The best real estate agents will thrive, the profession will be elevated, rot will be removed and the brands that are built on trust and integrity will rise to the top, Inman founder Brad Inman writes.
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Today marks the dawn of a new day — and the future couldn’t be brighter.
Beginning today — Saturday, Aug. 17 — the real estate industry is poised for an exciting new chapter as the commission lawsuit settlement officially takes effect. Here is what I hope will come from this dramatic change.
The best agents will thrive, the profession will be elevated, rot will be removed and the brands that are built on trust and integrity will rise to the top.
Fewer corners will be cut and the industry’s tainted reputation will be repaired. Substance will trump flash.
COMMISSION RULES OFFICIALLY GO INTO EFFECT TODAY
Industry prosperity will flow to those who do the right thing.
Celebrity real estate, like celebrity chefs and fashion designers, will not define the industry’s reputation.
Leadership will become more responsive, and arrogance will not be tolerated. NAR will be reformed, and new leaders will emerge as the generational torch is passed.
Innovation will reign, and entrepreneurship will be rewarded.
Transparency will lead to more transactions, as a less opaque experience better serves the consumer.
Those who persevere through change will be rewarded, as new opportunities emerge.
The government will step aside, and the litigious will move on.
Enthusiasm about the profession will return again.
Is this vision Pollyannaish? Somewhat. Is more pain coming? Yes.
Are my predictions pinned to the events of the lawsuits? Yes, because this is an industry inflection point, opening the doors for positive changes and the creation of new and creative ways of delivering services.
No doubt, the real estate business is at its lowest point ever. For the first time that I can recall, the industry has been forced to take a long hard look at itself and adapt to a new future, like it or not.
But now, imagine what it could be.
Realtors aren’t selling pharmaceuticals, guns, or barbed wire fences. They sell a way of life: ownership, control, and freedom.
Historically, the democratization of property liberated ownership from the tired feudal systems of the past and gave people economic power.
Homeownership helps us achieve our dreams, fulfill our aspirations, and live healthier lives. Realtors facilitate that quest and should be proud of what they accomplish each and every day.
Those who embrace the new industry rules with a fresh purpose can again practice their trade with pride, credibility, honor, and respect.
Don’t give up and stick around for your next and most exciting professional chapter.