Days before the Aug. 17 practice changes go into effect, President and CEO of Anywhere Brands and Anywhere Advisors Sue Yannaccone writes how the industry can get ready for what’s next
As we approach the Aug. 17 practice changes deadline as part of NAR’s commission-related legal settlement, it is clear to me that our industry is all over the map (in some cases, literally) on how we are viewing and preparing for what’s next.
At Anywhere, we have been focused on ensuring our agents, affiliates, and employees are educated and ready, but I have read and heard from others everything from nothing to see here to the sky is falling — and many reactions of confusion, doubt and frustration in between.
I don’t have a crystal ball on how every NAR-affiliated MLS or state association will interpret the legal language in NAR’s settlement. But what I do know is that we all have a choice: You can either seize this moment, or you can be a witness to it.
I encourage you to choose the former.
I truly believe the more prepared, informed and committed we all are to serve our clients during this time of industry change, the more we will be viewed as the trusted advisors they have sought to help them successfully reach the closing table.
Remember: Consumers have a broadly positive view on real estate agents.
We’re not playing defense, but it’s never been more important to authentically and transparently own the value that we provide to our clients.
Here are a few tips my brokerage and brand leaders have been sharing with our affiliated agents and franchisees to help them get ready for August 17:
1. Tap into your brokerage resources
If you haven’t already, ensure you’re making the time to review and fully digest any forms, educational resources and guidance surrounding industry change from your brokerage.
2. Bolster your network
Ensure you know who to contact with questions or challenges. Foster discussion with your colleagues, and form relationships at your local association, MLS, and yes, even with competitors.
3. Embrace the buyer agreement
Many organizations have begun releasing their buyer agreements to comply with the NAR practice change. Familiarize yourself, and ask questions now to avoid business interruption.
4. Hone your pitch
It’s not about scripting yourself — it’s about knowing how to simply and succinctly articulate what you do. We’re providing our brokers and agents with training on their pitch, but some local associations have rolled out helpful materials as well.
5. Understand offers of compensation
Offers can’t be displayed on the MLS, so it’s important to work with your company and/or legal counsel to know how this information can be shared in your market and make the appropriate technological changes to your website.
And 1 bonus tip: Zoom out
We are steeped in uncertainty and fast-moving waters, but our purpose as professionals and stewards of homeownership hasn’t changed. Even if there are some initial bumps, questions you can’t immediately answer or additional complexity to figure out, we are in this together — as an industry — and this is our time to do what we do best: help homebuyers and sellers achieve their dreams.
Sue Yannaccone is president and CEO at Anywhere Brands.
