May 1, 2024

5 Ways to Manage Fear in the Wake of the NAR Lawsuit Settlement

In the aftermath of the NAR lawsuit settlement and all the NEW news swirling around us each week right now, we want to provide reassuring guidance for agents, let you know you’re not alone, and share next steps!

by Darryl Davis, CSP

I recently had a coaching member express their confusion and insecurity about the ongoing commission issue, especially when it comes to explaining the exclusive right to present agreement to clients. That was such a teaching moment for everyone on the call because it cracked the dam for what so many are feeling right now and allowed for the perfect opportunity for an open discussion. That’s the power of community, right? How one agent went from feeling like they were the only one navigating these feelings and that something was wrong with them – to a situation where they were surrounded by supportive peers who were right there with them and ready to learn some ways to manage what they were all feeling.

Listen, change is scary. That’s well documented. Our brains are wired to find peace in knowing what’s going to happen next, so when things are happening at high-speed as they are in our industry right not, our minds go into overload to create what-if scenarios and that fuels anxiety.

Related reading: Real Simple – Fear of Change

We’re going to always keep our eyes on the ball so that we can try to help you get ahead of what is happening with this NAR Lawsuit and settlement news at every turn to hopefully give you practical steps to ease some of that anxiety.

For now, here’s a few things you can do to keep from teetering too far on that fear cliff:

One: Recognize Your Feelings are Valid

Recognize that it’s entirely normal to feel overwhelmed by the complex legal issues surrounding the real estate industry right now. It’s okay to acknowledge your concerns and uncertainties. This is a lot to take in and it’s your income which equals your security.

Two: Have Support Systems

Reach out to your coaching communities, fellow agents, and mentorship networks. If you don’t have those, get some. Now is not the time to try to navigate this all solo. Sharing your experiences and concerns with others who understand the challenges can provide valuable insights, emotional support, and a sense of unity. We’re stronger together than we are individually.

Three: Embrace Being a Full-Service Agent

In times of uncertainty, transparency is your ally. Ensure that you communicate openly with your clients about the evolving real estate landscape, the impact of lawsuits, and how it may affect their transactions. Know the kind of questions you are going to be asked and practice how to handle those answers. You are coming from a place of service and you bring tremendous value to your clients and your community. Being forthright builds trust and fosters stronger client-agent relationships.

Four: Stay Informed

Stay up-to-date with the latest developments in the lawsuits and the real estate industry as a whole. We’ve got that NAR Lawsuit resource for you here. Knowledge is power, and being well-informed will enable you to adapt your strategies and navigate challenges effectively. Again, the unknown is slippery slope for our brains, so the more we know the more we can adapt. As author Tim Ferriss says, “People would rather be unhappy than uncertain.”

Five: Tap into Training

Amidst the challenges brought about by the lawsuits, training can be one of your best friends. It can equip you with the new skills you need (both sales and mindset), provide access to the kind of tools that help you communicate what is happening more effectively, and introduce you to innovative strategies that will allow you to be more agile than your competitors and more confident in taking every next step in this challenging market change.

Why it Feels So Off

Part of what you are probably feeling is that this all does not feel like real estate. It feels like legal drama with high stakes. BECAUSE IT IS. We are talking MILLIONS of dollars and attorneys who see what they feel is a gravy train and ride it as far and as wide as they possibly can. Don’t forget in this – it is the lawyers who come out with the most thickly, richly lined pockets, not the plaintiffs. Not the home buyers and sellers. The lawyers.

Here’s what my team and I know – that this has all made us dig in more. Love our profession more. Advocate for you, the agent, more – all of you who are caught up in all of this. Because we know you all. We know that just as in any profession, there are bad apples – but the vast majority of real estate professionals across our nation are committed, dedicated, service-minded people who are just trying to help clients get the most from their investments, find homes to raise families in, and make great decisions.

We’re in it right alongside you and we always will be.

Appreciated this class. The best and most helpful information on our AFTER-THE-LAWSUIT-LIFE. I have taken at least three classes from the State Attorney Instructor about this for different MLS Associations. This is the BEST information I have heard so far! – Jan Marie McCoy, Jan McCoy Properties

Darryl Davis offers a wealth of information and presents it with passion, humor, generosity, and obvious expertise. He and his team show a sincere effort to help Power Agents stay ahead of the curve, providing them with all the tools they need to succeed and exceed! In this dynamic real estate industry, it’s a relief to know that Coach Darryl has your back. – Jill Okun – Berkshire Hathaway Homeservices-Chicago

Stay up to date and in the know with our comprehensive NAR Lawsuit Resource and Training Hub here: https://darrylspeaks.com/nar-lawsuit/

POWER AGENTS®, you’ll find a wide spectrum of tools in your classroom including new sample commission agreements, marketing plans, dialogues, scripts, and more!

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