Industry News

Boosting profits in changing real estate markets

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

NEW YORK -- Many real estate markets across the country are already feeling the sting of change. Property inventories are high and home sales and prices are dropping from last year's record highs. But it's not just market conditions that are changing. The industry is facing a drastically changing consumer demographic, and the Internet has started to mature and allow more consumer-facing services to step in. Plus, a large portion of agents today have never worked in a level market where buyers and sellers are on even footing, or in markets where buyers have the upper hand. Industry executives say they're pushing for a shift back to basics, with a renewed focus on marketing and training agents to be top-notch specialists. They're also focusing on reaching out to new consumer groups -- including younger Generation X and Y buyers and immigrants with diverse backgrounds -- and tailoring their communication methods to meet new challenges in connecting with these groups. Dottie Herman, presi...