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  • Writer's pictureJesse Ledbetter

Are "Real Estate Agents" a dying breed? (TLDR; No,but...)

Articles are appearing with greater frequency that question the viability of the profession in the coming decade. Will the "real estate agent" go the way of the "buggy whip maker?" Its my position that there will remain a place for the real estate agent, but the agent of the 2030's will look nothing like that of the early 2000's. No more print advertisement, billboards, and having a pulse to be qualified.

The summer of 2021 saw more real estate agents than homes for sale as new agents flooded the market to take advantage of the free money of a market that would sell anything - many got a wake up call. The real estate agent "profession" has very few real, measurable, verifiable standards that are relevant to the work of an agent. There is no education as to 1) how to price real estate or 2) what lending standards have to be meet, both of which are daily tasks. Imagine your doctor not being trained in how to measure medicine, or not being educated as to what medicines do... A flood of new agents exposed these cracks with homes selling wildly different from their list prices (ie. poorly listed).

The age of just "knowing" what a house should be priced at and showing up to closing is over. Zillow, Redfin, etc claim to "know" what a house is worth and will give you all the information you need to get to closing... while you're in your underwear. Real estate agents who want to prepare for the coming decades need to arm themselves with education. Continuing education is available on what standards must be meet for FHA/USDA/VA loans, and numerous classes are available on the three value models (Sales Comparison/Cost/Income).

Armed with the basic information needed to be a real estate agent, a person can set themself apart in the coming age where cookie cutter homes are sold online, with no agent needed, and only complex properties need a third party to inform that buyer and seller. In truth, these standards should have been enacted in the real estate profession 30 years ago, but the second best time is now. Get ahead of the curve agents, and ensure that you aren't the next buggy whip manufacturer looking for new work.

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