These are not great times for real estate agents.
No, this isn’t a joke. It’s true. Let me explain.
In most sellers’ markets (times where demand is high, supply is low) the common thinking is realtors are raking it in, killing it.
Oh, there are homes being sold; prices are higher so naturally commissions are higher too. But can you believe that we’ll sell about the same number of homes this year as last year? As the year before? Yup, same number of opportunities, same floor and ceiling to the market.
But what makes it so hard is there are so many more buyers. Open houses are like standing room only at a sporting event (circa 2019), people lined up down the street. The number of offers and DISCUSSIONS about offers have gone up 5X, 10X, 15X. In other words, the sales number may be the same but the velocity and intensity of activity has risen, sharply.
For a realtor it’s like being on a treadmill for three miles. The only difference is it’s moving at 8 MPH, instead of 5 MPH and you now have people on your back and shoulders, standing on the belt with you and even seated on the display panel itself. Velocity and intensity.
I recently bought a property for the first time since 2005. I’m in the biz, I’m “well qualified” and not in a hurry. I agreed to a price quickly and looked for no contingencies. (In the auto world they’d say I was “spotted” – sold on the spot). You’d expect joy from the agent. No split of commissions, no heavy negotiation, flexible buyer (handsome and charming too) and happy to close whenever.
She didn’t even smile. Her reaction suggested “Well, now I need to find another listing.” Velocity and intensity had worn her down.
2021 is a hot real estate market. It’s running at a furious clip. And a realtor’s job has never been tougher. Way more WORK for the same MONEY. That’s a challenging season. Many do it with grace and distinction.
So get your arms open. They need a hug.
"I will be out of the office all day Friday attending a workshop on “How to Make Friday Feel Like Saturday”. This is the first week of a 520-week series. So excited."
Orignally posted May 24, 2021
Posted by Shamrock Home Loans on