In our final installment of our special NAR series, Todd Tramonte takes on the NAR lawsuit, breaking down all the major changes agents need to know.

This is Part 4 of our 4-Part series on this topic. In this segment, you'll learn which lessons you need to take from the history of real estate, where you can get Todd's NAR Response Plan, with all the strategies and tactics he and his team will be using from now on, and the 5-step action plan you should implement today.

Throughout this series, we broke down the specific changes coming to our industry as a result of the NAR lawsuit (See: Part 1), the strategy agents should put together to face this new reality (See: Part 2), and the biggest differences between the professionals who will suffer versus those who will thrive when the dust settles (See: Part 3).

In his private coaching community, Todd Tramonte shares the exact wireframes and documents he creates for his own team of real estate agents.

And over the past few weeks, his biggest focus has been crafting a cohesive strategy for a post NAR settlement world. 

Let's explore this.

The Historic Shifts in The Real Estate Industry

One of the main concepts in the post-NAR strategy document Todd created for his team is depicted in the "History Repeats Itself" section. 

His goal is to show his team that, in his words, "our industry has overcome massive changes, massive attacks, and unbelievable disruptions many, many times."

In fact, his document goes back to the 1800, with the advent of organized brokerages, and the vast amount of criminal activity that happened at the time.

From then on, he goes on to describe the beginnings of exclusivity in brokerages, buyer agency, real estate technology, and more.

"Think about this for a minute," he tells us, "if you were an agent in the 80s, not one of your hundreds of clients has ever known which houses were for sale without talking to you."

Unless they happened to drive through one, buyers literally had no idea which houses were for sale.

And then, all of a sudden, they were all over the internet.

Just imagine what agents might have felt like at that moment.

Many probably thought their careers were over. They had the knowledge of which houses were for sale. And now that was out there, for free, for everyone to see. 

The agents who were able to navigate through this massive change with relative ease were the ones who knew that their value went far beyond information.

The agents who were not worried at all were those who knew (and communicated!) that their value was leadership, advocacy, negotiation, and access.

But imagine how disruptive that change was. It was probably one of the biggest ones of the industry. Probably bigger than the advent of buyer agency, and certainly bigger than the NAR settlement. 

And this is just one example.

Want some more examples of disruptive changes our industry has overcome?

  • The 9/11 attacks
  • The 2008 financial crisis
  • Stock market volatility
  • Interest rates volatility
  • The savings and loans bust of the late 80s
  • Oil and gas fluctuations

Our industry has weathered much bigger storms than this one.

Right now, this NAR situation feels like an atomic bomb. 

But our industry has endured much worse, way before the NAR was even a thing.

This doesn't guarantee that you'll be fine, but it does guarantee that there will be a residential real estate industry at the end of this.

It will just look a little different. But you can handle different because you probably have handled it before. Everything is always changing and evolving, and our industry is no exception.

NAR Settlement: Bringing it Home

Throughout this 4-Part Series, we've been breaking down Todd's response document to the NAR settlement, which includes all of the mindsets, strategies, and timelines we've outlined in these four articles.

Download Todd's NAR doc

This document also includes the exact wording of the settlement, so you can plan your actions according to the official legal statements, rather than summaries of summaries of the case. 

After that, Todd breaks down how the NAR essentially locked in higher compensations for high-value agents, and he explains exactly what it means to be a high-value agent.

What we want you to take away from this conversation is this:

Because of the NAR settlement, potential buyers will be more interested in understanding the value that you provide.

They'll be open to having the conversation of what you do, what you charge for it, and how you're better than other agents.

If you get good at communicating your value, you might not need to work on a contingency fee. You might be able to charge a retainer upfront (which happens in a lot of other industries, by the way).

There's an exciting new world related to compensations. 

But say that the worst-case scenario happens. And a customer comes to you saying that he met with four other agents who are willing to do the "same work" for a lot less money.

That's when you get to differentiate yourself. That's when you say: "John, you might be better off going with them if you're really price sensitive. We provide a completely different service here."

A lot of customers will go for the cheaper price. But most of them will want to at the very least understand what they'd be missing out on if they do. 

Don't believe us? Take Todd's example.

He charges a lot more than other agents, and his customers are happy to pay for it.

Because they know he and his team are not like other agents. They understand the value Todd provides, and most of the time, they'd be willing to pay more for it.

And sure – he might not be able to work with most people. But he doesn't need to (and neither do you!).

If you can generate a massive amount of high-quality leads with a platform like Real Geeks, you've got enough prospects in your pool to be selective.

(The funny thing is that the customers who see your value and are happy to pay more are, nine times out of ten, way easier to work with than the ones who are ridiculously price sensitive…)

So, what are your next steps now?

  1. Download Todd's document so you have a handy guide on the NAR settlement, a timeline of the evolution of our industry, and Todd's strategy for himself and his team to approach this New World Order.

  2. Understand the 3 Key Changes coming our way in the NAR aftermath (more on this in Part 1).

  3. Master how to add value and how to communicate value (more on this in Part 2).

  4. Do the "worst case scenario" math, and figure out what your new revenue would be even if you were stuck with The Remnant (more on this in Part 3).

And remember this: when the dust settles, the agents who are willing to put in the work and stand out from the rest will become the leaders of this new chapter in real estate.

Download Todd's NAR doc

Published on May 15, 2024 under ,

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