Amanda Zachman: Inside the Strategy to Disrupt Traditional Real Estate Through Innovative Homeowner Benefit Programs

As a part of my series about the ‘Five Things You Need To Know To Succeed In The Real Estate Industry’, I had the pleasure of interviewing Amanda Zachman.

Amanda Zachman is an entrepreneur and business leader with more than 13 years of experience in the real estate industry. She is the founder and executive director of MV Realty, a real estate brokerage and proptech firm dedicated to meeting the needs of the modern broker, home buyer and home seller. She is also part of the team that developed the company’s innovative Homeowner Benefit Program®, which pays homeowners a cash payment in exchange for agreeing to use MV Realty as their real estate agency, should they ever choose to sell their home.

Thank you so much for doing this with us! Can you tell us the “backstory” about what brought you to the Real Estate industry?

I was born into it — My grandmother and mother were both successful real estate agents. I pursued musical theater for a few years but then had a quarter-life crisis and decided to choose a more stable career. I got my real estate license in California and started at Coldwell Banker — the same firm where my mother and grandmother worked. Coldwell Banker had an excellent training program and I worked hard. I spent a lot of what I call ‘floor time.’ That means I sat at the front desk so I could be the first to jump on incoming calls. One of those leads resulted in my first sale of a house — and it sold for $1 million! I was hooked.

Can you share with our readers the most interesting or amusing story that occurred to you in your career so far? Can you share the lesson or take away you took out of that story?

I’ve had my share of amusing experiences, but the best story belongs to my mom, so I’ll cheat a little and borrow that one. Mom was all dressed up in professional attire to show a house with a pool in Florida. The owners’ English bulldog, which was unleashed, joined the tour and managed to fall into the pool. The poor thing was sinking quickly to the bottom, so my mom jumped in to save it. I always tell this story to agents so they understand just how important it is to keep pets leashed or penned during property showings!

Do you have a favorite “life lesson quote”? Can you share a story or example of how that was relevant to you in your life?

My quote would be: “You can’t control everything.” In other words, you can’t control how people will react to you or what their decisions will be. All you can do is be knowledgeable when delivering information. Be sympathetic to people’s feelings but don’t get emotional. If you’re too attached to the outcome — relying on your commission, for instance — your negotiating skills will suffer. The best agents make all parties feel like they’ve won something. To achieve this result, you have to leave your emotions behind and stay in neutral gear. Your job is to show up with the knowledge and execute.

Are you working on any exciting new projects now? How do you think that will help people?

MV Realty, the real estate brokerage I founded in 2014, is growing rapidly. Today we have a presence in 33 states and a roster of more than 500 agents. One of the reasons we are growing so quickly is our Homeowner Benefit Program (HBP), which we launched in 2018. The HBP offers homeowners a cash incentive of up to $5,000 — a percentage of the estimated value of their home — in exchange for a 40-year agreement to use MV Realty as their listing agent for a period of six months (the industry standard) if and when they decide to sell their home. Because the payment is not a loan, no credit check is required. The homeowners can obtain the money immediately and keep it whether or not the home is sold during the period of time that the agreement is in effect.

Homeowners appreciate the extra cash at a time of rising inflation, and agents appreciate the promise of future business in a highly competitive environment. Since the initial rollout of the program, close to 30,000 homeowners have received cash payments, equating to a total of more than $20 million in payments to homeowners. And MV Realty has successfully sold nearly 700 homes for satisfied homeowners who signed up for the HPB.

What do you think makes your company stand out? Can you share a story?

The HBP is a notable differentiator, but another one is our commitment to honesty and transparency. We set expectations that are based on comprehensive analyses. We tell owners what we believe their home will sell for and suggest a marketing strategy. We don’t inflate the potential listing price just so we can get a listing.

Another differentiator is the comprehensive training we provide to our agents as well as staff and broker support for each listing agreement. The HBP and our proprietary CRM system deliver leads to our agents. But the in-house support helps them succeed and build a portfolio, regardless of whether they’re highly experienced or new to the industry.

None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?

When I was working as an independent agent before I founded MV Realty, one of the future owners of MV Realty came to me with an opportunity to combine my real estate experience with a business start-up. He gave me an office, supported the business, helped me hire and trusted my decisions, and gave me the tools to open MV Realty. He has taught me a lot. I’m extremely grateful to have him as my mentor for almost a decade now.

Ok. Thank you for all that. Let’s now jump to the main core of our interview. Can you share 3 things that most excite you about the Real Estate industry? If you can please share a story or example.

Excite me:

1. The ability to make money is exciting, especially if you’ve struggled financially in the past. When I was trying to get work as an actress, I was definitely struggling. And as I mentioned earlier, the first home I listed sold for $1 million. That was eye-opening and exciting.
2. I’m fascinated by the evolution of the industry. It’s so different from what it was even just 10 years ago. Today’s leading brokerages are exploring technology and new, innovative business models. I’m excited that MV Realty is at the forefront of this evolution.
3. It’s exciting to help people find their dream home/forever home. This is one of the biggest transactions people will make in their lives. It means a lot to me to play a role in this monumental decision.

Can you share 3 things that most concern you about the industry? If you had the ability to implement 3 ways to reform or improve the industry, what would you suggest? Please share stories or examples if possible.

1. There is some truth to the stereotype that realtors are stuck in their ways. Some of the older realtors are open to change while others are resistant. My mom is a great example of the former. I’ve taught her to send automated emails and property alerts. But other realtors don’t want to undergo training on new technologies, even if they’re missing out on potential business. I’d like to see more realtors embrace change and take advantage of available technologies and efficiencies.
2. I am wary of flat-fee real estate brokerages, and I advise homeowners to approach them with caution. Homeowners who use them can really get themselves into a pickle. Take assignability clauses. These allow an investor to purchase your home for a certain value, but then market the listing before closing, and sell it to someone else at a higher price. Unless you’re familiar with the industry and contracts, you wouldn’t expect anything like this. Because you’re trying to save a little bit of money, you could lose a lot of money.
3. I worry about the timidity of some buyers’ agents — the ones who are afraid to insist on a buyer/broker agreement. Without this agreement, agents could spend loads of time and gas and miles and energy working with unqualified buyers or buyers that don’t demonstrate any loyalty. Most of my own work is in sales these days, but if I were representing buyers, I’d insist on a buyer/broker agreement because I don’t work for free.

What advice would you give to other real estate leaders to help their teams to thrive and to create a really fantastic work culture?

You have to strike the right balance between training and on-the-job learning. Some agents who are new to the industry want brokers to hold their hand. But agents need to gain hands-on education and experience, so it’s better for brokers to oversee the process rather than do everything for them. It’s also important to ask agents for feedback. Make sure that you have sufficient staff so that everyone feels heard and supported. It’s a cliché but communication is key.

Ok, here is the main question of our interview. You are a “Real Estate Insider.” If you had to advise someone about 5 non-intuitive things one should know to succeed in the Real Estate industry, what would you say? Can you please give a story or an example for each?

Sure.

1. I’ll start with something I mentioned earlier — that the secret to a successful transaction is to make everyone feel like they’ve won. This also leads to repeat business and a good reputation.
2. Work with, and not against, the buyer’s broker. That’s the person who’s helping you to sell the home. You are not in competition.
3. Be available to your clients. You don’t have to be on call 24/7, but you should try to be responsive. Otherwise, your client will get frustrated, quickly. Remember your client is embarking on a major life milestone so have some empathy!
4. Set seller expectations. Sellers may wish to sell at a certain price point. You have to explain why or why not that price point makes sense, and that’s when you draw on the knowledge you’ve gained through a thorough market analysis. And you should tell them how they can attain the price point. For example, perhaps they need to make some kitchen enhancements. If you let the owner set an unreasonable price, you won’t attract showings and certainly not offers.
5. This also goes back to something I said earlier. Don’t expect everyone to like you. Not everyone will, but the ones who do will like you a lot, will stay loyal. So be true to yourself!

Because of your position, you are a person of enormous influence. If you could inspire a movement that would bring the most amount of good to the greatest amount of people, what would that be? You never know what your idea can trigger. :-)

I am a mother of two very small children and a woman in a male-dominated industry. There’s a common misconception across many male-dominated industries that you have to choose between being a mom and being a successful businessperson. You can do both. It really comes down to empowerment. I’d like to encourage young women to follow their passions and make them aware that those passions can combine work and family, even in a male-dominated industry, and lead to success.

How can our readers further follow your work online?

You can visit MV Realty’s website at www.mvrealty.com.

Thank you for your time, and your excellent insights! We wish you continued success.

About The Interviewer: Jason Hartman is the Founder and CEO of Empowered Investor. Jason has been involved in several thousand real estate transactions and has owned income properties in 11 states and 17 cities. Empowered Investor helps people achieve The American Dream of financial freedom by purchasing income property in prudent markets nationwide. Jason’s Complete Solution for Real Estate Investors™ is a comprehensive system providing real estate investors with education, research, resources and technology to deal with all areas of their income property investment needs. Through Jason’s podcasts, educational events, referrals, mentoring and software to track your investments, investors can easily locate, finance and purchase properties in these exceptional markets with confidence and peace of mind.

Starting with very little, Jason, while still in college at the age of 19, embarked on a career in real estate. While brokering properties for clients, he was investing in his own portfolio along the way. Through creativity, persistence and hard work, he earned a number of prestigious industry awards and became a young multi-millionaire. Jason purchased a California real estate brokerage firm that was later acquired by Coldwell Banker. He combined his dedication and business talents to become a successful entrepreneur, public speaker, author, and media personality. Over the years he developed his Complete Solution for Real Estate Investors™ where his innovative firm educates and assists investors in acquiring prudent investments nationwide for their portfolio. Jason’s sought after educational events, speaking engagements, and his popular “Creating Wealth Podcast” inspire and empower hundreds of thousands of people in 189 countries worldwide.

While running his successful real estate and media businesses, Jason also believes that giving back to the community plays an important role in building strong personal relationships. He established The Jason Hartman Foundation in 2005 to provide financial literacy education to young adults providing the all-important real world skills not taught in school which are the key to the financial stability and success of future generations. We’re in a global monetary crisis caused by decades of misguided policies and the cycle of financial dependence has to be broken, literacy and self-reliance are a good start. Visit JasonHartman.com for free materials and resources.