Reducing the real estate body count

Roadmap to Recovery: Essay

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Editor's note: We've called upon our readers to explore a path forward for the real estate industry through the Roadmap to Recovery editorial project. Click here for details. The following essay is a guest contribution by real estate consultant Catherine S. Read. By CATHERINE S. READ There is no question the real estate industry will contract as a result of this current global financial crisis. That won't be a bad thing. Unlike the talk from U.S. automakers, we are not in danger of losing an industry. Fewer agents, managing brokers and real estate companies might very well serve the overarching necessity of reinventing the current real estate model. Our partner in this endeavor will be the consumer, who will exercise his or her right to choose who they do business with and what that experience will look like. Larger brokers face the issue of staggering corporate infrastructure and a model of doing business that has been largely focused on market share, number of agents, nu...