August 17th is upon us. And every real estate agent in the country knows what that means (or they should). The new rules NAR agreed to back in March are officially the law of the land for real estate agents in the U.S.
Two key changes going into effect today:
- Offers of buyer agent compensation can no longer be included in the MLS (but sellers are still allowed to make such offers when discussing terms)
- Real estate agents must have a signed Buyer Representation Agreement before giving tours to a buyer, which should outline the agent’s services as well as the negotiated compensation.
Bookmark this post so you can access it anytime. And share it with anyone you know who could benefit from a comprehensive playbook for the new era in real estate.
NAR Resources for Agents
The National Association of REALTORS® recently launched a collection of consumer-focused resources, including:
- Fact Sheets for Homebuyers and Sellers
- Broker’s Guide to Upcoming Practice Changes
- Template Compensation Disclosure (for active listing or buyer agreements)
The goal behind these resources is to help consumers, as well as agents, understand the impact of the NAR settlement—specifically how the changes affect the process of buying or selling a home.
In addition, NAR is continuously updating its “NAR Settlement: Get the Facts” page with resources for Reatlors®, including NAR Settlement FAQs.
Real Buyer Playbook
This week, Real Brokerage announced the launch of Real Buyer Playbook—a website loaded with educational resources and done-for-you content to help agents across the U.S. adapt to the NAR settlement changes.
Resources on the website include:
- The Ultimate NAR Buyer Agent Guide (video)
- Buyer Agent Navigator (ebook)
- 26 Agent Scenarios workbook
- NAR Objection Workshop
- Real Buyer Toolkit
- Real Listing Toolkit
- Client-Facing Explainer Video
- Client-Facing Homebuyer Masterclass (video)
- Residential Real Estate Consumer Awareness Guide (PDF)
Read on for more details on some of the key events hosted by Real.
#1: Future-Proofing Buyer Representation Workshop
Sharran Srivatsaa, President of Real, hosted the first online event for the Real Buyer Playbook: the “Future-Proofing Buyer Representation Workshop.” The Zoom event filled up before the webinar even began at 1 pm ET. Anyone who joined after max capacity was reached was redirected to the live broadcast on the Real YouTube channel.
A few highlights from the workshop:
- The three rules related to the NAR settlement
- The four components of commission decoupling
- Done-for-you resources to share with consumers
- Changes in the mortgage world
- Three levels of implementation
- Agent success scenarios (26) and common scenario questions
- Client tools breakdown
The video remains for anyone who missed the live event or would like to rewatch any part of it in the days ahead. We recommend sharing the video with any agent who hasn’t seen it yet.
#2: NAR Objection Handling and Talk Tracks Workshop
The next day (Thursday, August 15), Srivatsaa, along with the head of Real Academy, Drew Thompson, hosted a “NAR Objection and Talk Tracks Workshop,” which is also available on YouTube.
Aside from role play for handling common objections, covered by Thompson, Srivatsaa discussed the five secrets to effective buyer consultations.
#3: 25-Minute Explainer Video for Consumers (Hosted by Srivatsaa)
Srivatsaa also hosted a 25-minute video explaining the NAR settlement changes to consumers. Part of his presentation was a Q&A with five questions agents are likely to hear from buyers and sellers about the new rules:
- “Are commissions fixed or set (as opposed to negotiable)?”
- “I heard I don’t have to pay commissions anymore.”
- “Do I have to sign a Buyer Representation Agreement?”
- “Does this only apply to certain markets or types of properties?”
- “Can I just work with my agent who I already know and love?”
We covered the video in a BAM article yesterday, sharing Srivatsaa’s answers to those questions, which are free to use in your own conversations with consumers.
eXp Agent Toolkits
In July, the Consumer Federation of America (CFA) issued a report savaging the California Association of Realtors Buyer Representation and Broker Compensation Agreement form for its many flaws.
The consumer watchdog also drew attention to the eXp “Buyer Broker Representation Agreement” as well as its Buyer Representation Toolkit, both of which stand out as examples to follow.
Byron Lazine and Nicole White discussed the CFA report and both buyer agreement forms in episode #234 of The Real Word.
Since then, BAM has covered the launch of eXp’s Seller Toolkit and highlighted an Instagram post by Ricky Carruth, which Lazine and White discussed in episode #328.
That conversation then led to a BAM Emergency Livestream interview with eXp CEO Leo Pareja, who took time out of his vacation to set the record straight on the company’s policy on broker compensation.
What he says about eXp’s commitment to creating resources any agent can use to better serve their clients in the wake of the NAR settlement isn’t just talk, either. Like Real, eXp stands out as a prime example of what it means to be an agent of change—at the brokerage level
eXp Buyer Toolkit
This is the buyer representation toolkit Byron Lazine referred to and recommended in multiple episodes of The Real Word and the Knowledge Brokers Podcast.
The toolkit provides a comprehensive suite of buyer agent tools and resources, including:
- Key buyer representation forms
- An FAQ to answer buyer questions and tell them what they need to know
- A one-page visual roadmap to the buyer’s journey
- Scripts to handle buyer objections
- A two-step exercise to define your unique selling proposition (USP)
Those buyer forms include:
- Single Property Buyer Broker Agreement
- Buyer-Broker Representation Agreement
- Direct Compensation from Seller
eXp Seller Toolkit
Launched on August 2nd, the eXp Seller Toolkit provides clear and user-friendly seller forms, including:
- Exclusive Authorization and Right to Sell
- Direct Compensation Form
- Disclosure & Acknowledgment of Non-Represent
- Amendment to Real Estate Listing Agreement
- Buyer Broker Representation Agreement
eXp CEO Leo Pareja first shared the first of those forms with the industry during an exclusive live BAM YouTube with Byron Lazine.
Along with the above forms and clear practices for using each one, eXp provides scripts you can use in conversations with sellers, a Seller Net Sheet, and a Multiple Offers Review Sheet.
BAM Resources
At BAM, we’ve been preparing for August 17th since the NAR settlement was first announced on March 15th, pumping out blogs, videos, and other resources to help you prepare for the changes NAR agreed to.
Some of those resources come in the form of podcast episodes or live broadcasts:
- “Knowledge Brokers Panel: What Agents Need to Know about the NAR Settlement” (which aired March 20, 2024)
- Several Knowledge Broker Podcast episodes, including the one recorded just yesterday (Friday, August 16)
- Several episodes of The Real Word podcast, with the recent ones exploring the agent toolkits provided by eXp.
- BAM interviews with industry leaders like eXp CEO Leo Pareja, Real President Sharran Srivatsaa, and NAR President Kevin Sears
As you work through the changes in your own business, don’t forget to make time for connecting face-to-face with other real estate professionals in your area and across the continent.
And there’s no better place to do that this year than at BAM Mania–our must-attend real estate event of 2024!
With ticket prices for this event going up before this month is over, there’s no better time than now to lock in your ticket while they last—and before the price goes up. Mark your calendar for BAM Mania on October 17-18 and join us at the Circa Resort and Casino in Las Vegas.
We even have a few tickets left for the VIP experience on October 17th.
