Desperate = Dangerous
I keep having agents in my office tell me that they’ve never seen it so bad.
By “bad,” they mean real estate agents acting poorly, mean, desperate, greedy, you get the drift.
- You would think we would see the worse behavior in the worst housing market, but it can happen in the best.
The housing market in Boise is doing great. It’s every bit as strong as it was last year, but with one very important difference. There are 1,000 additional agents fighting for the same business. Every month, close to 100 new agents are getting their real estate licenses.
- The housing market hit rock bottom in 2011 in Boise.
- Since then, the number of homes that sell in a given year is up over 70%, which is great for real estate agents, right?
- Well, in that same time span, the number of real estate agents who are now actively selling real estate is up over 500%.
By those ratios, there’s never been a worse time to be a real estate agent in Boise.
Imagine any other industry or profession where you could have over 5,000 competitors fighting for the same business in a local market.
So, there is a reason why there are a lot of desperate agents out there.
There is only so much business to go around.
What happens when you put out one bowl of food for a pack of hungry dogs?
We can all imagine that scene. Let’s just say, not their best behavior, right?
In our case, we have a bunch of hungry agents trying to eat, so we shouldn’t be surprised by the “bad” practices and behaviors we are seeing. Our industry is flooded with untrained, unsupervised, desperate agents. It’s just a fact.
It’s easy to point fingers to why this happened and why it’s getting worse.
But I won’t do that and I don’t recommend you do that either. That’s what lousy politicians do. They are quick to point figures but fail to do anything beyond that.
Find your own way to be the change you wish to see in our industry.
I love this quote from Henry Rollins not long after the last economic crash (condensed):
“People are getting a little desperate. They might not show their best elements to you. You must never lower yourself to being a person you don’t like. In the worst of times, the best among us never lose their moral compass and that is how they emerge relatively unscathed. This is a tremendous opportunity for you, to be heroic, to be morally upstanding, to have a great civic backbone and a great civic true north, to be helpful, to be altruistic because desperate people are scared.”
He’s right, desperate people are scared.
We all get scared; the trick is not to let the fear push us to become something we don’t like.
Listening and acting on our moral compass even in the most difficult of times is not only the most sustainable path, but it’s also an opportunity. An opportunity for us to shine, and to lead by example.
So hang in there, and lead.
At FS Brokers, we aim to lead and be the change we wish to see in our industry. If you feel the same way, we’d love to talk with you about our core beliefs.
Have an awesome day,