Without a doubt, it does cost a bunch more as an agent.
How often have I heard how ez it is to become an agent only to see agent after agent wash out because money reserves ran dry or the expenses made its way for a slow death in the business.
The real death of an agent is the inability to procure clients. How many people know how to cold call? Work expd canceled's? Aggressive yet passive to inspire a buyer to hook into the agent at an open house, etc...? Bottom line, it does require work in most instances. There are plenty of Mike Ferry seminars and rah rah type coaches out there to teach a new licensee to script their way to becoming successful in this business. There is no secret. But application of it is a huge barrier...Maybe the real death with the masses who fall out of the business after working family and friends is fear of rejection...
Professional? OK, I see it, and it helps to be the chameleon. But, figure out a system, work it with nearly 70% effort toward procuring new buyer and sellers and you have a developing recipe for success...
Oh yes, referrals are the way for the experienced agent. But, better have a system to work the referral base or they too, will expire themselves to the pasture...
Entry requirements for a licensee are a joke. Now, certain states are tuning it up and requiring more education, and in certain situations, requiring a broker designation (Colorado, I believe) to sell homes.
Washington requirements have looked at this hard and I would be tickled pink if a broker designation to sell homes became a prerequisite! This has been kicked around for five or so years. But, I would think the powers that be realize this would cut heavily into the licensing revenue given to the state.
Will agents disappear? Commissions continue to decrease? There is a point of diminishing return but where is that point? Buying and selling homes is not like trading stocks (well, ok maybe for some flippers out there). Give a contract for interpretation to the buyer/seller who performs the task maybe once every 7-10 years and if they are up for the headache, go for it. Maybe they are resourceful enough to find a blended brokerage firm or FSBO it and work it into their busy to less than busy schedule. |
