The Market Drill-Down session also looked at one of the markets most impacted by the real estate downturn: Atlanta. According to Levent, in fact, Georgia is the number-one bank closing state in the country, causing him to switch gears and focus on company-generated business, which now accounts for 40 percent of his transactions. Levent now directs his attention to working with hedge funds, private equity funds and banks who wanted out of the asset management business.
All brokers on the panel pointed to the resurgence of new construction business in their respective markets, a segment they believe will generate significant revenue in the coming months and years. “This is going to be our inventory in the very near future,” said Mesa. “We are reaching out to the home builders. They want to be a part of what we’re doing. They realize they can’t sell their homes without assistance from REALTORS®.”
Irrespective of their market differences, all brokers agreed that lessons learned during the downturn need to be a critical part of guiding their firms through the recovery and into the future.
“I think an important piece to this conference is that we never repeat the mistakes of the past,” said Krafchow.
Long and Foster’s Scott agreed. “Let’s not forget what we learned over the last three years.” In looking at the broad scope of the many markets Long and Foster covers, Scott stressed that success will come from “customizing and identifying the opportunities and challenges within each of the local markets.”
