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Industry, Education

September 6, 2018

You've Got to Understand the Business of Real Estate

Real Estate is a business based on “Networks” and "Relationships.”

Relationships are built on “engagements.”

The number of “engagements” required to sustain one’s self in a 100% commission compensation environment requires about 50 years of relationship building experience and many individual “engagements.”

The nature of “engagements” change as new modalities are introduced. 

More “engagements” more often, allows for re-establishing old relationships, and for faster building of new ones
.

Evolution, accelerated by social network platforms – Facebook, Twitter, YouTube, etc.

Massive sociological changes are coming, which may affect the nature of relationship businesses.

Reserve judgment as to value, be an observer of human behavior.

The median age of REALTORS® has stayed the same at 56 years. In past years, median age hovered around 52.

Thirty-eight percent of REALTORS® are more than 60 years old
Only two percent are under 30 years old.

Those who function as brokers without selling tend to be the oldest (median age of 62).

These numbers are from 2014, are they similar today?

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