You may have been reading the various “top 10 2009 real estate stories” assessments while relaxing over the holidays, as I have.

On CBS MoneyWatch.com, Alison Rogers viewed 2009 from a macro consumer perspective in her analysis, citing things like increasing foreclosure numbers, the ongoing credit crunch, and increasing rentals. 

A more cut-to-the-chase recap was that by Steve Harney. Steve just states the “facts of the year” rather than his opinion, backed by statistics. While it’s not necessarily fun reading, the good news is that we’ve navigated it so far, and his real service is to underscore the areas where great real estate professionals can make a difference. Creating strategies to solve these specific problems for clients provides a powerful action plan for 2010 for real estate practitioners.

A more internally-focused review of 2009 comes from Stefan Swanepoel on Active Rain’s blog. Several of Stefan’s picks were right on the money – the impact of the housing credit on sales, foreclosures and short sales, RPR – while some others seem a bit random. The change of one brokerage franchise brand to another? The creation of NAR’s credit union? GMAC changing its name when that had been expected for over a year? One comment on the post read, “I didn’t know about a lot of these happenings before,” perhaps because they didn’t really rise to “top 10” status?

A well-rounded, insightful analysis of 2009 was that done by Matt Carter and Angela V. Brambila on Inman News. Their top stories of the economy’s impact, lending landscape, foreclosures/short sales, tax credits and appraisal/valuation problems addressed the market at large, while they also focused attention on industry events like brokerage musical chairs and financial challenges, and the impact of mobile technology, social media, RPR and online data analytics on the way we do business.

All of these recaps do a good job of capturing the essence of 2009 for us, yet it seems to me that there may be some potential “understories” woven throughout that could have a longer-lasting effect on our industry: 

Is NAR’s role as the real estate trade association crossing the line from industry representation to member competition? In their focus on individual licensees, are they trying to displace the brokerage companies that provide the critical infrastructure of the business? Too soon to tell, but worth watching. 

Is the sheer “national brand” strength of franchises a sufficiently compelling value proposition today? With limited to no organic growth in most of the national brands other than Keller-Williams, switching of brands by some, migration of some long-time franchisees back to independence and local branding, what does this say about brokerage reliance on a national brand for their success? When franchise fees may represent the difference in a brokerage being profitable in this environment, are some brokers asking “where’s the beef?”

Is the Wild West persona of RE Bar Camps a phenomenon with legs or is it already losing its steam? Are the most visible social media stars really the ones doing business through this new medium? There is no shortage of real estate practitioners who like to hear themselves talk, but the real success stories may well be those under the radar, the serious bloggers who are engaging consumers rather than each other.

Is the very brokerage model changing? Not just in terms of less brick and mortar, but with a more strategic view of selectivity and productivity in the associates who carry their flags? Quality over quantity? The resurgence of brokerage brand equity by creating an outstanding experience that is simply not the same elsewhere?

In many ways, 2009 presented us with more questions than answers. But what we can be fairly certain of is that we are in for an exciting ride in 2010 as we emerge from the past “Year of the Slump” (2007), “Year of the Bombshell” (2008), and “Year of Adaptation” (2009). 

Hats off to those who have survived thus far, who have helped consumers through the messy maze, and who have shown real leadership and stamina. When the history books are written, yours may be the REAL story of 2009.

Happy New Year!

Posted By: Pam O’Connor