Jamar Hardy, President, Minneapolis Area Realtors

The future of the Minneapolis real estate market is going to be about more transparency, according to Jamar Hardy, president of the Minneapolis Area Realtors. “I think the level of professionalism in real estate is going to be raised, which might put pressure on some Realtors who aren’t fully committed to it,” he told Invest:.

What is your overview of the current Minneapolis-St. Paul housing market right now?

Year over year, the market is up. I do think that last year was a bit of an anomaly for one reason or another. Interest rates played a big part in the residential segment, and inventory has been tight for several years now 

This year, we’re seeing only small increases in inventory. We’re not back to a balanced market, meaning about three month’s supply of inventory would be available and I think we’re right around 2.6 months in the metro area. We have a long way to go to get back to a balanced market, but we’re hoping that now that we’re past the election, and with some optimism on rates potentially coming down in Q2 of next year, that we’ll see a little increase in activity at the beginning of the spring market.

What have been some of the notable achievements for your organization in the last year?

Some of the biggest achievements revolved around engaging our Realtor members and our broker members in a more real face-to-face way. Coming out of COVID, we all learned to work and connect from a distance. But we’ve been bringing more people back into our space to support them with all the changes that we’re seeing in our industry right now. That has been a huge achievement for us. 

I love knowing that we are the key source of information for our Realtor members when it comes to statistics and getting that information out to them in a relevant and easy way, particularly when they visit our website – and we have been working in 2024 to rebuild that in a more user-friendly way moving forward. 

We’ve been focusing on our members and how we can make them feel more supported amid the changes in the market. 

What advice would you give to young professionals hoping to break into the real estate industry in Minneapolis?

I’ve been in this business since 2002. I know the importance of having mentor support coming through. I was a high-school basketball coach. My mentor, who coached alongside me, saw something in me that I didn’t see as far as me being able to be a business professional. He also was the one who introduced me to our Board. So, just really finding that support through a mentor to get into the business is important. 

Also important is understanding what is realistic. If you’re running a small business, you need to give it some time to grow. I think youth are looking for instant gratification, and that’s not the type of business we’re in. I love to remind people that we’re the last ones to get paid. If you look at how the homebuying or selling process happens, we’re usually the first ones that consumers reach out to, but we’re the last ones to get paid. If you want to succeed in this business, it has to be about more than the money. I always like to focus on how we can be an advocate for real estate, but also for consumers who need representation out there.

How are you advising your current members?

Our members appreciate the fact that we are stepping outside of the norm in how we’re providing support for them. My passion is getting more change agents and more diverse agents into the business. It’s not just about diversity in terms of being comfortable talking about color, but it’s also just the diversity of thoughts. We’re seeing that our board comprises people who are from different segments, who have different backgrounds, and who represent a really diverse membership, which helps make sure that we’re guiding our members into the future, not just being stuck in the past, which can sometimes be where a lot of association boards get stuck. 

We’re looking at what the next five years are going to look like in our industry. We know that technology is a huge driver. For us, it’s super important that we pay attention to technology and this changing real estate landscape, and that we pay attention to what our members need in terms of support when they’re navigating both. 

What are your expectations for the future of the real estate market in Minneapolis? 

I like to speak to facts. The facts are that Minnesota has always been a state where we recognize agency across buyers and sellers. To that end, when it comes to consumers, transparency is the future. 

I think the level of professionalism in real estate is going to be raised, which might put pressure on some Realtors who aren’t fully committed to it. 

Overall, I think the option of hiring a professional, or understanding how to qualify a professional, is going to be a little bit more transparent for consumers, which is going to raise the standard of excellence and experience of Realtors, so the consumer can understand why they need a Realtor versus going out and doing it alone.