Reading the Fine Print: Navigating the NAR Settlement | Tiffany & Ashlee - 037

Realestatable

Change can be hard, but it’s coming. In this episode of Realestatable, Ashlee and Tiffany discuss the NAR settlement and what it means for the real estate industry. They’re here to help you understand what’s to come and get some perspective on what will stay the same. Remember: there’s no time like the present to improve your skills as an agent… no matter what’s happening in the industry!

What Do We Know?

• Commissions are, as always, negotiable! While the media makes it seem like commissions are a thing of the past, they are still a part of the process.

• The cooperating commission will no longer be allowed on the MLS. Sellers no longer have to pay buyers’ agents from their commissions, but they still can – and doing so may give them a competitive advantage!

For Buyers’ Agents

• Buyers Representation Agreements are going to be required. This is common practice in many places, but this will be new for some agents!

• Buyers’ agents must perfect buyer consults – even though the paperwork is standard practice, it feels awkward and salesy. We have to learn to make it a comfortable part of the process.

• Some of this information can seem overwhelming for first-time buyers and families for whom homeownership feels out of reach. Help your buyers understand the nuances of the NAR settlement.

Focus on the Positives!

• Think of this as your opportunity to find new ways to hone your skills and improve your business.

• Some agents are changing their model to use a “flat fee,” but this option should only be used by agents in some circumstances – talk to your broker!

• This is just the beginning of a big change. There may be more changes to come in the future! Prepare to be flexible.

“Now, more than ever, we need to be up on our skills.” – Tiffany Klusacek

“The time of agents being door-openers is absolutely over.” – Ashlee Jankovich

Resources

Have questions about how to succeed in today’s real estate climate? Want further insights from a recent episode? Or maybe you just want to keep it real and connect with us! Either way, head over to www.realestatable.com/contact to book a one-on-one with us, and we’d be happy to answer any questions that you might have.

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Show Credits:

Our Executive Producers and Hosts are Ashlee Jankovich and Tiffany Klusacek. The Realestable podcast is produced by TSE Studios. Music provided by SoundStripe.