Industry Visionary

  • Jim Peters, RCE, CAE, e-Pro
    EVP/CEO of the South Carolina Association of Realtors®, Inc.

Jim Peters is the Executive Vice President and Chief Executive Officer of the South Carolina Association of Realtors, a position he has held for nearly nine years.

Born and educated in Rhodesia (Zimbabwe), Jim was installed as a Member of the Order of the Legion of Merit for outstanding leadership and service to that country prior to moving to Florida with his family in 1979.

Jim began his career in the US, in May of 1979, as Executive Vice President of the REALTOR® Association of Greater Ft. Lauderdale.   Recognized as a visionary leader Jim was responsible for initiating a number of innovative programs including the first association to computerize property tax records and incorporate this into the MLS, the first association to regionalize MLS services through a Reciprocal Agreement and is the pioneer who introduced Mediation to the REALTOR® ranks. Jim has personally facilitated strategic planning and mergers for numerous REALTOR® associations and other organizations. Jim was awarded the key to the city upon his departure from Ft. Lauderdale.

In 1993 Jim moved to Columbia, South Carolina as the Executive Vice President and Chief Executive Officer of the South Carolina Association of Realtors®. He has worked with visionary leaders to transform the association into one that puts member needs first through expanded legal, legislative, education and communications programs. Protecting both private property rights and intellectual property rights are key to REALTOR® professionalism and keeping the REALTOR® central to the real estate transaction.    Membership of the association is now at an all time high with over 10,000 REALTOR® members and the association is recognized as a powerful legislative and grass roots lobbying force in the state.  

Jim is an avid believer in the importance of technology in today’s world of real estate. Setting an example for REALTOR® members, all staff of S.C.A.R. will have completed their e-PRO designation program by the end of September.

Jim is a member of the Columbia Rotary Club, active in his church, a member of the Fannie Mae Partnership Policy Group, a member of the University of South Carolina Real Estate Center, a member of the Governor’s Task Force on Affordable Housing and has been active with committees of the NATIONAL ASSOCIATION OF REALTORS for the past twenty three years.

Jim can be reached at jim@screaltors.com


As an "industry visionary", what do you see as the major changes occurring in the real estate industry?

The transition from an "information based society" to a "knowlege based society" has been the most significant force to impact real estate in its organized history. The two drivers of change are consumerism and technology. Those that recognize the signifance of these drivers are able to capitalize upon the opportunity and adapt their business practices accordingly. Our consumers are better educated today, more knowledgeable about real estate issues, impatient and very demanding. The Internet has not only empowered consumers globally, but has opened the floodgates to such a mass of information that buyers and sellers recognize the need for a knowledge based Realtor professional. Those pundits who forecast the death of the industry have had to eat their words. Record sales and record numbers entering the real estate market are a sign of good times. What is certain, however, is the demise of those who fail to fail to adapt and upgrade their technology skills - these will become the victims of the next downturn in the market. What is just as certain is that excellence in customer service and communications have never been more critical to future success.

What major "corporate players" are driving change and what may be their impact?

Real estate is now a $300 billion industry. The Internet has brought together pieces of the puzzle that now make it attractive for new and existing major players. NRT/Cendant have undoubtedly had the most significant impact anw will continue to dominate. You can expect more mergers and consolidations as broker bottom line shrinks and NRT/Cendant seeks to expand its base. Fidelity Financial Services now control more than 50% of the MLS vendor business and is looking at innovative ways to package and control data. Many are underestimating the power associated with comprehensive data programs that will dictate how Realtors and consumers view data on homes and neighborhoods. GE Technologies now control the only lockbox ventures in the nation and are flexing their muscle as they pressure local Realtor associations to upgrade and pay the freight for comprehensive services that are expanding way beyond what were typical security issues. Homestore and Microsoft Homeadvisor, but their future is unsure as we see the emergence of national and local Web based programs capitalizing on the capabilities of IDX and VOW. The next 5 - 10 years will see a dramatic shift in control of the real estate transaction with much greater emphasis on the packaging of the data in a form that serves the consumer directly, disintermediating many of the existing players.

Who are the "individual trendsetters" that are shaping the future real estate industry?

There is no one model that truly exemplifies success. In the Northwest you see the vision and success of Lennox Scott of the John L. Scott company. We see new models being explored by Coldwell Banker and companies like Homelink that focus on concierge services. We are seeing the impact of e-realty and the Internet discount brokers, particularly in California. Visionaries like Tom Stevens are exploding as they expand into new markets and place emphasis on customer service. Bob Hale of the Houston Association of Realtors is doing everything it takes to provide Realtor services in a package that cuts costs and increases value. Jerry Matthews of the Florida Association of Realtors is a visionary who is always living in the future and conceived the framework of what is now realtor.org and currently offers comprehensive service to FAR members through Planetrealtor.com. Richard Mendenhall is the compassionate visionary who is always at the bleeding edge of new ideas and who will continue to influence the direction of the National Association of Realtors. Terry McDermott is a dynamic leader who continues to shape the future by focusing resources where they are needed most.

What are the expectations of the emerging real estate consumer?

Look at the demographics. We are primarily dealing with generation Xrs and baby boomers. These two generations make up over 70% of the market for new and existing homes. Impatient, demanding and more knowledgeable that any previous generation of homebuyers. Technology literate, if not dependent, they want the information NOW. Loyalty to Realtors is a thing of the past and expectations have risen to a level where buyers and sellers expect to be treated as though they are shopping through Nordstrom. They want to be treated with respect, expect honesty and integrity at every level of the transaction and they want discounts and value for every $$ spent. It is still a people business, but the biggest complaints we hear are failure to communicate and a violation of trust.

How should the Brokerage and Realtor Association / MLS respond to these real estate consumer expectations?

Brokerage firms and Realtor Associations are having to recognize that the rules have changed. No longer do we have a captive MLS! Customization and personalization of services are the key. Adaptation to technology and raising the learning curve of brokers and agents in technology and Internet usage is a must. Permanent e-mail addresses and focusing on e-mail communications are essential in todays e-environment. Realtor Associations must treat members as customers and meet their expectations. Constant needs analysis and focus groups will help determine emerging needs. Again, customization and personalization are essential, but associations must go beyond by anticipating and responding to member needs. By knowing the consumer, associations can best understand the expectations and needs of their members.

What changes should a Brokerage implement to ensure profitability in the future?

Today we are seeing increasing competion between the broker and the agent. Broker profitability is at an all time low. Recognizing the critical need to be on the cutting edge of technology, brokers need to consider new sources of revenue and business models that will spread the cost of technology with agents. WANs and LANs are critical as is the need for Brokers to develop state-of-the-art Websites including full IDX and VOW search capabilities. Keep the customers on the site (stickiness) and allocate the leads, but still retaining control. Build databases that will allow for increased buyer/seller customization and contact and explore opportunities to offer services outside of real estate that are profitable. Customers want one-stop-shopping and to be made to feel "special". Consider mergers or consolidation to take advantage of economies of scale while maximizing market share. Encourage the development of Teams and competition between Teams. Be strategic in all thinking.

What role do you see the Realtor Association / MLS playing to ensure Broker profitability?

Realtor Associations must provide brokers with the information and resources they need top stay current and competitive. Personalized e-communications tailored to the broker needs. Share business and trend information and create broker forums for the exchange of ideas. Beef up education and provide state-of-the-art services in MLS and data sharing. Give brokers and Realtors the tools they need. With the vagaries of the economy and shrinking budgets at the Federal, state and local levels real estate services and GROTH are squarely in the targets of state and local governments. Never has it been more important for state and local associations to beef up their legislative and political involvement and to be the watchdogs of the industry. Realtor associations are the "Protectors of the American Dream". They need to be both proactive and reactive in every way as laws, fees and regulations can be the weapons that destroy broker profitability.

Based upon your vision of the future of the real estate industry, what are you doing to help influence positive change?

During my nine years with the South Carolina Association of Realtors I have seen membership grow to an all time high of over 10,200 Realtor members. The focus of the association has changed to one of putting members and member associations first. Program budgeting has brought fiscal responsibility and credibility to the association and its programs and has allowed us to expand our areas of critical concern including legislative involvement, grass roots involvement, a Legal Hotline, current and meaningful education programs and personalized communications on legal, legislative and business issues. We are now moving to expand our legal and legislative lobbying efforts and implement a Technology Hotline in the coming year. Key to these accomplishments has been a dedicated and visionary group of leaders and a Leadership Development program that is second to none.

What books would you recommend as a "must read" that have influenced your vision?

I am an avid reader. Books I can recommend include the following:
"Mission Impossible" by Ken Blanchard
"Fish" by Stephen Lundin, Harry Paul & John Christensen
"The 21 Irrefutable Laws of Leadership" by John Maxwell
"Who Moved My Cheese" by Spencer Johnson
"The 7 Habits of Highly Effective People" by Stephen Covey
"Click & Close" by John Tuccillo & Jim Sherry
"Real Estate Confronts Reality" by Dooley, Swanepoel & Abelson

What advice would you give Brokerages and Realtor Associations / MLSs to assure they stay relevant and successful in the future?

To stay current and relevant we must DREAM and be willing to ACT. Change must be the order of the day. Read everything you can about where business is going, associate with visionary leaders and build a strategic plan that you review monthly, quarterly and yearly. Don't fight technology - embrace it. Focus on your personal growth, your integrity and the legacy you will leave behind. Finally, in this age of terror, change and economic turmoil remember the words of President Franklin D. Roosevelt, "The only thing we have to fear is fear itself".