Above, Vickey Barron
The industry has undergone a seismic shift in the wake of the Burnett verdict, prompting a greater emphasis on transparency and consumer confidence. As we prepare for the changes that could inevitably be coming down the pike, some people have taken a more proactive approach.
Amid this industry-wide transformation, the Real Estate Board of New York (REBNY)—overseeing agents in the New York City area as a separate governing body from the National Association of REALTORS®—unveiled its commission structure overhaul, decoupling commissions beginning January 1.
With a keen eye on the ongoing commission lawsuits, RISMedia 2024 Newsmaker Vickey Barron—a broker with Compass in New York City—is passionate about providing valuable insights into the realities and predictions shaping the future.
Here, Barron sheds light on some of the recent changes and how they stand to impact the industry.
How have recent changes impacted the dynamics between buyers, sellers and agents?
Different regions are going to respond in different ways. I’m also surprised as to how many people, professionals and consumers alike, aren’t fully aware of what’s happening. This quarter especially is a major time for education on all sides. Certain individuals will adapt, and certain people will struggle, but the opportunity is going to lie in articulating value. Education is crucial, with Compass actively providing lectures for agents to articulate changes. The shift involves buyers now signing agreements and agents disclosing fees—creating new and uncomfortable conversations. Successful adaptation relies on agents confidently communicating their value. Sellers must now explicitly state their willingness to pay the buyer’s fee, introducing negotiation dynamics. Adaptation requires confidence, understanding value and effective communication. Those who can keep their head up and build that level of trust will have an easier time.
What is your perspective regarding the way in which media representation influences the public perception of real estate professionals?
Perception shapes reality, and the real estate profession has failed in portraying its true value. While some firms, like Compass, avoid glamour events, others showcase agents like celebrities at year-end shows. TV shows and Instagram create a false image of effortless luxury, overshadowing the hard work agents put in. This misrepresentation has led to public misunderstanding, perceiving agents as overpaid, when the reality is a $48,000 average income, no health benefits and seven-day workweeks. The industry must rectify this image problem and educate the public on the genuine value agents provide.
In what ways do recent changes stand to differentiate between skilled agents and those just managing to stay afloat?
At a recent engagement dinner, I polled 16 guests on their views of industry changes. Universally, they believed they would distinguish committed professionals from part-timers—separating the dedicated from those lacking experience and knowledge. This shift, they felt, would reveal those truly invested in their profession, those spending time and resources to enhance their skills and providing genuine value that will distinguish them from occasional deal-seekers.
What key lessons do you aim to convey to your audience of “Every Move Matters” readers, and how might they apply to the current landscape?
Consistency, patience and conviction are very important. When individuals are authentic and understand their superpowers and what value they bring to the world, they stay true to their core values. I don’t care where you came from, what shortcomings you have. Don’t let that become your handicap. Life isn’t about overnight fame. It’s a continuous effort. The compound effect is key—daily hard work, focus and consistency shape success. Like planting tomatoes, understand the seeds you sow daily—where you start doesn’t define where you finish.
For more information, please visit https://vickeybarron.com.
