💼 Navigating NAR Settlement: Insights & Action for Real Estate Pros 🏡 | Take Flight w/ Jim Miller ✈️
Channel: Ask Jim Miller | Take Flight Real Estate Coaching
Date: 2024-03-17

Watch 📺 / listen 🎧 to all Take Flight podcasts on YouTube! ✈️

🎙️ In this 227th episode of my Monday Morning Pep Talk, I'm discussing the NAR Settlement and its potential impact on our industry. As a coach, mentor, and friend, I'm sharing my thoughts based on 25 years of experience in real estate brokerage.

The NAR Settlement announcement caught many of us by surprise, prompting a mix of shock and fear. However, I believe that opportunity comes from chaos, and as leaders, we must step up and navigate through this change.

🔑 Key points about the NAR Settlement:

- Compensation offers will be moved off of the MLS in July.
- Written buyer agency agreements will be required.
- The settlement is not yet fully approved but is expected to be in the coming weeks.
- This will significantly impact how business is conducted, with residential brokerage mirroring more of a commercial brokerage model.

📋 As a coach, my game plan for brokers includes:

- Avoiding speculation and focusing on what's proven.
- Mastering your 5 lists: Top 100, Top 100 referral partners, Warm List, Hot list, and List of Collaborative brokers.
- Defining your value and mastering the buyer consultation strategy.
- Committing to having a buyer agency form signed before showing properties.
- Preparing to ask the listing agent for offers of compensation.
- Explaining to sellers the importance of offering buyer agent compensation.
- Studying local buyer agency documents and taking an ABR course.
- Upgrading communication skills and staying nimble and open-minded to change.

This is a significant development in our industry, similar to the changes post the 2007/2008 financial crash. It's a "low tide" moment that will expose the level of planning and execution in your business. Running a solid business will attract clients and take market share.

I'll be discussing this topic with industry colleagues and leaning on leaders within the Sotheby's International Realty brand. We will navigate these changes together.

If you're not open to change, it could get difficult for you. Remember, "If you are not changing, you are choosing." It's time to step up and lead.

🔍For more resources, check out my website www.askjimmiller.com and @AskJimMiller on Spotify, SoundCloud, Apple Podcasts, and YouTube. And don't forget to search @AskJimMiller for more insights! 🎧

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