NAR Lawsuit Part X: Reimagining Real Estate Agents as Business Consultants

Introduction: The Challenge of Deregulation ??

In Part IX, I threw down the gauntlet—deregulation. This inevitably leads to discussions about consumer protection programs. How do we establish trust and credibility in this new model, which many might call chaos or the Wild West? Let’s first establish the realities of freedom in America: we cannot protect everyone in a capitalist, democratic, consumer-driven marketplace. ??

Consumer Responsibility and Vetting ??

Consumers are responsible for vetting the qualifications and integrity of service providers. They choose either conscious or unconscious competence. Either they become knowledgeable enough to understand what they want, or they opt not to become competent enough to understand their needs and desires. This is a reality in all businesses, not just in real estate. The advent of technology and the internet has magnified this reality, providing consumers with tools and platforms to share experiences, rate services, and offer feedback that can guide future customers in their decision-making processes. ??

Navigating Freedom and Responsibility ???

Fraud, misinformation, and exploitation are unfortunate realities in a free society that values freedom and capitalism. These issues persist across all transactions and interactions and will never completely disappear. However, they are managed and mitigated through various legal processes to protect consumers and the reputation of business professionals who do not engage in such behaviors. The proliferation of review sites like Trustpilot, Google Reviews, and Yelp has indeed empowered consumers, offering them a wealth of information and perspectives that can help assess the credibility and reliability of consultants and other service providers. The abundance of videos, blogs, podcasts, and eMagazines now serve as social proof of competence and expertise for many real estate professionals. It amazes me how many agents still think they do not need to incorporate this into their business. Very few agents write, speak, or have blogs, podcasts, TV shows, or YouTube channels, and those who do are very happy they did. It’s instant credibility and social proof. ????

The Age of Information and AI ??

We live in unprecedented times. The access to information and the advancement of AI technology underscores the importance of consumers being savvy, critical, and diligent in their research. While the onus is on the consumer to vet the qualifications and integrity of advisors, platforms, government regulators, and service providers share a collective responsibility to ensure that the information available is accurate, fair, and valuable. Real estate consultants, like other advisors, must proactively create content, establish thought leadership and market expertise, and build and maintain their online reputation in this environment. They must engage with these platforms, address feedback constructively, and showcase their expertise and integrity through consistent, positive client interactions. This approach not only builds trust but also sets a standard for the type of transparency and accountability that can flourish in a democratized information landscape. ????

Living the Reality ??

I am living this reality now. I am a business consultant, mortgage advisor, real estate advisor, media coach, and personal and financial coach, and I get paid for my time. As an advisor, I can help you find your house anywhere in the United States. I am connected with licensed agents and brokers in all 50 states who are willing to work on commissions only to facilitate sales. As an advisor, I provide information and education on every business, consumer, mortgage, or construction loan. I also offer resources and strategies for personal development, financial strategies, business and personal credit coaching, and even marriage and family matters because I have the credentials and experience to do it. I have to make time to do it; time is money. I am one of many with this experience. If you are reading this, you are a seasoned business or real estate professional.

Absolute Value of Time ?

So, if your client wants unbiased advice, direction, and support not contingent on the sale or purchase of anything, they need to spend time talking to you. And that will take time. As professionals, we care about the outcome of our clients’ decisions because we care about our clients. However, I care much more about the client understanding the potential outcome of their choices when they receive objective and unbiased information about their plans and future investment decisions. They are solely responsible for the outcome. Whether they accept responsibility or not. No one wants to be sold or told. They want to be advised and assisted, and when requested, they want to be told what to do if you have established their trust.

This is where we are today with the average consumer, like it or not. They have access to all the information they need to decide about anything. However, wise consumers also recognize that they need an expert in real estate to help them make some very important decisions. Guess what? They know it will take time and that time is money, so it is not free even if you do not charge them. They know this! Time is Money, and Money is Time. Time, as money, is more precious than currency, gold, or silver because it cannot be redeemed or saved. So, you can give your time away to people who do not value what you offer, or you can ask for compensation for your time. If you are a real estate agent, you have to charge for your time. The house may never sell, and the buyer may never buy, and it is their decision not to sell or buy, no matter what advice you provide. So, recognize the reality and the value of your time and charge for your time. All the client can say is no, and when they do, thank them. They have saved you money. ??

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