Master the New Normal: Essential Tips for Success After the Big Shift

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What to do and not do now that we're in the New Normal!

What NOT to Do Now:

1. Don’t Panic!! The time to panic is over. 

Explanation: According to NAR’s 2023 Profile of Homebuyers and Sellers, 90% of recent buyers found their real estate agent to be a valuable source of information. This means that buyer’s agents are still very much in demand, so you don’t have to worry about your job disappearing.

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2. DON’T Cancel Your NAR Membership out of spite.

Explanation: Many are upset with NAR about the settlement, but if you’re one of the legally protected NAR members, canceling your membership now could void your legal protection and open you up to personal legal liability. Regardless of your feelings about NAR, at least for now, you’re likely in a better legal position by staying with the organization. Additionally, NAR advocates for you in many ways, such as providing industry research, reports, statistics, discounts from affiliates, and protecting agent commissions during the housing crash.

3. DON’T Lose Your Mind on Social Media

Explanation: Posting statements on social media like, “If we all continue to charge 3% for the seller’s agent and a 3% concession for the buyer’s agent, we can continue business as usual,” can violate anti-trust laws by colluding to fix prices. Such statements can jeopardize your protection under the settlement if you are covered by it. Remember, you can’t unsee or undo things posted on social media.

Being outraged that you must explain your value isn't a great look either.

4. DON’T Try to Skirt the System

Explanation: The new rules allow you to post seller concessions on your website for your listings. However, you cannot create any database for local agents to enter their seller concessions, nor can you create a code to alert other agents to a possible concession through the MLS. Attempts to undermine the new rules could result in the forfeiture of your legal protection under the settlement. Refer to the NAR Settlement FAQs for more details.

5. DON’T Attempt to Have Your Buyers Sign the Buyer Agency Contract Without a Proper Presentation First!  Close = the logical ending to a great presentation.

Explanation: Do not attempt to have your buyers sign the Buyer Agency Contract via email, text, or any other method that isn’t the result of a formal presentation.  Don't try to do it on the fly right before they happen to want to see a house; they'll just go straight to the listing agent, wait for the house to be open, or go to new construction without you.

What SHOULD You Be Doing NOW?

1. DO Meet IN PERSON with Every Buyer Prospect or Client

Explanation: Even if they’re your best friend or a 5-time repeat client, meet them in person. Your buyers may have to pay all or some of your fee out of pocket, and this won’t happen without a buyer presentation that focuses on your value, exceptional search methods (beyond what they can do on their own!), negotiation skills, offer-to-win ratio, and guarantees.

2. DO Update Your Contracts and Marketing Materials

Explanation: Your broker, local MLS, or REALTOR association may already have new contracts ready for you to review and start using. If not, EXP’s forms are available and usable by any licensee.

3. DO Reach Out to Your Database to Answer Questions

Explanation: Set a goal to reach 100% of your past clients, friends, and prospects to see their questions about new rules and practices. Use your F-O-R-D (Family, Occupation, Recreation, and Dreams) conversation starters to keep the conversation factual and positive.

4. DO Obtain, Practice, & Polish Your New Ethical Real Estate Professional Buyer Presentation. Buyers won't sign if they don't understand your value.

Explanation: The new rules require new scripts. For instance, you’ll need to explain that a buyer’s agency agreement must be signed before you can show them a home. You’ll also need to explain new payment structure options and respond to new objections. Start drafting your scripts and practicing as soon as possible to stay ahead of the curve.

5. DO Establish Yourself as a Knowledgeable and Confident Specialist in Your Marketplace

Explanation: Be the leader in your marketplace and make it obvious:

1. Database outreach

1. Social media engagement

1. Facebook live sessions

1. Educational videos

1. Lunch, brunch, or coffee meetings with prospects and people from your sphere

Conclusion

Change is here. You can either resist or embrace the industry's inevitable evolution. Start preparing your business for the new NAR settlement rules today and take advantage of the opportunities this industry adjustment offers!

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