They had the big meet-up in the desert – where a ‘cohort of startup entrepreneurs; disruptive company founders; top-producing practitioners; owners of brokerages big and small; coaches; executives across new and old franchisors; MLS and association leaders; big data experts; and technology giants’ got together to discuss the future of real estate selling business.
These articles are typically behind a paywall, but here’s the link in case they excluded it and want to reach everyone:
The goals they set out are about what you would expect – simplify the home buying and selling process, be more transparent, enforce ethical standards, insist on diversity, etc.
What wasn’t mentioned was educating the consumer on how to hire the best agent for you. The associations of realtors, big brokerages and other industry types leave it up to the individual agents to do their own advertising, so all you hear about is how great we are just because we listed or sold another house.
Or maybe no one in the industry wants the truth to be told.
This is an excerpt from someone in the comment section:
My firm analyzes MLSs across the entire country, with coverage of 95% of all residential resale transactions and nearly 1.4 Million member agents. In calendar year 2017, these were the grim production statistics: Only 65.4% of MLS member agents closed 1 or more transactions annually. (About one-third of agents did not sell a home in 2017).
Of the active agents, consider that:
- The median count of closed transactions annually was only two.
- The average of closed transactions annually was 8.8.
- The top 1% of active agents (or teams) closed 13.4% of all sales volume.
- The bottom 50% of active agents closed only 11.1% of all sales volume.
The consumers get blamed for not investigating their choices more carefully when selecting an agent, but they aren’t getting much help. When was the last time you heard a realtor team or company suggest that you should review an agent’s sales history to learn more about their ability to help you? Or do anything to educate the consumer on how critical it is to Get Good Help?