Realtors worried about the future of the industry?

Question

I'm a journalist working on an article about how the recent news about the head of NAR and the tough housing market right now is impacting Realtors and the Realtor industry. I'm based in Virginia, so hoping to get a perspective from Realtors within the state, but have Realtors been reconsidering the career since housing sales have been down and mortgage rates up? How does the recent lawsuit against NAR impact your career or firms you work for? Is the field changing? Are other industries like lending or homebuilding affected?

Thinking about the topic based on this WSJ story: https://www.wsj.com/lifestyle/careers/realtor-career-real-estate-industry-3b1dcf41

Jay Hinrichs · Answer

From my perspective.. Licensed RE broker in 3 states CA OR MS started in 1975. Owned and managed 3 different brokerages over the years had hundreds of agents working for me in those Brokerages..

Real Estate sales / brokerage contract when there is any down turn or significant rise in interest rates ( although we have not seen that since the Carter years). When things get going good then more people jump in .

Its the same in all industries that support real estate .. Appraisal companies Lenders MLO title and Escrow companies start laying off. When things rebound they start hiring again.

This is normal flow of the ups and downs of our national economy and the RE sales business. Property Managers are somewhat immune from these swings. Commercial transactions are WAAY down.

Eliott Elias · Answer

Realtors were dropping off like flies before this lawsuit. This is not going to incentivize anyone for taking on this career.

I do believe there needs to be a higher barrier to entry to become a realtor, and possibly even a hourly rate structure for specific tasks.

Lynn McGeein · Answer

I am a licensed agent and Realtor in Virginia but also an investor/landlord, and my goal in becoming a licensed agent was to help myself and my clients save money off the high commissions that I found most brokerages charged. The recent lawsuits, rise in mortgage rates and low inventory should hopefully consolidate the industry so that the brokerages offering cost-efficient, effective services will prevail.

Jeff Roth · Answer

Hi Katherine-

Great questions.

As a Realtor and real estate investor in Michigan, I think Realtors that continue to add value regardless of market conditions will be in demand and do well.

Additionally, I think working with real estate investors is a smart diversification of value a Realtor can bring--not all Realtors do.

To your success!

Realtors worried about the future of the industry?

Realtors worried about the future of the industry?

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