The real estate industry is made up of over 2 million agents in the United States, but only around 1.4 million are considered real estate agents, who belong to one of the thousands of professional multiple listing services across the country.
A percentage of those 600,000 that are not part of an MLS are split between commercial real estate and the rest, likely independent individual brokers / investors.
The balance probably doesn’t necessarily have the money or the means to belong to an office, but somehow keeps their licenses active by simply asking the broker to keep their licenses active without paying fees like it should and as 1.4 million brokers, associate brokers and salespeople do every year.
I understand that if you are a seller, within two years you must have a sponsoring broker to keep your license active and legal, but as everyone knows there are always some people who have tips for staying active one way or another without paying which the rest of us are forced to do.
The dropout rate is extremely high in our industry due to the fact that this is a business and not a job and you have to listen, learn, assimilate, practice and apply the information and techniques that will allow you to earn a living.
Those who leave the company never got it or didn’t fit our industry.
However, there are new IPO sanctioned real estate websites popping up all the time with cutting edge technology and supposedly better ways of serving the consumer. There is a very large conglomerate (won’t mention their name to provide them with exposure) that is now a full-fledged brokerage of what I researched, licensed in 26 of the 50 states and likely will be in 24. others maybe by the year to end.
I had a long contract with them to avail myself of their services since their beginnings around 2006.
But over the years I found their services and the cost we were paying so outrageous for the leads provided compared to the ROI that I started looking for other vendors to do the same at a much higher cost. reduced, with an advanced and superior plus way to stay in touch with sellers, investors, owners, buyers and tenants / tenants of residential and commercial properties.
They provided a higher pull and close rate in a unique way and space with much more accurate information and greater transparency.
The old company had changed their algorithm methods to provide our prospects enough times and change their program a multitude of times.
I’m pretty sure many other top producers were doing a superior job of picking up their phones when a call from a prospect / potential customer called, but I know for a fact that others weren’t and would probably complained about not receiving any. leads when the truth was they were far too slow to respond and respond to these new leads!
So, good brokers and agents seemed to be penalized in the future as to the method and means of distributing leads and I voiced my complaints, but they remained deaf. We realized the money spent was not worth the effort in how the new business was coming in and did not renew our contract in November 2018.
Now the company is a brokerage in 26 states and in fact there are things that it does that I think do not benefit the brokers and agents who subscribe to their services as well as the consumers looking for it. precise and transparent information and advice. It may be time for a change, but that will depend on each individual who subscribes to their lead-generating services as well as the most important: the consumer.
Based on my long term relationship with them, they are definitely an unrelated, unrelated business, just a lead generating entity.
However, there are offices that follow the same path and do a great job of being proactive with their clients.
There should be a lot more education and training on relationship building and relationship building methods, as many forget about their current âsoldâ customers and customer buyers and simply move on to the next customer for a living.
When was the last time the broker or agent who literally âsoldâ you your home (instead of consulting and guiding you through the arduous and complicated process to closing and into the future? ), HOA, condo, co-op or even rental called or actually contacted you to visit, maybe zoom call, text, email, video email, instant message, etc. ? Do you even remember who represented you? Would anyone use them again after not being in contact over the years?
Maybe not, but in my 40 years in the business, I’ve heard many people say that they wouldn’t consider their original person, for so many different reasons, or that they just can’t remember who they were! Maybe the main reason was that the agent never kept in touch to keep this relationship and relationship so important in the future.
They may have spent a day to a year massaging them for their future business and income, and then they quit. There is not enough space in my column to enter and I am not disparaging my industry or individual brokers and sellers which is not my style!
But there is a lot to be desired in becoming an honest real estate agent, not in the short term but in the long term to build your career, income and brand.
Philip A. Raices is the owner / broker of Turn Key Real Estate at 3 Grace Ave Suite 180 in Great Neck. He has 39 years of experience in the real estate industry and has graduated from the Realtor Institute (GRI) and Certified International Property Specialist (CIPS). For a “FREE” 15 minute consultation, an analysis of your home’s value, or to answer any questions or concerns, he can be contacted by cell: (516) 647-4289 or by email: Phil @ TurnKeyRealEstate. Com