Posted by So hard that you've left the business, or are thinking of leaving the business? Out here in Chicagi, agents are leaving the biz left and right, esp.the ones who got in the game the last few years, and the older ones on the verge of retirement anyway…good news-in 1.5 to 2 years, the field will be cleared out again…bad news-everything will prob be web-based at that point on Craig's list type
sites. Point is, the business was on its way out anyway, just
like travel agencies and floor-based stock-brokers. You very well just saw the last hurrah of old-fashioned agency, like a supernova
before it burns out and extinguishes. Definitely time for these
agents to go back to their old desk jobs or school. Many here
are panicking, and dropping commissions so low that they are close to PAYING sellers to list. I'm being only slightly facetious on that last point, as some out here are charging 300$ for a full-service listing. Funny what starvation will do to commissions!
and mighty sad!
Consumers are definitely getting smarter. Listing your home with an agent is not necessarily a bad thing or a waste of money. They market and do due diligence to successfully sell and transfer title. There are numerous legal aspects of buying and selling real property.
I was a realtor at one time. I did it part time and continued my full time career. I wanted to start selling real estate on the side while I was young, so when I retired from my career, I would have had 20 years experience as a realtor and my name and client base was built. Unfortunately I was relocated with my company and had to deactivate my real estate license.
The limited service brokers are not making any money and are killing the traditional brokers. This is good for the consumer from a price stand point, but the discount/limited service brokers do not offer you anything. All they do is list your home in MLS. If you don't use a broker, usually your home will sit longer on the market, which you will be paying your monthly payments longer… Costing you more money anyways… Unless you live in a "hot" area, it will sit. Also, realtors do not want to work with "for sale by owner". They don't know anything and the agent winds up doing all of the work, and they do not get both sides of the commission like they deserve.
Real estate is a tough business for sure. You can go a long time without making some money, especially in the beginning, first few years. You should definitely plan ahead and save some money. The hardest thing about the business are finding the clients. It may seem like agents do not do a lot, but they do, but more importantly is that they are held responsible and liable for a lot that goes on during the transaction.