Industry News

Opportunity knocks, even in a down market

Brokerage company reps say it's never a bad time to grow

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It may take more than a year for the housing market to climb out of this slump, but that's no reason for real estate companies to stand still, said brokerage company representatives during an Inman News audio conference Monday. Companies should continue to try new approaches and should not close the door to growth and opportunity, said participants in the "2008: Thriving in a Real Estate Downturn" audio conference. "As the market has tightened up we're looking at things with a magnifying glass," said John Reinhardt, president of Fillmore Real Estate, a commercial and residential real estate company in New York City that has about 18 offices and 500 agents. But the company continues to grow, picking up about 25 agents and paying to acquire 1,300 property listings from Foxtons Inc., a real estate company that has filed for bankruptcy. "We're opening up an office on Friday in the Bronx, and looking at three other locations currently," Reinhardt said. "When the market was great it wasn't r...