Show your clients and prospects that they can rely on you to explain the NAR settlement and guide them through the changes in the industry.

Some are calling it the biggest shake-up to hit the real estate industry in a hundred years. The paradigm-shifting changes affecting agent compensation as a result of the NAR lawsuit settlement, which took effect on August 17, have homebuyers and sellers asking, “What does the NAR settlement mean for me?” This blog offers a strategy, along with a free resource, that you can use to educate your audience and position yourself as a trusted guide.

Now is the opportune time to connect with your sphere

Whether you routinely reach out to your sphere to nurture relationships and garner referrals or are looking for a way to reconnect with clients from years past, the NAR settlement and its inherent urgency give you an organic reason to start a conversation that delivers real value.

By being proactive, you can address your clients’ and prospects’ (both buyers and sellers) concerns and assure them that you can be relied upon to guide them through the changes—all while differentiating yourself from the competition and promoting your expertise.

But before picking up the phone or sitting down at a keyboard, it’s best to remember that regardless of what changes are taking place, you’re primary job is and always will be to help your clients through a complex, emotional, and exciting journey. With that mindset in place, first take the time to educate yourself on the NAR settlement and its impact for buyers and sellers. Then you can reach out to help them know what to expect, feeling confident in the value you provide.

Help them understand the changes

As an agent, you’ll naturally be far more into the weeds of the NAR settlement than your clients and prospects. And don’t be surprised if those in your sphere who aren’t actively looking to buy or sell also haven’t heard much, if anything, about the NAR lawsuit or the results or if what they’ve heard is incorrect. Keep what you say at a high level, using plain language and parsing out more or less information as requested or needed by different segments of your database.

Begin by providing a clear and concise explanation of the new compensation models, highlighting the key differences from the previous system for buyers and sellers alike.

For buyers, talk about the new requirement to sign a buyer’s agreement before touring a home. You can demonstrate your full knowledge of these agreements by detailing what they must include and explaining that an agent’s compensation is fully negotiable, the amount should be a clear figure (either a dollar amount or percentage), and they should fully understand and be comfortable with the services their agent will provide before signing.

For sellers, ensure that they understand they’re only obligated to compensate their agent, but that it may be in their best interest to pay some, if not all, of a buyer’s commission; it will likely attract more buyers in the same way that an accurate list price does. Underscore that the NAR settlement doesn’t allow agents to place any promised commission on an MLS, although they can discuss it in conversations and advertise it on websites, social media, and in other ways.

After this initial outreach, you can plan additional touchpoints according to your audience’s needs to:

• Explain the positive aspects of the new compensation rules.
• Discuss how these changes can lead to improved service and outcomes.
• Highlight any potential cost savings or benefits for homebuyers and sellers.
• Address any misconceptions or misunderstandings that may be circulating.

Use this free resource to explain the NAR settlement and start conversations

We’ve taken steps to assist real estate agents by writing a short blog you can share with your sphere. It explains the NAR settlement in sum, noting the key changes that will most impact homebuyers and sellers, and encourages readers to reach out to a trusted agent (that would be you!) for answers to their questions.

It’s a free, easy, and highly effective way to provide your sphere with valuable information they can use to understand the significant modifications to the real estate process.

If you want to increase the potential of this blog further to create one-on-one conversations with people in your sphere, consider using our Social Media Automation tool. As with all the content in our ginormous library of prewritten posts, we’ll personally brand it to you by adding your image, branding, contact information, and a contact form recipients can complete to connect with you. Tell us when, and we’ll automatically post it to your Facebook and/or Instagram pages.

Take action

However you decide to connect with your sphere to explain the NAR settlement, don’t wait—do it today.

The changes it includes represent a significant shift in the real estate industry, and their effects will have far-reaching implications. Amid the questions and confusion, your expertise and ability to reassure prospects and clients are more valuable than ever. By proactively addressing the situation, demonstrating your knowledge, and providing personalized guidance, you can position yourself as a trusted advisor and secure your place in their minds as their best real estate resource.