Why do you get paid?

Seriously, why? Do you think about it?

  • Do you get paid because you have access to MLS?
  • Do you get paid because you have a lockbox key?
  • Do you get paid because you drive clients around?
  • Do you get paid because you spent a bunch of money on Zillow?

Or…

  • Do you get paid because you know how to value property better than others?
  • Do you get paid because you can write a winning bid in a competitive offer situation?
  • Do you get paid because you can create a bidding war for your listings?
  • Do you get paid because you understand development patterns, zoning or incentives?
  • Do you get paid because you have your finger on the pulse of the market?

And please, be honest with yourself.

Do or Know? You Decide.

When I got my license in 1993, I didn’t know a doggone thing about real estate.

At some point, I evolved from getting paid for what I did to getting paid for what I knew…

I knew the rules well enough to get a license, but if I am being honest with myself, I had little concept of what it was to be a real estate agent. Frankly, I would not have hired myself to do anything but drive myself around, open doors, and keep quiet. In the early days, I earned my money by hustle, a quick wit, and a willingness to engage and take risks.

But at some point, I evolved from getting paid for what I did to getting paid for what I knew. Instead of clients asking me to just show them houses, they began to ask me what I thought of the houses we were in.

It was a subtle but important evolution. People suddenly wanted access to my knowledge, not just my lockbox key.

Evolve to Prosper

Do you know what else happened as my expertise grew?

Client loyalty increased, referrals tumbled in, and people that I did not know sought me out to do a job they had been told I did well. My income became consistent and consistently higher, the price points of my listings increased, and eventually, I was able to not only start representing the infill projects for which we became well known, but to build the team that would become One South Realty.

It was empowering.

Now is Good, But For How Long?

Right now, our industry is both healthy and in more danger than I have ever seen it. The public uses agent representation at an unprecedentedly high rate despite the changing role of the modern agent. But for how long?

If you bring only the same value as the Zillows of the world, then you, as a real estate agent, have an expiration date.

Our listings are now syndicated to every website imaginable and increasingly sophisticated algorithms help the public determine their home’s value. As this process continues, agents need to move more and more into an advisory role as our traditional activities become less and less integral to the process of buying or selling real estate.

If you bring only the same value as the Zillows of the world, then you, as a real estate agent, have an expiration date.

Focus on Advice

I don’t pay my attorney because they know how to write the documents I need. I pay them because they know what those documents mean, why they are needed, and most importantly, what isn’t in the documents that should be. Stated differently, I pay for expertise, advice, and counsel.

We are constantly encouraging our One South team to focus on becoming experts in their niches. When you can advocate for a client at an elite level with superior market knowledge, you can offer progressive contract strategies, and you can recommend advanced financial advice, you will always be in demand and able to command your price.

Don’t become a casualty of the evolution of our industry. There are more ways to connect with your client base and demonstrate your value than ever before. Use them. Help your clients understand not just what you do, but what you know, and you will enjoy stability in an unstable industry.