Will Realtors Ever Become Obsolete?

Anthony Lamacchia: Will realtors ever become obsolete, unnecessary? Think about that one. I hear it, I heard it back in ’04 and ’05 when the market was really hot. Anthony Lamacchia here with Crush It In Real Estate, and I am here to tell you, it will not happen. Why? There’s a whole bunch of reasons. One of them that comes to mind is, sounds mean, but the greed of buyers and sellers never fails. Buyers and sellers need an intermediary in between to keep people in line. Really, two intermediaries often with a buyer’s agent and a seller’s agent. It’s necessary.

I distinctly remember when I was considering getting into the business when my dad said to me “Hey, you sure about that? Homes are selling online, people are selling for sale by owner.” This is around 04. I said “Yes, I’m sure about it,” but I wasn’t as sure then as I am now. I learned over the years that people need our guidance. Let’s face it, yes, in this type of hot market especially back in the spring and winter, anyone can sell a home. Yes, I agree with that, but anyone can’t sell a home for more.

There is a difference between listing and selling a home, simply selling it and selling it for more. It’s important that realtors, number one, I want you to feel some security in your job. I want you to understand that we are here to stay but don’t get complacent. It’s important that you are an expert, that you are a source of information, a resource for your clients. Make sure your clients understand the truth. There’s a difference between simply selling a home and selling a home for more. Think about that.

Think about when there is a for sale by owner. What does the buyer say every damn time? “Well, they’re not paying a commission, I should pay less.” People often think they’re spending less but they’re not. Just a couple of weeks ago, I got a call from someone who wanted to sell a property somewhere. They asked if we were interested in buying it. I said, “That type of property we’re not interested in buying,” but we’d be happy to help them sell it. Oh, no, no. They just want to sell it directly to someone, they want to get the money in hand.

What did I do? I passed on to an investor. This investor may or may not buy it, but here’s the deal, they’re going to sell for a lot less than they could. I tried to explain that but they wouldn’t listen to me. Okay. Now this person who sells this home is going to probably for the next 20 or 30 years of their life, however old they are, 50 years, I don’t know, tell people, “Oh, I sold that home and I saved all this commission.” No, they didn’t. No, they didn’t because they sold for substantially less.

That’s one example. One example. There are several others. I again want to say, realtors, don’t worry, we are here to stay but for you to be here to stay, you have to do a good job. You have to represent your clients, represent their best interests, be ethical and stand for what realtors stand for. Okay. Remember that. Thanks, guys. Happy home selling.