RISMedia's Real Estate Magazine

APR 2019

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

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66 April 2019 RISMedia's REAL ESTATE T he key to creating a competitive advantage and the biggest oppor- tunity in today's industry? Standing out, according to DOTTIE HERMAN , chief executive officer of DOUGLAS ELLIMAN REAL ESTATE . "There are a million real estate companies and a million different models. You should stand out in the crowd," says Her- man. "You can't be everything to all. Come up with your own competitive advantage and differentiate yourself. Drive your message. Our competitive advantage is that we have the most marketshare and the highest percent- age of top agents." T he biggest challenge facing today's consumers? It's inventory, accord- ing to JOAN DOCKTOR , president of BERKSHIRE HATHAWAY HOMESER- VICES FOX & ROACH, REALTORS® . "I've been keeping track of inventory since 2005, and when I looked at the 2018 numbers for our marketplace, it was half of what it was then. It's really frustrating for buyers," says Docktor. "When they finally find a home, there's likely to be multiple offers. They will have to pay top dollar or risk losing the home of their dreams. It is also frustrating for sellers, especially older baby boomers who are having trouble downsizing because they can't find a home to purchase." T OM TOGNOLI , founder, president and CEO of INTERO REAL ESTATE SERVICES , started his real estate ca- reer in 1988. Today, he points to the trending challenge of discount bro- kers creating unsustainable business models. In order to adapt to meet this challenge, Tognoli is doubling down on his value proposition. "We have over 30 tools and marketing components our agents can use to build a great business, but most have not histori- cally used them," he says. To help, In- tero now utilizes these tools for their agents, and has turned over 80 per- cent of their management staff with innovative leaders who will embrace the future. S TEVEN GOLDSCHMIDT , director of sales at WARBURG REALTY in New York, has been in real estate for more than 30 years, and believes the biggest challenge facing the in- dustry today is information overload. "Listing information on thousands of properties is now available online 24/7 on countless local and na- tional websites," says Goldschmidt. "Some information is accurate. A lot of information is not." To combat this, Goldschmidt's team focuses on education for both agents and cli- ents. "This provides a high level of expertise to guide consumers to the right decision—to sell, to buy, at what price and on what terms." *RISMedia's 31 st Annual Power Bro- ker Report is based on the top 1,000 respondents to the 2019 Power Bro- ker Survey, distributed via email and available online at rismedia.com. The survey ranks residential real estate brokerage firms according to closed residential sales volume and closed residential transaction sides for the year 2018. The Power Broker Top 500 ranking in this sec- tion is ranked by sales volume. To see the Top 1,000+ firms ranked by sales volume and transactions, please reference the digital 2019 Power Broker Report, available on- line at rismedia.com. All sales and transaction data are submitted directly by brands and individual brokerage firms, and are verified by a firm's financial executives, out- side financial firm and/or corporate franchise headquarters. The 2019 Power Broker Report is sponsored by Homes.com, Leading Real Estate Companies of the World ® , Pillar To Post Home Inspectors, HSA Home Warranty and American Home Shield. Dottie Herman Joan Docktor Tom Tognoli Steven Goldschmidt "Florida is benefiting from the tax law changes, specifically SALT, which is accelerating the move from the Northeast. The drop in interest rates is providing a window for first-time homebuyers to jump into this market." - MIKE PAPPAS CEO, The Keyes Company/Illustrated Properties RISMedia Editors Paige Tepping, Suzanne De Vita, Liz Dominguez, Jameson Doris, Zoe Eisenberg and Keith Loria contributed to this report.

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