Future-Ready Agents
The real estate industry is changing rapidly.
Are you prepared?
Bryan Sheppard, President and CEO of Coldwell Banker Select, has been sharing information about the NAR lawsuits and our expectations of the current changes in real estate with our agents for more than 2 years.
At Coldwell Banker Select, our agents are receiving top-tier support and guidance so they are fully equipped to navigate the new real estate landscape post-NAR settlement. If your broker isn't preparing you for the realities of the future, it's time to join the industry leaders who are helping agents succeed and thrive in the wake of these industry changes.
Reach out to a local office manager for more information:
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FAQ'S
What do I say to a buyer?
We will have to have conversations with our buyers that we’ve never had to discuss before. There are a number of scenarios that buyers will bring up that will be difficult to handle if you’re not prepared. We are training our agent with a SIMPLE strategy that covers most scenarios and then filling in the gaps with specific conversational training.
What do I say to a seller?
We are used to having conversations with sellers, but now they may “have heard” that they don’t have to pay for a Buyer’s Agents Commission. Our SIMPLE strategy to handle sellers helps agents address the importance of a buyer having representation AND helps a seller understand why it’s in their best financial interest to be open to offers with compensation in them.
As a buyer's agent, how will I know what I'm getting paid?
When the cooperating compensation field goes away in the MLS, the only guarantee that a Buyer’s Agent will have to be compensated is the Buyer Broker Agreement they have signed with their client. This sets the guarantee and the amount. We are training our agents to handle this conversation with the Buyer in a way that is beneficial to the Buyer and Agent and creates transparency in the transaction.
What new forms will there be moving forward?
You will see variations of new Buyer Broker Agreements, Listing Agreements, Release of Liability forms, Supplementals with compensation verbiage as well as new Sales Fee Agreements. Some of these forms will come from OREC, the others will come from your company. At Coldwell Banker Select, we already have our forms ready and are training our agents on how to present them to both Buyers and Sellers.
How long has this been going on and why did NAR do this?
The first class-action lawsuit was filed in 2019 and really picked up in 2021 and 2022. We have been following these since the Summer of 2021, keeping our agents informed about the potential outcomes and what it means to the industry and our business. NAR settled the suits because of the cost to post a bond to appeal the verdict of the Sitzer/Burnett case and the cost of continued litigation.
What training is available for agents?
There will be some basic informational training from your local boards, but most situational training will come from your brokerage. We have developed interactive Zoom sessions, in-person (in all of our offices) role-playing courses, recorded videos covering objections handling, and printed training materials for our agents to prepare them for these changes so they can THRIVE in this new world of real estate!
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