Compete or Participate: The Choice Every Agent Has to Make Right Now w/Jay Pitts | Ep 59

The real estate industry has tolerated and even celebrated low barriers to entry. It's a bit like the grown-up version of giving kids participation trophies. The result: agents who can't compete in the face of disruption.

 

As the NAR settlement promises to compress commissions, we can expect the agents who weren't prepared to be squeezed out. This could have been avoided if agents were taught to compete instead of relaxing because the MLS always guaranteed a check.

 

As the leader of Kentucky's #1 team and Dad who coaches his kids, our guest has the perfect perspective on the danger of participation trophies. Is there ever a case for giving kids participation trophies? What does the NAR settlement mean for agents who didn't prepare to compete?

 

How can we become better marketers? In this episode, Jay Pitts talks about succeeding in real estate, and the big problem we had before the settlement.

 

When you compress commissions substantially on one side of the transaction, there'll be less money to go around. The result is, we're going to be left with the real true pros. -Jay Pitts

 

Things You'll Learn In This Episode 

 

-The two things every agent must do

What's the difference between brand engagement and direct response marketing?

 

-How to live a disciplined life

Jay was inspired by his father to get into real estate. What business and life lessons did he learn from him? 

 

-A case for participation trophies

The challenge parents face when coaching their kids' sports teams is knowing how to balance support with tough love. How can you coach your kids without damaging your relationship?

 

-A great opportunity for good marketers

Before the NAR settlement, mediocre buyer agents made the same amount of money as the cream of the crop. How does this shift change that?

 

Guest Bio 

Jay Pitts is podcast host and the Broker/Owner of Jay T. Pitts and Associates, Kentucky's #1 Real Estate Team. He has valuable experience in almost every facet of the real estate industry, from management and auction, to sales and marketing of residential or commercial real estate. Jay is a second-generation real estate professional and has had years of experience prior to being in business for himself. He runs a team of similar individuals who value hard work, customer service, technology and efficiency. Listen to The Jay Pitts Show on your platform of choice and follow @jaypittsrealtor on Instagram.