Real Estate Industry Insights: An Interview with Josh Harley of Fathom Realty

The Savvy Social Podcast

Welcome to The Savvy Social Podcast! In this episode, I had the pleasure of hosting Josh Harley, the founder of Fathom Realty, for an in-depth conversation on the intricacies of the real estate industry. Join your host, Jenny Aldrete, as she explores Josh's unique approach to real estate, emphasizing the significance of cultivating relationships and the business model that sets Fathom Realty apart. Josh's wealth of experience and industry insights provide a fascinating look into the challenges facing real estate agents in 2023 and the anticipated trends for 2024. He delves into the complexities of lead generation, the impact of interest rates on the housing market, and the industry-wide lawsuits that are shaping the landscape. Discover the inspiring journey behind Fathom Realty, from its inception to becoming a powerhouse in the industry. Whether you're a seasoned real estate professional, an aspiring agent, or simply interested in the inner workings of the real estate market, this episode offers valuable insights and thought-provoking discussions. Get ready to gain a deeper understanding of the ever-evolving real estate industry from the perspective of a true trailblazer.

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Josh Harley is a real estate industry expert who understands the importance of looking at economic history when analyzing market trends. With a focus on the impact of interest rates on homebuyers and sellers, Josh has a keen understanding of the challenges facing loan officers and real estate agents in closing transactions. He has observed the industry-wide normal of 5,000,000 sales per year, with a peak of 6+ million during the heyday and a dip to 4,000,000 in recent years. With 1,500,000 realtors vying for a piece of the shrinking market, Josh recognizes the need for adaptation and perseverance. Despite the challenges, he remains optimistic about the future as economists agree that things are improving and interest rates are beginning to decrease.

00:00 Real estate sector facing investor sentiment woes. 05:08 Lawsuits target brokerages and associations for collusion. 07:17 Appeals aim to change lawsuit focus and outcome. 10:20 Real estate commission system explained and defended. 13:53 Potential impact if sellers don't pay commissions. 19:19 New lawsuits, unfair seller fees, legal defense. 20:13 Copycat lawsuits could drag on for years. 26:09 Saved office costs allow lower fees, efficient technology. 29:05 Dallas-Fort Worth area has 4-5 weekly meetings. 31:13 Focus on quality over quantity in real estate. 35:46 Marine Corps experience shapes approach to real estate. 38:54 Shifting mindset leads to easier sales; take risks. 40:53 Leverage personal relationships for professional success. 46:23 Use storytelling to subtly promote your profession. 47:33 Fathom careers.com offers transparent, informative content.

Primary Topic: The Importance of Relationships in Real Estate - Nurturing the "sphere's sphere" for potential referrals - Building relationships in person and through social media - Using storytelling to subtly remind people of your profession - Fathom's transparent approach to fees and guiding principles Primary Topic: The Creation and Growth of Fathom Realty - Josh Harley's motivation to disrupt the real estate industry and address technological gaps - Challenges in traditional brokerage and 100% commission companies - Fathom's flat fee model and support for agents - Emphasizing agent growth and quality of transactions Primary Topic: Impact of Legal Challenges on Real Estate Industry - Antitrust lawsuits against NAR and implications for sellers paying buyer's agent commission - Potential consequences of changes in commission rules on agents and buyers - Fathom Realty's response to legal challenges and concern for small brokerages Primary Topic: Josh Harley's Background and Entrepreneurship Journey - Transition from IT recruitment to real estate - Importance of failing and learning from mistakes in business - Mentoring youth and emphasizing the value of relationships in sales Primary Topic: Industry Forecast and Market Trends - Fluctuation in industry sales and anticipated trends for 2024 - Caution against rapid interest rate drops leading to unaffordable housing prices - Importance of lead generation and relationship building during slow periods Primary Topic: Understanding Legal Challenges in Real Estate - Industry-wide antitrust lawsuits and challenges in defense - Implications of being sued "as per se" and limitations in presenting counterarguments