by Bobby Bryant
Are Realtors Hypocrites? I’m sure when you read that topic, you were intrigued to find out, what is Bobby Bryant talking about now? Or, I wonder what spin he is going to put on this article in regards to the real estate industry and Realtors? Or, what are we(Realtors) doing that is hypocritical?
First, I have to be honest and say that I went to Google to properly define the term “hypocrite” to make my point. I was surprised to see several different meanings, but one really stuck out. Hypocrite: A person who engages in the same behaviors he condemns others for. Read that again, Hypocrite: A person who engages in the same behaviors he condemns others for. Keep the meaning of this term in mind as I paint this picture of a recent experience.
I was at a networking event for Realtors. Everyone was all smiles, name tags on, drinks in their hands, and good conversation. As I normally do, I work the room. Meet a few people that I’ve wanted to meet, shake a few hands, and introduce myself to people as I promote and expose my company(iBuy Realty) to a new group of Realtors that might not have heard about us and our business model.
Suddenly, a friend of mine wanted to introduce me to someone that had previously asked him about me or if they knew me. So, we walked over to this group that was obviously in a deep conversation about something. My friend and I stood there as he waited for the opportunity to make the introduction. It was about eight people in this discussion. I was at a lost about who the person was I was about to meet. I stood there intently trying to play catch-up on a conversation that seemed like it was coming to an end.
My friend then said, “Bobby, this is the person(I won’t say their name) that I wanted to introduce to you. Realtor(the person I’m being introduced to), this is Bobby Bryant that you asked about!! The gentleman said my name(The Bobby Bryant) as we shook hands and smiled as we greeted each other. After the interesting introduction, he slowly crossed his arms and then began talking about how he came across my name and my company(iBuy Realty). By the time he got to his second sentence, I could tell that this guy didn’t care much at all for me and especially my company. What’s even more interesting is, the group remained intact and now we(this Realtor and I) are at center stage as I felt like I was sitting in the hot seat with a spotlight on my forehead.
This Realtor, whom I’ve never met, was talking about how Discount/Rebate companies like mine are destroying the real estate industry. He laid out his thoughts, opinions, experience, years in the business, and his entire resume as he passionately displayed his disgust of companies like iBuy Realty. I stood their quietly as I sincerely wanted to understand his angle. I was listening to him with my ears and eyes. Paying attention to gestures, frustrations, and curiosity as he made his point and concluded with a question.
“So, Bobby, I’ve read up on you! You seem like a pretty smart guy. Why would you be stupid enough to do all that work and give away your commission or discount a listing fee? When I saw your business model, I thought to myself that this is absolutely the dumbest idea I have ever heard!! Why would anybody do this to themselves, their Realtors, and our industry?”
In slow motion, the entire group turned and looked at me as they awaited my response. I looked at him as a smile grew on my face. I looked down, I looked back up, and I said “Let me ask you a question. What company do you work for?” He said “XYZ Realty!” I said “Okay!” Then I said “Now, isn’t that a 100% firm?” He responded “Everyone knows that XYZ Realty is a 100% firm, what’s your point?” I began to smile again as I mentally formulated my rebuttal for this gentleman that has an active and attentive group of followers that are awaiting my response as the only person I kind of knew in the group was the guy that introduced us.
“Mr. Realtor, I applaud your passion for our industry. I applaud all the years of experience that you have accumulated. I applaud you giving me the opportunity to explain why my company is on track to becoming a very successful alternative major brand. Now, Mr. Realtor I’m sure your reasons for working at XYZ Realty(100% firm) is due to all your experience that you have accumulated right? I’m sure your working at XYZ Realty(100% firm) is to save money so you won’t have to pay high fees and commission splits to a broker right? I’m sure your working at XYZ Realty(100% firm) is because given all the new technology that is available(websites, apps, data base management systems, buying leads, etc…) for you to purchase yourself, why split all your hard earned commission with your broker right? The broker didn’t know your clients. The broker didn’t give you the leads. Right Mr. Realtor?”
The group stood quietly as I confidently stood there painting a work of art. I was given an empty canvas, the paint, and the brush to deliver a vivid masterpiece that even my worse critic couldn’t deny. The Realtor that works for XYZ Realty(100% firm) stood there with his arms crossed, with a lost facial expression of where I was going with my questions and statements. Everyone in the room seemed to be still and quiet as if they are all were listening to our conversation. I calmly concluded…
“Right Mr. Realtor? But you know what, the real problem is, you are a hypocrite. YOU-ARE-A-HYPROCRITE! I don’t know you from Adam. However, based on what you have told me, and per my perception, I accurately label you as a hypocrite. Now, why do I say that? Because, your objective or reasons for going to XYZ Realty(100% firm) is same objective or reasons why consumers choose iBuy Realty. You said it yourself, you feel like you have the experience, you want to save money, and you feel like you don’t need your Broker like you use to. Well guess what, consumers feel the same way!!
Consumers are now doing their own due diligence before contacting a Realtor. Consumers now have access to excess information by way of the internet and that fact alone is changing our role(s) as a Realtor. Lastly, just like your reasons for joining XYZ Realty(100% firm) was to save money(monthly fees, etc…) and to see more of your commission(flat fee), what makes you think that todays’ consumer doesn’t want to save money and their hard earned equity? So I say it again, you are hypocrite.
Historically, EVERY “service” industry to some degree has evolved the way they deliver their services, adjusted their fee structure, and for the most part have streamlined the way they conduct business due to the internet, EXCEPT for the real estate industry. Historically, unlike any other “service” industry, we(the real estate industry) have collectively ignored the advancements of our industry and how technology has empowered a generation of consumers that don’t need Realtors like they use to. Now, they need us, but not like they use to. And given this fact, if we(the real estate industry) don’t find a way to meet consumers half way, if we don’t lower our historically high fees, and if we don’t pay attention to the frustrations and desires of todays savvy consumer, they will by way of technology, find a way to eventually, drastically, and significantly force our industry to its knees by giving them exactly what they want. Actually, if you are paying attention, it’s already happening!!
You can think iBuy Realty is stupid all you want. I respec
t your opinion and observation. However, do your research. This conversation isn’t about my selling you on iBuy Realty. This conversation is about you opening your eyes. I don’t care how you feel, be convinced by doing your research. Your objection of me and my company is nothing more than you being driven by your emotions and a lack of understanding. All your years in this industry at this point to some degree is irrelevant. If you can’t reach and don’t understand todays consumer(their needs and wants), then you might as well retire today before you begin to recycle your frustrations because just like you, our industry as a whole is dated and out of touch.”
I looked at the group, I looked back at Mr. Realtor with XYZ Realty(100% firm), I looked at my friend that brought me to meet this guy, and said “I thank everyone for this insightful moment. If you would please excuse me, I have few more people I would like to meet before I depart.” I then excused myself and walked away as nobody uttered a single word.
I share this story for the simple fact that we(Realtors) have to really evaluate our approach to this business. We have a fiduciary duty to put the interest of our clients before our own. However, you can’t imagine how many times I’ve heard or seen cases where Realtors ignore a clients distressed situation, ignore the fact that a seller is equity deprived and refuse to help them because they(the Realtor) can’t get paid their full commission. But these same Realtors will shop Brokers for economical or cheaper fees. These same Realtors will actively seek ways to cut their Broker cost, but refuse buyers and sellers the same opportunity. Again, the definition of hypocrite: A person who engages in the same behaviors he condemns others for.
Realtor(s), are you a hypocrite?
iBuy Realty, Mission Statement: Revitalizing Homeownership in America by making the purchase of a home more rewarding and the selling of a house more economical!
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