The NAR lawsuit settlement is rich with opportunities for agents who prove themselves to be knowledgeable and transparent.
On March 15, the National Association of Realtors® (NAR) agreed to a settlement and to adopt new policies to resolve lawsuits claiming their policies inflated commissions for Realtors®. The agreement doesn’t dictate specific commission rates but removes NAR restrictions that previously limited competition on fees. This profound change gives both homebuyers and sellers additional power to negotiate agent commissions—and already the industry is shifting toward a more competitive environment.
While the full impact of this seismic shift remains to be seen, one thing is certain: in the wake of the lawsuit against NAR, the subsequent legal decision, and the $418M settlement, agents must be prepared to expertly answer the questions their clients will inevitably ask or risk falling by the wayside. However:
The best and brightest agents won’t wait for questions before they take action.
Luke Acree, president of ReminderMedia, has been helping real estate agents with their marketing for more than a decade. In a recent post to Instagram, he made it clear that in the wake of the NAR class action lawsuit, agents need to take control of the chaos and confusion. For those who proactively market themselves as knowledgeable and trustworthy professionals, the settlement is packed with opportunity.
In his reel, Luke describes the strategic position agents need to assume in the aftermath of the NAR commission lawsuit. In essence, they should portray themselves as experts uniquely qualified to guide homebuyers and sellers through a process that, for many, has been turned on its head. You can get the full details when you watch the video.
Take control of the narrative
Luke notes that it’s the business of news outlets to make money, so they are capitalizing on the widespread confusion caused by the NAR lawsuit with clickbait headlines and dire predictions they know will draw the attention of homebuyers, sellers, and even ill-informed real estate agents. Professional agents, he says, need to take a lesson from public relations specialists—control the story.
Don’t let the cacophony of opinions about the NAR lawsuit overwhelm you or your clients. Develop a solid and reassuring story based on that facts, and stick with it.
As an agent, you can leverage the NAR lawsuit to become the dominant voice in your local conversation. It’s an occasion to position yourself as a trusted agent, preferred for your insight, transparency, and expertise. The key is to develop a message that is clear, deliver it with confidence, and remain consistent.
Do your research
Always, but especially in light of the NAR lawsuit settlement, you will win the trust of your prospects and clients by being fully informed.
Develop your pitch so you can explain to your prospects and clients what the implications of the NAR settlement are and their options. Anticipate questions they’re likely to ask, then develop solid responses. To help ease their concerns about commissions, weave into your script the unique value you offer such as your market expertise, negotiation skills, and personalized service. You can also highlight success stories and testimonials from past clients in your presentation and materials.
Practice your pitch
Practice doesn’t just make perfect—it also breeds confidence.
Once you have your script, rehearse it until it becomes second nature to you. People trust those who sound confident, so be that strong, assured voice of reason. Strive to be well organized and use simple language devoid of jargon to ensure that your delivery is smooth and your information accessible. You could even find a colleague, friend, or family member who will listen and give you feedback.
Repeat the message
Research shows the average prospect needs to hear a message seven times before they take action.
Reiterate the same message multiple times with every client, and distribute it widely. Include it in your newsletters. Publish blogs and then promote them. Send a sheet of FAQs to your email list. Host seminars and webinars. Post explanatory videos to social media, perhaps taking advantage of Facebook Live. You can also use our social media automation product to post information that will demonstrate your knowledge of the industry. Choose your topics, or we’ll do it for you, and we’ll personally brand them to you and automatically post them according to the schedule you set.
Whatever your methods, stick to your plan and be persistent—the more you commit to your message, the more it will resonate with the right audience.
When potential clients see your expertise and consistent approach across various platforms, they’ll start to see you as the trusted advisor to guide them through their real estate journey.
Now more than ever, what really matters is communication
Robert Scoble, host of the Scobleizer podcast, is credited with saying, “Change is inevitable, and the disruption it causes often brings both inconvenience and opportunity.” The NAR lawsuit settlement is absolutely disrupting the real estate industry, and some might say that, given the current market, it couldn’t have happened at a worse time. But as Luke points out in his Instagram post, winners win in every market.
There are only two characteristics that distinguish those who achieve their goals from those who don’t. Listen to this Stay Paid podcast episode to find out what they are.
Right now, there is a significant opportunity for agents so long as they make education and transparency the cornerstone of their marketing strategy. Those who fundamentally understand the importance of proactive communication and take the necessary steps to build trust with prospects and clients will ride this latest wave to success.
To start, invite those in your database to connect with you for a personalized consultation to discuss their specific needs and navigate the changing market. For greater efficiency, you can contact one of our marketing specialists to purchase a list of your clients most likely to move in the next 6 to 12 months and reach out to them before contacting other names in your database. (ReminderMedia clients who have our personally branded magazine can get their list at no cost.)
At no additional charge, you can use the Front Inside Cover of your personally branded magazine to write a custom letter to each recipient. Use this feature to offer reassuring words and encourage clients to reach out with their questions.
In what is sure to become an even more fiercely competitive industry, your ability to foster an open, reliable, knowledgeable, and trustworthy pattern of communication with prospects and clients may very well be the linchpin of your success.
Equip yourself with the latest information, understand its implications, and craft a consistent message that resonates with your clients. Let ReminderMedia be your partner in navigating this exciting new landscape. We offer a variety of tools and resources to help you remain consistent in your marketing and establish yourself as a trusted advisor positioned to win in this competitive market.
