Baylor Real Estate Researcher Notes Trends For Agents

Newswise — Dr. Chris Pullig, Director of the Keller Center for Research in Residential Real Estate Marketing at Baylor University’s Hankamer School of Business, noted today that while existing home sales are on the decline there has only been a marginal reduction in National Association of Realtors (NAR) membership, hence fewer transactions are available to each individual agent. “For the agents who will succeed in this kind of environment, the key is going to be who can operate more efficiently and are more strategic in the way they allocate marketing resources,” Pullig said.

(Refer to graphic chart at http://business.baylor.edu/hsb/news/NARchart.jpg. Source: National Association of Realtors.)

Though existing home sales have been waning since 2005, there has only been a marginal reduction in NAR membership, a response that does not reflect the strong correlation these two figures have shown in the past. During the recent housing boom, which began in the mid-1990s and continued through the first half of this decade, NAR membership nearly doubled – from 729,266 in 1993 to 1.27 million in 2005. But as the number of homes sold shifted downward in 2006, the number of real estate agents continued to rise.

“When we see these kinds of trends, we want to investigate the means by which real estate agents most effectively generate revenue: What lead generation techniques are most effective?” said Dr. Kirk Wakefield, chair of the Marketing Department at Baylor. “What marketing strategies work best given this environment? Taking this aggregate trend into consideration, the focus of the Keller Center is on agents and what makes them successful as individuals. We want to examine things such as the best ways to promote and communicate an agent’s business and the best ways to brand individual or group real estate agencies.”

The Keller Center is currently looking at issues that affect residential real estate marketing strategies including lead generation and conversion, branding issues, consumer expectations and pricing. While the research will remain academic in nature, the Keller Center also focuses on making the information learned accessible to the working real estate agent. Articles discussing the center’s studies will be available online at www.baylor.edu/business/kellercenter, beginning June 2008.

“Moving forward, the center will focus its studies on the factors that influence individual home buyers in their decision, as well as marketing and management issues that are important to real estate agencies and small businesses,” said Pullig. “The faculty associated with the center will generate research in areas yet untouched by academia, finding real answers to age-old questions about buyer-seller relationships.”

The Keller Center supports an academic major in Professional Selling.
The Keller Center encourages the participation of realtors in their research. To be added to the Keller Center mailing list, please send your name, address and email to Laura_Indergard@baylor.edu.

About Baylor Business
The Hankamer School of Business holds to a visionary standard of excellence whereby integrity stands shoulder to shoulder with analytic and strategic strengths to build leaders, not simply careers. Visit www.baylor.edu/business for more information.

Chairman of Keller Williams Realty donates $5 Million to Baylor University

Baylor University Opens Research Center to Study Real Estate Buyer-Seller RelationshipsMarch 6, 2007

- Gary Keller, Chairman of Keller Williams Realty, Donates $5 Million to Establish Center -
The Marketing Department at Baylor University's Hankamer School of Business will be home to a new real estate research center, funded by a generous $5 million donation by Gary Keller, Chairman of Keller Williams Realty.

Keller approached Baylor with the idea for The Keller Center, which will focus on the factors that influence individual home buyers in their decisions, as well as marketing and management issues that are important to real estate agencies and small businesses.

Two newly-hired research professors at the Keller Center will begin in August to explore the industry through the eyes of the agent and the consumer, rather than the aggregate real estate issues, such as interest rates and pricing, that are traditionally studied.

"The goal of the Keller Center will be to study the issues that are pressing for real estate companies and agents in today's marketplace," Keller said. "For all the awesome research that is already out there, there is an equal amount that is still not being done."
After conducting literature reviews of academic work in real estate marketing, Baylor faculty determined that little of it addressed buyer-seller relationships.

"Why do people really buy? How do they consider the role of the agent? What influence does the Internet have on information search processes and subsequent purchase decisions? These are the kinds of questions we will be answering in great depth," said Kirk Wakefield, chair of the Marketing Department at Baylor.

"My hope is that the Keller Center will put Baylor University on the map as the definitive resource for comprehensive, in-depth studies that can bring insight and value to residential real estate professionals," Keller said.

About Gary Keller and Keller Williams Realty Inc.
Keller graduated from Baylor University in 1979 with a bachelor of business administration degree in marketing, with a specialization in real estate and insurance. In 2006, the university honored Keller with its Distinguished Alumni Award. That same year, REALTOR' Magazine named Keller one of the Top 25 Most Influential Thought Leaders. In 2005, Inman News recognized Keller as one of the Top 100 Most Influential People in Real Estate.

Founded in 1983, Keller Williams Realty Inc. is the fourth-largest real estate franchise operation in North America, with more than 600 offices and 77,000 associates in the United States and Canada. The company's agent-centric culture emphasizes access to leading-edge education and promotes an economic model that rewards associates as stakeholders and partners. Keller Williams Realty, which began franchising in 1990, is growing by more than a thousand agents a month. Keller Williams Realty associates place high value on professional education and a full-time commitment to real estate sales. For more information, visit Keller Williams Realty online at (www.kw.com).

Mark Felton offers buyers looking for houses in Waco a full suite of professional services. As a licensed realtor and co-owner of Keller Williams Waco, he can assist you with any of your real estate needs. Mark also is a Custom Home Builder and Developer. His home building company is Front Porch Homes which builds in and around the Waco area. And his development company is Frontera Development, which is a full service real estate development firm based in Waco, Texas. The primary focus is residential, master planned communities that emphasize the values of New Urbanism and Traditional Neighborhood Development.

For more information, please call Mark at 254-495-1241 or email at fronteradevelopment@gmail.com

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