Jeremy Conaway Says Realtors Need to Change with the Times

Jeremy Conaway, President of RECON Intelligence Services, was the first presenter yesterday at the Contra Costa Association of Realtors’ Big Event held at the Dean Lesher Center in Walnut Creek, CA.

The Big Event is held every year as a means of informing local Realtors of changing legislation affecting the real estate industry and also providing a look at the market and economic dynamics affecting the East Bay and California.

Mr. Conaway started with this:

• 1992 – 2005 = The longest boom in real estate in U.S. History (2005 = 7.2 million resale homes sold)
• 2006 – 2007 = Real estate market falters
• 2007 – 2008 = Real estate market fades
• 2009 – 2010 = Market rebounds (11 months out) (sustaining market of 5.8 to 6.2 million resale units)

The New Real Estate Consumer

• 55% to 65% = 21 to 43 years of age
• Back to neighborhood dynamics (50% of market)
• 54% of consumers in 2009/2010 will have less resources and require more help in matching their expectations to their resources

Realtors need to prepare for a huge shift in their consumer base.

Homeowners can impact their home value by raising the standard of the neighborhood.

67 million individuals are currently tracking real estate on the Internet. 42 million people are waiting for CNN and the other news networks to tell them about the market, while the emerging consumer base is relying on local real estate blogs and Realtor expertise to give it to them in real time.

Today’s consumer does not want to be processed and they are willing to pay a premium price for premium service.