THE REAL ESTATE SESSIONS PODCAST
Host: BILL RISSER
Guest: JAY THOMPSON
In this episode, Jay Thompson, my guest, was the first guest to be interviewed at the beginning of the podcast in 2015. Jay is a "retired" Real Estate agent and broker currently based in Texas.
In this episode, I sit with Jay as we reminisce on some points from the first episode of the podcast, discuss highlights from Jay's selective retirement, and note significant developments in recent times in the Real Estate industry.
"I really think it's super important for future retirees ...you've still got to stay busy."
- [Jay Thompson]
"Real Estate agents will be around in some form, I think, forever."
- [Jay Thompson]
"It's not customer service that matters; it's customer experience; you need to provide a great customer experience."
- [Jay Thompson]
[00:56] Meet today's guest, Jay Thompson.
[04:00] Jay's journey into Real Estate till retirement.
[17:56] Have you been surprised by any feature of retirement?
[21:02] The Beverly Carter Foundation.
[26:51] Discussing Zillow's decision to stop the iBuyer program.
[32:30] About eXp Realty.
[42:01] What should we anticipate in Real Estate?
[47:35] Jay's advice to new agents.
[50:58] Connect with Jay.
Jay was the first guest I interviewed on the podcast, in episode one on August 31st, 2015. He was an agent and a broker who worked for Zillow for 6.5 years and then retired in July 2018.
Selective retirement is a more practical term for Jay than retirement because although he has no regular job, he gets to pick and choose the work he wants to do. However, the experience of working with people and being a part of something is significantly less with retirement, so a conscious effort has to be made towards it. Jay retired to the gulf coast somewhere in Texas during the pandemic. After retirement, Jay was surprised at how long it took him to wind down from working all his life.
The Beverly Carter Foundation: The foundation is a 501c nonprofit organization created in 2014 after Beverly Carter was kidnapped. She had gone to show a home in Arkansas when she was kidnapped for ransom which went wrong after the police got involved, and the kidnappers took her life. The foundation gives safety training and awareness to realtors and other lone workers like inspectors and appraisers. To help support the foundation, visit the website and donate.
Zillow had announced that they were stopping their iBuying program and effectively would not buy any more homes for the rest of 2021. This was a shock to the Real Estate world, including Jay, who believes the company plans to take such a huge step. He also believes it is too soon for critics to cheer the demise of Zillow.
About eXp Realty: Jay started Thompson Real Estate but had to merge with eXp Realty so his wife, managing it, could move full-time to Seattle. Jay learned more about the revenue share model and was intrigued by it; the equity from the merger played a significant factor in Jay's retirement. It is important to note that eXp's revenue-sharing model is different from KW's profit-sharing model.
Concerning expectations in the near future, Zillow will continue in other areas of the business and will be around for a very long time. Also, the current debacle with the DOJ will result in a significant shift in the Real Estate industry; nonetheless, Real Estate agents will always be relevant.
Jay's advice to new agents: Provide a superior customer experience, rather than simply customer service; customer service means you will do anything and everything to make customers happy, but that will kill you if you're not careful.
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