Kathryn Bovard, a real estate professional with more than 20 years of experience in Southern Nevada, is vice president of national broker relations at Realty One Group, which surpassed the 400-agent mark this year. She has served on several real estate boards, including the Greater Las Vegas Association of Realtors and the Supreme Court of Nevada Mediation Counsel Committee.
What drew you to the real estate industry?
I started in real estate as a young mother, and I found it to be a great career because I could balance my family life and a sense of fulfillment in helping other families.
How has the industry changed over the past three decades?
There have been two strong forces in our industry: technology and the recession, both of which changed how we do business. Developments in technology have resulted in better-informed consumers. About 92 percent of all buyers are on the internet before contacting a Realtor, and sellers have many different ways to preview the pricing of their home as well. This information gives a more realistic foundation to start from and makes the process easier for our clients.
The recession has not only affected pricing, which is still below national standards here, but also interest rates, which are low. With an inventory of only three months, we have a great market balance between buyers and sellers.
To what do you owe your success? What will your new role entail?
I owe my success to the forward-thinking, out-of-the-box management style of the company I work for — a management style that fosters creativity and individualism. We are like the Zappos of the real estate community, innovative in both our vision and use of technology. Luckily, I also am a little out of the box, so it is a perfect fit.
In my new role, I enjoy the best of both worlds. I still have the fulfillment of working with agents, so I can maintain the boots-on-the-ground perspective, but I also now work with other brokers implementing training programs.
Why is it important to be heavily involved in the real estate community?
My first foray into serving was to join a local association committee so I could be better informed in our industry. You know the old saying, “givers gain,” and as I got more active, I was asked to serve in various positions. I’ve always felt that I could bring back the knowledge that I acquired to my agents, which in turn would make me a better broker. I’ve just recently been appointed to help rewrite the National Real Estate Exam, and it will be a great learning experience since I am certified to teach post-licensing classes and can see where the voids are.
Talk about your journey in real estate.
I started in real estate when my children were babies because it afforded me the freedom to be my own boss. Within a few short years, I owned my own commercial company, with six employees, and I found myself working 60-plus hours a week. There’s not much freedom with those kind of hours, and I made a decision to sell and do residential sales, which I thought would be more manageable. I raised my children as a “Realtor mom,” and they grew up going with me to put lockboxes on homes and hand-addressing envelopes. I tried to tell them it would improve their handwriting skills, but they always held out for getting paid.
Do you have any advice for people interested in getting involved in the industry?
I can teach someone how to do real estate, but the one thing I can’t teach is desire and commitment. My advice is to put your heart and soul in it and learn as much as you can.
Talk about why you wanted to run for president of GLVAR.
I grew up in the era of the John F. Kennedy quote, “Ask not what your country can do for you, ask what you can do for your country.” So I am an active participant in trying to make a positive difference.
Where do you see the real estate market in the next 10-20 years?
Our CEO and founder, Kuba Jewgieniew, had a vision over 10 years ago that provided an environment for agents to grow a “business within a business,” retaining 100 percent of their commission. Many competitors have copied our business model, which I believe will be the standard business model for the next 20 years or more.
Talk about how Las Vegas’ housing crisis affected your real estate business and how the industry has recovered.
As most Las Vegans know, we were one of the hardest-hit areas from the housing crisis, and we’re still recovering. As a broker, I saw a tremendous loss of our agent population. Prior to 2007, we had over 16,000 agents, compared with our lowest count several years ago of less than 10,000. Now, we have about 12,000 Realtor members, and I believe that within the next three to four years, we will be back at our peak. As in every market, there are those who can foresee the next economic curve, and in the real estate industry, it was those agents who specialize in foreclosure and short selling of homes. We saw more than 90 percent of our market sales in that field. Once our home prices dropped more than 50 percent in some markets, it was an investor frenzy in buying. Now, we see more balanced metrics and have what is considered a “traditional” market.
What makes Las Vegas’ real estate market unique?
Our market is unique in that we are a resort city in addition to having a strong and diverse economic base. Our average price per square foot is still well under the national average, and we have no state income tax, making this a haven for retirees.
What is something that people might not know about you?
Other than having two amazing children, I have been a yoga instructor for more than 15 years.
What’s the biggest issue facing Southern Nevada?
Our biggest issues are education and water. We rank as one of the lowest in the nation on national test scores, and that is just unacceptable for such a strong and vibrant economy that we have. Water will continue to be an issue as it is in many areas, although 80 percent of the water that comes into our homes is reclaimed. We might have to look at golf courses and large water displays a little differently.
What has been your most exciting professional project to date?
I am putting together an internet-based training platform that encompasses all aspects of agents’ use of documents and technology.