Nan & Co. CEO Nancy Almodovar on tech, lifestyle and scale - Houston Chronicle

Nan & Co. CEO Nancy Almodovar on tech, lifestyle and scale - Houston Chronicle

Q : What was the impetus for starting your own firm?

A: I had been at another firm for around seven years, and I wanted to build something that was different than what everyone else was doing. This was at a time when social media was taking off. Other big firms in town were all basically doing the same thing, but with different logos on their doors. That’s why Nan was born. Nan started taking off and grew from a small brokerage to what it is today — being a Christie’s affiliate.

Q : How is Nan unique as a brokerage company?

A: I like to say that we’re a marketing company that just happens to sell real estate. We have a production team, which nobody else in Houston has. I think video is where people are going nowadays, and I saw a big gap in the industry and wanted to fill that gap for other Realtors as far as marketing goes.

By having resources in-house, we are able to develop content and materials that help us sell more than just a home — we are selling a lifestyle. We communicate this through digital channels, including our blog, social media pages, email marketing, online ad placements, YouTube videos, and so much more. We think outside the box and are untraditional in how we showcase our listings. Our agents are highly active on social media and have personal accounts to show properties. We get creative with our open houses; we fill closets with vintage clothing, have luxury cars parked out front, and fill the kitchen with gourmet food to, once again, sell that lifestyle.

Q: What year did Nan become an affiliate of Christie’s?

More Information

Education: University of Houston Bauer College of Business

Residence: Houston

Family members: José (husband), two children, Kamila (8) and Manuel (9) and two dogs, Chiquis (Maltese, 5) and Ella (Frenchie, 14 weeks).

Hobbies: Bike riding with my family.

Favorite movie: “The Devil Wears Prada”

Favorite books: “Sell it like Serhant,” by Ryan Serhant, and “Shut up and Listen,” by Tilman Fertitta.

Leadership philosophy: Servant Leadership Approach; there is no “I” in my vocabulary but there is a “we.”

A: 2017 - we’ve doubled every year since.

Q: How many agents are affiliated with Nan now?

A: We hold about 72 licenses and have 60 active agents.

Q : How did the Christie’s connection come about ?

A: I had wanted the affiliation for a very long time. Christie’s is very selective about who they let join the network. I met with them, and it took about two years for us to get it because they wanted to do their due diligence and make sure we were the right partner. We were fortunate enough to have the Christie’s agent conference in Houston in 2019, so that was amazing. It had never been held in Houston before.

Q: What did the affiliation add to your toolkit?

A: We are able to tap into a global network of partners and properties. It has enabled us to become more successful in marketing and selling luxury properties because Christie’s provides the resources, tools and education for us to do so.

Q : How is your market in Houston right now?

A: Our market in Houston is strong. We had about $250 million in sales in 2019, which was our strongest year ever. Our average price point is about $400,000. We have two different divisions. We have Nan and then we have Nan Christie’s. Nan Christie’s is for properties over $1 million in the city and over $500,000 in the suburbs. Nan is everything below $1 million in the city, and anything under $500,000 in the suburbs.

Q : Is consolidation in the industry affecting your agents and you competition-wise?

A: New agencies came into Houston and bought other companies, and we look at that as a good thing because it basically eliminated some of our competition. That’s how I see it. We take a positive approach to every situation. We are in such a large city, and there is enough business to go around.

Q : So agencies from other areas came into Houston and put some of your competition out of business, but not you?

A: Yes, I think they’ve evened out the playing field. We utilize the connections and resources that we have; we don’t need to reinvent the wheel. We partner with companies that specialize in certain things, like Boston Logic for our website development. We have the most amazing multiple listing service in the nation. When you try to develop something that you aren’t an expert in, it’s going to have a lot of faults. And we aren’t interested in that.

As a broker, I’m very involved with the sales side of the business. I can give advice to my team from my own experience. Culture is a huge part of who we are as a company.

Q : The National Association of Realtors has just changed the rules on pocket listings, essentially banning them. Has this changed your practice?

A: Not at all. It is my duty to represent a seller and a buyer. I mean, that’s what a real estate agent does. And I feel like the best representation we offer a seller is whenever we bring their house to the market — to give everyone an opportunity to see it and be able to put an offer on it or not. When you’re only marketing a product to a certain group of people, you’re not really representing your sellers to the fullest capacity because you’re not bringing it to the market.

Q : So the change is good, in your opinion?

A: I think it’s great. For sellers, it’s the honest thing. As a seller, I can’t imagine a Realtor telling me they’re only going to market my home to a group of people. I’m going to want as many eyes on my property as possible.

Q : Are iBuyers having any impact?

A: I don’t think they have an impact in Houston. The fees they charge sellers are extremely ridiculous — they can end up being a lot higher than the commission you would pay a Realtor.

Real estate is a service-driven industry, and there’s just no computer or system that can replace it. I tell everyone in my agency that even though we have an amazing marketing team, a great production team, and amazing technology — none of that can replace a handshake, which I feel is what drives building those buyer and seller relationships.

Q : Do you make any effort to sell lower-price housing?

A: It depends on what you consider lower-price housing. We’ll sell anything. But, you know, what we’ve had before is around $200,000 as our lowest price point; $150,000 may be around the lowest.

Q : Is there an over-supply of houses at the top currently?

A: On the high end, we’re seeing more options than there used to be. Before we wouldn’t see as much inventory. It’s not that the luxury market is doing badly, by any means. It’s just that buyers now have more options, and they’re doing their homework and taking their time, especially when they’re buying a $4 million, $5 million home. When there weren’t as many options, buyers had to decide quickly.

Q : So the supply is a good thing?

A: It’s definitely good for buyers. Sellers are not going to agree with that, but it’s nice to know that if you’re buying a $5 million house, you have a few to pick from.

Q: Do you ever see problems with discrimination in Houston’s housing market?

A: No. Fortunately, Houston is such a diverse city that that’s not something we see here.

Q: You’re opening a new office soon?

A: Yes. We’re opening our second office in Houston Heights. We should be breaking ground on it any day now. It’ll be really cool, speaking of being different. It’s going to have nap pods. We promote health within our agency. I always believe in power naps and in taking care of your body — we only get one chance at that. Our new building will have a very open space, and no walls, because that’s kinda the policy our agency has — it’s a very open-door concept that we can all work in and communicate together. I hope to have a smoothie bar, that’ll be fun. Because sometimes you get so busy you forget to eat. Hopefully, it will be ready by January 2021.

Q : What’s your take on the changes affecting the industry ?

A: As humans, we don’t like change, but we learn to embrace it. There’s plenty of business to go around for everyone, and anything can happen. I’m a perfect example of that. I started the business by myself, in my kitchen, with my two kids running around me, and now we’ve built a multi-million dollar real estate firm that’s affiliated with Christie’s, a brand that’s been around for 250 years. So, anything is possible.

2020-02-27 06:00:00Z
https://www.houstonchronicle.com/business/texas-inc/article/Nan-Co-CEO-Nancy-Almodovar-on-tech-lifesyle-15086561.php

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