The Myth of the Irreplaceable Realtor

Especially since I got a nice, long break, from Thanksgiving until now. And of course this being the time for New Year's resolutions, what would my business resolutions look like without "Blog more consistently" RIGHT at the top of the list?

And I promise, I fully intend to write several blog posts a week, about various topics related to real estate generally or to real estate and development-related issues specific to Richmond.

I have to repost this blog article by Notorious R.O.B. on "The Myth of the Irreplaceable Realtor."  The discussion is framed around the oft-discussed subject of technology ultimately disintermediating REALTORS from real estate transactions.  He discusses why in his opinion a minority of REALTORS are irreplaceable, but many, many more aren't worth what they're paid.  In his opinion, 20% of REALTORS are irreplaceable, the other 80% aren't worth having around.  

That opinion won't win me any friends in the industry, I am sure. But I must say, I am still constantly amazed at the low barriers to entry and lack of enforcement of professional standards that are common in real estate. I am sure that is in part due to my past life practicing law, which is a highly regulated profession with rigorous professional and ethical standards.

I think REALTORS should be held to the highest professional and ethical standards.  Barriers to entry should be higher.  And there should be some way to figure out which REALTORS are truly counselors.

So see what you think of Notorious R.O.B.'s take on REALTORS and what the future impacts of technology on the profession may be.  Do you agree?

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