After going through the major political, economic and technological shifts of the past decade, many real estate professionals are probably asking themselves, “When is business going to get back to normal?” And the answer is never — if “normal” is defined as a market that operates similar to the one that existed before 2001.
If the discussions at the National Association of REALTORS® (NAR) Leadership Summit yesterday afternoon in Chicago were any indication, the changes over the next few years could come faster — and hit the industry harder — than the ones experienced during the boom and bust of the previous decade.
About 1,600 association executives, real estate practitioners, and brokers shared their ideas on what’s next for real estate as part of a REThink session, NAR’s new “open source” strategic planning initiative. REThink aims to involve tens of thousands of REALTORS® across the country in high-level conversations about how to adapt to many different futures for the industry. To accomplish this, NAR is presenting various plausible scenarios that have been generated through consumer research, as well as fostering discussions among large groups of members and real estate experts about those hypotheticals.
These scenarios include:
Ostrich: The leaders of associations count on what they already know, while consumers migrate over to so-called “Big Data” providers of real estate information on the Web. Members see their associations as out of touch, and leave in droves.
Beauty and the Beast: Many new real estate brands come into being, and old ones reinvent themselves. The housing market comes roaring back in some places, while others remain depressed, contributing to a growing wealth divide. Continue reading »
By Erica Christoffer, Contributing Editor, REALTOR® Magazine
For all those who have been burned by the economic downturn, the “Success Out of Ashes” session of the International Builders’ Show Wednesday provided some advice for getting back on track.
John Geoffroy, president of Atlanta-based Construction Data Control, was one of three panelists who shared how he has found success through 42 years of industry ups and downs.
Connect With Customers: Write cards or pick up the phone and call past clients – let them know you are still in business; let them know you are survivors.
Talk With Your Staff: Brainstorm ideas with your team and be creative. Consider diversification, such as refurbishing foreclosed homes. “There is an opportunity here for someone,” Geoffroy says. Continue reading »