Wedding cake swans image via Shutterstock.
At Real Estate Connect New York City, I had the opportunity to interview Keller Williams Realty CEO Mark Willis onstage about partnerships, and backstage I met with Realogy Franchise Group CEO Alex Perriello. Each of these leaders shared some very valuable insights that can help you grow your business now and throughout 2014.
Where’s the market heading?
I caught Perriello for a few moments in the green room before he went on the main stage at Real Estate Connect. Perriello believes that the market will continue to be strong throughout 2014. Part of his confidence is based upon demographics. Specifically, Gen Y has become the largest generation ever. Moreover, the building industry has failed to build enough new housing to keep pace with the population increase.
Perriello shared a second factor that he believes will continue to drive strong housing demand: shadow buyers. “Shadow buyers” are people who have owned their home in the past and had to sell it in a short sale. After three years, the short sale will be removed from the owner’s credit report, making them eligible again to purchase a property.
To take advantage of this tip in your business, go back through your files from 2008-2011 and identify which clients had to sell using a short sale. You may also be able to obtain this information from your local title company.