03/16/2024
For all my realtor friends who are upset or surprised about yesterday's settlement, you may enjoy this anecdotal tidbit. For the past three years I have asked the same four questions at every training or conference I have attended, to brokers from all aspects of the industry. One of those four questions was, "Does your average buyer understand the price of your services fourteen days prior to settlement?", and while countless agents get defensive and say that they explain their fees at their initial appointment, the overwhelming answer from brokers is a resounding and almost unequivocal, "No, they don't". Full stop.
For my non realtor friends, you might also ask yourself if you knew what your buyers realtors costs were fourteen days before closing, or if you even know what it was now, years after purchasing your home. It's beyond time for our industry to thin out and for professionals to pave this industry into a professional service, not a gimmicky sales trick.
Disagreeing with the settlement's principles essentially means overlooking the consumer's best interest. If buyers understood that selecting their representative because someone is their cousin, neighbor, or plumber cost them so much money, they might consider hiring the best of the best. Which means if you are the best of the best you may be able to navigate these industry changes well, but if you rely on gimmicks and are even an ounce upset that your clients will know what your fee is, it's time to adapt or remain behind in a digitized marketplace.
