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So Many Buyers, So Few Homes

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So Many Buyers, So Few Homes RISMedia’s 29th Annual Report SO MANY BUYERS, SO FEW HOMES BY MARIA PATTERSON Power Brokers Prep Agents to Compete in a Low-Inventory Environment POWER BROKER TOTALS FOR 2016 Agents Offices 449,389 8,079 TotalTransactions Transactions Total Sales Volume 3,648,075?????? $1,161,991,877,713 Based on the Top 1,000 respondents to RISMedia’s 2017 Power Broker Survey 46 April 2017 RISMedia’s REAL ESTATE Rei Mesa President & CEO Berkshire Hathaway HomeServices Florida Realty John Collopy Broker/Owner For the first time in a long time, the outlook RE/MAX Results for residential real estate is decidedly bullish. Stock markets and consumer confidence Dan Kruse President are riding high (at press time), job growth is Century 21 Affiliated continuing to rise, and interest rates—though on the upswing—can still be categorized as Lennox Scott Chairman & CEO low. Despite insuperable student debt and the John L. Scott Real Estate Power Brokers Prep Agents to Compete in a Low-Inventory Environment continued lure of renting, consumers across all demographic groups are most definitely in favor Mike Schlott President of homeownership. Yet, there’s a rub—and a Kinlin Grover, Page Taft & Randall REALTORS® big one: lack of inventory. In fact, a whopping 62 percent of respondents to RISMedia’s 2017 Ashley Bowers President & COO Power Broker Survey* reported that a lack of HomeSmart International inventory was their biggest challenge in today’s market. And with low inventory comes pent-up Michael Mahon President demand and rising prices, putting many on alert First Team Real Estate for another potential bubble. So what’s a Power Broker to do? Make sure their agents are well Steve Fogarty President prepared for the challenge. Realty Executives Associates * Sponsored by Homes.com, Leading Real Estate Companies of the World®, Pillar To Post Home Inspectors, HSA Home Warranty and American Home Shield Sue Yannaccone President & CEO ERA Real Estate RISMedia’s REAL ESTATE April 2017 47 agents. When our agents are armed with the right in- THE RACE FOR MARKETSHARE formation and tools, they find success no matter the market conditions or competition.” WHILE A CONCERN IN MANY MARKETS LAST YEAR, Lennox Scott, chairman and CEO of John L. Scott THIS YEAR, THE INVENTORY CRUNCH is being felt Real Estate in the Pacific Northwest, has been suffer- across the U.S., not just in major metro areas or hot ing through an inventory shortage for some time, and spots like Southern California and the Pacific Northwest. its effects are creating stagnation for current homeown- “Our biggest challenge is lack of inventory in the entry ers as the shortage causes prices to rise. “We are ex- and move-up price points,” confirms Rei Mesa, president periencing a frenzied market for homebuyers trying to and CEO of Berkshire Hathaway HomeServices Florida get a home,” he explains. “We are virtually sold out of Realty. “There is demand, but a great deal of it is pent- inventory, so each new listing is receiving multiple of- up. This is a challenge for all of us, not just my firm. To fers. With such a severe shortage of inventory, it is now combat this, our focus is to make sure we’re getting our creating seller gridlock in the more affordable and mid- fair share, if not the largest percentage, of what’s avail- price ranges. Sellers are afraid to put their home on the able by using our brand and tools to increase our listing market, because it will sell instantly, and they are faced capture.” with trying to win in a multiple offer situation to get their Mesa’s sentiments are shared by his peers across next home.” the country, like John Collopy, broker/owner of RE/MAX Escalating prices are a concern on the East Coast as Results in Eden Prairie, Minn. “The biggest change well, which has worked to the seller’s advantage. “The I’ve seen in our market is the constant lack of inven- Southern New England coastline is a very desirable tory available to our buyers,” he explains. “In the next place to live and, with very little new construction, hous- couple of months, I think our biggest challenge will be ing stock is at a premium,” says Mike Schlott, president to grow the individual productivity numbers of our sales of Kinlin Grover, Page Taft & Randall REALTORS®. “Of executives.” course, this also creates opportunity, allowing sellers Dan Kruse agrees. “Our biggest challenge is probably to command prices that may have been unrealistic just the same for all markets in the U.S.: shortage of inven- a couple of years ago. It is our job to educate the con- tory,” reports the president of CENTURY 21 Affiliated, sumer regarding these market trends so they can make serving markets in Wisconsin, Illinois, Indiana, Michi- informed decisions about their real estate assets. gan, Minnesota and Florida. “To address the changes in our markets, we have regular communication with our keting services, professional listing Out in Southern California, First PREPARING AGENTS FOR THE photography and automated prop- Team Real Estate President Michael TASK AT HAND erty marketing, to name a few. Mahon believes his agents are a Kruse is also focused on increas- critical differentiator in the firm’s TO MAINTAIN PROFITABILITY IN ing agent productivity. “We have highly competitive market. “Our big- THE MIDST OF A SHRINKING IN- chosen to reinvest in our agents in gest opportunity for growth in 2017 VENTORY ENVIRONMENT, Schlott, 2017 with a series of tools, systems comes by way of investing in our as- along with Power Brokers across the and coaching to help take them to sociates,” says Mahon. The compa- country, are ramping up efforts and the next level,” he explains. “This re- ny has long been focused on helping investments designed to empower investment and growth is a big piece agents build opportunities and ca- agents with a competitive edge. of our 2017 business plan.” reers through coaching, mentoring “The biggest opportunity for our Of course, investing in the right and technology evolutions to maxi- firm in the coming year involves our technology is a critical component mize customer service and exceed agent population,” explains Schlott. of preparing agents for success. consumer expectations. Mahon “We believe that by investing in their “We pride ourselves on being tech- feels this distinction will be more success we will continue to flour- nologically forward-thinking, and this important than ever in his inventory- ish as an organization. This means asset is also a challenge to stay restricted region. developing and implementing pro- ahead of the competition and great- Power Brokers are honing in on grams that allow our agents to do er real estate marketplace,” says providing agents with resources their job more efficiently.” Among Ashley Bowers, president and COO that yield tangible results. “We are those programs? Proprietary tools of HomeSmart International. “But, constantly trying to innovate things and services, including an award- our commitment to providing agents that are real, that show real results winning web platform, the Moxi and brokers with the best technol- and that genuinely help a produc- Works CRM, customized marketing ogy and system to succeed is our tive agent,” explains Steve Fogarty, services from Imprev, in-house mar- ultimate goal.” president of Realty Executives 48 April 2017 RISMedia’s REAL ESTATE result, we attract agents from strong ing deeper conversations with sell- “We’re firms.” This year, Fogarty will also ers in regard to the value of our be attracting agents to his firm by services,” says Scott. And it’s not leveraging the offering concierge or transaction a bad thing, he adds. “There is a most valuable management services, which will act major difference between advertis- as an agent assistant for a nominal ing a home and marketing. It takes asset we fee. “This will help agents do busi- a professional to market a home in ness more professionally, and do a the best light to both get the home have—our team lot more business without having to sold and get the highest price—and hire an actual assistant.” in today’s market, get premium pric- members—and ing for the seller.” focusing on Mahon couldn’t agree more. “The IN THE SPOTLIGHT: VALUE biggest change in our market is the helping sales lack of value being provided by com- PROPOSITION petitors in delivery of resources to professionals agents and customers,” he explains. Investing in resources and agent “This continues to create growing is- increase success is integrally tied to a firm’s sues in the market involving poorly productivity.” value proposition, to both its sales trained cooperating agents, ethically associates and its consumers. This challenged agents and brokerages, holds true at the individual broker- as well as a reduced value percep- - Rei Mesa, President & CEO, Berkshire age level all the way to the brand tion of consumers when forced to Hathaway HomeServices Florida Realty level. deal with these lesser caliber insti- “Remaining relevant to current tutions and agents. Consumers de- and future customers and agents serve better, and the bar of entry, as Associates in Knoxville, Tenn. is a continuous challenge, one that well as customer service, needs to “We’ve implemented many things brands must always meet head-on be a focus for the future.” RE over the past few years that have by staying attuned to the shifting been extremely well received. We consumer landscape in order to enhance the value we bring as a were paperless long before the Paige Tepping, Nick Caruso, Zoe Eisenberg and brand,” says Sue Yannaccone, presi- vogue of going paperless, we have Suzanne De Vita contributed to this report.
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