There have been a lot of changes in the real estate market as of late especially within the Twin Cities of Minnesota and in the surrounding areas. With 2023 fast approaching, the real estate industry in the USA is taking a new shape with various players entering the market.
In today’s episode of Fly the Coop podcast, we are joined by Greg Mason. Greg is the acting President and CEO of Edina Realty Home Services, and he heads the region's largest residential real estate firm, with 60 offices throughout Minnesota and Wisconsin. He has a BS in Biology from the University of North Dakota and a Juris Doctor from William Mitchell College of Law.
In this podcast, Greg talks about brokerages and growth in the real estate business. He shares his views on the additional agents that have been added to the ecosystem, what we forecast will happen moving into 2023 when the market has stabilized, the competition and power play in the industry and much more. Enjoy!
Topics Discussed and Key Points:
Timestamps
[00:37] A little bit about Greg and what he does
[01:46] Greg's assessment of the real estate market
[03:44] The number of Greg's offices in total
[04:10] The number of Greg’s agents in total
[04:51] Greg's perspective on brokerages, the expansion of the US real estate market, and his outlook through 2023
[06:43] Present market share for Edina Realty in Twin Cities and the US as a whole
[13:06] Dealing with an unrealistic market after COVID for the majority of enterprises
[14:32] Greg's analysis of the city and Edina Realty during the past two years in terms of productivity
[15:16] Approximate number of units a new agent transacts in a year
[15:40] Coming in 2023, fall out on the client experience
[16:47] Greg's perspective on the differences in the brokerage industry between 20 years ago, what is happening now, and what he expects to happen in the next 1 to 5 years.
[17:34] How does Greg think 2023 will differ from 2022 in terms of numbers?
[20:05] How does the economy's irrational spending impact the home market in relation to what's happening in the job market at the corporate level?
[21:50] What Greg expects to happen with relocation during the following five years
[23:19] Greg's perspective on the power play, the competition, and the brokerage's position
[25:47] Skewed rankings
[28:10] 40% of the homes in the country are fully owned by baby boomers.
[32:52] How Greg balances work and life despite having a busy schedule
[35:03] The most exciting development Greg anticipates in 2023
Notable Quotes
[00:04:51] “I think, you know, the last couple of years, I think when COVID hit, we saw a lot of people, maybe in their normal 8 to 5 jobs, looking to move into the real estate industry.” [00:05:01]
[00:06:52] “So, you know, it's one of the things I talk about all the time. When you're at the top, your kind of sitting down. You know, number one, everybody wants to knock you off. And we've got you to know; we've got a significant gap. You know, still, we're leading the market by several, you know, market points.” [00:07:05]
[00:09:02] “From an ethics and integrity perspective in the industry is nobody, you know, stronger than he is always doing the right thing. And I think it's one of the things that's our mantra to anytime you have a transaction with anybody, for me that entails going to do the right thing.” [00:09:15]
[00:12:30] “I really encourage every time in a transaction people should get together, you know, shake hands, you know, or at a closing, let the parties see each other. You know, it should be a celebration, too, at the closing or within the transaction. You know, it's a big emotion. Every real estate transaction is emotional.” [00:12:48]
[00:14:32] “What we're seeing, you know, we saw competitors come in the last couple of years, so it's chipped away at some of our business and market shares because there are people who are just order takers.” [00:14:41]
[00:16:14] “We understand how to run a business right from start to, you know, from start to finish and every little thing. And too many times people think it's an easy business to get into your house.” [00:16:23]
[00:22:13] “Relocation, just in general, people moving into the market area. We're going to continue to see a lot of people able to be mobile in our country have continued to change.” [00:22:24]
[00:23:20] “Other companies out there, you know, they had some, you know, and venture capital money behind them and they were doing some things that just weren't practical, they weren't sensible.” [00:23:29]
[00:25:48] “You can always manipulate numbers, too. You know, in that regard as to how you want them to look. Yeah, we look at the pure numbers, you know, and we do. And that's why we're able to come out every year and be the market leader.” [00:25:57]
[00:31:39] “My daughter is in her mid-twenties, but their whole generation now, especially when he is close to 30, wants to be homeowners, right? They don't, they're not gonna be renters. You know, when you recall, when we went through the last housing crash, you get all these experts to say, and everybody's going to be a renter.” [00:31:54]
Resources
Connect with Greg Mason
Connect with Carrie Ann Carter
Call to Action
If you enjoyed this podcast and want to support us, please subscribe on the platform you listen to podcasts from, leave a review and share with your friends. We’d greatly appreciate it!