In January, Connecticut Realtors named Joanne Breen, a Realtor with ERA Sargis-Breen Real Estate in Newington, as its 2020 president. In this edition of Suite Talk, Business Journal Senior Enterprise Editor Phil Hall meets with Breen to discuss the state of her profession.
Do young people today see the Realtor profession as a viable career opportunity?
“Yes, and it is interesting because when I started 41 years ago what you saw were a lot of women who came into the workforce who had their own families. One of the reasons I got into it was because of the flexible hours. But now, we”™re seeing young men and women coming out of college and going into real estate. And there”™s a lot of second and third generation, which is very interesting ”” they”™ve been raised in real estate and have seen their parents and grandparents in it. Many of us have come from another career ”” I was originally a teacher ”” so, it”™s not unusual today for this to be the first career.”
Do you have a lot of millennials as clients?
“The challenge we are having with the millennials is the student loan debt they have. It now takes seven years longer for a young person to get their first house because of that student debt. We”™ve talked to the legislators and a lot of them would like to do something with a first-time homebuyer program or credit that maybe their employer could contribute to ”” something like a 401(k) for buying the first home, which would be tax-sheltered. But with the state, where can they get the funds for this type of program?
“A few years ago, it took millennials a little while to get started ”” they thought they”™d want to rent and not make a commitment for a home. But once they got a little bit older and wanted to start a family, renting didn”™t seem as appealing as owning a home.”
What is Connecticut”™s rental housing market like?
“They”™re certainly not cheap. People are surprised at how high some of the rental properties are. And we don”™t have a large pool of properties for rent, either. So, we”™re caught in a situation where there are not a lot of rentals and not a lot of homes for sale.
“I think a lot of the younger generation is going back into the urban areas. Stamford is doing very well. They”™re booming.”
A lack of inventory is a problem facing many housing markets around the country. Is that also a problem in Connecticut?
“Inventory is historically low. Anything that is decent and practical is selling very, very quickly.
“I was in Litchfield County and heard from a homebuilder who said the zoning regulations are adding to the cost of new construction to the point that the profit margin for homebuilders has really shrunk. And the market has not recovered in the way it has in other parts of the country, and that has left homebuilders leery of putting up those spec houses that they put up years ago.”
The lack of affordable housing options is also a problem in many markets around the country. Is that also true here in Connecticut?
“We need more affordable housing and we are encouraging the Legislature to do whatever they can to get more affordable housing.”
Are legislators listening to this call?
“It”™s all about relationships. One of the main jobs with Connecticut Realtors is to establish relationships with all of the people up at the Legislature. Because without relationships and an open dialogue, we”™re not going to get any work done. I think in most cases they really do understand.”
What is on your current legislative agenda?
“It is a short session this year, and we got a lot done last year, but there are still a couple of things on our plate. The agency disclosure law in Connecticut is still a little bit unclear and has been. We”™re looking to clean that up a little bit. We”™re also working on a professionalism bill on the requirements to become a broker in Connecticut. I”™ve been a broker since 1988. The experience question of the requirements is really lacking, so we are going to be working on tightening that up.
“Professionalism is a big concern of mine, especially for protecting the consumers. You want them to be handled by agents that are well-informed and well-instructed.”
What percentage of your time is devoted to serving as Connecticut Realtors”™ 2020 president?
“At least 60%, maybe a little bit more. During the legislative session, I am up at the Legislature”™s office building a lot. If we have to do testifying, I will be there and having meetings with legislators in their office.
“I also go around to the local associations and speak to them on our initiatives. I”™ve even started a group with the presidents of our 15 local organizations and they are a great group. They are sort of an untapped resource that we maybe need to tap into a little bit more.”
