This is a continuation of my report on the Tennessee Association of Realtors® Conference of last week. Steve Murray, http://RealtyTrends.com was one of our speakers. He spoke about all the newest trends in real estate.
- He remarked that real estate has gotten more competitive since 2000, and he also said that the year 2000 was the last time that we had a normal real estate market. Statistics show that it has gone from 6 units per agent to 5 units per agent.
2005 1.4 million REALTORS®
8.4 million transactions
2008 1.1 million REALTORS®
5.5 million transactions
2010 6.1 million transactions projected
- The number of real estate professionals is expected to continue to go down in the next 2 years. We are currently down 100,000-150,000.
- Agents, firms and the whole realty industry is expected to consolidate.
- Consumers have not been requiring high quality agents.
- We have had 1.4 million foreclosures so far, and there are supposed to be 900,000 more before this is all over.
- Agents will be doing more outsourcing
- Our focus needs to be on consumers and what they want how they want it.
Two questions he suggested asking them are
- What would be the perfect process to sell this home?
- What ticks you off about real estate agents?
Three things they want
- Agents must shift from being a real estate expert to a neighborhood and community expert.
- There is a shift from showing and telling to listening and sharing.
- Video is going to be big!
- Stop doing things and stop paying for things that don't get you business.
- Whenever someone buys or decides to use a service, they weigh three things
- There are two ways to go.
- High value, high margin, low market share
- Different (he at first said low) value, low margin, large market share
- Consumers prefer a one-stop shop.
- You must be able to respond to leads.
- In defining "full-service" let the consumer tell you what THEY mean.
The last statistic I will share in this article is that of the top 200 companies in the nation in 2007, one of them was a residential online auction company and in that year had 2,800 closings!!! Cathy Glass
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