PHOTO: Mat Steinwede went from being a homeless drug addict on Australia’s Most Wanted List to amassing a multimillion-dollar real estate empire to become one of the country’s most successful agents.
These individuals are accomplished business leaders who dedicate their time relentlessly. However, their industry has earned the unfortunate reputation of being the least trusted in the nation. Here’s why they beg to differ. Can you place your trust in real estate agents?
According to the latest Ethics Index from the Governance Institute of Australia, real estate agents are ranked as the least trusted professionals in Australia. As expected, real estate agents vehemently contest this assertion.
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Australia currently grapples with a severe housing crisis that affects everyone. With the cash rate now at 4.1%, the highest since 2011, and property valuers PropTrack reporting a 13% increase in rental prices over the past year, Australians are more vulnerable than ever in the housing market. It’s evident that they lack trust in real estate agents to safeguard their interests during these challenging times.
Braden Walters, a real estate agent in Byron Bay, takes issue with the blanket assumption that his professional peers are untrustworthy. He admits he doesn’t “love” real estate agents but is passionate about his work. While this might not be a glowing endorsement of his colleagues, it doesn’t mean he’s turning his back on the entire profession.
“There are genuinely good ones,” he asserts.
“And there are some who tarnish our reputation,” he concedes. Mr. Walters acknowledges why real estate agents have earned the label of being “untrustworthy.” Ultimately, they are handling people’s most substantial assets, and a single mistake can cost individuals everything they’ve worked for.
“You can shatter someone’s life. A single misstep by an agent can inflict significant harm.”
Additionally, the real estate industry often encourages ostentatious displays. Flashy cars, expensive suits, and luxury watches create an atmosphere where agents may feel compelled to perform.
“I think real estate agents sometimes feel the need to project a different image. They may try to come across as slick or more successful than they actually are, but authenticity works best,” he explains. Although Mr. Walters is open to poking fun at himself and his profession, he also wants to emphasize that compliance laws have brought about significant changes.
“You can’t be a rogue real estate agent anymore. We are under close scrutiny, and any wrongdoing results in severe penalties.”
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Ultimately, Mr. Walters believes that the majority of agents he knows are trustworthy.
Mat Steinwede, who went from being a homeless drug addict on Australia’s Most Wanted List to building a multimillion-dollar real estate empire and becoming one of the country’s most successful agents, understands the power of labels.
Mr. Steinwede believes that while the industry is evolving, the “untrustworthy” label persists for valid reasons.
“It’s changing, but the lack of training in this industry is astonishing,” he observes. Mr. Steinwede points out that untrained agents often lack the skills necessary for handling emotions, negotiations, and people’s finances, resulting in ongoing problems.
“I’ve seen agents tell one thing to a property owner and a completely different thing to a buyer, creating chaos.”
However, Steinwede remains optimistic about the future of real estate, anticipating significant positive changes.
Douglas Driscoll, CEO and owner of boutique agency Starr Partners, acknowledges the knee-jerk reaction to dismiss surveys labeling real estate agents as “untrustworthy.” Nevertheless, he considers it a serious issue facing his industry.
“Is it fair? No, but it’s a challenge we have to address,” he emphasizes.
In fact, Mr. Driscoll believes that the entire industry must work harder to change this prevalent perception.
“The public’s perception of us is our reality,” he asserts. However, Mr. Driscoll also understands why this perception persists, acknowledging that real estate agents might not always do themselves “any favors.”
“The public may see agents driving up in luxury cars, wearing designer suits, and carrying themselves a certain way.”
Yet Mr. Driscoll underscores the stark contrast with reality.
“Most real estate agents I know work tirelessly,” he states.
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Mr. Driscoll reveals that long days from 7 am to 8 pm are not uncommon for dedicated real estate agents, with many sacrificing their personal lives for weekend work.
“While the public may perceive them in a particular way, they are putting in immense effort, and most continue to work every Saturday.”