George Schechter has an entirely new business model. A real estate agent at Compass Florida in Coconut Grove, Schechter has 12 years of experience in the real estate industry, so he’s familiar with its cyclical ups and downs. But today’s housing market has forced him to pivot to remain successful.
“This market is like nothing we’ve ever seen,” he said. “In certain neighborhoods, such as Coconut Grove and Coral Gables, we’re at 25-year lows in inventory, with buyer demand I’ve never experienced.”
A recent example of the frothy market in South Florida: Schechter listed a house in Coconut Grove on a Friday at 7 a.m. for $895,000. By 10 a.m., he had 62 showing requests and by Monday, 27 offers. The house sold for $1.5 million.
There’s plenty of advice available to help buyers and sellers navigate the current housing market. But what about real estate agents? What are they doing to adapt and ensure their survival during one of the most challenging markets in history?
“So many people got into the business last year because of the pandemic,” said Sherri Johnson, a national real estate coach and speaker. “Licenses went up dramatically due to job changes, and it does weed out the amateurs, the folks who can’t adapt to change fast enough. The cream of the crop always rises, though – anyone who is a good agent can sustain any type of economic or health crisis or any issue going on in the country.”