Darcy A. Dougherty, RCE, CAE, is the Chief Executive Officer for the Chicago Association of Realtors, a position she has held since 1995. The Chicago Association of Realtors a dynamic 10,000 member organization, is the 3rd largest local real estate board in the country. She has 45 staff and oversees an operating budget in excess of 9 million dollars annually. CAR has 4 full service branches and owns/operates several real estate school brands, a flyer distribution company and neighborhoodmaps.info. It also has its own local political pac and an education foundation.
Dougherty started her real estate career as an agent. She holds a real estate Broker's license and a GRI designation. She moved into association management with the Rockford Association of Realtors as Director of Member Services and then held the position of Executive Vice President of the Elgin Area Association of Realtors, both in Illinois, for 12 years before going to Chicago as its CEO. She is a Realtor Certified Executive (RCE) and a Certified Association Executive (CAE). She is on schedule to receive a MBA degree in the spring of 2003.
In her 7 year tenure with CAR, she has implemented a number of innovative initiatives and marketing for the Association while greatly expanding the number of programs, products and services provided to members. Highlights include: changing the corporate culture of the organization to one that is member centric and market driven; revamping the financial processes; significantly enhancing educational opportunities for Realtors and the public; creating a series of very successful non-dues revenue vehicles which help and support brokers and agents; and enhancing the association's image as the Voice for Real Estate among government entities and media throughout the greater Chicago area. A strong supporter of RPAC & the role it plays in ensuring the future of the real estate business for members, CAR has reached and exceeded its fundraising goal for 5 straight years.
She is a member of Rotary One, Executives Club of Chicago and Altrusa International. Darcy is married to the Deputy CEO of the Chicago Association of Realtors, Bob Dougherty and they are celebrating their 25th year together.
Darcy can be reached at darcyd@chirealtor.com.
As an "industry visionary", what do you see as the major changes occurring in the real estate industry?
Where to begin? At the most basic level, all the changes in some way relate back to basic relationships. While each of the primary professional and business relationships are being impacted by either technology or economic reallocation, their basic value and function remains constant. The challenge is to impact and influence that which you can change and adapt your business model to that which you cannot.
What major "corporate players" are driving change and what may be their impact?
Banks, title companies, as well as some of the big corporate real estate companies around the country are certainly driving new models that are affecting real estate. However, having observed the obvious, I really think that the most significant groups which will be driving the changes in our industry will be from corporations outside of the immediate realm. This is based upon my sense that consumer expectations will be the ultimate change force. The companies that are currently influencing consumer expectations will probably expand their sphere of influence by entering some phase of the real estate transaction. By way of example, Home Depot and Wal-Mart are masters at responding quickly to the expectations of the evolving customer. How long will it be before they extend this skill set into the ultimate consumer experience?
Who are the "individual trendsetters" that are shaping the future real estate industry?
I have been especially impressed with Jim Young of the Jameson Group and consider him as a pacesetter. I have seen how his special ability to match technology applications to end users has positively impacted the commercial real estate community.
What are the expectations of the emerging real estate consumer?
Although reaching a comfort level or "safety" in the transaction is paramount, the consumer of today is even more loudly demanding "Give it to me how I want it and when and where I want it." They are also making it clear that they want to be a real participant in the transaction. In contrast to their predecessors, they actually want to do and seem to gain some satisfaction from doing some of the preliminary leg work on their own. In almost all cases they want all of the information and don't want to feel in anyway that they are being processed or censored.
How should the Brokerage and Realtor Association / MLS respond to these real estate consumer expectations?
The first and most important step for any Association is to decide that it wants to be a player! The second is to decide what role to play. I believe that it is important for Associations to get involved in setting standards for industry consistency and continuity. Failure to do so will result in external standards being set as in what happened in the health care field. The next challenge is that it has to promote these standards to both the membership and the public. This is going to require that Associations work with members to be more sensitive to consumer expectations and to support them in their efforts to deliver services that meet and exceed the standard. As always, the challenge will include continuing efforts to impress the consumer with the value of working with an agent to get the optimum results in their buying or selling experience.
What changes should a Brokerage implement to ensure profitability in the future?
Step one, and from my sense of the situation, no small task, is to create an appropriate understanding relative to what factors actually contribute to profitability. Brokers must be willing to change their thinking from "building market share" to "earning wallet share." Procedural automation and standardization has proven to be essential in every other successful industry and will probably be critical in the brokerage industry as well. Brokers need to do everything possible to attune themselves to the trends and directions of the industry and be willing to take responsive action steps.
What role do you see the Realtor Association / MLS playing to ensure Broker profitability?
I believe that the Association can and should play a vital role in helping Brokers succeed in every aspect of their business. The fact that the traditional association role is no longer relevant to the contemporary practitioner doesn't mean that the Association has no value, but rather that its focus needs to be shifted. Today's Realtor association represents a significant investment over a fifty year period. The ultimate return on that investment must be measured over the next three years.
Associations must move from the "you shall not" environment to a "how can we make a difference" mode. Associations must forget what they have been doing for the past twenty years because in an amazing percentage of cases, it is no longer relevant to today's business model.
Real estate associations must utilize every available marketing technique to rally the brokerage community and convince them that the Association is part of the solution to their business problems and challenges. In order to meet this goal, there is an urgent need for the Association to rise to the occasion by acquiring new skill sets and competencies that can make a difference in the new real estate brokerage models.
Based upon your vision of the future of the real estate industry, what are you doing to help influence positive change?
I am humbled at the honor to have been blessed with a position of trust, direction and leadership with the 10,000 member Chicago real estate community. These are amazing people who, because of a unique heritage, are looking to their association for leadership, insight, business acumen and solid professional support. I am 100% committed every day to doing everything possible with my personal and professional power and abilities to provide both leadership and support to contribute to the success of our members who wish to prosper in the new real estate environment.
What books would you recommend as a "must read" that have influenced your
vision?
One of the benefits of living in the 21st Century is the ability to personally experience the events that are impacting our lives. I confess that I don't look to books to provide these experiences - I'm living them everyday. And my members are living them everyday too. I am grateful for the opportunity to work for a dynamic and motivated Association. Over the past three years, I have been influenced by exposure to international leaders on four continents. My senses are inspired every day by my elected leadership who are also the movers and shakers of a world class city. I am stimulated by each day's experiences and by the potential I see for the future of the real estate business! To some extent, my perception realtive to books may also be impacted by my current involvement in a MBA program.
What advice would you give Brokerages and Realtor Associations / MLSs to assure they stay relevant and successful in the future?
Again, the first step is to decide to be relevant! Once that decision has been made it is a matter of capturing the excitement and energy of reinvention. There is always more opportunity in change than threat. It is critical for both brokerages and associations not to lose their destiny in the market of the future. As the heirs apparent of this magnificent industry, how dare we not choose to be relevant!
