Delta Media Survey: Top 5 Real Estate Broker Challenges for 2024

Written by Posted On Monday, 12 February 2024 13:27

Pending industry commissions lawsuits jump onto the list

Canton, Ohio – February 12, 2024 – What are the top 5 business challenges for real estate broker leaders in 2024? That’s the question answered by the new 2024 Delta Real Estate Leadership Survey of more than 130 brokerage leaders representing firms that collectively were responsible for 2 out of 3 residential real estate transactions last year.

For the second year in a row, “Recruiting new agents” was the No. 1 business challenge (65% versus 63% in 2023), followed by “Reduced profit margins” (60% versus 48% in 2023).“Agent adoption of brokerage provided technology” leaped into the No. 3 spot at 55% (it tied for the No. 5 spot last year at 39%).

Michael Minard DeltaThe “Impact of commission lawsuits” jumps into the No. 4 spot cited by a majority of brokerage leaders (52%) as being a top challenge for this year. At the No. 5 spot was "Cutting the right expenses" at 37%.

"It's no surprise that recruiting remains the largest challenge for real estate leaders and that the majority see the industry lawsuits as another top challenge," said Michael Minard, CEO and owner of Delta Media Group, “What is a bit of a surprise is seeing the importance of agent tech adoption catapult into the top three business challenge. This indicates that real estate technology will be under a microscope in 2024, and it had better benefit the brokerage's bottom line."

The Delta survey also asked leaders to share their take on the value of all-in-one marketing technology platforms in the brokerage’s organization. Industry leaders gave all-in-one platforms an average rating of 7 out of 10.

However, brokerage leaders 30 years old and younger, gave the centralized tech platforms a perfect rating of 10. In contrast, the oldest age group of leaders, 60 and older, gave the platforms the lowest rating of any age group: 6.6. Female leaders ranked the value of all-in-one platforms significantly higher (7.03) than their male counterparts (6.73).

The survey also found:

Rounding out the Top 10 business challenges for this year included “Recruiting top producers” (47%), “Retaining top producers” (44%), "Recruiting younger agents," "Providing higher quality leads for agents," and "Making sure you have the right technology" (all tied at No. 8 with 35%).

Only about 1 in 10 leaders consider managing teams or managing the impact of AI to be a top business challenge this year.

Less than 1 in 7 leaders said that increasing the speed of agent lead follow-up or recruiting a more diverse workforce was a top challenge for 2024.

The Delta survey also asked brokerage leaders to identify the single best thing their brokerage did in 2024. The most common responses focused on three things: activities related to cutting costs and streamlining operations (also the most common best thing accomplished in 2023), technology adoption, and digital marketing, as many brokerages said they focused on integrating new tech and expanded their digital marketing activities; and agent support and growth, implementing new programs and services, from training and coaching to providing more brokerage marketing support.

Finally, when real estate leaders were asked to provide additional insight into their top business challenge for 2024, the study uncovered three common themes:

Keeping agents engaged and productive

Attracting and retaining new talent

External market pressures, from high interest rates and inventory shortages to legal and economic uncertainties

Additional details from the Delta Real Estate Leadership Survey are featured in the latest issue of Delta Media's Real Estate and Marketing Technology Magazine, found online here.

About Delta Media

Delta Media Group, Inc. is one of America's largest real estate technology solutions providers for real estate brokerages. Located in Canton, Ohio, it is the inventor of DeltaNET, considered the industry's most advanced CRM-based, all-in-one digital marketing platform. The largest family-owned business in its space, Delta is the trusted technology partner for many of the best-known real estate brands, including more than 80 LeadingRE Affiliates and over 50 top-ranked brokerages nationwide. Discover more at deltamediagroup.com.

Rate this item
(0 votes)
Kevin Hawkins | The REAL AI Guy

Kevin Hawkins, aka The REAL AI Guy, is Editor and Co-Creator of REAL AI, the first and most widely read weekly newsletter on artificial intelligence in real estate. No one has written more about AI in real estate than Kevin. He’s a trusted voice, in-demand moderator and speaker, and practical AI coach. An early tech adopter, he’s an award-winning content creator and leads WAV Group Communications as a strategist, consultant, and media relations expert. Published more than 40+ times on Forbes.com, he was named one of the industry’s most influential leaders by Inman and a 2025 RISMedia Newsmaker Futurist. Kevin’s engaging, real-world approach to safe and responsible AI helps MLSs, brokerages, and agents use AI with confidence, clarity, and measurable impact.

www.wavgroup.com

Realty Times

From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate.

Joomla! Debug Console

Session

Profile Information

Memory Usage

Database Queries