Brokers need to do a better job explaining what they do to clients – it is not just about driving around, showing a few homes, and collecting a commission.
Hundreds of online portals or websites that claim to push only direct deals can't put the brokers out of business. That's for sure. Not yet. That means we have to bear the middleman and deal with the 'necessary evil' as most people like to term them for as long as they are around. Now, how has the profession of being a broker garnered such distrust? Is it because the realty sector has become saturated with a far greater amount of inferior or mediocre agents than those who want to stand out and be the best that they can be? The perception of a real estate broker is that their job is easy. Income is unearned. They make too much, which may not be easy right now. They lack training and real knowledge. They are just looking for a sale.Maybe they aren’t necessary at all.
"I really like your newspaper (Realtor Today) and think it is a great source of real estate knowledge. But my question pertains to brokers and agents who are so arrogant and such a*%$#@s. I mean they drive around in the bling, bling cars all the time, constantly talk on the phone about loans, property features and what they’re worth, clients’ needs, etc., in the most un-private of locations (cafes, bathrooms, airports.) Always interrupting a good conversation when the phone beeps, vibrates, or rings with “I need to take this call…” Is it really that important? Why do they think they are so cool? Other professions have their arrogant pricks too (lawyers, doctors, entrepreneurs), but brokers somehow seem more obnoxious. Maybe it is the easy money these guys make. Anyway, just thought you could shed some light on the matter for me. Thanks.”
Yashdeep, my dear, you aren't the first to ask a question regarding the bad reputation of brokers and
certainly not the last. In fact, one of the biggest problems facing the sector is the public perception of real estate professionals. Some say it doesn’t take many bad apples to ruin the whole bushel; however, based on a current research, there is only a 17 percent trust level and likability of brokers among the public. Even if I wanted to deny the results saying “Show me the proof of this poll,” I realise that the existence of this poll is irrelevant. If such an idea could remain alive and circulate freely through the general public without being quashed, it’s clearly not so far-fetched. A close friend who happens to be a broker himself, recently confessed that he wants to get away from it all as fast as he can. "I get depressed and it's demotivating because we work the most to sell properties. We make strategies and market the projects, put all our energies towards selling the apartments. If the builders could sell on their own, they would never think of us. But what do we get at the end of day? People blame the brokers for a deal gone bad," he says. He agrees that there are people bringing bad name to his profession, but it's also true that no matter how much he tries to separate himself from “them” by creating slogans that let people know they could trust him to serve them, he can't. No mission statements that capture the essence of his business philosophy seems to be helping. A few common complaints surface again and again. Homebuyers most often report that their broker/agent “didn’t listen” to them with regard to property characteristics. “We told him we wanted a house with a large kitchen, but he kept showing us houses with small, galley-style kitchens!” Or “We said our home must be in a certain community, but he continued to send us property listings for homes in
other areas! He didn’t listen to us!” Many of these buyers end up ditching their brokers to take their searches into their own hands. Both buyers and sellers commonly report that their agent didn’t negotiate as strongly as they thought they should have, or that a ‘mistake’ in the contract paperwork caused a negative financial impact. Unfortunately, the sales cycle is an emotionally-charged time for all parties, so any problem, either real or perceived, is magnified.
The Perception vs The Reality
A real estate agent is supposed to make the process of buying or selling a house as smooth as possible, yet far too many brokers know they’ll still get a commission with a minimal amount of effort. So, how do we change this? A broker's perceived value in society is due to the actions of some Realtors out for the quick sale, who are lazy, have a sense of entitlement for commissions, and the
low bar for entry into the profession. For starters, brokers have to stop doing the minimum and start doing something greater for their clients, themselves and the real estate sector. Driving fancy cars, “top producer” marketing, push sales techniques, and not willing to further educate and improve skills leads to this public profession. What other profession brags in marketing about how many
transactions or sales they have had? Or that they are in the top 1% of a particular company – what the heck does that matter? Agreed that people have no right to complain if a broker is seen around town driving the zanniest pair of hot wheels. “The public shouldn't bother whether we have a great glamour shot on our business card or that we are in the multi-million-rupee sales club. They should only bother about the 21st Century version of professionalism, which hinges on honesty, transparency,
knowledge, integrity, and results,” says another broker friend. He adds, “A lot of people are just complainers. You could give them something for free and they would still complain about it.”
But the sector needs to hold itself to a higher standard and brokers must start providing real value rather than marketing pieces dripping with ego. When agents talk less and listen more, only then will we see the world not cringe at the mention of the word real estate professional. The day integrity begins to be more than a catch phrase on Realtors’ cards, the negative perception towards
Realtors will change.
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