‘Playmakers’: How to be ‘dangerous in any market’ 

Editor's note: The Playmakers podcast explores the biggest shifts in real estate with those who are shaping the industry's future. Check out our top takeaways and watch the latest episode from host Andrew Flachner, co-founder of RealScout.

The views, thoughts and opinions expressed in the Playmakers podcast belong solely to the podcast creators and guests.

On the premiere episode of the Playmakers podcast, Gino Blefari shares insights from his decades in real estate and explains why he believes a down market can be a goldmine for top agents.

Blefari stepped down as HomeServices of America's president and CEO last month, though he still holds a leadership role as the brokerage's chairman emeritus.

The timing was unrelated to longtime Berkshire Hathaway CEO Warren Buffett's retirement announcement a few weeks later, Blefari said — but he noted that they do have a few things in common. For one, they have each lived in the same house their entire adult lives, and they even share a favorite song: "Somewhere Over the Rainbow."

A system for success: After four-plus decades in the business, Blefari knows a thing or two about real estate, and he has some advice for agents who may be struggling. 

"Here's what I tell a team: What you don't know will hurt you," he said. "And most of them don't know. They're the rainmaker, which is great, perhaps — which is really, really good. But they need to have a system. My system was always focus, leverage, engagement and accountability — those four things."

Why it was time to step down: HomeServices' new president and CEO, Chris Kelly, has been ready to take the reins for the last four years, Blefari said, adding that Kelly is "super talented."  So why resign now? "It was just time," he said, noting that some of his close friends are facing serious health battles in their early 60s. "Life is short. No one ever has said, 'I wish I worked more.' Even though I love to work."

Being an expectant grandparent also factored into Blefari's decision, as did his feeling that the industry started losing its "fun."

"For me, I never did it, really, for the money," he said. "It needed to be fun, and it wasn't quite as fun," in part because of the down market and the commissions lawsuits. "All of those things just — it was headwinds."

What it takes for an agent to be 'dangerous': Despite the slow spring buying season, Blefari said the agents who are motivated and experienced are likely doing well. "Prices have never been so high," he noted, so for that group of agents, "it's great. It's as good as it could be." 

"If you have a good work ethic, if you have a good mindset and you have skills, you're dangerous in any market — but the downward market even more, because there's less competition."

The industry and market churn is "harder on the companies," Blefari said. But for top agents and top teams? "I would love this market," he said.

What about the battle over private listings? The debate over pre-marketing has intensified over the last few months, with one side calling it a win for "seller choice" and the other saying it puts sellers at a financial disadvantage.

Blefari's take? "I always felt that my duty as the listing agent was a fiduciary duty to the seller. Now, if the seller wants me to sell their home for the highest net price, I know from economics 1A that price is an interaction of supply and demand. So if I show all the buyers their house, technically they would have a higher price."

But if office exclusives are presented as an option, he said his philosophy is simple: "You've got to just disclose it to the seller and make sure they understand it, and let them make the choice."