The recent NAR settlement has created confusion and misinformation, highlighting the need for real estate agents to provide clear and confident answers.

The key is to get (and stay) ahead of the curve so you are the agent with the much needed answers while your competition is still playing catch-up. 

Seeing the Lawsuit and Settlement from the Buyers and Sellers Perspective 

From childhood, we are taught that the justice system sorts out truth vs. lies, but as adults, we realize that isn’t always the case. It’s often more about who has deeper pockets, and a weighing of the longer the fight, the more damage is done, which is the case with this NAR Settlement.  

One of our POWER AGENTS® commented recently, “They wouldn’t have settled unless they were guilty,” but that just isn’t true. However, this is precisely what civilians (buyers and sellers) are thinking – they assume NAR’s guilt, which is why, when you are answering questions, its vital that you have the answers, and can deliver them with confidence.  

Whenever you pause, stutter, or stumble through an answer that isn’t well articulated, or if you lack the confidence in your answer, it doesn’t look good for you, for NAR, or for the industry. Your ability to communicate effectively is weakened, and actually adds to the civilian’s perception of NAR’s (and by assumption, all agents’) guilt.  

When the homeowner comments, “I heard you guys got sued” or “I heard that I don’t have to pay as much commission now,” and you don’t have a strong, confident answer to show your potential clients that your value as an agent is as strong as ever, you will look like you are hiding something. If they perceive you are hiding something, or your lack of confidence is written all over your face, then no answer you give will be a good answer because they will inevitably assume that you are making the answer up. 

Getting Ahead of the Information 

One look at the headlines these days is enough to become frustrated as a real estate agent. Not only are the headlines misleading, but some are downright wrong! One way to ensure your clients aren’t drowning in misinformation is to pick up the phone and start calling them proactively. You can say this: 

“As you may have heard, there was a lawsuit and settlement with the National Association of REALTORS® when it comes to buying and selling real estate, and I just wanted to make myself available. I’ve done a lot of research and have all access to all the information about it, so if you have any questions on how it might impact you and the selling or buying real estate, feel free to reach out. I also have a guide that explains the entire lawsuit from start to finish that I’d be more than happy to send to you free of charge.” 

Related reading: NAR – NAR Settlement FAQ 

Related reading: The Real Deal – The winners and losers in NAR’s historic settlement 

Related reading: The Truth About the NAR Settlement

The Consumer Guide to the NAR Settlement™ 

Another way you can contact your past clients is with a letter using the template we have created for POWER AGENTS® to use along with our Consumer Guide to the NAR Settlement™ to keep your clients in the loop. You can edit it, tweak it, or send it out as is, communicating what’s most important in your own way.  

“What do I do if I sent it out and nobody responds?” you might be asking. It’s OK if nobody responds! It doesn’t matter because: 

• It’s another reason for you to contact your farm, creating another touch point where you remind them of who you are and what you do for a living.  
• You’re being proactive rather than hiding from what might be perceived as an industry “black eye”.  
• You are positioning yourself as the expert and leader in your marketplace when it comes to real estate news and expertise and establishing yourself as a community resource. 

Letters and guides not your style? Darryl also created a video presenting the information directly to homeowners, which is another great option for passing this information along to your clients. We did a search for all the questions that buyers and sellers were asking, and answered them in this video, which will also give you confidence when having conversations with potential or past clients about this settlement to set the record straight. 

Check out the video HERE: Breaking Down the NAR Lawsuit Settlement: What Home Sellers and Buyers Need to Know  The slides for you to use with civilians are available HERE in the Classroom. 

Tune Into the NAR Lawsuit Hub 

One of the best places for you to find the answers, training, and skill-building you need to handle tough questions with ease and confidence is our robust NAR Lawsuit Hub. It’s packed full of webinars, Q & A videos, articles, resources, and more so that you can be ahead of your competition, and stay ahead, because you have your fingers on the pulse of the industry. Our POWER AGENTS® aren’t nervous because we’ve been talking about this since November, and they are miles ahead of everyone else, and you could be too! 

So, what’s in the NAR Lawsuit Hub? A wealth of information like: 

• Latest updates from Darryl 
• NAR Lawsuit Settlement resources and information 
• Webinar training sessions 
• Snapshot Series videos – NAR Lawsuits explained 
• Commission conversation resources and tools 
• Top Blog articles related to NAR Lawsuits and Settlements 
• Downloadable sample agreements 

Don’t see what you are looking for? Head to the search bar and type it in! With over 1200 tools, trainings, and resources in the POWER Program®, we are sure to have just what you need.  

The Takeaway 

As the adage goes, “Give a man a fish, you feed him for a day. Teach a man to fish, and you feed him for a lifetime.” While we can’t write every answer to every question in one long article (it would be a thousand pages long!) we can show you where to find the answers you need to confidently talk to buyers, sellers, and even other agents who are confused, concerned, and need your expertise. 

 While nobody expects you to become the lawsuit and settlement expert, knowing where to find the answers and tools is the most important part.  After all, serving the needs of your clients and being a trusted resource for them is why most agents get into this industry in the first place, and the big “Why” that keeps you here no matter what challenges come your way.   

Learn more about the POWER AGENT® PROGRAM 

• Join Darryl’s Inner Circle Facebook Group. We are always posting fresh ideas, training tools, strategies, and templates, along with hosting important, timely discussions with real estate professionals across the globe who are committed to their Next Level® of success and life.  

• Subscribe to our newsletter. Click the button below to fill out a simple form and tap into new resources, free downloads, premium content, and exciting promotions. 

• Reach out and talk to us. Not sure if this coaching program and community are right for you? Click that blue chat button on the bottom right of the screen, or call us at the number in the header. We are here to help! 

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