2 min read November 2022 — In an interview with Invest:, Greater Boston Association of Realtors President Melvin Vieira talked about some of the programs the organization has put in place to better educate realtors on the changing market, the role of gateway cities and what is needed to ensure population growth in Greater Boston.
What have been some key highlights for you and your team in the past year?
One of the biggest positives was educating our agents and getting them ready for a changing market. We realized we needed to bring in more educational programs for our agents so they could change with the market and be better agents. However, the market is just one segment of an agent’s training. We also explained the need to look at policies and zoning reform because we are still looking at old rules that were put in place in the 1960s and that have not changed considerably.
There is also a need to add more housing to address the lack of housing but we need to do it in a creative way while figuring out how to get more people of color into the market. I always tell people that we can try to shoot one magic bullet but it will probably not be the right way. We need to look at the macro or holistic piece as well as the cause and effect.
What role do gateway cities play from a real estate perspective?
Gateway cities are a great avenue but we have to do some good things with those cities like adding transportation, increasing broadband and providing help with their infrastructure. The only way people will be attracted to those areas is if there is something there for them. Gateway cities are extensions of Boston. They truly become gateway cities when people are attracted to them.
What is bringing job and population growth to Greater Boston?
Colleges are No. 1. So many men and women come to this state to get degrees at various levels and stay because they are getting employed by a variety of industries. Such as Biotech, Banking, Insurance and many other types of industries. Ironically, the movie industry, for example, is a huge piece of Boston’s economy and many people aren’t aware of that. We also have some of the best hospitals in the world. Boston is firing on all cylinders and that is the reason why Boston keeps moving along and differentiates itself from other cities in the country. But we have some things we have to work on like transportation infrastructure for us to remain a leader.
How is the Association introducing technology to its work?
We realize that technology is very important so we offer many programs and tools for our agents that include social media training, video tours, various types of CRMs and educational classes to help them be the best in their profession. We realize when dealing with a consumer, their first impression is the most important. So, we always want them to be the best representation of themselves at all times.
Plus the National Association of Realtors has a tech segment that finds small startup companies to bring them into incubators until they can be used on a wider scale for the entire association. This is great that we as Realtors can have access through our national association which is NAR.
How are you a steward of the communities you serve?
We have a Placemaker grant program, where anybody within the 64 cities and towns that we touch can apply for a grant for housing assistance. We also give money to a program called Stash, in which money is given to the very first person within a family to buy a house. We have also done things with the Boys and Girls Club. Our agents also donate time to local charity organizations.
What can be done to increase the number of first-time homebuyers?
That lack of financial literacy is one thing that is limiting first-time homebuyers. Financial literacy needs to be taught as soon as a child hits gradeschool which then should translate throughout their highschool education and beyond. This should be made a priority so that the cycle stops repeating itself. The second thing we have to look at is the criteria on income limits which can sideline new buyers. One of the ways to fix that is to create more housing at different price points within various communities. The third thing that needs to be looked at is credit so we need to look at it in many different ways. One way to fix it is to come up with creative ways for people to use alternate documentation to qualify. The fourth thing is the lack of down payment which a person can use. That can be solved by lenders getting creative while working with local towns and municipalities to help them with down payment assistance programs. This will help people who are living paycheck to paycheck and cannot save enough money for a down payment.
Plus, there is a generation that has been forgotten which is the parents of the baby boomers. People don’t realize that they are still living in large three- to four- bedroom homes alone which is causing some of the housing shortage. So if we intend on solving the lack of housing issue we must build with them in mind as well as others. Zoning is a problem throughout the country so we have to take a serious look at it which will then lead to zoning reform. That will make sure land is being used in its highest and most effective use so that we can create more housing. We also need to figure out how we can reduce the price of development for builders by creating incentives that make sense for everyone.
On a final note, we need to get more young men and women into the trades because college really isn’t for everyone and this could lead to one of the ways of cutting down on the cost of building.
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