Spotlight On: Jennifer Hendry, Owner & Broker, CrossView Realty
April 2024 — The National Association of Realtors lawsuit is going to be both a challenge and an opportunity for real estate brokers. “A big part of the growth within the brokerage is explaining that to agents,” Jennifer Hendry, owner, and broker of CrossView Realty, told Invest:.
What elements of Jacksonville’s real estate market keep you motivated?
Being in a market where you can sell a 100K home all the way into the multi millions means no matter what’s going on with real estate something is always selling.
What are the biggest opportunities and challenges right now?
One of the biggest opportunities in the Jacksonville area can still be found near downtown and really inside of the 295 circle. There are still homes that haven’t been properly maintained and with some TLC could see a good increase in value. Some areas like Green Cove Springs and Palatka I believe as another place for growth. With the new interchange for the interstate going south of Jacksonville, it will make these areas more accessible.
The biggest challenge headed our way is for first-time homebuyers and VA buyers. With the NAR lawsuit that’s happening right now, it’s making some changes I feel are great but are creating a number of problems for these homebuyers. Previously, somebody who barely had enough money for their down payment, let alone closing costs, now must come up with a down payment, closing costs, and realtor fees for their side of the transaction. They will need to find a seller who is willing to pay those fees on the buyer’s behalf and I just don’t think sellers are going to be so open to paying for everything. I feel like these buyers are going to be in a position where they’re able to negotiate a realtor fee, but then they’re not going to negotiate closing costs, or they can negotiate closing costs, but not the realtor fee. This will force them to either use the listing agent, which results in an overall lower realtor fee, or have absolutely no representation and when buying your very first house, you’re not going to have all the information you need to do this.
How does CrossView Realty help its brokers through the changes in the market?
Education. So many agents still have a lack of understanding about this lawsuit and we are working to make sure our agents fully understand the ever changing terms. We have had in-house meetings, on top of all the information that our board is putting out just to make sure our agents understand what is going on so that they can explain it to their customers.
I am a big proponent of making sure our agents have the knowledge they need to understand the industry. That’s where we add, as a brokerage, to what is going on in our marketplace; we’re helping to educate our agents more than other brokerages.
How do you tailor your strategy and your consulting services to meet the diversity of each client?
A big part of that has to do with the amount of knowledge our agents have. The conversation explaining the lawsuit to someone who has no clue the lawsuit exists is different from someone who has heard about it. It gives you the ability to adapt your conversation to their understanding versus putting everyone in the same category. My goal is for them to understand the landscape enough that they can go out and answer any question that might be thrown at them, especially when it comes to the lawsuit. When we have training about it, we talk about it from all angles of possibility.
What are the most pressing infrastructure needs in Jacksonville?
We are lacking in public transportation. It’s not good for a big city like Jacksonville to have such limited public transportation. I have customers who don’t drive, so there are only a few places they really can live and are able to walk to a grocery store, restaurants and things like that. There are not many areas that are set up around public transportation. We weren’t designed like a typical big city to have public transportation that reaches all areas. We have buses, but I just don’t know if it’s ever really going to get better, to be honest.
There’s also a really big need for affordable housing for lower-income families because prices have gotten completely out of control, and that has also driven up rents. We’re seeing more and more families moving into multigenerational housing, and they’re moving into houses they shouldn’t be moving into because those houses are too small. But there are no good options because prices have just gotten out of control, and the income here has not kept up with the rate.
What is your outlook for CrossView Realty and the industry overall within the next two to three years?
My outlook is positive. I think the number of agents and brokerage in the industry is going to shrink, but we need to shrink. We have too many agents in the market, which weakens the industry. It’s going to be harder for agents to get into and stay in the business, which will create a more well-rounded agent for those who stay. Some brokerages will not survive this change. At CrossView we put our customers first, to help them achieve their goals. I feel like we’re in a really good position to get through all these changes and to shine. There are some phenomenal brokerages in town, and I do think that the cream is going to rise to the top. I feel confident that CrossView is going to be part of that cream.
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