Interviews
Getting to Know Sam DeBord of RESO
3 days ago
By Arianna Marino
In the rapidly evolving world of real estate technology, the Real Estate Standards Organization (RESO), led by CEO Sam DeBord, stands as a beacon of progress. Since DeBord took the reins in 2019, the organization has experienced remarkable growth, evidenced by the successful introduction of multiple products from proof of concept to active use. In fact, 93% of all MLSs are now certified on RESO standards. And perhaps the best indicator of the value of this recent growth is the adoption of the Web API standard by the MLSs' downstream data consumers, which has surged from 3.4% committed/converted in 2019 to 66.8% committed and 46.5% converted today.
Under his leadership, RESO has become synonymous with industry innovation. This feature presents a conversation with DeBord, offering a glimpse into his personal and professional journey. From his initial inspiration rooted in his parents' real estate investments to his leadership role at RESO, DeBord shares insights into challenges and triumphs he has encountered along the way. The conversation explores his approach to decision-making, the impact of technology on the MLS industry, and the emerging trends in PropTech that professionals should watch. DeBord also discusses his team’s proud achievements, such as the launch of the RESO Analytics platform and the organization of the International MLS Forum. Through his responses, we uncover the motivations behind his dedication to improving industry standards and his vision for a more efficient and interconnected real estate market.
Early Inspiration
What inspired you to join the industry?
Real estate was where my parents created their retirement nest egg, buying and fixing up the homes they lived in. I was always attracted to the diverse, entrepreneurial spirit of the industry. Like many, I thought the flexible schedule of being a broker was attractive. I didn’t realize at the time that “flexible” meant you could work any time you wanted, as long as it was all the time.
“I didn’t realize at the time that ‘flexible’ meant you could work any time you wanted, as long as it was all the time”
What drew you to RESO specifically?
After beginning my career in management consulting and the mortgage industry, I started working in brokerage management and technology. I quickly found that the MLS structure was a huge benefit, but somewhat lagging in technology adoption. I spent a number of years working with REALTOR® Associations, MLSs, and NAR on technology and MLS policy, which first introduced me to RESO and its mission to make real estate technology more efficient. RESO’s vision resonated with me because I’d already experienced the pain of not having consistent MLS policy and standardized data when our brokerage decided to expand geographically. On the brokerage level, it has a huge impact on your business systems and processes.
What’s the biggest lesson you learned from those past roles?
I’ve been through many industry boom/bust cycles: startup tech in the 2000s, mortgage a few years later, and now a couple of cycles in brokerage. Weathering those storms teaches you to stay aggressive pursuing opportunities in a downturn and to be careful about chasing rainbows during boom times. Warren Buffett cliches aside, great successes often start while others are acting on fear.
Industry Insights
What do you think are the biggest challenges facing the industry today?
The MLS business has proven itself. Countries around the world are trying to emulate the North American model. The challenge is that its ownership is sometimes guided by narrow vision, short-sighted strategy, and limited resources. With the right investment in technology and forward-thinking leadership, MLSs will continue to make real estate marketplaces the most important markets in the world.
What emerging trends in PropTech should we be paying attention to?
It’s easy to say AI, but that’s really just one of many tools accelerating productivity improvements that should be top of mind for industry professionals. While the brands and the features are changing, tech that allows agents and brokers to divide duties, specialize in their top-dollar skills, delegate other processes to technology automation, and solidify personal time and relationship building with clients is still the top priority. Top tier transaction management and CRM platforms continue to improve those opportunities.
Who in the industry, past or present, do you admire the most and why?
I admire the volunteers, past and present, who worked to improve the consumer-friendliness of the real estate industry. From the first Realtor leaders getting corrupt business practices and shady salespeople out of the business to the current industry leaders working to improve the Code of Ethics and state licensing protections for consumers, there are a lot of people to admire. Residential real estate has an enormous number of people who truly view this business as not just a profit center but an inherent good for their communities and neighbors, and it’s admirable to see these people’s work take its effect.
What advice do you have for emerging leaders in the industry?
Stay humble and gritty. Plenty of shooting stars have sunk eye-popping capital and top-tier credentials into this industry only to fade away without much success. Residential real estate is a low-profit margin space, and people call it a small world because it is largely a relationship business. The trust you build will take you a lot farther in this industry than your ego.
RESO Leadership
What’s a significant challenge RESO overcame under your leadership?
RESO’s leadership in the past created credibility through the development of effective standards products. Our challenge in recent years was to also prove through data-driven means that our products were producing benefits in the marketplace. This required us to not just build standards rules, but to create a reporting platform, RESO Analytics. By focusing on end user feedback and getting membership buy-in on this reporting, we created an objective, transparent set of tools that show the industry that these standards are working.
How do you measure success as an organization?
We have very specific measures of organizational success: utilization of our standards by members. Data Dictionary and Web API, in particular, show us whether our products are fitting business needs. From a team perspective, longevity of employment is just one factor, but it tells us a lot about whether we’re providing an atmosphere that our employees value. Turnover is one of an organization’s biggest expenses and we pride ourselves on hiring and supporting the right people.
How has RESO accomplished such significant results?
We have an amazing staff at RESO that listens to our customers and builds products to solve their specific problems. By focusing on end user feedback and getting membership buy-in on this reporting, we created an objective set of tools that show the industry that these standards are working. Our team really values transparency and data-driven decision-making and these products are tangible evidence of that focus.
What recent project(s) are you particularly proud of?
RESO recently released our RESO Analytics platform. It provides transparent, marketwide information about what kind of data you can get from each marketplace across the U.S. This information used to be stored in opaque silos, making data sharing difficult and expensive. Real estate technology companies can now go into collaborations with objective, third party data about what their integrations will look like.
We also recently completed the first International MLS Forum in Paris, with a second likely to come this fall. We had representatives from 33 countries and 5 continents attend on just a few months’ notice. The demand for MLS structure and data standards is palpable and we’re working with Europe’s trade associations to keep the momentum going.
Speaking of the International MLS Forum, is it challenging to scale standards internationally?
It’s more complex, but not nearly as much as people want to believe. There are some nuances in every market, but the vast majority of the time it's only maybe 10% more complex when we go to new countries. Even if they have a different contract or property type, they still have a currency amount for a price, still have a listing date, and still have an intended closing date. They're still measuring the size of the lot, measuring the size of the house, and still counting bedrooms and bathrooms. So 90% of the process is the same, and we can deal with the idiosyncrasies in every country because we're not limited by what's in the data dictionary. You can always expand it, and each country will use the parts of the dictionary they want. So I think that's one of the important things to know about the standards: they're there for each marketplace to use the parts that work for them, not for everyone to be forced to use everything that all the other markets use. The beauty is if you use that same universal language, these systems will still be able to talk to each other.
Executive Wisdom
How do you approach decision-making and strategy in your role as CEO?
RESO has an unbelievable group of industry leaders on our board, and we rely on their high level direction for strategy. We manage that strategy toward specific, focused, constrained objectives and leverage our subject matter experts in our workgroups to carry out those objectives. So our staff’s role isn’t to reinvent the wheel, but to manage the vision and will of our membership organizations toward tangible, measurable outcomes.
How do you balance work and personal life?
You don’t. Trying to create balance will only stress you out with unrealistic expectations. Take every opportunity you can to maximize personal, family, friends time wherever you can carve it out. Stop doing things at work that aren’t high-dollar value and spend that time doing what you want in your job or your personal life. But don’t beat yourself up when things are out of “balance”, because there’s no such thing.
What's the best piece of professional advice you've ever received?
There’s enough business for everybody if you open your eyes wide enough. While there are some zero-sum games in our industry, they are the exception. There’s always a blue ocean to grow your business and focusing on scarcity is usually the wrong mindset.
What is your favorite business book?
My favorite business book is Good Strategy, Bad Strategy by Richard Rumelt. A few years back I was doing 3-4 strategic planning sessions per year, and this book really dissected and discredited many of the plan outputs I’d been seeing. It’s a no-nonsense, evidence-backed set of lessons. If you want your team to focus on its most critical opportunities and not just good ideas, this is your guide.
You’re quite an accomplished public speaker. What’s your secret?
I’m definitely not a natural. I’ve actually always hated public speaking, and have hated it for most of my career. You just know those people who if they could get paid for every word they said, they'd be a billionaire. Then there are those of us who just have to practice it over and over. The secret is that you'll never see me say something in front of a room that I haven't said twenty times already in my office, in my hotel room, or in my living room before I got to the event. The only way to make it feel natural and confident when you get up there and deliver it to a group is to say it time and again beforehand.
Beyond Business
What’s your favorite quote?
“You don’t get what you deserve. You get what you make.”
What people call success is just the result of tenacity—working harder, doing something a little bit better, faster, at a lower cost or a higher quality than a competitor. You can’t depend on luck, pedigree, or goodwill. You have to make your own success.
What books/podcasts have recently impacted your thinking?
I listen to Nilay Patel’s podcast, Decoder. It breaks down companies and how they’re organized, from small tech startups to massive multi-nationals. Whether it’s a highly divisional structure or a horizontal functional setup, each leader has to answer how they make decisions. And those answers are all over the board. It’s a good reminder that there are a lot of different ways to get things right, as long as you’re clear in your vision.
For personal reading, The Lessons of History by Will and Ariel Durant was an interesting way of looking at behavior and politics in general. So many successes and mistakes are repeated over time. We never fully learn the lessons. And it provides a recognition that we probably won’t, but just doing a little better each generation is still worthwhile.
Do you have any pets?
We have a Boxer named Coco. She’s our 2nd Boxer, and she’s 3 years old, which is when this breed finally stops acting like rabid toddlers. I swore we’d never get another one after the first, but incessant begging takes on a different level of gravity during Covid lockdown with all of the kids doing school from home. Note to all: no matter what they promise, the children will NOT be the ones picking up the dog poop.
What's your favorite vacation location?
Anywhere there's a Washington Husky football game: Although I'm a USC Business grad, I grew up on Husky football and college football is the highlight of my year. We tailgate at Montlake and sailgate on Lake Washington. I travel every year to road games with my brother (a former Husky WR) and our high school friends. We have taken photos on the field at virtually every stadium we visit. This year we finally got to see a National Championship game in person--not the Husky win we were looking for, but an amazing experience.