by G. Sax, Head of Communications, RESO
We caught up with Michael Hayes, Executive Director at Homes.com and RESO board member to ask him Three Questions. We talked about resiliency, stress and socks. Enjoy!
Q1: You have been an Account Executive or Industry Development Director for almost 30 years. But let’s start with a look at the unlikely trajectory of your extensive career that has led to where you are today before I ask how in the heck you have persevered through all of that?!
Michael: My career in real estate technology began in 1999 at WyldFyre Technologies, where I was involved in every part of the business except programming. That early, hands-on foundation coupled with my commitment to real estate technology prepared me to navigate more than two decades of industry consolidation.
Over the years, the company I work for changed hands through a series of acquisitions, passing through HomeStore, eNeighborhoods and Dominion Enterprises before ultimately becoming part of Homes.com, which CoStar Group acquired in 2021. And this is where I remain today.
Through every acquisition and reorganization, I didn’t just endure the change, I grew with it. Adapting to a constantly shifting landscape has been one of the defining strengths of my career.
I had the ability to adapt. Instead of being taken aback by being part of a new big publicly traded company, I asked, “What’s my new role?” That’s a refreshing thing to hear amidst a lot of consternation and hand wringing.
With new leadership comes new goals, so when new ideas are brought in, I ask myself, “What is my perceived value, and what is my true value.” You have to be brutally aware of and honest about both.
For example, in the early days, we sold units of software on a computer – wholesale and retail. I wanted to do site licenses. We went to a lot of MLSs and charged a per-subscriber fee on three-year contracts, which became something of an industry standard. If MLS subscriber numbers went up, which they did, the invoice price went up as well, but it was all fair and mutually beneficial.
For me, it’s institutional knowledge and a deep understanding of relationships in the residential real estate space. Relationships are everything in this business, and I’ll tell you why it’s the very core of our industry. In most transactions, there are going to be two agents, and one’s going to “win” the listing. But you have to be cool about it, because three weeks later, the losing listing agent might be the buyer agent.
Vendors compete the same way. When I talk to my competitors, it’s not about being an adversary. It’s more like, “How are the kids? I hear you’re a grandpa now?” I like to compare it to rugby. Everyone battles on the pitch. But when the game is over, they drink like old friends.
One of the things I bring to my company is that I have the cell phone number of many CEOs in the industry, and the majority will call me back. Being comfortable with how relationships operate is one of the things that makes me resilient. I also had my own business at 19. If I didn’t make money, I didn’t eat. It was that simple. That will teach you about resiliency in a hurry.
Q2: You clearly have been on the cusp of innovation in the industry while enjoying the work and advancing the narrative in a vertical that everyone cares about: housing. In recent years, however, housing affordability has decreased, lawsuits and in-fighting have increased and tech layoffs are causing some grief. Real estate is, in a word, stressed. As an elder statesman of the real estate industry, are you still bullish on being a part of it?
Michael: Absolutely, and there are a couple of key factors for answering that way. I recognized early on that we – meaning vendors and portals – are able to support one of the most important transactions anyone will ever make. Technology did not replace the agents who represent the people making those transactions.
Agents are advisors, counselors and so much more. I very much admire those people. They don’t wake up with a paycheck in an industry that is so important for accumulating generational wealth. I see the changes that are happening now as being about the same as during the advent of the internet. The agent’s job is not easy. People out there need all the support they can get, and I think that Homes.com is part of that support system.
Within a year of being in the business, I saw how CMAs, portals, etc. could help. And I have done my research about Apartments.com and Homes.com. Whether or not you like a home during your search, you see the listing agents and their digital yard signs. It’s how we do business, because that’s the best consumer experience.
Yes, people are looking online before they are prequalified or have an agent, and that’s where we help consumers get started. They can qualify themselves, then we can easily pass them on to the agents.
After CoStar acquired Homes.com, we went from 5–6 million visitors a month to over 80 million, so there are plenty of people engaging with housing. We just need to get agents to keep their profile pictures updated and answer their leads, both as points of creating trust.
I don’t have stress or try not to. My dad is a clinical psychologist. He helped many people transition after being diagnosed with multiple sclerosis and amputation, which involves a lot of pain. He taught me that pain is information. If you tell yourself “I have that pain,” that pain can become dull or even go away. So what am I stressed about? Control vs. no control? If I feel out of control of a situation, I know how to pick up a phone, communicate and use my skills.
Exercise is important. I ride a bicycle six days a week – indoors, outdoors, it doesn’t matter. You wake up in the morning, set your goals, do the right things. I’m working for a company that I think is doing the right things.
Q3: Why does your LinkedIn title include “International Sock Model”?
Michael: Because I am. I never made a cent, but I do have a lot of socks.
A company called DeFeet International crafts premium sports socks, and I am friends with the founder and the head of marketing through my bike racing connections. My feet have been featured in European print ads, on Instagram and all over the web. It actually involved quite a few photo shoots, and it was a lot of fun. It turns out that I have the face to be a sock model!
I wanted to relate this question to your last one about stress in relation to fun and happiness. My role model is the humble dog. Dogs don’t live for very long, and in their time on Earth, they know how to love, they play, they use their body, they have energy.
You don’t get to have nice bicycles, fancy socks and modeling opportunities if you don’t work your ass off. You don’t get to live in a comfy home without solving a lot of problems first. I believe that’s what we’re meant to do on this planet, which is why I try to bake in some fun on all work trips.
Golf plays a role in that for me, and I have golfed with business competitors, loyal clients and potential clients that may not pan out. Whatever our professional roles are, we have fun and we become friends. I feel that trust is built. That’s where it’s at for me, stress free and full of joy.
Three Questions is a lighthearted interview series that features real estate industry professionals, their businesses and how they interact with real estate standards.
