40 Things About Real Estate We Can All Agree On
Some things are undeniable. The real estate industry is complex and accounts for 11 percent of the United States’ total GDP, putting it ahead even of the healthcare industry with 5 percent. We’re talking about more than $200 billion dollars a year in total revenue from residential and commercial real estate combined. That leads to a very complicated industry with conflicting interests and goals and acerbic politics.
Nevertheless, there are some things that, regardless of region, industry segment, job position or personal interest, we can agree on: good, bad, right, wrong, brilliant, dumb, and downright crazy. Here, in no particular order, are 40 of them.
1. With a grand total of 976 MLS organizations in the US, the real estate industry is the most complicated data structure for providing consistent property information to professionals and consumers.
2. Donald Trump probably shouldn’t talk so much, or do that comb-over thing, or get married again. (But he will.)
3. The mortgage crisis never should have happened.
4. The bailout for sub-prime mortgage lenders is just wrong…
5. Which reminds us: A lot more people should have gone to jail as a result of the mortgage crisis.
6. Some unnamed real estate associations produce a lot of data that seems suspiciously one-sided.
7. Steve Jobs helped make our lives and jobs a bit more fun.
8. Real estate is the oldest profession (after that other oldest profession, of course).
10. Larry Ellison’s house might be a bit much for secondary residence.
11. Matthew Shadbolt (Director of Interactive Product and Marketing for The Corcoran Group) is doing things with social media that other real estate brands should pay attention to.
12. The the oldest real estate agency in the USA is a whopping 156 years old. Baird and Warner is still family owned.
13. Searching for a rental property is almost always a horrible experience.
14. Good photography can help sell just about anything, especially real estate.
15. Foreclosure is the dark underbelly of real estate, and it needs to be fixed.
16. Real estate advertisements on television really suck.
17. When it comes to real estate, past results are no indication of future results.
18. We should do more green development.
19. Owning your own home is still the American Dream.
20. Our property taxes don’t provide us with the services we think we deserve.
21. We love it when a new restaurant signs a lease in our neighborhood…unless it’s a McDonald’s.
22. We hate rats—and, for that matter, rodents and pests of all types.
23. There’s a time in every roommate relationship where you can’t wait for them to leave.
24. Reality TV shows on house flipping have helped a lot of people lose a lot of money.
25. Dwell & Architectural Digest are the best home design magazines out there right now.
27. One of the best movie sex scenes involving realtors—one of the only movie sex scenes involving realtors—is in American Beauty.
28. People want to search for real estate on the web. Currently, 83% of homebuyers start their search online.
29. The lending process should be more transparent.
30. Technology has not gone far enough yet in making the agent’s job easier.
31. The fact that Vanilla Ice has a home show is does not reflect well on the industry.
33. We’re disappointed that the tallest building in the world is no longer in the USA.
34. Your first apartment probably wasn’t as clean as it should have been.
35. When you find a great agent or broker to represent you, they are like gold.
36. Having one agent represent both buyer and seller is a crazy concept that may not be in the best interest of the consumer.
37. Reputation is everything.
38. We love it when we can see beautiful property photos on our iPhones and IPads.
39. Social media is a time suck for most real estate agents.
40. For all the progress our industry has made, real estate websites still suck.
Published on May 2, 2012
Written by Seth Price
Seth is a brand and marketing strategist with 20 years of digital marketing experience. He’s the VP of Industry Relations at Placester, author of the upcoming book Road to Recognition and host of The Craft of Marketing and Marketing Genius podcasts. As a speaker, writer, and marketing workshop leader, Seth brings levity, mentorship, and a dose of reality to the businesses and entrepreneurs he coaches.