No one can predict the future of real estate, but you can prepare. Find out what to prepare for and pick up the tools you’ll need at Virtual Inman Connect on Nov. 1-2, 2023. And don’t miss Inman Connect New York on Jan. 23-25, 2024, where AI, capital and more will be center stage. Bet big on the future and join us at Connect.
Pulse is a recurring column where we ask for readers’ takes on varying topics in a weekly survey and report back with our findings.
Scandal at NAR. The first of the bombshell commission trials. High interest rates and high levels of consumer pessimism. All of the certainties of the real estate industry seem to be undermined by unprecedented stressors — and many agents are feeling the heat.
Making predictions at a time like this seems foolhardy, but let’s try anyway. Economic, legal, organizational: We asked how you think Q4 will shake out. Do you think the commission trial will result in big changes to the way you do business? Will we see changes in NAR’s leadership? Will the current housing market lock-in ease up? Here are your responses, edited for length and clarity:
- Not good. Well below last year
- The market is changing. Inventory is gaining.
- Market pause in the luxury and second home market
- I believe we’re entering a critical juncture in the real estate industry. The last quarter of the year is likely to serve as a make-or-break moment for many in our field. The demand for advanced expertise and top-notch customer service has never been higher. Those who can’t keep up with these ever-increasing standards will find themselves left behind. We’re in a market that’s rapidly evolving, not just technologically but also in terms of what clients expect from their agents. No longer can anyone afford to be lax about keeping up-to-date with local market trends or waffling on implementing powerful negotiating strategies. Now is the time to fully commit or reconsider one’s role in this profession. It’s not just about sealing the deal anymore; it’s about delivering an immaculate, end-to-end service experience. Clients nowadays expect nothing less than a full-service highly skilled package, complete with exceptional marketing, professional visuals, and a smoothly running operation that covers legal, escrow, and mortgage experts among other specialists. Q4 2023 is not just another quarter; it’s a pivotal moment that will differentiate the dedicated professionals from the hobbyists. Those of us who take our responsibility to our clients seriously are more likely to thrive, elevating the industry’s standard as a whole and ultimately making life better for our clients.
What did we miss? Please share your thoughts in the comments section below.