Discount Brokers are the function of a Good Market
I started saying this in 2002 and 2003 when discount Brokers began using the Internet and Agents across the country feared that discounters would capture significant market share. I knew that when the market turned and it became more difficult to sell. These fair market competitors would shrivel up and go away.
Well, I just printed an article from Inman News whose headline is “Massive layoffs at discount brokerage Foxtons - Company may file for bankruptcy.”
It calls ‘Foxtons, a low-commission Real Estate firm.’ Those of you not familiar, they are… were a very aggressive and large discount broker.
Over the past year as I have been doing workshops on surviving this Buyer’s market I suggest that one of the advantages of this soft buyers market is that the weaker and discount brokers will disappear. Well, there goes a big one with many preceding them and many others to follow. (By the way I am doing that presentation at the NAR Convention in Las Vegas.)
I believe in open market competition. At the same time I have seen too many discounters whose level of service is far below the discounted price.
Successfully selling Real Estate requires many skills in addition to the skills of running your own business; plus it requires persistence, tenacity and the ability to deal with disappointment and keep going. I am proud to work with Real Estate Agents. Sure it is easy to get a license so there are many who are less trained and frankly less competent. But the top group, the top 20% and that’s a big group, is full of high quality, high integrity people who are a tremendous asset to their communities and to the society in which we live.
Those of you who know me know that I mean that with every atom of my being.
This market will be a struggle. Stay proud. You have earned the right.
Comments