I returned home last night from four days in Denver attending the Colorado Association of Realtors (“CAR”) Annual Convention. On several levels our state leadership pronounced the event a success. There were a total of 2,000 attendees (there are 20,000 members of the Colorado Association of Realtors), all of the Exhibit Space was totally sold out as were several of the key events. This year there were only five in attendance from Pagosa Springs. In years past, Pagosa Springs had as many as ten of our area brokers at the convention.
Evening View Along 16th Street Mall, Downtown Denver
On Tuesday I attended Market Updates for several of the areas within our state and presented key real estate metrics for the Southwest District of Colorado. Overall, nearly every market has improved over 2012, the impact of distress sales on local property values has diminished significantly, there has been a shortage of inventory within some price brackets, especially along the Front Range, and we are seeing some price appreciation, though several markets remain below the peak valuations of 2007 and 2008.
I toured the Exhibit Hall several times to see what new products and services were being offered to improve our industry. I sat through several demos of Contact Management Software, Social Media Management Programs and viewed several new electronic real estate contract platforms. Though some of these were interesting I did not find any major breakthrough products or services. The mood overall seemed upbeat and optimistic, especially among Denver Area Brokers. Those from outlying areas and the southern part of the state were less exuberant as their economies are not advancing as well as Denver. Most of the Mountain Brokers were reporting greatly improved numbers with some areas already experiencing a shortage of inventory. Except for Aspen, the high-end of the residential market remains a bit weak and in some markets, such as Pagosa, the Trophy Home Market is still a Buyer’s Market.
So, what useful perspectives did I gain from attending the 2013 CAR Convention? First I learned again how fast change comes at our industry. I learned more about changing consumer preferences and buying habits and how consumer expectations must be carefully matched in order to have a successful real estate brokerage. More details concerning changes in Seller Financing was also disclosed, suffice it to say, this form of home financing will be changing radically beginning 2014.
More than ever, consumers want good, timely and accurate real estate information and statistics to help them in the decision process. Our firm will look at additional ways we can deliver more useful data to our clients, this will be one of our objectives for our 2014 Source Planning Session next month.
I also learned how badly our state Realtor Association needs to recruit and groom future leadership. Many of the veterans that I served with on State Leadership during four terms as a Vice President have remained involved at the state level simply because no new leaders have come forward from among the younger crop of brokers that joined our industry in the last ten years. Our new State President, Jolon Ruch has made Leadership Training a priority during her term which is a very positive step.
I also learned how many of those in attendance longed for a return to the Broadmoor Resort in Colorado Springs as our convention site. Unfortunately, CAR has already signed on to hold our convention in the Convention Center, so, next year I will make the extra hour and a half drive to Downtown Denver once again.
