As market shifts, brokers follow buyers

From the May issue: It’s a buyer’s market out there: The average apartment is sitting on the market for 146 days, 11 percent longer than a year ago, and inventory is up 20 percent over last quarter. In response, many in the brokerage community are shifting their emphasis from chasing seller listings to representing buyers. In some cases, brokers say they are now representing twice as many buyers than they did in previous “boom” markets. During the recent bull market, it made sense for brokers to represent sellers. Virtually every apartment listing would sell for above asking price, so snagging a listing practically guaranteed a commission. Much of the challenge for brokers was waiting to see which buyer emerged victorious.