In this week’s episode of the RealTrending podcast, host Tracey Velt traveled to the REengage Winter Conference to speak with Illinois Realtors CEO Jeff Baker and president Tommy Choi. During the conversation, the group discuss real estate market challenges, the value of being a part of an association, and growth areas for associations in 2025.
This episode has been edited for length and clarity. To kick off the live conversation, Velt asks a question about the current challenges facing the housing market in 2025.
Velt: We’ve got challenges with housing inventory, interest rates and a new administration. A lot is happening in the housing market right now. Jeff, I’ll start with you. How are you advising your members in being resilient through different types of markets?
Baker: That’s something we’ve worked on yearly through different markets. We are constantly evolving in the education space. The types of information and communications that we are distributing make sure that the Realtor members are as prepared as possible for whatever the market conditions are.
Choi: If you look at how many Realtors buyers and sellers interviewed, 80% have interviewed only one agent. When you look at repeat referrals — when they ask a buyer how satisfied they were working with your Realtor and would you use them again? — it’s like a resounding 80%-plus.
But then when they interview the seller on the same topic, only 16% to 18% said yes. So, it comes down to speed to lead and staying top of mind. That’s how you stay resilient and recession proof.
Velt: Are you seeing any challenges in speaking to buyers and sellers about the NAR settlement? Are they asking about it?
Choi: That’s a great question. This is the first time in my last 18 years in this industry, and doing this at a very high level with a top 10 team in Chicago, where in the past, when there’s real estate stuff in the headlines, consumers really didn’t pay attention since the settlement and through the end of last year.
So, they’re very informed. However, where I think success is achieved is asking first: What do you know about what’s going on? Because I found the majority really have no clue. So, it’s really just about telling the truth and pointing out the facts.
Velt: Tell me a little bit about some of initiatives that you’re planning to bring to Illinois Realtors.
Baker: We have a very extensive local governmental affairs operation, just speaking specifically to the transfer tax proposal that was in Chicago earlier last year. We will continue to invest heavily in our local governmental affairs operations on the advocacy side of things.
Baker went on to mention several other initiatives on topics ranging from zoning to discrimination. The conversation ends with personal thoughts surrounding the real estate industry and Illinois Realtors.
Baker: It’s easy to think that this trade association focuses specifically what we can do for the Realtor members. And that’s true. But when you stop and think about, ‘Why do we do that?’ every single thing that we do benefits everyone that lives in the state of Illinois. Once you stop and realize the magnitude of that, it brings another layer of meaning and worth to what we do every single day.
