Robert Norman, Regional President, Eastern Region, Coldwell Banker Realty

In an interview with Invest:, Robert Norman, regional president of Coldwell Banker Realty’s Eastern Region, discussed how the company supports agents and clients in New Jersey and beyond. “At the end of the day, it’s not about selling quickly, but building a relationship that lasts multiple generations,” Norman said.

What recent changes have most impacted Coldwell Banker Realty?

The year 2024 was a big year of change in the real estate industry. Our company has been a steady resource throughout, providing guidance to our agents who are adapting to this new landscape. We restructured our documents and had to retrain agents in understanding the how-tos in marketing listings and serving buyers. 

One of the pivotal moments we had last year was being first to market with a technology we named KeySign, which digitizes the buyer agency agreement. Not only did we change the way we worked with buyers, but we also created this technological tool to assist our agents who are handling the process virtually within a three-week window. I observed our technology and product teams develop, as well as deliver, a resource for agents that quickly showed that despite our large size and rich history, we were still a nimble company. 

We’re also seeing a reduction of inventory in the market, partially due to increasing interest rates. A higher sale price, coupled with increasing interest rates, has led to a decrease in buyer affordability. Usually, as interest rates increase, we see home prices go in the opposite direction. But, because of the inventory reduction, we have this anomaly. On the bright side, the job market and the desire for homeownership remain strong.

The recently enacted changes to the mansion tax have not helped the situation. The tax was established in the early 2000s for a much higher price point, but as prices have steadily increased, more homeowners are paying that tax. The increase affects not only current homeowners but also first-time buyers who are saving to get their dream home. 

How does the company support its agents in navigating real estate market complexities?

We have embraced technology. Aside from KeySign, we have hands-on training and coaching, and have invested in a full team of educators, managers, and staff members who facilitate business transitions for our agents. 

In the post-COVID environment, agents are delivering their services differently. Prior to COVID, our offices were full of agents on a daily basis, since having a large physical footprint was the best way for us to serve. We realized that we had to shift to virtual delivery of our services, where marketing support and assistance should be done remotely. We made some decisions to consolidate the large offices and centralize support, while keeping touchdown points in satellite markets so agents have a place to meet. 

Our listing concierge program was launched as an all-encompassing marketing platform. The incorporation of artificial intelligence and other technologies has made it even more cost-efficient. It is also embedded with social media and boosted ad campaigns that can be launched from the agents’ phones. 

However, as we make these shifts, we still maintain some physical presence for agents who prefer more personal interaction. Real estate is about people and relationships, and I think we have found the perfect way to balance these relationships with our services. 

Which market is growing the fastest in New Jersey?

As you drive through the state, you can’t help but see the significant amount of construction of apartments on main roads. This is a reflection of an active rental market, and also speaks to people’s desire to be more nimble with their living situations. When we rent something, we are not putting down deep roots. We have the ability to pick up and move to a different location. We are still seeing vibrant downtown markets, and the urban sprawl continues as people continue to work from home. 

How do you assist first-generation buyers approaching homeownership?

We have a mortgage affiliation with Guaranteed Rate Affinity and the ability to work with first-time homeowners through available tools and incentives. We view ourselves as a full-service real estate company, where we can help homebuyers achieve their dreams and offer planning assistance, as well as financial advice. Our agents are the trusted advisers specialized in the journey of homeownership. It’s not just about selling a house; it’s about creating a home. While the first house might not be their dream house, as prices appreciate, they will be able to build equity and get them closer to the home of their dreams. 

Through our marketing and social media efforts, we talk about the value of homeownership. We educate the agents to educate the consumer. We look for highly-skilled agents who have an understanding of the value of homeownership and the ability to convey that message to their clients. At the end of the day, it’s not about selling quickly, but building a relationship that lasts multiple generations. If we think about just selling houses, we are not building a sustainable business. 

How are you adapting to the challenges and opportunities facing the real estate industry in New Jersey? 

We have been challenged by a reduction in units and inventory. Anytime we see a market where it’s more advantageous for a homeowner to fix their home than to sell, the market gets less affordable for buyers. We are a volume-based industry by design, so whether we are selling more houses at a lower price or fewer houses at a higher price, there is no impact on our bottom line. The biggest thing we’re dealing with is the pullback. The challenge arises when the sale prices do not outpace the unit decrease.  We have adapted by expanding our market areas without expanding our brick-and-mortar footprint. Our ability to digitally serve agents in markets we’re not physically in has grown tremendously over the last year. We are expanding the radius of our existing offices while we increase our value proposition to provide better services for our agents. Embracing technology has also allowed us to reach more people and promote properties from a centralized location. 

What is your outlook on the broader real estate industry for the next few years? 

Real estate is traditionally a safe investment that tends to pan out really well over time. It’s probably one of the largest investments any homeowner has in their portfolio. Homeowners are watching the interest rates from the sidelines, not ready to trade their house, but as their lifestyle changes, they might still need to. With normalization in inventory and stabilization of prices, buyer confidence will increase, so I feel confident in this industry. In the long term, real estate is always going to be the cornerstone, not only in people’s homeownership journey, but also in their portfolio.