NAR Settlement Part 2 — Acceptance and Moving Forward

If you haven't listened to the bonus episode (Episode 242.5) that aired on March 27, go there first. That's where we worked through the shock and grief in real time. This is Part 2 — we are in the acceptance phase now, and we are choosing to focus on why this change is actually good for the industry.

Here's what we cover in this episode:

Why this is actually a good moment: - These changes are happening during a stabilized market — not during the 2021 frenzy or the 2008 crash. That matters. - Buyers and sellers are largely unaffected. This is only a change for agents. - First-time buyers especially don't know what the old system was. You're educating from scratch — which is what you should have been doing all along. - The reverse scenario: what if listing agreements were taken away? How would you feel if any agent could show up at your listing and claim the buyer? Now you understand what buyer's agents have been missing.

The buyer representation agreement as a tool: - It differentiates real buyers from lookers. If they won't sit down with you and their lender, they're not ready — and you don't have to spend your time on them. - Not every conversation is going to go well. Just like you lose listing appointments, you're going to lose buyers who won't sign. And that's okay. Your freedom is coming back. - The timeframe: six months to a year makes more sense than two months. And you'll need to set reminders — unlike MLS, no one is going to tell you your buyer agreement is about to expire. - Could there be a buyer database someday, the way listings are in MLS? "Expired buyers" as a prospecting niche — we took this as far as it could go.

Three conversations you need to be having: 1. With yourself — check your mindset. Affirmations for this moment: "This is an easy challenge." "I am a master of change." 2. With your sphere — reach out, let them know you're here, be the voice of calm and professionalism. Don't make it dramatic on social media. 3. With your colleagues — check on your agents. Encourage the ones who are struggling. But if you or your broker is a catastrophizer or in denial, we have an episode on switching brokers coming next week.

The three types of people right now: 1. Catastrophizers — doom, sky falling, industry is ending. Don't let them pull you down. You may need a break from talking about this with them. 2. Deniers — heads in the sand, still planning to get the BBA signed when they send the offer. If your broker is here, go listen to next week's episode. 3. Thrivers — "I will adapt, I will get better at what matters, and I will let go of what doesn't." That is you.

Practical points: - Sellers are not suddenly going to list their houses for X percent less because they "don't have to" pay the buyer's agent. That's not how home values or appraisals work. - Alissa's client situation: a sibling trying to negotiate the family home price down because of commission changes — and why that's wrong and premature - Commission still isn't taken out of the appraised value — appraisers look at comps, not what you paid your agent - Be HBs (Buyer House by Sale): if the ultimate outcome is sellers can't pay buyer's agents at all, we may start seeing this as its own category — like FSBO but for buyers - Don't post the workarounds. Seriously. The DOJ is watching. - facts.realtor is the best resource right now for accurate information — send it to clients who are getting misinformation - Brokers must be communicating with their agents. Agents must be communicating with their sphere. These are the two things in your control. - Don't post social media content explaining what's happening until things are more settled — your consumer doesn't even understand what you're referencing - The Parisian Agency on Netflix: a fun window into how real estate works differently in France

Toast of the week from Ken Dylan in Surrey, BC, toasting his mum — his mentor, his reason for getting into real estate, and still the person he calls for advice. Cheers to her!

Referenced episodes: - Episode 242.5 (bonus): NAR Settlement — our first honest reaction - Episode 232: How to Use a Buyer Brokerage Agreement - Episode 214: Buyer Brokerage — Preparing for Changes in Real Estate - Next week (Episode 245): How to Switch Brokers

Resources: - facts.realtor — NAR's resource hub for accurate settlement information

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