Mary Smith
Regional Director, Pacific Northwest
Fathom Realty
Boise, Idaho
www.fathomrealty.com
Region served: Montana, Idaho, Oregon and Washington State
Years in real estate: 17
Number of districts: 12
Number of agents: About 800
Top tip for staying organized: I have a meeting with myself once a week, typically on Monday. I use it to review and plan for my upcoming week.
What demographic segments are driving your business today?
For the most part, we follow the National Association of REALTORS®’ statistics pretty well, meaning that our buyers tend to be Gen Xers and Yers, while our sellers are typically Gen Xers and the younger boomers. Boise is a little bit different because of the influx of out-of-state money. It’s also a very popular place to live. We’ve seen a lot of growth in the Treasure Valley, which incorporates Boise, so we’ll have local buyers that, unfortunately, haven’t been able to afford a home.
What are some of the current trends you see in the market right now?
The market is different than it was even a year ago. Instead of homes being on the market for one or two days, we’re looking at two weeks to 40 days. I think sellers are panicking a little bit and jumping the gun because we’re seeing a lot of price reductions right out of the gate. On the flip side of that, local buyers now have opportunities to compete. I know there’s a lot of chatter about the market crashing, but I feel that anybody who worked before, during and after the 2008 crash, knows that the market is not crashing, but rather, correcting.
How do you see your market evolving throughout the next year?
I feel like what we’re experiencing now we’re going to experience over the next year. Boise is a bit of a different market, though. Local Boise buyers had not been able to compete in the market, so that has changed, and I think you’ll keep seeing that. Unfortunately, with where interest rates are now, I don’t think home prices are going to drop enough for it to make enough of a difference in a buyer’s ability to purchase. Even if home prices go down 50%, if interest rates continue to rise, I feel like that’s not enough of a correction. Now, if interest rates go down and prices level out, that’s a completely different story.
What do you like most about the region in which you work?
I live in Idaho now, but I’m from Oregon. When I was a real estate agent, selling and building my production business for 10 years, I did that while living in Oregon. When I moved to Idaho, I came out of production and went down the broker management path, which led me to this position at Fathom. Working in Oregon again is really special. It’s where my heart is; it’s where I built my business and where I grew up. And I love that I’ve been able to expand my footprint in Washington and Montana.
What ultimately attracted you to Fathom?
The people. Fathom is the most agent-centric company I have ever been a part of, and while we’ve had our share of growing pains, I see acts of kindness from the people I work with every day. When you think of a 100% commission model brokerage like Fathom, people tend to associate that with limited services, but Fathom is different. Agents receive the services, support and technology one would expect from a traditional brokerage without having to relinquish thousands of dollars in commissions every year.
For more information, visit www.fathomcareers.com.
