Panelists:
Kymber Lovett-Menkiti, President, Keller Williams Capital Properties, Washington, D.C., outgoing Broker Relations Liaison, NAR
Dave Legaz, Broker, Keller Williams Realty Landmark, Flushing, New York, incoming Broker Relations Liaison, NAR
Kymber Menkiti: They say time flies when you’re having fun, and I must say, Dave, I have enjoyed my year here as liaison. I’m delighted to know I’m handing over the gavel to someone with strong insight and passion for our industry.
Dave Legaz: Thanks, Kymber. You’re a hard act to follow. But I know our point here is to search out business strategies that work for brokers and their agents, and I look forward to leading meaningful discussions with some of the best minds and original thinkers in real estate.
KM: It’s been a volatile year for sure, and a tough one for real estate professionals to navigate, with inventory at the lowest level and mortgage rates at the highest peak in recent memory. In these past months, we’ve tackled such topics as coping, growth opportunities and strategies for remaining resilient and profitable in the midst of a leveling market.
DL: Yes, and even if rates come down a bit by spring, which most industry experts expect, heading into 2024, as new NAR president Tracy Kasper said recently, we will need to be talking about new ways to open inventory and make ownership more feasible, especially for first-time buyers.
KM: We’ll also need to address the ramifications of the Burnett v. NAR class action lawsuit and the best ways for brokers to reestablish the quality and transparency that have always been among our hallmarks.
DL: There are two other topics I’d like to address. One is REALTOR® safety. I know there are stories about it when REALTOR® Safety Month comes up every September. But in today’s world, and as a former NYPD police sergeant, I know our colleagues are at risk every month of the year, every time they show a home or meet a buyer. I’ve been very involved in developing presentations on recognizing predator behavior and how to reduce the risk of being targeted, and I would very much like to bring this issue into the mainstream.
KM: Good idea. And the second?
DL: I want to turn the spotlight on one of the best-kept secrets in our industry; the REALTORS® Relief Foundation (RRF). Started in response to the 9/11 terrorist attacks, the foundation today works to offer hope and help to communities affected by natural disasters like earthquakes, floods and wildfires—including the recent fires in Maui. RRF is completely funded by individual REALTORS®, REALTOR® associations and affiliated organizations, and it has helped more than 20,000 families—yet many real estate practitioners today are not aware of its existence.
KM: That’s one of the things I love about this industry. We are competitors, but we are also a caring and sharing community. We understand the value of giving back to the communities we serve, and it strengthens the connections between us. It makes the practice of real estate work better, not just for leaders, but for all the agents who count on us for guidance, and ultimately for consumers.
DL: Yes, and I think any broker will agree with you that good company culture comes not just from camaraderie and mentorship but also from the charitable missions we pull for together.
KM: There’s one other thing I’d like to suggest before I hand over the gavel. This industry saw its headcount grow by nearly 200,000 since the start of the crazy pandemic rush. But in light of the slowing market, according to NAR Chief Economist Lawrence Yun, we may well see a minimum of 200,000 fewer agents heading into 2024. As brokers, we have a responsibility to help our agents build careers, not just a single year in the business, and this is an excellent time for brokers to address the best ways to assist and support our agents.
DL: I hear you, Kymber, and I fully agree. Agents in the coming months will need more training, more coaching and more meaningful guidance, not just on how to thrive in this market but also on how to provide the best guidance for anxious buyers and sellers.
KM: Dave, please call on me if I can help in any way going forward. I know I leave this space in good hands.
DL: I’ll do my best, Kymber-and thanks to you for setting the bar high.
The Power Broker Roundtable is brought to you by the National Association of Realtors® (NAR) and Kymber Lovett-Menkiti, NAR’s Broker Relations Liaison. Watch for this column each month, where we address broker issues, concerns and milestones. For more information, visit https://www.nar.realtor/.
