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Pulse is a recurring column where we ask for readers’ takes on varying topics in a weekly survey and report back with our findings.
Since the onset of the COVID-19 pandemic just over five years ago, the real estate industry has seen a huge number of changes in the market, economy and regulatory environment. From the frantic pace of the pandemic-era market to the slowdown of the past couple of years, not to mention the impact of industry-focused lawsuits, settlements and scandals, experienced agents have lived a lifetime of change in just a few trips around the sun.
That’s why we asked you last week to give us some perspective and tell us: What aspect of real estate has changed most in the past five years? Here’s what you had to say:
- Five years ago, low interest rates and pandemic-driven urgency sparked a homebuying boom. Now, we’re witnessing the emotional and financial repercussions as many of those pandemic-era buyers have transitioned to now first-time sellers. According to a recent Opendoor survey, 79 percent of first-time homesellers admitted to mistakes during the buying process, and 91 percent said those missteps directly influenced their decision to sell. Coupled with shifting lifestyles and economic pressures, the idea of a “forever home” is also changing, with 68 percent no longer seeing it as attainable. For agents, this shift signals a client base that focuses more on finding a home that aligns with their evolving lifestyle, rather than chasing traditional milestones.
- The bar for entry into real estate has never been lower, and with that, we’ve seen a steady erosion of foundational ethics. In the rush for quick commissions, core principles like fiduciary duty, transparency and client-first service are too often overlooked. That shift has changed the landscape and not for the better.
- The biggest change in real estate I find is agents wanting to negotiate an entire transaction through text messaging. It’s like they have an aversion to speaking to another agent over the phone. It’s ridiculous and unprofessional.
- I don’t philosophically support forcing buyers to sign an agreement before showing them even one property. While I agree that agents must explain agency and how commissions work today, forcing them to sign an agency agreement is not in their best interests and does not protect them. I hate doing it, but I am forced to do so. My philosophy has always been to allow buyers time to earn trust and confidence. That has worked very well for me over the past 10+ years. I’m a big supporter of the NAR on most topics, but not on this. It needs to change.
What did we miss? Please share your thoughts in the comments section below.
Editor’s note: These responses were given anonymously and, therefore, are not attributed to anyone specifically. Responses were also edited for grammar and clarity. Inman doesn’t endorse any specific method and regulations may vary from state to state.
