Completely Unhelpful "Advice" from Inman
The Industry Deserves Better
A reader forwarded me this article from Inman News titled “How to lead your agents through the class-action commission storm.” Subscription is required to read the article.
I am not taking to task the writer of this column or the broker she interviewed. I don’t know how the conversation was framed or the depth it went into. Who I am disappointed in is Inman News as one of the primary places where the industry goes to get its news, information, and advice. It has been, remains, and will be an important institution in the industry.
Frankly, we deserve better.
The writer, Molly McKinley, reached out to a broker in Florida named Tiffany McQuaid and talked with her about these lawsuits and how she is helping her agents to prepare for the storm. Thanks to that conversation, here are the five questions “brokers should be asking right now:”
How can I prepare my agents going forward so they have a clear path of who will pay them, and how they will get paid for their services?
What script will my agents need to feel prepared and able to clearly articulate the value of a buyer’s agent and more importantly their individual value in that role?
What collateral do I need to create to be able to easily share our value as a brokerage to potential buyers?
What marketing support and concepts can we as a brokerage create and offer to double down on helping our agents with inventory building to help ensure a solid financial future, even if only on the listing side, until this all shakes out?
How are my buyer’s agents mentally managing this news, and what opportunities can we as a brokerage look for now to support this potential transition? I have some news for brokerage leaders.
If you are a brokerage leader, before you ask these five questions, you need to ask yourself: How do I stay in business after I am sued for seven to nine figure damages?
Again, I don’t know how the conversation between McKinley and McQuaid was framed, so I don’t fault them. Neither of them are journalists. But the professional editors of Inman News are. And they know or should have known that these questions betray a fundamental misunderstanding of the risks that brokerages are facing today. They should not have let something like this go to print as is, knowing that so many brokers and agents rely on them as a trusted source of information.
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