Yesterday, my broker held its most recent Quarterly Event at the Westin Kierland Resort in Phoenix (the Westin has a Scottsdale address, but it’s really in Phoenix). A Realty Executives Quarterly Event is quite the event. Approximately 1000 agents (most from Realty Executives, but many invited guests also attend) get together for a free lunch and a free continuing education class, surrounded by a convention-style vendor exhibit. This event is an excellent place to network with many of the best in the business in that old-school way - with a smile and a handshake (or hug).
Early in the day, several hundred of us listened to Elliott Pollack provide a market update, with his take on where the market is going. In case you don’t know who Elliott Pollack is, he hails from Arizona State University and his company provides some of the most in depth analysis of real estate trends and history for the southwest. When Elliott Pollack speaks, the smart folks listen, even if CE credits aren’t being handed out for attendance.
In the simplest terms, his news for 2008 was not good. He suggested that real estate agents are probably going to want to forget 2008. He mentioned the 10,000 already built and vacant spec homes in new builder inventory. That number translates well with the sentiment that there is a 2 year supply of builder spec. He mentioned that nearly 1/2 of all of the homes listed for sale in ARMLS are vacant. He spoke to foreclosure rates. In his opinion, the down cycle that the Phoenix real estate market is currently in will last at least 2 more years, but could potentially last 4 more years. Truth be told, Elliott’s talk was rather sobering. It was also the best attended morning session I’ve ever seen at a Quarterly Event.
In the afternoon, the Fair Housing class started with Bill Gray from the Arizona School of Real Estate & Business and our broker John Foltz discussing several potential scenarios and how they relate to Fair Housing. Issues like access to HOA operated pools as well as Fair Housing impacts on our growing rental market. This was followed up with a panel of diverse speakers that provided some added insight into the Latino community’s real estate needs, and the way the Latino community typically likes to do business.
All of the information was highly useful for me personally, and will undoubtedly help me in my business in the future. But why should a client of mine care about this? The secret is in the hallways. In the hallways, some serious networking takes place. The average Realty Executive agent does around 20 transactions a year. When 2 of them meet up in the hallway, there is a good chance that they have a need that the other has the answer for, and vice versa. Five minutes later, those 2 separate and rejoin with 2 others, and more needs and wants are discussed…and so it continues. Business strategies are discussed. Current buyers. Current sellers. Homes here. Land there. And a little bit of how’s your son/daughter thrown in. It is the holiday season, after all.
It’s the kind of networking that happens in the office, except at the Quarterly, it’s as if everyone’s on a triple venté latte from Starbucks, working in rapid-fire mode. How do I put a value on this for my clients? Really, I don’t have a good explanation, other than to say at times, it’s invaluable.
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Artur 12.20.07 at 2:57 pm
The Realty Executives Quarterly Events are always enjoyable and educational but they are not free. We pay for them each month through our dues or by transaction fee.
I listened to Elliott Pollack at the Chase 44th Annual Economic Forecast several weeks ago with word from other economist about the global, the U.S and local economies and most seem to think that there is a good chance for a light recession in the U.S. The odd thing is, NPR recently reported about a poll where 57% of the respondents thought that we are in a recession now. That might explain the lackluster holiday sales.
Heather Barr 12.27.07 at 12:03 am
Well said! This is as good as explanation for the value of networking amongst agents as I’ve ever heard. Consumers really do need to care about whether the Realtor they hire attends networking events, updates his/her website regularly, blogs, reads blogs, and is a stats watcher. It matters! Doing these things makes us all better agents. And it makes us all more likely to do business with each other - everybody wants to do biz w/ people they like.