Yesterday, we hosted a webinar where a panel of expert real estate professionals provided insights on what agents can start doing NOW in response to the NAR settlement. Below is a succinct follow-up that includes key learnings and links to the recording and slides.
3 Ways to Respond to the NAR Settlement—NOW
1. Stay focused on the fundamentals
- There’s a lot of noise out there. But don’t worry!
- If you’ve been doing what you should’ve been doing all along—building strong relationships and demonstrating your value— expect no major challenges.
- Build and leverage your network (contractors, home inspectors, roofers, painters, etc.) to build credibility and boost your value, so you win more clients.
2. Support your “professional fee”
- Say, “professional fee” instead of “commission.” It shifts the focus to the value you bring and positions you as an expert who will get your client the best deal (instead of a sales shark looking for a paycheck).
- How to become more confident when discussing your professional fee:
- Tell buyers and sellers they’ll get what they pay for—a cut-rate professional provides poor service. “You wouldn’t use a discount doctor, so don’t trust a discount agent with the biggest purchase of your life!” Articulate your value proposition. For example…
- Share your experience and transaction stats and show how you’re different from other agents to explain why your rate is what it is.
- Practice this with family, friends, or co-workers. If they don’t believe your argument, potential clients won’t either.
- The NAR settlement may “weed out” the less-than-best agents, but that could also mean you’ll end up competing with the best. That's why now’s the time to level up your business practices.
3. Leverage education to get more business
- If you stay educated, it’s easy to be exceptional in this field.
- Stay updated about the NAR settlement and its potential impact on you and your clients through July, when changes are due to be implemented.
- Why? 1) So you can speak with leads and clients clearly and confidently, and 2) so you can proactively adjust your lead generation strategies accordingly.
