The way you do business as you know it will change. The NAR settlement is shaking up the housing industry and in a recent webinar with Tom Ferry and housing industry experts, the focus was about seeing this shift as opportunities. You can adapt and evolve your business to move with this fluctuation.

Those who move quickly will not only rise above this challenge, they’ll continue to thrive. Those who are resistant and wait, will inevitably fall short.

If you missed this invaluable and highly relevant webinar, we’ve got highlights for you. Or maybe you tuned in but want highlights to share with your colleagues.

We’ll also show you which specific Breakthrough Broker resources you can use to empower new conversations with your current and future clients.

Here are key insights from “Embrace the Change: How the NAR Settlement Affects You.”

Watch:

• Part 1: Embracing Change: How the NAR Settlement Affects You
• Part 2: Embracing Change (the listing side of the NAR Settlement)
• You also have access to the webinar slides on the video page for part 2.

1. Don’t panic. This is an opportunity to better convey your value

Let’s go back to when the settlement was first announced earlier this week. Did you feel a sense of dread? Did you panic? To this, Tom said, “Remember the global pandemic? We worked through that because you’re great at making change.”

The only thing that’s constant is change, and right now, a shift needs to happen for you.

It’s time to rethink the way you approach your clients and show them your value earlier in the process. Tom recommended presenting yourself to the client as if you were applying for the job to represent them.

2. Showcase transparency and trust

Use Breakthrough Broker’s customizable Buyer Presentation to get started on showcasing your value. Then, share it with new clients and online leads before you even show them their first property.

Here are a few you may want to consider:

• 90 Ways I Serve You Presentation
• 90 Ways I Serve You (postcard)
• 90 Ways I Serve You (social post)
• Elegant Buyer Presentation (mobile)
• Elegant Buyer Presentation
• Unique Buyer Presentation

Use the presentation as a method of communicating how you deliver value and offer transparency when it comes to the transaction. Convey why you’re the right person. Here are things you can include in your buyer presentation:

• Your background and experience in the industry
• Showcase your market expertise and how you can help them make savvier decisions
• Who else will be involved in the transaction (contracts, listing side, title, escrow, etc.)
• The options for how you get paid a fee for your services

Then, ask them to get on a quick call before you meet to show their first property.

Maybe the conversation goes something like this: “Before I schedule this tour, do you have 10 minutes to chat through a few things... as we’re now required.”

3. You have 100 days to start this process

Some of the NAR settlement changes will happen in July 2024. That gives you roughly 100 days from now to be proactive and move quickly.

While there are many aspects of this settlement that are still uncertain, one thing still remains—clients want your help and they’ll pay for it. A recent survey from Keeping Current Matters showed that 76% of consumers agree they value representation and advice from real estate agents and are willing to pay for it.

Why? Homebuying is stressful and consumers know this. Your expertise and ability to guide buyers and sellers is worth paying for, so don’t lose sight of that.

4. NAR changes

Jack Miller, CEO of T3 Sixty, who consults between brokers and NAR, had important takeaways about NAR.

He broke it down and said these are the top changes to be aware of:

• NAR Settlement includes rule changes that go into effect July 2024
• You can’t create a non-MLS listing on Facebook or anywhere else and post commissions. This is going away. However, you can offer buyer broker compensation on your website.
• No offer of buyer broker compensation is allowed on Realtor MLS.

In part 2 of the webinar, look out for the following important discussions:

• How to have all-new seller concession conversations
• The most recent NAR Settlement highlights
• Why it matters to better educate your buyers and sellers
• Listing attraction campaigns that work

Final thoughts

While this NAR change has some folks downright paralyzed and terrified, you’ve got this. Change is scary, but you can start to make small adjustments in the way you communicate with your clients—I would love to apply for the job of being your realtor” vs. assuming you already have their business.

Use Breakthrough Broker’s Buyer presentations and other marketing materials to amplify your new message around these changes. The faster you get ahead of this, the better.