Discuss the NAR Settlement with your Clients

Tech with Ty.

🤖 [T]echnology: Have You Heard?

🎓 [E]ducation/Entertainment: We Don’t Know It All

💪[C]oaching: Calm Down

📹 [H]ow To: Discuss the NAR Settlement with your Clients

[T]echnology:

Not sure if you heard, but this little organization called the NAR had some sort of settlement this week. 🤷

It’s kind of a big deal.

One of the primary things it will change is our ability to display co-op commission in the MLS…something I’ve been writing about for the better part of a year and a half.

So what does this mean? ⬇️⬇️

It means you’re going to need to call or text every agent on every listing that you show to find out if they are offering any buyer-broker compensation.
 

BUT…🛑

You can also put this on your own website! This could cause a seismic shift in traffic to the Zillows and Homes.coms of the world. If buyers could be on the hook for their agent’s compensation, don’t you think they’ll want to know if they can afford it?

That’s it, that’s all…I don’t want to further speculate…it’s just a thought.
 

Now, my advice to you. Get off technology this week and go make contact with everyone in your sphere…after you finish this email, of course. There are some tips below that will make this all make sense, including a couple must watch videos, and how to have these conversations with your database.

[E]ducation:

If you missed the session I did yesterday afternoon - NAR Settlement - What’s It All Mean, check it out:

There’s a lot of misinformation, clickbait headlines, and pure speculation in our industry. In this video, I cover what we actually know and how it will affect you and your clients.

[C]oaching:

Abby is going to give you some bullet points below on how to get in front of this, but this video from Tristan is also a much watch:

Notice the tone and demeanor?

It’s not one of panic. He’s cool, calm, and collected. 💆‍♂️
 

Keep this in mind when you’re following the instructions below.

Oh, and stay the hell off of Real Estate Mastermind on Facebook…it’s a dumpster fire. 🚒

[H]ow To:

We aren’t the only ones constantly hearing about this settlement. All of your past, present, and future clients are also. 

Your value is going to be questioned. 🙋 You've experienced firsthand the time and dedication required to grow relationships, sometimes spanning months or even years, to connect the perfect buyers with a listing. You know that your commission is put towards essential business expenses such as securing professional photography for homes and promoting listings. You know all of this, but your clients don’t. ❌
 

Now more than ever, it is time for transparency, great communication, and showcasing your value. These next few months will be a major adjustment for some of us, but those who successfully navigate this transition will be in a great spot. What steps should you take? ⬇️

Educate yourself on what is happening so you are ready for every clients question. See Tyler's Videos Above

Show your value. Get your presentations prepared, know your worth, and know how to showcase it. Create a sleek-looking guide to showcase the entire home buying process, including any FAQs, must-need information, and contact info.

 Start filming and posting on social media. Discuss the settlement, what it means, and how this will affect your clients moving forward. Do a live stream where everyone can ask you questions. Be available to your clients. 

Work on your negotiation skills and know how to answer questions about commission percentages. Maybe not now, but eventually clients are going to start asking to negotiate your percentage. Know exactly what you are willing to offer at each percentage and what kind of services you will provide for your pay. Learn how to showcase this to your clients in a professional manner with professional materials. 
 

Right now, things are uneasy, but preparation is key. This may not all be in effect until July, but start preparing NOW. Trust us when we say waiting until the last minute is not something you want to do. ⏱️

-Ty Morton