Leading Real Estate Companies of the World’s regional seminars kicked off today in Chicago, and the opening session was educational and revealing, as is usually the case.
Steve Harney of Steve Harney, Inc. opened the workshop with the keynote speech: 10% Different = 100% Better: Differentiating your Company in Today’s Environment.
Harney painted a great picture of the current housing market and how it relates to today’s economic worries.
A few interesting thoughts from Harney’s presentation:
-The current mortgage crisis shows the federal government put all their chips on the table and said one industry will get our country out of this: housing. What an opportunity for the real estate industry!
-The market is currently in a turn. A few years back, it was in a straight-away. Every race car driver can go fast in a straight away. Great race car drivers make their money in the turns.
-Many real estate managers are currently witnessing a lot of drowning agents, whom they know can swim. Using the market as a way to say “let’s get back to the basics” is doing nothing more than yelling at drowning agents to swim. Those agents don’t need told to swim. They need their fear managed so they can regain their confidence and feel safe. Once that's done, they can start swimming.
-In each five-year interval from 1980 to 2000, homes appreciated 25-29 percent. From 2000-2006, they appreciated 89 percent, according to a September 2008 Brookings report. The market has already begun to turn around, but will do so much slower so long as homes are overpriced.
If you missed Steve’s presentation, I’m told he will be at each of the four LeadingRE workshops.
More updates to come from LeadingRE's Chicago workshop. Let me know if you'd like me to provide additional info. I can be reached throughout the conference at scutright@deltagroup.com.
-Sean Cutright
Delta Media Group
Tuesday, September 30, 2008
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