NFL Trainings camps are opening up, so it’s time for a good old sports analogy. In the NFL, hopeful rookies about to have their career dreams snuffed out are sent to talk to one of coaches who has the role of “The Turk”. He has the unenviable job of telling rookies that aren’t good that it’s time to go.
In real estate The Turk arrives in the form of an E&O bill (Errors & Ommissions insurance for the year). They typically arrive in July and Dec/Jan. Depending upon where you work it’s about a grand or two for the privilege of selling RE. It’s the time when floundering agents look in the mirror and say that while the old job wasn’t as much fun, at least I got a paycheck. Then they sail back to their old career or a new one. A Realtor from another company mentioned to me today that more than 10 agents walked from their office this month after meeting with The Turk*.
*Before someone jumps in and starts predicting doom and gloom because of unemployed RE professionals its important to understand that these were individuals doing 1 or 2 transactions a year who will be far better compensated in their new positions.
The broker carries a master policy and each agent pays for their own coverage. The number that walked in this office works out to about 15%. That is a pretty dramatic reduction. This probably is happening all over SD. In December more floundering agents will visit The Turk and say good bye.
They go back to their old jobs or find new ones. Many are stay at home Mom’s that never really needed to work or 20 somethings that never really had a chance at success. I’d expect them all to stay where they are and probably end up making more money doing something else. The public’s perception of what realtors earn is vastly different from the reality of it.
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