The end of real estate agents.
The rise of real estate professionals.
Recruiting was always the main way of growing my real estate business.
More agents = more transactions = more commission.
Then 2022 came… you know the story.
Rates spiked, transactions dropped, agents quitting in record numbers.
In the midst of this, one thing stood out to me.
While some agents struggled to make ends meet others were gobbling up market share.
Only half of all the active agents had a closing in 2023.
But those who did are actually thriving.
Same was true for my team.
Hobbyists, part-timers, and weekend warriors were the first ones to fail.
While career agents, who regularly showed up to team meetings and made the most of my coaching sessions were still able to produce transactions.
Despite the market, despite the rates, despite the inventory.
It was eye-opening to realize how much impact I (as a leader) had on defining the success or failure of my agents.
There is a clear process to develop agents into professionals that I needed to follow.
But part of me was still hoping that maybe things would go back to normal routine: recruit, onboard, repeat.
The market always goes in cycles. Let's just wait it out like we always did. Right?
The verdict in the landmark buyer agent commission lawsuit (Sitzer | Burnett) initiates the industry transformation of unprecedented scale.
Real estate is to become a professionals’ market.
A large percentage of the 3 million agents that do not add any value to transactions will be squeezed out of the market.
Professional buyer agents will emerge. Just like there are professional listing agents.
There will still be 5+ million real estate transactions happening every year. They aren’t going anywhere.
The annual commission pool ($80-$100B) will now be distributed among professional agents and teams who deliver professional services and add value to the transaction.
I wanted to play my part and facilitate the transition into the "new normal" using my technology background.
So over the last 18 months we’ve been working to build the first-ever real estate productivity platform Agently to help brokers & team leaders build professional sales teams.
Agently focuses on fundamentals, because whatever the change is, fundamentals never change.
1. Treat your agents like your clients
Agents are responsible for 100% of your business’s revenue. Agently handles the entire agent lifecycle from onboarding to training and retention, with the sole purpose of increasing per-agent transaction volume.
2. Empower through coaching
Enable agents with the coaching and training they need to succeed. Because their success is your profitability. Agently helps you gamify the coaching process to increase sales productivity and create healthy competition.
3. Enforce accountability
You can’t manage what you can’t measure. Agently automatically collects accountability reports giving you full visibility into which agents are executing and which aren’t. So you can be proactive rather than reactive when it comes to agent management.
4. Know your numbers & manage your costs
Clearly define what success means for your business. What transaction volume do you expect from each agent? Agently helps you track key metrics, increase per-agent productivity, and understand ROI on your business expenses.
5. Retention is the new recruitment
Retention starts from the moment you recruit. Recognize, Reward, Retain. Agently helps you put agent retention on auto-pilot by helping you recognize and reward top performers and build team culture.
If you share our vision for where the market is heading, schedule a demo to learn more and prepare for the transformation.
It's not the end it's just the beginning.
Co-Founder & CEO, Agently Inc