{"id":11740,"date":"2017-05-21T03:00:11","date_gmt":"2017-05-20T17:00:11","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=11740"},"modified":"2017-05-21T03:00:11","modified_gmt":"2017-05-20T17:00:11","slug":"why-agent-commissions-are-falling-martin-grunstein","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/why-agent-commissions-are-falling-martin-grunstein\/","title":{"rendered":"Why agent commissions are falling \u2013 Martin Grunstein"},"content":{"rendered":"

Martin Grunstein<\/strong> \u2013 world renowned customer service expert \u2013 tells us why real estate agents commissions are falling and how, if you are looking to make your agent more accountable, you can ask them to do one simple thing.\u00a0 If they refuse, or can\u2019t do it, then question why you would even employ them.
\nTranscript:<\/strong>
\nKevin:\u00a0\u00a0<\/b>Well, without doubt, there would be few industries in the world that have suffered the erosion of margin suffered by the real estate industry. Agent commissions have fallen from around 3% 15 years ago to around 2% today. That\u2019s according to Martin Grunstein, who is one of the world\u2019s best experts on customer service. He joins me to talk about this.
\nG\u2019day, Martin. How are you doing?
\nMartin:\u00a0\u00a0<\/b>I\u2019m well, Kevin. Nice to talk to you.
\nKevin:\u00a0\u00a0<\/b>Why is that so? Why have they fallen so much?
\nMartin:\u00a0\u00a0<\/b>It\u2019s been a commoditization of the industry by the agents. It\u2019s not unique to real estate; it\u2019s happened in a lot of other industries. The car industry, which used to produce millionaires in the 1970s and 1980s has almost no profit in it today. I was at one car conferences and they said dealer profitability nationally is 0.5%. They only make money on finance and aftermarket.
\nWhat has happened is a commoditization. Just like the car industry, when all the advertisers will get the cheapest price and then whatever. Holden is competitive. It used to be Ford. Now, it\u2019s another Holden dealer offering the same car at a cheaper price. And a lot of that has happened in the real estate industry.
\nKevin:\u00a0\u00a0<\/b>Just on that point about car dealers, there\u2019s a great listening here for real estate agents too I think. But with car dealers, they were quite happy \u2013 talking to some of them several years ago \u2013 to not have much of a margin on the sale and know that they could pick it up on the service. But do you think where the problem lies is they took their focus off what should have been the main source of income?
\nMartin:\u00a0\u00a0<\/b>Yes, absolutely. Where is the law that says you can\u2019t make a profit on a $40,000 car and they have to make it out of service and finance? Goodness me. Why can\u2019t they make it out of service, finance,\u00a0and<\/i>\u00a0the car? The reason is if you look at advertising in the car industry, all you see, they all echo \u201cWe\u2019ll never be undersold. You find any price and we\u2019ll match it.\u201d What they\u2019ve done is they\u2019ve taken all the margin out of their own industry.
\nI believe that\u2019s happening in the real estate industry as well \u2013 maybe not so much on a formalized basis, but you are having agents out there virtually matching price with other agents to get the listing, and it\u2019s almost become the norm that these guys will negotiate their fee. It\u2019s hard to have sympathy for the agents who have commoditized their own industry.
\nKevin:\u00a0\u00a0<\/b>We\u2019ve actually put a blog article that you wrote, Martin. It\u2019s actually on both of our websites, Real Estate Uncut and Real Estate Talk. It\u2019s a really interesting read. You make a point in there. Let\u2019s talk about real estate now and forget about the car industry just for a moment. The point of stress: if you ask a seller, what do they find difficult about the transaction, it\u2019s actually the amount of stress.
\nDo you think I just do enough to earn their fee to help overcome that stress management?
\nMartin:\u00a0\u00a0<\/b>Look, the very top ones do but the overwhelming majority don\u2019t. When I\u2019m doing customer service workshops in the industry, I get people to tell stories of crappy customer service. I hear a lot about real estate. But the one that upsets them most is just like a communication during the sales process. It is a very stressful experience for a lot of vendors in that area.
\nWhat they complain about is unreturned phone calls, unreturned e-mails, and people not communicating them and giving them peace mind when they\u2019re going through something very stressful. And that\u2019s the same today as it was 30 years ago.
\nKevin:\u00a0\u00a0<\/b>It\u2019s interesting, isn\u2019t it, because I\u2019ve heard agents and we\u2019ve trained agents to talk about getting top fee by saying \u201cI\u2019m a good negotiator. If I can\u2019t negotiate my own fee, how can I negotiate it for you?\u201d Does that resonate with sellers?
\nMartin:\u00a0\u00a0<\/b>I tell you, it is laughed at.\u00a0<\/b>Look. I don\u2019t think the consumer believes the lies any more. The stuff that used to be the clich\u00e9d stuff years ago, \u201cI\u2019ll get the best price for your property\u201d well, these days, everyone has the market what your property is worth not some real estate agent. Also, \u201cWe\u2019ve got\u00a0[3:58 inaudible]<\/b>\u00a0buyers and we\u2019ve got a unique marketing program.\u201d If there was unique marketing program, it would be used by everybody. These are myths.
\nAnd this \u201cI\u2019m an expert negotiator,\u201d that\u2019s a classic one. When I\u2019m at conferences, you talk to these real estate agents and they say \u201cI\u2019m an expert negotiator,\u201d and if you say, \u201cWill you reduce your fee?\u201d \u201cCertainly.\u201d This is the rubbish that is going on.
\nWhat the consumer wants, what the vendor wants is take the stress out of this.
\nKevin:\u00a0\u00a0<\/b>Okay. How can an agent do that?
\nMartin:\u00a0\u00a0<\/b>Firstly, by not making promises they can\u2019t keep and not talking a lot of rhetoric. One example I\u2019ve used when I was doing stuff \u2013 it must have been maybe 15 years ago \u2013 with Elders in Western Australia. We had about 16 offices, and we found out the number one thing people hated was unreturned phone calls.
\nWhat we got the agents to say was \u201cLook, anyone can sell your property. It\u2019s a great property. The difference is how much stress you want to go to in the process. If I fail to return your phone calls during the sales period, if I fail to return your phone calls within three business hours, please deduct $200 from my fees every time I let you down. You keep score. Because if anything goes wrong during this or I\u2019m not communicating with you or I don\u2019t turn up on time to a meeting, I should suffer for that not you the customer.\u201d
\nNow back then, they were getting 3% or whatever \u2013 3% plus. Say for example, the Elders guys had a guy from Hooker saying \u201cI\u2019ll do it for 2.5%,\u201d what we trained the Elders guys to say was \u201cGo back to the guy from Hooker and ask him to give you $200 back if he doesn\u2019t return your phone calls, which he won\u2019t.\u201d Then we got them to say \u201cWhy would you believe anything else he says?\u201d
\nI got a letter a year later saying their earnings went up\u00a0<\/b>25% in a flat market selling peace of mind and credibility to a low-credibility marketplace. I think that\u2019s just as powerful today as it was 15 years ago.
\nKevin:\u00a0\u00a0<\/b>What\u2019s the harm in a consumer asking whether an agent would actually do that?
\nMartin:\u00a0\u00a0<\/b>Well, I don\u2019t think it should be an initiative coming from the consumer. The agent is the one who\u2019s selling his or her services, and they should be giving the reasons to list with them. I believe stress management is just as important a reason in who gets the listing as marketing and all these other things that the agents talk about there.
\nIn fact, for the consumer, it\u2019s the only one they can relate to in terms of how you make me feel, how efficient are you, do you keep your promises, all of those sorts of things. I want to know that you keep your promises. The trouble is even the agents who don\u2019t keep their promises still promise. So, until I eventually give you the listing, I don\u2019t know whether you\u2019re good or not.
\nKevin:\u00a0\u00a0<\/b>Very thought-provoking. Always great talking to you, Martin Grunstein. You make a lot of sense. You can go to Martin\u2019s website, MartinGrunstein.com.au. Go and have a look at the blog on our website, and all his details are in there.
\nMartin, great talking to you, mate. We\u2019ll catch you again soon.
\nMartin:\u00a0\u00a0<\/b>All the best to the team. Thanks, mate.<\/p>\n","protected":false},"excerpt":{"rendered":"

Martin Grunstein \u2013 world renowned customer service expert \u2013 tells us why real estate agents commissions are falling and how, if you are looking to make your agent more accountable, you can ask them to do one simple thing.\u00a0 If they refuse, or can\u2019t do…<\/p>\n","protected":false},"author":176692471,"featured_media":11741,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33,10,11,13,23,25,27],"tags":[101],"class_list":["post-11740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-studies-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-selling-a-property-topic","category-sponsored-channels","category-trends-topic","tag-podcast"],"yoast_head":"\nWhy agent commissions are falling \u2013 Martin Grunstein - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/why-agent-commissions-are-falling-martin-grunstein\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why agent commissions are falling \u2013 Martin Grunstein - 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