Every day there seems to be another disruptor entering the real estate space but there are still great opportunities for traditional real estate firms to expand.
Although there is increased competition from the likes of Zillow and Redfin, a new report from recruitment firm WizeHire shows that several key US markets are ripe for real estate business expansion.
“The red-hot real estate market of 2018 essentially made life easy for firms,” said Sid Upadhyay, president and co-founder of WizeHire. “We saw a big increase in solo agents starting their own firms, which led to more competition for talent this year, particularly in the popular cities like Seattle, Denver, Columbus and Phoenix that we’re used to seeing on lists of hot markets. What we’ve uncovered now is where agents should turn their attention to catch the next booming communities.”
The firm analyzed the 300 largest markets in the US and created its Opportunity Index based on the attractiveness of the underlying real estate market and the number of licensed real estate agents actively seeking new opportunities relative to the number of open real estate jobs in each market.
The analysis shows that smaller, more affordable communities are providing some of the best opportunities for real estate firms, especially as the tech-driven disruptors tend to favor large markets.
“The takeaways here are clear,” said Upadhyay. “Agents in these underserved markets have a huge opportunity to capitalize, but they will have to act deliberately and quickly to attract a shrinking talent pool.”
Top 10 Biggest Opportunity Markets
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