiencies and sales.

Smart CRM’s and the Power of Big Data
CRM’s or customer relationship management tools have been a part of the savvy agent’s toolbox for many years, but thanks to technological innovation, they’re getting smarter.

Today’s CRM’s go beyond automating client communication for constant touchpoints throughout the cycle. Driven by predictive analytics, smart CRM’s anticipate when a buyer or seller is approaching an action point. They’ll then rank prospects with a propensity score to help agents determine who their warmest leads are.

For agents looking to get the most out of these tools, we’ve compiled a quick list:
BoomTown! and Commissions Inc help agents build websites with lead generation capabilities, tying in CRM functionality and predictive data.
SmartZip is a robust predictive marketing platform designed for teams or larger groups.
Offrs goes beyond the web, integrating multifunction channels, including outbound phone calls, email surveys, and direct mail connection points.
Moxiworks empowers the user with consumer data from public sources, social media data, shopping habits, education and more, and prompts the agent when to take action on a lead.
KV Core also utilizes consumer behavior, combining marketing automation with business analytics through their brokerage tool Kunversion.
RealSuite by Realtor.com is currently in beta testing but is another marketing tool to watch out for when it becomes widely available.

There are also a number of technologies solely focused on data and predictive capabilities that then become the technology used by broader tools. These include:
First and Remine are both integrated with Contactually and LionDesk CRM tools.
Revaluate is integrated with BombBomb, eEdge, Mixmax and Placester

Empowering Your Business
There are a number of tools out there to choose from to help take your business to the next level, but the professional agent must go beyond choosing a Smart CRM if they want to make the most out of industry changes and stay relevant to their clients.

The right brokerage can also empower an agent, providing tools and training beyond the basics to equip them for an increasingly digital industry. While some brokerages choose the solutions for their agents, Benchmark recognizes that some offerings may not apply to every agent’s particular business needs. Our fee-based model allows you to direct your money towards the technology that you feel is best for your business.

This full look at the state of the industry came from a recent monthly mastermind meeting with Benchmark CEO Phillip Cantrell. These meetings are just one part of how Benchmark is working with its agents to stay on top of industry trends to both face and shape them for their own (and their clients’) benefit.

Find out if you might be a fit for the Benchmark team today by taking our short online assessment.

Benchmark is excited to share that, for the fourth consecutive year, it’s been ranked on Inc. 5000’s list of fastest-growing private companies in America. With nearly seven million private companies in the U.S., only a small fraction of businesses makes the list by demonstrating consistent high growth.

“Wow! Four years in a row!” said our CEO Phillip Cantrell. “Truly an outstanding recognition and accomplishment.  We feel deeply, deeply honored to be found in such rarefied company.” 

Since 1982, the Inc. 5000 list has honored the journeys of the fastest-growing companies in America. It’s one of the most prestigious honors for growing private businesses and business leaders. Many companies who have ranked on past lists have become household names like Microsoft, Under Armour, Pandora, Chobani, Facebook, and more.

“We have indeed been blessed. By circumstances, by loyal clients, by the hardest-working team in this industry, and most importantly, blessed by God to have achieved these successes,” Cantrell said. “We are grateful, truly humbled by this recognition, and looking forward to many more years of growth.”

If you’re a real estate agent looking to make a change, now may be the right time to join ranks with one of Inc. 5000’s ranking companies. Find out if you’d be a fit for the Benchmark team by taking our short online assessment today!

As a real estate agent, building relationships is a part of the job—maybe even the best part. Connecting with other agents doesn’t just give you the chance to share stories, ideas and best practices, it also lets you build long-term friendships. That’s why we’ve introduced Group Therapy at 5:01 as a chance for real estate agents to connect with each other and potential vendors in a fun, after-hours environment.

We meet at a chosen location around the Middle Tennessee area from once a month to once a quarter, depending on company schedules, giving attendees the chance to unwind and relax, with some talking business and others just having a good time.

Though Benchmark agents can work out of any of seven our offices at any time, regardless of which office holds their license, it can be hard to get everyone together. Group Therapy at 5:01 has made it possible, drawing agents from across Middle Tennessee. So far, we’ve held meetings at Top Golf in downtown Nashville, Arrington Vineyards in Franklin and Urban Grub in 12th Avenue South (just to name a few).

But Group Therapy at 5:01 isn’t only limited to the Benchmark community. We encourage all real estate agents who are looking to connect with like-minded professionals to join us!

At Benchmark, we’re committed to helping our agents grow, and bringing our agents together is an important part. If you’re looking to learn more about the Benchmark team or meet some of the people who make us who we are, follow us on Facebook to stay up-to-date on upcoming Group Therapy meetings and make plans to join us.

The former home of renowned songwriter Leon Russell is now on the market. A member of the Rock and Roll Hall of Fame and Songwriters Hall of Fame, Leon collaborated with The Beatles, Rolling Stones and Elton John, among others, before he passed in 2016.

At 6,120 square feet, the home is a marvel. But its history goes far beyond its four bedrooms, customized elevator, and gargoyle anointed terraces. It’s a place of stories and life that was as magical as the man who last called it home.

The house was originally built in 1992 for Dennis Linde, another prolific songwriter. Dennis was best known for the 1972 Elvis Presley Hit “Burning Love” but was also the mastermind behind songs recorded by many other artists including Roy Orbison, Tanya Tucker, Roger Miller, Don Williams, The Judds, Alan Jackson, Mark Chesnutt, and Garth Brooks.

After his death in 2006, Dennis’ wife Pam knew exactly who should start their own chapter in this wonderful home. While they had never met the Russells, she felt that Leon was the right fit to continue the legacy of memories made there.

Leon’s wife, Jan Bridges, recalls, “It felt like church—like a bit of magic.”

She still remembers the first day they saw the house. They’d been looking for a place where they could bring their family and friends and there was a true community feel from the moment they walked in. Jan recalls that she was sold on a house they’d visited earlier, but their real estate agent encouraged them to see one last home… a home that was specifically selected for them by a stranger. As soon as they pulled into the driveway, they turned to each other and said, “This is it.”

Of course, one of the highlights of the home is Leon’s studio, which remains in the same style in which he decorated it, a jungle theme from his travels around the world. While Leon recorded music in the house, it was more than that for the Russell family. It was the place where he and his wife fell in love once again when the nest was empty.

From the Koi pond in the back, where Leon and his wife would sit for hours, to the studio where Leon would create entire songs right in front of you, it quickly became the house of their dreams. In Jan’s words, “We never got tired of looking at that house when we pulled in.”

The first-floor library holds a special place in Jan’s heart and memory. As soon as you walk in, you’ll see the statement piece: a beautiful, enormous globe. So enormous that the room was originally built around it, because it couldn’t fit through the doors. Towards the end of their time in the house, the library became home to most of Leon’s recording sessions with Mark Lambert as they worked on his final album, On a Distant Shore.

Outside of the globe, the Russells’ house was decorated with pieces that each held a story of their own. The elevator walls are still adorned with photos of famous musicians and actors, each chosen by Leon as someone he admired.

Leon’s wife remembers, “He was a serious shopper, for unusual things.” After being on the road, Leon would return home with any number of things for the house. A life-size wicker bicycle, a stone-encrusted carousel horse, or a giant swordfish, soon found a place on the Russells’ walls.

Many may find it hard to believe he felt so comfortable in a home that looked to be from the pages of a fairytale. But Leon’s wife thinks it was just right for her whimsical husband. In Jan’s words, “People didn’t understand him because he had a look, and they thought he was one particular way. He was really just a teddy bear. He was so lovable, just a gentleman.”

To learn more about the home, contact Benchmark agent Diane Wilhoit at our office 615-371-1544 or go to www.leonrussellhomeforsale.com. Qualified Buyers Only for pre-views of the actual home.

The Nashville housing market has been booming for the past few years, and in 2017 we reached the third-highest home appreciation nationwide, with homes growing in value at 12.5 percent on average. Homes sold for a median price of close to $225,000, compared to $200,000 in 2016.

Why the growth? Nashville continues to be an “it” city, with people moving from higher-cost markets for better-paying jobs. To these buyers, our high prices are still considered a bargain, making them willing to pay more for a home than a local buyer.

In the fourth quarter of last year, homes sold for an average of 51 percent more than what the sellers originally paid, which is even more than the highest profits during the last housing boom. While experts do expect the appreciation to slow, they don’t anticipate a crash. That’s because our growth has driven by demand rather than loose lending standards.

Still, if you’ve been considering selling your home, now is the time, before the expected slowdown hits our market. Partnering with the right agent can help you get the best possible sales price for your home.

Curious how much your home is worth? Tools like Zillow and Trulia can be off by as much as 12 percent, while a full comparative market analysis on your home can give you a much better picture of total home value. Get a free home valuation, then find a Benchmark agent near you.

The real estate industry is changing fast. Just two years ago, Benchmark CEO Phillip Cantrell predicted the next five years would have more change than we’d seen in the last twenty, but it doesn’t stop there. Now, the next two years may hold more change than the last seventy-five, and many unprepared agents are reeling.

We’ll be sharing a two-part series looking at the two largest shifts in the industry and how savvy, professional agents can respond to them and use them to their benefit: the changing role of the agent and the impact of technology.

Last year was a major turning point for our industry. Though traditionally relationships and referrals have played a significant role in building a client base, for the first time in history more consumers found agents online than via person-to-person referrals in 2017 (28 percent versus 23 percent compared to 2016’s 26 percent versus 33 percent).

This—combined with a client’s ability to find relevant, accurate information on the homes in their market—signals a change in how home buyers and sellers view the role an agent plays in their transactions. Agents are no longer gatekeepers of information. Instead, to remain relevant in a quickly changing world, they must offer their own unique value to clients to show that a human element remains a vital part of successful real estate transactions.

The evolving role agents must now play is three parts: consultant, project manager, and therapist.

Real Estate Agent as Consultant
While many websites now offer neighborhood-specific information like school rankings, crime maps, and walkability scores, agents carry a deeper knowledge of their communities. By living and breathing their local neighborhoods, they know where things are growing or declining and can provide insight into larger trends. This, in turn, gives them the opportunity to help explain how current markets may impact an individual’s real estate transaction on a much more personal level than online data can provide.

Real Estate Agent as Project Manager
Successful real estate transactions are made up of dozens of moving parts and tons of red tape. From financing and inspections to contract negotiation and buyer-requested repairs, clients need someone who can walk them through how to coordinate each step, in order to buy or sell their home in a timely manner. Professional agents have the experience to step in and meet this need.

Real Estate Agent as Counselor
No matter how much a client may try to distance themselves from it, buying or selling a home is an emotional process. An agent can help serve as an unbiased mediator, seeing through the tensions and stresses that can come up as a result of making a major financial decision. The professional agent has been through this process before, giving them the confidence and experience to help clients remain calm and make smart choices. This type of counselor role is simply something technology can’t replace.

How to Prepare Yourself for Industry Changes
In the next part of this series, we’ll examine the impact of technology on the agent’s changing role, and how you can leverage it for your own success. But true growth and control of your future as a real estate agent goes beyond harnessing technology to aligning yourself with people who are also focused on moving forward.

This look at the state of the industry came from a recent monthly mastermind meeting with Benchmark CEO Phillip Cantrell. These meetings are just one part of how Benchmark is working with its agents to stay on top of industry trends to both face and shape them for their own (and their clients’) benefit.

Find out if you might be a fit for the Benchmark team today by taking our short online assessment.

Today’s real estate market has turned into a legal battlefield. Even though the real estate licensee might not be the reason a lawsuit is filed, they will probably find themselves caught in the crossfire. The trend in agent-related lawsuits and complaints has increased dramatically since the 1990’s and will probably continue for the foreseeable future.

Why is the trend for suing an agent increasing? There are more and more complex real estate transactions than in the past such as property trades, assignments or transactions involving alternative financing. Whenever you have a complicated transaction, you increase the likelihood that something will go wrong and that the practitioner will end up getting sued.

Also, there is a lack of adequate agent training. Many real estate firms are not providing the type of training and coaching needed to ensure their real estate licensees are doing everything they can to minimize the risk of being sued or having a TREC complaint filed against them.

Society as a whole is growing more litigious. Everyone seems to be “lawyering up.” People are more willing to sue today than ever before. This trend is affecting a broad spectrum of business, not just the real estate industry. Studies have shown we are becoming a less trusting society and some question “everything and everyone.”

A real estate agent can’t prevent someone from filing a lawsuit or complaint against them. However, an agent can be proactive and reduce the chances of seeing one come across their desk. The following tips can help keep a subpoena or a registered letter from the Tennessee Real Estate Commission showing up at your door:

1. Resolve problems far before the closing date. Don’t wait until the last minute to address problem issues. When people are rushed to resolve matters, they are more likely to make mistakes or overlook items.

2. Don’t try to be an expert at everything. Involve key professionals, such as attorneys, home inspectors, termite inspectors, appraisers, lenders, and surveyors when needed. Provide a list of several names or a copy of the yellow page listings but do not recommend a specific individual or firm! Keep a copy of the list you provide.

3. It is generally a good idea to require agency disclosure on every transaction. Be familiar with Tennessee laws regarding when a written agency disclosure is required, at what stage it must be completed, and who must be provided with signed copies. Typically, agency relationships should be disclosed as soon as possible, but in any event, prior to providing specific assistance to the client. For example, buyers should be advised if the licensee showing them the house is the seller’s agent.

4. Document conversations, recommendations, and activities in a log. It is also often helpful to document conversations by sending a brief follow-up email. Keep organized, detailed records of all real estate transactions. This is often required by state law, will assist you in recalling details, and will be helpful to an attorney if a defense is needed in the future.

5. Listing agents should have the seller complete any required property disclosure form. The real estate licensee should never fill out this form. Additionally, if any issues arise while the property is listed, advise the seller to update the disclosure form accordingly. And, under Tennessee law, an agent who is aware of any adverse fact associated with the property must disclose the issue(s).

6. Recommend that buyers obtain a home inspection. If they decline, have them sign a form confirming this decision.

7. Utilize state and/or association standard contract forms (i.e. TAR forms). It is wise to address items that are outside of standard form language with the client’s legal counsel, or else the real estate licensee risks the unauthorized practice of law.

8. Be a “source of the source.” When information is obtained from a third party, it is often a good idea to disclose the source when making representations, because sometimes information from what appears to be a valid source turns out to be inaccurate. For example, if you believe a property is on city sewer based on a prior listing or a statement by the city utility office, disclose the source of your representation.

These tips are just a few of the ways an agent can reduce many legal and/or regulatory problems facing today’s real estate professional. The practice of real estate is becoming more and more challenging. When an agent is aware of problems that can arise out of a transaction and the parties associated with it, they are better equipped to meet the needs of their clients. Our Brokers at Benchmark are available to our agents and are a great source of knowledge. For more information on becoming an agent with us go to DiscoverBenchmark.com

WalletHub compared the 168 Nashville real estate agents who have at least one active listing and at least one sale in the last 12 months. Each agent was evaluated in four categories: active listings, recent sales, Zillow rating and WalletHub rating. Twenty-two Benchmark Agents made the list!

Allen Clark Perry
Ranking: 10

Brianna E. Morant
Ranking: 13

Martin Samuel Lovelace
Ranking: 19

Andra Brewer
Ranking: 35

Scott F. Hardesty
Ranking: 56

Bojan Zivak
Ranking: 68

Jonathan Cole Melcher
Ranking: 71

Larry M. Morgan
Ranking: 85

Cameron Ray Hunt
Ranking: 85

Lisa B. Peebles
Ranking: 89

William Thomas Anderson
Ranking: 90

Andrea S. Ladd
Ranking: 93

Amanda Paige McDowell
Ranking: 93

Gregory Crockett
Ranking: 104

Monica S. Horseman
Ranking: 115

John Andrew Carlton
Ranking: 115

Andrew L. Buckwalter
Ranking: 120

Kristie Leigh Young
Ranking: 128

Matthew Alan Hansen
Ranking: 134

John Richie Cordaro
Ranking: 139

Luann Marie Reid
Ranking: 153

Keith Michael Pillatsch
Ranking: 156

Methodology
Originally posted at WalletHub.com.

To identify the best real estate agents in Nashville, TN, WalletHub compared 168 real estate agents operating in Nashville across four key metrics: 1) Active Listings; 2) Sales in the Last 12 Months; 3) Zillow Rating; and 4) WalletHub rating. WalletHub only considered listings in the city of Nashville.

WalletHub graded each category on a 100-point scale, with 100 representing the best real estate agent. Finally, they used these individual category scores to calculate an overall weighted average. These overall scores were used to construct the final rankings.

The categories and weighting used for the scores are as follows:

Sales in the Last 12 Months – 30% weight
Active Listings – 20% weight
Zillow Rating – 25% weight
WalletHub Rating – 25% weight

Whether looking to buy, binge-watching HGTV, or just daydreaming, every homeowner and potential owner has thought about luxury homes at one point or another. These dream homes have more than just a big-ticket price in common, but what can you expect to find in a luxury home? Recent research from Homes.com found preferences and features vary by state.

Top Home Features
For Tennessee homes, the top must-have beyond a pool and bar is a breakfast nook, but that’s not the most common feature nationwide. Here’s a quick breakdown of the percentage of luxury homes and which amenities they include:
Pools: 36.5%
Bar: 22.7%
Gourmet Kitchen: 12.6%
Elevator: 11.6%
Waterfront: 10.9%

Largest Homes
Another factor that differentiates luxury homes state-by-state is size. While paying $1 million for a home should get you a pretty significant amount of square footage, where you purchase that footage makes a difference:
Indiana: 9,289 sq. ft.
West Virginia: 8,97 sq. ft.
Mississippi: 8,774 sq. ft.
Kansas: 8,520 sq. ft.
Arkansas: 7,395 sq. ft.
Alaska: 7,375 sq. ft.
Ohio: 7,347 sq. ft.
Kentucky: 6,985 sq. ft.
Missouri: 6,907 sq. ft.
Louisiana: 6,674 sq. ft.

Unique Features
What makes a luxury home luxurious is often the unexpected add-on. Unless you’re planning to build a home from the ground-up and choose your own amenities, here’s where you can expect to find some of the more unusual features in a luxury home:
Basketball Court: Utah (3.4% of homes)
Elevator: South Carolina (25.7% of homes)
Sauna: Arizona (11.9% of homes)
Movie Theater: Indiana (15% of homes)

Finding the Right Negotiator
Whether you’re looking for a luxury home or just happen to be dreaming of one while on the hunt for a house with a smaller price tag, the right agent can make a big difference when it comes to helping you through the process and negotiating a sales price that’s amenable to all parties. Find a Benchmark Agent near you and get started on the hunt for your dream home today.