For as long as I’ve had my real estate licence, I’ve been hearing all about “the next big thing” that’s going to change real estate forever.

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Mostly it’s been about the internet in one form or another and different technology companies figuring out how to make us obsolete.

Hogwash, I say!

I have not wasted a solitary second of my life worrying about this nonsense. Why, you ask? Because technology can replicate tasks in a predictable pattern. But when was the last time you can remember two real estate deals going exactly the same way and exactly as predicted?

If you’re a great agent, you have absolutely nothing to worry about. There will always be a need for a highly skilled and knowledgeable real estate agent, one with a human brain and heart who possesses the ability to think through unique and complex problems and devise creative solutions.

On the other hand, if you’re average (or worse), go ahead and continue worrying.

“Average” in my market means you completed five or six real estate transactions in the last year. I’ve noticed this statistic is relatively consistent across North America.

The truth is, the “technology threat” is real if you’re not providing something to your clients far beyond “average.” In fact, if you’re average (or worse), you’re the reason these threats exist! The public is tired of paying thousands or tens of thousands for a service you are woefully unqualified to provide.

But do my clients bat an eye when I tell them what I’m charging? Nope. They appreciate that they’re getting a highly skilled professional to walk them through a complex process and one who has a proven history of delivering exceptional results. No robot will ever replace me or any agent like me.

So stop worrying about things you have no control over and start focusing on what you can control – improving your skills and becoming an irreplaceable agent.

11 COMMENTS

  1. The justification of the high commission rates we charge come from not just writing an offer and negotiating deals, it comes from running a successful business and providing a full service to our clientele. It’s also justified by the amount of time it takes to write most transactions – some happen within a day or two, or even hours these days but some can take months and years from the time the client contacts us for advice to keeping in touch, teaching our clients about the process, helping them fix their credit or save for a downpayment, etc. These are all very valuable details that a lot of people don’t seem to understand about our jobs. Granted, a lot of realtor’s aren’t providing a full service to their clients and this is why people wonder why we get paid as much as we do and feel they can buy and sell their own properties.

  2. A great REALTOR will always be of value…..Know the law, follow the law, put your client’s interests before your own…be their body guard!

  3. You rock Ted with that great positive outlook!
    I agree, the world is changing everyday but good service, morals, ethics and integrity are everything!

  4. Humans are fallible. Our clients are. They will be swayed by commission cutters. They will not even know what they have missed by not employing caring, careful, competent agents. A FSBO employed a discount house broker. My Buyers blissfully benefitted by paying $30,000 less than the going value. My experience of some 30+ years tells me that while I missed a few 1 percenter (or less) listings, I gained many more stress-free sales. At my eightieth year I am fit as a horse, sleep well, have a happy family of friends surrounding me. (All my doctors agree that I will live to at least 105..I may apply for an extension). However, I am also cognizant that AI may some day do my job stress-free, for no remuneration.

  5. People are slowly beginning to realize the commission rate for realtors is exorbitant for the service provided no matter how good you think you are.
    Would you be happy to pay the hourly equivalent to a plumber or house cleaner???
    Just saying
    When transactions in real estate work out to $1000/ hour of service how can you justify that with your 3 months of “ hard schooling “ ?

  6. I have been selling homes, income properties, and some commercial in basically the same way for 52 years. Year 50 was my best ever. I could hand write an offer on the hood of my new suv if the internet crashed. The sky is not falling. Old and experienced does not mean stupid and retired. I told some of the kids in my office who ask for my advice regularly to show me the door when I start drooling. Not so fast kids. I typed and sent this. Only a few will bother to read this REM article and fewer will comment.

    • Agreed, Norm, as approaching 80 in a few months. If only our knowledge could be put in a bottle and sold, so many would benefit from the time capsule, Norm. And we’d earn a handsome ancillary retirement income perhaps.

      We followed the yellow brick road (Google says: ​a course of action that a person takes believing that it will lead to good things.)

      Carolyne L

      Sent from my iphone

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