One of my favorite things about working in real estate is that everyone I meet is interested in the industry. They ask me about the current market and future expectations. You probably come across this all the time.
Questions about the future are difficult to answer. Look up market statistics, check economic forecasts, track what's happening with interest rates, and more. But often unpredictable events create interesting developments.
I have yet to meet a REALTOR® who included a global pandemic in their 2020 market predictions. And how many of us would have thought that so much uncertainty and disruption would be the backdrop for an unprecedented residential real estate market?
It may be difficult to predict, but let me tell you what is starting to become a focus for me in 2024, and more importantly, where you can access resources and information to create your own business plan.
Counterfeit lawsuits continue to be filed across the United States.
Any discussion of 2024 should include the broker compensation lawsuits that continue to be filed against REALTOR® associations, MLSs, and brokers (including some here in Texas). NAR took steps to overturn the judgment in the first case, which was decided last year. Meanwhile, Texas REALTORS® hired her Husch Blackwell, a national law firm with extensive experience in antitrust litigation, to bring legal expertise to these matters. We are working with association leadership, staff, and law firms to reach solutions that benefit our members and the public.
What do these lawsuits mean to you? Filing these lawsuits doesn't change the way you do business. Brokers can still negotiate compensation, including commissions, with clients. Listing brokers may continue to consult with seller clients to determine whether it is in the seller's best interest to provide cooperative compensation to cooperating brokers. You should continue to use written agency agreements and be clear about how you will receive compensation.
It’s also important to communicate the value you bring to your clients. It is inconceivable that the general public is aware of the many services and benefits that we offer on a regular basis.
Additional litigation resources and updates can be found at texasrealestate.com/lawsuit.
Where to find the best market and industry information
Your customers expect you to have the most accurate and up-to-date real estate information. In addition to the information available from the MLS, Texas Realtors members have exclusive access to sales and property data from MarketViewer (texasrealestate.com/marketviewer). One of the great features of MarketViewer is that you can define the data you want (choose a broad location like Texas, or a specific location like a neighborhood) to track listings, sales, days on market, Being able to get statistics on inventory, price per square foot, sales trends, and more. more. You can also create infographics to share with prospects and customers.
And if you work in the commercial field like I do, you should check out MarketViewer's commercial dashboard. Explore rents, vacancy rates, inventory, and other metrics for 11 types of real estate, including offices, apartments, industrial, retail, and more.
There's no better way to stay up to date on trends and industry news than by attending industry events. If you're lucky enough to attend the Texas Realtors Winter Meeting in Austin in February and the Texas Realtors Shaping Texas Conference in Grapevine this August, you'll get practical tips and new business connections. We guarantee you will get a connection. Or, join us at one of the eight Texas Realtors 360 – Real Insights meetings coming up at a location near you later this year. I hope to meet many of you and exchange information and ideas. Nothing keeps our association stronger than hearing directly from our members.
Another great source of data is the Texas Real Estate Research Center, which provides data and analysis on a regular basis. Speaking of predictions, you can find valuable insights and predictions in TRERC's 2024 Texas Real Estate Forecast. It provides data and forecasts for single- and multi-family homes, retail, offices, and rural land, with color-coded keys to indicate the certainty of the forecast.
I'm looking forward to a good year
No matter what happens in the Texas real estate market this year, I am confident that we all have the opportunity to achieve business success and personal growth. I truly believe that good things come from positive thinking, hard work, and supporting each other. We also guarantee that Texas Realtors acts in the best interests of our members. Our association leaders are here to serve you. After all, we are also members.
I hope you have a wonderful year!
Jeff Conn is the Chairman of Texas REALTORS®.
