Gateway Perspectives: Getting Back to Basics
Richard Haggerty | September 20, 2022
I recently returned from a RISMedia Leadership conference that I attended with HGAR President Anthony Domathoti. It was not a surprise that the primary focus of many of the sessions was how to deal with a shifting market, and if there was a primary theme, it was to get back to basics. Specifically, some of the recommendations were to refine and update your prospect list, both previous and current clients; create a plan to reconnect and stay connected and create a prospecting plan of action. In other words, go back to real estate 101.
One of the challenges of coping with the extreme market conditions that we experienced post-pandemic was that real estate basics went out the window. Realtors were dealing with pent-up buyer activity and low inventory, and simply keeping up with demand was a challenge. Indeed, you can make the argument that since the recovery from the 2008 recession, real estate cycles seemed to disappear. As I mentioned in my article in Real Estate In-Depth last month, real estate cycles will always be a part of this business. Interest rates will fluctuate, prices will fluctuate, and days on market will fluctuate. We will go from a seller’s market to a buyer’s market to a seller’s market again. That is the nature of cycles. If we are going to survive, and better yet thrive, during these market cycles, getting back to basics and investing in your business is the best formula.
However, if there is one metric that does not seem to be wavering, and which will continue to be a drag on the real estate market, it is our chronic lack of inventory, which is not just afflicting this region, but the entire country. While I am pleased to see a significant amount of new construction multi-family units being built in our market, I continue to be very disappointed in the dismally low levels of condo and single-family residential construction. We know that homeownership is a vital component in the creation of generational wealth, and we must do everything in our power to keep the pathway to homeownership open and available to everyone. Becoming a nation of renters is simply not an option. We must partner with community organizations and government officials to aggressively tackle this lack of inventory.
On a separate note, as you have read in this edition of Real Estate In-Depth, I will be leaving HGAR at the end of this year to become the CEO of OneKey MLS, LLP. To say I do not make this decision lightly is an understatement. I have thought long and hard about how I can best serve the members, and where I could be most impactful, and I decided that path was OneKey MLS, which is the lifeblood in the daily lives of our members. Approximately four years ago we came together with the Long Island Board of Realtors to leverage the incredible geography of New York City and the greater suburban areas to create something that will really benefit our members and also benefit our consumers. We have accomplished much in the last four years, and there is much more to do to achieve our goals.
I will be working with the HGAR Leadership Team over the next few months in the search for a new leader for HGAR, and we will dive into that process quickly. I hope I will have your continued support as I start this new chapter, and I look forward to working with you in my new capacity.