An article yesterday is a case study for why the real estate industry needs to change it’s business model:
Here’s the net-net of the article:
- Real estate agent working 24/7, taking calls at 1:00 am and working constantly while on family vacations.
- Led to divorce (surprise)
- All for $60,000 per year before expenses
Now, the author tries to put this in a positive light saying that he changed from a “lone ranger” to a “team player” and then life magically became better, but then that team fell apart because everyone was in it for themselves, and so he concludes with some lessons on what would have worked better with good teamwork.
I don’t want to seem negative (ok, maybe I’m a little negative on this), but does anyone see something wrong with this picture?
A lot of real estate agents are working their butt off and don’t have much to show for it. Often I hear from agents that they do a lot of work for clients and then those clients decide not to buy, or sell, or they switch agents, etc. And then the agent doesn’t get any compensation. To me, that means the commission structure of 3%/3% just doesn’t work in so many ways.
What if these real estate agents could instead foster a working relationship with home sellers and buyers that was based on providing real value for services rendered? Where they could transparently build trust and earn respect with prospective customers? And those customers were the real deal – qualified home sellers and buyers?
I hope someone will launch a service soon that might address these needs…
Stay tuned.
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