by Christine Cruz | Jul 18, 2024 | Industry, News Feed
At Inman Connect Las Vegas, July 30-Aug. 1, 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will be revealed. Join us.
Who do you become in the face of change?
What do you do when faced with changes in your life and business?
Here’s the truth, many of the real estate entrepreneurs we work with set goals to create a change in their business with a desired outcome. Sometimes, those changes are external to you and the goals you outlined in your business planner for the year.
Voluntary, self-identified goals may relate to team building, creating new expectations and processes, or mapping out a plan to create an increase in your average price point or overall sales volume.
Right now, we’re coming up against big external circumstances and involuntary changes such as market shifts, rising interest rates or, of course, the implementation of operational changes as part of the commission lawsuit settlement, coming up on Aug. 17.
Either type of change pushes us to pivot in the ways we do business and communicate to prospective clients. One thing is certain and clear — change is inevitable.
Not only is it inevitable, but change offers us endless opportunities to do better, be better and have businesses that perform better. However, many people are unwilling to contend with the changes required on their end to reach their goals, such as expanding their skill set and training or creating new boundaries or procedures.
The idea that you can create a macro change in your business or your life without many micro changes along the way isn’t realistic. Those sea change moments that many people seek are built upon a whole host of smaller changes.
To paraphrase mystery novelist Rita Mae Brown, we can’t do the same thing over and over and expect different results. Different results require different ways of thinking, different actions and different strategies. In short, it requires change.
Too often, change makes people uncomfortable, sometimes nervous, many times scared. Change can feel overwhelming, if not a bit daunting. As a result, many of us resist change, and cling to the familiar — even if we’ve outgrown our current circumstances and relationships (or they no longer serve us). We may resist change, even if it’s tied to a larger goal or intention.
In real estate as in life, growth and change are not just inevitable; they are essential for success. Ask the most sustainably successful agents in the business and you’ll find they are constantly evolving, adapting and leveling up in their businesses and personal lives.
In fact, they welcome change knowing change is the pathway forward to new levels of fulfillment, prosperity and purpose. Research supports the fact that adaptability and flexibility to change are key traits in successful (and happy) humans.
Growth and evolution are core ingredients of success and they require us to step out of our comfort zones, confront our fears and embrace the possibilities that change brings. Instead of viewing change with trepidation or resistance, create a new relationship with change, one in which change is recognized as a gateway to realizing your full potential in life and business, to fulfill those big goals.
By reframing your relationships and approach, you can more easily embrace change as a positive force in your life, opening yourself up to new opportunities, experiences and growth. Instead of fearing and resisting change, you can consciously and actively choose to embrace it as a catalyst for transformation, progress and reaching (and even surpassing) your goals.
How can you set yourself up to be more welcoming of growth and change?
Develop a growth mindset
Our beliefs and thought patterns shape our reality and influence our actions. Shifting our mindset to one of growth, abundance, and possibility is crucial for navigating the challenges and seizing the opportunities that come our way in the real estate industry.
A growth mindset is one that is dynamic, flexible and makes the most of challenges by recognizing them as opportunities. It’s a surefire way to create a new relationship with the challenges that change often delivers along the way to success.
Ask yourself
- What beliefs or thought patterns do I need to shift to support my growth and success in real estate?
- Am I willing to view challenges and changes as opportunities for self-improvement, learning and forward momentum?
Check your circle of influence
The people we surround ourselves with have a significant impact on our mindset, behavior, and ultimately, our success. Jim Rohn stated that we’re the average of the five people we spend the most time with.
Surrounding ourselves with supportive individuals who share our values and aspirations is essential for staying motivated, inspired, and focused on our goals.
Ask yourself
- Do the people I share time and space with believe in me and my goals?
- Do I feel supported by them?
- Do they seek growth in their own lives and businesses?
- Do we have shared values and goals?
- Do I feel energized and motivated after being in their company?
- Do I feel stressed or drained after spending time with them?
- What changes do I need to make in my social circle to align with my vision for success?
Check in on your systems, procedures, processes
Systems, procedures and processes are the backbone of a successful real estate business. They provide the necessary structure to operate smoothly and sustainably with consistency and efficiency. While most can agree that this is true, it’s common for many to resist creating reliable and effective systems in the first place. Even more resist changing these systems and cling to outdated methods that may no longer serve them.
Specifically, consider the impact of new commission settlement requirements and the necessity to adapt to these changes. Embrace new methods of working, enhance communication strategies with clients, and invest in relevant training to stay ahead in the industry.
Ask yourself
- Which systems, procedures and processes are currently working well in my business?
- Which ones are outdated or ineffective and need to be updated or replaced?
- Am I resisting changes in my systems and procedures due to the fear of the unknown?
- Am I willing to complete the necessary training and education to evolve and grow?
- How can I implement new ways of working, communicating with clients, and incorporating ongoing training and education to improve my business operations?
Evaluate your habits and routines
Our habits and behaviors cumulatively shape our daily routines and ultimately determine our long-term success. Identifying and cultivating positive habits that align with our goals and values is essential for personal and professional growth in real estate and in life. Often, our habits and behaviors are so taken for granted, we lose sight of all the small details that add up to big results, positively or negatively.
Ask yourself
- What habits or behaviors are holding me back from reaching my full potential?
- What new habits do I need to cultivate to support my personal and professional development?
- Are my habits and behaviors in alignment with and a reflection of a resilient growth mindset?
To make positive changes in the way we think about and react to the world, our mindset, the company we keep and the ways in which we move through the world in the day-to-day requires us to tap into our awareness and identify the areas where change is needed. To do so requires honest self-reflection and a willingness to step outside of our comfort zones.
Whether it’s shifting our mindset, surrounding ourselves with supportive individuals, creating a conducive environment for growth or adopting new habits, every change we make reflects a willingness to create change, embrace change and not be afraid of change.
This new relationship with the change required by our goals brings us closer to the vision of success we seek to create and experience.
As real estate professionals, your journey toward personal and professional fulfillment is paved with opportunities for growth and change.
Ask yourself
- How will you meet those changes?
- In what ways do you imagine your life and business flourishing as a result of creating a new relationship with change?
- Does the idea of embracing change and exploring new possibilities energize you?
By approaching change with positivity, asking yourself the right questions and taking intentional action, you can create a life and career that brings you joy, fulfillment, and a sense of purpose and prosperity. This is true success.
Melanie C. Klein, M.A. and Emily Bossert are highly sought-after coaches known for empowering individuals and teams to achieve their full potential and success.
by Nick Schlekeway | Jul 17, 2024 | Industry, News Feed
Maria Avellaneda rejoins KWNYC after six years at Compass. She will focus on ultra-luxury transactions and lead the franchise’s luxury market in the Hamptons.
At Inman Connect Las Vegas, July 30-Aug. 1, 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will be revealed. Join us.
Keller Williams New York City welcomed back “boomerang” associate broker Maria Avellaneda, who is leaping from Compass to rejoin the franchise, Inman has learned exclusively.
Avellaneda had jumped from Keller Williams to work as an associate broker at Compass in 2018.
Six years later, she will rejoin Keller Williams NYC as a senior global luxury specialist, responsible for ultra-luxury real estate transactions and foreign investors and sellers.
“We value the relationship we have maintained with Maria, which was the catalyst for her decision to return, and we look forward to celebrating her many successes as the thriving entrepreneur she is,” Rich Amato, Keller Williams NYC’s operating principal, said in a statement.
Avellaneda will also oversee Keller Williams’ luxury market in the Hamptons, the group said.
She was previously a top-selling agent, bringing in over $2 million in gross commission income in 2016, according to KWNYC.
“I am excited about returning to KWNYC in this role in the luxury sphere to pursue business both in Long Island and NYC,” Avellaneda said. “I value having the independence to grow and the opportunity for entrepreneurship.”
Avellaneda has a background in finance and was previously a consultant at the Inter-American Development Bank, the World Bank, the United Nations and the U.S. Treasury.
Email Taylor Anderson
by Chris Drayer | Jul 17, 2024 | Industry, News Feed
At Inman Connect Las Vegas, July 30-Aug. 1 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will be revealed. Join us.
As the U.S. dollar gained strength compared to many international currencies, the number of existing homes in the U.S. that international buyers purchased from April 2023 to March 2024 sharply declined, hitting a low not seen since the National Association of Realtors began tracking the data in 2009, the association reported on Wednesday.
International buyers purchased $42 billion worth of existing residential properties from April 2023 to March 2024, down by 21.2 percent from the same period one year before, according to NAR’s most recent International Transactions in U.S. Residential Real Estate report.
Foreign buyers purchased 54,300 existing homes, down 36 percent from the year prior.
In total, 4.09 million existing homes sold in 2023, which was down 18.7 percent from 2022 and marked the lowest number of existing-home sales since 1995.
“The strong U.S. dollar makes international travel cheaper for Americans but makes U.S. homes much more expensive for foreigners,” NAR Chief Economist Lawrence Yun said in a statement. “Therefore, it’s not surprising to see a pullback in U.S. home sales from foreign buyers.”
Credit: National Association of Realtors’ 2024 International Transactions in U.S. Residential Real Estate report
Foreign buyers living in the U.S. as recent immigrants or with visas that allow them residency bought $22.6 billion worth of existing homes, which was down 3.4 percent from the previous year. That share of foreign buyers represented 54 percent of the dollar volume of all international buyer purchases.
Those foreign buyers who live abroad purchased $19.4 billion worth of existing homes, a decline of 35 percent year over year, representing 46 percent of the dollar volume of all international buyer purchases.
International buyers represented 2 percent of the $2.1 trillion in total U.S. existing-home sales between April 2023 and March 2024.
“Historically low housing inventory and escalating prices remain significant factors in constraining home sales for American and international buyers alike,” Yun said.
Given that the median purchase price for existing homes in the U.S. climbed to $392,600 during this period, it’s no surprise that the average and median purchase price for existing homes among foreign buyers were the highest they have ever been. The average purchase price rose 21.9 percent year over year to $780,300 and the median climbed 19.8 percent on an annual basis to $475,000.
Chinese buyers had the highest average purchase price across the U.S. at $1.3 million. One-quarter of Chinese buyers purchased homes in California.
Credit: National Association of Realtors’ 2024 International Transactions in U.S. Residential Real Estate report
Overall, 18 percent of international buyers purchased properties worth more than $1 million during this period.
International buyers from Canada (13 percent), China (11 percent), Mexico (11 percent) and India (10 percent) made up the greatest share of all international buyers.
In addition to holding the title of the highest average purchase price, Chinese buyers also represented the greatest amount of total sales volume at $7.5 billion, upholding a longstanding trend. Canada ($5.9 billion), India ($4.1 billion), Mexico ($2.8 billion) and Colombia ($0.7 billion) represented the remaining top countries by sales volume.
Reigning as champion for the 16th consecutive year, Florida was the most desired destination for foreign buyers, and made up 20 percent of all such purchases. Texas (13 percent) and California (11 percent) were the next high in demand destinations, followed by Arizona (5 percent), Georgia, New Jersey, New York, and North Carolina (4 percent each).
Despite being the most popular state for foreigners to invest in, Florida is also one of a handful of states attempting to prevent select foreign buyers from purchasing real estate within its borders. In May 2023, Governor Ron DeSantis signed Senate Bill 264, which limits real estate purchases made by citizens of China, Russia, Iran, North Korea, Cuba, Venezuel and Syria. The bill has faced a number of lawsuits, including from the Asian Real Estate Association of America, which has alleged the bill violates fair housing laws.
All-cash sales represented half of all international-buyer purchases from April 2023 to March 2024, compared to just 28 percent of all existing-home purchases. Non-resident foreign buyers were also much more likely to make all-cash purchases, at 68 percent of buyers, than resident foreign buyers, who made up just 36 percent of cash sales.
Canadian (69 percent) and Chinese (68 percent) buyers made up the highest shares of all-cash purchases among foreign buyers.
Alex Escudero, NAR’s director of global strategy, added that cultivating an international network among the real estate community is an important part of NAR’s work.
“Fostering economic investment in culturally dynamic communities, businesses, and industries is a top priority for NAR,” Escudero said in a statement.
“Our work provides members and their communities with tools, resources and data to identify and highlight international investment opportunities in U.S. real estate. This supports local communities to drive economic development in markets across the country. NAR and the Realtor brand have developed a network of more than 8,000 international Realtor members outside of the USA and expanded our global footprint to more than 100 real estate organizations across 78 countries, providing growth opportunities by ensuring ethical and accessible markets that allow our members to make direct connections with global-minded real estate professionals and international investors.”
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Email Lillian Dickerson
by Inman Content Studio | Jul 17, 2024 | Industry, News Feed
Housing affordability will remain an issue at the forefront of the upcoming presidential election, where swing states will determine the next president and the future of housing costs.
At Inman Connect Las Vegas, July 30-Aug. 1, 2024, the noise and misinformation will be banished,’s all your big questions will be answered, and new business opportunities will be revealed. Join us.
Since the 2020 election, mortgage rates and selling prices have skyrocketed, reaching new highs in swing states, Redfin announced on Tuesday.
The issue of housing affordability is at the forefront of the upcoming presidential election, where swing states will determine the next president and the future of housing costs. Redfin’s 2024 swing states are Arizona, Nevada, Wisconsin, Michigan, Pennsylvania, Georgia and North Carolina.
“Voters in swing states care about housing affordability because soaring home prices and mortgage rates, along with a shortage of homes for sale, have made homeownership feel impossible for some Americans,” Redfin Senior Economist Elijah de la Campa said. “While swing states have historically had lower housing costs than blue states — and most still do — markets in swing states have not been immune to the affordability crunch the country has been facing for the last several years. The inability to afford a home is making a lot of voters feel bad about the economy and their financial prospects.”
According to a Redfin report, swing-state monthly housing payments have nearly doubled, rising by 92 percent to $2,161. Since 2020, median home sale prices have increased by approximately 40 percent, hitting an all-time high of $316,063 in 2024. The mortgage rate is currently around 7 percent, more than double the record low of 2.65 percent in 2021.
Redfin’s analysis of housing-market data and incomes for blue, red and swing states was gathered from 2016-2024. The data is annual for 2016-2023, while 2024 data includes January through May.
Housing prices have also risen for red (Republican-leaning) and blue (Democrat-leaning) states. In red states, median house payments have increased by 95 percent to a record high $2,066. In blue states, payments have risen by 83 percent to $3,311.
Homeowners face a major dilemma since incomes have not increased at the same rate as home prices, due in part to aftereffects of escalated homebuying during the COVID-19 pandemic.
While the demand rose for remote work and low mortgage rates in 2020 and 2021, so did home prices, especially in Sun Belt swing states such as Georgia and Nevada. Major metropolitan centers in these states, Atlanta and Las Vegas, were among those that saw the highest increase in residents during that period.
As a rule, to be considered affordable, homeowners should spend no more than 30 percent of their income on monthly house payments.
By this measure, just 35.1 percent of swing-state homes on sale this year were affordable to a household earning the U.S. median income of $79,155, down from 65.5 percent in 2020. In red states, 36.6 percent of listings are affordable on a median income, down from 69 percent in 2020. In blue states, 25.2 percent of homes are affordable on a median income, down from half in 2020.
According to Redfin, swing-state homeowners looking to buy bigger are stuck due to housing costs outpacing the increase in their equity. Black and Hispanic families are another group who have difficulty snagging swing-state homes.
Families earning median swing-state income for Black families would spend nearly half (48.2 percent) of their earnings on a home. In 2020, that household would have spent 32.7 percent of their income on a home. A Hispanic household would spend 38.3 percent of their income on the median priced home, an increase from 26.8 percent in 2020.
It is worth noting that housing prices also saw a jump between the 2016 and 2020 elections. From 2016 to 2020, swing states saw a 40 percent average home price increase; blue states saw a 27 percent increase, and red states jumped by 28 percent.
Ahead of the upcoming 2024 election, President Biden released a plan for lowering housing costs while Donald Trump mentioned a strategy for tackling the market.
Email Richelle Hammiel
by Andy Florance | Jul 17, 2024 | Industry, News Feed
Leading during times of change is undoubtedly challenging, new Inman contributor Justin Bailey writes, but it also presents an opportunity to propel education, build stronger teams and enhance relationships.
At Inman Connect Las Vegas, July 30-Aug. 1, 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will be revealed. Join us.
In today’s fast-paced real estate industry, change is not just inevitable — it’s constant. I’ve witnessed first-hand the seismic shifts that can occur almost overnight, from market fluctuations and regulatory changes to technological advancements and shifting consumer preferences. All great businesses and industries undergo change frequently.
Leading during such times requires not only adaptability but also a proactive and people-centered approach. We are going to be inundated with new information over the next few months, and I truly believe we will all look back at this moment in our industry’s history as an opportunity for learning and growth.
Embrace the change
Change is a good thing, but it all starts with mindset. If you are an agent who is looking at our current season of change with optimism and positivity, I believe you will make it out of this as a better Realtor and leader. In a landscape where changes are occurring almost daily, agility and attitude become a leader’s best asset. This means fostering a culture that is open to innovation and quick to pivot when necessary.
I have found that attitude, like many other things in real estate, can have a domino effect. As a leader, it is your job to not only have a positive attitude toward change but also to influence others to carry that same attitude. This doesn’t mean falsifying the truth; there are many things coming our way that may be daunting or concerning to people.
Influencing others with a positive attitude simply means to focus on the positive aspects to come, not just the negative. We all know many “talking heads” who thrive on sharing only the negative side of things; in my opinion, that isn’t helping anyone in our industry.
Prioritize communication
Clear and frequent communication is paramount during times of change. Whether it is email communications, social media posts or other internal methods, agents want to feel included and in the know. I believe that the best agents in each market are those who are informed, ethical and educated. As leaders, it is our responsibility to ensure we trickle down any information we know to our audiences.
Uncertainty can breed anxiety, and the best way to combat this is through transparency. I make it a point to keep our brokerage informed about industry developments, company strategies and any potential impacts on their roles. This not only builds trust but also ensures everyone is aligned and moving in the same direction.
Change can be made harder when there are two waves of people moving in opposite directions, and efficient communication helps to drive everyone in one direction with the facts.
Leading with empathy
A leader’s vision provides a sense of direction and purpose. It is almost like a sixth sense that others can feel from a leader. Whether you are a broker, office manager, or in any other leadership role at your firm, people are most likely looking to you for hope in this season.
Many things are uncertain and potentially concerning to many agents. It’s our job as leaders to meet them where they are, acknowledge that and find ways to counterbalance the anxiety.
Understanding and addressing the concerns of your agents helps in building a resilient and cohesive organization. It is important to articulate a clear vision of where the company or industry is headed and a plan to navigate the changes ahead. Sometimes, even admitting “I don’t know what is going to happen, but I will be here for you,” speaks volumes.
Building a culture of resilience
Fostering a culture of resilience is essential for navigating change. This means many things, but for one, it means encouraging a mindset that views challenges as opportunities for growth and learning. By celebrating successes, learning from failures, and maintaining a positive outlook, you can build a resilient organization that thrives amid change.
Leading during times of change is undoubtedly challenging, but it also presents an opportunity to propel education, build stronger teams and enhance relationships. Don’t miss this key time in our industry to double down on caring for your people.
Justin Bailey is the CEO of Realty Executives Associates, the largest real estate brokerage in East Tennessee. Connect with Justin on Instagram and Linkedin.
by Drew Thompson | Jul 17, 2024 | Industry, News Feed
CHICAGO (July 18, 2024) – The National Association of Realtors® has announced the 12 companies participating in the Innovation, Opportunity & Investment (iOi) Summit’s Pitch Battle competition from August 28–29 in Chicago.
NAR’s venture capital arm, Second Century Ventures, is set to present the live event, where each contestant will deliver a four-minute pitch on their product or service, followed by a four-minute question and answer session with a panel of judges. Entrants must provide persuasive arguments for their new technological innovations or services and demonstrate how these will enhance the real estate sector.
“The Pitch Battle highlights innovation and impactful solutions to some of real estate’s pressing challenges,” said Dan Weisman, NAR director of innovation strategy. “iOi Summit offers both startups and investors a platform to forge game-changing connections and previews up-and-coming technologies that will transform our industry for the better.”
The Pitch Battle contestants include the following:
- Azure builds sustainable and affordable housing using 3D printing technology.
- Faura provides loss control solutions for insurance companies and homeowners in high-risk properties.
- Home Lending Pal offers equitable solutions to home buying by utilizing AI-powered underwriter and borrower insights.
- Kukun is a real estate data, analytics and applications platform for homeowners and the industries that serve them.
- LeanCon produces data-driven insights to automate project planning and management for developers and construction companies.
- Maverick Systems leverages data to help brokers identify top talent, foster agent loyalty and optimize performance.
- PremiseHQ creates advanced digital employees to streamline property management tasks.
- PropTexx provides generative AI, data analytics, and actionable, real-time business intelligence for the real estate industry.
- Scout helps agents find and engage homeowners with AI-driven automated personalized email outreach.
- Tether RE improves critical agent safety from initial client contact to closing.
- Tuesday is a social MLS app, built exclusively for agents.
- Unlock helps consumers unlock the power of home equity without interest charges or monthly payments.
The winner will be awarded $15,000, earn a booth at NAR’s annual conference in November (NAR NXT), secure a meeting with the SCV executive team and be featured in an upcoming edition of REALTOR® Magazine.
Learn more about the Pitch Battle and register to attend the iOi Summit at ioisummit.realtor.
About the National Association of Realtors®
The National Association of Realtors® is America’s largest trade association, representing 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.
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