Madison, NJ, September 2, 2021 / PRNewswire / – ERA® Real Estate, the global franchise leader in the Realogy family of brands, today announced a new opinion leaders report that explores how home ownership is affecting the industry.
“Home ownership and ownership and the impact on the real estate industryThe report is based on the observations and opinions of ERA-affiliated brokers across the country on how the increase in home ownership has impacted their businesses in the past, how they have responded, and their views on what might come next in 2021 and beyond.
According to the National Association of REALTORS®, until 2019, homeowners stayed in their homes for an average of eight years, significantly more than in 2000, when the average property tenure was four years. But given the market conditions of the past few years, the tenure of a property could last up to 15 years or more.
The report explores how the 2020 buying frenzy could have impacted home ownership rates. NAR reported last year that 5.64 million people had moved, up nearly six percent from last year. Many of these people may have moved beyond traditional life changes such as marriage, childbirth, divorce or retirement, and resisting tenure trends. Understanding how this will play out in the coming years will be critical to the future success of brokers.
Key findings based on the experience of ERA affiliated brokers presented in the report:
- Creating a proposal through innovative salesperson marketing is key to gaining more market share.
- Establishing links with additional markets allowed for the preservation of business within the company.
- Harnessing the growing demand for multi-generational lives has helped make a bigger piece of the pie.
- Attracting tenants through property management has created a solid foundation for the future.
- Supporting agents with customized marketing resources and CRM support has given them a competitive edge in the form of extra time to support existing customers and the farm for future ones.
“The tenure of a home is not a statistic that is usually tracked when assessing market conditions, which makes this report unique to the industry. When looking at trends in home ownership tenure, it becomes clear that changes in how long people stay in their homes affect inventory levels. Despite sharp downturns and flows in market dynamics, successful companies are those that are able to balance short-term performance with long-term positioning. As we can see from these ERA-affiliated brokers mentioned in the report, they have made strategic changes to their business in response to these shifts – knowing when and how to adapt is still a competitive advantage. ”
Sherri Chris, President & CEO, ERA® Real estate
About ERA Real Estate
V ERA Real Estate, we do not adapt to changes, we create them. We believe our core business values - collaboration, innovation, diversity and growth – are needed now more than ever. A global leader in residential real estate for over 40 years, ERA was the first real estate franchise to expand internationally, the first to advertise online, and is the only national company to offer the Sellers Security® Plan.
ERA Real Estate’s network includes more than 36,000 affiliated brokers and independent trading partners and approximately 2,200 offices in the United States and 31 other countries and territories. ERA Franchising Systems LLC (www.ERA.com), which operates the ERA Real Estate system, is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global provider of real estate services. ERA Real Estate information is available at www.ExploreERA.com…
SOURCE ERA Real Estate