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Real estate pros—especially buyer’s agents—need guidance on how to explain their services to clients.

Recent class-action lawsuits have made crystal clear that the real estate industry is in the midst of a paradigm shift, which means brokers and agents need to shift their business practices, experts said Monday at the Small Brokers Committee meeting during NAR NXT, The REALTOR® Experience, in Anaheim, Calif.

It’s imperative for brokers to make sure their agents understand exactly how to communicate their value to their clients, said Lynn Madison, ABR®, broker-owner of Lynn Madison in Schaumburg, Ill., and owner of training company Lynn Madison Seminars. “Brokers need to help agents create and articulate their value proposition to their clients,” she said.

Madison added that while listing agents often communicate their value well to sellers, buyer’s agents need to give their clients a better understanding of what their job entails. “Break it down for your agents in bite-sized pieces,” she said. Here are the talking points she suggested:

• Find a suitable property to show the buyer. Based on the buyer’s wants, needs and budget, the agent is tasked with finding properties that check the right boxes and make sense for the buyer.
• Show the property. Agents are responsible for coordinating dates and times to show the buyer a property. They also need to know important details about the property and be able to communicate the features of the home to the buyer.
• Analyze the market. When it comes time to make an offer, buyer’s agents are responsible for analyzing the market to help their clients decide on an appropriate offer amount. Agents need to know the current state of the market on the macro scale and what’s happening in individual communities and neighborhoods. This information helps them assist buyers in coming up with a sound offer.
• Write the offer. Once a buyer settles on the amount of the offer, it’s the agent’s job to write up the offer and submit it to the listing agent or the seller. To do this effectively, agents need to understand what makes a sound and attractive offer.
• Negotiate on the buyer’s behalf. When it’s time to negotiate a deal, it’s the agent who acts as liaison. The agent ensures that the deal is negotiated in the best interest of the buyer. The agent often counsels the buyer and presents counteroffers to the listing agent or seller when needed. In many cases, the buyer relies on the agent to provide them the soundest information and advice in what is oftentimes their single most important investment.
• Get the transaction to the closing table. From insurance to mortgage loans, the agent often uses their wealth of resources to ensure that a transaction goes from offer to closing table. Agents often help their clients understand exactly what they need to ensure the deal closes, and they have keys in hand at the end of the day.

All of these components need to be communicated to the buyer at the onset of the relationship, said Madison. In today’s industry, a buyer representation agreement is essential to ensure the agent and the brokerage get paid, and the only way a buyer is going to sign an agreement is if they understand the nature of this professional relationship and the services the agent provides.

The data is clear, Madison said, noting that three-quarters of buyers say they’d use their agents again, according to NAR’s 2023 Profile of Home Buyers and Sellers. Buyers cited many of the above benefits of working with an agent—finding the right properties, negotiating and handling paperwork—as reasons they valued having an agent by their side. But the communication of the value of the agent is lost somewhere between the beginning of the relationship and the close of the transaction.

Madison noted that NAR’s Accredited Buyer’s Representatives (ABR®) course, which was recently revamped to address issues of compensation and value proposition, provides brokers with a road map for these conversations.

National Association of REALTORS®
Reprinted with permission

If you’re a broker or manager, your agents need your time, attention—and rational thinking.

Many real estate agents today are in need of intentional, hands-on help from their brokers. It’s easy to get caught up in the unknowns of the market and unrest in the industry, and without strong leadership, agents might flounder and catastrophize.

At NAR NXT, The REALTOR® Experience, in Anaheim, Calif., veteran trainer David Knox, president of David Knox Productions Inc., outlined seven ways brokers and managers can help their agents through today’s tumult.

1. Get Back to the Fundamentals

Spend time with your agents. “Just have coffee with them. Ask them about their families. They are starved for your attention,” he said, noting that in his findings, the number one request from agents of late was not more technology or resources, it was time with their brokers, owners and managers.

Remind your agents that, regardless of market volatility, interest rates or any other variable they might be worried about, these three points are time-tested and still true today:

People move. Agents need to see what that looks like in your market, Knox said, because right now, they’re reading the headlines like everyone else, and it’s scaring them. Show them the data.

People still use real estate agents. The National Association of REALTORS®’ latest data shows that 89% of home buyers used a real estate agent when purchasing their home. Despite anything speaking to the contrary, real estate agents are still an integral part of the home buying and selling process. Remind your agents of that, Knox said.

Life circumstances change. Children are born. Loved ones pass on. Children grow up. Life’s circumstances change, and people have to upsize, downsize or offload properties on their own timelines, no matter what the market is doing.

To know what’s going on in people’s lives, agents need the fundamental skill of engaging in two-way communication, Knox said. “Conversations precede transactions. Make sure your agents are having two-way conversations with people.” Relationship-building is a necessity in a slow market. “Call clients and thank them. Invite clients or prospects to something. Give them useful information on what’s going on in the market.”

2. Step Up Marketing

With so much negativity and catastrophizing circulating, make sure your agents know the importance of circulating a positive message. And when it comes to social media, tell agents to ensure that whatever they’re posting, it’s valuable to their audience.

3. Go Back to Meetings and Training

You can’t build the office culture you want online, Knox said. It has to be done in person. Even virtual offices can host in-person meetings at a Starbucks or a local staple, and agents want to get together.

Knox suggested putting new agents and seasoned agents in different rooms and different training tracks altogether, because they don’t need the same experiences.

In training and coaching situations, get specific on what your agents want out of their careers, how they want to reach those goals and why those goals are important to them, he said.

4. Have a Live Training Component

Rather than automating all of your training materials through videos, handouts or PowerPoint presentations, add in a live component. Bring in a presenter from an ancillary service or have one of your agents lead a presentation.

5. Role-Play With Your Agents

Most agents hate it, Knox said, but time and again, the feedback he gets from role-playing is that it’s a source of some of the greatest growth for agents. If they’re dealing with an issue or walking into a new situation, role-playing the scenario will help them get comfortable.

“They have to perform the skill for the first time somewhere,” he said. “Would they rather do it with you in the office, or would they rather do it out in the field in front of a client?”

6. Help Agents with the Numbers

Don’t let your agents get caught up in negative concerns around interest rates and pricing. Instead, make sure the message they believe—and the one they’re spreading—is rooted in reality. Show them the potential benefits and opportunities of the current market, and make sure they can articulate that to clients.

But remember that too much time wrapped up in the numbers bypasses the most important and most fundamental factor about real estate: “Home is where the heart is and home is where people find their security and raise their families.” Numbers are secondary to that fact, Knox said.

7. Manage the Inventory You Have

If a listing has gone stale, take action, whether that’s a price adjustment, property enhancement, or marketing to a wider buyer audience. Make sure you’re taking care of the inventory you have right now. Extend your contracts into January. Whatever you do, make sure that what you have on the books right now is moving the best it can.

National Association of REALTORS®
Reprinted with permission

Panelists from RISMedia’s Power Broker Forum talk about where they’re focusing their energy to start strong next year.

Many brokers found that tumult characterized 2023. Interest rates and inflation caused a major dip in the market, and the slowdown made clear the gaps in professionalism among less-experienced agents. At the RISMedia Power Broker Forum during NAR NXT, The REALTOR® Experience, in Anaheim, Calif., brokers spoke about where they’ll focus their energy to make the most of 2024.

Perception Matters

Real estate is a profession that is constantly in flux, but you can choose to see that fact in different lights. “I personally could not be more excited about the changes afoot. I’ve been in the business for 37 years, and I’ve always found it interesting that someone else is negotiating my payment for my services,” said Gretchen Pierson, president and owner of Berkshire Hathaway HomeServices Drysdale Properties in Danville, Calif. “There’s an opportunity for transparency with the clients that will make a big difference in how the industry works, and I think that’s a good thing.”

Michele Harrington, COO of First Team Real Estate in Long Beach, Calif., said he chooses to see obstacles as opportunities, noting that now is the time to help agents separate fact from emotion. “Our agents rely on us to be factual, logical and not emotional. It’s time for us to lead them through these hard times with the facts and help them figure out how to overcome challenges.” That requires training, Harrington and Pierson said.

Train, Train, Train

Buyer representation agreements, customer service, conveying value—all agents, regardless of their experience level, need to understand and execute these three business practices consistently. Additionally, staff need to know how to support agents and the brokerage.

Todd Sumney, CIO and CMO of HomeSmart International who moderated the panel, said training and communication are top priorities for his brokerage. He’s providing agents with masterminds, in-person trainings and meetings to help meet their needs. He’s also encouraging training at every level and in every relationship, from broker to agent and agent to client.

In order to get agents to show up to the training, Pierson said, her brokerage has gamified attendance as an incentive.

Remove Biases

Brokerages must remove biases to survive in this market, Pierson said. “A lot of times, we’re asked the question, ‘Why do you do it this way?’ The only answer is because we always have.” That’s not good enough anymore, she said, which is why she’s drilling down on all of the processes she has in place and figuring out where they can change. “Geographical boundaries no longer exist, for example. We’re bringing in agents and still training them to farm a geographical location, and yet, I don’t see any sphere of influence that lives on the same block.”

Maximize Every Person in the Office

Harrington is taking a microscope to her offices to ensure the right staff and agents are positioned to perform the best. “The most important thing in a company is who you have, and now is a great time to make sure the ‘who’ is exactly what it needs to be,” she said.

Figure out what everyone is good at and where they could use some training, and direct that activity, she said. If you find that you don’t have the people you need, get them. Having the right people positioned well means that 2024 can start off without a hitch.

Refocus on Relationships

The last few years might have been fast and furious, with no time to build relationships, but now is the time to fall back on cultivating connections, said Craig Cheatham, president and CEO of The Realty Alliance in Colorado Springs, Colo. “We’re looking at things more like a long-term financial planner would, where there’s this ongoing conversation that isn’t just centered around the transaction. People need counseling right now. They need real information and a trusted advisor.” The real estate agent is positioned well to provide this kind of relationship, he said.

Relationships take communication, especially in uncertain times, said David Romero, executive vice president of growth at Realty One Group in San Diego. That’s why he has agents focused on reaching out to past clients and current customers to help walk them through any industry-related questions they might have.

Sumney said that now is the time to lean into client feedback. “Grab a consumer and interview them. Ask them what’s important to them. When agents here directly from the consumer, it connects with them and helps them face any challenges they might be feeling.”

This moment in the industry calls for strong leadership, Harrington said. Now is the time for brokers and managers to take a hard look in the mirror and ask themselves whether they have what’s necessary to lead their agents through the market’s current climate. “Ask yourself what your weaknesses are and how you can work on them. Ask yourself how you can lead better because our agents are asking us to lead them right now,” Harrington said.

National Association of REALTORS®
Reprinted with permission

With a little support, your motivated, fire-in-the-belly, part-time agents will find full-time success.

Some part-time agents need a helping hand in order to make the leap into real estate full-time. We have developed 15 strategies to help brokers create a work environment where agents feel comfortable leaving their previous careers behind and fully dedicating themselves to becoming real estate rock stars. Here is a pared-down list of five crucial things brokers and managers can do to get their agents off the dime.

1. Timing. Help your part-timer seize that “right” time to become a full-time agent by having an honest conversation weighing the financial pros and cons.
2. Savings. Advise your agents who are preparing to transition into real estate full-time that they must have a minimum of 90 days worth of personal overhead money in savings. More than 90 days is better. While working in real estate part-time isn’t ideal, sometimes that’s what it takes for agents to get their feet wet and earn a few commission checks in order to save that 90-day minimum to be successful as a full-time agent.
3. Health insurance­. Affording health insurance as a small-business owner can be difficult for those just starting out, but it’s a conversation that shouldn’t be ignored. If your part-timer has a spouse with great insurance and benefits, encourage them to switch to their spouse’s plan. If the agent’s current job offers health insurance and benefits for part-time workers, encourage her or him to reduce their hours to the minimum required to retain that insurance until they’re confident they can transition to full-time and afford their own plan.
4. Skills. The part-time agent must have a pre-listing package, a formal listing presentation, and a buyer presentation under their belt before taking the full-time plunge into real estate. Show agents what these presentations must include, how they should look, and how they should read or sound to engage a prospective client. Give your part-time agent quality, honest feedback when he or she submits the presentations to you. The goal is comprehensive, convincing, and clear.  Also, a realistic and effective business plan that can hold them visually accountable and 110% committed to their real estate business is crucial. Become your agent’s eyes and ears as well as their editor and mentor.
5. Mindset. Is your part-time agent doing all aspects of the job at the highest level? This work ethic and customer service mindset is the essential foundation for a future full-time rock star in real estate. Remind your future rock star again and again that this foundation is necessary for any successful, new part-time or full-time real estate agent. 

Once your rock star agent is living and breathing these five strategies and realities, continue to provide them with support and model the discipline it takes to build a productive schedule based upon their financial goals.

National Association of REALTORS®
Reprinted with permission