When times get tough, agents think about supplementing their incomes with another job. Historically, these jobs have been in affiliated fields: appraisal, title, or insurance. But, now, those jobs are as tenuous as is real estate sales. So, the trend is for agents to seek ‘outside’ employment.
The Dual Career Agent–Is It a Good Thing?
In his latest trends report, Stefan Swanepoel states that the NAR 2009 Member Profile reveals that only 22% of agents under two years in the business say that real estate is their primary source of income. And, a full 10% work less than 40 hours a week. 40% of agents say they work 40 hours a week. There are obvious reasons why newer agents supplement their income, but, it is good for them? Is it good for the client?
Client Demands Much More Today
The California Association of Realtors’ latest consumer survey gives stunning, and disturbing customer satisfaction ratings of Realtors. The overall satisfaction rating of the service the Realtor provides has dropped from a high in 2005 for Internet buyers of almost 90%, to a low (what a low!) of 4% today! From other facets of the California survey, it’s utterly apparent that the consumer is not happy at all with the level of service.
Agent Needs and Client Demands Collide
How will the client get the service he/she demands and expects, while more and more agents devote less and less time to them? I know, from selling real estate for a long time, that the client just can’t be served when the agent has another demanding time commitment, whether that demand is from the kids or from another job. In fact, those demands tear the agent away from his/her needed professional development—and from recognizing and fulfilling the needs the client communicates to the agent.
‘Dual Career’ will not Command the ‘Generous’ Commission
So, if you want to reap those generous commissions, it’s time now to commit to the highest level service you can possibly deliver. If you are full-time, communicate that with a vengeance (gracefully, of course), to your potential clients. That’s what they want, and, if you can deliver, you’ll gain dramatically in this tumultuous market.
More Direction for You—a Free Webinar
Tune in right now for the webinar I did on business planning recently for the NAR Learning Library. Click here to view.