Inman contributor Valeria Grunbaum writes that agents need to lead by example. Walk the talk and don’t believe the fears and uncertainties of these post-settlement eras.
Attend Inman Connect in Las Vegas July 30-August 1! Seize the moment and take control of the next era of real estate. Through immersive experiences, innovative formats and an unparalleled lineup of speakers, this gathering becomes more than just a conference, it becomes a collaborative force shaping the future of our industry. Grab your tickets now!
One of the major changes in the proposed settlement by the National Association of Realtors (NAR) is to remove the partner broker commission field from the MLS, meaning the conversation about buyer’s agent compensation (if there is compensation from the seller) will be outside the MLS. Conducted outside. The major change was not popular among the real estate agent community.
Change creates uncertainty for most people, leading to fear and confusion. Agents need to lead by example and practice what they preach, rather than buying into the fear and uncertainty of this era. Now is the time to inspire, innovate and create value as your agents respect you and follow your lead.
Over the past three months, I have been working with brokers and agents in our training and coaching programs to implement new processes and ideas to keep production growing during this time and, most importantly, from “Problem thinking” turns to “problem solving”. “Opportunity Mindset,” helping them to be proactive, innovative, and prepared for what we know will happen sooner or later.
Here are some of our biggest areas of focus that I believe will have an impact on your team.
1. Brokers must play a leadership role and lead by example
What I mean by this is that agents need to pay special attention to the mindset of themselves and their team members. If an agent focuses on the negative and displays fear, it will spread negativity and fear. If an agent speaks with creativity and motivation, it opens up space and motivates the agent to come up with possible solutions.
2. Now is the time to make a conscious effort to train listing and buyer’s agents
I think the main skills agents need most are sales, marketing and negotiation skills. Marketing and sales are crucial for listing agents as they need to get back to basics in a variety of ways to market their properties.
For buyer’s agents who are faced with the reality of requiring a buyer’s agreement, having sales and negotiation skills will definitely put them ahead of the competition. I believe agents who lack these three key skills will have a hard time converting sales and will soon leave the industry.
3. Tell your agents to communicate with their colleagues
For years, the MLS has been the primary tool for finding properties, coordinating showings, and submitting offers. Sometimes the buyer’s agent and the listing agent never even have a phone conversation before an offer is submitted or even accepted, but now, agents need to pick up the phone and talk to each other from the start. Now more than ever, communication skills are one of the key areas that need to be improved and developed to avoid or minimize conflict.
4. Diversify your customers
Anyone who knows me knows I’m biased on this point. When I was doing real estate, 99% of my buyers were international. If I had to start over, I would focus on this. International buyers make up a large portion of the market in many U.S. cities, and the good news is that they are accustomed to paying commissions in their home countries.
5. A buyer’s agreement must be signed from now on
If you go to any service provider in any industry, they will not start work until a service contract/agreement is signed. The truth is, most real estate agents don’t care much about the buyer’s agreement, either because the listing agent has already negotiated a commission for the buyer’s agent or because they’re worried about rejection.
Many buyers are not loyal; they like to shop around and buy from the person who found the property for them. Agents must learn how to present their value proposition to buyers and educate them on the benefits of buyer representation.
Again, in my experience, one advantage of working with international clients is that they are more loyal and in most cases willing to sign a buyer agreement.
Agents who are proactive, flexible, have the right mindset, focus on training their agents, and prepare themselves for what’s to come will stay ahead of the competition.
Exciting times are ahead. With change comes opportunity, and I can’t wait to see you become leaders in this new era of real estate.
Valeria Grunbaum is an author, trainer and coach and the founder of the International Real Estate Institute and the International Business Institute.contact her Instagram and LinkedIn.
