Editor’s Note: The Power Broker Roundtable is brought to you by the National Association of REALTORS® (NAR) and Chris Kelly, NAR’s Broker Relations Liaison. In this column each month, we address broker issues, concerns and milestones.
Chris Kelly, 2022 Broker Relations Liaison, National Association of REALTORS® (NAR), Executive Vice President, HomeServices of America: Kenny, you obtained your real estate license 20-plus years ago and have sold more than 3,200 homes throughout your career—an impressive feat worthy of recognition. You jumped into the profession with the sole purpose of educating yourself in regard to the buying and selling process. There’s no denying that becoming a real estate professional changed the trajectory of your life. As you get ready to tackle your next chapter as president of NAR, what do you believe are the biggest challenges brokers will face in the year ahead, and what can they do to ensure they’re ready to meet those challenges head-on?
Kenny Parcell, Broker/Owner, Equity Real Estate, Spanish Fork, Utah; 2022 NAR President-Elect: While affordability and fair housing are going to be the biggest challenges facing the real estate industry in the year ahead, at the broker level, it’s all about being prepared. To that end, brokers must be educated in regard to specific tools and resources they can provide their agents to make sure there’s value in being affiliated with their brokerage. I also think it’s important that brokers be a listening ear. They need to know what their agents are struggling with and do everything they can to be a resource and set them on the path to success.
CK: How can brokers get involved in the year ahead?
KP: One of my favorite sayings that bears repeating is, “We aren’t governed by the majority; we are governed by the majority that participates.” This saying applies to the political landscape when voting at the local, state or national level, but it also rings true for the real estate industry. Brokers need to be involved in order to have a say as far as what policies we put in place. We need their voice to ensure that we are making the right decisions for both them and their agents, and so we need their involvement. More often than not, I think people assume that if the hole isn’t in their side of the boat, they aren’t going to sink. But when push comes to shove, it doesn’t matter what side of the boat the hole is in, as we all need to work together to plug the hole and stay afloat.
CK: What is your No. 1 piece of advice for brokers as we continue to deal with the challenges present in today’s market, from low inventory to rising interest rates and everything in between?
KP: My No. 1 piece of advice for brokers is to simply be present. Not only do they need to be involved in their brokerage, but they must also be engaged. In fact, things are going to be a lot more hands-on as we head toward the future. It’s no longer going to be flip the house and it will sell in the first two weeks. Moving forward, it’s going to take longer to move a transaction from contract to close, so you’re going to have to be more communicative with your buyers and sellers.
CK: What do brokers need to have on their radar come 2023?
KP: First and foremost, brokers need to be aware of any and all proposed legislation that’s likely to affect the industry—both positively and negatively. In addition, brokers must understand the challenges associated with supply and demand and rising interest rates. They also need to be aware of what’s going on in their local market as far as affordable housing is concerned and what type of zoning laws may be coming down the pike. As the future unfolds, it’s going to be more important than ever to be a resource to the clients you serve.
For more information, visit https://www.nar.realtor/.