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3,182,736
Liz and Bill Spear
Transaction Alliance 513.520.5305 www.LizTour.com - Mason, OH
Transaction Alliance Cincinnati & Dayton suburbs

Some understand, some don't.  I've read too many comment threads on articles on the NAR settlement and the common theme is a lack of understanding as to how agents add their best value.  It's not being a gatekeeper of the MLS, it's having the knowledge to provide advice that matters, especially if things start to go sideways.  Sometimes agents are like insurance, you don't need it, until you DO.

And while the internet may provide a lot of information, it's probably NOT providing the specific information that applies in a LOCAL market.  Asking a California agent to advise a Cincinnati real estate transaction isn't legit, just as asking me to advise in Cali is a misfit from the start.

Mar 23, 2024 08:53 AM
Ambassador
2,202,923
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

Hi Mimi.
I guess I'm a dinosaur. I still use a travel agent. They know how to work the system. If there's a problem, they know how to fix it.

Mar 23, 2024 08:59 AM
Rainmaker
1,064,611
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

If they don't believe it, they're idiots and they'll find out. And no we're not going to be extinct because there's a difference between travel agents and us. We're protecting their most valuable assets. A travel agent is simply the middleman planning a trip. It's not a change of lifestyle, nor major investment. It's just a vacation.

Mar 23, 2024 08:20 AM
Rainer
385,252
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

No I don't.  90% of the time we listen and then find the house to send to them. 10% they find it online.

Mar 23, 2024 09:01 AM
Ambassador
3,158,841
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

You betcha boots baby! (big eye roll and apply sacastic font)...

So many opinionists out there polluting the internet byways and hiways...sigh.

Mar 23, 2024 10:25 AM
Rainmaker
2,791,915
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

For the layman, their thoughts are not focused like a savvy agent. That's why it is important & relevant to learn about human nature, business, construction, documents and all the rest to best serve & educate clients as needed. I have also noticed that even if you speak 6th grade language, slowly & repetitively, some don't get it. Large amounts of money, debt & risk influence the thinking process and if that is not enough, EMOTIONS throw everything every which way too! That's why bonding is important so we can relate to clients and for them to trust in us. Fiduciary comes alive and is not just a word.

Mar 23, 2024 09:48 AM
Ambassador
3,356,689
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

 

Our friend Mr. Bill of Liz and Bill Spear has spelled it out nicely. 

Mar 23, 2024 08:59 AM
Rainmaker
769,579
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

There have always been people that can't thank us enough for all we have done or their behalf.  There will always be those that think we are thiefs.

Mar 23, 2024 10:21 AM
Ambassador
3,175,934
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

yeah, that's not how I find it works.  I don't "steer" but I sure listen to what they say they are looking for and I know my market well.

Mar 23, 2024 10:08 AM
Rainmaker
4,997,918
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

You are so right Mimi, people do not understand how much we work for them.  I explain to them at the very beginning the way I will work for them and lots of times the homes online are under contract already.  

I sure hope that does not happen that we turn into travel agents and not be around long.

 

Mar 23, 2024 09:37 AM
Rainmaker
144,755
Michael Elliott
Fathom Realty - Burlington Township, NJ
Burlington, New Jersey Residential Sales

Some do, others say, "I found all the homes you showed me !!!"    Obviously, this needs to be a point of conversation with each and every buyer consultation.  It doesn't matter WHO finds it first, as long as we find it !!

Mar 23, 2024 09:14 AM
Rainer
467,273
Clay R. Seay
Florida Homes Realty & Mortgage - Saint Augustine, FL

How does everyone think all that information got on Zillow or Realtor.com??? 

From AGENTS who WORK ! 

So yes, there some owners on the Zillow site but overall that information is generated and entered and maintained by AGENTS ! And that aint free , but everyone acts like it just magically appears. ! Just like Closing, so easy, just write a check. 

No one appreciates what Agents do until they have problems. 

Mar 23, 2024 12:11 PM
Ambassador
2,685,060
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

 

"A distinguished professor in business and finance at Hofstra University"

 

University Professor?  LOL, I live in a  College town full of Business Professors who have never owned, operated, or worked any business of any kind.

 

Mar 23, 2024 05:45 PM
Ambassador
2,082,934
Alan May
Jameson Sotheby's International Realty - Evanston, IL
Cicadas are coming! Cicadas are coming!

Some will, some won't.

Travel agents did disappear for a while, until consumers realized that buying tickets online isn't the end all, beat all and travel agents do offer value after all and they made an eventual comeback.

And while there are substitutes for real estate agents, there is no substitute for the knowledge and expertise that we bring to the largest transaction of their lives.

Mar 23, 2024 12:17 PM
Rainmaker
1,563,565
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

There's No APP for What We Do!
The public is drowning in information and starving for wisdom - that is where we come in!

Great topic Mimi Foster !

They have been claiming our extinction since 2010 - and they are right!
The hobbyist agent is going extinct.

The professional agent is heading into the future of real estate!

Ignorance is bliss. 

Travel agents are not extinct - we just used one for our Canada trip in 2022.

Ignorance is bliss. 

Are Doctors are going extinct because of web MD?

Ignorance is bliss. 
Are lawyers going extinct because of AI?

Ignorance is bliss. 

In 2001 I was told the iPod was going to make mobile DJ's extinct. I said "Oh yeah? Let's see an iPod MC a wedding and reception, let's see it beat match, let's see it handle all the behind the scenes wedding planning the previous 6 months and day of."
I retired in 2016 by my own choice, I was never replaced.

Mar 23, 2024 11:44 AM
Rainmaker
1,342,769
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

This "expert" has won awards for what? Predicting that real estate agents will no longer be needed because of the Internet?

I wonder why we need him when we can find out anything we want on the Internet.

Mar 23, 2024 11:16 AM
Rainmaker
1,588,998
Gary Frimann, CRS, GRI, SRES
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

I think people will "shop" for a home online, but "buy" with a Realtor.  I've been saying this for the past 24 years...  All real estate is local, and having a local agent share "secrets" of good schools, shopping, area activities, etc. are best andle with working with a local agent who lives in the area.  As I've always said, the day people use a computer to buy a house is the day I surrender my license back to the Department of Real Estate.  That said, I think one can use the computer to purchase a second home in a resort area, perhaps they know which condo complex they want to live in as they may have had an AirBnB experience before or perhaps even have family members who own a home in that area--but schools, amenities, etc. are not a top priority.

Mar 23, 2024 04:53 PM
Rainmaker
1,511,053
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

MSN, the home of fake news.  Yes, I think people are believing what they will and the media, whose job is ONLY TO SELL ADVERTISING AND GET EYEBALLS TO THAT PAGE WITH THE ADVERTISEMENT ON IT will say anything to get you to follow the clickbait to view the ads.

 

I know deep down in my heart (which has a 100% accuracy rating) that NAR released this settlement to force the courts to accept these terms by allowing these types of stories, and I'm positive encouraging them or giving talking points to some of the original authors, to create enough public opinion to accept them that the courts and the DOJ (which people are already highly critical of) to accept them or lose major face. 

If not, they would have kept this settlement secret, like all the others that the DOJ rejected and stuck to the party line of "we cannot discuss ongoing cases."

Mar 23, 2024 11:34 AM
Rainmaker
1,851,801
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

I've read these exact words from other curmudgeons who I swear have never bought a home. Total trash.

Mar 24, 2024 06:47 AM
Rainmaker
5,280,456
Wayne Martin
Wayne M Martin - Oswego, IL
Real Estate Broker - Retired

Be careful what you wish for! What agents used to get by going through the front door, the astute ones will now get by going through the back door. And savvy sellers will go along to get along!

Mar 24, 2024 04:44 AM
Rainer
345,166
Adam Feinberg
Elegran - Manhattan, NY
NYC Condo, Co-op, and Townhouse Advisor

I was in an entirely different career when I bought my apartment. I thought the agent that sold me my home was way overpaid. That was 18 years ago. Today, I have been an agent for the last 8 years- and I still feel like that agent was way overpaid. She met me at the building and 5 minutes into the viewing she asked me- "Do you want it, or not!" I ultimately did buy the apartment- but still carry resentment toward her. I think it's these low quality agents that won't survive the changes- but higher quality agents will thrive. 

As to the article- lots of people that don't understand what we do. I took a look at the professors background that is quoted in the article. His background is genuinely impressive. He holds a CFA charter (I worked for a finance training firm where our students averaged around an 80-85% pass rate for each of the three levels- while the global pass rate would range around 35-40%) which is very difficult to obtain. He also holds an FRM designation- also extremely difficult to obtain as well as a CAIA qualification. I was organizing employees of the hedge fund administrator to take the earliest versions of that certification- and I know some superstars that struggled to qualify. So these are not qualifications the average person is going to be able to qualify. The CFA exam alone is insanely tough and takes years to qualify for. BUT....just because he is extremely intelligent- doesn't make him right. In the summer of 1998- I worked for AIG Trading Group (which merged with the infamous AIG Financial Products division a few years later) - and interviewed with Long Term Capital Management (LTCM) a few miles down the road in Greenwich, CT. A couple of months later, it became obvious why they decided not to hire anyone for the job...they didn't have the liquidity on a massive position they were holding- and as a result, the entire global economy was at risk since every large trader on Wall Street was mirroring their actions. Of course they were going to mirror their trades- since LTCM contained 2 Nobel prize winners in economics, A former President of the Federal Reserve, Harvard and MIT professors, and the best traders on Wall Street. They were brilliant as well- but it didn't mean that Allan Greenspan didn't have to gather all the heads of the large investment banks to organize a bail out!  My point is as brilliant and educated as this guy is- and his qualifications surely add to the credibility of the theory- doesn't mean that he really understands what we do. Our jobs bear little resemblance to a travel agent- only at a surface level. 

The list I saw NAR circulate as to what an agent does- I don't think that helps either. A lot of the list is small (but important) administrative components to what we do as agents. A lot of the list seems more flat fee type of stuff rather than a list of strategic and tactical roles that we play. I think educating the public on the strategic and tactical aspects of what we do is where the value is...and oh, yeah, we also make the administrative aspects easier for you as well.

Mar 24, 2024 10:15 PM
Rainmaker
500,696
Matthew Sturkie, CRS, GRI 909-969-3805
Action Realty - Apple Valley, CA
CRS, GRI 909-969-3805

People don't know what they don't know so yes some will believe the uneducated article. 

Mar 24, 2024 10:02 AM
Ambassador
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Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Some will, some wont.

As with any industry, we all need to keep improving and evolving to keep on keeping on.

Mar 23, 2024 07:37 PM