Recently, I had the privilege of speaking to the Chattanooga Chamber of Commerce and reflected on just how similar our two organizations are to one another. After all, when it comes to jobs and homeownership, you can’t have one without the other.
Did you know that jobs are created every time a house is built, bought, or sold? A job is created for every two homes sold, and each home sale touches 80 different occupations.
According to a National Association of Realtors’ 2020 study of Tennessee home sales, each home purchase generates an estimated $75,000 in economic activity over time. Think about it – furniture, home improvements, landscaping. All of these businesses benefit from just one home sale. When you look at the big picture, in our state alone, the real estate industry accounted for $59.6 billion, or 16.4% of the gross state product in 2020. Clearly, the economic impact of a typical home sale is anything but typical.
And just like the Chamber’s role in promoting positive relations within the business community, Greater Chattanooga REALTORS® promotes positive relationships throughout our real estate market, which is interesting since our REALTOR® members compete daily amongst themselves for listings and buyer or tenant clients. Even though by nature we’re competitive, we all see the common good of promoting homeownership in our community.
I’ve found that many people, and some Realtors, might not fully grasp the role of Greater Chattanooga Realtors® in our community. Our advocacy efforts are likely where the community (and heck, even our members at times) see that the Greater Chattanooga REALTORS® are about so much more than getting people into homes and the next commission check. Through the Association, Realtors focus on all things impacting private property rights.
In local news, you may hear Realtors take a position on a city or county initiative such as form-based code, stormwater requirements, and payment in lieu of taxes (PILOT) programs. Taking these positions on such issues is not a self-serving one to protect our profession. Rather, Realtors firmly believe in the delicate balance between the local economy and the real estate market. For instance, since our association is working on behalf of property owners, housing affordability is constantly on our minds. We believe in the power of owning a home, and we are working with different organizations to make the dream of owning a home a reality for the people of our community.
Through various committees and the Greater Chattanooga Realtors® staff, Realtors are constantly monitoring local initiatives that could impact, positively or negatively, the real estate market and our community. When needed, just like the Chamber, we meet with elected officials to discuss such initiatives and any concerns we may have.
Partners like the Chamber help bring talented individuals and their businesses to our area, and it’s our job to make sure their housing needs are met. We all work together for the benefit of everyone. We are excited to continue to work with our partners in making sure Chattanooga remains a great place to live and work. That’s Who We R®.