John E. Featherston is president and chief executive officer of RISMedia, Inc., founded in 1980. Under Featherston’s direction, RISMedia has developed into a highly regarded national news and information service that provides a wide array of services to clients throughout the home services industry.
RISMedia publishes
Real Estate magazine, a monthly news and business development publication serving the industry for 26 years,
The Power Broker Network Report, The Power Team Report and the annual
Power Broker Report on the nation’s top 500 brokerages. Other services include publishing, printing, consulting, Internet-based news services at
www.rismedia.com, sales and business development training and conference management.
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As an "industry visionary", what do you see as the major changes occurring in the real estate industry?
First of all, while flattering, I don’t see myself as a visionary – just a person who has had the luxury of rubbing elbows with and interviewing many of the industry’s brightest minds over the past 28 years. We all know that technology is changing at a rate that is almost too fast for anyone to keep pace with. Change is a constant in technology and while its ultimate impact on the future of our industry is unknown, there’s no doubt that to succeed we must stay ahead of - or at least adapt to - these innovations because they are for the most part consumer driven. “Consumer driven” is the key phrase.
In 2007 we will see more innovation in the application of technology as a means to influence consumers prior to, as well as during, their real estate buy or sell process. I believe there are changes ahead in the lead generation sector of the industry. This sector of the industry will need to provide more solutions to more brokerage firms as they look to capitalize on their integrated advertising and marketing efforts.
I also believe we will see more consolidation in the industry as outside financial players continue to see the U.S. residential marketplace as a place to be long-term in a global economy.
What major "corporate players" are driving change and what may be their impact?
There are many, many corporate players driving change. Every month Real Estate magazine interviews these players as well as their customers. These customers are the ones who can most accurately describe the value and impact these corporate players are bringing to the industry.
Who are the "individual trendsetters" that are shaping the future real estate industry?
From my desk I see and talk to hundreds of the industry’s trend setters, so it would be relatively easy to point out the CEO’s of the more progressive real estate organizations or the respective leaders of various service organizations. But the real trendsetters in the industry today are broker/owners and sales associates, or agent teams who, despite the changing market conditions, have posted record numbers for 2006.
Look at agent teams like: Karen Scott KMS Partners Coldwell Banker Riverside Shavell in Westport, CT; Chris Heller, The Heller Group, Keller Williams San Diego; Phil Immel, Senior Partner,T he Immel Team, Prudential California Realty Orange County, California; Rise Staufer Team Leader/Broker Associate, The Staufer Team, RE/MAX Alliance Boulder, Colorado; Rita & Mel Berdelis, Prudential 23 Hours Realty, Los Angeles, California; Lisa H. Thomas; Previews Property Specialist, Coldwell Banker Residential Brokerage Santa Rosa, California. These people represent only a sample of the scores of real trendsetters we interview – they’re the ones that represent the real future of our industry. When you think of business development success in real estate, they are the true leaders shaping our industry.
What are the expectations of the emerging real estate consumer?
The consumer expects professional assistance and guidance throughout the entire home buying and/or selling process. They are looking for a real estate advisor (as they would a financial advisor), not just someone to process paperwork. The consumer has become more sophisticated, more knowledgeable, and had faster and easier access to that knowledge thanks to technology. Many of today’s consumers are already well-versed on the real estate process before they even contact a Realtor® . Realtors, therefore, need to step up their level of professionalism, skills and knowledge in order to prove their value to today’s savvy real estate consumer.
Today’s consumer is looking for a highly trained, skilled professional who will best represent them and will produce the results that will allow them to meet their personal real estate goals and objectives. Today’s consumer also expects a more streamlined real estate process. Bottom line, to succeed today and build long-term client relationships, today’s successful Realtor must be a skilled advisor, market evaluator, marketing expert, negotiator, ambassador to related service offerings and trusted confidante.
How should the Brokerage and Realtor Association / MLS respond to these real estate consumer expectations?
Brokerages, Realtor® Associations and MLS Boards should respond to consumers expectations by supporting the skills and services their members offer to consumers. Looking around the country, there are several great examples of how local or regional organizations are protecting their members and showcasing the value proposition their members bring to the home buying and selling consumer. The Houston Association of Realtors® is a fine example of that type of organization.
What changes should a Brokerage implement to ensure profitability in the future?
The changes I believe that are most important to a Brokerage firm today include making sure that the resources being invested on the advertising and marketing fronts are well integrated to maximize return. We must make sure that the print dollars spent in local real estate guides, for example, lead consumers to a robust, easy to navigate and informative brokerage Web site that gives the consumer what they are looking for and effectively garners consumer information to pass along to agents. Responding to these online consumers properly and getting these prospective Internet customers to engage the services of the Brokerage company is a huge challenge facing our industry today.
What role do you see the Realtor Association / MLS playing to ensure Broker profitability?
Based upon your vision of the future of the real estate industry, what are you doing to help influence positive change?
I believe the value proposition of Realtors® today and into the future is stronger than ever. Discounters and reduced service options for consumers have been with us for decades, but for the vast majority of today’s smart, informed consumers the choice is simple: pay for and expect to get the best results with a trained, full service real estate professional.
The best years of this industry are ahead of us, not behind. This year alone I plan to publish more than 200 individual interviews with local industry trend setters, top producing agent teams and broker/owners, having them showcase the best practices, systems, products and/or tools they believe are helping them build a strong and successful business.
What books would you recommend as a "must read" that have influenced your
vision?
Mavericks at Work, by William C. Taylor is an extremely interesting look at business practices that you generally would not find taught at the Harvard School of Business. When you consider the nature of our industry, this is a very interesting read.
What advice would you give Brokerages and Realtor Associations / MLSs to assure they stay relevant and successful in the future?
Stays focused on assisting your members in strengthening their core value proposition to their customers.
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