Mr. Sherry is President of Innovative Solutions Inc., a consulting firm providing the real estate industry expert assistance in navigating the changing business environment in which we all work. Jim has been active in the real estate industry for over twenty years beginning when he directed PRC Realty Systems marketing and sales division. He subsequently had his own real estate industry consulting firm, was President of Realtron Corporation, the third largest MLS services market-share holder and after negotiating the sale of Realtron and consolidation with PRC, was President and CEO of Interealty, the nations largest MLS services vendor.
At Interealty Jim established technology and product initiatives to take the company into the twenty-first century. The company moved to Internet based MLS products that took advantage of the evolving mapping and demographic information systems, contracted for a nationwide telecommunications network to efficiently deliver the new products, created and hosted the largest real estate franchise site on the web, and introduced a unique content rich Internet real estate portal.
Jim is a widely known and respected real estate industry personality. As an industry visionary he is a sought after speaker and presenter on all aspects of the industry. He consistently delivers accurate and insightful presentations on the mega changes occurring in the residential real estate environment and how today?s industry participants can re-engineer themselves to insure survival and success in the future.
As an "industry visionary", what do you see as the major changes occurring in the real estate industry?
The most significant but unappreciated change is the polarization of the ownership in real estate firms. NRT and Home Services are both giants far surpassing what we thought of as large firms just a few years ago. This amassing of firms has necessitated the investment of hundreds of millions of dollars. The industry has never had to carry that large debt load. To get to profitability these firms must and will conduct business differently. This is a significant change.
What major "corporate players" are driving change and what may be their impact?
NRT, Home Services and Fidelity. NRT and Home Services must drive the business to new achievement in order to justify the expenditure. Fidelity is driving change into the Title and related industries. The impact of all of the above corporations' actions will be to further focus and narrow the delivery point of services from the industry to the consumer.
Who are the "individual trendsetters" that are shaping the future real estate industry?
Hard to pick, there are so many persons shaping the future. I will instead focus on an individual from each category of mover and shaper: Henry Silverman, Bill Foley, Lennox Scott, Dick Purvis, Chip Roach, Ed Krafchow, Bob Hale and David Charron.
· Henry Silverman needs no elaboration.
· Bill Foley is driving massive change into the title industry at Fidelity.
· Lennox Scott is building a successful real estate enterprise by building strong relationships with his agents.
· Dick Purvis for his relentless efforts to automate the transaction management.
· Chip Roach for demonstrating for all to see that One Stop Shop can and will work.
· Ed Krafchow for his 5 year effort to bring automation to all the segments of his vast real estate business.
· Bob Hale for innovations in association and MLS operation and service delivery.
· David Charron who is representative of the new breed of professional MLS Directors whose organization serves tens of thousands of members in many different states and many different markets.
What are the expectations of the emerging real estate consumer?
Better, faster, cheaper service...
They want to view all the data. They want to stay involved and informed. They expect to be served professionally and electronically. Finally, they want personal service.
How should the Brokerage and Realtor Association / MLS respond to these real estate consumer expectations?
It is the role of the broker and agent to serve the consumer. They must know the consumer better and deliver what the consumer wants. The role of the Association and MLS is to provide the products and services which the brokers and agents need to serve in the changing market.
What changes should a Brokerage implement to ensure profitability in the future?
Deliver maximum value to the consumer during and after the transaction. Assemble all the services and have them ready to deliver at any point in the relationship with the consumer. Brokers and agents must learn to co-share the client.
What role do you see the Realtor Association / MLS playing to ensure Broker profitability?
Only a very few Associations/MLSs have even ventured to put into words that they might have a role in broker profitability. It's difficult to declare this as the intention of the Association/MLS when most of the members are agents with equal status with brokers. Perhaps the better role will be to insure member profitability that would include the brokerage.
Based upon your vision of the future of the real estate industry, what are you doing to help influence positive change?
Forcing people to think larger than their present reality. I take an existing thought or belief and stretch it, and then give it back to the individual or group so they might try on an idea larger than what they have. I encourage growth.
What books would you recommend as a "must read" that have influenced your
vision?
"The 500 Year Delta"
"Business At The Speed Of Thought"
"The Lexus And The Olive Tree"
"Time", "Fortune", "Forbes", "Business Week", "Worth"
All the trials, tribulations and growing pains in our industry are and/or have been experienced by other industries. These are shared weekly in the above publications and have proven invaluable to me in staying valuable.
What advice would you give Brokerages and Realtor Associations / MLSs to assure they stay relevant and successful in the future?
Abandon the past.
Work in the present.
Plan for the future.
Know your customer.
Know what they want and what they expect and then build your future business on providing these services. If you do not provide what the customers wants, someone else will. The customer is, after all, always right.
