BrokerageIndustry News

CEO: Real estate offices must shrink

Brokers who cut costs will thrive, says Sherry Chris

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Editor's note: Inman News is exploring the future of the real estate industry in an ongoing series of news stories and reader contributions. Visit Inman.com/Roadmap to learn how to participate in this editorial project, titled "Roadmap to Recovery." SAN FRANCISCO -- The housing bust and technological change don't have to spell doom for the traditional real estate brokerage model, but companies that thrive will do so by boosting their presence in the virtual world while cutting costs associated with their brick-and-mortar operations. That's the perspective of Sherry Chris, president and CEO of Better Homes and Gardens Real Estate LLC, Realogy Corp.'s ambitious bet on the traditional brokerage model. Speaking Monday in San Francisco at the The Fisher Center for Real Estate and Urban Economics annual Real Estate and Economics Symposium, Chris talked about the factors that make some brokerages vulnerable during the downturn and what others are doing to profit from ...