Industry NewsNews Brief

10 tips for understanding your market

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

Welcome to increased competition. Improving markets are great, but this also means higher agent retention. New licensees will enter the market, and some agent who left it will return. Homebuilders will draw more walk-in traffic, and sellers will start insulting you again for daring to suggest such a low price. "In 2011, the housing environment, or the supply-demand balance, favored buyers," said Walter Molony, a spokesman for the National Association of Realtors. "Early this year it transitioned into a balanced market. Now it is beginning to favor sellers in some areas, especially in much of the West and parts of Florida." Great news for the industry, but not for agents who don't respond to the changing environment. "It is the tightest since March 2006," Molony said. The question is, what should you do about it? I have an idea, but I don't have NAR's global perspective. So I asked Molony what he thought agents should do. I am glad I did. "In a ...