Make sure you still get paid as a buyer’s agent after the NAR lawsuit.

The real estate market has seen significant changes, especially with the recent National Association of Realtors updates on compensation commissions. While opinions vary on these changes, it’s important to understand how to adapt and ensure you get paid for your work. Here are some key points to consider:

1. Pre-qualify your clients. Business as usual starts with pre-qualifying your clients. Too often, offers fall through because buyers aren’t properly vetted. Taking the time to pre-qualify ensures you’re working with serious buyers, saving time and avoiding frustration. Get them in front of a lender early on to confirm their eligibility and understand their needs. Common sense is not always common practice, so make this a priority.

“Taking the time to pre-qualify ensures you’re working with serious buyers, saving time and avoiding frustration”

2. Polish your buyer’s agency agreement. With the new emphasis on buyer’s agency agreements, it’s essential to present a polished and valuable proposition to your clients. For the past five years, we’ve used a Home Buyer Roadmap to walk clients through the entire buying process. This tool helps ensure clients understand every step, see you as a knowledgeable expert, and feel confident in your guidance. A detailed roadmap also highlights your credibility and the value you bring to the transaction.

3. Proactively seek compensation. Communicating clearly with the other agent is crucial for securing your compensation. Text messages and emails might not suffice. If the offered compensation is inadequate or missing, don’t hesitate to request a fair rate. For instance, if you encounter a listing offering minimal or no compensation, you’ll need to decide whether to accept it, negotiate with your buyer to cover the fee, or roll it into the mortgage. When negotiating, suggest a counteroffer that nets the seller their desired amount while fairly compensating you. This approach ensures a mutually beneficial transaction.

Staying proactive and clear about your value and compensation is essential in today’s evolving real estate market. If you have questions or need guidance on improving your business, feel free to reach out.