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The Real Estate Industry is Under Attack
My wife often says we’re living in an upside down world, where down is up and wrong is right. The once stable pillars of the real estate industry are crumbling before our eyes. Powerful forces seem intent on systematically dismantling the infrastructure agents have relied upon for decades.
The most visible target lately is the National Association of Realtors (NAR). Lawsuits and attacks have left NAR reeling. Their insurance depleted, NAR appears wounded perhaps mortally. Whether warranted or not, NAR is being eaten alive.
Venerable real estate brokerages and Multiple Listing Services now have targets on their backs too. The established leaders are fighting for survival. MLS systems, the lifeblood of real estate search for so long, are also facing an uncertain future.
Who stands to gain from all this upheaval? Large institutional investors aiming to consolidate power and control within the industry. Call them BlackRock, Zillow, or any massive corporate entity – their ambitions seem clear. Get rid of the independent agent, brokerage, and trade group middlemen. Cut off resources like MLS access. Reduce commissions and payments individual agents rely upon.
In an almost unbelievable coup, agents were misled into financing Zillow and other adversaries with their ad dollars. And NAR remained silently complicit. The final blows are being delivered by the Department of Justice, decrying the old ways of doing business. Commission structures and industry rules that have stood for decades are being forcibly dismantled.
Make no mistake, this feels like a coordinated attack. Take out NAR and brokerages to leave agents dazed and unable to respond. Cut off our MLS systems and data pipelines. Reduce our ability to get paid via commissions. Every piece of what we know as the real estate industry is under assault from multiple angles.
After the initial shock and awe, the question becomes – how does the industry fight back? Which leaders will emerge to direct the counter attack? The mortgage and lending sectors may be best positioned to put up strong resistance given their resources. But everyone has been caught unexpectedly off guard.
The intent seems clear – replace the sprawling networks of independent agents with more centralized, corporate control. Consolidate power under institutional investors. Gain the ability to regulate prices, control access, reduce costs, and command complete influence. An upside down world indeed.
