03/24/2024
Over the past week, I've been inundated with calls, texts, and encounters from numerous individuals seeking my insights on current events in the Real Estate industry regarding the trial and pending settlement with the DOJ , NAR and its counterparties. If you are one of them - Thank you I loved hearing and speaking with all of you ! I've engaged in countless Zoom calls, listened to industry leaders and intelligent colleagues and counterparts. I have absorbed various perspectives. I firmly believe that the changes resulting from recent development of the pending settlement , if properly executed, will prove beneficial for both consumers and the real estate sector. Transparency, in particular, stands out as a positive force. However, it's disheartening to witness the spread of inaccurate information by certain news outlets. Remember, sensationalism sells. The FALSE and MISLEADING headlines “ Gone are the 6% commissions , collusion , fees to be cut in half and Lower Prices “ If anyone that knows me knows - I LOVE a good fight lol . I have reached out to these news agencies on these inaccuracies, with no response back. ( I am NOT done 😂) The essence of the extensive documentation can be distilled into a single-page summary; fundamentally, minimal alterations are taking place. Notably, come mid July buyers will NOW be required to sign a buyer's agency agreement before viewing any property—a step towards clarity in terms of representation and compensation. Additionally, the decision not to disclose compensation in the MLS doesn't signify its elimination but rather its unavailability for public viewing. It's crucial to discern the truth amidst the noise of mainstream media. Commissions HAVE and will ALWAYS be negotiable. There has NEVER been a “set fee. “There is always someone charging more or less. NO Different than in any industry whether buying a car , your attorney , doctor or favorite dish across various restaurants. My Favorite chicken Parm or Murphy could cost $20 in one restaurant and$ 50 in another. Sellers were never forced to offer commission or compensation to a buyers agent. The truth of the matter is the seller should be educated on what a buyers agent brings to the table and the overall bottom line on what the seller gets when assisting with compensating a buyers agent. Typically because of the agent bringing the buyer the activity to the home increases showcasing your home in a better light.
Across all industries, you encounter individuals of varying calibers. The real estate realm is no exception. Our profession is being scapegoated for housing issues when, in reality, many agents are integral parts of the solution. I recall instances like Super Storm Sandy, where I assisted distraught individuals in finding shelter amidst chaos. Still to this day on the anniversary each year I still get texts Thanking me. During COVID, acts of kindness, from delivering essentials to checking on vulnerable clients, underscored our commitment to community service. Real estate agents perform daily miracles, preparing homes for the market and fostering loyal clientele. Embracing change is imperative; those who adapt with a client-centric, problem-solving approach thrive, while those who resist often exit the field. I do hope this does eliminate some who either provide no value or are a hindrance to productive agents.
Let me share some truths about Realtors. Most of us are servant leaders, dedicated to enriching lives and communities. Our schedules aren't confined to 9-to-5; we sacrifice personal time to accommodate clients. Contrary to the notion of flexibility, we miss out on social gatherings and family events. Yet, our devotion to clients remains unwavering.
In essence, real estate agents add tangible value daily. From guiding clients through intricate processes to advocating for their best interests, we serve as navigators and problem solvers and countless times therapy sessions. Good listing agents strategically market properties, while adept buyer agents unearth hidden opportunities in a competitive market. Behind the scenes, many agents operate as small business owners, orchestrating seamless experiences with dedicated teams. Yes, we encounter challenges, including inexperienced counterparts, but our commitment to client success drives us to coach and mentor.
The real issue driving housing costs isn't solely the actions of real estate professionals but a complex interplay of factors: limited inventory, rising mortgage rates, escalating living expenses, and urban congestion. Addressing these fundamental issues, not vilifying agents, is paramount. Lower rates and increased inventory offer tangible solutions to housing affordability.
Change is inevitable, but with the right mindset and dedication to service, real estate agents can navigate any market landscape. Let's focus on solutions, not scapegoats, as we strive to make housing accessible and equitable for all. The rain is gone , the Sun is Shining once again ! Have a GREAT Sunday ! Oh and if you are thinking of Buying or Selling or Know Anyone who is - I would love to assist. Kindly reach out. YOUR home could be worth ALOT more than you think !
