Positivity Rises, But Concerns Are Real
When brokers completed RISMedia's 2020 Power Broker Survey earlier this year, the outlook was largely positive. Most described their markets as "growing"—some even said they're "booming."
But at press time, with the coronavirus escalating, those opinions stand to quickly change as we collectively begin to navigate uncharted territory ahead.
Nonetheless, in 2019 and early 2020, brokers benefitted from a healthy economy and were bullish on business, according to the results of RISMedia's 32nd Annual Power Broker Survey. The Top 1,000 Power Brokers reported $1,491,869,249,084 in collective sales volume in 2019, $67 billion-plus more than 2018, and a total of 3,985,613 transactions, over 100,000 more transactions than 2018.
But despite the overall good news nationally in 2019, there are some very real concerns among Power Brokers for the year at hand, such as the short- and long-term economic effects of the coronavirus and mounting concerns about inventory—68 percent of the Top 1,000 Power Brokers reported the inventory shortage as their greatest challenge to business, up from 49 percent last year.
For further insights and predictions from this year’s Power Brokers, please see our in-depth Power Broker coverage.
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