RateMyAgent’s CEO Mark Armstong is using tech to create a transparent and potentially disruption-proof real estate market.
In this episode, Mark sits down and shares his real estate story, growing up in Melbourne, Australia. Find out how he developed a passion for houses that would eventually become his first business.
Listen in to hear how RateMyAgent’s agent-customer centered approach, has allowed them to serve over 80% of Australia's real estate agents. He shares his team’s plan for U.S expansion and his thoughts on technology. Are quality agents irreplaceable?
“When we entered the US market, we had all these headwinds, talking about how the role of an agent is going to be disrupted. And the importance of an agent in the transaction is going to become less important and agents are going to lose their jobs and all this negativity. And the problem with that is, you know, the people that perpetuate that really fail to understand the role of a real estate agent. The role of a real estate agent is (…) a relationship builder.”
– Mark Armstrong
- Mark Armstrong’s Advice for New Agents:
Start thinking of yourself as a startup.
- Consider how you’ll fund yourself for the first 6-12 months
– Look at your lifestyle and ongoing expenses
– Consider what you’ll need to give yourself time to get up and running before you run out of money.
- Start building your reputation from day one.
– Even if you haven't completed your first sale, your reputation as a person, in your community or career before real estate matters.
- Understand your market.
– Know the things that will affect your market in a negative or positive way.
– Becoming a reliable resource will help you gain clients who see you as an authority.
- [00:37] Intro
- [01:34] Meet Mark Armstrong of RateMyAgent
- [02:50] What you might not know about melbourne
- [06:38] Cricket complexities and growing up with sports
- [10:30] High School and developing a passion for real estate
- [13:26] Travelling the world and turning his passion into a business
- [18:14] Discovering the need for what would become RatemyAgent
- [20:06] Pivoting his business from Property Tycoon to RateMyAgent
- [23:27] How the data process comes together
- [24:58] Data housing and record keeping
- [27:34] Their over 80% market share in Australia
- [28:01] The consumer experience with RateMyAgent
- [31:13] The challenge of MLS integration and expanding to the U.S
- [33:28] Agent of the Year Awards and other projects to look forward to
- [36:22] How U.S agents can start using RateMYAgent today
- [39:51] Mark Armstrong’s advice for new agents
- [43:33] Contacting Mark
- [44:39] Outro
“I passionately support real estate agents. But I also know that every real estate agent walks into a potential listing saying I'm the best because I sell the most. And the consumer has three or four agents that walk in that say, I'm the best because I sell the most. And the consumer says, Well, I'm confused now. Because I'm not sure what that means.”
Find | THE REAL ESTATE SESSIONS
Find | Bill Risser
Find | Mark Armstrong
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