NAR/DOJ Settlement puts Service in the Spotlight

The recent NAR/DOJ settlement has got me thinking. When change is initiated by individuals, it’s easier to embrace because there's a modest sense of control. However, when change is imposed by external forces, it can lead to anxiety, especially when the path forward is unclear. The unknown is often what we fear the most.

For those who were around about 20 years ago, you'll recall the apprehension surrounding property search websites, or in tech jargon, IDX/VOW websites. While this change was gradual, it was nonetheless significant. Previously, prospective home-buyers had to directly engage with an agent to gain a comprehensive view of the market. Suddenly, listing inventory became readily available online for anyone to access. This led to fears that the internet would replace agents (an odd sentiment, but prevalent at the time).

Fast forward, and we've learned that agents weren’t replaced, and the market didn’t implode. Instead, there was a significant infusion of innovation that not only created new and highly effective ways to attract business but also introduced tools and methods to better serve clients. With each iteration of innovation, consumers began to focus more on the service provided by their agent. In short, better agents were elevated in the market.

Applying this lesson to today’s context, SERVICE will matter more than ever. Buyers aren’t disappearing from the market, and purchasing a home isn’t getting any easier. The next phase of innovation will focus on making the servicing of buyers more transparent and engaging.