Are Buyer Agents A Thing Of The Past - NAR Settlement Update

*All?links provided?at the bottom of this email

Good Morning Team!

I have been sharing?my thoughts?and information on this case now for probably 6 months or so. My goal here was to only help you all realize that when we become service based and not transactional focused, we create advocates for our business. Those advocates are going to be there for us?no matter what....as long as we continue to provide our clients actual value and service.?

Quick Breakdown of Settlement (More in links attached)

• Removing Buyer's Agents Commission from The MLS
• Decoupling of the BA & LA Commission
• Fees Changes to take effect?in a few months of settlement approval

What does this mean?

This means a couple of things:

1. Buyers Agents will have to fight and show their value to their buyers in order to get them to agree to paying you before you provide any service to them. If you show buyers homes and provide service and they buy any home on the MLS without?a set out agreement with you the buyer (yes that means your pay needs to be?predetermined) then you will not be getting paid.
2. This means that how you get buyers will drastically change. Most buyers will be inquiring about listings. They will not be searching for a "Buyer's Agent". So you will have to get very good at lead generation.?
3. ***Commission is not financeable?for buyers. Right now commission is baked into the sales price and the seller pays you from their proceeds. This is super important, you can not just add the commission to the mortgage. As it stands right now. So you will have to really be a professional realtor that has a shit ton of value that your clients become your advocates.

What we?have been asking you to do in a way of service since you started is the key to this value add. What we provide you in way of team support, events, client care etc should be used to its fullest?potential.

HOW TO WIN IN THIS SETTLEMENT

1. Custom Service- It is absolutely crucial that you get off of auto emails NOW! Please let this sink in...In what world would you allow a $5k, $10k or $20k+ commission dependent on an automatic email that gets sent to your client. First off listing agents sometimes don't add the right info and some great properties can be missed. But more importantly EVERY SINGLE CLIENT needs to be treated like they are your ONLY client.?
2. Knowledge & Communication - Buyer agents must have the aggressiveness and confidence to negotiate and protect the best interest of their buyers and be able to communicate that effectively. Be on the ball. This means you must study absolutely?EVERYTHING about your market;

• Market Stats - What has been listed, sold (and why it sold at that price)
• Nuances - What was it about those sales that made the sale happen? (find out everything you can on the sales that aren't yours)
• Future Development
• Answer your phone every chance you get.?
• Be intentional with EVERYTHING you say3.) Professional Advice - it's not enough to hand pick listings for your buyers, you must go to them with everything they need to make a proper decision. I don't care if they are first time home buyers, seasoned investors or local buyers...They must be serviced with a visualization of the numbers:

• Mortgage Numbers from up to date rates (Monthly Cost)
• Rough idea of utility costs (Monthly Cost))
• Neighbour Benefits; Schools, Amenities?etc
• Appreciation (5 Year Look)

****Remember?changes will always happen in life. In every single business. You can never stop these things. If you do the above you will be fine. Stick with your support team. Now is not the time to leave your support system if they are providing?training?and they care about this stuff. Leads are NOT the most important?thing when joining a team in our community...It's the coaching and support more than ever. Ask Questions! Ask for training! See your brokerage's reaction to this news! Are they running training? Are they coaching you?on how to provide better service?

I am here for you all, if you want to be a better agent so you can have longevity in this business reach out anytime. Let's work together to change this industry for the better.?

We are making big money compared?to any other industry?and it's time we started to respect that!

THIS FRIGGIN MATTERS!!!! DO NOT SWEEP THIS UNDER THE RUG! IT IS COMING TO CANADA!?

BE GREAT, BE READY!

-AP

NBC NEWS -?https://www.nbcnews.com/business/real-estate/national-association-realtors-approves-418-million-settlement-rcna143577

FROM NAR -?https://www.nar.realtor/newsroom/nar-reaches-agreement-to-resolve-nationwide-claims-brought-by-home-sellers

BREAK DOWN OF THE SETTLEMENThttps://www.youtube.com/watch?v=2P904oOt-rU