Comments on: New Model for Real Estate? Let’s Try an Older Idea. http://www.notorious-rob.com/2008/01/29/new-model-for-real-estate-lets-try-an-older-idea/?utm_source=rss&utm_medium=rss&utm_campaign=rss On Marketing, Technology, and Real Estate Sun, 14 Mar 2010 08:36:51 -0400 http://wordpress.org/?v=2.9.2 hourly 1 By: Rob http://www.notorious-rob.com/2008/01/29/new-model-for-real-estate-lets-try-an-older-idea/comment-page-1/#comment-30 Rob Tue, 29 Jan 2008 23:30:16 +0000 http://robhahn.wordpress.com/?p=9#comment-30 Thanks for the clarification, Pat. I'm in full agreement that we will see the emergence of what you've termed 'market specialists' but I prefer to call "real estate professionals". The one thing I believe the industry has to come to terms with is the fact that it is entirely too easy to be a real estate agent, or even a broker. Compare it with something like law, accounting, or even personal financial planning, and it's obvious that real estate simply doesn't have any standards of professionalism. 1.3 million Realtors is probably 1 million too many. If the real estate industry as a whole is going to survive, I believe it has to evolve by kicking out those who are unprofessional, who have little notion of ethics, and who are simply not smart enough to advise intelligent consumers on the biggest purchase of their lives. Why a doctor or a lawyer or an investment banker should trust the word of some part-time agent who just submits listings to MLS'es is entirely beyond me. Reform, or Die. That's my view of the industry at the moment. -rsh Thanks for the clarification, Pat.

I’m in full agreement that we will see the emergence of what you’ve termed ‘market specialists’ but I prefer to call “real estate professionals”.

The one thing I believe the industry has to come to terms with is the fact that it is entirely too easy to be a real estate agent, or even a broker. Compare it with something like law, accounting, or even personal financial planning, and it’s obvious that real estate simply doesn’t have any standards of professionalism.

1.3 million Realtors is probably 1 million too many. If the real estate industry as a whole is going to survive, I believe it has to evolve by kicking out those who are unprofessional, who have little notion of ethics, and who are simply not smart enough to advise intelligent consumers on the biggest purchase of their lives. Why a doctor or a lawyer or an investment banker should trust the word of some part-time agent who just submits listings to MLS’es is entirely beyond me.

Reform, or Die. That’s my view of the industry at the moment.

-rsh

]]> By: Pat Kitano http://www.notorious-rob.com/2008/01/29/new-model-for-real-estate-lets-try-an-older-idea/comment-page-1/#comment-29 Pat Kitano Tue, 29 Jan 2008 18:06:47 +0000 http://robhahn.wordpress.com/?p=9#comment-29 Great analysis Rob! The higher the price tag, the more important the human element. I completely agree with you that the value of investment bankers, VCs and real estate professionals boils down to the individual value proposition and that is why there are so few at the top of their game in these fields. The mercenary elements associated with the high ticket transactional professions are real and often hidden, and I posit that the new transparency taking place in these fields will provide more exposure. My article may have been misleading in the sense that I point out how Kessler predicts the emergence of well capitalized super financial institutions. But that's not the end all... I actually believe there will be a lot of room for the new boutique players who specialize in fields of business that the Financial Walmarts either don't have sufficient expertise to practice, or are just too small a deal. I see the same trend in real estate as brokers and agents begin to evolve into market specialists - by geography, by demographic, by domain knowledge - which is what the consumer wants. Great analysis Rob! The higher the price tag, the more important the human element. I completely agree with you that the value of investment bankers, VCs and real estate professionals boils down to the individual value proposition and that is why there are so few at the top of their game in these fields.

The mercenary elements associated with the high ticket transactional professions are real and often hidden, and I posit that the new transparency taking place in these fields will provide more exposure.

My article may have been misleading in the sense that I point out how Kessler predicts the emergence of well capitalized super financial institutions. But that’s not the end all… I actually believe there will be a lot of room for the new boutique players who specialize in fields of business that the Financial Walmarts either don’t have sufficient expertise to practice, or are just too small a deal. I see the same trend in real estate as brokers and agents begin to evolve into market specialists – by geography, by demographic, by domain knowledge – which is what the consumer wants.

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