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Real July Agent Survey Shows Dip in Agent Optimism as Industry Prepares for Change
July Transaction Growth Index Falls as Sellers Concede Negotiating Power TORONTO & NEW YORK--(BUSINESS WIRE)-- The Real Brokerage Inc. (NASDAQ: REAX,
About this update from The Real Brokerage, Inc.
[{"type":"text","content":"\nJuly Transaction Growth Index Falls as Sellers Concede Negotiating Power\n\n\n TORONTO & NEW YORK--(BUSINESS WIRE)--\nThe Real Brokerage Inc. (NASDAQ: REAX, “Real”), a technology platform reshaping real estate for agents, home buyers and sellers, today released results from its July 2024 Agent Survey. The survey revealed a modest decline in agent optimism about the outlook over the next 12 months, along with a year-over-year drop in industry transaction volumes.\n\n\n“July's survey showed a slight dip in agent optimism as we navigate current market conditions and practice changes required by the recent NAR settlement,” said Tamir Poleg, Chairman and CEO of Real. “While the industry remains near cyclical lows with muted transaction volumes, we continue to demonstrate resilience and adaptability by focusing on what we can control — providing unmatched technology and resources that empower our agents to thrive in any market environment.”\n\n\n“Our recently launched Real Buyer Playbook website was designed to equip agents with the tools and resources needed to comply with the new rules and prepare for success,” remarked Sharran Srivatsaa, President of Real. “By offering these resources, we’re enabling agents across the country to shape their future with confidence.”\n\n\nKey Findings:\n\n\n\nAgent Optimism Index Ticks Down, Remains in Positive Territory: At the end of July 2024, agents were asked, “Compared to one month ago, are you more optimistic or pessimistic about the outlook for your primary market over the next 12 months?” Of the respondents, 45% felt more optimistic, with an additional 5% significantly more optimistic, outweighing the 16% who felt more pessimistic and 5% significantly more so.\n\nThe average response resulted in a weighted index reading of 57.2 on a 0-100 scale, where scores above 50 reflect a net positive outlook. This marks a decrease from 59.1 in June, driven by a 2.7 point drop in the U.S. to 57.1, partially offset by a 5.6 point rise in Canada to 58.3.\n\n\n\n\n\nSellers Lose Negotiating Power as Market Moves Toward Balance: When asked “Would you consider your primary market to be a buyer's market, seller's market or balanced market?”, only 33% of agents identified a seller’s market, down meaningfully from 51% in June. Meanwhile, the percentage of agents viewing their markets as balanced increased to ...