The consumers of today are not the ones of yesteryear that watched passively as the real estate industry evolved into the giant that it is today. Today's sellers and buyers are more educated and more knowledgeable thanks almost entirely to the growth of the internet. This of course is not news to the agents and brokers in the daily practice of the real estate business. Before even making the initial contact with a broker today a seller is more likely to have done his homework and can spot an inept practitioner quickly.
Nearly everyone interested in selling a house gives at least initial consideration to going it alone without a broker. A relatively small percentage (industry experts say between 15% to 20%) actually takes the plunge and an even smaller number are actually successful. That final number of successful sellers is, however, getting larger by the day thanks to companies like Help-U-Sell, Assist 2 Sell, ForSaleByOwner.com, byowner.com , BrokerDirectMLS.com, FlatFeeDirect.com and others.
The successful real estate brokers/owners going into the next evolution of the real estate business will be the ones that align the service that they offer with what consumers are demanding more choices, more control and lower fees in exchange for a higher level of teamwork and seller participation in the marketing effort.
There remains no question that the day of the full service high commission broker (aka Traditional broker) is far from over. There will probably always be a demand for residential brokers in certain specialties such as the luxury home market, international brokerage and circumstances where sellers can't or don't want to be involved in the process. However, most markets in the United States are nothing like that. Most market areas are towns and communities where brokers compete hard for the market share that they have.
The reality is that there has been very little change in the real estate industry even during a time when practically every other industry has adapted to changing consumer demands and today all real estate agents still look about the same to the consumers.
Being in an industry that is so resistant to change offers some incredible opportunity for brokers with insight, courage and the acumen to capitalize on it by reinventing his business and his processes to better serve a changing customer base and gain tremendous market advantage.
Terry Shortt, CRS ,GRI Broker. Terry can be reached at 270-769-2468 broker@FlatFeeDirect.com ...www.FlatFeeDirect.com Learn How To operate Your Own Flat Fee Real Estate Office Today....http://MyOptInPage.com/?pid=3893178
Terry started his real estate career in 1987 working on a part-time basis with Rose Realty-Better Homes And Gardens. He rapidly became the top sales and listing agent and opened, along with his partner, their own office in 1989, TW Shortt And Associates, REALTORS.
In 1992, they purchased two Better Homes and Gardens franchise licenses and launched a brokerage firm called TW Shortt and Associates-Better Homes and Gardens. The firm rapidly grew to fifty agents as well a separate property management division.
His professional real estate career has included leadership roles in virtually every position within the local REALTOR association, culminating as Association President in 1996 of the Heart Of Kentucky Association OF REALTORS.
In 1999 he launched a flat fee real estate company (FlatFeeDirect.com) in Kentucky. After considerable resistance from the media, the KREC and some local brokers, the business survived.
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» left by Bill Brynelsen from McHenry, Illinois (3 years 221 days ago.)
Terry, your article hits the nail right on the head. Home sellers, YOU DON’T NEED to pay 4% to 5% to sell your home any longer. The big name real estate companies have been over charging you for years. But those days are gone! Respond to this comment
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