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Real Estate Rockstars Podcast

310: Tommy Sowers: The Collapse of the Real Estate Agent Commission

Real Estate Rockstars Podcast

Aaron Amuchastegui

Investing, Careers, Business

4.6 • 864 Ratings

🗓️ 24 February 2016

⏱️ 40 minutes

🧾️ Download transcript

Summary

Prior to SoloPro, Tommy Sowers served as the Assistant Secretary for Public and Intergovernmental Affairs at the United States Department of Veterans Affairs and as a McKinsey & Company management consultant. He was the 2010 Democratic nominee for the U.S. House of Representatives in Missouri's 8th congressional district and is a former U.S. Army Special Forces officer. In 2015, Sowers, along fellow founders Shayne Sowers and Narayan Krishnan created SoloPro, Inc. the first pro-agent, pro-buyer online marketplace of real estate services. Named by CNN as one of the five startups "changing the real estate game", SoloPro rose over $1.6M of venture capital and has launched in the Raleigh-Durham area. Join us as Tommy shares his Realtor mindset and a glance at his journey to becoming a Real Estate Rockstar by changing the real estate game for buyers and sellers.

Transcript

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0:00.0

Across the world real estate agents are underachieving. They're missing out all millions of dollars in commissions.

0:09.0

My name is Pat Hyven and in the past 27 years I've sold over 6,000 homes selling over a billion dollars in real estate volume.

0:18.0

My plan is to interview agents from across the world and help all agents create their destiny. Hello Rock Star Nation happy Wednesday I am excited

0:38.1

sighted as you can hear my strained voice I thought I was losing my voice because I had some sort of

0:45.8

throat cold after I jumped in the frozen lake for Special Olympics over the

0:50.0

weekend. Then I looked at my asthma medicine, I take a daily asthma inhaler and it was at

0:56.2

zero and I don't know how long it's been at zero, it's probably been a week, and I'm like, that's why.

1:02.1

So anyways, I'm like that's why. So anyways I'm excited to introduce this episode Tommy Sowers and

1:07.3

Solo Pro there has been a lot of hype about this and I think there is a lot of misunderstanding about this and there's going to be a lot

1:18.3

of discussion about this. I'm writing a blog right now that I'm going to post it is all about not only what does this mean for the listing side of the commission

1:30.3

Right, which has always been a silent side you know you could take as a

1:35.1

listening company X percent and co-op Y percent but I'm writing an article about

1:40.7

the co-op Commission, right? Because as the agent, right, as the listing

1:47.1

agent, we've always kind of recommended and pushed a certain co-op commission.

1:54.0

Co-op commission that was competitive with the marketplace's other co-op commissions.

1:59.0

But you've got to think about what would happen if a seller had no guidance on where to put the

2:07.3

co-op commission and suddenly they just started to decide, well let me put it at this dollar

2:12.1

amount today and then tomorrow I'll raise it by this dollar amount and on Thursday I'll raise it by this dollar mount and Friday this dollar mount.

2:18.0

I don't care because I have control of it.

2:21.0

And if I'm not getting any showings, I'll just raise it a little.

2:24.4

If I'm getting too many showings, I'll drop it a little. Oh, a seller will never

2:30.1

have control of the Co-op Commission like that? Well, it's not true.

...

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