Yesterday, the National Association of Realtors provided a timeline to approval of the proposed settlement agreement announced on March 15, 2024, to end litigation of claims brought on behalf of home sellers related to industry practices and commissions.

Actual timing, final terms, and liklihood of approval are still in flux, but here’s what we know so far.

NAR Settlement Update and Timeline

Katie Johnson, Chief Legal Officer, writing on behalf of the NAR via email to members, stated:

We expect that the Court will rule on the motion for preliminary approval soon.

The practice changes set forth in the settlement agreement are slated to take effect in late July of this year, and class notice will take place no earlier than August 17, 2024.

The settlement is subject to final Court approval, and plaintiffs have requested a hearing on final approval of the settlement to be held on November 22, 2024 …

Further,

The motion for preliminary approval is the plaintiffs’ position. While we disagree with some of plaintiffs’ statements about NAR and real estate professionals, we agree that the settlement is fair, reasonable, and should be approved by the Court.

NAR Settlement Timeline and Milestones — Download

Download the NAR Timeline

KBW Analyst Sees Rough Road for Realtors Group

Following a March 29, 2024 ruling by the U.S. Court of Appeals for the District of Columbia, the Justice Department can reopen an antitrust probe into the National Association of Realtors.

“In particular, we believe it is likely that the DOJ will now look to intervene in the recent NAR nationwide settlement agreement in order to close any loopholes/workarounds, such as off-MLS compensation offers, and ensure more impactful changes to commission policies,” read a note published April 7, 2024.

US DOJ Can Still Exert Influence

“Real-estate commissions in the United States greatly exceed those in any other developed economy, and this decision restores the Antitrust Division’s ability to investigate potentially unlawful conduct by N.A.R. that may be contributing to this problem,” said Assistant Attorney General Jonathan Kanter, the head of the DOJ’s antitrust division, in an emailed statement.

“The Antitrust Division is committed to fighting to lower the cost of buying and selling a home.”

Opinion

It is too soon to presume or expect that the Realtor settlement as proposed will receive final approval. Even using the NAR’s timeline of a late-April preliminary approval and a late-November 2024 hearing for final approval leaves six months for objections, DOJ influence, and for unknowns to be uncovered and expressed.

Who Is KBW?

Now known as Keefe, Bruyette & Woods — A Stifel Company after the 2013 merger, the firm is probably best known for the KBW Bank Index. The index, formed in 1991, served as a banking sector benchmark and brought name recognition to the highly respected boutique firm.

KBW and 9/11

The firm’s NYC headquarters occupied the 88th and 89th floors of the World Trade Center South Tower. On that infamous day, 67 of 172 New York employees perished.

September 11, 2001, forever changed our country, our industry, and our organization. Today, we pay special tribute to 67 KBW associates who died in the World Trade Center that day and reflect on the incredible legacy they left behind. As KBW CEO Tom Michaud explains, “the story of 9/11 isn’t over, the chapters just keep getting turned.

Tom Levine, leveraging a 25-year tenure in capital markets, leads Zero Hour Group and Native Angelino Real Estate, offering a suite of consulting, strategic analysis, and real estate services.

An alumnus of USC Marshall School of Business and the Claremont Colleges — Pitzer College campus with a term at the London School of Economics. Additionally, he holds a CADRE broker’s license (#02052698) and the designation certified Short Sale Specialist under the National Association of Realtors.

Have a challenging transaction? Let’s discuss.

I consult on a range of transaction types and deal structures.

Connect On LinkedIn

Originally published at https://www.1929.live.

Let’s put the ‘early retirement’ of NAR CEO Goldberg aside. Let’s put the Sitzer/Burnett verdict aside. Further, let’s table the various other pending lawsuits for the moment and just focus on the impact of technology on the business of residential real estate.

To argue that artificial intelligence is not simplifying and streamlining numerous aspects of the production process is foolhardy. To argue that greater transparency and streamlining will not lead to the narrowing of spreads or reduction in fees and commissions is to long for the era of the buggy whip.

It’s over. The game is changing, and this change will bring significant disruption, displacement of labor, and lower income to many industry participants as direct and indirect suppliers of services.

Compass is a classic, albeit well-funded roll-up.

“A roll-up (also “roll up”) is a process used by investors (commonly private equity firms) where multiple small companies in the same market are acquired and merged.

The principal aim of a roll-up is to reduce costs through economies of scale.

Roll-ups may also have the effect of rationalizing competition in crowded and fragmented markets, where there are often many small participants but room for only a few to succeed.

The characteristics that can make a roll-up particularly attractive come into play, especially when there are many small players in a fragmented market or in fields where technology can play a role in revitalizing industries with small margins.” From Wikipedia (edited).

Compass grew through the acquisition of rivals and by inducing agents to join the firm via the offering of temporarily enhanced compensation packages.

No surprises, as the firm was founded and driven by an engineer with experience at formidable technology companies and by an MBA with a background in politics, consulting, and investment banking. Unsurprisingly, the duo had an understanding of and entre to the world of venture capital.

Why the Comparison to Steroids?

Because they wear off — they stop working.

Steroids, specifically anabolic steroids, are synthetic versions of the hormone testosterone. They are primarily used to promote muscle growth and enhance athletic performance. However, they are often abused for non-medical purposes and risk long-term harm to the body.

Short-Term Effects:

1. Increased Muscle Mass and Enhanced Athletic Performance
2. Improved Recovery post-workout
3. Increased Red Blood Cell Production, improved oxygen delivery and stamina.

In the long run, the body (with luck) returns to its normal state without lasting negative consequences. Muscle strength and stamina revert to their original status, and the body moves forward in the then-current state of affairs.

Can steroids be harmful? Yes, anabolic steroids can be harmful. Just as injecting too much venture capital and cheap money into an industry where the talent walks out the door each night can be detrimental to the long-term profitability of a firm and to the health of an industry.

Therefore, this is a long introduction to get to the point: Compass is nothing more than Redfin on Steroids.

Residential Agent Commissions Will Approach Zero

The era of 5%-6% total commission is over. Whether or not most industry participants know it or will admit that massive structural change to compensation is upon us is another story.

I predict that in the not-too-distant future, the vast majority of purchase and sale transactions will be done for total commissions of 3% or less. Somewhere between 5% and 20% of transactions will garner a more substantial fee, but these will be the exception, not the rule.

If you don’t buy off on my argument of structural change, take a peek at Aalto, where it is possible TODAY to buy a home online.

Compass sells on service; Redfin sells on price.

If one reviews the marketing offered by each firm, you will notice this clear as day. At first glance, the homepage for each company is virtually identical.

Each site leads with “Search” for a home as the entre to the firm’s offerings. Submit your zip code, and it is likely that the results returned will be very similar. In fact, I suspect that the MLS data presented will have significant overlap.

Review this Redfin page and note the marketing slanted toward ‘selling on price.’ Scroll to the bottom of the page and look at the comparison chart.

Review this Compass page, and note the offering targets ‘service.’ This is the Compass Concierge service, which appears prominently across the website.

Interestingly, Redfin offers a similar service called Redfin Concierge Service, but one must dig a bit deeper to find the product.

Sure, the vast Compass network of independent contractors, agents, brokers, and staff are professional and intellectually capable, and the firm garners massive market share. But, the landscape is changing and morphing in ways that will lead to a reversion to the mean whereby, on average, the Redfin transactional experience and the Compass experience will become virtual substitutions for one another.

Technology, Transparency, and AI Win

It’s a foregone conclusion that creative destruction combined with chips and multi-layered matrices and a bevy of Department of Justice and private party lawsuits, enhanced regulation, and transparency will crush the existing compensation structure for generic real estate transactions and mortgage financings. Mark my words.

About The Author And Podcast Host

Tom Levine, leveraging a 25-year tenure in capital markets, leads Zero Hour Group and Native Angelino Real Estate, offering a suite of consulting, strategic analysis, and real estate services.

An alumnus of USC Marshall School of Business and the Claremont Colleges with a term at the London School of Economics. Additionally, he holds a CADRE broker’s license (#02052698) and the designation certified Short Sale Specialist under the National Association of Realtors.

Native Angelino Podcast with Tom Levine

Connect on LinkedIn

Have a challenging transaction? Let’s discuss.

I consult on a range of transaction types and deal structures.

Originally published at https://www.1929.live.

Since March 15, 2024, the airwaves and digital press have been inundated with articles and opinions attempting to describe and predict the outcome and impact of the proposed Sitzer-Burnett settlement.

A group of home sellers filed the landmark class-action lawsuit in Missouri federal court against NAR and others, including Anywhere, Berkshire Hathaway HomeServices, Keller Williams, and RE/MAX.

The plaintiffs claimed that real estate commission rates are too high, buyers’ representatives are paid too much, and NAR’s guidance and practices lead to inflated commission rates.

The National Association of Realtors (NAR) has unleashed a beast of a marketing and reputation repair campaign.

The damage has been done.

The NAR’s neglect and mismanagement have depreciated public trust in agent value and destroyed the National Association’s reputation.

Real estate agents and brokers will bear the cost and must adapt to survive. Prosperity is possible for the nimble.

The economic benefit available to the consumer, the home buyer and seller is yet to be determined.

Regulatory scrutiny, lawsuits, and settlements accelerate change already in motion.

Innovation and technology, paired with competition and transparency will lead to a more efficient marketplace.

Table Of Contents

1. Real Estate Agents Brace For Change and Pay The Price
2. NAR Regulatory Scrutiny Accelerates Change Already in Motion
3. Review Of Proposed NAR Settlement Terms
4. National Association of Realtors (NAR) Media Blitz
5. Residential Real Estate Post Sitzer-Burnett
6. Real Estate Agents Will Pay in Dollars and Reputation
7. How To Prosper In The New Commission Jungle
8. The Future
9. Let’s Work Together
10. Appendix — Definitions — Notes

NAR Regulatory Scrutiny Accelerates Change Already In Motion

The article began:

At the risk of cutting off my nose to spite my face, the answer to the question, “Are fees too high?” is a foregone conclusion. Agent compensation is coming down.

Consider it axiomatic that there is no stopping the downward pressure on commission rates and fees.

I expect to feel the ire of real estate agents and brokers directed toward me relentlessly for highlighting the obvious.

Without a doubt, I felt the ire and venom directed toward me by scores of angry real estate agents, brokers, and peripheral players.

Anything That Can Be Digitized, Will Be Digitized — Kara Swisher

Even without Sitzer-Burnett and numerous other lawsuits, it was clear that technology and free or cheap access to information (Googlization) were fundamentally reshaping how residential real estate transactions are to be completed in 2024 and beyond.

It defied logic that with the likes of Zillow, Redfin, Aalto, Opendoor, and literally dozens of digital tools, software platforms, databases, and let us not forget artificial intelligence (AI), the industry was going to avoid a reckoning and rationalization of commission, fees, and employment.

If you don’t agree with me yet, spend 30 minutes with a search engine and ask questions such as:

• How to Buy A Home Without An Agent
• Do I Need An Agent to Sell My Home
• Is Buying A House Without A Realtor A Good Idea
• Can I Negotiate Real Estate Commission

Go down that rabbit hole and then rethink any logic that is based on the status quo.

Reflect on this, and you will likely agree with me that although change is upon us, there remains-and will always remain-a place for value-added services and service providers.

A real estate agent or broker who demonstrates value and justifies a fee, whether flat or commission-based, will be paid, praised, promoted and will succeed.

Review Of Proposed NAR Settlement Terms

What We Think We Know And What We Don’t Know

A brief outline of the main elements of the settlement proposal. NAR targets mid-July 2024 for implementation of changes.

Sitzer-Burnett proposed settlement — March 2024

Final approval of all conditions of the agreement is pending.

Buyer Representation Agreement

Written agreements with buyers will be required before touring a home. Consumers must be fully informed of services offered and their cost.

Compensation to Buyer Brokers

Disclosure of fees and commission as negotiable and may take the form of:

• Fixed-fee commission paid directly by consumers
• Concession from the seller
• A portion of the listing broker’s compensation

MLS Changes

A new rule prohibiting offers of compensation on the MLS.

Consumers may continue to receive cooperative compensation as an option if it is pursued off-MLS through negotiation and consultation with real estate professionals.

U.S. Department of Justice

The Department of Justice (and the Federal Trade Commission) have signaled their interest in real estate commission cases.

Previously, the DOJ raised “significant concerns” with the settlement agreement in a different MLS lawsuit, stating it’s not enough just to allow $0 buyer-broker commissions.

Outstanding Lawsuits

A slate of active or potential lawsuits and challenges exist. Much will become clear after the DOJ and FTC state their concerns and conditions and the Court approves or denies the proposed settlement.

A couple to keep an eye on:

Moehrl v. The National Association of Realtors

Wang v. National Association of Realtors et al

National Association Of Realtors Media Blitz

With the announcement of the proposed Sitzer-Burnett settlement, the NAR immediately began an information campaign directed at both the general public and its members.

Emails and videos were distributed to NAR members and an all-out PR campaign was initiated with press outlets.

The NAR continues to deny any wrongdoing and proposes a $418 million payout over four years.

NAR Factsheet

On March 15 of this year, and subsequently updated and moved from URL to URL, the NAR sent members the NAR Settlement Factsheet:

NAR and plaintiffs have reached a proposed settlement agreement that would end litigation of claims brought on behalf of home sellers related to broker commissions.

The agreement would resolve claims against NAR, over one million NAR members, all state/territorial and local REALTOR® associations, all association-owned Multiple Listing Services (MLSs), and all brokerages with an NAR member as principal that had a residential transaction volume in 2022 of $2 billion or below. The settlement is subject to court approval.

Did The NAR Properly Represent and Protect Member Interests?

The NAR Mission Statement

Take four minutes to watch the video highlighted below and consider whether the NAR lived up to its tacit dual mandate of “always working in the best interest of our members…and those that it serves.”

June 2020 Video: What NAR’s Mission and Vision Statements Mean for Members

Members want flexible and proactive leaders who anticipate…provide tools before they need it.

Did The NAR Protect The Interests of Home Buyers and Sellers?

Further excerpts from the mission and vision statement and video:

Our vision is to be a trusted ally, guiding our members and those they serve through the ever-evolving real estate landscape.

These duties, which are in the client’s best interest, can be summarized by the acronym OLDCAR: obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care.

Expertise and Committment to The Code of Ethics…that consumers can trust.

Never forget the impact we have on buyers, sellers and all consumers and communities.

Residential Real Estate Post Sitzer-Burnett

Rebuild Reputational Capital

There is no doubt that the NAR has suffered reputational damage. I suspect the damage is permanent, and it is unlikely that the Association will ever garner the influence it once wielded.

The negative impact on public perception of the industry and the harm caused to agents and real estate brokers is perhaps unquantifiable. What is known is that the damage to licensed professionals is massive.

Reputational capital takes much time to build, and requires very little to destroy. For this destruction, the NAR is responsible.

Agents and Brokers must work tirelessly, from the ground up, to restore faith in their chosen profession and to establish a framework to benchmark the value provided in exchange for the fees they will charge and the commissions they will earn.

A Cooperative Environment

Cooperation is not collusion.

Cooperation is the process of working with another person, company, or organization to achieve something.

Collusion is a deceitful agreement or secret cooperation between two or more parties to limit open competition by deceiving, misleading, or defrauding others of their legal right.

Prepare to Share the Real Estate Pot of Gold

Commissions on average will be reduced. The trend is in place and is accelerating.

Plan and reorganize around a new business model that includes full commission services and flat-fee, a la carte offerings.

Establish working relationships with agents and consultants who work on a flat-fee or reduced commission basis.

How To Prosper In The New Commission Jungle

12 topics every real estate agent should evaluate

1. Fiduciary Responsibility

Go Above and Beyond. Fiduciary duties are all the duties that a real estate agent or broker is legally beholden to when working with a client.

Fiduciary duties include duty of care, loyalty, good faith, confidentiality, prudence, and disclosure. To serve the best interests of the beneficiary.

2. Advocate for Higher Licensing Standards and Greater Oversight

I know of no other profession where so much is at stake ($$$) with such limited oversight. It is too easy to obtain a real estate license.

3. Be Proactive — Commissions Are Coming Down

Outline your new business plan and create multiple levels of service offerings.

4. Adapt To Change — Don’t Fight It

A quote attributed to Bruce Lee: Be like water making its way through cracks. Do not be assertive, but adjust to the object, and you shall find a way around or through it

Don’t fight the inevitable

5. Know Your Value

Learn to clearly and concisely articulate your value proposition. An elevator pitch as well as a long-form version.

6. Know Your Brand

Whatever it is, get comfortable in your own skin.

7. Become a Better Negotiator

The negotiating skill you demonstrate during the quest for your new client will directly influence the commission or fee you can charge.

Think of it this way: assume I am the prospective client; my attitude is that if you can not convince me to pay you, I certainly do not want you representing me in a negotiation with property and money at stake.

8. Buyer Rep Agreements Are A Good Thing

Knowing what you will be paid and setting expectations with your client contractually establishes a professional relationship.

Rule of Thumb: People do not appreciate what they get for free.

9. Prepare For A Marketplace Of Unrepresented Buyers

The DIY model is in play.

10. Develop Relationships With New Referral Sources

Find professionsls willing to work for a flat fee or reduced commission (Zero Hour Group and Native Angelino Real Estate).

11. Constant Learning

Technology moves quickly — keep up

12. Plan to Prosper and to Survive

It’s A Jungle Out There — Think Like A Winner

The Future

NAR Failed Real Estate Professionals and The General Public

I am a member of the NAR. I often question the value of membership, services received, and whether the lobbying efforts (which I choose not to support financially every year when I pay my dues) are aligned with my interests.

I value access to forms via the California Association of Realtors and my local MLS. Additionally, the historical databases and access to professionals for industry-specific information are of value.

I do maintain a .realtor website as the SEO juice associated with the franchise is powerful.

Yet, the historical requirement to join the Association and the inability to visualize a direct link between my membership fee and services rendered leaves me to wonder if a better solution should be formulated.

I don’t believe home buyers, sellers, investors, or any other party I have worked with care whether or not I am an NAR member. Never have I been asked.

Services to be Unbundled

In my opinion, it is inevitable that real estate services will be unbundled. An “a la carte” menu offering will become standard in the not-too-distant future.

This applies to real estate purchases and sales as well as the routine forms agents use to create and submit offers. Documents will likely be available via monthly subscription, on a per-use basis, or from a third-party source, e.g., an attorney. Thus, the need to join NAR or similar organizations will be further reduced.

Higher Licensing Standards

It is far too easy to become a real estate agent. Barriers to entry are low, while obstacles to success are high. Increasing standards would reduce the number of agents and act to improve performance and public perception.

Independent Contractor Status

An industry heavy on independent contractor relationships, with many brokerages operating pseudo pyramid structures dependent on monthly office or ‘desk’ fees, does not lend itself easily to a trust-based, fiduciary framework.

The self-regulatory framework needs to be more cohesive and consistent. The need for and benefit derived from a trusted national organization is apparent.

Greater Oversight Is Required

The oversight is minimal. Can you think of another relationship that includes fiduciary elements with such minimal oversight and very low barriers to entry?

Do we need a new National Association and Multiple Listing Service?

Leadership

It’s time for change, and perhaps now, a new association built from the ground up, in line with the modern world, will emerge and gain significant market share.

Review and consider joining:

The National Listing Service (NLS)

The American Real Estate Association (AREA)

NAR Settles — Real Estate Agents Will Pay The Bill

A $481 million fine over four years likely paid from member dues.

With unearned dollars and a hit to reputational capital, real estate professionals have and will continue to pay the price for the lapses at NAR.

In this article, we discuss the hard truths, estimate income dynamics, and, importantly, sketch out a plan for success and prosperity in the ‘deregulated’ or perhaps newly “regulated” environment.

Prosperity is possible. A few will gain market share and experience higher income. The many will struggle to compete, and it is very likely that overall employment and the number of active licensed practitioners will fall rather dramatically.

NAR Leadership Failed to Be Proactive

Googlization, artificial intelligence, and financial market transactions at the speed of light; the signals were everywhere and bright as the shining sun.

I don’t know which metaphor is correct: the mighty battleship that is large and changes course very slowly or the happy glutton stuffed and immobile.

In either case, the failings are real, and the bill will be borne by dues-paying real estate agents and brokers.

Worse than the crimes or misdeeds that may or may not have happened is the failure to anticipate change, protect their members, and skate to where the puck is going.

Let’s Work Together

Dual-Agency Revisited

A dual agent is a real estate broker, or agents working for the same broker, who act on behalf of both the seller and the buyer in a transaction. A broker is permitted to act as a dual agent in California only if the buyer and seller are both aware of and consent to the dual agency.

The holy-grail in real estate transactions is to act as dual-agent. In industry jargon, to double-end a deal or also known as ‘home cooking’.

Dual-agency by it’s very nature raises questions of conflict of interest. Arms-length transaction tests and the like are necessary to build trust and maintain a fair and orderly market.

Consider Refusing to Act As A Dual-Agent

In this era or realignment, it might make sense for a listing agent to refer business to an outside agent or consultant to avoid any hint of impropriety.

Give up a little to make a lot. Longevity is key.

Appendix

Definitions — Notes

Agent, Broker, Realtor

I use the term agent, broker and realtor interchangeably. In practice there are different licensing requirements for agent and broker. The term realtor is trademarked and available for business use only by those that are members of the National Association of Realtors (NAR).

Arm’s length transactions assert that both parties act in their own self-interest and are not subject to pressure from the other party. They also assure others that there is no collusion between the buyer and seller.

Googlization

Googlized: Googleization (to googleize) is the process of data addition to the Google database; transparency and access to information increase as data acquisition costs approach zero. The term’s first use is credited (2003) to John Battelle and Alex Salkever.

I modify the definition only slightly to add: When private or proprietary information becomes readily available without friction, such information and data sets are “cheap,” i.e., inexpensive to acquire.

This phenomenon is almost passe as artificial intelligence and machine learning expand the logic stack of simple, one-dimensional information.

About The Author And Podcast Host

Tom Levine, leveraging a 25-year tenure in capital markets, leads Zero Hour Group and Native Angelino Real Estate, offering a suite of consulting, strategic analysis, and real estate services.

An alumnus of USC Marshall School of Business and the Claremont Colleges with a term at the London School of Economics. Additionally, he holds a CADRE broker’s license (#02052698) and the designation certified Short Sale Specialist under the National Association of Realtors.

Native Angelino Podcast with Tom Levine

Connect on LinkedIn

Have a challenging transaction? Let’s discuss.

I consult on a range of transaction types and deal structures.

Originally published at https://www.1929.live.

“At ten minutes after nine in Atlanta, Georgia, Henry Aaron has eclipsed the mark set by Babe Ruth.” Vin Scully, April 8, 1975

Yes, Scully, the legendary broadcaster who accompanied the Dodgers from Brooklyn to Los Angeles, actually used the word ‘eclipsed’ in his call of the home run. (2:29 min mark — listen to the call below).

Fitting on this 50th anniversary of home run 715 that today, April 8, 2024, will be marked by a total solar eclipse.

Trivia: What fans don’t know about Hank Aaron and Al Downing

Look closely at the photos from April 8, 1975.

The unknown is not that two towering men who overcame tremendous obstacles to reach the major league faced each other in Los Angeles on this soon-to-be historic night.

The overt racism that each faced during their years in major league baseball is well documented. The angry, ugly phone calls Aaron received in the months prior to breaking the record are also well known.

In fact, Scully makes direct mention of the tone and tenor of the times and the history of racism in professional sports.

The connection that is almost always overlooked: both men played for the Milwaukee Brewers early in their careers, and on this night, each wore number 44 — Downing on the mound and Aaron at the plate.

Hank Aaron “Couldn’t Have Been A Nicer Man — Al Downing, Los Angeles Dodgers

The New York Times sub-headline read, “Forever linked to a legend, Al Downing says Aaron, the Hall of Famer who died on Friday, “couldn’t have been a nicer man.”

Of Hank Aaron’s 755 career home runs — a total surpassed only by Barry Bonds — it was the 715th that defined him. It was that home run that pushed Aaron past Babe Ruth as the sport’s career leader, and the abuse he took to get to that point became a huge part of his legacy.

Al Downing had the distinction of allowing №715 on April 8, 1974. A left-handed starter for the Los Angeles Dodgers, Downing left a 1–0 fastball up and over the plate. Aaron, as he had done so often, pounced on the pitch, driving it into the bullpen in left-center field at Atlanta Stadium. NYTimes January 23, 2021

What about Vin Scully’s call of the home run? He noted the significance, that “a Black man is getting a standing ovation in the Deep South.” Were you considering that context at the time? Al Downing — NYTimes January 23, 2021

What I heard from Scully was somebody replaying those quips, those sound bites. But he was absolutely right in what he was saying. It was unusual because you weren’t too far past the time when the races couldn’t mix on the athletic field. When I say we weren’t too far past, I’m talking about like ’68, ’69. That’s how recent. So all of a sudden, you looked in ’74 and you have this Black guy here in Atlanta, and you have all these white people in the stands standing up and clapping for him. It was totally unheard-of.

About The Author And Podcast Host

Tom Levine, leveraging a 25-year tenure in capital markets, leads Zero Hour Group and Native Angelino Real Estate, offering a suite of consulting, strategic analysis, and real estate services.

An alumnus of USC Marshall School of Business and the Claremont Colleges with a term at the London School of Economics. Additionally, he holds a CADRE broker’s license (#02052698) and the designation certified Short Sale Specialist under the National Association of Realtors.

Connect on LinkedIn

Native Angelino Podcast with Tom Levine

Have a challenging transaction? Let’s discuss.

I consult on a range of transaction types and deal structures.

Originally published at https://www.1929.live.

Ann Logue (rhymes with vogue) started her career as a Wall Street financial analyst covering the healthcare sector. She followed a traditional path — as an undergrad studied economics, earned an MBA in finance, and joined an investment bank. Then, an awakening and a career change.

Watch the interview: Reinvent Yourself — The Author Awakens

Ann C. Logue is now a full-time freelance writer of six books and hundreds of articles.

We have known each other for decades and reminisce on the ‘old days,’ including stories of WIRED Magazine, Henry Blodget’s fall from grace and reemergence at Business Insider, and the early days of the internet (Netcom, Netscape, Drugstore.com), and the dot-com bubble.

Share Podcast with Friends

00:25 From Wall Street to Author of 6 books

7:30 Day Trading for Dummies

11:30 Visions of Becoming a WIRED staff writer

12:50 Her First Paid Clip — the New York Times

16:15 Liar’s Poker and Other Books to Have on Your Shelf

20:30 Disruption — Publishing Industry, Real Estate, Wall St

22:30 Freelancing Evolves

6:30 Cost of Education

40:40 Advice on Starting A Freelance Writing Career

44:25 Writing Advice — Practical Tips

53:04 Henry Blodget

1:02:10 Annie’s Favorite Bookstore

1:03 My Netcom (NETC)

“This discrete period of insanity that was coming to and end.” — Michael Lewis discussing Liar’s Poker.

Originally published at https://www.1929.live on March 22, 2024.

Native Angelino Podcast episode with Annie Logue, recorded on April 11, 2024.

Tom Levine, leveraging a 25-year tenure in capital markets, leads Zero Hour Group and Native Angelino Real Estate, offering a suite of consulting, strategic analysis, and real estate services. I consult on a range of transaction types and deal structures.

Have a challenging transaction? Let’s discuss.

Watch Here : Reinvent Yourself with Annie Logue: Day Trading for Dummies

What Is A Yield Curve?

The Treasury yield curve is a graph that charts the interest rate on Treasury bonds, notes, and bills versus their maturity (time until they pay back principal).

Normally it slopes upward, from left to right. When you think about it, it makes sense. Bondholders demand a higher rate of interest to lend money (i.e., hold bonds) for a longer period of time. What Is An Inverted Yield Curve?

Click To Listen To The Podcast

What Is An Inverted Yield Curve?

When the curve is “inverted,” it is downward sloping from left to right, which means you will be paid less to hold bonds for a longer time. This scenario makes no sense for the individual investor. Why would you invest to earn less interest on a 30-year bond than on a 2-year bond? In most cases, you wouldn’t.

Why Does An Inversion Matter?

An inverted, 3month to 10year USTreasury yield curve has had strong predictive power that a recession is coming. Typically, the recession is roughly 2 years out.

A normal, upward-sloping curve suggests that the economic outlook is positive. Better times are anticipated, and as one would expect, it costs more to borrow money for the long term, and one receives a higher rate of interest to invest long term.

An inverted, downward-sloping curve suggests that the outlook is negative or the economy is slowing.

Is This Time Different?

In September of 2018, I wrote a post entitled “Is This Time Different?” which asked, “Does A Flattening Yield Curve Predict A Recession?”

Rick Santelli of CNBC interviewed Arturo Estrella of the Federal Reserve Bank of New York. Estrella stated that an inverted yield curve between 3 month Treasury Bills and 10 Year Treasury Bonds had predicted all 7 U.S. recessions that have occurred since 1968.

Currently, the 3mos/10yr remains positively sloped; the 2yr/10yr and 5yr/10yr are negatively sloped or inverted and the curve all the way from 10 years to 30 years is almost flat.

The 2yr/10yr inversion has been less accurate at predicting a recession than the 3mos/10yr spread.

What Are The Bond Gurus Saying?

Mohamed El-Erian — Allianz

Stagflation is the baseline.

This is the time to take some chips off the table.

Jeff Gundlach — DoubleLine — “The New Bond King”

Right on cue, the “It Doesn’t Matter This Time” white papers are coming out, the DoubleLine Capital CEO tweeted. “Don’t believe them.”

Bill Gross — PIMCO retired — “The Bond King”

Bonds are definitely something to avoid.

They (the Fed) are way behind the curve.

If the ten year goes to 3, 3 1/2, or 4%, it will break the economy.

50–100bps more from the Fed and we will see a recession.

Inflation will be 4–5%.

Bill Gross referring to Jeff Gudlach:

To be a bond king, you have to have a kingdom. PIMCO was $1–2 trillion, Gundlach has $134 billion and is not growing.

Central banks and governments are the new bond kings and queens. The term is somewhat passe.

Bill Gross referring to Cathy Wood

( Cathy Wood Is Taking Fire):

She doesn’t have an excellent sense of value and when to buy and what to pay. She seems to think that down the road her theory will be validated.

For a more technical discussion of the yield curve inversion please watch the following video:

NOTE: There are 12 zeros in a trillion, 9 in a billion and 6 in a million. I incorrectly stated 18 per trillion in the recording. Apologies.

The Author And Podcast Host, Tom Levine

Following a 25 year career in capital markets, Tom Levine founded Zero Hour Group in 2014.

The Los Angeles, California-based firm provides consulting, strategic analysis, and real estate services.

Services are offered nationwide and across a variety of sectors. The firm’s clients range from family offices and high net worth individuals to institutions and professional investors.

Real Estate related transactions are brokered through our subsidary firms, Native Angelino Real Estate and WEHO Realtor.

Tom Levine is a Native Angelino and graduate of USC Marshall School of Business, Claremont Colleges, and spent a term at the London School of Economics. Additionally, he is a certified Short Sale Specialist under the National Association of Realtors.

Podcast

The Native Angelino Podcast with Tom Levine is underwritten and produced in conjunction with Zero Hour Group, a consulting and strategy firm, parent to 1929, Native Angelino Real Estate, and associated real estate assets.

“From a vantage point within sight of the Hollywood Sign, seated beneath a palm tree, Tom Levine takes you on a twisted, exploratory tour of popular thought, the upside-down theories of classical economics, politics, and other strange things.

Tom talks all things Los Angeles, bright new ideas, and complex topics of interest to creative thinkers and discerning skeptics.

L.A. locals state with pride, “You can surf in the morning and ski in the afternoon.”

Well, if you get a really early start, it’s true.

Sometimes.

Los Angeles is the City of the Angels, and Tom Levine is a Native Angelino.

Originally published at https://www.1929.live on April 5, 2022.

The Doors Open Wide

Even during a pandemic, visiting a hospital regularly, it was clear that I had gotten lucky.

It didn’t matter that each time I stepped onto the sixth floor, the sign in front of me made it clear where I was. Each time I turned the first corner, I saw a waiting room “full” in Covid terms (every 4th seat taken), with people and problems more significant than mine.

Women in their 20’s in wheelchairs with closely cropped hair. Elderly in wheelchairs struggling to maintain an upright position. Age spots, sickness, and a desire to live all clearly apparent. Thankfully, no children in need were seated in the waiting room, not in this wing.

Twenty-five visits to the sixth floor over 15 months of Covid life in Los Angeles. Each trip solo as a “no visitor policy” was in place to prevent the spread of the Coronavirus.

I hadn’t lost my hair, gained or lost excessive weight, had generally maintained my level of historical cycling fitness, and visually, others would never know I had any reason to visit the hospital.

I Was Lucky — Treatment Worked Completely

Still, wearing masks and face shields to visit excellent physicians during Covid wasn’t how I would have chosen to spend my time. Yet, given the alternative, hail to the blue and yellow, to the loyalty and selflessness of UCLA’s nurses, admins, and doctors.

How did I get here?

To the ex-girlfriend who steamrolled me — again, the fourth time is a charm. Thank you for passionately bestowing upon me the chance to be a father even though nature had a different plan. Letting me feel and wonder of what might be. Thank you.

To the manager who believed in me, promoted me, moved my career to New York City. During a time of personal crisis and the death of a dear friend at her own hand, you could have easily given up, but you didn’t. Thank you.

To the guy who bad-mouthed me during bonus time and after a five-year reprieve has once again become a good friend. The lesson will never be forgotten; watch what you say in the restroom. You never know who is standing next to you at the sink and who is about to exit a stall. Thank you.

To all the friends who came together last week to commemorate the passing of our former colleague by his own hand, I look forward to speaking with each of you in the near term. Thank you for your friendship. Time marches on. Let’s get in touch.

Why write this newsletter, and why choose the name 1929?

Why 1929? Yes, that 1929. The year of the stock market crash and the beginning of the Great Depression. I fear history is repeating itself.

The Roaring ’20s Once Again

The Roaring ’20s, the Great Depression, World War II, followed by 50 years of unparralled growth and prosperity. There is hope. There is light at the end of the tunnel.

Over the last 10 years, I have had hundreds of conversations with friends and acquaintances searching for the “next gig,” the next phase in the life/job cycle.

The conversations follow a similar map, I’ve done this job, had this identity for 10, 15, 20 years, and now it’s over.

How will I ever support myself and my family and make it to some sort of peaceful retirement?

I’ll never replace the income and forget about our former lives’ stature and intellectual challenge earned along Wall Street and trading floors.

It’s true. The income will almost assuredly not be replaced. That time is over.

If lucky, one will make 1/2 or 1/4 of the previous compensation. The money is just not there in teaching, owning pizza parlors, accounting, management at Lowe’s, and for those who do find work in our old industry — you are the lucky ones possibly making fifty percent of peak income.

So Why 1929 And Why Write This Newsletter?

After so many similar conversations with people searching for the next phase, worried about how to survive the change emotionally and financially, specific recurring themes appeared.

What was lacking was a simple or even complicated solution of transitioning at 45 plus years of age from a very high-paying, prestigious career to something else.

Ageism, sexism, racism probably play a minor role in the transition difficulties, but it’s more than that.

The world has changed. Jobs are gone. Skill sets are different. Technology has replaced labor.

Yet, we still have to eat. So I have set off on a quest to answer some of the transition questions.

In future writings and podcasts, I will interview a labor economist, an organizational psychologist, numerous friends, and former colleagues, all with the idea of finding common ground to make it easier for the next person.

The 2020s and Real Estate Compensation

I have reinvented myself, and a portion of my income is now derived from real estate brokerage and consulting services. Therefore, not only do I stand to suffer from the coming reduction in income, but I also will garner the wrath of other real estate professionals for highlighting the inevitable.

With the full chest of integrity, crime fighters Eliot Spitzer (NY Attorney General and lover of socks) and Rudy Guiliani, we in the securities industry faced the dual firehoses of increased government scrutiny and regulation in the late 1990s — early 2000s.

Twenty years later, the real estate industry is facing the same dual attacks — government scrutiny and regulation, as well as technological advances forcing change.

The lobbying power of the National Association of Realtors (NAR) can only be weakened by the existing (and future) lawsuits attacking anti-competitive practices.

What naturally follows is job insecurity and income reduction. All that is left is for the reality to sink in and real estate professionals to adjust.

There is no way around it. The industry will lose jobs, and most who remain will make less income.

Originally published at https://www.1929.live on March 19, 2022.

The Author And Podcast Host, Tom Levine

Following a 25 year career in capital markets, Tom Levine founded Zero Hour Group in 2014.

The Los Angeles, California-based firm provides consulting, strategic analysis, and real estate services.

Services are offered nationwide and across a variety of sectors. The firm’s clients range from family offices and high net worth individuals to institutions and professional investors.

Real Estate related transactions are brokered through our subsidary firms, Native Angelino Real Estate and WEHO Realtor.

Tom Levine is a Native Angelino and graduate of USC Marshall School of Business, Claremont Colleges, and spent a term at the London School of Economics. Additionally, he is a certified Short Sale Specialist under the National Association of Realtors.

Podcast

The Native Angelino Podcast is underwritten and produced in conjunction with the Zero Hour Group, a consulting and strategy firm, parent to 1929, Native Angelino Real Estate, and associated real estate assets.

From the Native Angelino description found on iTunes:

“From a vantage point within sight of the Hollywood Sign, seated beneath a palm tree, Tom Levine takes you on a twisted, exploratory tour of popular thought, the upside-down theories of classical economics, politics, and other strange things.

Tom talks all things Los Angeles, bright new ideas, and complex topics of interest to creative thinkers and discerning skeptics.

L.A. locals state with pride, “You can surf in the morning and ski in the afternoon.” Well, if you get a really early start, it’s true. Sometimes.

Los Angeles is the City of the Angels, and Tom Levine is a Native Angelino”.

Pay Stubs Are Glorious

Does anyone actually care if it’s a paper stub or a digital entry into a bank account? Let’s hope the answer is no because this is the future and the future is now.

If one still desires that paper stub, you can put your request in red ink on the top of your CV and underline “do not hire.” Save the hiring manager the time, do not pass go, and definitely do not collect that glorious pay stub.

This essay is the first in what will be an ongoing series of posts and podcasts dedicated to examining the changing labor force, technology, digital money, blockchain, and societal evolution. Consider this initial post an outline to stimulate thought; detail to follow.

Work From Home Accelerated Acceptance Of Technological Change

The world changed. Information has been googleized 2. Much of human labor has been commoditized and de-valued. But, the sky is not falling.

Adapt and overcome. Adapt and remain employed.

Fail to adapt and become subject to the realities of long-term redundancy, depression, frustration, and anger.

Does recent experience with work from home suggest that age, gender, and skin color doesn’t matter?

We start this episode with the tri-part questions of age, race, and sex on the process of finding and keeping a job and career. We will focus on age as the center combined with performance characteristics and then add gender, race and other relevant factors.

Labor Is Fungible

The MAN doesn’t care about your livelihood or mine. Perform or be replaced.

fungible

fŭn′jə-bəl

adjective

1. Interchangeable.

2. Able to be substituted for something of equal value or utility; interchangeable, exchangeable, replaceable.

Distributed Networks And Democratized Labor Forces

Consider this, if distributed networks are acceptable for creating safe, secure, intelligent, trustworthy networks for value and provenance, i.e., Bitcoin as a medium of exchange or blockchain as custodian for a work of art — why should distributed labor not be engendered with the same characteristics of trust and value creation?

Have you ever heard of Fiverr or Upwork? Each offers freelance services ranging from design to data. Upwork’s slogan is “Forget the old rules. You can have the best people. Right now. Right here”.

Some forms of labor are more interchangeable than other forms. Still, the critical point for our discussion is that WFH should allow older workers to remain in the labor force longer and with opportunity not limited by geographical boundaries.

There exist similarities among the distributed network (DINs) of digital currency and blockchain technology and a distributed labor force:

1. Accountability — The networks are rules based and accountable
2. Accessibility — Available When Needed
3. Independent — Capable of working as a singular unit
4. Interdependent — Capable of working well in Groups; is team-oriented, characteristics common in nature to DINs and human teams

Age, Gender, Race And Work From Home (WFH)

In an August 2021 study, the U.S. Bureau of Labor Statistics, cites 12 jobs over a lifetime (defined as 18–54) as the average number of positions held by an American worker.

It is always challenging to decide to change the tracks of one’s career, whether it be in quest of self-actualization or a change of economic necessity. But, at what age, in general, does the impact of age become a dual concern for hiring managers?

Is it 40, 45, or 50 years of age when age discrimination kicks in?

Life Expectancy and Retirement Age

According to statistics provided by the United Nations and the U.S. Bureau of Labor Statistics, U.S. life expectance has increased 10 years between 1950 and 2020. The average American can now expect to live to 79 years of age. Obviously, variances exist based on sex, economic status, race, but the point holds; we are living longer.

Yet, we still as a society maintain the 1950’s era dream of retiring at 65 (55 if lucky) and rocking on the front porch.

The issue which should be obvious by now is living 10 years longer means ten years additional income is required.

Sad as it is to say, the argument for raising the Social Security retirement age has some merit.

Why look for work later in life? In a knowledge based economy, why does age, race, or gender matter?

In fact, it doesn’t.

Prove to me quantitatively that it does and I will adjust my line of thought but, I have yet to see logic that justifies this line of reason.

That’s would be similar to saying Google gets dumber as it gets older. Yes, she requires updates but so do we as humans.

Let your freak flag fly. What makes you different?

9 Reasons How We Think About Finding A Job In 2022 Is Wrong

1. Work From Home (WFH) changes everything
2. Gender is less relevant in 2020
3. Age is less relevant in 2020
4. Race is less relevant in 2020
5. Global market for skills exist a la Fiverr and Upwork
6. Transferability of labor due to cloud services
7. Changing job costs are greatly reduced
8. Longer lifespans allow for longer careers
9. Longer careers allow for greater knowledge base development

Podcast

“From a vantage point within sight of the Hollywood Sign, seated beneath a palm tree, Tom Levine takes you on a twisted, exploratory tour of popular thought, the upside-down theories of classical economics, politics, and other strange things.

Tom talks all things Los Angeles, bright new ideas, and complex topics of interest to creative thinkers and discerning skeptics.

L.A. locals state with pride, “You can surf in the morning and ski in the afternoon.” Well, if you get a really early start, it’s true. Sometimes.

Los Angeles is the City of the Angels, and Tom Levine is a Native Angelino”.

The Native Angelino Podcast is underwritten and produced in conjunction with the Zero Hour Group, a consulting and strategy firm, parent to 1929, Native Angelino Real Estate, and associated real estate assets.

About The Author And Podcast Host

Tom Levine, leveraging a 25-year tenure in capital markets, leads Zero Hour Group and Native Angelino Real Estate, offering a suite of consulting, strategic analysis, and real estate services.

An alumnus of USC Marshall School of Business and the Claremont Colleges — Pitzer College campus with a term at the London School of Economics. Additionally, he holds a CADRE broker’s license (#02052698) and the designation certified Short Sale Specialist under the National Association of Realtors.

Have a challenging transaction? Let’s discuss.

Connect on LinkedIn

I consult on a range of transaction types and deal structures.

Originally published at https://www.1929.live on March 9, 2022.

At the risk of cutting off my nose to spite my face, the answer to the question, “Are fees too high?” is a foregone conclusion. Agent compensation is coming down.

Consider it axiomatic that there is no stopping the downward pressure on commission rates and fees.

I expect to feel the ire of real estate agents and brokers directed toward me relentlessly for highlighting the obvious

What factors contribute to declining commissions?

Further improvement in technology via chip speed and methods of communication leads directly to lower fees and greater transparency. Additionally, as information is further googleized, a fixed commission structure makes less economic sense.

Googleization (to googleize) is the process of data addition to the Google database; transparency and access to information increase as data acquisition costs approach zero. The term’s first use is credited (2003) to John Battelle and Alex Salkever.

I modify the definition only slightly to add:

When private or proprietary information becomes readily available without friction, such information and data sets are “cheap,” i.e., inexpensive to acquire.

Numerous upstart firms and incumbents (Zillow, Redfin) propose and will create new or modify existing business models to bring buyers and sellers together to transact at lower fees. Traditional brokerages (Compass, Keller Williams, Coldwell Banker) will face increasing pressure to unbundle services and reduce fees.

Labor Force Reduction In The Retail Real Estate Sector

I rely on my own rule of thumb, which states that for legacy companies in industries undergoing disintermediation, I assume 80%-90 of the labor force will be made redundant or face drastic compensation reductions.

The 10–20% that can retain a relative safe status are exceptional professionals with specialized knowledge and skills and provide defendable value-added. Complex transactions will earn higher commission rates than simple, “vanilla” sales.

At the top of the pyramid remain the true professionals with value-added skills. The best of the rest will compete for a shrinking commission pool at the middle and bottom of the pyramid.

After reducing the number of real estate agents and brokers is complete, I’d expect the top 20% of agents and brokers to earn 50–70% of available commission dollars.

All that’s left to this fight is working through the details. It is similar to reducing the commission rate a stockbroker (as we used to call them) charges. A combination of regulatory changes and technological advances led to the decline.

Similar To The Evolution Of Fees In The Securities Industry

In the early 1980s (think Liar’s Poker), an institution was likely to pay 25 cents per share to trade shares. Today, they execute trades for what is effectively zero cost. Retail investors too buy or sell for nothing at many brokerages.

A 100,000 share trade had a $25,000 fee; now, $1000 would be considered the norm.

A salesperson would likely have made a cut of 15% or $3750 in the 1980s. You can see where this argument is going.

Wall Street Journal Article

On February 23, 2022, Lisa Ward penned an article entitled “How Should Real Estate Agents Be Paid?” She describes research and suggestions provided by a panel of three experts. The conclusions fall into one of three general frameworks:

1. Allow buyers and sellers to negotiate fees independently
2. A flat-fee model for service
3. An a la carte menu where buyers and sellers pay only for services they desire to use

She and her experts are correct in that the current structure needs reform.

In a November 2020 lawsuit and subsequent 2021 filing, the Justice Department accuses the NAR of anticompetitive practices which harm home buyers.

The legal action brought against the National Association of Realtors (NAR) may very well be the catalyst for change.

Technology has long been available that allowed for unbundling and the opportunity for multiple pricing structures in a free market. Securities trading, automobile purchases, and cable tv subscriptions have each been subject to price compression due to the free market.

It is illogical to continue to believe that the process of buying and selling homes will remain paper-based and subject to rigid pricing arrangements.

The Future

Upstart firms propose compelling business models that will bring buyers and sellers together directly to transact at fees substantially below today’s norm.

While it is true that a limited number of transactions will require specialized knowledge and negotiating skills, the vast majority of transactions will occur with much less friction and at lower fees.

Better. Cheaper. Faster.

About The Author And Podcast Host Tom Levine

Tom Levine, leveraging a 25-year tenure in capital markets, leads Zero Hour Group and Native Angelino Real Estate, offering a suite of consulting, strategic analysis, and real estate services.

An alumnus of USC Marshall School of Business and the Claremont Colleges — Pitzer College campus with a term at the London School of Economics. Additionally, he holds a CADRE broker’s license (#02052698) and the designation certified Short Sale Specialist under the National Association of Realtors.

Have a challenging transaction? Let’s discuss.

Connect on LinkedIn

I consult on a range of transaction types and deal structures.

The Native Angelino Podcast

“From a vantage point within sight of the Hollywood Sign, seated beneath a palm tree, Tom Levine takes you on a twisted, exploratory tour of popular thought, the upside-down theories of classical economics, politics, and other strange things.

Tom talks all things Los Angeles, bright new ideas, and complex topics of interest to creative thinkers and discerning skeptics.

L.A. locals state with pride, “You can surf in the morning and ski in the afternoon.” Well, if you get a really early start, it’s true. Sometimes.

Los Angeles is the City of the Angels, and Tom Levine is a Native Angelino”.

The Native Angelino Podcast is underwritten and produced in conjunction with the Zero Hour Group, a consulting and strategy firm, parent to 1929, Native Angelino Real Estate, and associated real estate assets.

Doug Shapiro on Native Angelino Podcast with Tom Levine

Doug Shapiro spent a decade as an Institutional Investor ranked Wall Street analyst. He successfully transitioned to the C-Suite of a corporate media giant, Turner Broadcasting, as their Chief Strategy Officer. After 15 years at the company, and the AT&T buyout, he moved on to seek new challenges.

Host Notes: This interview was conducted during the early days or Covid. Doug’s comments are more relevant today than when we sat for this recording. I think you will find his perspective to be logical, well organized and thought provoking. Please share if you agree and I welcome your comments. Tom Levine — Native Angelino

In July of this year he authored an essay for Medium, titled, The Future of Media: Fewer, Bigger Hits, An Even Longer Tail, No Middle and Lower Returns.

The Theory

He postulates that there are two opposing market forces leading to the crowding out of mid-tier firms and offerings.

At one end of the spectrum are big budget projects (think Disney and the recent release of Hamilton, or Pirates of the Caribbean) and at the other end is an almost endless supply of user generated content (think YouTube and Instagram Live).

The wide availability of high quality, reasonably priced production equipment and distribution costs approaching zero combined with changing consumer perception of quality has forced the industry to these two extremes.

In this episode I speak with Doug about content creation and intellectual property in an era of rapidly falling distribution costs. What the future holds for media is difficult to predict, but given his 25 years experience studying the industry I postulate that his vision is likely quite clear.

About The Author

Following a 25 year career in capital markets, Tom Levine founded Zero Hour Group in 2014.

The Los Angeles, California based firm provides consulting services, strategic analysis, and real estate services. Services offered nationwide and across a variety of sectors. The firms’ clients range from family offices and high net worth individuals to institutions and professional investors.

Real estate services are offered through our subsidiary companies — Native Angelino Real Estate and WEHO Realtor.

Tom Levine is a Native Angelino and graduate of USC Marshall School of Business, Claremont Colleges, and spent a term at the London School of Economics. Additionally, he is a certified Short Sale Specialist under the National Association of Realtors.