Editor’s Note: RISMedia recently released its 2023 Top 1,000 Power Brokers, exclusively for RISMedia Premier Members. In this special interview series, we talk to some of our top-ranking brokers to garner their insights and strategies for sustaining their firms’ success. For more information, click here.
For HomeSmart Founder and CEO Matt Widdows, the shifting market conditions of 2023 are not all bad. By consistently providing agents with a healthy dose of perspective about the realities of today’s real estate landscape, Widdows and his team are keeping agents productive with great guidance and top-of-the-line services.
And the formula appears to be working. Although HomeSmart (like most Power Brokers) slid slightly from the boom market of 2021, the firm still managed to nab the No. 8 spot in both sales volume and transactions, reporting more than $23B in total sales volume for 2022, and 46,000-plus transactions. Here, Widdows shares insights into the current and future outlook for real estate.
HomeSmart
No. 8 Sales Volume
No. 8 Transactions
Matt Widdows
Founder & CEO
How are you keeping agents motivated and productive in the shifting market?
Although the market has shifted in many parts of the country and rates are higher, there are more opportunities than we saw previously in a tight seller’s market. We keep reminding agents that although rates are what they are today, they are still historically low, and I fully expect them to go back down once inflation is under control. Frankly, I think some agents are enjoying the break from the chaos that has been our market for the last couple of years.
What’s the biggest threat to business in the coming months?
Recession. My hope is that we only see a moderate recession toward the end of 2023 or early 2024, however, it is still too early to know exactly where we are headed.
How do you anticipate 2023 will end up? Are you seeing signs in your markets that things are turning around?
I don’t see huge changes from where we are early in 2023 (at press time). That said, it could change on a dime, and anyone who tells you they know what’s going to happen is misguided.
What is your approach to growth in the year ahead?
HomeSmart will continue to provide outstanding service to our agents—no different than before. Our low fees combined with high service is the cornerstone of what we do, and traditionally, we have seen tremendous growth during down markets.
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