One thing I love about working in real estate is that everyone I meet is interested in our industry. They ask me about the current market or what I think is in store for the future. I bet you run into that all the time, too.
Answering the question about the future is challenging. We can dive into our market stats, check out economic forecasts and follow what’s going on with interest rates. But often, unpredictable events create interesting twists and turns.
I have yet to meet a REALTOR® who included a global pandemic in their market forecast for 2020. And how many of us thought so much uncertainty and disruption would be the backdrop for an unprecedented residential real estate market?
Even though forecasting can be challenging, let me tell you what’s starting to come into focus for me in 2024 and, more important, where you can access resources and information to make your own business plans.
Copycat lawsuits continue to be filed across the U.S.
Any discussion about 2024 must include the broker-compensation lawsuits that continue to be filed against REALTOR® associations, MLSs, and brokerages — including several here in Texas. NAR has taken steps to overturn the judgement in the initial case that was decided last year. Meanwhile, Texas REALTORS® has hired Husch Blackwell, a national law firm with extensive experience in antitrust litigation, to bring legal expertise to these matters. Along with association leadership, staff and our law firm, we are working for a resolution that will benefit members and the public.
What do these lawsuits mean for you? The filing of these suits doesn’t change how you conduct business. Brokers can continue to negotiate compensation — including commissions — with your clients. Listing brokers can continue to consult with a seller client to decide if it serves that seller’s best interests to offer cooperating compensation to cooperating brokers. You should continue to use written representation agreements and make clear how you are being compensated.
It’s also crucial that you communicate the value you bring to your clients. We can’t assume that the public knows the many services and benefits we provide on a regular basis.
You can find more resources and the latest information about the lawsuits at texasrealestate.com/lawsuit.
Where to get the best market and industry information
Your clients count on you to know the most accurate, up-to-date real estate information. In addition to the information you can pull from your MLS, members of Texas Realtors get exclusive access to sales and listing data from MarketViewer (texasrealestate.com/marketviewer). One great feature of MarketViewer is to define the data you want — choose a location as wide as Texas or as specific as a neighborhood — and get the stats on listings, sales, days on market, inventory, price per square foot, sales trends and more. You can also create infographics to share with prospects and clients.
And if you work in the commercial space like I do, you need to check out MarketViewer’s commercial dashboard. You can dig in to asking rents, vacancy rates, inventory and other metrics for 11 property types, such as office, apartment, industrial and retail.
There’s no better way to stay current on trends and industry news then attending industry events. If you can make it to the Texas Realtors Winter Meeting in Austin in February and the Texas Realtors Shaping Texas Conference in Grapevine this August, I guarantee you will come away with practical tips and new business connections. Or attend one of the eight Texas Realtors 360 – Real Insights meetings that will take place in a location near you later this year. I hope to see many of you and exchange information and ideas; there’s nothing that keeps our association as strong as hearing directly from members.
Another fantastic source of data is the Texas Real Estate Research Center, which puts out data and analysis on a regular basis. Speaking of forecasts, you’ll find valuable insights and predictions from TRERC’s 2024 Texas Real Estate Forecast. It provides data and projections for single-family and multi-family housing, retail, office and rural land — along with a color-coded key that shows the certainty of the projection.
Looking forward to a good year
Whatever else happens in the Texas real estate market this year, I’m confident that we all have the opportunity to achieve business success and personal growth. I truly believe good things come from a positive outlook, hard work and support for one another. I also guarantee that Texas Realtors will keep our members’ interests at the forefront of everything we do. The leadership of our association is here to serve you. After all, we’re members, too.
Here’s to a great year!
Jef Conn is chairman of Texas REALTORS®.