The antitrust lawsuits will not be a one-and-done. Moments after it was announced that the jury had found for the plaintiffs in the Sitzer | Burnett case, Michael Ketchmark (the attorney for the plaintiffs) filed a copycat lawsuit claiming conspiracy and going after a new group of deep-pocketed companies.
And though we can talk about why the decisions being handed down in these lawsuits may backfire on sellers, at the end of the day, we need to move on. Spend your time and resources on things you can change.
No one can predict the future of real estate, but you can prepare. Let’s look at some ideas you can implement now with your agents that will help them prepare for the fallout from the multiple antitrust lawsuits gripping our industry.
Education is Crucial
At Spark & Logic, we believe in education explicitly created for adult learners. We know that agents are busy, and sitting through a multiple-hour class isn’t always an efficient use of time. Learning should be highly focused, clearly outlined, and offer solid ideas on practically applying knowledge learned into meaningful actions. A sales meeting is the perfect opportunity to provide tips and tools that will help agents thrive.
If you are a Spark & Logic subscriber, consider showing one or more of the following learning sprints during your meetings.
- Sharpen Your Buyer Presentation – this learning sprint explains why having a buyer presentation and agreement will be critical as the antitrust lawsuits begin to settle. Rather than waiting, starting now will allow agents time to put together thoughtful presentations and rehearse their talk tracks.
- Interview with Paul Wolfert on Video Marketing – Videos are an excellent way for agents to show off their expertise and knowledge. If you have agents who have never used video, this interview with Paul will help them to get started.
- Start Your Plan With a SWOT – A SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis can help agents work through how the antitrust lawsuits (a threat) will change how they do business. What strengths and weaknesses do agents need to address?
- Outperform Your Competition: 6 Essential Strategies – this learning sprint touches on six strategies to showcase an agent’s expertise.
If you are mentoring agents, now is a good time to include some of these questions.
- Do you have a buyer presentation? If their answer is yes, ask them to share it with you. Refer to the checklist of items to include that were presented in the Buyer Representation learning sprint. If their answer is no, ask them to list the pros and cons of using a buyer presentation. Knowing their thoughts will help you better understand their reluctance to create a buyer presentation.
- If an agent struggles to identify why a buyer should use their services, it’s most likely because they aren’t seeing their value. Here are good questions to get them started identifying strengths.
- When it comes to helping buyers find their dream home, what’s one unique strategy or tip you’ve found particularly effective in your experience?
- We all know the importance of listening to clients, but can you share a specific example of a time when actively listening to a buyer’s needs led to a successful and satisfying home purchase?
- Buying a home can be an emotional rollercoaster for many clients. How do you provide support and reassurance to buyers throughout the process, especially in challenging or competitive markets?
Designations / Certifications
The last suggestion is to encourage agents to consider earning an NAR Designation that can help them expand their knowledge base with relevant and valuable training, skills, and resources. A designation may also help set themselves apart from their competition and should be used in all self-promotion marketing.
- ABR / Accredited Buyer’s Representative
- CRS / Certified Residential Specialist
- GRI / Graduate, REALTOR® Institute
- PMN / Performance Management Network
- HFR / Home Finance Resource Certification
- LHC / Luxury Homes Certification
- MRP / Military Relocation Professional
- RENE / Real Estate Negotiation Expert
- RSPS / Resort & Second-Home Property Specialist
The bottom line is that Buyer Agents must believe they’re worth it. Many times, we can be our own worst enemy. Careful planning, mentoring, and education will prepare your agent for the challenges ahead in what may be the most significant change in real estate for years to come.