RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
RISMedia
No Result
View All Result

Stability and Integration Will Fuel Growth

Home Agents
By Keith Loria
January 5, 2023
Reading Time: 3 mins read
Stability and Integration Will Fuel Growth

VITALS:
Long & Foster Real Estate
Years in business: 55
Size: Approx. 220 offices and 9,000 agents
Regions served: Eight states and the District of Columbia
2021 Sales Volume: $36 billion-plus
2021 Transactions: 77,000 family moves

Real estate is in Larry “Boomer” Foster’s blood. Both sides of his family have been in the industry for decades, so it’s no surprise that he rose to success as president of Long & Foster Real Estate.

In his current role, Foster oversees the company’s 220-plus offices and 9,000-plus agents across eight states and the District of Columbia.

How would you characterize the real estate market last year?
Boomer Foster: We cover South Carolina to New Jersey. Real estate is hyperlocal for the most part, but there are a lot of similarities in the markets we are in. The first five months of 2022 were very good. Interest rates were under control and demand was high. Because inventory was still low, we saw great price appreciation. The next five months showed us it was the tale of two halves. Normally you would expect a slowdown in the summertime, but it slowed very dramatically. Inflation, higher rates and uncertainty caused consumers to pause. When you look at the market across the board, it’s down in the mid-20% range and it’s been pretty close to that with the amount of volume.

What does your strategy for 2023 entail?
BF: Fiscal responsibility keeps our costs under control and ensures our cost structure fits our revenue stream. Our intention is to grow. When you have financial stability, agents flock back to stability in normalizing markets. In good times, anybody can start a real estate company, but in tougher times, financial stability is very important to agents. We offer that as well as the best tools, resources, training and support in the industry.

Tell us more about that growth strategy…
BF: It’s two-fold—growing geographically while also expanding our all-inclusive line of services. We’re expanding in South Carolina, having opened our first location in Charleston in late 2022, and we’ll evaluate other opportunities to grow throughout our existing footprint. We expect to grow significantly across our companies in 2023, thanks to our integrated approach.

Consumers are asking for simplicity in their real estate transactions, and our all-inclusive approach delivers a seamless experience at every phase.

With Long & Foster, there’s one team that takes care of it all, providing consumers with convenience and our agents an invaluable network. Combining our fiscally responsible approach to the business and our all-inclusive services, we’re going to thrive during the downturn.

What makes an agent right for Long & Foster?
BF: We talk about being a culture of “trust, family and excellence.” Those three things mean different things to different people, but for us, trust is the most important piece of any organization. We look for people with character and integrity. We need real estate professionals, not just real estate agents. We pride ourselves on recruiting people who have an abundance mentality; our agents collectively celebrate each others’ success.

What are the benefits of working with a large company like Long & Foster?
BF: First, you get a culture that feels like a small community. Secondly, the tools and resources we have are cutting edge. We put agents in a position to be more efficient and provide training, coaching and mentoring to be ahead of the trends in the marketplace. And we do it with competitive compensation agreements. Finally, we give them the best brand in the marketplace.

How do you differentiate yourself as a leader?
BF: Every Monday I do a video for our entire enterprise called “News You Can Use,” and I talk about the state of the economy, what’s happening on Wall Street and what’s going on in our industry hyper-locally and along the East Coast.

Tags: 2023 ForecastHousing MarketLong & Foster Real EstatePower BrokerReal Estate Business DevelopmentREALTOR® AdviceStrategies for Success
ShareTweetShare

Keith Loria

Keith Loria is a contributing editor for RISMedia.

Related Posts

Existing-Home Sales Surged 14.5% in February—the Largest Increase Since July 2020
Agents

Existing-Home Sales Surged 14.5% in February—the Largest Increase Since July 2020

March 21, 2023
Anywhere Shakes Things Up, Names Lane New Coldwell Banker Realty CEO
Agents

Anywhere Shakes Things Up, Names Lane New Coldwell Banker Realty CEO

March 21, 2023
Amid Some Positive Signs, Housing Affordability Struggles Continue to Affect Buyers and Homeowners Alike
Agents

Amid Some Positive Signs, Housing Affordability Struggles Continue to Affect Buyers and Homeowners Alike

March 21, 2023
Altrata Reveals Evolving Residential Footprint of the Ultra-Wealthy
Agents

Altrata Reveals Evolving Residential Footprint of the Ultra-Wealthy

March 21, 2023
OneKey MLS Reports Decreased Median Sale Price in southern New York
Agents

OneKey MLS Reports Decreased Median Sale Price in southern New York

March 21, 2023
Top 500 Power Brokers Revealed in Exclusive Release
Latest News

Top 500 Power Brokers Revealed in Exclusive Release

March 21, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Tip of the Day

How Can You Better Support Your Servicemember Clients?

There are around 20 million veterans in the United States. Are you equipped to help them achieve their homeownership dreams? Learn more.

Business Tip of the Day provided by

Recent Posts

  • Existing-Home Sales Surged 14.5% in February—the Largest Increase Since July 2020
  • Anywhere Shakes Things Up, Names Lane New Coldwell Banker Realty CEO
  • Amid Some Positive Signs, Housing Affordability Struggles Continue to Affect Buyers and Homeowners Alike

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies ACE Marketing Technologies LLC

© 2023 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • Reports
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2023 Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2023 Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2023 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

X