The Changing Industry
For over 100 years, the agent/MLS system has been the primary way of selling homes. Licensed agents provided local, professional expertise and the MLS provided unparalleled listing exposure. The Internet changed everything. Today, all homes on the market, whether listed on the MLS or not, are shared on public websites so buyers can find and access them directly. Listing exposure is a problem of the past and the value proposition of the traditional real estate agent has also been significantly reduced.
The Changing Industry
Home Selling 101
The Way it Should Be
Learn from Customers
In the News
by: Mitch Klein
Collusion in the Real Estate Industry?
Category: The Changing Industry
If you haven't been paying close attention to the real estate industry, you may be unaware of the mounting scrutiny being placed on the decades-old commission model used by real estate agents across our nation. Just recently (October 31st, 2023), a Missouri jury found the National Association of Realtors (NAR), and two large nation-wide brokerages, guilty of colluding to maintain high brokerage commissions and liable for nearly $1.8 billion in damages.
by: Chad Boge
New Agents and Misinformation
Category: The Changing Industry
In every market, we face unknowing agents quick to share statistics that are either misquoted, taken out of context, or in no way related to the Real Estate Exchange System. These agents can be placed in one of two categories.
by: Quint Howell
It's All About the Proceeds
Category: The Changing Industry
"It's not personal; it's strictly business." A famous line from the epic, award-winning movie, The Godfather, delivered by a very young Al Pacino. Unfortunately, when selling a home, most people don't look at it as a business transaction, which costs them a significant amount of money.
by: Quint Howell
Has the MLS Lost Relevance?
Category: The Changing Industry
Many agents will often emphasize the necessity of being on the Multiple Listing Service (MLS). The concept of the MLS was created 100 years ago to help homeowners market their homes for sale. Before the technological advances we have today, the MLS was the only way potential buyers could find homes for sale.
by: Mike Pfeiffer
Would you Give Anyone $15,000 for no Reason?
Category: The Changing Industry
The average homeowner moves every 7-9 years. Every homeowner has a handful of agent friends and family members in their sphere of influence - siblings, in-laws, cousins, neighbors, or even a parent from your kid's soccer team. Each is hoping to be at the top of the list when it comes time for you to sell again.
by: Chad Boge
Should a Traditional Agent be used to Sell a Home?
Category: The Changing Industry
How many weeks do you work each year to earn $15,000? Did you know that same $15,000, and usually more, is the fee paid to traditional real estate brokerages to sell a home? Do you know the time invested for them to accomplish this is oftentimes less than a day?
by: Quint Howell
The Dollars Don't Make Sense
Category: The Changing Industry
You got an offer! However, the buyer wants to get the best deal possible and assumes you might be overpriced, so they come in $20,000 below listing price. Ouch!
by: Chad Boge
The MLS is the Phonebook
Category: The Changing Industry
The MLS system held way more value prior to the Internet. Back then, if you can imagine this, the MLS was an actual book. It was printed in black and white, displaying only one picture of each home and only the most basic information that could fit in a few inches of copy space. The printout was updated every two weeks as a tool for agents so they had access to the most accurate list of available homes for sale in their local market.
by: Chad Boge
Are Real Estate Agents the Right Professionals?
Category: The Changing Industry
The existing broker/agent business model has been in place for over a century as the National Association of REALTORS® (NAR) was originally founded as the National Association of Real Estate Exchanges back on May 12, 1908. The broker/agent model brought value to the industry for many decades, but today it's simply an old-economy business model that is broken and struggling to stay relevant. It's outdated, expensive, and no longer serves the consumer's best interest.
by: Quint Howell
A Broken Agent Compensation Structure
Category: The Changing Industry
At one time, a real estate agent was the local expert you relied on to help buy or sell a home. The average agent had a decade or more of experience, and they were a necessary piece of the puzzle in helping people transition from one home to another. Today, traditional agents have significantly less experience than in years past because they tend to leave the industry before they even get started. Who’s to blame?
by: Quint Howell
Will Someone Buy Your Home if they Don't Love it?
Category: The Changing Industry
Buying a home is often the single biggest investment that a person makes over their lifetime. That being said, how likely is it for someone to buy a house they don't love? Inconceivable.