Sales are down - and that means fewer commissions for agents. daniel_foch | BuzzConference | realestate Canada realestatenews
says that while today’s slowdown is “no different” than previous down periods, 2021 remains an outlier in terms of demand — and the resulting whiplash is a lot for newer agents to bear.
“…I think it’s really important to settle realtors down [from negative news media], especially this new generation of real estate agents that have never seen this market before. My husband and I have seen this market over the years maybe three, four, five times in our almost three decades in the industry. It is normal. This is the time to stay educated, to look for those opportunities where buyers are going to jump back in.
But even in a best-case scenario, market recovery remains a few months off — and the industry is doing what it can in the meantime to staunch the bleeding., which informed member agents via email that as of March 1, 2023, their costs will drop from $390 to $306 for all new, renewal, and reinstatement applications. Agents transferring from one brokerage to another will only need to pay $25 compared to the previous $100.
He adds that he’s seeing many brokerages introduce fee capping structures for agents, or reduce their overhead by going cloud based rather than hanging on to their brick and mortar. Others are offering stock options, and incentives for existing agents to recruit new ones.
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