Above, Scott Harris
Editor’s Note: The Buyer-Agent Playbook is a new iteration of RISMedia’s biweekly Playbook segment, specifically centering on buyer agency and how agents are navigating the changes and trends in a post-NAR-settlement environment. The series will provide brokers and agents with insights and information to ensure they not only survive but thrive in these challenging times. Industry professionals explain the strategies they’re employing and unique ideas they’ve formulated. Tune in every Thursday for another addition to the series.
The uncertainty of what is to come following NAR’s settlement is something keeping a lot of real estate professionals on edge, specifically those working on the buyer’s side of things. There’s a lot of questions left unanswered, and many don’t really know how to prepare.
Long-time agents—ones like Scott Harris, who’s been working since 2003—have seen a lot of change in the industry, and don’t face what is to come with as much worry. Harris knows his path forward.
Scott Harris—a top producing residential real estate agent at Brown Harris Stevens and leader of the Harris Residential Team—has a lot of experience on the buyer’s side when it comes to the housing market, especially when it comes to New York City and the odd bubble of real estate it resides in.
Harris and his team worked hard in the real estate microcosm of NYC, and beat the odds many other agents faced across the country. They closed an astounding $90,068,156 of New York City residential real estate properties in Q1 2024, comprised of 20 transactions, 8 of those from the buyer side.
Harris explained that the success he and his team sees has a lot to do with perspective. Not only perspective, but a discernible commitment to the job is imperative to Harris and his team. That, and a strong belief.
“A long time ago, someone told me that you could either have reasons, or you could have results,” he said. “In other words, there’s always an excuse at hand, if you’re looking for one. We decided that regardless of the broader market conditions, there are always people who want to transact. And we found them this past quarter.”
Harris continued, “We gained market share as a result of being the team who were committed to success in these market conditions. That’s the kind of message you want to be broadcasting. We happen to believe that this is a terrific time to buy, and for a lot of sellers, they already know where they’re going to deploy the equity from their sales. Many sellers have done well in this market, too, by the way.”
However, you could say these are qualities the industry pushes out a lot when it comes to success. For the specific “in-the-trenches details,” as Harris said, “it boils down to providing lots of data and encouragement, on either side of the transaction. Add to that tough negotiating and leveraging relationships that I’ve built over two decades. That leads to good strategy, openness to price reductions, and more deals.”
Being a strong representation for buyers in the market, the NAR settlement, along with other settlements and commission lawsuits, could definitely have a strong effect on Harris and his team. However, Harris said that despite the possible incoming changes, it’s all about learning to adapt.
“The industry is always shifting, isn’t it,” he expressed. “I started my business on a Palm Pilot and Craig’s List and Print Classified Ads. Smartphones and Web 2.0 changed the game. And it keeps rolling, so you have to keep updating your business. ‘Innovate or die,’ as they say.”
Harris and his team also specialize in luxury real estate, working in the high-priced luxury-leaning market of NYC. Their average sale price in Q1 was $2,267,375—12.5% greater than the city’s Q4 average sale price of $2,015,401.
When it comes to the landscape of luxury following the legal shifts the industry is currently facing, Harris said he has seen “a lot of fear and confusion in the real estate industry today,” and foresees “more of the same, unfortunately.”
“The biggest challenge is how to simply focus on doing the things that are within an agent’s control,” he added.
Even with the impending overhaul of the buyer’s market, Harris said that buyers still need agents, maybe now more than ever.
“There’s never been a better time to be a productive agent,” he explained. “Learn the inventory, build relationships, add value, and make sure everyone knows about you and what you bring to the table.
For agents worried about facing the shift alone, joining a team is a method of safety Harris pointed out.
“I see a lot of value in joining a successful real estate team that offers easy-to-use systems to help an agent scale his or her business. It’s the best way to leverage hard work and passion,” he said.
One of the big questions facing the buyer side of the market is the case of buyer agent contracts. This is a challenge that many feel apprehensive about facing, especially when it comes down to the conversation they will have with clients. In Harris’s eyes, his agents are prepared already with the training they have about their value proposition.
“We’ve always made clear how we add value at every step of the buying process. I’m writing a book about it which will come out next year, called The Pursuit of Home,” he said. “I have found that if you focus on the big picture first, the details can easily be sorted out.”
Harris continued, “We don’t know what’s going to happen with lawsuits or settlements. We do know how to show the value we add in every transaction. So we train to focus on adding as much value as possible. Regardless of what comes down the pike, if you do that, you win.”
To sum everything up, Harris shares his best piece of advice for success in real estate as a buyer’s agent:
“Add value and care about your clients. Not just in real estate. Make sure you are the go-to for your clients about everything. I’ve helped people land their largest clients, get jobs, get their children jobs, connect people with charities for which clients end up being major donors. Real estate is often the main vehicle, but you want to be the person to help people move forward in their lives.”
