Unfortunately, the National Association of Realtors was not interviewed at length for this story and they were very unhappy with the relatively one-sided version that appeared on Sixty Minutes. As a former lawyer, I can tell you that as a realtor, I've never worked harder. I thought I put in a lot of time as an attorney, but I had no idea. The concept of a free weekend is practically a myth. I have had exactly TWO weekends off this year and it is mid-June. Does this mean I take off two days during the week - NO! I work six to seven days a week and usually a ten to fifteen hour day - my average is about 12 hours. No joke.
I can't tell you how many clients I have worked with this year alone who have yet to buy anything. In fact, I've worked with clients for up to 18 months, putting in literally hundreds and hundreds of hours with them, and never had them make a purchase because their situation changed. Realtors put hours and hours into many clients who never buy anything so we have to make a decent commission on the clients who do. In addition, we list many homes that never sell, but yet we expend time and marketing costs on those properties. Thus, we need to earn 3% on those sales that we do make.
The problem with Redfin is that they expect listing agents to show their properties to prospective buyers for them - Redfin wants the listing agent to do their job for them. That's why there is so much resistance again them. It is the buyer's agents' job to show properties to prospective buyers. If the listing agent has to do the buyer's agents' job, then the listing agent should be entitled to both sides of the compensation. Redfin does nothing but writes contracts - big deal. Frankly, I don't know how any realtor can even recommend a price on a property they've never even seen. They certainly can't accurately counsel their client on what to offer on the property since they have no first hand knowledge of the condition of the property, condition of the immediate neighborhood, etc. In addition, Redfin is unable to help clients unfamiliar with the area locate the right community for their needs.
As a realtor, I act in so many capacities, helping my clients choose from hundreds of communities to pick the one that best suits their needs and lifestyles. I help them analyze what they truly want out of a community, how close they want to be to their jobs, what schools they want their children to attend, how close they want to be to beaches, golf courses and/and shopping. There are dozens and dozens of things every buyer needs to consider and I try to make sure that all these issues are addressed before they make a purchase so that they are truly happy with the purchase that they make and have no regrets later. I'm part lawyer, negotiator, relationship counselor, activities director, investment advisor, repair coordinator, travel agent, ms fix-it, organizer, etc. I have arranged for repairs to be made to my clients homes months after they have moved in and helped them settle everything from tax issues to deed issues to unpaid HOA fee issues even years after their purchase. My clients will tell you that they firmly believe that I earn my money. The referrals they send me tell me that - along with the thank you letters, gifts and wonderful emails that I receive from them.
Please know that I'm not complaining. I love doing this work and I'd never go back to law as long as I can continue to practice real estate. There is nothing better than helping someone buy the home that they will raise their children in or spend their retirement in. There is even a certain joy in helping my clients with their investments because those investments eventually translate into a lifetime of security for my clients and I was able to help make that happen for them.
It is a privilege to do what I do and it is a shame that companies like Redfin try to discount the enormity and responsibility of what a REALTOR does and is supposed to do for their clients.
http://www.CristyCarrington.com
