The hype turns out to be just another 9-5 grinder, and this is what you get:
Zip last month reported a $3.1 million net loss in the first quarter. Despite the loss, the company continues to expand brokerage operations into new markets and recruit more agents. Zip stock (Nasdaq: ZIPR) fell .05% in afterhours trading at $7.47 a share.
It just doesn’t work- even if you tightened the belt up over there, the employees are already fitting into the mold of the typical 9-5 daily grind.
Honestly, Dave is right on! Zip is to Top heavy and to have ONE person with real estate sales experience in upper management is concerning. Although, this would explain the lack of consideration given to their agents.
The they always say a disgruntled employee cannot be trusted as they are now a former employee, but if you’ve ever been in the 9-5 world you know the truth is probably more or less in the middle. The post I cited over at BHB was written in February and the comments are still humming along at 76 strong with a comment as recent as June 8 (it’s been an awesome read). All of this proves the point that a salary or non-commissioned agent, no matter how exciting your planned approach to real estate is, will eventually lead to the same problems most large corporations have- keeping the employee happy and productive. In the end, it turns out it is just another J-O-B.
When looking at Redfin and its approach, you see it is relatively new, they’re excited, and with an executive like Glenn at the helm, you know that enthusiasm will continue until the investors begin to lean on Glenn for more profitable results. When the conversation changes from GO GET ‘EM TIGER to YOUR PRODUCTION SUCKS, you’ll see the revolution begin to unravel- make no mistake about it, the bottom line is profitability in any business approach.
Now, I’ve said nothing that really hasn’t been argued all over the map, and to be honest, I really just wanted to set the stage for the conversation that really needs to happen- many Realtors want to know what do we need to do now, now that we see 2.o as a real opportunity. I want to talk about solutions, I want to talk about how we work to turn the next corner, some say it’s commissions, I say it’s bigger than that.