Realtors rethink the future of real estate

ORLANDO, Fla. – Nov. 9, 2012 – Real estate faces a transformation, given the nation’s economic concerns, demographic shifts and socio-economic trends. At the National Association of Realtors® (NAR)’s convention in Orlando this week, a two-year study, called ReThink that kicked off in August, will give the association insight into the ways it must change.
“NAR takes its role as a leader in the real estate industry very seriously,” says NAR President Moe Veissi, broker-owner of Veissi & Associates Inc. in Miami, and 2002 president of Florida Realtors. “As Realtors gather this week in Orlando, we’re focused on the road ahead, not only for real estate but also for the future of our families, communities and nation’s economy. The ReThink initiative leverages the experiences and insights of Realtors, academia, consumers and others to plan for, and adapt to, dynamic changes in the industry.”
NAR launched the ReThink Initiative in August during its annual Leadership Summit in Chicago, and it will conduct cross-country workshops through May 2013, including two this week in Orlando. When completed after two years, ReThink will analyze its findings and create a shared vision and action strategy about the future that Realtors want to create for their association, industry and American society.
The current debt-driven recession’s impact on the housing market is a significant consideration, for example. Although surveys indicate that most Americans still believe in the value of homeownership, many believe that ownership will become more difficult in the coming years. Demographic forces like retiring Baby Boomers, emerging Echo Boomers and increasing ethnic diversity will affect both the demand and supply side of residential real estate.
Other elements are likely to impact U.S. real estate, as well. Global immigration and foreign capital flows will influence demand for U.S. housing, and environmental concerns could affect urban and suburban design. Technology and the growing influence of data will impact the real estate industry and society in ways that few fully understand today.
Workshop participants are asked to consider a focal question: In an ever-changing world, what is the future of the real estate industry in 5-10 years, and how will this affect consumers, real estate professionals, industry organizations and associations?
Realtors unable to attend a session can experience it online and provide feedback and insights just like the live ReThink events. The online experience will be available soon at
“For over 100 years, Realtors have demonstrated their value to buyers, sellers and investors in the real estate transaction,” says Veissi. “Now we’re going beyond that as we develop a vision for the future for the next century and beyond.”
© 2012 Florida Realtors®

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