The real estate industry feels under attack.
“And that’s a natural feeling, given so many consumer-based concerns,” says our very own Joan Herlong. “But the better response is how is the industry going to raise the bar for itself?”
Herlong says a good start would be bolstering professional standards.
“The qualifications for getting a license in this state are almost non-existent. You must be 18, have a GED and a reasonably clean criminal record — not clean, reasonably clean,” she says.
Beyond such low professional requirements, Herlong says lax ethical-accountability standards leave consumers at risk.
“While our state and local associations do hold ethics hearings, when the respondent is found to be in violation, it remains confidential,” she says. “And this can leave many home sellers and buyers in the dark. They’re trusting their Realtor with one of the biggest investments they’ll ever make.”
Inman News (a real estate industry publication) notes that 71% of agents did not close any deals in 2024. Professions, such as medicine or law, have designations that inform the consumer as to experience and expertise, such as board certificatied, senior resident, partner, junior associate, senior partner, emeritus, of-counsel, or retired.
“Realtors are associates, brokers, or a Broker-in-Charge,” says Herlong. “There are no other designations to better inform the public as to how experienced or actively-engaged a Realtor is.”
“If our industry truly seeks to improve our public image, we need to take a fresh look – from the consumer’s perspective,” says Herlong. “Otherwise, we’re at risk of more litigation. We need a megadose of transparency.”
This story originally ran in the Greenville Journal.