Mary Lee Blaylock recently stepped into the role of president at Coldwell Banker Affiliates, bringing more than 30 years of residential real estate experience to the position.
Her appointment comes as Coldwell Banker advances its “One Coldwell Banker” brand strategy — aiming to align company-owned operations and affiliates under a unified platform.
Blaylock’s background includes leadership roles at Sotheby’s International Realty, HomeServices of America and Berkshire Hathaway HomeServices California Properties, where she helped drive enterprise-wide transformation and growth.
She sat down with HousingWire to discuss her vision for the network, the changing dynamics of buyer and seller behavior, continued strength of the luxury market and why she believes AI will enhance — not replace — the human element of real estate.
Editor’s note: This interview has been edited for length and clarity.
Jonathan Delozier: With stepping into the presidency, what’s your vision for the network and what should agents expect to see day-to-day?
Mary Lee Blaylock: Strategic growth plans for our brand are twofold. I’ll call it one, in conjunction and in partnership with our affiliate owners, as they are very entrepreneurial in spirit, of course. Second would be agent growth. How do we help them expand their business and provide the tools and services so that they can do that in each local market? And then how do we, as a company and as a brand, kind of look at other potential markets for expansion, outside of those two other categories?
But as things take shape, I would be very remiss if I didn’t say that I hope I bring a good amount of empathy and heart and care, because I truly do care about what this organization does now and into the future. I bring that balance of my professional discipline as well as the strategic plan — and kind of pulling it all together, and hopefully inspiring a few people along the way.
Delozier: What changes in buyer behavior or seller expectations — at any price point — are having the biggest impact on how agents are doing business?
Blaylock: Well, of course, all of the factors that are in the economy, right? Consumer confidence is always a big factor. How are they feeling as human beings in the world we live in? That is always a big factor in everything. But in addition to that, the interest rates directly impact our business because we have agents that are in Main Street America, and that’s where they should be, helping people either purchase their first home or a move-up home. That interest rate for those people getting a mortgage matters every single day. So how we approach that and educate our agents, who can in turn educate the clients, is of paramount importance.
Bringing the overall strategy together, as president, is listening very intently to what the agents and what the sellers are saying. I do think that right now there is a bit of a pullback or a disconnect in how buyers want to buy — they want to buy on their terms. Sellers want to sell on their terms, and those are completely different terms currently. The more that we can continue to have those conversations, the more a seller may be able to gain [realistic expectations] for their home from a sales price perspective — same thing applies to the buyers. They have to be able to be educated. They might not get that deal. It might be that the market is explaining to both parties that it’s a little bit of a different price point than they anticipated.
Delozier: Looking at mortgage rates over the next two to three years, what sort of environment should agents be preparing for as the new normal?
Blaylock: Barring any more extenuating circumstances or events in the world, I would say that the interest rates aren’t going to fluctuate greatly. If anything, I think we’re setting a little bit of a high right now through the end of the year, meaning that I hope if we can get right around that six mark, it becomes a bit more palatable from an affordability and a payment perspective. If we can stabilize the rate a bit more — because a half percent means a whole lot of money for someone who’s really trying to save up for that next home — I think that’s where it needs to be.
I think rates will stabilize over the next couple of years for a number of factors, but not limited to what the economy is doing and what the economy can support, and of course what the Feds do as a result of everything happening around the economy.
Delozier: Where do you see the greatest opportunities for luxury agents right now, and how has luxury buyer and seller behavior changed in the post-COVID years?
Blaylock: First of all, [the luxury market has] remained consistently strong and has led the entire real estate industry in its consistency and increase in value. It continues to have strong results from a sales perspective. It’s definitely its own category. More, it’s breaking away almost from the main or norm real estate markets, in my opinion, and it is continuing to be strong in every capacity. There is more cash than ever, and as a result of that, I think that segment will remain strong for the foreseeable future.
As all of that transfer of wealth that we’ve talked about for years goes from the baby boomers down to whatever, whoever’s going to enjoy those funds coming to them, they’re going to be able to buy even more real estate, I think, as they proceed forward.
Delozier: We just had our AI summit and some leaders stated that AI will separate talented agents from mediocre ones — and ultimately mean fewer real estate agents moving forward. How do you feel about those comments?
Blaylock: I’m always conflicted, to be honest, because I think that technology, including AI, can be absolutely, fundamentally useful in an agent’s business. But what it will never do is have an emotional, intelligent ability to understand how to put a deal together with humans that are impacted directly, and read the tea leaves of a human being. The agent’s role continues to be strong in that capacity. The use of AI may change how those agents do their business, and for those that know how to embrace it well and understand that it can benefit them and their clients, I think they have a cutting edge on it.
I don’t know that AI alone is what’s going to decrease the number of agents in the business. When COVID hit, there was an overabundance. You could get into real estate and make a lot of money in a short period of time during the boom of the market. Now, the reality is shaking out. We have full intention of continuing to innovate as an organization and have embedded AI into future technologies, as well, for the betterment of agents — but I don’t think that’s going to be entirely responsible for a diminishing number of agents. I just don’t.
Delozier: What will separate agents who thrive in an increasingly AI-laden future from those who don’t, and how can Coldwell Banker help them prepare?
Blaylock: Sometimes it’s going back to the basics. That means that as we innovate and continue to embed AI into it and make it a seamless tool for our agents — especially being part of our broader organization — I think there’s an opportunity for us to re-educate them on how to restructure their business, almost as though they’re starting from new. That’s what we’re intending to do.
We’ve already begun this process. We have a great training team that does both virtual and live events for agents that allow them to relearn how to use technology to their advantage as we proceed forward. I think that can be a huge differentiator for us.
