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In the wake of the National Association of Realtors (NAR) settlement, the real estate industry is experiencing shifts that have left many agents uncertain about their futures. However, with the right strategies and mindset, realtors can not only survive but also thrive in this new environment. Here’s how you can stay ahead of the curve.

Understand the Reality: Commissions Are Still Negotiable

The NAR settlement has brought commission structures into sharp focus, but it’s crucial to remember that real estate commissions have always been negotiable. Whether you’re dealing with buyers or sellers, your role as an agent remains the same: to negotiate effectively and ensure that all parties involved are satisfied with the terms.

Before the settlement, commissions served as an incentive for buyer agents to sell your listing. This hasn’t changed. Your job is to advise your clients on the best strategies to market and sell their property, which includes understanding and negotiating commissions that work in everyone’s favor.

Adopt a Consultative Approach

In a post-NAR settlement world, your value as a realtor comes from being a consultative professional. This means guiding your clients through the complexities of buying and selling real estate, including commission negotiations. For listing agents, this is the time to emphasize the importance of offering a competitive commission to attract motivated buyer agents.

As a buyer’s agent, you may encounter situations where no commission is offered. This is where your negotiation skills come into play. You can discuss options with your buyers, such as raising the purchase price to include your commission or negotiating directly with the seller’s agent to ensure you’re compensated for your work.

Embrace Divergent Thinking

The ability to think creatively and find multiple solutions to a problem is more valuable than ever. In this new landscape, it’s essential to offer your clients innovative solutions that go beyond traditional methods. Whether you’re negotiating commissions, navigating MLS listings with zero commissions, or finding ways to add value to your services, divergent thinking will set you apart from the competition.

For example, if you encounter a listing with no offered commission, consider how you can adjust the offer or negotiate terms that benefit both you and your client. By thinking outside the box, you can find win-win solutions that keep deals moving forward.

Capitalize on New Opportunities

While some may see the NAR settlement as a challenge, it’s also an opportunity to redefine your business. With the traditional commission structures in flux, you now have the freedom to set your rates based on the value you provide, rather than being constrained by industry norms.

Consider increasing your listing commission to reflect the enhanced services you offer. By providing a higher level of service, such as more aggressive marketing or additional consulting, you can justify higher commissions and differentiate yourself in a crowded market.

Prepare for Conversations That Convert

One of the keys to success in this environment is mastering the art of conversation. Being prepared with scripts and responses for potential client objections about commission structures is essential. The worst time to figure out what to say is in the moment you need to say it.

Rehearse conversations around commission changes and how they impact buyers and sellers. By having these dialogues ready, you can confidently guide your clients through the process, showing them the value you bring to the table and why your commission is worth every penny.

Focus on Listings: Control the Market, Control the Commission

In any real estate market, listings are king. By focusing on securing more listings, you can control the inventory and, consequently, the commission structure. When you hold the listing, you have the power to set the terms, including protecting the commission for both yourself and the cooperating agent.

This approach not only positions you as a market leader but also ensures that you’re compensated fairly for the work you do. Listings give you leverage, and in a post-NAR settlement world, leverage is everything.

Invest in Your Skills and Community

Now more than ever, it’s vital to invest in your professional development. Join membership programs, participate in strategy calls, and engage in communities that provide the support and resources you need to navigate this changing landscape.

By staying informed and continually improving your skills, you’ll be better equipped to handle the challenges that come your way. Surround yourself with like-minded professionals who are also focused on thriving in this new environment, and together, you can share strategies and insights that lead to success.

Conclusion: Thrive, Don’t Just Survive

The post-NAR settlement environment is not the end of the road for realtors—it’s a new beginning. By understanding the realities of commission negotiations, adopting a consultative approach, embracing divergent thinking, capitalizing on new opportunities, and focusing on listings, you can position yourself as a leader in the industry.

Remember, the purpose of your business is profit, and profit comes from providing value. When you demonstrate your value to clients, commissions will never be a problem. The key is to adapt, adjust, and go out there to win—because in this new landscape, there’s plenty of opportunity for those who are prepared to seize it.