The NAR Settlement: It’s Time to Tell Our Own Story

If ever I have wished I could blow a whistle and interject some sense into a huge media blitz, it is now. I listen to podcasts where terms like  “conspiracy,” “cartel,” and “monopoly” are applied to the industry I love, and I’m not taking it well.

Not when I know how hard we all work, how strong our ethics are, and what value we bring every day, all weekend long, and into the late evenings.

But here’s what else I know: We have not been good stewards of our own story. We have allowed others to tell our tale, and they are making a hash of it.

Here’s one example. You’ll hear, in shocked tones, that agents in the US receive higher commissions than they do in the UK. That’s true. Know why? Because there’s no central listing service there. No major marketing efforts. No buyer’s agents. If you sell, your agent expects you yourself to show the property. They’ll bring a verbal offer. But then the attorneys take over.

The fact is, we earn more because we do much more. But we are not conveying our true worth to our clients. We are diffident when it comes to explaining our fees. We’re embarrassed to interject financial terms into our client relationships.

It’s time for that to stop. Clients already know, via extensive disclosure statements, exactly what our representation will be. But give it context. Make sure clients know our value. Help them understand that when buyer money changes hands at closing, it helps to pay buyer’s agents fees as well.

The fact is, we supply a necessary, complicated, expert service using the highest ethical standards. Let’s start telling that story.

I have more to say. Watch for it in days to come.