At the beginning of 2021, CENTURY 21 Award became one of the very first brokerages in Southern California to partner with Knock. For those who are unfamiliar, Knock is a technology company that creates innovative home loan products that enable consumers to conveniently purchase their new home before selling their current home. Today, we get to hear from CENTURY 21 Award’s Chief Compliance Officer, Nikki Coppa who answers our questions and breaks down the key benefits of this new partnership.
Q: Why Did CENTURY 21 Award Choose to Partner with Knock?
We chose to partner with Knock because our agents are not one-trick ponies. Clients need options in this market, and it is our job to find those solutions. It isn’t just hype, portals are making their move to dominate the real estate business. Redfin, Homelight, and most notably, Zillow are leading the surge. They are brokerage companies, and their number one goal is to amass listings to better dictate/control the market and the way it operates. They have the online presence they need to make this happen unless traditional agents and brokerages step up and demonstrate their expertise. If you have been in real estate for more than 10 years, we have seen a long list of companies that were going to “put us out of business”. They did not achieve that because traditional agents and brokerages are built on relationships with their clients and roots in their communities. We listen, provide options, advise, and facilitate. But to do that, we need to continue to learn and adapt. That means finding new solutions and being brave enough to step up to the plate and try them out. Knock is one of the first “Modern Bridge” solutions available in California.
Q: You Spoke About Agents’ Need to Adapt, How So?
Many agents have resisted the need to adapt and change. They have their normal process and it works, so why learn new things and encounter new challenges and risks? Because the needs of consumers change over the years. I used to go to the store and if they did not have what I needed, I tried again another day. Now I go online and can have it delivered to me within an hour. Ease and convenience are incredibly important to consumers. Our traditional real estate transaction process is burdensome and exhausting. Most people do not relish the idea of going through all the actions necessary to buy or sell a home. Like with every industry, innovators found ways to make the process less stressful and more convenient. There is a price attached to this convenience, but many are willing to pay it to have a feeling of control in the buying and selling process.
Q: What is the Modern Bridge and How is it relevant to CENTURY 21 Award Agents?
Think back a few years. How many times have agents spoken to clients that have to sell their current home to be able to buy a bigger or smaller home that better fits their needs? With the pandemic, this desire to “right-size” has become even more prevalent. But who wants the hassle? We live in the world of Uber Eats and Amazon. Consumers are willing to pay for quality and convenience. This is why the modern bridge was created. Sellers with equity can purchase their dream home first, move on their timeline, then sell their current home without the inconvenience involved in the selling process.
There are two notable modern bridge solutions currently working in California. One program is called Home Swap, and the other is called MoveAbility. Two different companies that serve different market needs. MoveAbility from Easy Knock bases their approval criteria on the existing home and equity position. Home Swap from Knock bases their approval on the criteria and financing of the replacement home. Each solution serves a different niche of sellers.
Regardless of which solution the seller chooses, the seller will have the ability to dictate how the home is shown, marketed, and eventually sold. All without having to turn family life upside down. App-based transportation upended the taxi industry because they gave consumers what they needed in a convenient and affordable manner. The taxi industry did not want to change to adapt, and they paid a price. The same can happen in the real estate industry if we do not continue to listen to our clients and work to provide them with the options and solutions that they need.
Q: Thank You For the Insightful Information, Care to Share Anything Else Before We Go?
I think the one thing that holds so many people back from choosing the right path for their life is the fear of the unknown. These programs are new to our state, so there are a few bumps that we are working to smooth out, but they give our clients some breathing room and flexibility. I am proud to be with a company that challenges agents to learn new solutions to serve the true needs of the public and proud of our agents for being pioneers in the market.
The new partnership with Knock is an exciting opportunity that has already been beneficial to both agents and consumers. With technology changing ever so quickly, agents and brokerages must adapt to the times. At CENTURY 21 Award, we are continuously staying ahead of the curve so our agents never have to play “catch-up”. If you have questions about this new program, feel free to reach out to Nikki Coppa at firstname.lastname@example.org.