NAR Settled. Now what?

As I’m sure you have seen, this morning brought news from NAR that will shift the familiar buyer agent commission landscape. The development has caught our attention, but it should not steer us off course.

NAR settled its lawsuit, agreeing to pay $418M in damages and make several changes that will go into effect this coming July. The two biggest changes relating to agents in particular are (1) the removal of offers of compensation to buyer agents from MLS and (2) the requirement of signed buyer agency agreements.

So, what do we do with this information? First of all, DON’T overthink this. Don’t make decisions based on fear. And don’t let others manipulate your thoughts.

There is a lot of noise in the industry right now but don’t let it distract you. Yes, there will be changes. But agents will always be needed. This development should not impact THE NUMBER of closed sales each year, but it will impact WHO GETS those sales.

Next, learn about the best courses of action in response to these changes. What are the different ways a buyer agent can be paid? How does an agent pursue each of those methods? What scripting does a buyer agent use to negotiate commission with a listing agent? What is the best way to address buyer representation agreements under these circumstances?

We will be discussing answers to these questions at our regular Tuesday training next week, Tuesday, March 19, at 11:00am. Feel free to join us on zoom at www.phtmeetings.com if you’d like to listen in.

Finally, remember that being a strong, informed, skilled agent and providing a top-notch client experience is still the best route to continued success. Clients who understand and appreciate the value of your services will always be more likely to ensure you are paid for those services.

Today’s news will change the way we do business on the buyer side AND listing side. We will look back on this time in history and see who embraced change vs who resisted change. Make it your goal to not just adapt, but to be an example of success in the real estate industry.