Victims of the slow transaction? How agents can get paid faster

Faster. Better. Together.
Inman Connect San Francisco, Jul 16-20, 2018

Outdated and unaligned with the services it provides, the real estate industry's payment model is slower than walking backwards from Boston to Montreal. Realtors invest hundreds and often thousands of dollars upfront to sell a home and toil an untold number of hours before seeing a paycheck. Historically, hefty commission rates and minimal marketing and business costs compensated for delayed payment. But today the costs of digital marketing, compressed commission rates and the complexity of deals have made selling real estate a tougher propositioin. Beholden to a gaggle of vendors who make the process unnecessarily protracted, the transaction spreads out over weeks -- even months -- with an archaic and long sales cycle and a closing process that creeps along like a security line on Monday morning at JFK Airport. Let's take the typical deal once a listing agreement is signed. Stage the house and prepare it for sale, including marketing collateral, digital placement and ad...