Budge Huskey was named President and Chief Operating Officer of Coldwell Banker Real Estate LLC in June 2010. He had spent the previous 12 years in several executive positions with NRT, the nation’s largest residential real estate brokerage.
Huskey, who reports to CEO Jim Gillespie, now oversees operational activities supporting more than 98,000 Coldwell Banker sales professionals in 3,600 franchised offices in 50 countries and territories around the world. He also leads the brand’s internal operations and is charged with growing the Coldwell Banker brand domestically and internationally.
Well regarded in the real estate industry, Huskey served as President of the Orlando Association of REALTORS®, where he was honored as REALTOR® of the Year, and director and committee chairperson for the Florida Association of REALTORS®. He won the 2006 Coldwell Banker Chandler Barton Award representing dedication and service to the Coldwell Banker brand.
Huskey is a 1981 graduate of
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Environmental factors are the primary change drivers in any industry, and real estate is no exception. Obviously there are many, but I’ll comment on a few here.
Although the global economy is in the early stages of recovery, the impact of the recession on consumer attitude and behavior is profound. After 10 years of real estate being viewed as A short-term investment opportunity with astronomic returns, we’ve returned to a period where demographics and lifestyle changes will once determine the pace of sales. The new normal has not yet come into full focus, but it will be framed by a more frugal consumer exercising greater caution in investment decision making. As such, the role of a trusted real estate advisor is becoming increasingly significant and valuable.
A related area is real estate lending. Following the losses associated with excessive securitization and exotic loan products, a more responsible position is being adopted by lenders who will now operate in a climate of increasing government regulation. We take great pride in knowing that Coldwell Banker mortgage never participated in the risky practices for which many are paying today, and continues to set an excellent example of responsibility. While owning real estate will remain the American dream, it may no longer be assumed as a right for all. But for those with stable employment and good credit, incredible interest rates and overall affordability present a compelling justification for action.
Another significant area of change may be found in the needs and wants of real estate buyers, as the concept of the traditional consumer is becoming less defined. There are myriad shifts occurring in the size and structure of the American household, driven by both demographic changes and cultural norms. In addition, the goal of the large home, suburban experience is being increasingly replaced as a result of consumer mobility, a new urban lifestyle appeal, and a focus on conservation and energy efficiency. Sheer size is giving way to quality, features, access, and amenities. The future real estate agent will work with an increasingly sophisticated buyer with more unique needs and expectations.
As the largest franchisor and operator of real estate brokerages in the country, Realogy continues to play a major role in shaping the future of the industry not only due to its sheer scale, but also because of its approach of applying sophisticated business methodologies to what was traditionally a cottage industry. Approximately one out of every four real estate transactions involve a Realogy brand, and its ownership of Cartus, the world’s largest relocation company, puts Realogy in a unique leadership position.
Although the National Association of REALTORS® may not be considered by some to logically fall within the category of corporate players, its size and enormous influence in shaping all policy matters relating to real estate can’t be ignored. NAR has been a superb advocate of its REALTOR® membership and legislation which supports the private property rights of citizens.
One of the greatest drivers of change in real estate is the area of technology integration, social media, and overall consumer access to enormous information. Therefore, important corporate influencers would have to include innovators such as Microsoft®, Google™, Facebook, and information aggregators to whom the consumer will access content in their research of investment opportunities.
I’ll admit I’m biased, but the first person who comes to mind is Michael Fischer. Mike works with me as the CMO of Coldwell Banker and has brought to the forefront some unbelievable innovations. The one I think is most critical and beneficial to our industry in the Coldwell Banker brand’s YouTube channel, On Location.
With thousands and thousands of listings videos being well received over the past year, I think the industry is recognizing the power of video to market a home and an agent. Having worked with so many agents over the years, I know firsthand how different they are. Yet when you look at their resume, photo or online profile page it is impossible to make that instant connection. Video is doing that for them. And when you combine the agent and the story of a home in a listing video, it is an incredibly powerful combination.
Mike also brought Coldwell Banker BlueScape(sm) to market. Rather than focusing on the traditional search mechanisms of beds and baths, BlueScape is the first real estate genome project which allows consumers to search based on visual elements that tap into their emotion. It’s not for everyone, but clearly a way that brings successfully Web models into our industry.
Two Ts. Transparency and Trust. They want to devour information as long as it is presented in an easy-to-digest format. They want to use it in the anonymity of their home or office and be extremely prepared when it comes time to work with an agent. Therefore, a robust but user-friendly online experience is a must. And when they do make that major step to engage with an agent, they clearly want to work with someone who shows day-in and day-out that the consumer’s needs and wants come first. Outstanding response and communication skills are a must. The expectation of an ever higher level of knowledge and competency from an agent is constant, and it is warranted and welcomed by those such as myself who view our industry as a serious profession.
I think sometimes we are all so concerned with our own “inside” world of the industry and fail to recognize the needs and wants of the consumer. All of the wonderful innovations that have come about recently have clearly given the consumer an incredible amount of information and control in the buying and selling process. But even with that, the role of the agent has not diminished as many once predicted.
In fact, with the economic downturn it is fair to say the full-service agents are more important today than ever before. But we must all remember that consumers have great concern today about their own economic viability and are rightfully nervous when it comes to making the greatest purchase in their lives. Therefore, simple communications, constant updates, and going the extra mile without incurring additional costs are making the difference today between the ultra-successful and the rest of the pack.
Our industry is, and will always be built on a foundation of service, so the most important steps a brokerage should take to ensure future relevance and success is to raise the bar. Defining what represents an exceptional consumer experience and then constructing delivery and feedback systems to consistently execute and measure should be the goal of any company or brand. It’s ultimately having the courage to set high expectations in the form of service standards, and holding people accountable to the mission.
Technology integration is another must for the future real estate brokerage. Not only is it necessary to meet consumer expectations, but also a critical component of brokerage efforts to operate more efficiently. The consumer is increasingly engaged and expects complete transparency of the transaction.
With top-line revenues limited by the dynamics of the market, real estate broker owners must make the same hard choices as other industries and retool their organizations to ensure profitability in the new norm. Decisions must be made as to the most critical components of your value proposition, and invest accordingly. Most should find it’s no longer good business to view your offices as giant billboards and with desks for every agent the size of aircraft carriers. It’s smaller footprints, convenience offices, agent development training, virtual support tools, centralization, and automation. Put your money where it benefits the customer and truly develops business.
The most important obligation of these organizations in the near term is to demonstrate that they are not insulated from the same pressures felt by their members. Operating with greater efficiency, lowering member costs, and becoming less parochial by merging to eliminate duplications and provide better service. There are many outstanding examples of such progressive associations around the country.
