For the past decade, we’ve largely been a victim of circumstance, whether it was riding the crest of the boom years or scrambling for firm footing during the housing crash. As we move further into 2015, however, a clear distinction is emerging—Power Brokers are taking back control.
The results of RISMedia’s 2015 Power Broker Survey reveal the kind of steady success pattern that makes for a prosperous longevity. This year’s top 1,000 survey* respondents report a collective 3,203,736 transactions resulting in an impressive $972,888,910,471 in sales volume for 2014—a more than $76 billion increase over 2013. And 2015, while not without obstacle, is expected to be an even stronger year for most.
While lingering issues like inventory shortage continue to stymie real estate sales, several market dynamics are converging to make for an optimistic take on 2015 according to the 2015 Power Broker Report, sponsored by Homes.com, Leading Real Estate Companies of the World®, Pillar To Post Home Inspectors and HSA Home Warranty. “The market continues to adjust in an upward trend,” reports Jean Rawls, operating partner of Atlanta’s Rawls Group—Keller Williams. “As we head into Q2, we are experiencing some of the lowest levels of inventory in years, and the supply/demand relationship is still to the seller’s advantage. We are seeing an increase in multiple offers and a renewed excitement in the return of new construction. Fannie Mae and Freddie Mac are offering 3 percent down-payment options, making homeownership even more attainable for first-time homebuyers. Homeownership has become more affordable than renting in most instances, and we look forward to another strong spring selling season.”
Here is a snapshot of some of the findings from RISMedia's 2015 Power Broker Survey:
"2015 is shaping up to be another great year," says Ashley Bowers, chief operating officer, HomeSmart, Ariz. "We are seeing a huge increase in the call volume our brokerage is receiving from agents about transaction-related details. On any given day, we have nearly 900 transactions pending approval, which tells us this growth trend is going to continue into quarter 2."
Chris Masiello, CEO & President of The Masiello Group, Better Homes and Gardens Real Estate, New Hampshire, echoes this positive outlook. "Our pending business through the end of February was up 16 percent, so I think the markets here are continuing to improve gradually."
"The Southern Nevada market is stabilizing and reaching a healthy equilibrium between inventory and buyers," says Fafie Moore, president, Realty Executives of Nevada. "Consumer confidence is returning for owner-occupied buyers."
Participating brokers also weighed in on increasing technology, lingering low inventory, the current state of homeownership, mortgage market momentum, and more. See the Power Broker Top 500 (ranked by sales volume for 2014) alongside our full Power Broker Report coverage here.
*RISMedia’s 27th Annual Power Broker Report & Survey is based on the top 1,000 respondents to a survey distributed via email and available online at rismedia.com. The survey ranks residential real estate brokerage firms according to closed transaction numbers and closed sales volume for the year 2014. The Top 500 list in this section is ranked by sales volume. To see firms ranked by transaction, please reference the full Power Broker Report, coming soon at rismedia.com. All sales and transaction data is submitted directly by brokerage firms and verified by the firm’s financial executives, outside accounting firms and/or corporate franchise headquarters.
Maria Patterson is RISMedia's Executive Editor.
