This has been a historic year for real estate in Florida — from newly enacted state legislation to compensation and representation rule changes for Realtors across the nation. Despite all this change, I am confident that real estate agents — as they always have — will embrace this new normal as an opportunity to reinforce the essential and irreplaceable value of our profession in the homebuying process. Throughout my nearly 20-year career, there have seldom been times as critical as it is today to be well-informed and engaged as a real estate professional. So, as the year comes to a close, let’s explore some of the insights and trends that will help shape South Florida residential real estate in 2025 and beyond.
Supply is up, demand is down
Recently, South Florida has been seeing an increase in supply throughout the region across all types of units, but especially condos. However, demand is still trending lower than would be expected in light of the upcoming election. Conventional wisdom has traditionally held that the housing market slows in the months leading up to a presidential election. We can expect more of a balance between supply and demand now that the election is over, opening the proverbial flood gates for buyers and sellers alike.
Negotiation is the norm, and Realtors have the answers
Agent compensation has always been negotiable, but, after this year’s Sitzer-Burnett settlement and subsequent commission rule changes, there is now a heightened focus on negotiations during real estate transactions. The average consumer, however, is not equipped with the knowledge or expertise to efficiently and effectively navigate this process. Therefore, I urge all Realtors to look toward their local associations for continued education and resources to best serve clients during the homebuying or selling journey. Now, more than ever, we must reinforce the essential role of a Realtor as a consultant and educational component to assist buyers and sellers through the process.
AI is here and here to stay
The use of artificial intelligence has already started to transform the way we operate — especially in the MLS — and it is only continuing to advance in ability and application. AI will streamline Realtor processes, giving us more efficiency and accuracy in the search for our clients’ dream homes. It has already impacted many processes for interactions with the public, i.e. listing descriptions and marketing material creation through ChatGPT, and AI driven Chat Agents leveraging Large Language Models like ChatGPT for consumer insights and communications.
Utilizing AI through the MLS can not only streamline entries for more well-rounded and accurate entries but also can allow Realtors to search based on photos. Our team at the Broward, Palm Beaches & St. Lucie Realtors® is always identifying new opportunities to implement cutting-edge AI software, helping agents pair consumers with their dream home. This continues to be a strategic priority for us in 2025.
Stay informed to stay ahead
There have been a lot of misconceptions surfacing across the industry in the wake of recent practice changes. Many consumers — and even agents — across the nation are uncertain about the dos and don’ts of real estate transactions heading into 2025. Fortunately, all the information you need to be well-versed and confident exists, but you need to go to a trusted source.
The National Association of REALTORS®, statewide Realtor® associations and local Realtor® associations have current and accurate information readily available for agents and consumers to stay in the know about all the recent changes our industry has been facing. In fact, the Broward Palm Beaches & St. Lucie Realtors® keeps an up-to-date compilation on its website of essential information you need to know about the settlement and its changes. Learn more at rworld.com/settlement. Moving forward with knowledge allows more confidence and clear communications with consumers in the marketplace.
Broward, Palm Beaches & St. Lucie Realtors® in 2025
The Broward, Palm Beaches & St. Lucie Realtors® association has a lot to look forward to in 2025. With the continued movement of our Only a Realtor® consumer campaign, we are launching a fourth commercial, “Perfect Strangers.” Rooted in data and in-depth research, the spot aims to highlight the irreplaceable role Realtors play in mitigating risks for not only their buyer clients, who are investing emotionally and financially in the purchase of their new home, but for sellers as well, and how a Realtor® can overcome obstacles that could potentially cause a sale to fall through for a seller.
Consumer reports and research groups revealed that the value of risk mitigation was shown through Realtors’ expertise in understanding contracts, negotiating on clients’ behalf and offering unique expertise throughout transactions that gives clients a clear understanding of the details and security in their investment — all of which are highlighted throughout the 30-second spot.
The power of the campaign continues to be amplified as the association works to create a national movement to ensure people understand the critical value and counsel Realtors bring to every real estate transaction. This will be supported by the continued efforts to license “Perfect Strangers” to other associations starting in January 2025.
As always, the association continues to invest in education and offering content and resources that are accurate with current changes as we continue to see movement across our industry.
Jonathan Lickstein is the president-elect for Broward, Palm Beaches & St. Lucie Realtors®.