Brian Boero, co-founder of 1000WATT, takes a level-headed look at this period of upheaval and how to come out stronger in business.
The real estate industry is experiencing sweeping changes spurred by commission lawsuits, and the landscape is shrouded in uncertainty. As industry stalwarts grapple with the ramifications of the proposed settlement, Brian Boero, co-founder of 1000WATT, steps forward to dissect the situation in a webinar, weaving together a narrative of challenges, opportunities, and a call to action.
With 27 years of immersion in real estate, Boero paints a vivid picture of the problem: a gaping void that has long enveloped the industry. He says this void has multiplied misconceptions, leaving consumers and practitioners adrift. The repercussions are profound – consumers lack clarity on the role of buyer agents, often choosing from a large group of agents without careful consideration. Boero emphasizes the critical nature of this issue, highlighting the dangers of ignorance and the perils of leaving the narrative void to be filled by commentary in the media.
Opportunity in the turmoil
Drawing from extensive research, including focus groups and surveys last year, Boero unveils startling statistics that underscore the situation’s urgency. A staggering 45% of consumers are in the dark about their agent’s compensation, while 74% lack clarity on how their buyer’s agent is remunerated. This pervasive lack of understanding has fueled skepticism and eroded trust in the profession, as evidenced by consumer reactions to the lawsuit verdict and subsequent media coverage.
However, amidst the chaos lies a glimmer of hope – an opportunity within the turmoil. Boero’s research reveals that, historically, consumers are willing to accept traditional commission structures. Moreover, a significant portion of survey respondents express a willingness to pay substantial fees for the services of a competent buyer’s agent – close to what they’ve been getting at 2.5%. Yet, he cautions against complacency, noting the malleability of consumer opinion and the need for proactive intervention to shape perceptions.
Craft a powerful proposition
Boero encourages industry stakeholders, including agents, brokers, and brands, to seize the opportunity presented by the crisis, motivating for a concerted effort to redefine the value proposition of buyer’s agents. By leveraging insights gleaned from consumer research, he outlines a roadmap for reframing the narrative and dispelling misconceptions highlighting the crucial role real estate agents must play in this. Boero emphasizes the importance of crafting compelling messaging that underscores the indispensable role of buyer agents in navigating the complexities of the home buying process.
As the industry grapples with uncertainty, Boero issues a rallying cry for action. He underscores the imperative for practitioners to step up, adapt, and articulate their value proposition with clarity and conviction. In doing so, he envisions a future where the most deserving agents, brokers, and brands emerge victorious, armed with a compelling narrative that resonates with consumers. Ultimately, Boero’s message is one of empowerment – a call to harness the chaos as a catalyst for transformation and resurgence in the real estate landscape.
In short, one must act. Boero says that doing otherwise is risky and hazardous because “we don’t know what will happen. It’s fluid.” But he would like the agents with high value and a great story to come out more robust, with more market share. What’s more, those agents, brokers or brands who deliver high value but have a weak story because they’ve never needed to craft one now have the chance to up their game. “I want these groups to win, they have the best kind of opportunity to win – and we are happy to help the best people win. This is [their] time.”
Photo source: 1000WATT
