There are some significant changes happening in the real estate industry:
If you've been following the Zillow lawsuit, you might know that recently, two major players, Realogy (which includes Coldwell Banker, Century 21, and Sotheby's) and RE/MAX, settled this lawsuit. While other companies and the National Association of REALTORS are still part of this ongoing lawsuit, these two giants settled for substantial amounts—Realogy for 85 million and RE/MAX for over 55 million.
But what's more crucial is what they agreed to within the settlement itself, not just the financial aspect:
They've agreed to give sellers the option to not pay buyer agent commissions (BAC) when listing their homes. This means that when a property is listed on the MLS, sellers can choose to set the buyer agent commission to zero.
Imagine this scenario:
In your market, a significant portion of sellers start opting not to pay a buyer agent commission. It's a game-changer, and we need to adapt to it. What this will force us to do on the buyer's side of the transaction is to begin collecting fees from buyers. This practice has been relatively rare nationwide. While some agents have done it, it hasn't been the standard.
However, we're entering a period where we may have to treat buyers more like we treat sellers.
When we interact with sellers, we conduct a seller presentation, discuss our value, and have them sign documents indicating they'll pay us if their house sells. Now, picture applying a similar approach to buyers, which we may be compelled to do.
We'd sit down with a buyer and say, "Let me take a few minutes to show you how I work. Let's walk through the process of my representation and the value I provide. If I successfully help you buy a home, you'll pay a fee." This fee might be offset if the seller pays us through the commission, but in many future cases, buyers may be writing the full check.
The market is evolving, so what can you do to prepare? I'll give you three essential steps you can take right now to get ready for these likely changes coming to markets across the country.
These steps will help you stay ahead of the curve and navigate the evolving real estate landscape effectively.
Why do Brokerage Owners, Office Leaders, Team Leaders, and Solo Agents choose Jim to be their coach?
+ 32 Years of Real Estate Sales, Management, and Coaching Experience
+ Top 1% REALTOR Himself (he has been in the trenches)
+ Opened his First Real Estate Company at 23
+ Grew his Real Estate Company to 17 Offices (largest in Oregon)
+ His Current Team Closed $1.4 Billion in Sales in One Year
+ He is a Current Real Trends Top 500 Broker
When you work with Jim there is no "team" of coaches - you are being trained by Jim and tapping his knowledge and experience.
When your office or team joins our brokerage coaching platform, every agent at your firm will tap into our training and coaching resources.
These benefits include:
20 Weeks of On-Demand Lead Generation Coaching: Access our extensive coaching program, offering daily guidance for 20 weeks, empowering your agents with proven lead generation strategies.
Extensive Downloads Library: Gain access to a vast collection of resources, including scripts, texts, emails, drip campaigns, checklists, systems, forms, and more, all designed to enhance your agents' productivity and success.
Marketing Assets: Stay at the forefront of real estate marketing with new social media and digital assets delivered to your team on a weekly basis, ensuring you have the latest tools and strategies to effectively reach your target audience.
Live Monday Coaching: Kickstart your week with our live Monday coaching sessions, where we deliver the biggest and brightest ideas in the industry. Gain invaluable insights and stay ahead of the curve.
Live Wednesday Coaching: Join our tech and marketing experts every Wednesday as they dive into the hottest real estate tech and trends. Discover innovative tools and strategies that will give your agents a competitive edge.
Live Friday Coaching: Tap into our live podcast series, where we interview some of the biggest names in the real estate industry. Learn from the best and gain inspiration from their success stories.
At eRealEstateCoach.com, we are committed to helping you and your team thrive. Productive agents become raving fans helping you attract the top talent in the industry.
Visit https://www.erealestatecoach2.com/explorecoaching to learn more.
Jim would like to talk to you about your real estate business with a complimentary 30 minute coaching session.
During the call be prepared to discuss - Your goals for the next twelve months. Your time management and priority management strategies. Your willingness to change and adapt to a changing market landscape, and your biggest choke points - what's really holding you back
The road to transformation starts with small steps. Take your first towards a better real estate business today...