In this session, Howard Tager (CEO & Co-Founder of Ylopo) and Ethan Beute (Chief Evangelist at Follow Up Boss) picked the brains of the industry's two leading subject matter experts and hosts of the Real Estate Insiders Unfiltered Podcast, Keith Robinson (Chief Strategic Officer at NextHome), and James Dwiggins (CEO & Co-Founder of NextHome).
Keith and James helped debunk common fears and shared why maintaining calm is crucial, PLUS revealed the exact steps you need to take to preserve your buyer's agent commission!
Watch the replay of this valuable session to cultivate confidence and peace of mind, backed by the assurance from these experts that the future of buyer's agent commissions is secure.
Don't let uncertainties disturb your equilibrium – stay well-informed and at ease with insights from some of the most knowledgeable in the industry!
By watching this webinar, you can expect to:
Gain Expert Insights on the Legal Landscape: Decode the intricate legal nuances impacting your commissions and develop a clear understanding of the current scenario.
Discover Proven Strategies for Stability: Unearth actionable strategies directly from industry experts, designed to fortify your financial stability amidst changes.
Master Client Communication: Hear firsthand why you can be confident in the resilience of buyer's agent commissions and how to communicate this assurance to your clients.
Explore Adaptation Essentials: Delve into adaptable practices that empower you to thrive regardless of external challenges.
Key Insights
The lawsuits related to buyer's agent commissions have created uncertainty, but industry experts believe changes coming will allow good agents to thrive and earn more.
Settlement of lawsuits is likely within 12-18 months. A national settlement would resolve legal issues and allow the industry to move forward.
Unilateral offers of compensation in MLS will likely go away. Agents will need to have value-based conversations with buyers about services and fees.
Transparency around the work agents do for buyers will be key. Tools like Raze are emerging to track activities and demonstrate value.
Buyer's agent agreements will become more common/mandatory. Agents should start getting familiar with using them upfront.
Buyers financing agent commissions as part of mortgages could emerge to facilitate transactions. Regulatory changes are exploring this option.
Key Skills for Agents in 2024
The webinar also highlighted key skills for agents that will be important in light of recent changes to the landscape:
Articulating value provided to buyers
Using buyer broker agreements
Negotiation skills - books recommended: "Getting to Yes", "The Art of Negotiation", "Never Split the Difference"
Linking listing and buyer sides of transactions
FURTHER READING: Decoding Buyer's Commission: What To Expect in 2024