Engel & Völkers President and CEO of the Americas took the time to speak with Inman and share why agents should focus on relationships rather than the confusion surrounding commission litigation.
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Agents have experienced significant industry restructuring and instability over the past year as commission lawsuits continue to impact the way they do business for decades. They also must deal with the realities of industry change while dealing with market challenges such as high interest rates and high housing prices.
But Anthony Hitt, president and CEO of Engel & Völkers Americas, told Inman that homebuyers and sellers are becoming more confident and returning to the market in greater numbers. The move leaves him feeling more positive than he has in the past two years.
“I haven’t been this optimistic in a while,” Hitt said. “It’s nice to feel better about where we are as an industry, where things are going and to see some real positives on the horizon.”
The president and CEO shared more thoughts with Inman about current market conditions and the importance of staying focused as industry disruption continues. Here’s what he had to say, edited for brevity and clarity.
Inman: What is the biggest challenge currently facing Engel & Völkers agents and brokers in the market?
Anthony found: Probably the biggest challenge facing anyone in the industry right now (and I wouldn’t rule out Engel & Völkers) is focus. Because I think because of the litigation and all the noise in our industry, sometimes we forget to focus on taking care of our clients, building relationships and selling properties. I think that’s really what we’re focused on as a brand right now, is making sure that we’re, I don’t want to say “go back to the basics,” but really focus on the fundamentals of building those relationships and be very careful about our customers.
There’s a lot going on in the industry right now, and I can understand where it’s hard to focus.
Absolutely. It’s definitely easy to get distracted. but as i [said] During the EVX phase earlier this year, there was always something going to disrupt or destroy our industry and our careers, but that hasn’t happened yet. Often things that seem disruptive turn out to be huge opportunities, and I think our current environment is definitely one of those.
OK What are some of the big trends you’re seeing in the summer market right now, in addition to all these things that are going on, like lawsuits and regulatory changes?
I’m going to go back and really see what our consultants are doing. We see that the market as a whole, and I mean the entire Americas, has stabilized. We’re still short on inventory, but buyers don’t seem to be waiting on the sidelines anymore. Interest rates are not falling at the rate that most of us would like to see, but the fact is that I think most buyers have already made up their mind [that] This is their environment.
So advisors who are focused on helping clients take these actions are actually the ones who are having a great summer. If I look at our brand’s personal advisors, we typically have a very good summer.
So happy to hear this. Are there any particularly hot markets that you’ve heard from advisors about?
I think what we’re seeing is that it does make a difference. It seems that there are many fields, either you are interested in, or you have [it’s] Back away. Many resale housing markets that have calmed down appear to be picking up. The subways, which we’re not quite sure what to expect, are also picking up. So overall, I think it’s a good market everywhere right now, with very few exceptions.
I like that optimism, by the way. I haven’t been this optimistic in a while. It’s great to get a better understanding of where we are as an industry, where things are headed and to see some real positives on the horizon.
Absolutely. I’m also curious to see what Engel & Völkers has planned for the company in the remainder of 2024.
Okay, this answer may not be the most exciting, but we are not a shiny brand. We’re not always looking for the next big thing. We’re looking at doing the things that we do better and I think you’re going to continue to see that and we just stay focused – going back to my first point – keep our focus on taking care of our customers and making sure that we advisors have the tools they need to really drive their business and take care of their clients, and you’re going to see more of them.
Our development services designation and team are doing some amazing things and we are seeing them really making some progress as the new homes market starts to grow.
We launched AD in the Americas a few months ago and we’ve also seen a new business name and many changes to the team.
So those are going to be our biggest focuses right now, just doing what we do and doing it better. We like to use the word “refining” – continually refining who we are, our purpose and how we best serve our clients.
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