Navigating Industry Noise: Staying Focused on Your Core Real Estate Business

June 6, 2024
8:00 am

With all the recent discussions around class action lawsuits, increased interest rates, and inflation, it’s no surprise that brokers, team leaders, and agents struggle to focus on the right things while reassuring buyers and sellers that they’re still operating normally. Despite talk of rule changes, many facts remain unclear about the future. However, agents can choose to view this change in real estate as either an opportunity or a threat. Here are some tips to change the narrative from a challenge to a windfall.

1. Overcoming Objections with Value

Many hypothetical consumer objections about the future of agent commissions are based on social media, news stories, and questionable expert opinions. Dismiss those objections outright as possible but not based on fact since nothing has yet been set into law. Then, change the conversation to what is true—the value you bring as a real estate agent—and turn these threats into opportunities for real growth.

In times of uncertainty, clear and honest communication always wins. It is the foundation for the trust essential to successful agent-buyer relationships. So, don’t shy away when the commission lawsuit topic comes up. Be the agent who explains, enlightens, and puts your clients at ease. Let them know what you do and don’t know about a particular concern. Reassure your clients that you ALWAYS work in their best interest. 

Practice role-playing these conversations with brokerage or industry colleagues until you are comfortable implementing them in a client discussion. 

2. Stay in the Know

We must know what we deal with. Stay informed about the lawsuit’s progress and what it could mean for agents. Unawareness does not bring anyone peace or contentment. When you’re informed, you can speak to clients with the confidence they expect from you, their trusted agent. They’re looking for a professional who addresses their concerns, not someone who shrugs away or avoids the conversation. 

Speak with your broker-in-charge and local Board members, and follow professional Mastermind discussions for valid information and updates.

3. Embracing Change

Best-selling author Mark Sanborn advises, “Your success in life isn’t based on your ability to simply change. It is based on your ability to change faster than your competition, customers, and business.” So, review your business critically. How are you serving your clients? Are you communicating with them consistently in a style conducive to a two-way conversation? Are you open to discussing their concerns about the market? Complete transparency with clients about commissions and the value you provide will set you apart from the competition.

If your business is stagnant, now is the perfect time to review and retool your business systems. This preparation ensures you’re ready to thrive when the real estate market balances out.

4. Your Value is the Golden Ticket

An agent’s job isn’t just about showing homes and writing documents. What really makes your client service exceed expectations? Draw inspiration from positive thoughts of past testimonials. The exceptional value you always bring does not suddenly change because there is some temporary legal noise surrounding the industry. Justifying your commission and truly presenting your value is critical—especially now!

Need more support? Check out Fathom Realty’s agent resource, “Showing the Value: A Guide to the Indispensable Work of Buyer Real Estate Agents.”

By following these tips, you can navigate the industry noise, stay focused on your core business, and continue to deliver exceptional value to your clients. Remember, every challenge presents an opportunity for growth and innovation.