Category Archives: NAR LAWSUIT

Leading Through Change in the Real Estate Industry

Posted on by The Profitable Recruiter
NAR LAWSUIT LEADERSHIP
26 Nov

In the wake of the recent National Association of Realtors (NAR) commission lawsuits and the striking 1.8 billion dollar verdict, the real estate industry is facing a critical juncture. As a real estate coach, I address this to all real estate leaders: this is not a time for panic, but rather a pivotal moment for decisive action.

Embrace Change, Don’t Resist It

The current legal developments are not mere bumps in the road; they signify a seismic shift in our industry. While it’s understandable to feel unsettled, we must remember that change is the only constant. The leaders who will thrive are those who accept this reality and adapt accordingly.

Develop New Skills Among Agents

In response to these changes, there is an urgent need for agents to develop new communication and negotiation skills. The traditional methods may no longer be as effective in this new landscape. Leaders should focus on equipping their agents with innovative tools and techniques for client interaction and deal-making.

Proactive Leadership vs. Reactive Waiting

Many leaders are adopting a ‘sit and wait’ approach, hoping for favorable outcomes from appeals and legal proceedings. However, this passive stance could be detrimental. The industry is evolving rapidly, and waiting could mean missing out on the opportunity to be at the forefront of this evolution.

Lead by Example

As leaders, you have the power to set the tone for your organization. By taking proactive steps now, you’re not only preparing your business for the changes but also demonstrating a commitment to staying ahead of the curve. This attitude can inspire confidence and resilience in your agents.

Invest in Training and Development

Investing in comprehensive training programs for your agents is crucial. These programs should not only cover the technical aspects of real estate transactions but also focus on soft skills like communication, empathy, and ethical negotiation practices.

Foster a Culture of Innovation

Encourage a culture where innovation is valued. This involves being open to new ideas, whether they pertain to marketing strategies, client engagement, or transaction processes. A dynamic and innovative culture can be a significant differentiator in a changing market.

This recent NAR commission lawsuits and the 1.8 billion dollar verdict are wake-up calls for our industry. Leaders must now step up and guide their teams through these uncharted waters. By focusing on skill development, embracing change, and fostering innovation, you can ensure that your organization not only survives but thrives in this new era. Let’s not wait for the future to shape us – instead, let’s shape our future. Let us know how we can help.

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7 Tips for Guiding Your Agents Through NAR Lawsuit Uncertainty

Posted on by The Profitable Recruiter
NAR LAWSUIT UNCERTAINTY
05 Nov

This year has felt like a rollercoaster for real estate professionals. Record-high home prices followed by rising interest rates. Bidding wars replaced by cooling demand. And now, the industry faces a new challenge: the recent NAR commission lawsuits and their potential to restructure the way agents do business.

With all this uncertainty, it’s natural for agents to feel shaken. As a leader, it falls to you to provide steady guidance.

Here are seven tips:

  1. Remain calm and project confidence. Your agents look to you to set the tone. If you appear flustered, they will become more anxious. Show that you have a steady hand on the wheel.
  2. Communicate frequently. Don’t let agents speculate and gossip. Be transparent about what’s happening and what it means. Hold regular meetings to answer questions. Silence breeds unease.
  3. Put changes in context. The lawsuits will take time to resolve. Any changes will likely be gradual. Reassure agents that there’s no immediate effect on their business.
  4. Shift focus to fundamentals. In uncertain times, smart agents focus on the basics: lead generation, marketing, customer service. Remind your team that these core activities drive success despite outside forces.
  5. Find opportunities. Change brings opportunities, whether it’s refining your value proposition or attracting new agents. Focus on how your brokerage can adapt and improve.
  6. Project positivity. Your attitude is contagious. If you act scared, agents will too. Share why you’re excited about the future and the success you see ahead
  7. Be their anchor. Agents will sway with every market shift and news article. Your job is to ground them through the ups and downs. Be their voice of reason.

Real estate is constantly evolving. As leaders, our jobs are to provide steady guidance in both calm and rough seas. By relying on fundamental leadership principles, brokers can help agents thrive through uncertainty. With the right support, your team will ride the rollercoaster we’ve been on and emerge stronger than ever.

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