The doomsdayers were out in full force last week and most real estate news outlets provided detailed converage of the Compass and Redfin layoffs.
This makes for great headlines, but the apocalypse mindset is not reflective of what happens at the local office and team level.
Of course, higher interest rates have started a chain reaction that will lead to a reduced number of transactions.
Competition for these transactions will increase, and those offices and teams with the best agents and systems will capture this business.
This isn’t new—this is what always happens.
Those with the most talented and effective agents win.
The increased pressure of the tightening business cycle is just accelerating the natural cycle of attrition.
It reminds us that those agents who are not a good fit for real estate are eventually going to leave anyway. It will just happen at a higher rate for a while.
It also reminds us that recruiting never stops.
Some of the best agents (both new and experienced) are captured during difficult times.
It’s when the most talented individuals rise to the challenge and reveal who they really are.
