- In our recent national survey of agents, nearly 45 percent indicated that they have a lack of financial reserves to weather any type of economic downturn.
- We suggest that this is a reason that agents surveyed also looked at the "changing market" (35 percent) as their primary concern for real estate in 2017.
- Despite these worries about external forces, nearly 35 percent indicated an ownership of their own career results, which we consider a positive indicator for the industry.
In this episode, we’re picking up where we left off with an in-depth discussion of the national agent survey we recently completed and an in-depth focus on some of the issues affecting real estate agents today.
For instance, and not surprisingly, many agents have little to no financial reserves set aside, which makes a down market change particularly worrisome to many.
That explains why nearly 35 percent of respondents cited the “changing market” as their largest worry — more so than even a change in mortgage rates (19 percent) or the winner of the 2016 presidential election (31 percent).
Coming in last at 12 percent, the category of “other” provided a consistent response about a concern for government policies, the lack of growth in the economy, unemployment, Dodd-Frank, TRID and even global exchange rates and the world economy.
One respondent from Canada commented that recent federal government changes to the mortgage qualification rules was a factor for him.
Another responded pointed the finger at the listing portals, stating: “The significance of Zillow/Trulia and their presence that makes buyers and sellers feel that they don’t need a Realtor to complete their transaction.”
Another responded echoed that statement, saying simply, “Consumers may not need us anymore.”
Despite these concerns about the economy and changing market, our respondents overwhelming accepted responsibility by citing a “lack of discipline” (35 percent) as the primary driver behind not achieving greater results.
Listen to the show to learn more, and download a copy of the 2017 National Agent Survey Results in PDF format to view our survey for yourself.
Subscribe to Tim and Julie Harris’ podcast on iTunes or follow us online at realestatecoachingradio.com. Tim and Julie Harris have over 20 years’ experience in real estate. Learn more about their real estate coaching and training programs at timandjulieharris.com, or request more information about their programs at joinharris.com.