I see it so often in Inman: an article or comment about how agents are being asked to lower their commissions. I like to joke that if you haven’t been asked to lower your commission, you haven’t done enough deals.
One thing we can all be sure of: what goes up does come down. As the news reports indicate, sales in October dropped 10 percent in Houston from 2014, and there’s evidence of slowdowns in other hot markets.
I admit, the Houston market has been extremely rewarding. But instead of being a great agent, I turned into an order-taker in 2014. The housing rush came with oil prices at $100 a barrel. Working as a listing agent was like winning the lottery. I veered from my routine on pricing a home.
The greatest lesson they taught me was to be truly understanding of the people you serve — no matter what business you’re in. I’ve embraced it ever since. As they often cautioned, “Lose a family, lose a generation.” That kind of long-term, big-picture thinking grows increasingly rare in today’s real estate business world with so much emphasis placed on the commission.
Since 2008, there has been a big shift in how we market. The mass marketing campaign concept just doesn’t work anymore. Individualized, self-directed, localized marketing is now the way to go. We have Facebook, Instagram and Twitter to thank for that.