CEO Exchange Preview: The State of Real Estate - The Broker Perspective

With fewer houses being bought and sold in 2023 compared to last year due to mortgage rates continuing to hover close to 7%, and inventory issues also a continuing theme, staying profitable while retaining top agents and recruiting new ones is as challenging as ever for brokerages nationwide.

This September, four dynamic brokerage leaders will outline the specific steps they’re taking and share strategies for successful growth and increasing marketshare during the panel discussion, “The State of Real Estate – The Broker Perspective,” taking place at RISMedia’s CEO & Leadership Exchange. The event, which gathers more than 500 top-level real estate thought leaders, is being held September 5 – 7 at the Mayflower Hotel in Washington, D.C.

Occurring on the afternoon of September 5, the panel discussion will include topics critical to operating a brokerage in today’s changing market, such as:

– Recruiting and retaining agents in these challenging times
– The value of keeping track of other U.S. markets
– Potential growth opportunities via mergers and acquisitions
– Fine-tuning technology to provide what agents need most
– Reaching out more often to previous clients to uncover new leads
– Increasing agent interactions within the brokerage

Moderated by RISMedia Founder and CEO John Featherston, panelists include Vanessa Bergmark, owner and CEO, Red Oak Realty; Chris Trapani, founder and CEO, Christie’s International Real Estate Sereno; J. Lennox Scott, chairman and CEO, John L. Scott Real Estate; and Jim Fite, president and CEO, CENTURY 21 Judge Fite Company.

“On this panel, I believe we are going to learn a great deal about what’s happening real-time in a variety of markets,” says Trapani. “This is of particular importance while the market is still adjusting through a cyclical period largely stemming from the post pandemic/massive stimulus era.

“Learning about what’s happening real-time in other U.S. markets is invaluable and something we can immediately leverage to the benefit of our agents.”

Fite agrees that the challenges faced by brokerages today are difficult ones, but can be overcome with the right strategies and expertise.

“The real estate brokerage business continues to be in a state of challenges and opportunities,” he says. The challenges are the lack of inventory brought on by inflation and the national economy and the profitability of a brokerage business. Vision, planning and focus on the basics of recruiting, training and retention are critical to the long-term success of brokerage companies.

“One opportunity is mergers and acquisitions. Brokerages are losing money, so most are not able to offer agents the tools and systems for success, with rents continuing to rise. Another opportunity is recruiting, because agents have joined unprofitable brokerages that do not offer what is needed for their success.”

RISMedia’s 35th Annual CEO & Leadership Exchange will gather the industry’s top minds to discuss the most critical trends and issues impacting the year so far, and outline strategies for success in the fourth quarter and into 2024. More than 100 brokerage executives and industry experts featured in over 25 panel discussions and presentations will help you make sense of what’s transpired so far in 2023, and share tangible advice for defining your own destiny moving forward.

For the complete agenda and speaker lineup, please visit our event page. Space is limited, so reserve your spot today.

2023 RISMedia CEO & Leadership Exchange sponsors include:

Title Sponsor

RE/MAX

Diamond Sponsors

Real Estate Webmasters
Realty ONE Group
Colibri Real Estate

Master Sponsors

Berkshire Hathaway HomeServices
Bright MLS
Buffini & Company
Constellation1
CoreLogic®
EXIT Realty
Inside Real Estate
Lone Wolf Technologies
NAR REACH
National Association of REALTORS®