Real estate is facing significant shifts, and the spotlight is on buyer’s agreements and agent compensation structures. While these changes are substantial, one thing remains constant — it’s all about the bottom line.
At the heart of these changes is transparency. Stacie Staub, CEO and employing broker at West + Main Homes, reflects on how her agents in Colorado have adapted: “West + Main agents are absolutely thriving with the new contracts, which were released in Colorado last month. We prepared them for more than a year and really dialed things in once the proposed settlement dropped.”
She goes on to explain how they’ve equipped their agents with role-playing workshops and training sessions to handle the new requirements, focusing on removing any perception of steering or collusion.
Navigating the buyer agency agreement
Christian Harris, managing broker of the Sea-Town Team, highlights a key adjustment his team has made for transparency’s sake: “The buyer’s agency agreement needs to be filled out and signed before showing any homes or writing an offer. For open houses, we recommend agents bring a copy of the buyer’s agency agreement so they’re ready to go if they acquire a new client who wants to see homes immediately.”
He also explains how the shift in compensation structures has affected buyer expectations. “We now write my compensation into any offers we submit. This ensures my clients understand that while the seller may still offer compensation, we can no longer rely on it being a given.”
Rethinking open houses
One of the most important changes involves clarifying the agent’s role during an open house, specifically that the agent represents the seller. As Jennifer Goodman, Realtor at GRI Real Estate Brokerage, suggests, having a sign at the event stating this can help to establish transparency with prospective buyers. It also opens the door to potential new client relationships.
“That’s what we’re there for — to meet people who need a fiduciary to represent them as buyers for their next home or investment property,” she notes.
Ultimately, the new buyer agreements have introduced a more transparent structure to approaching open houses. By being proactive in understanding brokerage policies, clearly representing their role during an open house, and utilizing tools like Spacio, which automatically sends a follow-up email to open house attendees, agents can continue to build strong relationships while navigating these changes.
Focusing on the client experience
In fact, many agents are seeing an opportunity to reinforce their client experience. For instance, buyer’s agents can turn to a popular seller’s agent tool, like Cloud CMA, and use their buyer agent templates for a data-backed home search and offer strategy. This way, agents can provide transparency into choices backed by proof — which further highlights what they can do for clients.
Ultimately, these updates to buyer agreements are all about ensuring fairness and clarity. As AnnMarie Janni, team leader and founder at Element Realty Group, explains, “Buyer consults before you look at houses are imperative. We sit down with buyers and review our buyer presentation that covers all aspects of purchasing, including commission.”
Real estate technology companies like Lone Wolf Technologies, which already have great buyer tools included in their software, are constantly listening to better serve the evolving needs of the real estate community. To help agents navigate the changes, Lone Wolf is introducing the Buyer’s Agent Club, giving agents access to tips, sessions from experienced agents, training and new tools like Leads+, which helps buyer’s agents find and qualify buyer leads — without lifting a finger.
This club’s resources will help agents deliver value and transparency to their clients. By learning from the community, Lone Wolf is empowering agents to meet the demands of this new landscape with a focus on the bottom line — what sellers walk away with and how satisfied buyers are with their purchase.