Two weeks ago leaders from the real estate, finance and entrepreneurial industries kicked off the New Year by attending the 2009 Inman Connect Conference, held at the New York Marriott Marquis in New York City. I was there checking out the scene, hobnobbing with the industry elites and crashing all the coolest parties.
The three-day conference was held January 7-9, in a time when the real estate space is facing tough challenges and the future is still unclear. Real Estate Connect offered panels, workshops and networking opportunities that aimed to shed light on the present and future direction of real estate. I wanted to share with you some insight from Inman News president and CEO, Brad Inman, on his thoughts about the real estate industry in 2009.
Here are some highlights from Brad's opening address on 10 Changes for 2009:
1. The real estate commission model/ structure needs to be overhauled. <br>
2. The government needs to regulate the types of mortgages that are available to consumers. <br>
3. The real estate industry needs to be streamlined - there are too many people getting paid out of each transaction. <br>
4. There needs to be a single nationwide MLS database. <br>
5. Obtaining a real estate license needs to be a lot tougher than it currently is. <br>
6. Buyers and sellers need to be provided with vastly better analytics regarding the real estate market. <br>
7. Reform in mortgage securitization needs to happen ASAP, originators must keep some of the risk. <br>
•8. Settlement services costs need to be reduced. <br>
•9. Bundling of settlement services needs to be done away with unless the savings can be proved to the consumer. <br>
•10. Remove all barriers to innovative business practices in the real estate industry. <br>
What do you think of Brad's opening address? Was he off the mark or right on with his thoughts?