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Despite elevated mortgage rates, pending new NAR rules and slow sales, a trio of industry leaders on Tuesday argued that this particular moment is perfect for real estate professionals to grow their businesses.
“I see growth opportunities all over the industry right now,” Lance Custen, president and CEO of Realty.com, said.
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Custen made the comment while on stage at Inman Connect Las Vegas alongside Century 21 Chief Operating Officer Greg Sexton and Coldwell Banker Vice President of Global Luxury Michael Altneu. All three panelists agreed that more challenging times are when strong companies pull ahead.
“Those companies that are really, really large are the ones that grew during the challenging markets,” Sexton told the Connect audience.
Here are some of the opportunities for growth and advancement the trio raised during their time on stage:
Mergers and acquisitions
Sexton focused much of his commentary on the potential to buy or sell companies. He noted that real estate is an “aging industry,” which means that there are numerous companies just waiting for someone to make an acquisition offer.
“If the industry is being consolidated you can either be consolidated or be a consolidator,” Sexton said.
He also noted that mergers and acquisitions are an opportunity from multiple angles; some companies will be able to pick up rivals, for example, but there are also people looking to get out of the business who can structure sales of their firms so that they keep one foot still in the field.
From left to right, Lance Custen, Michael Altneu, and Greg Sexton at Inman Connect Las Vegas Tuesday. Credit: AJ Canaria Creative Services
Artificial intelligence
One of the emerging themes of Connect this week is artificial intelligence, and during his remarks Altneu floated the technology as an area of growth and opportunity.
“AI will build relationships,” Altneu argued.
Sexton agreed, saying that AI is likely to change numerous aspects of the real estate industry.
“It will change how people search for homes,” he said. “It might even change how a company learns who they want to affiliate with.”
Culture
Altneu also argued that this moment is one in which companies should lean into building a strong culture. Among other things, he said the most successful companies within Coldwell Banker “have an incredible culture.”
“Culture is going to be the driver that is going to keep us moving forward past August and into the coming months,” Altneu said, alluding to the August date when new rules from the National Association of Realtors kick in.
