When working in the real estate industry, it’s important to plan for the future and keep your eye on the horizon. In the following interview, Damon Caldwell, Corporate Broker with Realty ONE Group in Las Vegas, Nev., gives us some insight gleaned throughout his past 13 years in the business.
Region served: Las Vegas Valley
Years in real estate: 13
Number of offices: 1
Number of agents: 300
Most effective way to motivate agents: Provide agents with a road map for success and break it down into achievable goals.
Who has most influenced your success? I can’t say there’s one main person, more so a select group of my peers, including Jan O’Brien, our VP of coaching.
Please describe the current market conditions in your area.
Our current real estate market has improved dramatically over the past several years, moving from a high percentage of distressed sales to over 80 percent traditional sales today. While we’ve been in the midst of a seller’s market over the past several years, we’re gradually making our way to a more balanced market. Our median sales price has also improved, as we recently achieved the $200,000 price point.
What demographic segments are driving your business today?
Move-up buyers are playing a large role in our market as more and more homeowners have the ability to sell due to the increase in home values. We’re also seeing an increase in previous homeowners who may have experienced a short sale or foreclosure re-enter the market. With low interest rates, down payment assistance programs and first-time homebuyer programs, many people who might have been on the fence about buying a home are now becoming homeowners. It’s important that agents reach out to the people they know in order to bring awareness and educate them regarding the opportunities our market presents.
What is the most significant trend positively affecting your business right now?
The shift from a distressed market to a traditional market. Not only has this brought stability back to our market, it’s also played a huge role in the mindset of the consumer. A gradual increase in property values, low interest rates and new loan programs are all positively affecting our market as well.
In terms of training/coaching, what are your best practices in this area?
We make it a priority to provide comprehensive and effective training for agents at every level of their career. We accomplish this by offering several different training programs that are accompanied by structured coaching and mentoring sessions that are focused on best practices, strategies, implementation and systems that enable our agents to grow their business.
How does your company stay flexible and current?
Not only do our agents have a voice, but we listen, allowing us to stay up-to-date on current and future market trends, opportunities and challenges. Armed with this information, we’re able to provide our agents with relevant strategies, tools and resources to dominate their individual real estate markets.
What is one of the most significant challenges your market faces and what are you doing to overcome it?
With the many changes our market has seen over the past several years, it is more important than ever for brokers and agents to make education a priority in order to educate the public on all the opportunities and challenges our current real estate market has to offer.
For more information, visit www.realtyonegroup.com.