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.
Issue link: http://remag.rismedia.com/i/805428
22 April 2017 RISMedia's REAL ESTATE I f there's one thing you can count on in the real estate market, it's change—and if you want your firm to succeed long-term, it had better be able to change right along with it. No one knows this better than the panelists who took part in RISMedia's Power Broker Roundtable at the re- cent NAR Broker Summit. During the session "Above the Plateau: Strategies for Remaining Vital and Profitable," leading brokers shared how they're adapting their compa- nies to meet the needs of fluctuating market conditions, shifting regulations, and a constantly evolving consumer. Held at the Fairmont Grand Del Mar in San Diego, the panel was moderated by RISMedia President and CEO John Featherston and featured the fol- lowing brokers: Keeping a Pulse on Market Conditions Just as all real estate is local, so are many of the chal- lenges facing today's brokers. For Bailey, who runs a large regional firm in Santa Cruz, Calif., housing affordability tops the list. "Homeowner- ship rates dropped nationally to 63 percent. Now in Cali- fornia, we're sitting right below 54 percent," shared Bai- ley. "One economist predicted that we would be a tenant state by 2020. That's a challenge." Pearson, however, whose firm has more than 900 agents in 35 offices throughout California and Nevada, is bullish on market conditions. "Capital gains policy changes are going to loosen up inventory in California," she said. "We need to stay in tune with these changes and educate clients who have postponed a real estate decision because of the economy." Romero also sees better market conditions on the horizon for his 1,000 agents in 14 offices serving Southern California. "There is a lot of pent-up seller demand. I think it's going to break this year." Adapting to the Environment No matter what the pros and cons of a particular market may be, the key to success is adaptation. Bailey, for example, invested in a property manage- ment division to serve his region's increasing rental population. To combat a decreasing company dollar, Romero has made company-generated business a built-in part of his business model. "Company-generated Beyond the Plateau: Brokers Share Growth Strategies at NAR Summit by Maria Patterson Robert Bailey: Broker, Bailey Properties; Liaison for Large Residential Firms Relations, National Association of REALTORS® Gretchen Pearson: President, Berk- shire Hathaway HomeServices Drysdale Properties David Romero: President & CEO, CENTURY 21 Award Michael Golden: Co-founder, @properties