Like lawyers, business executives, and bankers, America’s real estate agents fall under heavy scrutiny. Maybe it’s because of too many brokerage deals gone bad. Maybe it’s because the industry has become convoluted. Or maybe it’s because thousands of agents have flooded the market with a lower standard of accountability and poor training. Maybe it’s all of the above.
The truth is, 99.9% of all real estate agents are honest, hard-working, and dedicated professionals who—because of their experience and interaction with other honest, and hard-working people they embrace as clients—are just trying to find the best real estate opportunities for both buyers and sellers.
The problem is not the integrity of the real estate agent. The problem is that many agents are still stuck in a traditional industry that utilizes a conventional mode of operation that simply isn’t working anymore.
Question: What is that mode of operation?
Answer: Percentage-based high commission fees and complicated customer platforms
Why are the commissions high? Because, for many real estate agents—particularly those just launching a career—real estate can be a feast or famine job that is largely dependent upon a fluctuating economy and market. Predicting that market and preparing for the forecasts is like being a meteorologist in Florida during the Spring and Fall seasons. It might rain. But then again, it might not.
For many, keeping the commissions high based on a high percentage of the sale is the only way to operate in a fluctuating market while competing with scores of other agents all doing the same thing.
Meanwhile, the home seller is suffering.
The Solutions Are Simple And Already Taking Place
If we want home buyers and sellers to have greater confidence in our agents, then we must respond to their concerns, fears, and needs in a way that makes sense to them even if it means getting out of our long-entrenched, industry-driven, comfort zone.
How do we do this?
We Provide Resources
The average person looking to make a purchase or a sale on a home has no clue where to turn or who to turn to. They don’t even know that they don’t know these things. It is our job as real estate agents to bring them into our world and empower them as much as possible. We do this by providing unlimited resources, information, and education. When we share these resources with our client they appreciate the time we took to do so, they feel more confident in their decision-making process, and we, the agents, look like the geniuses that they hope we are.
We Create a Stable and Strong Support System
In addition to resources and information, home buyers and sellers are often guided by hope. They hope that they find a house for a reasonable price or sell their house for the asking price. We as agents provide that hope by creating a strong support system. The support system is not moral support. It’s actual support. In other words, what are we doing that demonstrates that they are one step closer to the transaction they have been looking for?
We Finally Embrace Flat-Fee Commissions
Let’s be honest. Being a real estate agent has the potential to earn you a financially rewarding career. Some people make a lot of money in this business. But if your modus operandi is to jack up your commissions (the standard is 6%—not good) and make a ton of money while significantly eating into your client’s profitability on a house that belongs to them, then you are in the wrong business.
Regardless of what the opposition out there is saying, flat-fee realty works and works well. And our clients LOVE IT! Flat fee realty dissolves the guesswork, it absolves the client of any frustration or distrust, and it removes some of the financial strain of selling a home.
We Need a Proprietary, Simple Online Platform
Real estate is by nature a complicated industry. But the manner in which we interact with our clients doesn’t have to be. We can start by creating a clean, transparent, user-friendly platform or portal that home buyers and sellers can readily access online.
The online platform can contain the following is a simple and direct way:
● Transparent flat-fee structure
● Services and products we provide
● Real estate listings
● Resources for buyers and sellers
● Easy web formatting with straightforward language
● Real-time communication between buyers, sellers, and agents
● Quick-access tools that are highly engaging
We Train Our Agents More Extensively and Hold Them Accountable
There are currently 2 million real estate agents in the United States. According to the National Association of Realtors (NAR), 50,000 new licenses enter the marketplace every year. Yet, 80% of licensees will be out of business in two years or less. In many cases, they hold on to their license just in case they want to return to real estate one day.
What should be obvious to many is that the industry needs more structure, more thorough vetting, more extensive training, and a higher retention of qualified realtors who have the education and skill necessary to be successful.
Companies that are recognizing the changes that need to be made and stepping up to make these changes are vastly revolutionizing the industry.
Flat-Fee Realty Service for Buyers and Sellers
Whether you are buying a home or selling your house, Home Avenue can help you every step of the way. We offer flat-fee realty services combine with features such as FSBO packages and incentives for buyers like our cash-back rebate program.
To find out more about our products and services, call us at 952-929-7355, or you can send a message to email@example.com.