RE/MAX Commercial Symposium Explores "New Normal" of Industry Trends
RE/MAX Commercial concluded its 14th annual Commercial Symposium in Denver, focusing on emerging trends in the commercial real estate market. With insights from industry experts like Rick Sharga, who noted a strong rebound in commercial real estate post-pandemic, and Steve Weikal of MIT, discussing technological advancements, the event highlighted the importance of human interaction amid evolving tech. In 2020, RE/MAX Associates closed over 39,000 commercial transactions totaling $11.6 billion in sales volume, showcasing the network's ongoing growth and adaptation.
- Strong rebound in commercial real estate noted post-pandemic.
- Over 39,000 closed commercial transactions in 2020, totaling $11.6 billion.
- Increased focus on technology and networking to enhance business growth.
- Service industry lagging behind, potentially threatening retail and hotel sectors.
DENVER, Sept. 13, 2021 /PRNewswire/ -- Today, RE/MAX Commercial® concluded its two-day Commercial Symposium for affiliated commercial real estate practitioners. Held at the Denver Marriott South Park Meadows in Lone Tree, Colorado, this premier event was open to the entire RE/MAX network and provided ideas, information and strategies to RE/MAX commercial practitioners as they navigate the "new normal" of commercial real estate.
The 14th annual event offered a lineup of industry experts, innovators and veterans discussing the evolution of the commercial real estate market and provided an opportunity for those in the industry to network with each other as well as nationally recognized speakers to discuss business growth strategies.
Rick Sharga, economist and Executive Vice President of RealtyTrac, helped open the event with an industry update and overview. Evaluating the current state of the industry and offering insights on where commercial real estate may be headed, Sharga noted commercial real estate across many property sectors and segments is coming back strong after a pandemic-related dip.
"From a commercial standpoint, the economic recovery has outpaced expectations," says Sharga. "It's possible that all 22 million jobs lost in the recession will be recovered by 2022, which is phenomenal, but recovery varies by market sector and the service industry is lagging behind, threatening Retail and Hotel sectors. There are a lot of opportunities in this market, with Industrial and Multifamily sectors the clear post-pandemic winners."
Steve Weikal, Head of Industry Relations at MIT's Center for Real Estate, was the conference's keynote speaker. Weikal took an in-depth look at the ongoing evolution of technology within commercial real estate and offered insight on the emerging trends that will change the "rules of engagement" within the industry. Weikal pointed out that real estate is getting smarter through artificial intelligence data, machine-learning and augmented reality, but that evolving technology cannot replace the role of the real estate agent.
"There may be a forthcoming disruption in the commercial real estate space with the continued advancement of technology, but those advancements are not a replacement for human engagement," says Weikal. "There's always going to be a need for personal interaction in a real estate transaction. Licensed brokers have unique knowledge and can provide the reassurance and answer questions for clients that technology tools simply cannot replicate."
Other featured speakers and topics included:
- Greg Diodati, Broker Associate at RE/MAX Gold Commercial, Randy Olivier, Commercial Broker at RE/MAX Advantage, and John Hamner, Broker/Owner of RE/MAX Excalibur. These industry veterans and Certified Commercial Investment Member (CCIM) designees discussed best practices in the evolving and ever-changing world of commercial brokerages.
- Patricia Cain, Owner of RE/MAX Ascend Realty, Doug Jennings, Employing Broker of RE/MAX Commercial Alliance and Mark Hulsey, Managing Broker of RE/MAX Results Commercial Group, discussed the benefits of adding and growing the commercial presence within an existing franchise.
- Tom Rossiter, President and CEO of RESAAS, offered a comprehensive roadmap for effectively leveraging in-network referrals.
- Insider insights, exploring what it takes to build a successful commercial business, were provided by a panel of experts including RE/MAX Commercial Capital Broker/Owner Scott Hughes, RE/MAX Results Commercial Group Managing Broker Mark Hulsey, MIT Center for Real Estate Head of Industry Relations Steve Weikal, and RE/MAX Right Choice Broker/Owner Jeff Wright.
In 2020, over 8,000 RE/MAX Associates closed more than 39,000 commercial transactions in over 90 countries with a total sales volume of
"Our role at RE/MAX Commercial is to make sure our affiliates are up-to-date on the latest technologies and industry trends," says Mike Reagan, RE/MAX Senior Vice President, Industry Relations and Global Growth & Development and leader of the RE/MAX Commercial global network. "Our RE/MAX brokers see the value of having a commercial division in their office to keep referrals in-house, expand their footprint in their local communities and be seen as leading real estate industry experts across both residential and commercial sectors in their networks."
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