NASHVILLE, Tenn., (WKRN) — The housing market has seen record growth, but that doesn’t necessarily mean all realtors are enjoying the benefits.
Real estate agents are facing fierce competition not only from other realtors, but also technology.
One of the most telling signs of the demand is there are more agents than active listings in the Middle Tennessee area.
“It’s not far fetched,” said Sarah Skinner, Affiliate Broker with EXIT Realty Bob Lamb & Associates.
“I mean there is nothing out there,” she continued.
According to Greater Nashville Realtors, There are 4,364 active listings and 5,700 realtor affiliate members.
Mitch Turner, Director of Communications and Marketing at Greater Nashville realtor said the number of new members continues to increase year after year too. The association gained more than 1,300 members in one year.
“It’s fascinating,” said broker Jeff Checko with the Ashton Group of RE/MAX Advantage. He added, “The uptick in realtors, when times are good is expected, but what’s crazy is the inventory issue.”
It’s a tough pill to swallow for agents competing for your hard earned cash.
“When we talk about listings, we have less than a month of inventory on sale right now,” Skinner explained, “That’s like nothing.”
Skinner is one of the many new realtors piling into the housing market. “You rely on people you know or internet leads. So, it’s hard.”
It becomes even harder with massive competition.
“Technology impacts all industries, and real estate is no different,” Checko weighed-in. “You’ve got companies like Zillow, Truly, and Redfin that are looking to provide a service. And, part of that service is trying to provide a more instant snapshot into what a home may have to offer them or even the home value.”
Zillow recently announced its plan to hire more than 2,000 employees in 2021, which would increase its workforce by nearly 40%.
Checko said companies like Zillow are here to stay, “They’re going to continue to grow their presence, and we just have to do the best job we can representing people, and let the chips flow where they may.”
With the number of agents at an all time high, we asked how realtors can add value for buyers and sellers.
Checko answered, “When it comes to selling a home, a realtor can add a lot of value in terms of how that property is presented to the market, under what terms, what timeline, and create the most interesting competition for the best price.”
For the month of February, there were 2,919 closings reported, up from 4% this time last year, according to Greater Nashville Realtors.