Episode Details

Mother Daughter, Business Partners — Locality Real Estate with Lori and Chelsea

Happy Mother's Day! In celebration of the holiday, we brought in a mother-daughter duo who co-own a boutique brokerage together. Lori Bishell and Chelsea McDonald are the co-owners of Locality Real Estate in Phoenix, Arizona — and they are 50/50 business partners.

Lori has 25+ years in real estate, spent 15 years as an appraiser, owned a 200-agent office before working for the largest brokerage in Arizona (thousands of agents), and is now the chair of the largest MLS in the state with over 44,000 members. Chelsea got her license at 21, worked in operations, title, escrow, and on teams before they opened Locality together in October 2020. She also has her broker's license — which she got specifically to open the entity.

They have since organically grown to 70 agents. They interview every single one together. They snooze Facebook groups when the doom and gloom gets too loud. And they will surprise their agents at open houses with their favorite Starbucks order.

Here's what we cover in this episode:

- How they came to start Locality together — and how Lori's desire to return to a smaller boutique after years at a corporate giant aligned with Chelsea's readiness to commit full time - How they divide responsibilities naturally: Lori handles compliance, training, education, and industry involvement; Chelsea handles operations, marketing, branding, and social (her degree is in marketing) - They've never set a cap on agent count — they just want the right people on the bus, and they know when someone's a fit - How they handle the mother-daughter dynamic professionally: Chelsea refers to Lori by her first name in professional settings; they became easier to distinguish when Lori remarried and they no longer share a last name - The keys to making it work: open communication, shared calendars, shared email access, intentionally shutting off real estate talk when they need to - Business planning at a nice resort overnight — combining work and fun because they can - Is there such a thing as a non-working real estate vacation? (They don't think so.) - Both of them still actively sell — limited to family and friends mostly — because staying in the trenches helps them understand what their agents are going through - What made Lori such a standout broker according to their agent Haley: she's deeply involved in the industry (MLS chair, state board of directors, national conferences) so their agents are always ahead of changes — and they've been talking about the NAR changes for over a year - Chelsea's superpower: she is the cheerleader. She promotes what agents are doing on social, surprises them with coffee at open houses, shares their content, shows up for them. - The 30-day Reels challenge they did off the cuff with no planning — and how their agents saw results almost immediately - Advice for people working with family: open communication, know each other's strengths, protect your personal time, don't always bring the office home - How they handle potential conflict: they separate sometimes — Chelsea works from the office, Lori works from home, and they both do their thing - Why boutique beats big (in Katy's opinion): you can find your broker; they actually know you; they pop into your open house - The future of the industry: Lori's take is that agents need to show their value and articulate it — and their brokerage is ready - How they handle agents who post problematic content on social media: they're not afraid to have the hard conversation, and their interview process helps filter for the right fit before onboarding - Chelsea as a child: a perfectionist overachiever, people pleaser, and oldest child. "Done is better than perfect" is the ongoing coaching moment.

Toast of the episode: Chelsea toasts Lori — her business partner and her best friend. Lori toasts the friend who introduced her to real estate over 40 years