Is the real estate industry heading toward a market correction in 2020? Some think so due to some of the biggest brokerages in New York City buying up the smaller firms.
In real estate, a market correction is a balance between the number of people working in the industry and the demand.
Global economic tension and an election year may result in properties taking more time to sell. In turn, this could result in more real estate firm mergers and acquisitions.
Are there too many licensed real estate agents for the current demand? Buyers and sellers are now more educated, meaning they feel less of a need to rely so heavily on real estate agents. The ones who survive will be at the top of their game.
More of the larger real estate firms are acquiring the smaller ones.
“The new generation of renters and homebuyers is here, so agents need to ask themselves if their marketing and advertising tools are geared toward the right audience. New technological innovations allow today’s potential buyers and renters access to virtually any property’s history and information. Because of this, real estate agents should focus on finding the right tools to be more efficient at work and to be able to create a meaningful connection with their clients. And always remember that in times of uncertainty, significant opportunities arise.”