Discussed the economy, the Real Estate Market
¶ It’s no secret that we are in a tough economy and tough real estate market; yet on a positive note, we expect that there will be over 30,000 sides of business closed in the Triangle this year and another 30,000 sides will close in 2011.
¶ There have been a tremendous number of changes in the real estate industry nationally, as well as within our market:
o Allen Tate’s retraction in the Triangle
o YSU sold to Home Services (PRU)
o It has been reported that ReMax has had the highest rate of attrition among agents and offices, nationally
o Century 21 has had the 2nd highest rate of attrition among agents and offices
o CB Advantage is selling their office buildings
o Many Smaller Triangle Real Estate offices have just closed their doors
o The #6 Coldwell Banker franchise closed it’s doors
o The largest Prudential franchise (PRU/California) closed 35% of it’s offices, changed their affiliation to Better Homes and Garden and took on a $10M investor
o In addition, it is clear that a number of real estate companies that have NOT taken corrective action are either in trouble or out of business!
¶ HPW has taken action over the past months and years to remain financially STRONG and competitive!
We are HERE in the Triangle for the LONG term.