2013 is a thing of the past, but when it comes to the amazing strides the real estate market made toward recovery, it’s a year that nobody will soon forget. For real estate brokers, 2014 is poised to be another busy year, although many are looking to alternate revenue sources. Here’s a closer look.
New Opportunities: According to the National Association of Realtors (NAR), there will be more than 5 million residential sales this year. But that doesn’t mean that real estate brokers are fine with the status quo. Many are investigating other business opportunities such as property management services and corporate housing, while others are passing costs onto agents for services such as showing assistants.
Working With Baby Boomers: Many baby boomers are retiring from their long-time jobs, but are finding they aren’t ready to hang-up their daily work routine completely. This has led to many starting their own companies doing something they’re passionate about. Generally speaking, this requires a home office, which is why so many real estate brokers this year will see more buyers looking for a home with this feature.
Education Is Key: Real estate agents and brokers will once again focus on education in 2014. From webinars to continuing education via NAR, there is no shortage of ways that real estate experts can gain a better grip on the state of the market. But this year, brokers will attempt to sift through the deluge of educational advertisements they receive by asking for personal recommendations and assessments. LinkedIn has become an amazing place for professionals to share information and talk, and with their new five-star rating system that allows users to rate anyone in their database, those who are knowledgeable and reliable just became even easier to find.
A Flatter 2014 Market: While this year’s real estate market will undoubtedly ride the coattails of last year, 2014 is expected to be a flatter market. In California, the market hit its low point in 2006, turned a corner in 2009 and began to recover and finally found stability in 2013. Experts say this transition stage in California will likely continue for another year or two.