What To Do As a Buyers Agent Specialist with The New NAR Changes...

Summary

In this podcast, Joshua Smith addresses the concerns of buyer agents, real estate specialists, and team leaders facing potential industry changes. He emphasizes the importance of not operating in fear but instead embracing change and taking massive action. Smith offers four key strategies for success: understanding that changes are proposals subject to court approval, continuing successful strategies while diversifying into listing acquisition, enhancing buyer consultations to articulate value, and niching down to specialize in specific client problems. He concludes with an offer for a free coaching call to help real estate professionals navigate these transitions.

Takeaways

• 📜 The proposed changes in the real estate industry are not yet set in stone and are subject to court approval, so agents should not panic but prepare for various outcomes.
• 🛠️ Agents should not operate in fear of changes but instead embrace them, seeing the opportunities they present for those who adapt and take massive action.
• 🎯 It's important for agents to commit to their real estate business, treating it as their only plan and being prepared to succeed no matter what.
• 🌟 The speaker believes that the next several years could present the greatest opportunity for agents to dominate the real estate business due to changes in the economic climate and technology.
• 🏡 The disappearance of the MLS field offering and the cobro percentage from the listing is a significant change that buyer agents should be aware of and prepare for.
• 📝 Broker agreements will become mandatory, and buyer broker agreements will dictate the compensation that agents can receive, which should be negotiated upfront.
• 💡 Agents should continue their current successful strategies but also diversify by spending time acquiring listings and identifying niches to hedge against potential changes.
• 📈 Niching down allows agents to specialize and become more valuable to their clients, increasing their ability to negotiate fees and succeed in a changing market.
• 🔍 A world-class buyer consultation is essential to articulate an agent's value and educate clients on the home buying process, especially with the proposed changes in compensation negotiation.
• 🚀 The speaker offers a free Zoom coaching call for realtors, team leaders, and broker owners to discuss business strategies and goals.

Q & A

What is the main concern of buyer agents, buyer specialists, and real estate agents with a majority of buy-side business as proposed changes are coming?

The main concern is the fear that their business might disappear overnight due to the proposed changes and they are unsure about how to shift, pivot, and adapt to these changes.

What is the speaker's advice regarding the proposed changes in the real estate industry?

The speaker advises not to operate in fear but to embrace the changes, stay calm, and take massive action to position oneself to not just survive but to thrive and dominate in the business.

What is the significance of the MLS field offering and the co-bro percentage from the listing going away?

The significance is that this change will affect how buyer agents receive compensation, as they will no longer receive the co-bro percentage and will have to negotiate their fee upfront with the buyer.

How does the speaker suggest real estate agents should prepare for the potential shifts in the industry?

The speaker suggests agents should improve their negotiation skills, articulate their value, and not rely solely on one strategy or source of business. They should also consider diversifying their business to include listing properties.

What is the importance of having a world-class buyer consultation process?

A world-class buyer consultation process is crucial for educating consumers, understanding their goals, articulating the agent's value, and negotiating the compensation upfront, which will be essential with the proposed changes.

Why does the speaker emphasize the need to niche down in the real estate business?

Nicheing down allows agents to specialize in solving specific problems for a particular group of clients, which increases their perceived value and potential for success in the industry.

What is the speaker's perspective on the role of technology and AI in the real estate industry?

The speaker views the exponential growth of technology and AI as a significant factor that, along with other changes, presents the greatest opportunity for agents who can adapt to dominate the business in the coming years.

How does the speaker propose to help real estate professionals who are unsure about their business strategies?

The speaker offers a free, zero-pressure Zoom coaching call to help professionals clarify their business status, goals, obstacles, and map out a strategy to reach their desired position in the industry.

What is the potential impact of the proposed changes on the number of Realtors in the future?

The speaker predicts that the number of Realtors might decrease significantly, from 1.5 million to 500,000, as a result of the changes, creating more opportunities for those who adapt and take the industry seriously.

How does the speaker describe the importance of being prepared for changes in the real estate industry?

The speaker emphasizes that being prepared for changes is crucial to avoid being blindsided and to ensure that one can continue to succeed regardless of the direction the industry takes.