Dec. 13, 2007
Perhaps you've heard it before — maybe you've even said it. It's not the most demeaning statement ever, but neither is it the least bit complimentary. REALTORS® are in it just for the commission.
Having been around Texas REALTORS® for many years, I have to tell you that it isn't true at all.
Sure, every REALTOR® wants to be financially successful. The same can be said for lawyers, plumbers, and software programmers. But I don't recall ever hearing anyone say that a software engineer is in it just for the paycheck.
I know it's a weak argument to simply say, "I know Texas REALTORS® — they're not just in it for the money." So I'll offer up some specific examples.
Texas REALTORS® come to the aid of others. When natural disasters wreak havoc on communities, cities, and even entire countries, REALTORS® step in to help. REALTORS® have established relief funds and contributed millions of dollars to victims of tsunamis, floods, hurricanes, and fires.
After Hurricane Rita devastated the Texas Gulf Coast, Texas REALTORS® from all over the state came to Beaumont to build two Habitat for Humanity homes. This is on top of $140,000-plus in donations for the project. If anything, those agents were foregoing the potential to earn commissions while they hammered and sawed and painted. Texas REALTORS® have participated in Habitat homes in many other areas of the state as well.
I know of some agents who donate a portion of every commission they earn to a charity — often one that helps people who need housing assistance. Speaking of housing assistance, thousands of Texas REALTORS® have taken courses at their own expense to learn more about low-cost financing, assistance programs, and other ways to make housing more affordable and available to first-time and low-income buyers.
Texas REALTORS® come together to pass legislation that protects property owners. This past legislative session, Texas REALTORS® helped pass a law preventing private real-estate transfer fees. This is a scheme where private companies could create a 1% real estate transfer fee by placing a deed restriction on a property to be paid for 99 years, every time the property changed hands. This would not have reduced an agent's commission, but certainly would have added costs to the purchase of a home.
REALTORS® were also the driving force behind a new rule that, starting in 2008, requires all real estate licensees to be fingerprinted and undergo a national background check. Yes, it will cost agents and brokers some extra money each year, but they thought it was worth it to make sure clients were protected.
Texas REALTORS® have championed legislation to lower property taxes, provide homeowner protections in home-equity lending, curbed local governments' ability to make land grabs by invoking eminent-domain powers simply to increase tax revenues, and many other consumer-friendly laws over the years.
Every year, the Texas Association of REALTORS® buys radio ads promoting fair-housing laws. That money could be spent on industry ads instead, but REALTORS® run those ads because it's the right thing to do.
Believe me, I could go on with many more examples. I'll leave you with this thought: Some REALTORS® do make quite a bit of money, but not most. In fact, the national median income for REALTORS® in 2007 was $47,700. The national average income for teachers in 2005 (the most recent survey I could find) was $47,674. I'm not really trying to compare teachers and real estate professionals, and I know that a median is not the same as an average. But I've never heard anybody say that teachers are in it for the salary. They choose their profession because they love to teach — they want to help kids develop.
Guess what? The Texas REALTORS® I know got into the real estate business because they love to help individuals and families, and they want to see people achieve the dream of owning property of their own.
