The NAR Lawsuit against agent commissions is now a class action.
Buyside might be going bye-bye, and people are scared. But what can you do about it?
If you’re nervous about the NAR lawsuit, it’s hard to blame you…
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The National Association of Realtors along with major brands like RE/MAX, Keller Williams, and HomeServices of America are facing damages of $13.7 billion (and as high as $41.1 billion). Now, the buyer’s agent as we know it could be disappearing, and it’s hard to blame anyone for feeling like the rug has been pulled out from under them.
Our industry is changing, which means that we have three options depending on this NAR lawsuit verdict. We can either:
- Get angry and attempt to carry on as thing are (which isn’t a great idea even if it is possible).
- Quit and find another profession.
- Focus on what we can control and adjust to the situation.
Anybody else want to pick Option 3? That’s the one we’re talking about in this blog, so if that’s where your head is at too, I’m going to give you the strategies you need to focus on to come out on top of this new shift in the landscape. So, read on!
New Market Tactic No. 1: Don’t Panic
Generally good advice, right? Well, then why do so many people do the total opposite?
Because freaking out is easy to do. It takes a lot of discipline and bravery to remain calm and adjust in a thoughtful way.
Preparing aways beats panicking, and that’s why this moment is such an incredible opportunity for those who can do it. It’s time to roll up your sleeves, prepare yourself to work harder than ever, and get hyper focused on what you need to do.
New Market Tactic No. 2: Adjust Your Marketing
Here’s what you need to do: GO ALL-IN ON LISTINGS.
I know this seems obvious, but I want to emphasize what I mean by “all-in.” It’s easy to tell you to just not take any buyers and only reach out to sellers, but have you taken the time yet to adjust every bit of your marketing and online presence to be listing-centric?
If you want to survive the fallout of this NAR lawsuit if it really does change the laws governing our industry, you can’t be a “real estate agent” anymore – you need to be a listing agent. You are a listing specialist, and everyone needs to know it.
New Market Tactic No. 3: Set More Appointments Than Ever Before
It’s time to get gritty – with yourself, not with others, obviously.
I say it all the time, but I’ll say it again and again: What got you here will get you half as far in the coming year. The calls you made, the appointments you set, the videos you posted… double it. Listings are the currency of this market and appointments are how you get them.
This is not a situation for complacency. Now is the time when agents establish their reputations for years to come.
So, now you need to ask, besides doubling your efforts, how else are you going to multiply your number of listing appointments set? More on this to come…
New Market Tactic No. 4: Save Your Money
And lastly, I know that my first point was not to panic, and you shouldn’t, but you also can’t afford to mess around right now.
We don’t know what’s going to happen and there’s a good chance that those who lived below their means for a while and saved up some money will be glad that they did.
A fancy new car, a luxury vacation, or even that $6 americano you get every morning can wait until later. If you’re going to spend on anything, it might be wise to prioritize things that will increase your earnings, such as assistance, marketing, and training.
It’s Grind Time
As I wrap this up, let’s go back to how you’re going to get more listings appointments. Hard work is a must, but when you look at the top performers in any field, what sets them apart is their expert-level knowledge and the connections they make by being engaged in their industries.
These are what my Roadmap events are all about. I’m taking a deep dive into the advanced strategies that the best agents in the business are using to attract listings on a massive scale. So, click here to find the location near you.
It’s all about getting prepared, so that no matter where the NAR lawsuit goes, you know where you’re headed.
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