Over the past decade, large-cap growth indices have delivered strong returns relative to many asset classes. But as index concentration has risen over…
Over the past decade, large-cap growth indices have delivered strong returns relative to many asset classes. But as index concentration has risen over this period, the largest issuers have become an increasingly sizable portion of the large-cap growth asset class and have been outsized contributors to index performance.
As a result of the growing market concentration, the majority of passive funds have also become top-heavy as their exposure to the largest index constituents moves in lockstep. Passive investors are essentially betting on the future success of a small subset of companies.
Active managers, unlike their passive counterparts, are not anchored to the dominant weights in the index and may be well positioned to navigate an evolving market landscape.
William Blair’s Large Cap Growth strategy and risk-management framework have remained consistent throughout varying levels of concentration in the index.
Large-Cap Growth Index Concentration—A Closer Look
The performance of the large-cap growth asset class has been strong over the past decade. The Russell 1000 Growth Index, which is a representative benchmark for the large-cap growth asset class, has returned over 15% per annum for the 10-year period ending June 30, 2023.
This time frame has also coincided with a notable increase in concentration within the index. As of June 30, 2023, the cumulative weight of the top 10 constituents in the Russell 1000 Growth Index encompassed approximately 53% of the index’s total weight, as shown in the chart below. Furthermore, the top five constituents accounted for roughly 41% of the index weight. This presents a substantial increase compared to a decade ago, when the weightings were less than half of these figures in each category.
Moreover, during the late 1990s and at the peak of the dot-com era, the index exhibited heightened concentration. In subsequent years, index leadership diversified. This ensuing period proved to be a strong environment for active management.
Growing Index Concentration Challenges Active Management
As concentration within the index has increased, performance leadership has also narrowed. Although the index has delivered strong returns over the past decade, this surge in concentration has led to performance being heavily reliant on a select few companies. As the goal of most active managers is to outperform their benchmarks over time, weighting differences in individual stocks becomes necessary to generate alpha.
However, the rise in index concentration has introduced portfolio construction challenges due to potential risk tolerance concerns in holding large positions in a small number of stocks. Rising concentration has made it challenging for active strategies to outperform passive funds, which typically systematically allocate escalating weights to stocks with the largest market capitalizations in following their respective index.
Over the 10-year period ending June 30, 2023, the return of the Russell 1000 Growth Index was driven significantly by the performance of five stocks which have accounted for nearly 45% of the index return, as shown in the chart below. This dynamic was even more pronounced over the five-year period ending June 30, 2023, as the performance of five stocks accounted for nearly 60% of the index return.
Furthermore, the chart below highlights the performance difference between the Russell 1000 Growth Index compared to an equal weighted version of the index, with all constituents having the same weighting. This again helps to highlight index performance was driven by a smaller subset of companies over this period.
According to data from eVestment, fewer than 20% of managers in the large-cap growth universe outperformed the index over this time frame. Active management performance appears to have been closely tied to the weighting of a select few companies within portfolios relative to their increasing weight within the index during this period. However, as we discuss next, performance headwinds for active large-cap growth managers may be changing as we look ahead.
Shifting Tides May Be Ahead
Predicting market bottoms or peaks remains elusive, often apparent only in hindsight, and a similar principle applies to index concentration and the timing of potential shifts. Nonetheless, what is evident is the current escalated level of concentration within large-cap indices.
As a result of growing market concentration, most passive funds have a disproportionate exposure to these stocks and do not have the ability to actively manage associated risks. Put another way, an investor who owns passive large-cap growth effectively owns everything in the index, including large position sizes in a small number of companies.
Our quality growth approach emphasizes identifying growing companies in growing industries—what we call structurally advantaged companies—whose long-term outlook is underappreciated by the market.
In contrast, active managers have the flexibility to be more selective among companies by overweighting, underweighting, or simply not owning index constituents, as well as trading in real time should company fundamentals, valuations, etc., change. As a result, active managers have the potential benefit of capturing upside and/or avoiding downside, unlike the index given its passive nature. This is important to note as the composition of the index continually evolves, with stocks going in and out of favor as their fundamentals change over time.
The market leaders of today may not necessarily maintain their position as leaders in the future. As we outline in the chart below, the composition of the largest issuers within the index today is notably distinct from that of the early 2000s.
However, in a departure from previous periods characterized by frequent changes in index leadership, there has been remarkable consistency in the composition of the largest constituents over the past 10 years. The sustainability of this trend is uncertain and assuming that the increased concentration and consistency of the largest constituents will indeed persist into the future constitutes a potential risky bet over the long term.
Historically, during periods of increasing concentration, active managers have lagged the index, as performance is more concentrated in a smaller subset of stocks. Conversely, during periods of decreasing concentration, the median manager in the large-cap growth universe generated positive excess return as the market landscape broadened.
The chart below illustrates the year-over-year change in the top five issuer weights of the Russell 1000 Growth Index as a way to measure periods of increasing/decreasing concentration in the index.
During periods of increasing index concentration, depicted as periods #2 and #4 in the chart, the median manager in the large-cap growth universe lagged the index return. During these periods, the index performance ranked in the top 50% of the large-cap growth universe.
Nonetheless, during periods of decreasing index concentration, shown as periods #1 and #3, the median manager outperformed the index return and the index performance ranked in the bottom 50% of the universe.
While gauging when the tide may turn is difficult to predict, it is increasingly clear that the concentration of the index is at all-time-high levels, and when the tide goes out, history suggests active managers may be in a position to benefit.
William Blair’s Active Approach to Large-Cap Growth
William Blair employs an active approach to large-cap growth investing, which revolves around identifying quality growth companies with the potential to generate alpha over the long term.
The William Blair Large Cap Growth strategy is a portfolio of 30 to 40 large-cap growth stocks. Our quality growth approach emphasizes identifying growing companies in growing industries—what we call structurally advantaged companies—whose long-term outlook is underappreciated by the market. We seek to invest in growing companies that can capture an increasing share of industry profits over a three- to five-year horizon.
Identifying and investing in these structurally advantaged companies is the primary way we seek to add value over time. Our in-depth research is focused on companies that operate in industries that we believe can grow at least as fast as the overall economy—preferably faster. We evaluate long-term secular drivers to gain confidence in the durability of an industry while staying mindful that some industries will have more cyclicality around that long-term growth trajectory.
Achieving Balanced Risk
An increasingly concentrated index presents risks that are difficult to mitigate for passive investors. In contrast, as active managers, we aim to manage benchmark-relative risk in our portfolio through diversification.
We recognize that diversification across sectors and market capitalizations plays a pivotal role in mitigating unforeseen risks and curbing volatility within our portfolio. Our belief stems from the understanding that substantial deviations in sector weights or market capitalizations can amplify the volatility of benchmark-relative returns, given the pronounced fluctuations in performance across these segments over time.
We want to generate portfolio returns from where we feel our competitive edge is strongest—company knowledge.
To counter this potential risk, an important element of our risk management approach is to maintain sector and market cap exposures that are approximately benchmark-neutral through the market cycle. This approach yields a portfolio in which alpha is predominantly generated by stock selection over the long term. This has led to a risk profile for our strategy that aligns more closely with peers that hold a greater number of stocks.
Overall, our risk-management approach helps to mitigate unintended risk within our portfolio. We realize substantial deviations in sector weights or market capitalizations versus the benchmark can amplify the volatility of benchmark-relative returns. Said another way, we want to generate portfolio returns from where we feel our competitive edge is strongest—company knowledge. Consistent with our investment philosophy, which emphasizes rigorous fundamental company analysis, a large portion of the portfolio’s tracking error typically originates from stock-specific risk. We aim to mitigate other factors that could potentially add volatility to relative returns.
In Summary
Performance of the large-cap growth asset class has become increasingly top-heavy, with investors biased toward the largest technology and tech-related stocks. We believe mean reversion among the largest constituents in the index is inevitable at some point, although trying to pinpoint when the tide will change can be an exercise of futility.
As active managers, we continue to focus on identifying structurally advantaged, quality growth companies that we believe can outperform over the long term. While gauging when the tide may turn is difficult to predict, it is increasingly clear that the concentration of the index is at all-time-high levels, and when the tide goes out, history suggests active managers may be in a position to benefit.
[1] Individual securities listed in this report are for informational purposes only. This information does not constitute, and should not be construed as, investment advice or recommendations with respect to the securities listed.
[2] The Russell 1000 Growth Index is an unmanaged index registered to Russell/Mellon. It measures those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. It is a capitalization-weighted index as calculated by Russell on a total return basis with dividends reinvested. Indices are unmanaged and do not incur fees or expenses. A direct investment in an unmanaged index is not possible. Index performance is provided for illustrative purposes only. Past performance is not indicative of future results.
[3] The data and other information included herein has been provided for the intended recipient’s review only and may not be copied, reproduced, redistributed, published, retransmitted, or otherwise shared with any third party without written permission from William Blair.
[4] A Universe Construction Methodology: Large Cap Growth – US Equity products that invest primarily in large capitalization stocks with fundamental characteristics showing high earnings growth expectations or in fast-growing economic sectors. The expected benchmarks for this universe would include the Russell 1000 Growth, S&P 500 or the S&P/BARRA Growth. Managers in this category will typically indicate a “Primary Capitalization Emphasis” equal to Large Cap and a “Primary Style Emphasis” equal to Growth. Peer universe performance data run for separate account vehicles only. Average number of universe constituents for 3-year periods 350 and 5-year periods 317, as of June 30, 2023.
Tracking Error measures the extent to which a portfolio tracks its benchmark. The tracking error of an index portfolio should be lower than that of an active portfolio. The tracking error will always be greater than zero if the portfolio is anything other than a replication of the benchmark.
Vetted by HousingWire | Our editors independently review the products we recommend. When you buy through our links, we may earn a commission.
Real estate is a vibrant, dynamic and competitive industry. From the thrill of a sale to the pursuit of new leads, it keeps you on your toes. That said, it can also be incredibly isolating, and it can be hard to stay motivated. As a way to deal with this, many agents and brokers seek out professional mentorship as a means to gain insight and level up their performance. Across the country, the best real estate coaches serve as valuable mentors who can help agents and brokers achieve the success they deserve.
“It’s really hard for independent business owners to get unbiased advice from themselves,” says Kyle Scott, President of SERHANT. Ventures. “So they need unbiased experts to work with that will help them grow their business — someone who has been there, who has done it, and who is able to see their business from both the 35,000-foot view and down in the weeds.”
A quick internet search will prove that real estate coaching programs are plentiful. Whether you’re looking to expand your team or client network or figure out how to delegate work so you can focus on the tasks you do best, a real estate coaching program could be a valuable launchpad. But when it comes to choosing the right one for your unique needs, there’s a lot to consider. Here, we highlight some of the best real estate coaches in the industry and their programs.
An unbiased view is worth millions. Often, we turn to our closest friends and family for guidance. Unfortunately, they’re usually not familiar with the ins and outs of the real estate industry and can’t provide you with the relevant feedback you need. As a result, many independent contractors rely on themselves, which generally doesn’t work either.
You can’t advise yourself, you’re too close to it. A coach works best for someone who is actually looking to grow their business, someone who is looking to put in the time and the energy to make a difference in achieving more income this year.
Hire a coach if you want to start taking your business to the next level for any reason — you want to make more money, have more freedom with your time, or stop riding the ins and outs of the commission cycle.President of SERHANT. Ventures
1. Sell It Like Serhant
Key Facts
Grown throughout the pandemic, the Sell It Like Serhant program has been carefully adapted to the current market. It follows a weekly and bi-weekly platform featuring one-on-one virtual coaching from Serhant’s proprietary video platform. After a half-hour or hour-long group meeting every week or every other week, participants follow actionable steps to help them grow their business. Thus far, more than 22,000 enrollees in 128 countries have been through the Sell It Like Serhant program.
What We Love
Serhant offers daily office hours so participants can pop into virtual sessions to ask questions or get expert advice between their regularly scheduled sessions. A community platform also allows participants to pass referrals to each other. Thus far, it seems to have worked: To date, participating agents have closed over $250 million of referral deals.
Pricing
There are different membership tiers, depending on the level of guidance you need. The introductory Real Estate Core Course starts at $497. Prices are higher for a more specific course or one with 1:1 coaching.
Who’s it Best For?
If you’re looking to build a memorable personal brand, SERHANT. is the way to go. “The number one differentiator about our program is we understand that as a real estate agent, you have one job: to generate leads,” says SERHANT. Ventures President Kyle Scott. “Our number one focus is helping you build a clear, compelling, memorable personal brand and put your lead generation on autopilot. So that way, you can do what you do best, which is build relationships and close deals.”
Visit Sell It Like Serhant
2. Tom Ferry International
Key Facts
For good reason, Ferry International refers to itself as the real estate industry’s leading coaching and training company. Focused on Ferry’s “8 Levels of Performance,” the programs are a staple of real estate coaching. Their new group coaching sessions cover various aspects of real estate sales.
Prospecting Bootcamp is a 14-hour program comprised of seven two-hour group coaching sessions, and includes a peer-to-peer collaboration space. It involves independent work pulled from training videos and downloadable resources.
Recruitment Roadmap consists of hour-long sessions each week for ten weeks. Completed over Zoom and through the Tom Ferry video platform, each group coaching program offers a high level of specialization.
Finally, their Fast Track program offers 12 interactive group coaching sessions designed to help new agents build the necessary skills to succeed — like mastering listing presentations and handling objections.
What we love
If you’re looking for the gold standard of real estate coaching, Tom Ferry has the goods to back up the bravado. Because of their many years in the biz, Tom Ferry has a huge base of coaches, which means there are plenty of options to find the program best suited for your specific needs.
Pricing
Tom Ferry’s Prospecting Bootcamp and Fast Track coaching programs cost $999 but can be broken down into three monthly payments. The Recruitment Roadmap group coaching costs $1,499 but can be split into three monthly payments of $500. Consider their free coaching consultation if you want to dip your toes in the water. Check out their customer reviews, where several coaching program alums rave about the program.
Who’s it Best For?
If you thrive in a group setting that allows you to feed off the energy of others, Tom Ferry might be right for you. Their group coaching programs are new and more affordable alternatives to often costly 1:1 coaching fees.
Visit Tom Ferry
3. Tim and Julie Harris
Key Facts
The dynamic duo of real estate coaching, Tim and Julie Harris are a major name in the industry. Under their business, Harris Real Estate Coaching, their programs are divided into three tiers: Premier, Premier Plus, and VIP, all of which rely on a user-friendly online platform.
Pricing
Premier platform costs $197 per month, but a 30-day free trial is available. Premier Plus costs $599 per month, while VIP costs $999 per month. Of course, their wildly successful podcast is a great free resource to tap into, as well as Tim and Julie’s many written contributions to HousingWire.
Who’s it Best For?
If you’re constantly on the go, the ability to access the course from any device is a major asset.
4. Candy Miles-Crocker
Key Facts
Newbies are welcome at Candy Miles Crocker’s program. Known as the “Real Life Realtor,” she’s the brain behind Real Life Real Estate Training. With a variety of courses in her offerings, including a plethora of self-paced online courses, Miles-Crocker gives new agents a leg-up on the rest.
What we love
Miles-Crocker is still an active agent, working with clients to close deals. Her 20+ years of experience practicing in Washington, D.C., Virginia and Maryland have helped her build “systems, strategies and scripts” that she shares with her coaching clients.
Pricing
The CORE Essentials Blueprint program retails for $1,597. Smaller, more specific courses, such as The Buyer Presentation, are priced at $347. While all pricing isn’t listed on her website, Miles-Crocker also offers a free course that includes her 6-point system for growth.
Who’s it Best For?
Miles-Crocker’s courses could be beneficial if you are new to agent life or looking to get your business reorganized. She even has one specifically for your first 30 days as a real estate agent.
5. Ashley Harwood
Key Facts
Boston-based Ashley Harwood inspires introverts with her convincing, heartfelt and high-touch approach to practicing real estate. Her very human, very relatable Move Over Extroverts coaching approach is the perfect antidote for cheerleader-style coaches that urge you to door-knock, chase down divorce leads or become a social media superstar.
What we love
Harwood is a licensed agent coaching agents week-in and week-out at no less than three Keller-Williams offices in the great Boston metro. We love her humanity, inspiring videos, and her latest enterpise — The Quiet Success Club. Inspired by Susan Cain’s New York Times bestseller Quiet, about the power of introverts, Harwood brings together a community of like-minded real estate agents wanting a more client-centric approach to succeeding as an agent.
Pricing
Join The Quiet Success Club for $45 per month (paid monthly) or get two months free when you pay for an annual subscription (for $450). The club is currently offering founding member pricing for $25 per month or $250, but it’s a limited-time offer available only under April 30, 2024. Or get a lifetime membership to Harwood’s suite of courses, called IntrovertU, for a one-time cost of $997.
Who’s it Best For?
Introverts, of course! While you may not count yourself as one, if you read Susan Cain’s book, you may unearth your more introverted traits — like recharging your battery by being alone. Ok, even if you don’t bask in solitude, Harwood promises a calming community where agents can be themselves, be seen, and where they don’t have to be the loudest voice in her mastermind group, purposefully (and quietly) designed to teach successful lead generation and other strategies.
6. Levi Lascsak
If you’re looking to improve your social media game, Levi Lascsak is the YouTube master. The author of Passive Prospecting specializes in helping real estate professionals embrace the video platform, and he does so in jam-packed, 2-day virtual events. Discover how he earned over $4 million in gross commission income as a new agent.
What we love
Lascsak’s social media marketing skills are top-of-the-line. While he may not be part of the traditional world of real estate coaching, Lascak’s ability to relate to younger audiences is an asset that Millennial and Gen Z agents might appreciate.
Pricing
The live, 2-day events are available at a discount for $47. But as you can expect, he’s got endless information available for free on YouTube.
Who’s it best for?
If you’re a digital native looking to pack a bunch of education into a short period, a Lascsak course is particularly beneficial.
7. Jess Lenouvel
Key Facts
Promising to help agents scale from six to seven figures, The Listings Lab founder Jess Lenouvel is the author of More Money, Less Hustle. A strong example of a coach with a significant understanding of social media, Lenouvel hosts vibrant live events that hype up the audience and prepare them to take their career to the next level.
What we Love
Lenouvel emphasizes the significant power of mindset to achieve one’s goals. She understands how quickly the market shifts and emphasizes staying on top of trends to succeed.
Lenouvel’s live events focus on messaging. For those looking to solidify their brand and develop a clear, concise message, her events might be what you need.
8. Buffini & Company
Key Facts
Another giant of the real estate coaching industry, Buffini & Company is one of the largest coaching and training companies in the United States. They have two major coaching programs: The Leadership Coaching program includes three monthly coaching calls, free admission to a 2-day conference, and curriculums and training led by Brian Buffini. There are also bi-monthly coaching sessions and a monthly web series with a live Q&A.
Buffini & Company also performs a REALstrengths profile — an in-depth personality assessment. In the One2One Coaching program, there are two coaching calls per month, a monthly marketing kit, the REALStrengths profile, and as with the SERHANT. program, Buffini features the Buffini Referral Network, allowing participants to send and receive referrals with other agents.
What We Love
Buffini coaches aren’t independent contractors. Instead, they’re full-time employees who go through intense training. Thus far, they’ve conducted 1.7 million coaching calls and more than one million hours of coaching.
Pricing
The Leadership Coaching program costs $1,499 a month. Private coaching, referred to as One2One Coaching, costs $549 per month. Two tiers of Referral Maker courses are available from $45 to $149 each per month.
Who’s it Best For?
Team spirit is the name of the game for Buffini’s Leadership Coaching program. If you’re a team leader looking to improve your coaching skills and assist your team in leveling up, the Leadership Coaching program might be right for you. If you want a more personalized path as a solo agent, the One2One Coaching program may be a better fit.
9. Vanda Martin
Key Facts
A popular name in the real estate coaching industry, Vanda Martin’s VIP Coaching Program follows three components: coaching, content, and community. Martin doesn’t shy away from mistakes – instead, she emphasizes avoiding indecision that puts you behind the pack.
What we love
Positive vibes are plentiful in Martin’s world, and her energy is tangible. Just check out her Instagram videos.
Pricing
Martin’s pricing isn’t listed.
Who’s it best for?
If you’re looking for a female leader who emphasizes loving your job and building habits that will take you to a greater level of success, Martin’s ability to convey those feelings is clear. Just check out the endless testimonials on her website.
9. Tat Londono
Key Facts
Tatiana Londono is the founder and CEO of Londono Realty Group Inc. The author of Real Estate Unfiltered, she offers a variety of programming that ranges from free templates to intensive coaching sessions. The Millionaire Realtor Membership provides weekly input from Londono, while the intensive Millionaire Real Estate Agent Coaching Program focuses on building 12-month objectives using a custom success action plan. It uses live programming and workshops with Londono herself, as well as an exclusive online community and referral network for members.
What we love
Londono’s keen sense of social media and her posts are a masterclass in how to boost your engagement on platforms like TikTok and Instagram. Don’t miss her takes on Taylor Swift’s real estate portfolio.
Londono’s programs specifically target agents who are looking to scale their business. If you’re struggling with lead generation or want to increase the number of views you’re racking up on social media, Londono is a valuable source within the industry.
10. Steve Shull
Key Facts
Steve Shull’s Performance Coaching focuses on using consistent execution to achieve your goals. With options ranging from 1:1 private coaching to small group coaching for 10 to 20 agents, the groups have 30-minute Zoom calls three times a day, but the number of sessions you choose to attend is up to you. Several self-directed courses are also available on the website, focusing on topics ranging from mindset to time blocking.
What we love
If you’re not positive you want to make the investment, Performance Coaching allows a 14-day free trial of daily accountability calls.
Pricing
Small group coaching costs $6,000 a year, and while 1:1 coaching prices aren’t listed online, you should prepare for a hefty price tag.
Who’s it Best For?
If you have a specific area you’re looking to improve upon, Performance Coaching offers coaches with unique areas of expertise, ranging from CRMs to business strategy. Tailoring your program to your greatest areas of weakness can help you become a more well-rounded agent.
11. Aaron Novello
Key Facts
Aaron Novello of Elite Real Estate Coaching has several programs tailor-made for agents looking to hone their craft. A Masterclass in Systems works to teach agents how to scale their real estate business, organize their team, and use programming like Follow Up Boss to manage their business.
The Role Play Mastermind is for agents looking to prepare themselves for tough discussions by working with a role-play partner for 15 to 30 minutes, five days a week. The group coaching option includes a variety of scripts Novello used to close on homes, as well as mindset guides, skill sheets, and expert guidance from experts in the field.
What we love
Novello’s exclusive accountability group allows active members and former coaching clients to share everything from guidance to motivation. If you’re looking to save money, Novello also has a free podcast available on YouTube.
If you struggle with having difficult conversations and are looking for solid templates to guide you, Novello’s Role Play Mastermind is a solid investment. The group coaching option emphasizes taking the educational portion and putting it into practice in the real world rather than just watching videos.
12. Krista Mashore Coaching
Key Facts
Filled with energy and known for popping up in the press, Krista Mashore is the mind behind Unstoppable Agent, her 3-day mastery class. It includes over 15 hours of coaching, group workshops, breakout sessions, and skill-building workshops to provide you with the skills to implement digital marketing successfully into your real estate business.
What we love
A positive attitude counts for a lot, and Mashore’s personality is a key component of the success of her course.
Pricing
Mashore’s accessibility is another one of her program’s best assets. Her 3-day class is currently priced at $47, but pricing occasionally varies.
Who’s it best for?
If you crave energy and enthusiasm, Krista Mashore has the goods. She’s also an expert on working in today’s low-inventory market, which is ideal for someone struggling with the current housing shortage. But she’s also got a good sense of humor, which shines through in her social media presence.
The full picture: The best real estate coaches for 2024
Hiring a top real estate coach goes far beyond just expanding your skills. While growing and educating yourself as you navigate your career is essential, hiring a coach is all about seeking to achieve more. Whether you’re looking to boost lead generation, build a solid personal brand, or make more commission income, having the input of a seasoned expert is a priceless step in the right direction. As you can see through the endless reviews and testimonials on coaches’ websites, agents who want to scale their business and take their profits to a higher level often seek the outside guidance of a coach. While the cost of hiring someone may be significant, the return on investment is equally as monumental.
Real estate coaching programs vary in price significantly. Most cost over $500 per month, with others charging several thousand dollars per month. “Oftentimes, it is the case that you get what you pay for,” said Kyle Scott, President of SERHANT. Ventures.
However, prices can also vary depending on the specific niche of real estate coaching you’re focusing on. The more specificity you’re seeking, the higher the financial investment. Of course, self-led courses are likely to cost much less.
Does your career feel stalled right now? Are you ready to take your career to the next level, but you’re not sure where to start? In a down market, you can channel your time and energy into actively improving your business skills so that you’ll be sufficiently prepared for when the market changes.
“When things pick up again, you’re ready to capture the climbing market,” says Scott. “If that’s the case, then the best time to embrace coaching is now. At the same time, a thriving market presents agents with new challenges, ranging from having to turn away business or being unable to service your existing business in a way you’re proud of,” Scott noted. “In that type of market, a real estate coach can help you determine what kind of junior agent or assistant would serve you best. How do I figure out how to manage my business in a way that I can keep up with the volume?”
Part 1: Current State of the Housing Market; Overview for mid-March 2024
Today, in the Calculated Risk Real Estate Newsletter: Part 1: Current State of the Housing Market; Overview for mid-March 2024
A brief excerpt: This 2-part overview for mid-March provides a snapshot of the current housing market.
This 2-part overview for mid-March provides a snapshot of the current housing market.
I always like to start with inventory, since inventory usually tells the tale!
...
Here is a graph of new listing from Realtor.com’s February 2024 Monthly Housing Market Trends Report showing new listings were up 11.3% year-over-year in February. This is still well below pre-pandemic levels. From Realtor.com:
However, providing a boost to overall inventory, sellers turned out in higher numbers this February as newly listed homes were 11.3% above last year’s levels. This marked the fourth month of increasing listing activity after a 17-month streak of decline.
Note the seasonality for new listings. December and January are seasonally the weakest months of the year for new listings, followed by February and November. New listings will be up year-over-year in 2024, but we will have to wait for the March and April data to see how close new listings are to normal levels.
There are always people that need to sell due to the so-called 3 D’s: Death, Divorce, and Disease. Also, in certain times, some homeowners will need to sell due to unemployment or excessive debt (neither is much of an issue right now).
And there are homeowners who want to sell for a number of reasons: upsizing (more babies), downsizing, moving for a new job, or moving to a nicer home or location (move-up buyers). It is some of the “want to sell” group that has been locked in with the golden handcuffs over the last couple of years, since it is financially difficult to move when your current mortgage rate is around 3%, and your new mortgage rate will be in the 6 1/2% to 7% range.
But time is a factor for this “want to sell” group, and eventually some of them will take the plunge. That is probably why we are seeing more new listings now.
Pharma industry reputation remains steady at a ‘new normal’ after Covid, Harris Poll finds
The pharma industry is hanging on to reputation gains notched during the Covid-19 pandemic. Positive perception of the pharma industry is steady at 45%…
The pharma industry is hanging on to reputation gains notched during the Covid-19 pandemic. Positive perception of the pharma industry is steady at 45% of US respondents in 2023, according to the latest Harris Poll data. That’s exactly the same as the previous year.
Pharma’s highest point was in February 2021 — as Covid vaccines began to roll out — with a 62% positive US perception, and helping the industry land at an average 55% positive sentiment at the end of the year in Harris’ 2021 annual assessment of industries. The pharma industry’s reputation hit its most recent low at 32% in 2019, but it had hovered around 30% for more than a decade prior.
Rob Jekielek
“Pharma has sustained a lot of the gains, now basically one and half times higher than pre-Covid,” said Harris Poll managing director Rob Jekielek. “There is a question mark around how sustained it will be, but right now it feels like a new normal.”
The Harris survey spans 11 global markets and covers 13 industries. Pharma perception is even better abroad, with an average 58% of respondents notching favorable sentiments in 2023, just a slight slip from 60% in each of the two previous years.
Pharma’s solid global reputation puts it in the middle of the pack among international industries, ranking higher than government at 37% positive, insurance at 48%, financial services at 51% and health insurance at 52%. Pharma ranks just behind automotive (62%), manufacturing (63%) and consumer products (63%), although it lags behind leading industries like tech at 75% positive in the first spot, followed by grocery at 67%.
The bright spotlight on the pharma industry during Covid vaccine and drug development boosted its reputation, but Jekielek said there’s maybe an argument to be made that pharma is continuing to develop innovative drugs outside that spotlight.
“When you look at pharma reputation during Covid, you have clear sense of a very dynamic industry working very quickly and getting therapies and products to market. If you’re looking at things happening now, you could argue that pharma still probably doesn’t get enough credit for its advances, for example, in oncology treatments,” he said.
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