To Be a Broker
Charting a course for recovery
By Matt Carter
In a five-part series, real estate brokers surveyed by Inman News reveal their strategies for surviving the downturn and what they see as their competitive advantage, detail segments where they are gaining or losing business, and talk about how regulations and industry rules help or hinder them.
In Part 1, brokers talk about what government is doing right -- the homebuyer tax credit tops the list -- and where it should mess out (could the Home Valuation Code of Conduct be the most reviled government policy of the 21st Century?). Many brokers would like the government to implement tougher licensing requirements that would raise the bar for entry to new agents.
In Part 2, brokers reveal their concerns about the disparities in rules and standards at the multiple listing services and Realtor associations they belong to -- and also say they couldn’t function without them. Brokers want their Realtor associations and MLSs to get tougher on rule breakers, help them straighten out agency representation issues like dual agency, and consolidate into larger regional, state or national organizations
In Part 3, brokers say first-time homebuyers not only account for the largest share of home sales in many markets, but represent the fastest-growing segment of home sales in many of those markets. Second homes and move-up homes, on the other hand, are the most rapidly shrinking segment of their business.
In Part 4, brokers say they may be cutting down on expenses like office staff and marketing and advertising, but many are loathe to do the same when it comes to technology, agent recruitment and training -- areas in which many have actually boosted spending. Brokers generally aren’t pushing for better commission splits with agents or the fees they charge for providing services, either.
In Part 5, brokers said having experienced, trained agents is a bigger competitive advantage than the size of a company or its brand. Serving a niche market or creating an area of specialization was also seen as less important than staying abreast of technology and conducting online marketing.
Price: $79.00
Inman News' Industry Special Reports are FREE to all Premium Members.
Premium Membership is only $149.95 per year. Upgrade immediately to read this report.
Current Premium Members, please sign in to your account to access this download.
Looking for more of the latest real estate technology and marketing news? Make this your best year ever! Join us at Real Estate Connect!
All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.