NAR Settlement

How to Deliver a Buyer’s Presentation Post-NAR Settlement: A Simple, Friendly Approach

Aug 28, 2024

Delivering a buyer’s presentation that effectively communicates the new NAR settlement requirements can be challenging.

Still, with the right approach, it can be done in a way that’s both informative and comforting to your clients.

Here’s how to craft a presentation that ensures your buyers feel informed and supported:

1. Start with a Warm Welcome

Begin your presentation by establishing a rapport with your buyers. Highlight your commitment to helping them find their ideal home while ensuring they are fully informed.

Emphasize that your goal is to provide transparency and clarity, particularly with the recent changes in the industry.

2. Simplify the Settlement Overview

Introduce the NAR settlement changes by explaining that the real estate landscape has evolved to offer more transparency and flexibility. Frame the changes positively, mentioning that buyers now have more control over their agents’ compensation.

Use simple language to describe that, in the past, sellers typically covered the commission for both their agent and the buyer’s agent, but now buyers can negotiate and decide how their agent is paid.

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3. Explain the Written Agreement Requirement

Discuss the new requirement for a written agreement before touring homes.

Position this as a benefit, ensuring all parties are on the same page regarding services and compensation.

Explain that this agreement will clearly outline your services, allowing them to understand precisely what they’re getting and at what cost. Reinforce that this protects their interests and helps avoid surprises later on.

4. Focus on Value

Transition to discussing the value you bring as their agent.

Highlight your expertise, market knowledge, negotiation skills, and commitment to finding them the best home at the best price.

Reassure them that, although they will be directly involved in compensating you, your services are designed to save them time, money, and stress.

5. Invite Questions

Conclude by inviting them to ask questions or express any concerns. Emphasize that you are there to guide them through every step of the process and that their satisfaction is your top priority.

By following this structure, you can deliver a buyer’s presentation that effectively communicates the new NAR settlement requirements, is reassuring, and is client-focused, ensuring your buyers feel confident moving forward.

PLUS: When you have time…below are some marketing tools to help support your success.

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3. The Free Interactive 6-Month Real Estate Business Review

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4. The Become a Listing Legend Free eBook

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Easily Adapt Your Marketing to NAR Rules with ProspectsPLUS!

Aug 26, 2024

With the recent NAR settlement being enacted, real estate professionals must be more diligent than ever in ensuring their marketing efforts align with the new rules.

The settlement has introduced changes that require greater transparency, particularly in how commissions and business practices are communicated to clients.

As a result, you may need to adapt your direct mail marketing to clearly and accurately reflect how you conduct your real estate business to stay compliant and maintain trust with your audience.

Customizable Marketing Solutions from ProspectsPLUS!

This is where ProspectsPLUS! Becomes an invaluable resource. We offer a wide range of fully customizable marketing templates for postcards, brochures, newsletters, and more.

This flexibility is crucial in the current climate, as it allows you to adapt your marketing materials to meet the requirements set forth by the NAR settlement.

Adapting Your Marketing to Meet New Requirements

For example, if you are choosing marketing materials, you need to clearly explain how commissions are handled or how your business operates; you can easily modify the verbiage on our marketing materials in our editor.

ProspectsPLUS! templates are designed to be user-friendly, enabling you to quickly and easily make the necessary adjustments without compromising your materials’ professional look and feel.

Stay Compliant While Reaching Your Audience

In a time when clarity and transparency are not only recommended but required, it is essential to be able to tailor your marketing to meet these demands.

Our priority is to continue providing the tools you need to ensure your marketing aligns with the new regulations, helping you stay compliant while effectively reaching your target audience.

As you navigate the new landscape of real estate marketing post-NAR settlement, rest assured that with ProspectsPLUS!, you have the flexibility and support to keep your business thriving while staying within the rules.

Please call our support team at 866.405.3638 with questions or if there is anything we can do to help you succeed.

PLUS: When you have time…below are some marketing tools to help support your success.

1. Put Your Real Estate Business a Step Above with Your Own Branded Magazine

2. The Free 6-Month Done-For-You Strategic Marketing Plan

3. The Free Interactive 6-Month Real Estate Business Review

4. The Become a Listing Legend Free eBook

Post NAR Ruling: Why you Must Clearly Explain your Value to Buyer Clients

Apr 10, 2024

After you’ve finished counseling your potential real estate clients on what the whole NAR settlement thing means for them, it’s time to get busy convincing buyers that, yes, they do need an agent.

The best way to do this is to clearly communicate your value in every newsletter, on every postcard, social media share, and email.

Yes, it may require an overhaul of your entire business marketing plan, but you’ll reap the rewards when potential and new clients understand what you bring to the table.

Start with the initial buyer consultation

The buyer consultation is critical. It’s during this process that the buyer gets to know you and, hopefully, likes and trusts you as well. It’s a critical component of a successful relationship.

If you’re new to the world of real estate sales, here are some ideas:

Explain the changes brought about by the NAR settlement and how this may impact them as buyers.

Explain the mortgage process, in clear terms that consumers can understand.

Impress upon them the importance of obtaining mortgage pre-approval.

Learn what they’re looking for in a new home, size, age, location, and which aspects of the wish list they’re willing to compromise on.

Walk them through the post-accepted offer process. This includes inspections, appraisal, and how you will negotiate on their behalf if the need arises. Don’t forget to explain the loan estimate form and the closing disclosure from the lender. New agents can find information about both at consumerfinance.gov.

Explain the final walkthrough.

Closing: What it is and how it works.

Find out how often they expect to hear from you from the time escrow opens until closing. How do they prefer that you communicate with them? Email? Text? Telephone?

Create a buyers’ version of a listing presentation packet

You’ve most likely seen agent advice that extolls the “necessity” of coming up with a “unique value proposition (UVP).”

“Your value proposition is the unique benefit that you offer to your clients that sets you apart from other agents. It should answer the question: why should someone work with you instead of someone else?”

The only problem with this advice is that by and large, the American consumer is skeptical of self-promotion. This is reflected in the fact that, according to Global News Wire, “… 95% of customers read online reviews before buying a product.”

Instead of the overtly self-promoting UVP, why not use a glowing testimonial? In fact, create an entire page of them, or sprinkle them throughout your buyers’ packets.

What else to put in your buyers’ packets?

Your bio

A text version of all of the things you counseled them on during the oral consultation.

Remember, buyers are going to need negotiators in their corner when it comes to them having to pay a commission. If you have testimonials that highlight your negotiating skills, do include them.

Copies of some of the more important forms they will be asked to sign.

Yes, your industry is in a bit of turmoil right now, but if you get ahead of other agents in proving to homebuyers why they should hire you, you’ll be glad you didn’t get caught up in the whirlwind.

When you have time…below are some marketing tools to help support your success.

1. Put Your Real Estate Business a Step Above with Your Own Branded Magazin

2. The Free 6-Month Done-For-You Strategic Marketing Planner

3. The Free Online Real Estate Business Plan

The Real Estate Business Plan allows you to enter your business goals for the year and get a breakdown of how many prospects, listings, closings, and so on are needed to reach your financial goals. – Click Here

4. The Become a Listing Legend Free eBook

How to Counter the Media’s Misinformation About the NAR Settlement

Apr 8, 2024

As if the red-hot sellers’ market of late didn’t cause enough anxiety for Americans who long for their own homes, along comes a lawsuit to add to the problem.

Not to get all doomy and gloomy, but Americans are being bombarded by mainstream media articles about what their journalists expect the NAR settlement will mean to buyers, sellers and agents.

“And many headlines aren’t separating fact from fiction, feeding misinformation to you and your clients,” according to the legal team at the NAR.

Only you, as the boots on the ground in the industry, can help clear it up for the average real estate consumer.

The biggest myth you’ll most likely run up against

Remember the aforementioned Reuters headline: “…“Home buying costs could fall.”

As you know, the only thing guaranteed to “fall” when this settlement is approved (sometime in mid-July) is home selling costs. The typical home seller makes out like a bandit in this deal.

Maybe I’m wrong, but home sellers aren’t having a tough enough time selling right now that they are willing to give away, in concessions, a huge hunk of their equity.

The myth that homes will magically be more affordable to buyers is something that urgently needs busting. Who better to do that than the true experts in real estate: Agents?

This will make it easier for buyers to negotiate fees

“The $418 million settlement … makes “it easier for buyers to negotiate fees with their own agents or use no agents at all.” (Emphasis is ours)

How will the latter work?

How will the average homebuyer gain access to tour homes for sale without an agent? Will the listing agent have to be on hand to show their listings to unrepresented buyers? Many agents don’t mind double-ending deals (in states where it is legal) IF they are compensated for all the extra work and responsibility when representing both sides.

If these unrepresented buyers lack an agent because they don’t want to pay an agent, why would the listing agent act as a buyer’s agent as well? Especially when one considers that the listing agent still maintains all the legal and ethical ramifications of dual agency, without the additional compensation.

Let your potential buyers know that, since they’ll most likely have to pay a fee for representation, they may as well have the protection of exclusive representation during the purchase.

Present the coming reality, gently

Judi Desiderio, chief executive of Town & Country Real Estate in East Hampton, New York told the folks at Reuters.com that “Some buyers could end up paying more for homes.”

She is correct. Sellers will be no longer on the hook to pay the buyers’ agent commission.

At today’s average home price, nationwide, this outlay for buyers may be from 1% to 3%, or from $4,177 to $12,531.

Again, real estate consumers are hearing from the media that not only will their homebuying costs come down, but prices may too.

A gentle reminder to potential clients that “housing prices are dictated by market forces,” [NAR], not lawsuits, should help curb their enthusiasm to buy into the media’s narrative.

When you have time…below are some marketing tools to help support your success.

1. Put Your Real Estate Business a Step Above with Your Own Branded Magazin

2. The Free 6-Month Done-For-You Strategic Marketing Planner

3. The Free Online Real Estate Business Plan

4. The Become a Listing Legend Free eBook

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