Joseph Rand on the 'original sin' at the heart of the real estate industry

  • The No. 1 threat to the industry is lack of competency seen in people who work in the industry.
  • No. 2: Not all consumers understand the value of using a real estate agent, and the industry isn't great at educating consumers about why agents are valuable.
  • No. 3: Control over listing data. Inefficiencies that stem from using multiple MLSs affect everyone -- consumers, too.

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Joseph Rand is the general counsel and managing partner for Better Homes and Gardens Real Estate — Rand Realty, one of the largest companies in the New York region, with 30 offices, 800 agents, and closing more than $1.5 billion in real estate transactions in 2013. “We conceive of ourselves as salespeople, when in fact, sales is a very small part of what real estate agents do,” Rand said.