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REAL ESTATE Swanepoel Trends Report, 15Th Edition TRENDS REAL ESTATE Swanepoel Trends Report, 15th Edition TRENDS OFFICIAL EXTRACT TREND 4: CONFRONTING THE INNOVATOR’S DILEMMA (PAGES 132-151) 2020 A Market Intelligence Report by T3 Sixty, LLC “Comprehensive research and strategic planning are indispensable for future real estate success. The Swanepoel Trends Report rep- resents the gold standard for third party independent scholarship pertaining to this all-important process.” Gino Blefari, CEO, HSF Affiliates “The Swanepoel Trends Report is ‘the’ go-to book on what is hap- pening within the industry, a great source of real information to help brokers and brands plan for what lies ahead. I have been a subscrib- er since inception. It gets better and better every year.” Sherry Chris, President & CEO, Realogy Expansion Brands “It’s the best consolidated market intel available and great tool to use to ponder change, innovation and the industry.” Matthew Consalvo, CEO, Arizona Regional MLS “The Swanepoel Trends Report refines the way I view the industry. It’s required reading for my en- tire board of directors.” Art Carter, CEO, CRMLS “The Swanepoel Trends Report is always one of my ‘go to’ reference guides regarding future trends in the real estate vertical. Truly a phenom- enal resource and one that provides great insight and value.” Bob Goldberg, CEO, National Association of Realtors “Every month during our Executive Strategy Group Meeting, our ex- ecutive team selects one trend from the Swanepoel Trends Report to talk through. We discuss this trend and identify a positive oppor- tunity we want to pursue in response to the trend, keeping us ahead of the curve.” Lennox Scott, CEO, John L Scott 2020 Swanepoel Trends Report 15th Annual Edition Official Extract of Trend 4 Keller Williams: Confronting the Innovator’s Dilemma T3 Sixty Enabling Intelligent Change Swanepoel Trends Report (OFFICIAL EXTRACT) Gold medalist for best real estate book, Bruss Real Estate Book Awards Silver medalist for best business reference, AXIOM Business Book Awards Editorial Team Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means or stored in a Editor-in-Chief database or retrieval system without the prior written permission of the publisher. Images Stefan Swanepoel may be protected by copyright and should not be used without approval. Executive Editor Paul Hagey Most of the companies mentioned in this report own numerous trademarks and other marks. This report, the publishers, the author, the contributors or any other party in- Managing Editor volved in this Report in any way, will not seek to challenge or dilute any of these marks. Tinus Swanepoel Specifically, Realtor is a registered trademark of the National Association of Realtors. Technology Editor Limit of Liability/Disclaimer of Warranty: Jack Miller Staff Writers While the publisher, authors, contributors and editors have used their best efforts to pres- Michele Conn, Dean Cottrill, ent neutral, accurate, and reasonable views of the industry and its participants, they make Jonathan Peterson, Travis Saxton, no representation or warranties with respect to the accuracy or completeness of the Clint Skutchan contents of each publication and specifically disclaim any implied warranties. Guest Contributors T3 Sixty serves many companies and organizations stated in this report as a management Matt Cohen, Arthur Kaneko, James Warnot, Paul Stone consulting firm and may also, from time to time, be an investor in some of the companies mentioned in this report. However, no confidential information or information covered by a Design nondisclosure agreement was used. Tinus Swanepoel References to companies, products and services also do not constitute or imply endorse- Editorial Assistant ment, and neither is any reference or absence of reference intended to harm, advantage Karen Smith or disadvantage a company or person. The publishers, editorial team and T3 Sixty shall Published by RealSure, Inc and T3 Sixty, LLC not be liable for any loss or any other commercial damages, including but not limited to 29122 Rancho Viejo Rd, Suite 102 special, incidental, consequential or other damages. San Juan Capistrano, CA 92675 949.627.8877 Images and photos not specifically identified are available under creative commons or were purchased through Shutterstock and may be protected by copyright. t360.com | t3trends.com ISBN 978-0-9914076-3-7 (EXTRACT) Price $199.95 USA Printed in the United States of America Copyright © 2019 by RealSure, Inc. All rights reserved. x Preface You get the news every day in your inbox. Some of it makes sense. Much does not. Some information contains skewed commentary, with incomplete information, while other infor- mation is self-serving, without always being clear on how. We all have more to digest than ever before. For good reason, the industry is changing at what appears to be an unprec- edented pace. The industry feels chaotic. Perhaps more than ever, residential real estate brokerage leaders struggle to answer the all-important question: How Stefan Swanepoel do I determine what is important and where do I get a thor- Chairman and CEO, T3 Sixty ough analysis of the topics, trends, innovations, business Best-Selling Author, NYT & WSJ models and companies rapidly pushing the industry into a Editor-in-Chief, Swanepoel Trends Report new future. Real estate is our world ... We live it, we curate it, we care for it and analyze it. Unlike many, we take constantly pause to take a deep dive and study the most important trends, spending nearly a hundred hours researching, debating and thinking about each topic we cover in the Swanepoel Trends Report. We add the perspective required for a thorough understanding by contextualizing the trends we analyze based on fifteen years of trends reports, which collectively reveal 2,574 pages of insight in 154 chapters and topics. Analysis is what we do. We filter the noise, so you can make better, more informed decisions. So this, our fifteenth annualSwanepoel Trends Report edi- tion (and our fifty-two books and reports), stands proudly on the shoulders of our previous research. We are honored that the Report has won both bronze and silver medals by AXIOM, as one of the nation’s best business books, which includes all categories, not just real estate. This year the National Association of Real Estate Editors honored the 2019 xi Swanepoel Trends Report (published on December 1, 2018) with top honors as the best real estate book of 2018. In the 2018 Swanepoel Trends Report preface, I wrote: “Change does not move in a straight line.” In 2017, I wrote: “To win you must first understand.” In 2016, “Disrupt yourself.” In 2011, “Always have a backup plan.” 2020’s message is equally straightforward: “Transformation has arrived, disruption surrounds us. The time for bold, clear action is now.” This beloved mom-and-pop, fragmented, independent contractor- driven industry has grown up. In short order, investors, entrepre- neurs and innovators are modernizing, consolidating, corporatiz- ing, systematizing and redesigning real estate. Residential real estate will never be the same. We will have new leaders atop the Swanepoel Power 200, young companies will race to the top of the Mega 1000 and new models will continue changing the rules of an industry that has largely held for over a century. Delightfully exciting, a little scary, and above all, action-packed. You need a roadmap, and this Report is the best there is. On behalf of the T3 Sixty team, Stefan Swanepoel November 2019 Keller Williams 04 Realty: Confronting the Innovator’s Dilemma Probing Gary Keller's bold vision We conducted a site visit and looked under the hood to investigate the company’s ambitious claims. They provided T3 Sixty an open door and transparency during our interviews and visit. This was by no means a forensic audit, but it certainly was a thorough analysis. This much is evident: Of the hundreds of CEOs in our industry that we have interviewed over the past three decades, Gary Keller has one, if not the, most concise industry vision. He sees a clear roadmap and is making big bets to make it a reality. In this chapter, we attempt to relay and explain the future as he sees it, clarify the steps he has taken toward it, and give our viewpoint on the chances he has of success. 134 Trend 04: Keller Williams Realty: Confronting the Innovator’s Dilemma Editor's Note: Keller Williams Realty (KW) did not request this chapter and it did not have any editorial control, but it had the opportunity to verify the accuracy of facts and stats mentioned in the chapter. T3 Sixty felt this chapter was necessary as KW is one of the most compelling real estate companies and we believe its actions will impact the entire residential real estate brokerage industry. The Innovator’s Dilemma Keller’s firstaha moment came with the realization that companies can do everything right and yet still lose market leadership — or even fail — as new, unexpected competitors rise and redefine the market. Clayton Christensen detailed this scenario in his 1997 award-winning book The Innovators Dilemma, named by The Economist as one of the six most important business books of all time. There are two key parts to this dilemma. Value to innovation follows an S-curve: Improving a product takes time and many iterations. The first of these iterations provides minimal value to the end user but, in time, a product base emerges, and the innovation’s value increases exponentially. Once the base exists, then each iteration becomes drastically better than the last. At some point, the most valuable improvements have been made and the value per additional iteration becomes minimal again. So, the innovator’s middle period has the most value; the beginning and end produce minimal value.
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