Here are the key takeaways from this nod-your-head-to-sleep business article:
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- The real estate industry is changing and boy, are those agents feeling the heat. With recent commission-related lawsuits, brokers are more often found in courtrooms than open houses. Yikes!
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- These lawsuits are popping up like daisies and are keeping many buyer agents on their toes (or rather, on their attorney’s speed dial). The pressure these lawsuits bring is forcing buyer agents to demonstrate their value to clients, not just with good ole’ charm but some real-life, solid facts.
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- This is not a trend, it’s an uprising. The shift towards more transparency within the industry is becoming the norm rather than the exception, jamming gutsy buyer-agent office water cooler talks.
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- Some buyer agents are venturing into uncharted territory (think Indiana Jones), adopting top-notch technology to streamline transactions. Zap, Beam, Buy – quite a trilogy!
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- Interestingly, despite the pressure and the changing landscape, the commission-based structure of the sector stays strong. Oldest trick in the book – if it’s not broken, don’t fix it.
And for the final gavel hit,
Hot Take
Remember that ancient wisdom “Every action has an equal and opposite reaction”? Well, the actions of those suing the real estate industry are creating ripples throughout the business, changing buyer agent tactics, and increasing the transparency of the industry. But hey, isn’t that how evolution works? Ask Darwin, he knew a thing or two about it.
Conclusion
Adapt or Perish
So, dear reader, we are witnessing the real estate equivalent of natural selection where only adaptable agents endure. Dodging lawsuits, adopting technology, and holding on to their commission lifebuoys, while riding on the wild waves of change and transparency, agents have their work cut out for them. Quite like a reality show, isn’t it?!
A toast to this whirligig of the real estate world and its brave inhabitants. P.S. May the odds ever be in their favor.
Original article: https://www.inman.com/2024/02/13/how-to-justify-your-commission-with-a-buyer-bill-of-rights/
