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	<title>Real Estate &#8211; REreflections.com</title>
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		<title>Why All Real Estate Agents Are Not Created Equal</title>
		<link>https://rereflections.com/why-all-real-estate-agents-are-not-created-equal/</link>
		
		<dc:creator><![CDATA[Bill]]></dc:creator>
		<pubDate>Tue, 29 Oct 2024 15:31:54 +0000</pubDate>
				<category><![CDATA[Brokerage Advice]]></category>
		<category><![CDATA[Ethics]]></category>
		<category><![CDATA[NAR]]></category>
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		<guid isPermaLink="false">https://rereflections.com/?p=1531</guid>

					<description><![CDATA[As of August 17, 2024, buyers must enter a written agreement with real estate professionals before viewing properties. Differences exist in services, training, experience, and resources among agents. It's essential for buyers to understand these differences to make informed choices.<p class="more-link-p"><a class="more-link" href="https://rereflections.com/why-all-real-estate-agents-are-not-created-equal/">Read more &#8594;</a></p>]]></description>
										<content:encoded><![CDATA[
<p>As of August 17, 2024, buyers who want to see a property for sale with a real estate professional must enter into a written agreement before seeing a home. That means buyers must make choices about the type of agreement and must be well-informed to make a good choice.</p>



<p>While many of these conversations start with the cost of agent compensation, starting there presumes that all real estate agents provide identical services, and that’s just not true. My fellow Philadelphian, Ben Franklin, once wrote,” The bitterness of poor quality remains long after the sweetness of low price is forgotten.” – let’s see what info can help you choose the best person to represent your interests.</p>



<figure class="wp-block-image size-large"><a href="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/business-3188128_1280-1.jpg?ssl=1"><img data-recalc-dims="1" fetchpriority="high" decoding="async" width="560" height="371" data-attachment-id="1535" data-permalink="https://rereflections.com/why-all-real-estate-agents-are-not-created-equal/business-3188128_1280-2/" data-orig-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/business-3188128_1280-1.jpg?fit=1280%2C848&amp;ssl=1" data-orig-size="1280,848" data-comments-opened="1" data-image-meta="{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}" data-image-title="business-3188128_1280" data-image-description="" data-image-caption="" data-medium-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/business-3188128_1280-1.jpg?fit=300%2C199&amp;ssl=1" data-large-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/business-3188128_1280-1.jpg?fit=560%2C371&amp;ssl=1" src="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/business-3188128_1280-1.jpg?resize=560%2C371&#038;ssl=1" alt="" class="wp-image-1535" srcset="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/business-3188128_1280-1.jpg?resize=1024%2C678&amp;ssl=1 1024w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/business-3188128_1280-1.jpg?resize=300%2C199&amp;ssl=1 300w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/business-3188128_1280-1.jpg?resize=768%2C509&amp;ssl=1 768w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/business-3188128_1280-1.jpg?resize=560%2C371&amp;ssl=1 560w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/business-3188128_1280-1.jpg?resize=260%2C172&amp;ssl=1 260w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/business-3188128_1280-1.jpg?resize=160%2C106&amp;ssl=1 160w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/business-3188128_1280-1.jpg?w=1280&amp;ssl=1 1280w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/business-3188128_1280-1.jpg?w=1120&amp;ssl=1 1120w" sizes="(max-width: 560px) 100vw, 560px" /></a></figure>



<ol class="wp-block-list">
<li><strong>Not all real estate professionals are REALTORS® </strong>(members of the National Association of REALTORS®). Every member must adhere to the <a href="https://www.nar.realtor/about-nar/governing-documents/the-code-of-ethics">REALTOR® Code of Ethics</a>, which is based on professionalism, serving clients&#8217; interests, and protecting the public. Should a consumer feel they have not been served according to that code, a complaint may be filed with the local REALTOR® association.</li>



<li><strong>Not all real estate professionals have the same level of training. </strong> Every licensee needs to take introductory courses (usually titled RE Practice and RE Fundamentals)  to pass their real estate test. Still, they and their future clients may not be well served if their education stops there. Their brokerage may or may not provide additional training, but you need to know what that might be. Getting a real estate license should be the start of your real estate education, not the end of it. </li>



<li><strong>Not all real estate professionals have the same level of expertise. </strong> More experienced agents may have taken specific courses resulting in <a href="https://www.nar.realtor/education/designations-and-certifications">certifications or designations</a> educating them on working with Buyers, seniors, investors, international purchasers, relocating clients, military clients, etc. They may have taken courses in negotiation, contracts, financing, or other fields that can benefit you as a consumer. Many of these courses are the products of or offered by local REALTOR® Associations or national franchises. </li>



<li><strong>Not all real estate professionals have the same level of experience.</strong> Based on their experience, training, and previous transactions, Agents may have additional information about the property, neighborhood, or community that can inform your choice of property. Construction expertise, exposure to previous inspections, and knowledge of local municipal codes can all improve your transaction.</li>



<li><strong>Not all real estate professionals provide the same resources. </strong>Though most residential agents belong to a Multiple Listing Service, that isn’t the only resource available to help consumers find homes and analyze the differences between them. Some agents work for companies that provide substantial technology tools for the agent and the consumer, and some business models have agents working for them that have to provide their only tools and resources, and in that type of company, some of the agents will spend more or less to provide consumer-facing tools. The question of management support and transaction processing support is also something to consider. Will your agent have someone to turn to if there’s a problem that they haven’t encountered in their practice? Will you have someone in the company to turn to if you are dissatisfied with the agent you&#8217;re working with?</li>



<li><strong>Not all real estate professionals provide the same services. </strong>Buyers can work with agents exclusively or non-exclusively, but there may be a substantial difference in the services offered. An agent can provide services for a client who is committed to working with them exclusively that they may not offer if they are merely a face in the crowd of people that the buyer is working with. Different tools and technology may be made available for you  to provide information on schools, markets, financing, or generally enhance your buying process. </li>
</ol>



<p>Whatever you choose, don’t make the mistake of thinking that every agent is the same or that every real estate firm is the same. The choice is yours and your choice can certainly influence your home buying experience.</p>
]]></content:encoded>
					
		
		
		<post-id xmlns="com-wordpress:feed-additions:1">1531</post-id>	</item>
		<item>
		<title>Why Show-for-Fee Models Hurt Everyone</title>
		<link>https://rereflections.com/why-show-for-fee-models-hurt-everyone/</link>
		
		<dc:creator><![CDATA[Bill]]></dc:creator>
		<pubDate>Sat, 19 Oct 2024 13:10:03 +0000</pubDate>
				<category><![CDATA[Alternate Business Models]]></category>
		<category><![CDATA[Ethics]]></category>
		<category><![CDATA[Opinion]]></category>
		<category><![CDATA[Real Estate]]></category>
		<category><![CDATA[bill lublin]]></category>
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		<category><![CDATA[Business]]></category>
		<category><![CDATA[business models]]></category>
		<category><![CDATA[buyer agency]]></category>
		<category><![CDATA[NAR Settlement]]></category>
		<category><![CDATA[National Association of Realtors]]></category>
		<category><![CDATA[Real estate broker]]></category>
		<guid isPermaLink="false">https://rereflections.com/?p=1617</guid>

					<description><![CDATA[The evolving show-for-free and show-for-fee business models in real estate prioritize profit over consumer education, leading to potential exploitation and undermining the essential advisory role of real estate agents and brokers.<p class="more-link-p"><a class="more-link" href="https://rereflections.com/why-show-for-fee-models-hurt-everyone/">Read more &#8594;</a></p>]]></description>
										<content:encoded><![CDATA[
<figure class="wp-block-image size-full"><a href="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/ke-the-doormans-unifporm-look-more-like-a-musical-comedy-1.png?ssl=1"><img data-recalc-dims="1" decoding="async" width="560" height="420" data-attachment-id="1627" data-permalink="https://rereflections.com/why-show-for-fee-models-hurt-everyone/ke-the-doormans-unifporm-look-more-like-a-musical-comedy-2/" data-orig-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/ke-the-doormans-unifporm-look-more-like-a-musical-comedy-1.png?fit=1024%2C768&amp;ssl=1" data-orig-size="1024,768" data-comments-opened="1" data-image-meta="{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}" data-image-title="ke-the-doormans-unifporm-look-more-like-a-musical-comedy" data-image-description="" data-image-caption="" data-medium-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/ke-the-doormans-unifporm-look-more-like-a-musical-comedy-1.png?fit=300%2C225&amp;ssl=1" data-large-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/ke-the-doormans-unifporm-look-more-like-a-musical-comedy-1.png?fit=560%2C420&amp;ssl=1" src="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/ke-the-doormans-unifporm-look-more-like-a-musical-comedy-1.png?resize=560%2C420&#038;ssl=1" alt="" class="wp-image-1627" srcset="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/ke-the-doormans-unifporm-look-more-like-a-musical-comedy-1.png?w=1024&amp;ssl=1 1024w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/ke-the-doormans-unifporm-look-more-like-a-musical-comedy-1.png?resize=300%2C225&amp;ssl=1 300w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/ke-the-doormans-unifporm-look-more-like-a-musical-comedy-1.png?resize=768%2C576&amp;ssl=1 768w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/ke-the-doormans-unifporm-look-more-like-a-musical-comedy-1.png?resize=560%2C420&amp;ssl=1 560w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/ke-the-doormans-unifporm-look-more-like-a-musical-comedy-1.png?resize=260%2C195&amp;ssl=1 260w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/ke-the-doormans-unifporm-look-more-like-a-musical-comedy-1.png?resize=160%2C120&amp;ssl=1 160w" sizes="(max-width: 560px) 100vw, 560px" /></a></figure>



<p>One of the new business models attempting to gain ground is the show-for-free or show-for-fee model; Each one is driven by their desire to make money, regardless of their hyperbole about why they started the business. I have no problem with wanting to make money because that&#8217;s why the vast majority of people go to work or open businesses, and everyone has a variety of motivators that decide why they choose the job or business that they desire. For example, I love that I get to help people build familial and generational wealth when they achieve a part of the American Dream, but I operate a business because that fulfills the primary need that I had to support myself and my family, so I&#8217;m as guilty as they are when I reveal that, but still, I do want the priority to be straight. </p>



<figure class="wp-block-image size-medium"><a href="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/confused-couple-surrounded-by-open-books-and-computer-screens.png?ssl=1"><img data-recalc-dims="1" decoding="async" width="300" height="225" data-attachment-id="1653" data-permalink="https://rereflections.com/why-show-for-fee-models-hurt-everyone/confused-couple-surrounded-by-open-books-and-computer-screens/" data-orig-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/confused-couple-surrounded-by-open-books-and-computer-screens.png?fit=1024%2C768&amp;ssl=1" data-orig-size="1024,768" data-comments-opened="1" data-image-meta="{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}" data-image-title="confused-couple-surrounded-by-open-books-and-computer-screens" data-image-description="" data-image-caption="" data-medium-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/confused-couple-surrounded-by-open-books-and-computer-screens.png?fit=300%2C225&amp;ssl=1" data-large-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/confused-couple-surrounded-by-open-books-and-computer-screens.png?fit=560%2C420&amp;ssl=1" src="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/confused-couple-surrounded-by-open-books-and-computer-screens.png?resize=300%2C225&#038;ssl=1" alt="buyers confused by data" class="wp-image-1653" srcset="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/confused-couple-surrounded-by-open-books-and-computer-screens.png?resize=300%2C225&amp;ssl=1 300w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/confused-couple-surrounded-by-open-books-and-computer-screens.png?resize=768%2C576&amp;ssl=1 768w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/confused-couple-surrounded-by-open-books-and-computer-screens.png?resize=560%2C420&amp;ssl=1 560w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/confused-couple-surrounded-by-open-books-and-computer-screens.png?resize=260%2C195&amp;ssl=1 260w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/confused-couple-surrounded-by-open-books-and-computer-screens.png?resize=160%2C120&amp;ssl=1 160w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/confused-couple-surrounded-by-open-books-and-computer-screens.png?w=1024&amp;ssl=1 1024w" sizes="(max-width: 300px) 100vw, 300px" /></a></figure>



<h2 class="wp-block-heading">Information is Not Knowledge, Knowledge is Not Wisdom</h2>



<p>I say this a lot because people habitually confuse these three words. Buyers, for example, have access to more information than ever in history, but that doesn&#8217;t make them more intelligent or better equipped to make decisions than their predecessors because the information is not knowledge about anything complicated in life. Knowledge, I believe, is information placed into context. Context is understanding what the information means in relation to the other factors in the process you&#8217;re considering. Information, understood in the light of the process, is knowledge. But knowledge is not wisdom. If knowledge is understood in light of its relationship to other pieces of information, wisdom is understood in light of aggregated experience in similar situations. Thus, wisdom is Knowledge tempered by experience.</p>



<p>Here&#8217;s an example of how this works. Most people in my market can access information about asking prices, sales, prices, rental prices, tax implications of property ownership, the costs of mortgage payments, etc., but that doesn&#8217;t necessarily make them savvy real estate investors. When someone learns more about the four types of real estate returns, the benefits and difficulties of operating a rental property, they understand what they will need to do on a regular basis, and they turn the information into actionable data with this knowledge. I on the other hand have been investing in real estate for decades, and in minutes can identify and good deal from a poor one in seconds. That&#8217;s because having bought and sold hundreds of homes, I know the unseen benefits and pitfalls that I learned one deal at a time, and that&#8217;s wisdom (in this example),</p>



<p>Buyers are exploited by needing to pay per tour instead of working with the traditional success-based fee. With a success-based fee, the buyer spends nothing until they have purchased and closed on a property at a price and terms that they are happy with. As you may recognize from an earlier blog post of mine, that means an average of 10 showings for the successful deal, but there are many more showings for people who have not achieved a successful transaction that cost those consumers nothing.</p>



<figure class="wp-block-image size-medium"><a href="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/buyers-going-through-a-house-with-blindfolds-and-earmuffs-not.png?ssl=1"><img data-recalc-dims="1" loading="lazy" decoding="async" width="300" height="225" data-attachment-id="1655" data-permalink="https://rereflections.com/why-show-for-fee-models-hurt-everyone/buyers-going-through-a-house-with-blindfolds-and-earmuffs-not/" data-orig-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/buyers-going-through-a-house-with-blindfolds-and-earmuffs-not.png?fit=1024%2C768&amp;ssl=1" data-orig-size="1024,768" data-comments-opened="1" data-image-meta="{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}" data-image-title="buyers-going-through-a-house-with-blindfolds-and-earmuffs-not" data-image-description="" data-image-caption="" data-medium-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/buyers-going-through-a-house-with-blindfolds-and-earmuffs-not.png?fit=300%2C225&amp;ssl=1" data-large-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/buyers-going-through-a-house-with-blindfolds-and-earmuffs-not.png?fit=560%2C420&amp;ssl=1" src="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/buyers-going-through-a-house-with-blindfolds-and-earmuffs-not.png?resize=300%2C225&#038;ssl=1" alt="" class="wp-image-1655" srcset="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/buyers-going-through-a-house-with-blindfolds-and-earmuffs-not.png?resize=300%2C225&amp;ssl=1 300w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/buyers-going-through-a-house-with-blindfolds-and-earmuffs-not.png?resize=768%2C576&amp;ssl=1 768w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/buyers-going-through-a-house-with-blindfolds-and-earmuffs-not.png?resize=560%2C420&amp;ssl=1 560w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/buyers-going-through-a-house-with-blindfolds-and-earmuffs-not.png?resize=260%2C195&amp;ssl=1 260w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/buyers-going-through-a-house-with-blindfolds-and-earmuffs-not.png?resize=160%2C120&amp;ssl=1 160w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/buyers-going-through-a-house-with-blindfolds-and-earmuffs-not.png?w=1024&amp;ssl=1 1024w" sizes="auto, (max-width: 300px) 100vw, 300px" /></a></figure>



<h2 class="wp-block-heading">It&#8217;s Bad for Buyers</h2>



<p>Showing a property is far more involved than just opening the door. Showing a property starts outside when an experienced agent can help the buyer understand the architectural features of the property and its condition in comparison not only to other properties for sale but also to properties that have sold in the past or did not sell when put on the market. Also, the agent can point out how the location of the property, including the street it&#8217;s on, compares to other properties in the area and what is negative or positive about them.</p>



<p>The showing agent should conduct the tour of the property in a logical order to make sure that the buyer sees the flow of the property, that all of its features have been demonstrated, and that the benefits or obstacles caused by those features are discussed with the buyer in the spotlight of the buyer&#8217;s needs, wants, and wishes.</p>



<p>The agent should be able to comment on the home&#8217;s condition, the types of amenities and improvements made to the home, what those amenities mean to the property&#8217;s value, and what the quality of those things might be. The agent, having knowledge of the history of the properties and homes in the neighborhood, should be capable of talking about things like functional or locational obsolescence if they exist, how they impact the value of the property, and whether the buyer benefits from them or not. They should also be capable of commenting on whether other homes in the area would suffer from that design or location flaw.</p>



<p>Agents typically are aware of the foibles of different builders and styles of homes and types of heating and can provide additional information because they see so many homes. Again, the context can be brought to their inspection by the agent&#8217;s experience in listing, showing, and selling other properties in the area because that experience lets them understand why one property sells while another lies completely fallow.</p>



<p>All of these things and more are completely aside from the other things that buyer agents should be doing and are solely related to the showing, but the business model has demoted the licensee from a trusted advisor to the guy who just opens the door for a fee. Most state regulators would consider that they have actually performed as an agent, creating liability for them and their brokers.</p>



<p>Having skipped a buyer counseling session to establish the buyer&#8217;s needs, wants, and wishes, the agent can&#8217;t properly demonstrate the benefits (or lack thereof) of the house&#8217;s features because they can&#8217;t be clear on what they are to the specific buyer. </p>



<p>We all use professionals because they know more about their topic than we do. These buyers don&#8217;t get that help in their home-buying journey. But they do get to spend money every time they look at a property—something that other home buyers don&#8217;t need to do. And that can add up. In a recent post, I pointed out that real estate agents typically are paid on a success based fee, and that they statistically show about 10 properties to buyers who make offers, and that they statistically write four offers to get one accepted. That means that with a $49 per showing fee, four buyers would pay $1960 for showings, but only one of them would have gotten a property, And that doesn&#8217;t;t count the buyers who end up coming into and then leaving the market, costing them hundreds or thousands of dollars they don&#8217;t need to spend using traditional models. </p>



<figure class="wp-block-image size-medium"><a href="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/a-man-running-from-left-to-right-in-the-picture.png?ssl=1"><img data-recalc-dims="1" loading="lazy" decoding="async" width="300" height="225" data-attachment-id="1664" data-permalink="https://rereflections.com/why-show-for-fee-models-hurt-everyone/a-man-running-from-left-to-right-in-the-picture/" data-orig-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/a-man-running-from-left-to-right-in-the-picture.png?fit=1024%2C768&amp;ssl=1" data-orig-size="1024,768" data-comments-opened="1" data-image-meta="{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}" data-image-title="a-man-running-from-left-to-right-in-the-picture" data-image-description="" data-image-caption="" data-medium-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/a-man-running-from-left-to-right-in-the-picture.png?fit=300%2C225&amp;ssl=1" data-large-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/a-man-running-from-left-to-right-in-the-picture.png?fit=560%2C420&amp;ssl=1" src="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/a-man-running-from-left-to-right-in-the-picture.png?resize=300%2C225&#038;ssl=1" alt="man being chased by legal documents" class="wp-image-1664" srcset="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/a-man-running-from-left-to-right-in-the-picture.png?resize=300%2C225&amp;ssl=1 300w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/a-man-running-from-left-to-right-in-the-picture.png?resize=768%2C576&amp;ssl=1 768w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/a-man-running-from-left-to-right-in-the-picture.png?resize=560%2C420&amp;ssl=1 560w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/a-man-running-from-left-to-right-in-the-picture.png?resize=260%2C195&amp;ssl=1 260w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/a-man-running-from-left-to-right-in-the-picture.png?resize=160%2C120&amp;ssl=1 160w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/a-man-running-from-left-to-right-in-the-picture.png?w=1024&amp;ssl=1 1024w" sizes="auto, (max-width: 300px) 100vw, 300px" /></a></figure>



<h2 class="wp-block-heading">It&#8217;s Bad for Brokers</h2>



<p>When these business models were first announced, this jumped out as me because as a broker, I often feel I have a target on my back, and I am careful to minimize the number of people that might be shooting at it. There are few, if any, brokers who don&#8217;t think about liability and risk management frequently because if you don&#8217;t, you end up out of business. When an agent shows a house, the liability starts outside the house. If the buyer or the agent trips, slips, or falls and hurts themselves, there&#8217;s liable to be a claim. If a key goes missing from the lockbox, there may be a claim or at least the cost to replace the existing locks. When an agent accompanies a buyer through the house the liability grows. The agent is responsible for the actions of the buyer and their invitees. If they break something in the house, let the cat or dog out, use the bathroom and clog up the plumbing, try the water pressure and can&#8217;t turn the faucet off, forget to lock the house, or slip and fall inside the house, there&#8217;s liable to be a claim. Did I mention falling down stairs, tripping over an uneven threshold, or forgetting to lock a door? All of these things and more are events that cost the brokerage thousands of dollars to defend, putting aside any bad results from the litigation or claim.</p>



<p>Finally, most states forbid real estate agents from accepting money from anyone other than their broker for real estate activities. I&#8217;m unsure how seriously these new entrepreneurs take the state regulators or their opinion of whether they will inspect agents accepting money from these companies. I know many of these people around the country, and thankfully, for the consumer, they take that job very seriously. There is of course, a concern that an agent will &#8221; go rogue&#8221;, and accept these &#8220;assignments&#8221; without notifying their broker, and the business may pay them directly. Now the agent is in violation of the state regulations, their broker may be liable because they &#8220;failed to supervise&#8221; the agent sufficiently, and hopefully, the regulators will fine the business for practicing real estate without a license and violating the state real estate regulations, but none of those things benefits anyone. </p>



<figure class="wp-block-image size-medium"><a href="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/a-real-estate-agent-talking-to-a-casually-dressed-young.png?ssl=1"><img data-recalc-dims="1" loading="lazy" decoding="async" width="300" height="225" data-attachment-id="1668" data-permalink="https://rereflections.com/why-show-for-fee-models-hurt-everyone/a-real-estate-agent-talking-to-a-casually-dressed-young/" data-orig-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/a-real-estate-agent-talking-to-a-casually-dressed-young.png?fit=1024%2C768&amp;ssl=1" data-orig-size="1024,768" data-comments-opened="1" data-image-meta="{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}" data-image-title="a-real-estate-agent-talking-to-a-casually-dressed-young" data-image-description="" data-image-caption="" data-medium-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/a-real-estate-agent-talking-to-a-casually-dressed-young.png?fit=300%2C225&amp;ssl=1" data-large-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/a-real-estate-agent-talking-to-a-casually-dressed-young.png?fit=560%2C420&amp;ssl=1" src="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/a-real-estate-agent-talking-to-a-casually-dressed-young.png?resize=300%2C225&#038;ssl=1" alt="cuople ignoring a real estate agent" class="wp-image-1668" srcset="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/a-real-estate-agent-talking-to-a-casually-dressed-young.png?resize=300%2C225&amp;ssl=1 300w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/a-real-estate-agent-talking-to-a-casually-dressed-young.png?resize=768%2C576&amp;ssl=1 768w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/a-real-estate-agent-talking-to-a-casually-dressed-young.png?resize=560%2C420&amp;ssl=1 560w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/a-real-estate-agent-talking-to-a-casually-dressed-young.png?resize=260%2C195&amp;ssl=1 260w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/a-real-estate-agent-talking-to-a-casually-dressed-young.png?resize=160%2C120&amp;ssl=1 160w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/a-real-estate-agent-talking-to-a-casually-dressed-young.png?w=1024&amp;ssl=1 1024w" sizes="auto, (max-width: 300px) 100vw, 300px" /></a></figure>



<h2 class="wp-block-heading">It&#8217;s Bad for Agents</h2>



<p>I understand the average agent&#8217;s optimism and willingness to hope that showing the property will create a bond with the buyer, but any good buyer&#8217;s agent knows that isn&#8217;t the right way to approach the problem. I also know that in the current market, many agents are struggling, and a little income is better than no income, so they may decide to try this without giving it the thought it deserves. </p>



<p>To begin, the buyer is most likely to believe that they have paid for the agent&#8217;s time and are under no obligation to them. The agent has decided not to be a professional but to be a door opener. Of course, we&#8217;ve already talked about what a good agent will do, and how long they will take, but in the eyes of the buyer, you and the guy at Dominoes who delivers the pizza are in the same line of work. Not consulting, not advocating, not negotiating, not assisting, just delivering the experience to them they asked for.</p>



<p>The agent loses a lot. Like everyone, they only have so much time in their work day. Instead of spending time reaching out to potential clients, looking for properties, and soliciting opportunities for their existing clients, the agent burns time and wastes gas running from low-intention consumers to low-intention consumers. </p>



<h2 class="wp-block-heading">So Why Is This A Thing? </h2>



<p>Whenever there is disruption or chaos, there are those who seek to benefit from it. In the rush to exploit the new policies surrounding the real estate industry, many people are treating it like a new gold rush.</p>



<p>It seems they suffer from unwarranted confidence generated by a lack of understanding, which made Dunning and Kruger household words. One of the companies states that it&#8217;s not a broker or licensee but is providing services that, in most states, are regulated by their real estate licensing laws. It reminds me of a friend of mine in high school who got a job working for a clothing store when he was 16. When I asked him what he knew about selling clothes, he said, &#8220;I wear them, don&#8217;t I? That&#8217;s good enough!&#8221; When helping consumers navigate one of the most significant purchases or sales of their lives, just buying or selling a property or two isn&#8217;t enough. That&#8217;s why states make real estate agents take course and test in order to get licensed,</p>



<p>Secondly, these business ventures, like so many others before them, have a low opinion of what agents and brokers do. And how they approach them through these businesses are indicative of that. Ironically one of the named plaintiffs in the Missouri law suit has opened one of these businesses. I don&#8217;t think he suffers from a surplus of respect for the people he wants to facilitate his new business.</p>



<h2 class="wp-block-heading">Speculation about Change is a Risky Business</h2>



<p>I get that change brings disruption, and businesses are always looking for ways to exploit that, but experience has taught us that the newest idea is only sometimes the better idea. Sometimes, the business is a solution in search of a problem. Here, the problem these business models have identified is the reluctance a consumer may have in signing an agreement with a real estate licensee as required by the policy change resulting from the NAR settlement. The solution to that is an educated consumer, not pandering to their reluctance. Buying real estate is a complicated process requiring the cross-disciplinary skills of a real estate professional. Having a trusted advisor who has a legal obligation to your best interests is far smarter than finding someone to open a door and deprive you of that guidance and protection. </p>



<p></p>
]]></content:encoded>
					
		
		
		<post-id xmlns="com-wordpress:feed-additions:1">1617</post-id>	</item>
		<item>
		<title>How Mr. Refkin Got it Wrong About Clear Cooperation</title>
		<link>https://rereflections.com/how-mr-refkin-got-it-wrong-about-clear-cooperation/</link>
		
		<dc:creator><![CDATA[Bill]]></dc:creator>
		<pubDate>Fri, 27 Sep 2024 10:03:33 +0000</pubDate>
				<category><![CDATA[Ethics]]></category>
		<category><![CDATA[MLS]]></category>
		<category><![CDATA[Opinion]]></category>
		<category><![CDATA[Real Estate]]></category>
		<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[bill lublin]]></category>
		<category><![CDATA[billlublin]]></category>
		<category><![CDATA[Clear Cooperation]]></category>
		<category><![CDATA[Clear Cooperation Policy]]></category>
		<category><![CDATA[Multiple Listing Service]]></category>
		<category><![CDATA[National Association of Realtors]]></category>
		<category><![CDATA[Pocket listings]]></category>
		<category><![CDATA[Private Listing Networks]]></category>
		<category><![CDATA[Real estate broker]]></category>
		<category><![CDATA[United States]]></category>
		<guid isPermaLink="false">https://rereflections.com/?p=1559</guid>

					<description><![CDATA[Robert Refkin inaccurately criticizes the Clear Cooperation Rule as violating the National Association of REALTORS Code of Ethics and state laws. Despite his objections, the rule is pro-consumer, fostering competition and better market exposure. The arguments against it are flawed and often disregard the broader benefits to both buyers and sellers.<p class="more-link-p"><a class="more-link" href="https://rereflections.com/how-mr-refkin-got-it-wrong-about-clear-cooperation/">Read more &#8594;</a></p>]]></description>
										<content:encoded><![CDATA[
<figure class="wp-block-image"><img data-recalc-dims="1" loading="lazy" decoding="async" width="560" height="420" data-attachment-id="1574" data-permalink="https://rereflections.com/how-mr-refkin-got-it-wrong-about-clear-cooperation/show-somebody-making-an-obvious-mistake/" data-orig-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/show-somebody-making-an-obvious-mistake.png?fit=1024%2C768&amp;ssl=1" data-orig-size="1024,768" data-comments-opened="1" data-image-meta="{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}" data-image-title="show-somebody-making-an-obvious-mistake" data-image-description="" data-image-caption="" data-medium-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/show-somebody-making-an-obvious-mistake.png?fit=300%2C225&amp;ssl=1" data-large-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/show-somebody-making-an-obvious-mistake.png?fit=560%2C420&amp;ssl=1" src="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/show-somebody-making-an-obvious-mistake.png?resize=560%2C420&#038;ssl=1" alt="Man getting it wrong" class="wp-image-1574" srcset="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/show-somebody-making-an-obvious-mistake.png?w=1024&amp;ssl=1 1024w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/show-somebody-making-an-obvious-mistake.png?resize=300%2C225&amp;ssl=1 300w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/show-somebody-making-an-obvious-mistake.png?resize=768%2C576&amp;ssl=1 768w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/show-somebody-making-an-obvious-mistake.png?resize=560%2C420&amp;ssl=1 560w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/show-somebody-making-an-obvious-mistake.png?resize=260%2C195&amp;ssl=1 260w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/show-somebody-making-an-obvious-mistake.png?resize=160%2C120&amp;ssl=1 160w" sizes="auto, (max-width: 560px) 100vw, 560px" /></figure>



<p>In a recent Inman article, Robert Refkin made several claims about how the Clear Cooperation Rule violates the National Association of REALTORS Code of Ethics and state laws. He almost hit a home run by misstating the Code of Ethics requirements and using logical fallacies to support his arguments.</p>



<p>I get that Mr. Refkin is inconvenienced by the Clear Cooperation rule and is using the industry&#8217;s confusion, given the recent litigation, to make his arguments. Still, the rule encourages competition in the real estate marketplace and is incredibly pro-consumer.</p>



<h2 class="wp-block-heading">When is the Public Not the Public? </h2>



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<p></p>



<p>&#8216;<em><em><strong>When representing a buyer, seller, landlord, tenant, or other client as an agent, Realtors pledge themselves to protect and promote the interests of their client.”</strong></em></em></p>
</blockquote>



<p>Mr. Refkin &#8211; quoting the first Article of the Code of ethics tries to make the argument that it is somehow not in the best interests of the client to market their home to the broadest market possible. He argues that there is a conflict without actually stating one. Instead he posits that a client might somehow want to <strong><em>&#8220;market their homes publicly for more than one day without placing them on the MLS&#8221;.</em></strong> I frankly don&#8217;t understand what he means. Is he suggesting that marketing a property without exposing it to the public is somehow public marketing? Or is he implying that marketing the property publicly to a smaller segment of the public, excluding competitors and some members of the public, is beneficial? I argue that such an action is more likely a violation of this article than Mr. Refkin&#8217;s suggestion. </p>



<h2 class="wp-block-heading">When Less is More (Is it really?)</h2>



<p>He then doubles down on his lack of logic by stating &#8216;<strong>Many clients don’t believe that more exposure equals a higher price.</strong>&#8220;. There are many people who believe that the earth is flat (<a href="https://carsey.unh.edu/publication/conspiracy-vs-science-survey-us-public-beliefs">10% of a group surveyed according to the University of New Hampshire</a>). That belief doesn&#8217;t make them right, nor does it relieve a real estate agent from protecting and promoting their interests by explaining the demonstrated <strong><em>fact </em></strong>that exposure through the MLS brings a significantly higher price to the seller.</p>



<p>Mr. Refkin then uses a logical fallacy called a false equivalency when he asks <strong><em>&#8220;If more exposure equals a higher price, why do home builders sell hundreds of thousands of homes off-MLS each year? f more exposure equals a higher price, why do hundreds of thousands of companies not sell their products on Amazon, where there is the most exposure?&#8221;</em></strong> ( A false equivalency is a logical fallacy in which one assumes or asserts that two things are the same or equal when, while alike in some ways, they are not sufficiently similar)</p>



<p>In both of these examples, the seller has a fixed product and fixed marketing outlets, unlike the residential resale market, where each property differs from the next. In the case of builders, there are as many (or more, depending on the market) builders who list their properties on the MLS as do not. The argument about retailers fails because Amazon is a platform different from the MLS, which has nothing in common other than a search feature and being a digital platform.  These vendors determine their need to use Amazon based on their individual marketing metrics, such as the cost of customer acquisition, the cost of goods and services, and the cost of sale, factors that home sellers don&#8217;t need to consider. </p>



<h2 class="wp-block-heading">The Non-Sequiturs</h2>



<p><em><em><strong>“Realtors shall cooperate with other brokers except when cooperation is not in the client’s best interest.”</strong></em></em></p>



<p>Again, Mr. Refkin makes a statement and backs it up with supposed but unfounded and unsupported belief. In high school, my teacher would have called that a non sequitur (a conclusion or reply that doesn&#8217;t follow logically from the previous statement). However, he suggests a conflict (there is not)  and lists things that have no connection with cooperation between real estate agents. </p>



<p>Let&#8217;s take them one at a time;</p>



<p><span style="text-decoration: underline;"><strong>Point One</strong></span>&#8211; <strong><em>The sale involves sensitive family legal arrangements</em></strong>, This is so vague its almost non-existent. If their legal arrangement is unrelated to the property, that arrangement doesn&#8217;t need to be discussed at any point in the transaction. If it impacts the title, usage, or the purchaser&#8217;s ability to finance the property, it needs to be disclosed, and the sellers need to overcome their sensitivity. <em>In any event, this has nothing to do with whether the agent showing the property is employed by the listing company and thus has nothing to do with cooperation. </em><br><strong><span style="text-decoration: underline;">Point Two</span></strong>&#8211; <strong><em>An estate sale involves parties not ready to acknowledge the sale publicly</em></strong>. Once again his objection is vague and has nothing to do with cooperation. If the property is an estate sale, the seller&#8217;s death and their estate&#8217;s existence are publicly acknowledged in most places. There are obituaries, probate offices, etc.<strong><em> </em></strong><em>Again, this has nothing to do with whether the agent showing the property is employed by the listing company and thus has nothing to do with cooperation. </em><br><strong><span style="text-decoration: underline;">Point Three</span></strong>&#8211;<strong>High-profile clients and law enforcement officials need discretion due to privacy concerns related to security or public image.</strong> This is my favorite Red Herring -(something intended to divert attention from the matter at hand). The owners of real property are listed in public records. Anyone wishing to conceal their identity can easily use a straw party or an LLC to conceal their true names, and celebrity homes for sale are news articles, not confidential matters. <em>But most importantly, this has nothing to do with whether the agent showing the property is employed by the listing company and thus has nothing to do with cooperation. </em></p>



<h2 class="wp-block-heading">Do you want to know a Secret?</h2>



<p><em><strong>“Realtors shall not knowingly… use confidential information of clients to the disadvantage of clients; or use confidential information of clients for the REALTOR®’s advantage or the advantage of third parties unless clients consent after full disclosure”</strong></em></p>



<p>This one was a real head-scratcher. Mr. Refkin leaves the realm failed agency relationships or loose lips sinking ships of family secrets and goes full conspiracy theory, giving the following rationale: <strong>&#8220;It can be easily argued by homeowners under state laws that information they deem confidential is being used to advantage the MLS, a third party that sells their data, and that the Clear Cooperation Policy limits the homeowners’ ability to provide explicit and informed consent to use such information.&#8221;</strong></p>



<p>Actually, no, it can&#8217;t! First, the Code of Ethics is a voluntary obligation of the National Association of REALTORS members, not businesses like the various MLS organizations in the US. Secondly, not all MLSs sell data. Thirdly, Mr. Refkin is not privy to all of the listing contracts in the country and has no idea what permissions, explicit or implicit,  sellers give their agents.  What information is he concerned about, and who is he worried about deeming that data confidential? The seller? The examples he uses include exterior photos of the property and the addresses of the property &#8211; the first you can find on Google Maps, and the second is public information found on tax maps municipal records, and is anything but confidential information</p>



<h2 class="wp-block-heading"> Clear Cooperation and Competition</h2>



<p>Mr. Refkin and his arguments are victims of confirmation bias in his reading of the Code. His preconception that, somehow, there is logic in the concept that a seller can have a better experience and a more successful outcome (as he defines it) by limiting the ability of some consumers to buy their home. It just isn&#8217;t, so. It is not by accident that exclusive and excludes find their roots in the same Latin verb, &#8220;excludere,&#8221; which means &#8220;to shut out&#8221; or &#8220;to close off.&#8221; And with the exception of ill-reasoned arguments like the ones he makes in his Inman Article, no one has ever articulated a benefit to the seller as clearly as one can articulate the benefit to the agent or company that wants to shut out or close off a share of the market from their competitors. I can&#8217;t imagine a more anti-competitive structure than a private listing network, whether it is internal to a company or a club designed to exclude competitors (unlike the MLS, which welcomes competitors and provides an arena for each competitor to test their business against each other to the eventual benefit of the consumer.</p>



<p>Clear Competition is a pro-consumer and pro-competition rule that increases the ability of the buyer to locate properties to purchase and the seller to find the largest pool of buyers for their property. It assures that the most significant amount of inventory is made available to the greatest number of business models and generates reliable data to be used by new startups and existing businesses in not only the resale business but also every related business or business model/  Competition is enabled and encouraged to test a variety of competitive business models.</p>



<p></p>



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		<post-id xmlns="com-wordpress:feed-additions:1">1559</post-id>	</item>
		<item>
		<title>Are Buyer Agents Too Expensive?</title>
		<link>https://rereflections.com/unveiling-real-estate-agent-compensation-realities/</link>
		
		<dc:creator><![CDATA[Bill]]></dc:creator>
		<pubDate>Sun, 15 Sep 2024 14:20:26 +0000</pubDate>
				<category><![CDATA[Brokerage Advice]]></category>
		<category><![CDATA[Ethics]]></category>
		<category><![CDATA[NAR]]></category>
		<category><![CDATA[Opinion]]></category>
		<category><![CDATA[Real Estate]]></category>
		<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[bill lublin]]></category>
		<category><![CDATA[billlublin]]></category>
		<category><![CDATA[Business]]></category>
		<category><![CDATA[buyer agency]]></category>
		<category><![CDATA[buyer agents]]></category>
		<category><![CDATA[commissions]]></category>
		<category><![CDATA[Compensation]]></category>
		<category><![CDATA[NAR Settlement]]></category>
		<category><![CDATA[National Association of Realtors]]></category>
		<category><![CDATA[Real estate broker]]></category>
		<guid isPermaLink="false">https://rereflections.com/?p=1540</guid>

					<description><![CDATA[Critics argue real estate agents are overpaid due to generous commissions. However, agents earn through success-based fees, providing extensive unpaid services if transactions fail. Unlike other professionals, agents only earn upon successful deals. Switching to fee-based models could increase costs and risks for consumers without providing the safeguards licensed agents offer, ultimately being costlier.<p class="more-link-p"><a class="more-link" href="https://rereflections.com/unveiling-real-estate-agent-compensation-realities/">Read more &#8594;</a></p>]]></description>
										<content:encoded><![CDATA[
<figure class="wp-block-image size-medium is-resized"><a href="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/image.png?ssl=1"><img data-recalc-dims="1" loading="lazy" decoding="async" width="300" height="225" data-attachment-id="1542" data-permalink="https://rereflections.com/unveiling-real-estate-agent-compensation-realities/image/" data-orig-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/image.png?fit=1024%2C768&amp;ssl=1" data-orig-size="1024,768" data-comments-opened="1" data-image-meta="{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}" data-image-title="image" data-image-description="" data-image-caption="" data-medium-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/image.png?fit=300%2C225&amp;ssl=1" data-large-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/image.png?fit=560%2C420&amp;ssl=1" src="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/image.png?resize=300%2C225&#038;ssl=1" alt="" class="wp-image-1542" style="width:840px;height:auto" srcset="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/image.png?resize=300%2C225&amp;ssl=1 300w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/image.png?resize=768%2C576&amp;ssl=1 768w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/image.png?resize=560%2C420&amp;ssl=1 560w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/image.png?resize=260%2C195&amp;ssl=1 260w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/image.png?resize=160%2C120&amp;ssl=1 160w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/image.png?w=1024&amp;ssl=1 1024w" sizes="auto, (max-width: 300px) 100vw, 300px" /></a></figure>



<p>With the Buyer agency coming to the forefront of discussions about real estate purchases, there&#8217;s been a lot of criticism about the amount of Commission earned by a real estate professional on a transaction. The claim is that agents are overpaid because the commissions on most properties are so generous. (There is an extra claim that this somehow impacts house prices but let&#8217;s not waste time on that myth because it&#8217;s just not true. I have been licensed to appraise property for over 40 years. Factually, the presence or amount of commission paid to real estate agents in no way impacts the value of real property.)  Most of these criticisms about the size of agent compensation are made by people accustomed to going to work and being paid for every hour they work. Real estate professionals aren&#8217;t paid that way, and the critics need help seeing the entire agent compensation structure. </p>



<h2 class="wp-block-heading">Success Based fees</h2>



<p>Unlike their critics, real estate agents most commonly earn their income through a success-based fee. By that, I mean that the real estate brokerage and the agents that work for them are not paid anything unless they provide a successful result for their clients. &nbsp;That means that typically, the agent is working far more, and earning far less than might appear at first glance. </p>



<p>Real estate professionals often work for buyers doing research, providing neighborhood information, showing property, etc., without getting paid because a transaction is not consummated or, sometimes, even entered into. </p>



<p>Consumers benefit from the thousands of hours of professional service for which they do not have to write a check. That work never becomes part of the compensation discussion. Before we dismiss these services provided by the agent tainted by the rationale that they don&#8217;t deserve to be paid because they didn&#8217;t achieve a successful (or acceptable) outcome for the consumer, I suggest that no other service suffers in that manner. An accountant who does a lousy job or makes a mistake is still paid. The attorney who loses the litigation is paid. The Doctor who fails to diagnose or cure an issue is paid.  I could go on and on, all the way to the meal you paid for but it was not what you wanted it to be, or the teacher who failed you when you were in school, but you get the point. In considering whether a real estate agent is overpaid, you must review and consider all their work before making that judgment. </p>



<figure class="wp-block-image size-medium"><a href="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/an-image-of-success-without-victory-make-the-man-sadder-3.png?ssl=1"><img data-recalc-dims="1" loading="lazy" decoding="async" width="300" height="225" data-attachment-id="1648" data-permalink="https://rereflections.com/unveiling-real-estate-agent-compensation-realities/an-image-of-success-without-victory-make-the-man-sadder-4/" data-orig-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/an-image-of-success-without-victory-make-the-man-sadder-3.png?fit=1024%2C768&amp;ssl=1" data-orig-size="1024,768" data-comments-opened="1" data-image-meta="{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}" data-image-title="an-image-of-success-without-victory-make-the-man-sadder" data-image-description="&lt;p&gt;agents who submitted offers but did not get the transaction for their buyer&lt;/p&gt;
" data-image-caption="" data-medium-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/an-image-of-success-without-victory-make-the-man-sadder-3.png?fit=300%2C225&amp;ssl=1" data-large-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/an-image-of-success-without-victory-make-the-man-sadder-3.png?fit=560%2C420&amp;ssl=1" src="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/an-image-of-success-without-victory-make-the-man-sadder-3.png?resize=300%2C225&#038;ssl=1" alt="disappointed agents with cnotracts" class="wp-image-1648" srcset="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/an-image-of-success-without-victory-make-the-man-sadder-3.png?resize=300%2C225&amp;ssl=1 300w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/an-image-of-success-without-victory-make-the-man-sadder-3.png?resize=768%2C576&amp;ssl=1 768w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/an-image-of-success-without-victory-make-the-man-sadder-3.png?resize=560%2C420&amp;ssl=1 560w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/an-image-of-success-without-victory-make-the-man-sadder-3.png?resize=260%2C195&amp;ssl=1 260w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/an-image-of-success-without-victory-make-the-man-sadder-3.png?resize=160%2C120&amp;ssl=1 160w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/an-image-of-success-without-victory-make-the-man-sadder-3.png?w=1024&amp;ssl=1 1024w" sizes="auto, (max-width: 300px) 100vw, 300px" /></a></figure>



<h2 class="wp-block-heading">Even Success Isn&#8217;t Always Enough</h2>



<p>Even when someone gets paid for a successful outcome, there are many who do not. Recently, one of our newer sales agents got their first listing. The market has been very competitive, and she got 13 offers on that property. All 13 agents performed the same job. They showed their clients some properties, including the one she listed. They met with their buyer clients and had a consultation about their needs, wants, and desires. They discussed their financial situation and alternative financing solutions, directed them toward appropriate financing, shopping for rates, terms, and a good loan originator.</p>



<p>They showed the subject property one or more times, reviewing the features and benefits of the property, discussing the neighborhood, possibly discussing the schools, the homeowner’s association, the construction, layout, and the condition of the property. They discussed the benefits and drawbacks of the property. They reviewed the pricing and what competitive properties sold for or were asking. Reviewed other properties on the market. The agent drew up a contract for the buyers to purchase, explained the contract to them, and discussed contingencies like home inspections, termite inspections, and other concerns that the buyers might have. They reviewed the taxes and special assessments and discussed homeowners’ insurance. The agent discussed the appropriate deposit amount, how the price would be paid, the terms required by both parties, and the dates the purchaser and seller wanted, and delivered that agreement to the listing agent once the buyer had executed it.</p>



<p>There were probably some additional tasks that varied from customer to customer, but all 13 agents did the same job essentially. Only one of them got paid. The other 12 agents moved on to the next property to do all of that work over again, hoping that this time they would be successful and actually get paid for all of that work.</p>



<p>In an inventory short market, it is not uncommon for real estate professionals to submit agreements of sale on more than one property before the buyer has a successful result. Considering it briefly, it becomes evident that even the successful agent who earned a fee <em>did the same job four times</em>. That means the amount paid needs to be divided by four to calculate the cost. This amount is reduced even further when we calculate the time the agent probably spent working with consumers who did not have a successful result. &nbsp;And remember, that&#8217;s the agent&#8217;s gross income &#8211; taxes still need to be paid, and they have incurred costs or fees of their own that must be deducted.</p>



<figure class="wp-block-image size-medium"><a href="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/increased-expenses-for-a-large-group-of-people-showing-them.png?ssl=1"><img data-recalc-dims="1" loading="lazy" decoding="async" width="300" height="225" data-attachment-id="1651" data-permalink="https://rereflections.com/unveiling-real-estate-agent-compensation-realities/increased-expenses-for-a-large-group-of-people-showing-them/" data-orig-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/increased-expenses-for-a-large-group-of-people-showing-them.png?fit=1024%2C768&amp;ssl=1" data-orig-size="1024,768" data-comments-opened="1" data-image-meta="{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}" data-image-title="increased-expenses-for-a-large-group-of-people-showing-them" data-image-description="" data-image-caption="" data-medium-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/increased-expenses-for-a-large-group-of-people-showing-them.png?fit=300%2C225&amp;ssl=1" data-large-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/increased-expenses-for-a-large-group-of-people-showing-them.png?fit=560%2C420&amp;ssl=1" src="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/increased-expenses-for-a-large-group-of-people-showing-them.png?resize=300%2C225&#038;ssl=1" alt="onsumers psending more money" class="wp-image-1651" srcset="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/increased-expenses-for-a-large-group-of-people-showing-them.png?resize=300%2C225&amp;ssl=1 300w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/increased-expenses-for-a-large-group-of-people-showing-them.png?resize=768%2C576&amp;ssl=1 768w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/increased-expenses-for-a-large-group-of-people-showing-them.png?resize=560%2C420&amp;ssl=1 560w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/increased-expenses-for-a-large-group-of-people-showing-them.png?resize=260%2C195&amp;ssl=1 260w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/increased-expenses-for-a-large-group-of-people-showing-them.png?resize=160%2C120&amp;ssl=1 160w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/09/increased-expenses-for-a-large-group-of-people-showing-them.png?w=1024&amp;ssl=1 1024w" sizes="auto, (max-width: 300px) 100vw, 300px" /></a></figure>



<h2 class="wp-block-heading">Alternatives Might Cost Consumers More</h2>



<p>The alternatives, like some fee-based compensation, a retainer basis or an hourly basis, or even on a task-based fee basis, are problematic. They might cost an individual consumer less per transaction, but given the example above, the consumer would have had to pay four times to achieve one positive result, and consumers who didn’t achieve a positive result would still have to pay fees they don’t pay today to sustain the professional services consumers are accustomed to. A quick bit of math on a new company that only schedules showings and prepares contracts for the consumer could cost that average consumer $2,756, but provides no other guidance or protection for the homebuyer. The business discloses that they are not a brokerage and denies the consumer the protection that regulators have built into state laws to protect people buying the most expensive and important purchases of their lives. </p>



<p>Frankly, I believe that they may run afoul of licensing laws in many states, and I for one, would be uncomfortable with a contract performed for fee by an individual who is not licensed as a real estate professional using standard forms for my state, or was an attorney licensed in my state. There are reasons real estate is a regulated activity, with consumer protections, standards of care, and legislation governing the process.  </p>



<p>This high-risk, low-return model does nothing to save money for the consumer. In fact, it exposes them to extra costs and denies them crucial expert advice, the protection of a fiduciary, the experience of a local professional, the benefits of working with a <a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers/7-reasons-to-work-with-a-realtor">REALTOR</a> (a member of their local, state, and national Association of REALTORS) and many other safeguards. Simply put, it might cost an individual consumer less per transaction, but it would most likely cost all consumers far more in fees and risks than it costs now for the same services. The risks far outweigh any possible savings for a single consumer. </p>



<p></p>
]]></content:encoded>
					
		
		
		<post-id xmlns="com-wordpress:feed-additions:1">1540</post-id>	</item>
		<item>
		<title>Four Things to Understand About the NAR Settlement</title>
		<link>https://rereflections.com/four-things-to-understand-about-the-nar-settlement/</link>
		
		<dc:creator><![CDATA[Bill]]></dc:creator>
		<pubDate>Fri, 05 Apr 2024 16:00:49 +0000</pubDate>
				<category><![CDATA[MLS]]></category>
		<category><![CDATA[NAR]]></category>
		<category><![CDATA[Opinion]]></category>
		<category><![CDATA[Real Estate]]></category>
		<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[bill lublin]]></category>
		<category><![CDATA[billlublin]]></category>
		<category><![CDATA[Business]]></category>
		<category><![CDATA[Multiple Listing Service]]></category>
		<category><![CDATA[National Association of Realtors]]></category>
		<category><![CDATA[Real estate broker]]></category>
		<guid isPermaLink="false">https://rereflections.com/?p=1506</guid>

					<description><![CDATA[The NAR settlement has sparked debate over the real estate industry's future without affecting cooperative compensation or making commissions negotiable, as they have always been. Concerns about increased cash needed for buyers are raised, but home values remain driven by market forces, not agent fees. Nonetheless, realtors remain dedicated to serving clients ethically and professionally in achieving homeownership.<p class="more-link-p"><a class="more-link" href="https://rereflections.com/four-things-to-understand-about-the-nar-settlement/">Read more &#8594;</a></p>]]></description>
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<figure class="wp-block-image size-full"><a href="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/04/pexels-photo-6077447.jpeg?ssl=1"><img data-recalc-dims="1" loading="lazy" decoding="async" width="560" height="373" data-attachment-id="1512" data-permalink="https://rereflections.com/four-things-to-understand-about-the-nar-settlement/pexels-photo-6077447/" data-orig-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/04/pexels-photo-6077447.jpeg?fit=1880%2C1253&amp;ssl=1" data-orig-size="1880,1253" data-comments-opened="1" data-image-meta="{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;Photo by KATRIN  BOLOVTSOVA on &lt;a href=\&quot;https:\/\/www.pexels.com\/photo\/judge-signing-on-the-papers-6077447\/\&quot; rel=\&quot;nofollow\&quot;&gt;Pexels.com&lt;\/a&gt;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;judge signing on the papers&quot;,&quot;orientation&quot;:&quot;0&quot;}" data-image-title="pexels-photo-6077447" data-image-description="" data-image-caption="&lt;p&gt;Photo by KATRIN  BOLOVTSOVA on &lt;a href=&quot;https://www.pexels.com/photo/judge-signing-on-the-papers-6077447/&quot; rel=&quot;nofollow&quot;&gt;Pexels.com&lt;/a&gt;&lt;/p&gt;
" data-medium-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/04/pexels-photo-6077447.jpeg?fit=300%2C200&amp;ssl=1" data-large-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/04/pexels-photo-6077447.jpeg?fit=560%2C373&amp;ssl=1" src="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/04/pexels-photo-6077447.jpeg?resize=560%2C373&#038;ssl=1" alt="judge signing on the papers" class="wp-image-1512" srcset="https://i0.wp.com/rereflections.com/wp-content/uploads/2024/04/pexels-photo-6077447.jpeg?w=1880&amp;ssl=1 1880w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/04/pexels-photo-6077447.jpeg?resize=300%2C200&amp;ssl=1 300w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/04/pexels-photo-6077447.jpeg?resize=1024%2C682&amp;ssl=1 1024w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/04/pexels-photo-6077447.jpeg?resize=768%2C512&amp;ssl=1 768w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/04/pexels-photo-6077447.jpeg?resize=1536%2C1024&amp;ssl=1 1536w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/04/pexels-photo-6077447.jpeg?resize=560%2C373&amp;ssl=1 560w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/04/pexels-photo-6077447.jpeg?resize=260%2C173&amp;ssl=1 260w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/04/pexels-photo-6077447.jpeg?resize=160%2C107&amp;ssl=1 160w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/04/pexels-photo-6077447.jpeg?w=1120&amp;ssl=1 1120w, https://i0.wp.com/rereflections.com/wp-content/uploads/2024/04/pexels-photo-6077447.jpeg?w=1680&amp;ssl=1 1680w" sizes="auto, (max-width: 560px) 100vw, 560px" /></a><figcaption class="wp-element-caption">Photo by KATRIN  BOLOVTSOVA on <a href="https://www.pexels.com/photo/judge-signing-on-the-papers-6077447/" rel="nofollow">Pexels.com</a></figcaption></figure>



<p>The NAR settlement of the Sitzer-Burnett case has created some furor, and the media is exploding with speculation about the industry&#8217;s changes. This speculation is fueled mainly by people who aren&#8217;t in the industry, who rely upon or regurgitate articles someone else not in the industry wrote or just speculation shaped by that individual&#8217;s narrow view of the overall questions. There are no benefits to the changes brought by the litigation for sellers or buyers, but that doesn’t matter to the attorneys who earned an 8-figure payday by bringing this litigation. (I know that sounds snarky, but I couldn&#8217;t resist) </p>



<p>So, let’s dive into today&#8217;s realities.</p>



<p><strong><em>First, cooperative compensation has not gone away; only the ability to publish an offer of compensation in the MLS is prohibited. </em></strong>That means that prudent sellers will still be able to cover the cost of the buyer’s agent with the transaction instead of limiting the pool of buyers who might be able to afford their house.</p>



<p>Anyone who has ever worked with or been a first-time home buyer knows they are usually extremely short of cash and are apprehensive about the home-buying process. They need, and, more importantly, want professional assistance and guidance through home-buying, from finding and choosing a home to negotiation, contract preparation, transaction management, and closing advice. At the same time, everything they can save is used for closing expenses and down payment.  According to an independent study completed in 2022 by AB Schnare Associates, adding the cost of professional representation as a cash expense could increase the cash needed to buy the home by 12 to 42% or more!  It makes it impractical for most buyers to consider a home where the transaction does not cover their agent’s fee. How will they get what they need without finding a house where the cost of their representation is covered in the transaction?</p>



<p><strong><em>Second, commissions haven’t magically become negotiable.</em></strong> They’ve always been negotiable, and the real estate industry has numerous business models that offer alternative services to consumers. In over 50 years of practicing as a real estate professional, I would say that the commission topic seems to come up almost every time a consumer hires an agent to buy or sell a property. Each time that happens, there is an explanation of services, expectations, and an agreement by both parties before the contract is executed.</p>



<p><strong><em>Third, real estate values aren’t impacted by who pays an agent’s fee or whether it is published in the MLS.</em></strong> Values fluctuate with the market&#8217;s supply and demand. In 2008, there was an oversupply of property and a limited number of buyers to buy it, so prices went down. In today&#8217;s market, where there is a limited property supply and many people want to be buyers, prices continue to increase. In neither instance was the agent&#8217;s commission a factor impacting value.</p>



<p><strong><em>Fourth, don’t panic. </em></strong>Realtors are professionals. We are committed to our clients&#8217; needs, helping people achieve the American Dream of homeownership and building familial and generational wealth through real estate ownership. We are your neighbors and friends and will continue to make the home buying and selling process as smooth and understandable as possible for consumers. You are our community, and we are yours. We value you and will continue to be here to serve you professionally, ethically, competently, and with concern and compassion. </p>
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		<post-id xmlns="com-wordpress:feed-additions:1">1506</post-id>	</item>
		<item>
		<title>Why Your Facebook Groups Can Hurt Your Business</title>
		<link>https://rereflections.com/why-your-facebook-groups-can-hurt-your-business/</link>
		
		<dc:creator><![CDATA[Bill]]></dc:creator>
		<pubDate>Wed, 05 Aug 2020 12:11:52 +0000</pubDate>
				<category><![CDATA[Brokerage Advice]]></category>
		<category><![CDATA[Conferences]]></category>
		<category><![CDATA[Opinion]]></category>
		<category><![CDATA[Social Media]]></category>
		<guid isPermaLink="false">http://rereflections.com/?p=1397</guid>

					<description><![CDATA[Over the years, I have been chastised for suggesting that agents who seek education from Facebook groups are lazy. &#160;&#8211; and since I&#8217;m a real believer in that statement, allow me to reiterate it. Facebook, a public arena is not&#8230;<p class="more-link-p"><a class="more-link" href="https://rereflections.com/why-your-facebook-groups-can-hurt-your-business/">Read more &#8594;</a></p>]]></description>
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<figure class="wp-block-image size-large"><img data-recalc-dims="1" loading="lazy" decoding="async" width="560" height="315" data-attachment-id="1484" data-permalink="https://rereflections.com/why-your-facebook-groups-can-hurt-your-business/question-2392158_1920/" data-orig-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2020/08/question-2392158_1920.jpg?fit=1920%2C1080&amp;ssl=1" data-orig-size="1920,1080" data-comments-opened="1" data-image-meta="{&quot;aperture&quot;:&quot;7.1&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;NIKON D300S&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;18&quot;,&quot;iso&quot;:&quot;800&quot;,&quot;shutter_speed&quot;:&quot;0.025&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}" data-image-title="question-2392158_1920" data-image-description="" data-image-caption="" data-medium-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2020/08/question-2392158_1920.jpg?fit=300%2C169&amp;ssl=1" data-large-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2020/08/question-2392158_1920.jpg?fit=560%2C315&amp;ssl=1" src="https://i0.wp.com/rereflections.com/wp-content/uploads/2020/08/question-2392158_1920.jpg?resize=560%2C315&#038;ssl=1" alt="" class="wp-image-1484" srcset="https://i0.wp.com/rereflections.com/wp-content/uploads/2020/08/question-2392158_1920.jpg?resize=1024%2C576&amp;ssl=1 1024w, https://i0.wp.com/rereflections.com/wp-content/uploads/2020/08/question-2392158_1920.jpg?resize=300%2C169&amp;ssl=1 300w, https://i0.wp.com/rereflections.com/wp-content/uploads/2020/08/question-2392158_1920.jpg?resize=768%2C432&amp;ssl=1 768w, https://i0.wp.com/rereflections.com/wp-content/uploads/2020/08/question-2392158_1920.jpg?resize=1536%2C864&amp;ssl=1 1536w, https://i0.wp.com/rereflections.com/wp-content/uploads/2020/08/question-2392158_1920.jpg?resize=560%2C315&amp;ssl=1 560w, https://i0.wp.com/rereflections.com/wp-content/uploads/2020/08/question-2392158_1920.jpg?resize=260%2C146&amp;ssl=1 260w, https://i0.wp.com/rereflections.com/wp-content/uploads/2020/08/question-2392158_1920.jpg?resize=160%2C90&amp;ssl=1 160w, https://i0.wp.com/rereflections.com/wp-content/uploads/2020/08/question-2392158_1920.jpg?w=1920&amp;ssl=1 1920w, https://i0.wp.com/rereflections.com/wp-content/uploads/2020/08/question-2392158_1920.jpg?w=1120&amp;ssl=1 1120w, https://i0.wp.com/rereflections.com/wp-content/uploads/2020/08/question-2392158_1920.jpg?w=1680&amp;ssl=1 1680w" sizes="auto, (max-width: 560px) 100vw, 560px" /><figcaption class="wp-element-caption">Image by <a href="https://pixabay.com/users/geralt-9301/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=2392158">Gerd Altmann</a> from <a href="https://pixabay.com/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=2392158">Pixabay</a></figcaption></figure>



<p>Over the years, I have been chastised for suggesting that agents who seek education from Facebook groups are lazy. &nbsp;&#8211; and since I&#8217;m a real believer in that statement, allow me to reiterate it. Facebook, a public arena is not the place to seek professional guidance and education &#8211; but it is an easy forum, where your supposed peers can feel free to provide you with any advice that pops into their head &#8211; well-intentioned or not. I have seen well-intentioned people offer professional advice that would make any knowledgeable professional shudder with terror.&nbsp;</p>



<p>With inventory short markets around the country, interest rates at historic lows, and incredibly high demand, agents are feeling frustrated and put upon to degrees they may never have experienced. Add to that the policy changes facing the real estate practitioner,  there are a huge number of people seeking answers to questions that should most properly be addressed to their brokers. But people being who they are, many of them end up looking for validation and information anywhere they can find it. Sadly, Facebook is too easy to run to.</p>



<p>Even when you make a statement or ask a question in a closed or private group, that has a fancy title and was created by someone active in the real estate industry or industry adjacent publications or an industry vendor, or even a well-publicized real estate professional as a place to enlighten or educate, bring a grain of salt to the group, and apply it liberally when you get advice.</p>



<p>I&#8217;m not saying that anyone there is necessarily malignant, or are providing information to hurt anyone, I&#8217;m suggesting that asking for education from the other kids in the playground instead of asking the teacher for help is not the best way to go to make your career better &#8211; especially when the playground is virtual and the market, the regulations and the practices in your market may be far different from the place they work. So what&#8217;s an agent to do? Let&#8217;s take a look at a couple of possible options.</p>



<p>If the issue is one that impacts your actions as a real estate agent, the first step still has to be to go to your manager or broker. They are responsible for your actions, they are generally (depending on the business model) involved in your success, and should be committed to helping you do the right thing and make a good living. If they are not, I have said before and will continue to say, you may need to go somewhere that they will.</p>



<p>If for some reason they are unavailable, or they are part of the problem you need to solve, then go to a senior management person or a senior agent with a good reputation at your company. They are your teammates and hopefully will be able to provide you with some information that is helpful accurate and consistent with the company&#8217;s policies.</p>



<p>Should your broker-owner, or manager, or senior team members not be available, try the legal hotline at your association with your question. Or go to www.realtor.org and use the copious information there, or go to the company intranet site, or the intranet site from your franchise to use the education resources there as a temporary measure until you can get the right team member to help you.</p>



<p>I know that everyone feels safe and distanced from such conversations, and people on Facebook speak with such conviction that it seems highly unlikely that they could be wrong, but you don&#8217;t know anything about their level of expertise, or the level of accurate information they possess other than what they tell you, and horribly, that may not all be accurate.</p>
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		<post-id xmlns="com-wordpress:feed-additions:1">1397</post-id>	</item>
		<item>
		<title>The Secret to Becoming a  Success in Real Estate</title>
		<link>https://rereflections.com/the-secret-to-becoming-a-success-in-real-estate/</link>
		
		<dc:creator><![CDATA[Bill]]></dc:creator>
		<pubDate>Sun, 23 Feb 2020 02:06:07 +0000</pubDate>
				<category><![CDATA[Brokerage Advice]]></category>
		<category><![CDATA[Opinion]]></category>
		<category><![CDATA[Real Estate]]></category>
		<category><![CDATA[bill lublin]]></category>
		<category><![CDATA[billlublin]]></category>
		<category><![CDATA[Century 21]]></category>
		<category><![CDATA[century 21 advantage gold]]></category>
		<category><![CDATA[Century 21 Real Estate]]></category>
		<category><![CDATA[real estate agent]]></category>
		<category><![CDATA[Real estate broker]]></category>
		<category><![CDATA[Real estate broker/agent]]></category>
		<category><![CDATA[success]]></category>
		<guid isPermaLink="false">http://rereflections.com/?p=1426</guid>

					<description><![CDATA[People attending classes to obtain their real estate license often form their impressions of the real estate industry from the things they learn in class. Like newly hatched chicks, they&#8217;re imprinted with a set of beliefs that they carry with&#8230;<p class="more-link-p"><a class="more-link" href="https://rereflections.com/the-secret-to-becoming-a-success-in-real-estate/">Read more &#8594;</a></p>]]></description>
										<content:encoded><![CDATA[<p><img data-recalc-dims="1" loading="lazy" decoding="async" data-attachment-id="1473" data-permalink="https://rereflections.com/the-secret-to-becoming-a-success-in-real-estate/book-business-cafe-chart/" data-orig-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2020/02/book-business-cafe-chart.jpg?fit=910%2C797&amp;ssl=1" data-orig-size="910,797" data-comments-opened="1" data-image-meta="{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}" data-image-title="book-business-cafe-chart" data-image-description="" data-image-caption="" data-medium-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2020/02/book-business-cafe-chart.jpg?fit=300%2C263&amp;ssl=1" data-large-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2020/02/book-business-cafe-chart.jpg?fit=560%2C490&amp;ssl=1" class="aligncenter size-full wp-image-1473" src="https://i0.wp.com/rereflections.com/wp-content/uploads/2020/02/book-business-cafe-chart.jpg?resize=560%2C490&#038;ssl=1" alt="hand writing in book" width="560" height="490" srcset="https://i0.wp.com/rereflections.com/wp-content/uploads/2020/02/book-business-cafe-chart.jpg?w=910&amp;ssl=1 910w, https://i0.wp.com/rereflections.com/wp-content/uploads/2020/02/book-business-cafe-chart.jpg?resize=300%2C263&amp;ssl=1 300w, https://i0.wp.com/rereflections.com/wp-content/uploads/2020/02/book-business-cafe-chart.jpg?resize=768%2C673&amp;ssl=1 768w, https://i0.wp.com/rereflections.com/wp-content/uploads/2020/02/book-business-cafe-chart.jpg?resize=560%2C490&amp;ssl=1 560w, https://i0.wp.com/rereflections.com/wp-content/uploads/2020/02/book-business-cafe-chart.jpg?resize=260%2C228&amp;ssl=1 260w, https://i0.wp.com/rereflections.com/wp-content/uploads/2020/02/book-business-cafe-chart.jpg?resize=160%2C140&amp;ssl=1 160w" sizes="auto, (max-width: 560px) 100vw, 560px" />People attending classes to obtain their real estate license often form their impressions of the real estate industry from the things they learn in class. Like newly hatched chicks, they&#8217;re imprinted with a set of beliefs that they carry with them as they begin their real estate career, and sadly, none of them are told the secret of success as an agent.</p>
<p>The real estate schools, trying to prepare their students for job hunting, exhort agents to interview companies before choosing on to work for, making us the only industry where a potential associate for a company interviews the company instead of the other way around.&nbsp; The new agent is told that they&#8217;re a commodity and that to be successful, they should only associate with a firm that allows them to negotiate the highest commission split. And with the best of intentions, these schools send the newbies off in the wrong direction, failing to tell them the three truths of the business and&nbsp; often potentially ending great careers even before they begin.</p>
<p>Here are thos three truths &#8211; written plainly for you to assess:</p>
<blockquote>
<h2><strong>The only people who make a lot of money in real estate are people who sell a lot of property</strong>.</h2>
</blockquote>
<p>I have met with a number of agents who started their career by choosing companies that attract agent attention by competing on price, starting agents with no experience at 60, 70, even 100% commission splits. In every case, the agent struggled because the focus on the commission split&nbsp;took their eyes off the prize. Instead of working with the agent on prioritizing their prospecting and helping them focus on selling the most they can, the connection between production volume and compensation is completely lost. Once they were provided with an environment where they received support and opportunities, their production increased, they earned higher commission splits, and their compensation was increased.</p>
<blockquote>
<h2><strong>All agents aren&#8217;t equal, and people who sell more property should be paid at a higher rate than people who sell less property.</strong></h2>
</blockquote>
<p>Though brand new agents are taught to be aggressive about negotiating commission schedules, and even agents with limited production are taught to subscribe to the theory that they may need to switch companies to get the most money from each sale, we only believe that because we haven&#8217;t thought it through. Obviously, the more you do something succesfully, the more experience you have and the better you become at that thing.&nbsp; Your consumer values knowledge and experience in their consumer, so why wouldn&#8217;t you?</p>
<blockquote>
<h2><strong>All real estate companies aren&#8217;t the same and your ability to build a career and be a success varies from company to company.</strong></h2>
</blockquote>
<p>Most agents need to learn, practice, and be supported to find their highest potential . Really good companies provide support, training, mentoring, and coaching to their newer agents. Great agents are grown and developed. They are taught regulatory compliance, risk management, negotiation skills, and a variety of other skills. Good companies provide support for agents, allowing them to concentrate on the activities that make them money, rahter than constantly being bogged down in the minutia of the business.</p>
<p>The conclusion? Nobody makes a lot of money in real estate because of the company commission split or the low cost of someone&#8217;s desk fees. Those business models try to compete on price to attract agents, without making sure the agent has the secret to success.&nbsp; Leading a salesperson to believe that their compensation isn&#8217;t tied to their commission split is an almost criminal act because it distracts the salesperson from even knowing that there&#8217;s a real secret to success.</p>
<p>When an agent becomes proficient at their craft, and works with a company that allows them to concentrate on increasing their volume, through support, technology, sources of business, or adminsitrative and management support and accountability, their success becomes assured, their job becomes a career.</p>
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		<post-id xmlns="com-wordpress:feed-additions:1">1426</post-id>	</item>
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		<title>Do the Right Thing &#8211; Voting Your Conscience</title>
		<link>https://rereflections.com/do-the-right-thing-voting-your-conscience/</link>
		
		<dc:creator><![CDATA[Bill]]></dc:creator>
		<pubDate>Fri, 18 May 2018 13:32:13 +0000</pubDate>
				<category><![CDATA[Conferences]]></category>
		<category><![CDATA[Ethics]]></category>
		<category><![CDATA[Opinion]]></category>
		<category><![CDATA[Real Estate]]></category>
		<guid isPermaLink="false">http://rereflections.com/?p=1457</guid>

					<description><![CDATA[When I went to Chair my first committee meeting at my local association of REALTORS, I asked my Broker, what I should do. I had never served in any capacity in an organization like this, and being really young, I&#8230;<p class="more-link-p"><a class="more-link" href="https://rereflections.com/do-the-right-thing-voting-your-conscience/">Read more &#8594;</a></p>]]></description>
										<content:encoded><![CDATA[<p><img data-recalc-dims="1" loading="lazy" decoding="async" data-attachment-id="1058" data-permalink="https://rereflections.com/gen-x-and-gen-y-are-gen-buy/istock_000012210065large/" data-orig-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2013/07/iStock_000012210065Large.jpg?fit=3000%2C3216&amp;ssl=1" data-orig-size="3000,3216" data-comments-opened="1" data-image-meta="{&quot;aperture&quot;:&quot;7.1&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS 5D Mark II&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1267579854&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;67&quot;,&quot;iso&quot;:&quot;50&quot;,&quot;shutter_speed&quot;:&quot;0.005&quot;,&quot;title&quot;:&quot;&quot;}" data-image-title="iStock_000012210065Large" data-image-description="" data-image-caption="" data-medium-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2013/07/iStock_000012210065Large.jpg?fit=279%2C300&amp;ssl=1" data-large-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2013/07/iStock_000012210065Large.jpg?fit=560%2C600&amp;ssl=1" class="aligncenter size-full wp-image-1058" src="https://i0.wp.com/rereflections.com/wp-content/uploads/2013/07/iStock_000012210065Large.jpg?resize=560%2C600&#038;ssl=1" alt="" width="560" height="600" srcset="https://i0.wp.com/rereflections.com/wp-content/uploads/2013/07/iStock_000012210065Large.jpg?w=3000&amp;ssl=1 3000w, https://i0.wp.com/rereflections.com/wp-content/uploads/2013/07/iStock_000012210065Large.jpg?resize=279%2C300&amp;ssl=1 279w, https://i0.wp.com/rereflections.com/wp-content/uploads/2013/07/iStock_000012210065Large.jpg?resize=955%2C1024&amp;ssl=1 955w, https://i0.wp.com/rereflections.com/wp-content/uploads/2013/07/iStock_000012210065Large.jpg?resize=560%2C600&amp;ssl=1 560w, https://i0.wp.com/rereflections.com/wp-content/uploads/2013/07/iStock_000012210065Large.jpg?resize=260%2C278&amp;ssl=1 260w, https://i0.wp.com/rereflections.com/wp-content/uploads/2013/07/iStock_000012210065Large.jpg?resize=160%2C171&amp;ssl=1 160w, https://i0.wp.com/rereflections.com/wp-content/uploads/2013/07/iStock_000012210065Large.jpg?w=1120&amp;ssl=1 1120w, https://i0.wp.com/rereflections.com/wp-content/uploads/2013/07/iStock_000012210065Large.jpg?w=1680&amp;ssl=1 1680w" sizes="auto, (max-width: 560px) 100vw, 560px" />When I went to Chair my first committee meeting at my local association of REALTORS, I asked my Broker, what I should do. I had never served in any capacity in an organization like this, and being really young, I was a little nervous about doing well. He told me to remember that all I had to do was the best job I could and that it was my responsibility to try to leave the organization in better shape when I left than it was when I started.</p>
<p>Decades, and literally hundreds of appointments and elections later, it still seems a simple matter to me. When I serve as an officer or director of an organization, it is my job to consider how my votes impact the organization I serve – not my company, not any other organization where I serve, but the specific needs of the group that I am an officer or director of.</p>
<p>Sometimes it requires deeper thoughts than others. In the case of NAR directors, who also serve as officers or directors of other groups, a number of articles in Inman news recently seem to be confusing the issue for some people, and a r<a href="https://www.inman.com/2018/05/17/nars-top-lawyer-weighs-in-on-association-director-conflicts/" target="_blank" rel="noopener noreferrer">ecent one</a> spoke to the issue directly.</p>
<p>NAR has clear guidelines for its officers and directors. The <a href="https://www.nar.realtor/national-leadership/board-of-directors/meeting-policies-and-procedures/leadership-integrity-policy" target="_blank" rel="noopener noreferrer">NAR Leadership Integrity Policy</a>, states ”NAR leaders are charged with advancing the interests of the National Association of REALTORS®. As NAR leaders, they are required to act in the best interests of NAR, rather than in their own personal interests or the interests of another person or entity. Regardless of whether NAR leaders are appointed to their positions by a state or local association, or serve as a consequence of a position with some other entity, the duties are owed to NAR and NAR leaders should act based on their judgment as to what serves the best interests of NAR.”</p>
<p>Simply put, when you’re acting as an NAR director, you need to wear your “NAR hat” when you’re making NAR decisions”. Just as you should consider your state association’s best interest when you vote on issues as a state director, and you should consider your local associations best interest when you’re voting on local issues. You don’t vote on local issues considering what’s best for NAR, nor do you do that when you vote on state association issues.<br />
That doesn’t mean that you live in a vacuum, or that others may not try to influence you, it just means you need to do what you think is in the best interests of the group, and not what you think another organization you belong to would want you to do.</p>
<p>In the Inman article, a CEO of a local association asked “State and local associations can still voice their support or nonsupport of a NAR-level issue, correct?” and, according to Inman, Katie Johnson, NAR’s chief attorney responded, that local associations “can do whatever they want to do” but “doing that puts your directors in a very difficult position.” And, not surprisingly, she’s absolutely correct – the state an local associations are independent organizations, But what she also pointed out is that puts the director in a difficult position, and that the director needs to examine, and then vote their conscience. No one “owns” a Director’s vote but the Director and no one but the Director should decide how the vote is cast.</p>
<p>It’s no different than if the Director’s broker wanted to influence their vote, or the Director’s spouse, or partner, football coach, or bookie wanted them to vote for or against a certain matter. None of those organizations or people should be considered by a Director when they cast their vote on an issue, except as additional information in their decision-making process. Those pressures should not influence them to vote in a manner that they do not feel is best for the group. The obligation they took when they accepted the position was to act in the best interests of the organization, and their vote should reflect the outcome they feel is best for the group. Putting such pressure on the DIrector creates a conflict of interest, and it is the Director&#8217;s job to handle the ethical and moral challenges of that conflict. If the outside influencer is asking the director to take a position that they would have taken without the request, no conflict, but in the event that the outside influence is asking the Director to do something that they know, down deep, isn&#8217;t the position they would take without that influence, in my opinion, they need to dismiss that influence.</p>
<p>In the final analysis, it doesn’t matter if the individual votes for or against an item at the meeting, it only matters that they do so remembering that obligation to do what’s best for the group, and not for any special interest. And by doing that, they discharge their obligation to the group and to their conscience and sleep the peaceful sleep of the innocent &#8211; simple, right?</p>
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		<post-id xmlns="com-wordpress:feed-additions:1">1457</post-id>	</item>
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		<title>When Good Guys Get Off the Mark</title>
		<link>https://rereflections.com/when-good-guys-get-off-the-mark/</link>
					<comments>https://rereflections.com/when-good-guys-get-off-the-mark/#comments</comments>
		
		<dc:creator><![CDATA[Bill]]></dc:creator>
		<pubDate>Fri, 11 May 2018 01:38:24 +0000</pubDate>
				<category><![CDATA[Conferences]]></category>
		<category><![CDATA[Opinion]]></category>
		<category><![CDATA[Real Estate]]></category>
		<guid isPermaLink="false">http://rereflections.com/?p=1450</guid>

					<description><![CDATA[I like Jim Harrison and consider him a friend– I’ve worked with him, shared time socially with him, and enjoy spending time with him, and yet I find myself stunned by the way this op-ed has been written, and disagreeing&#8230;<p class="more-link-p"><a class="more-link" href="https://rereflections.com/when-good-guys-get-off-the-mark/">Read more &#8594;</a></p>]]></description>
										<content:encoded><![CDATA[<p><img data-recalc-dims="1" loading="lazy" decoding="async" data-attachment-id="1452" data-permalink="https://rereflections.com/when-good-guys-get-off-the-mark/man-person-hair-alone-male-heart-775637-pxhere-com/" data-orig-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2018/05/man-person-hair-alone-male-heart-775637-pxhere.com_.jpg?fit=4280%2C2905&amp;ssl=1" data-orig-size="4280,2905" data-comments-opened="1" data-image-meta="{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}" data-image-title="man-person-hair-alone-male-heart-775637-pxhere.com" data-image-description="" data-image-caption="" data-medium-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2018/05/man-person-hair-alone-male-heart-775637-pxhere.com_.jpg?fit=300%2C204&amp;ssl=1" data-large-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2018/05/man-person-hair-alone-male-heart-775637-pxhere.com_.jpg?fit=560%2C380&amp;ssl=1" class="aligncenter size-full wp-image-1452" src="https://i0.wp.com/rereflections.com/wp-content/uploads/2018/05/man-person-hair-alone-male-heart-775637-pxhere.com_.jpg?resize=560%2C380&#038;ssl=1" alt="" width="560" height="380" srcset="https://i0.wp.com/rereflections.com/wp-content/uploads/2018/05/man-person-hair-alone-male-heart-775637-pxhere.com_.jpg?w=4280&amp;ssl=1 4280w, https://i0.wp.com/rereflections.com/wp-content/uploads/2018/05/man-person-hair-alone-male-heart-775637-pxhere.com_.jpg?resize=300%2C204&amp;ssl=1 300w, https://i0.wp.com/rereflections.com/wp-content/uploads/2018/05/man-person-hair-alone-male-heart-775637-pxhere.com_.jpg?resize=768%2C521&amp;ssl=1 768w, https://i0.wp.com/rereflections.com/wp-content/uploads/2018/05/man-person-hair-alone-male-heart-775637-pxhere.com_.jpg?resize=1024%2C695&amp;ssl=1 1024w, https://i0.wp.com/rereflections.com/wp-content/uploads/2018/05/man-person-hair-alone-male-heart-775637-pxhere.com_.jpg?resize=560%2C380&amp;ssl=1 560w, https://i0.wp.com/rereflections.com/wp-content/uploads/2018/05/man-person-hair-alone-male-heart-775637-pxhere.com_.jpg?resize=260%2C176&amp;ssl=1 260w, https://i0.wp.com/rereflections.com/wp-content/uploads/2018/05/man-person-hair-alone-male-heart-775637-pxhere.com_.jpg?resize=160%2C109&amp;ssl=1 160w, https://i0.wp.com/rereflections.com/wp-content/uploads/2018/05/man-person-hair-alone-male-heart-775637-pxhere.com_.jpg?w=1120&amp;ssl=1 1120w, https://i0.wp.com/rereflections.com/wp-content/uploads/2018/05/man-person-hair-alone-male-heart-775637-pxhere.com_.jpg?w=1680&amp;ssl=1 1680w" sizes="auto, (max-width: 560px) 100vw, 560px" />I like Jim Harrison and consider him a friend– I’ve worked with him, shared time socially with him, and enjoy spending time with him, and yet I find myself stunned by the way this op-ed has been written, and disagreeing with many of the statements he makes. I get that he is concerned, but I believe that he has taken the wrong way to make any kind of cogent point and that this article will create more issues than solutions.</p>
<p>Let’s start with the background;</p>
<p>As a working real estate professional, an “industry observer” (from the inside), and an active member of my local, state and national associations, I don’t see the disconnect Jim mentions. A disconnect that he says is in specific areas, but he then neglects to mention what those “disconnects” are. As a member and an RPAC major investor, I am more than happy with the political advocacy of our group, the increasing numbers of RPAC investors, and the thoughtful efforts of NAR, both staff, and members.</p>
<p>I don’t know that the CEO transition disappointing (that&#8217;s an opinion rather than a fact), and I am unclear why Jim says that. Bob Goldberg, is very well informed, dedicated to the membership, and enthusiastic about engaging members and advocating for them. I see him engaged with and in step with the leadership team, who are a team of individuals that work together in a manner that I have heard described as “being in lockstep”. Call it what you will, everyone seems to be trying to do their best to be transparent, accessible, and engage the largest number of members possible.</p>
<p>The Op-ed moves into a litany of unconnected items labeled as “unsuccessful NAR efforts and exploits”, where it seems that nothing that NAR does is done right. I don&#8217;t want to argue about the benefits or problems of the programs, because that really wasn&#8217;t what the Op-Ed was about, this was more of an opening salvo. I would note that NAR&#8217;s “Logo-gate” isn’t the first time an entity tried a new logo and rolled back to the old one when there was a public hue and cry ( check with the <a href="http://adage.com/article/news/branding-gap-s-logo-change-disaster/146525/" target="_blank" rel="noopener">Gap</a>, <a href="https://www.cbsnews.com/news/pepsis-nonsensical-logo-redesign-document-1-million-for-this/" target="_blank" rel="noopener">Pepsi</a>, <a href="https://www.qualitylogoproducts.com/blog/logo-gate-university-of-california-emblem-change/" target="_blank" rel="noopener">University of California</a> or <a href="http://adage.com/article/news/tropicana-line-s-sales-plunge-20-post-rebranding/135735/" target="_blank" rel="noopener">Tropicana</a> – all had their own redesign problemss), and since I was busy during the T3 conference, I don’t know what NAR’s “dismal performance” consisted of, but I didn’t know that NAR needed to perform on any level at someone else’s private industry event, or that such a thing rises to the level of anything resembling a crisis.</p>
<p>And then we get to a big issue &#8211; asking real estate professionals to pay $30 per year more in annual dues, a sum that wouldn&#8217;t let you watch a first run movie in 3D with a large popcorn and soda.</p>
<p>The Houston Association of Realtors Board of Directors passed a motion of non-support of NAR to show their collective displeasure with NAR’s proposed dues increase, but it’s not a thing. They are not a constituent of NAR, they are a sister organization, and though they have members who are NAR directors, they are organizationally distinct. I get that people aren’t happy at the idea of paying more dues, and that when HAR had a survey, the members voted that they would rather keep their $30 than have their dues raised. HAR then wrote a lengthy and articulate letter to NAr making their position clear and asking NAR to take certain specific steps &#8211; steps that NAR wouldn&#8217;t and shouldn&#8217;t take at the direction of a single local association, even the largest local association in the country.</p>
<p>I’m not surprised at the result of the HAR survey, because I’ve never been part of any organization or condo or HO association where the rank and file members volunteered for an increase in their monthly or annual fees. In fact, it’s a great American tradition to grouse and complain about such things. However, NAR’s staff and leadership have made a huge amount of information available to the world to explain why they are requesting such a change – and any such increase will have to be approved by the Board of Directors during the meeting in Washington next week &#8211; and that’s the right place for that decision to be made.</p>
<p>Then we get around to the DocuSign IPO – something that is a failure in an early paragraph, but now a source of income, and therefore concern, and hints about a possibly sinister conspiracy. “The response from NAR’s leadership has been shrouded in secrecy as demonstrated in the attached exhibits, A and C.” The attached exhibits are instead remarkably clear.</p>
<p><strong>Exhibit A</strong> doesn’t refer to the IPO at all, and merely addresses the responsibilities of NAR’s directors, pointing out that each director needs to follow their conscience about any potential conflicts of interest arising from other offices they may hold. It also points people to the answers about the proposed budget increase and is explanatory rather than secretive.</p>
<p><strong>Exhibit B</strong> is not from NAR at all. It is HAR’s letter about the proposed dues increase. Again, nothing to do with the IPO. As an aside, I understand that they felt strongly about these issues and that HAR’s BOD had some points they wanted to make. From what I know personally about Bob Goldberg, Elizabeth Mendenhall, John Smaby, Vince Malta, and Colleen Badagliacco, all their suggestions will be read and considered, because that’s the type of leaders those people are.</p>
<p>And then there is Exhibit C – this was a Facebook post by Brad Inman where he published a memo from NAR Treasurer Thomas Riley. This document (the only one connected to the IPO) merely states the facts about the IPO, the 2019 NAR budget, and ends by saying “Any discussions about the proposed 2019 budget need to be independent from outside investments and income from wholly-owned subsidiaries as it is not fiscally responsible for NAR to budget its annual funding needs, nor can those funding needs be met, with proceeds from a one-time investing payout”, which is a sensible a statement as anyone can ask for. Any organization should be supported by its regular streams of income and not be dependent on outside windfalls – Business 101.</p>
<p>Where the Op-Ed really goes off the rails, and asks that “did you stop beating your wife question” is when he says ”Given NAR’s responses and NAR’s history (remember the Homestore scandal) it might be safe to assume the unthinkable; that it is likely one or more NAR insiders of current and former senior staff, consultants and volunteers may be in line to receive financial gain from the DocuSign IPO.”<br />
The Homestore Scandal didn’t involve NAR directly and wasn’t the result of any bad actions by staff or leadership. To assume the worst (almost two decades later) of our current staff and leadership with no basis in fact is just not the right thing to do here. We are not a country where guilt is assumed until innocence is professed.</p>
<p>I didn&#8217;t write this to support the dues increase, though personally, it&#8217;s not a significant amount of money to me. But I do feel that passion has overreached reason and fact, and we should try to refrain from allowing that to influence the reasoned discourse that professionals should engage in.</p>
<p>The leadership of NAR and the staff of NAR have been bending over backward to explain, expose, and expound on everything that has happened, everything that is happening, and everything that is planned for the future of the organization. They have done nothing that should cause them to be attacked or reviled or suspected of wrongdoing or ill intent. How about we all read the information, digest the information, talk to the directors from your state or local association, and then let them vote the way they feel will best serve the organization, its members, and the industry. And for goodness sakes, let’s leave our soapbox and hyperbole at home. There will be debate and discussion next week in Washington D.C. during the Board of Director’s meeting and a decision will be made one way or the other. It may be the optimal decision or it may not, but I assure you that the decision will be made by a group of well-informed people who act in what they perceive to be the best interest of our organization. Not sure I&#8217;m right? Just come and see yourself &#8211; we&#8217;re actually a very open organization.</p>
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		<title>Ten Predictions for the 2018 Real Estate Market That Are Almost Guaranteed!</title>
		<link>https://rereflections.com/ten-predictions-for-the-2018-real-estate-market-that-are-almost-guaranteed/</link>
		
		<dc:creator><![CDATA[Bill]]></dc:creator>
		<pubDate>Sat, 30 Dec 2017 19:12:38 +0000</pubDate>
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					<description><![CDATA[There&#8217;s something about the arbitrary end of the year that makes us both regret the past and wonder about the future. Resolutions for both our business and personal lives abound. Savants tell us how to do what we already know&#8230;<p class="more-link-p"><a class="more-link" href="https://rereflections.com/ten-predictions-for-the-2018-real-estate-market-that-are-almost-guaranteed/">Read more &#8594;</a></p>]]></description>
										<content:encoded><![CDATA[<p><div id="attachment_1177" style="width: 610px" class="wp-caption aligncenter"><img data-recalc-dims="1" loading="lazy" decoding="async" aria-describedby="caption-attachment-1177" data-attachment-id="1177" data-permalink="https://rereflections.com/2014-predictions-from-a-broken-crystal-ball/crystal_ball_1/" data-orig-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2014/01/Crystal_ball_1.jpg?fit=600%2C838&amp;ssl=1" data-orig-size="600,838" data-comments-opened="1" data-image-meta="{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}" data-image-title="Crystal_ball_(1)" data-image-description="" data-image-caption="&lt;p&gt;By User Pogrebnoj-Alexandroff.Beralpo at ru.wikipedia (Transferred from ru.wikipedia) [CC-BY-SA-2.5 (http://creativecommons.org/licenses/by-sa/2.5)], from Wikimedia Commons&lt;/p&gt;
" data-medium-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2014/01/Crystal_ball_1.jpg?fit=214%2C300&amp;ssl=1" data-large-file="https://i0.wp.com/rereflections.com/wp-content/uploads/2014/01/Crystal_ball_1.jpg?fit=560%2C782&amp;ssl=1" class="size-full wp-image-1177" src="https://i0.wp.com/rereflections.com/wp-content/uploads/2014/01/Crystal_ball_1.jpg?resize=560%2C782&#038;ssl=1" alt="" width="560" height="782" srcset="https://i0.wp.com/rereflections.com/wp-content/uploads/2014/01/Crystal_ball_1.jpg?w=600&amp;ssl=1 600w, https://i0.wp.com/rereflections.com/wp-content/uploads/2014/01/Crystal_ball_1.jpg?resize=214%2C300&amp;ssl=1 214w, https://i0.wp.com/rereflections.com/wp-content/uploads/2014/01/Crystal_ball_1.jpg?resize=560%2C782&amp;ssl=1 560w, https://i0.wp.com/rereflections.com/wp-content/uploads/2014/01/Crystal_ball_1.jpg?resize=260%2C363&amp;ssl=1 260w, https://i0.wp.com/rereflections.com/wp-content/uploads/2014/01/Crystal_ball_1.jpg?resize=160%2C223&amp;ssl=1 160w" sizes="auto, (max-width: 560px) 100vw, 560px" /><p id="caption-attachment-1177" class="wp-caption-text">By User Pogrebnoj-Alexandroff.Beralpo at ru.wikipedia (Transferred from ru.wikipedia) [CC-BY-SA-2.5 (http://creativecommons.org/licenses/by-sa/2.5)], from Wikimedia Commons</p></div>There&#8217;s something about the arbitrary end of the year that makes us both regret the past and wonder about the future. Resolutions for both our business and personal lives abound. Savants tell us how to do what we already know how to do (eat less, exercise more, spend time with your loved ones, value each moment, tell people you love them before it&#8217;s too late, don&#8217;t be a victim) and most importantly there are those who read the tea leaves and make predictions about the future.</p>
<p>My late wife loved to have her future told. She couldn&#8217;t wander by a fortune teller anywhere in the world without longingly looking in to see what her future held. I guess that it&#8217;s a common human desire to have some light shine upon the murky waters of our future. Life, we learn at some point, is uncertain, and those of us that are prudent, eat dessert first. So every year, like clockwork, there are those who make predictions for a variety of reasons.</p>
<p>We have always held the oracles in awe, from the <a class="zem_slink" title="Pythia" href="http://en.wikipedia.org/wiki/Pythia" target="_blank" rel="noopener wikipedia">Oracle of Delphi</a> to that weird looking, sort of faceless guy in the Vikings series on the <a class="zem_slink" title="History (U.S. TV channel)" href="http://www.history.com/" target="_blank" rel="homepage noopener">History channel</a> who predicts the future that the writers know is factual because they have gleaned those facts from history.  And therefore, people that make such predictions can benefit from the mere act of making such predictions. In fact those who write such lists or make such declarations, often do so because it helps them appear prescient &#8211; as if they alone have the key to help you reach greater levels of success in your business because they have demonstrated their perspicacity, (or their vocabulary &#8211; see, I could have just used the word shrewdness there) by creating such a list of predictions. The best part is that even when they don&#8217;t score well, that doesn&#8217;t come to light for at least a year or more. Having made such statements with confidence, they have become the keepers of the light, and are made employable.</p>
<p>So here I go, hoping to entertain and dazzle you with my list of predictions for the real estate industry in 2018</p>
<ol>
<li><strong><a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=8&amp;cad=rja&amp;uact=8&amp;ved=0ahUKEwjIs9-DtbLYAhXIjVQKHUkeC_UQFghFMAc&amp;url=https%3A%2F%2Fwww.inman.com%2F2017%2F12%2F27%2Fnotorious-robs-7-predictions-for-2018-disco-inferno-style%2F&amp;usg=AOvVaw1qyWBqgfzY1cti3NK1Ig44">Rob Hahn will predict the end of the MLS, NAR, Realogy, or all three</a>.</strong> I always enjoy reading Rob&#8217;s posts, and I have often said that he and our late lamented friend <a href="https://www.inman.com/2010/08/04/thank-you-joe-ferrara/">Joe Ferrara</a> could have invented perpetual motion if it weren&#8217;t for friction. Using series of numbers gleaned from various sources, and combined with a wonderful vocabulary as well as a deep and abiding love of music, Rob will make a set of arguments, showing that these things are in danger (and perhaps that gravity isn&#8217;t really a thing).  It could even be based on the impact of a large meteorite in the Midwest, which leads everyone involved in the real estate business to wake up one morning and change everything in their business, re-educating every vendor and consumer they deal with one transaction at a time. If the meteor fails to arrive, people will continue going to work every morning at Realogy, their franchisees will continue to do their jobs, and the staff and volunteer leadership at NAR will continue to help the industry evolve and to protect and educate real estate practitioners</li>
<li><strong><a class="zem_slink" title="Bradley Inman" href="http://en.wikipedia.org/wiki/Bradley_Inman" target="_blank" rel="noopener wikipedia">Inman News</a> (or one of their affiliated companies) will do something unintentionally that brings them under attack for a lack of sensitivity, diversity, or general malfeasance</strong> &#8211; The actions or perceived actions of someone during an Inman event, or in one of their Facebook groups will annoy the crap out of someone, and a firestorm will start online. There will be hundreds of comments. As soon as he is aware of it, <a href="https://www.facebook.com/bradinman?ref=br_rs">Brad Inman</a> (who is a very well intentioned and sensitive individual should truth be told) will apologize and take steps to correct the problem. The community at large will pleased until the next thing happens. (This is not to say that there aren&#8217;t times that Brad, his organization or any other organization doesn&#8217;t legitimately screw up, it&#8217;s just to point out that there are a lot of conversations out there.)</li>
<li><strong><a href="https://www.linkedin.com/in/bob-goldberg-527bb7133/">Bob Goldberg</a> will take heat for something that has nothing to do with him.</strong> As the CEO of NAR, Bob has had a target on his back from the moment he took the job. Frankly, he wears it with grace and aplomb, but it still makes him the lightning rod for every criticism (informed or ill-informed ) of the organization (which, we might wish to remember is volunteer driven). In his first year, he has demonstrated balance, a willingness to engage, and the ability to communicate and articulate to help reduce the impression that the staff at NAR (which is, by the way, nothing short of incredible) is living in some sort of ivory tower. Bob will continue to work with his staff and volunteer leadership to move the organization forward in the best way possible.</li>
<li><strong>There will be a series of articles about how horrible <a href="https://www.narrpr.com/">RPR</a> and Upstream are, and why they should be abandoned.  </strong>This one is pretty easy. Because RPR was engaged by <a href="http://www.upstreamre.com/">Upstream</a> (a Non-NAR initiative created by a group of Mega-Brokers) to help with the development of Upstream, the two products are constantly being lumped together. As an active Real Estate broker, I use RPR a lot, as do many of my agents, so I hope it continues to be a tool for us  &#8211; Upstream is still not a thing, and may never be one, but that doesn&#8217;t mean RPR isn&#8217;t an awesome product. Whatever happens to the two of them &#8211; it will be for different reasons because they&#8217;re different products with different owners.</li>
<li><strong>Some Tech Company will appear that promises to make every real estate agent rich</strong> &#8211; This one is the layup of all predictions, Every year new vendors, making incredible promises appear at all of the real estate events across the country. Agents rush to sign up to make themselves more competitive, only to find a few months later that they have waged a bucket of money. They cancel the service only to go on to the next newest thing at the next convention. This process, called churn, will kill some of these products and will result in others being sold to someone who sees them as an interesting piece of some other thing they&#8217;re developing</li>
<li><b>There will be a huge investment by Venture Capitalists into some new way to do something</b> <strong>and restructure the real estate industry</strong>. The real estate community will debate the “thing” endlessly, as they continue to do business much in the way it has been done for years. One client at a time buying or selling one home at a time, needing advice, assurance and assistance in going through the process.</li>
<li><b>Someone who isn’t really making a lot of money in real estate will become a coach or a speaker &#8211; </b>There are lots of speakers who have great experience in real estate, some who have other skills that can benefit their customers, but there are lots of people who haven&#8217;t done much in the business who become speakers or authors. For the good of the industry, these people (who are legends in their own minds) should be avoided by the young and impressionable agent.</li>
<li><b>There will be an article about how little NAR and the state and local REALTOR associations do for their members written by someone with no knowledge at all of what they actually do! &#8211; </b>There is something I call the arrogance of ignorance. People who know little about a subject, but speak with confidence about how that thing works. In our business, it seems that the people farthest from their local state and national associations are the most critical. It seems that you don&#8217;t have to have a clue in order to have an opinion and to trumpet it loudly in one of the online venues avai8lable to us all. I&#8217;m not saying that no one should criticize their associations, I am just suggesting that it would be best to spend the time to do the research before you voice the opinion.</li>
<li><strong>A real estate professional who doesn’t donate to RPAC will complain about the candidates supported by everyone else’s donation</strong>. &#8211; I&#8217;m a political idiot. If someone takes a position I agree with, I tend to like them, and I&#8217;m not one to spend hours and hours doing research on their overall political performance. Thankfully Jerry Giovanelli and his team do that for me and see to it that we as an industry have a safe space to do business in. They did yeoman work this year on Tax reform act, modifying sections of the act that could have been terrible for the industry, consumers, and the economy in general. I&#8217;m happy to give them money to do that on my behalf. If you don&#8217;t want to donate, then don&#8217;t, but remember you do so at your own peril.</li>
<li><b>Zillow will initiate some program. Members of the real estate community will immediately assume that Zillow is going to open a real estate brokerage, and Jay Thompson will once again demonstrate how patient he can be &#8211;</b> Zillow may or may not be the Great Satan or the Arch-enemy of the real estate industry, but whatever it is, they made the greatest hire ever when they chose to employ my friend <a href="https://www.facebook.com/thejayt">Jay Thompson</a>. He suffers the slings and arrows of outrageous people with an equanimity that is unmatched. Whatever he&#8217;s paid, it isn&#8217;t enough. My advice to people that hate Zillow? Don&#8217;t use their products, and don&#8217;t provide them with your listing data if you don&#8217;t want to, and then go about your own business and make a living. <b> </b></li>
</ol>
<p>And having counted to ten together, we have come to the end of this post &#8211; and the end of 2017. As we stare 2018 down the barrel, I hope that you enter the year intending on increasing your production, your income, the time you spend with your family and loved ones, and the happiness in your life. We each have within us the seeds of our success or our failure because those things are not determined by what happens in the world around us, it is determined by the way we handle that reality. I know you can be the hero of your own story, and I&#8217;m waiting to hear that story! Have a Happy and Healthy New Year.</p>
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