Every aspect of the real estate industry is in great turmoil.  For Buyers, Sellers, Agents and Brokers, the future has never been more uncertain.   Yet there is no better time for us all to focus on the things we can be thankful for. 

Be thankful for Atlanta.  The upheaval of NAR is huge for most of the United States.  Not so much here.  NAR has been “optional” for Atlanta’s agents since the early 1990s.  Atlanta is the only market in America that has more “little r” real estate agents than it does the capital “R” type. 

Because of Atlanta’s uniqueness, it’s always been a leader in alternative business models in real estate.  (Shout-out to Atlanta’s own GOAT, Duffy Realty) While NAR continues its decline stagnating other markets, Atlanta is perfectly suited to be the nation’s incubator and test lab for new ideas, strategies, and compensation scenarios. 

As I’ve said for years, I have no idea where the future of real estate is going, but wherever it ends up, it probably began in Atlanta GA!  If you are building a real estate career for the future, you have no idea how lucky you are to be here in the ATL. 

Be thankful for smart consumers.  NAR has always painted the consumer as something of a dolt.  Even now during Buyer’s agent discussions, NAR claims the consumer would be lost and not know what to do without an agent.  Really?   How dumb does NAR think the public is?   BTW—that is the exact same logic NAR used in 1982 as well.  Just because NAR hasn’t moved on doesn’t mean the public hasn’t.

Educated consumers and technology level the playing field and make everything so much easier.     

Be thankful for the American Dream.  Home ownership is critical to our economy and our culture.  The real estate industry will survive anything that is thrown at it.  It’s one of those industries that’s simply “too big to fail”.   Yes, all the home sales forecast are down, but never lose sight of the fact the U.S. will still transact over 5 million sales.  Interest rates are high, inventories are low, but life moves on.  

Analysts will tell you it isn’t a good time to buy a house.  Well, so what.  People still have to play with the cards they have been dealt.  And you can only sit out a couple of hands before life passes you by.

Be thankful for the Department of Justice.   Everyone who has worked in the real estate industry over the last tens years has felt the dread of, “this gravy train isn’t going to last much longer”.   Come ‘on!  As home prices soared and inventories tightened, agents had it pretty good.  Perhaps too good.   

Nobody complains about agent’s making money.   Consumers understand the situation.  Complaints really aren’t heard much until the compensation hits the, “are you kidding me level”.  Today, million- dollar properties are becoming commonplace.    The traditional 3% Buyers agent commission is $30,000.  That amount is simply unjustifiable!  No, the Buyer’s agent doesn’t deserve $30K. 

Things get even worse when agents disrespect their clients and their money.   Again, we note the crime scene that is Inman Park. https://wyndrealty.com/the-nightmare-of-inman-park/  This style of real estate is what has caused the DOJ to act.  Seems greed has killed the goose.

Considering NARs near monopoly of the real estate industry, national franchises have long had the sense of security that things would never change.  The fix was in.   NAR had more money than God—they couldn’t be beat.   Well…?

The United State Department of Justice is the ONLY entity that could force change.  Make no mistake, things will be up in the air throughout much of 2024.  There will be pain.  But this is a medicine our industry needs to take for the long run. 

Be thankful for a “greenfield opportunity”.  Clean slate, start over business environments are rare.  Large industries like real estate don’t often go through significant changes in the way they function or do business.  Yet here we are.  This will be bad for some—positively life changing for others.   

Like many things, it all depends on how you’re looking at the glass.    

Leave a Comment

Your email address will not be published. Required fields are marked *

You cannot copy content of this page

Hello Wynd Agent!