18 Trends in Real Estate

By
Real Estate Agent with Realty Executives Associates 00292515

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

  •                    Communication
  •                    Trust
  •                    Relationship

 

  •          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
  •    Price
  •    Trust
  •    Convenience

 

  •          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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Rainmaker
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Michael A. Caruso
Surterre Properties - Laguna Niguel, CA

Hi Cathy,

I'm glad you took the time to recap the conference.

Don't forget me if you learn of anyone moving to "The OC!"

 Michael

(949) 753-7900

Sep 21, 2008 07:37 AM #1
Rainmaker
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Vickie Nagy
Coldwell Banker Residential Real Estate - Palm Springs, CA
Vickie Jean the Palm Springs Condo Queen

Thanks for sharing. It's information I would otherwise never have been exposed to here in California 2,200 miles away.

Sep 21, 2008 08:36 AM #2
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Rainmaker
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Cathy Glass

Realtor - Knoxville, Tennessee
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