The best real estate agents will thrive, careers will advance, corruption will be eliminated, and brands built on trust and integrity will rise to the top, writes Inman founder Brad Inman.
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Today marks the dawn of a new day – and the future will be brighter.
Starting today (Saturday, August 17), the real estate industry is about to enter an exciting new chapter as the commission lawsuit settlement agreement becomes official. This is what I hope to get out of this big change.
The best agents will thrive, careers will advance, corruption will be eliminated, and brands built on trust and integrity will rise to the top.
Corner-cutting will be reduced and the industry’s tarnished reputation will be repaired. Matter will prevail over glitter.
Commission rules come into effect today
Industry prosperity will benefit those who do the right thing.
Celebrity real estate, like celebrity chefs and fashion designers, does not define the industry’s reputation.
Leadership will become more responsive and will not tolerate arrogance. NAR will be reformed and new leaders will emerge as the generational torch is passed.
Innovation will prevail and entrepreneurship will be rewarded.
Transparency will lead to more transactions because consumers are better served by opaque experiences.
Those who persist in change will be rewarded as new opportunities arise.
The government will step aside and the litigants will move on.
Enthusiasm for the profession will return again.
Is this blind optimism? some. Is more pain to come? Yes.
Does my prediction relate to litigation? Yes, because this is an industry turning point that opens the door to positive change and the creation of new, creative ways of delivering services.
There is no doubt that the real estate industry is at its lowest point ever. For the first time in my memory, the industry has been forced to take a hard look at itself and adapt to a new future, whether you like it or not.
But now, imagine what it could be.
Real estate agents do not sell drugs, guns or barbed wire. They sell a lifestyle: ownership, control and freedom.
Historically, the democratization of property liberated ownership from the archaic feudal system of the past and empowered people economically.
Owning a home helps us realize our dreams, fulfill our aspirations, and live healthier lives. Real estate agents facilitate this pursuit and should be proud of what they accomplish every day.
Those who embrace the new industry rules with new goals can once again practice their trade with pride, credibility, honor and respect.
Don’t give up, keep at it and get ready for the next most exciting career chapter.
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