Alex Perriello is the CEO of the most powerful brands in real estate and knows a thing or two about the market. On this video he discusses the changing environment in the real estate market today. Perreiello is the CEO of Realogy which is the parent corporation to most of the major real estate brokers in the world with a list of companies that include: Century 21, Coldwell Banker, Coldwell Banker Commercial, ERA/Keller Williams, and Sotheby’s International.
He points out that booms in the market cycle typically last 4 years and contractions in the market typically last 2 years. He also notes that the most recent boom lasted 10 years. He believes that we are in the 2nd year of correction and that real estate agents are now adjusting just to capture the baseline business that is taking place in the market. He echoes my sentiment that people involved in the industry knew that this correction was coming. Finally, he reveals that the consolidation of the MLS system is in our future.