In the latest RISMedia webinar—“Buyer Agency Essentials: Strategies for Success and Compliance in the New Normal”—John Featherston, founder and CEO of RISMedia, welcomed co-moderator Joe Rand, chief creative officer for Howard Hanna | Rand Realty, and panelists Gretchen Pearson, owner and president of Berkshire Hathaway HomeServices Drysdale Properties; Kendall Bonner, team leader of The Kendall Bonner Team with eXp Realty; Brian Donnellan, president and CEO of Bright MLS; and Anthony Lamacchia, broker/owner and CEO of Lamacchia Realty and Lamacchia Companies, gathered to discuss the fundamentals of buyer agency.
These industry leaders shared their insights on best practices and latest strategies for effectively representing buyers, risk management and fostering strong client relationships amid an ever-changing and evolving real estate landscape.
Key takeaways:
- Acceptance of the new normal
- While some changes may not be beneficial for consumers, real estate professionals must accept these changes and adapt. The focus should always remain on doing what is best for clients, maintaining core principles such as making the best recommendations, helping clients navigate the sale process and ensuring clients get the best deals.
- Formalization of relationships
- The shift towards mandatory buy agency agreements in some states highlights the need to formalize relationships that were previously based on verbal agreements and trust. Formalization can clarify expectations and ensure both parties are committed, mirroring the formal relationships typically established with sellers.
- Comprehensive market approach
- Adopting a comprehensive approach to representing buyers ensures that buyers have access to a full range of options. Explore all potential properties, including new homes and off-market properties, rather than relying solely on the MLS.
- Transparency and honesty
- To maintain professional relationships in this industry, agents must clearly communicate what they will do for clients, their professional affiliations and the necessity of signing buyer agreements. This not only builds trust, it demonstrates the value agents bring to the table.
- Understanding consumer expectations
- Consumers do not expect real estate services to be free and are aware of the costs involved. Agents should communicate the value they provide by addressing what buyers want: a large selection of properties, good deals and a simplified buying process.
Here’s what our esteemed panelists had to say:
“With what’s happening here with the rapidly approaching new guidelines, we need the people that are really going to do the transactions, the agents that are going to be professional and get that training. The ones who are doing the work seamlessly and effortlessly, who are disseminating the data, explaining the data and explaining their value.” – John Featherston, Founder and CEO, RISMedia
“We’ve only had buyer agency in this industry for about 40 years. These changes are coming and hitting so hard because we are still in buyer agency infancy. We have not, until now, developed the fluency of all of the things we need to do for buyers, and I think that will happen very quickly. I am certain that the industry can adapt to what’s going on today, and where the industry is going over the next many years.” – Joe Rand, Chief Creative Officer, Howard Hanna | Rand Realty
“This is a blip and a moment in time for real estate. There are quite a few things that are in transition, not just the agents or the industry’s understanding of what this is. Buyers are in a blip of who’s in the market right now, sellers are in a blip and the data is a bit of a blip. It will all settle in.” – Gretchen Pearson, Owner and President, Berkshire Hathaway HomeServices Drysdale Properties
“The ‘great temptation’ is this desire by agents and brokers to not see things change as a result of this settlement. I’m out there trying to debunk that concept because I do think things are going to change and we need to be prepared for it. The longer it takes us to modify our behaviors, the more traumatic and difficult this evolution of our industry is going to be.” – Kendall Bonner, Team Leader, The Kendall Bonner Team with eXp Realty
“There is a tremendous amount of data and insight in your MLS, and you can’t fake it. You have to know the market. You have to know the area. You have to know everything about your client and what they are looking for. To me, knowledge is king. Let’s not pretend you can’t bring more to the table.” – Brian Donnellan, President and CEO, Bright MLS
“Though many of us think and know that there are aspects of these changes that are not any better whatsoever for consumers, and in some ways worse for consumers, we have to accept it and we still have to do what is best for our clients. The overarching principles of what we as REALTORS® do and in teaching REALTORS® to do haven’t changed. Do what is best for your client, make recommendations that are best for them, help them navigate the sales process and gain an understanding of how things work, how to land the house and how to sell it.” – Anthony Lamacchia, Broker/Owner and CEO, Lamacchia Realty and Lamacchia Companies
Looking to learn more about the upcoming changes the real estate industry is facing, and how to adapt to these changes? Join us this September 4-6 in Washington, D.C. for our 36th Annual RISMedia CEO & Leadership Exchange with more than 400 industry leaders in attendance who are charting the changes necessary to succeed. Register today and get ready to rebound!
Lawsuits, headlines, confused buyers and sellers! Has there ever been a more complex time in real estate? While consumers look for a trusted advisor to give them peace of mind and guidance, real estate professionals need to be informed, educated and confident to deliver that promise. Register today for Brian Buffini’s Bold Predictions Mid-Year Update happening July 22, 2024 at 10:00 am PT, where you will get the inside scoop on what’s taking place behind the numbers, and how to finish this year on a high note!
For more information on how you can thrive in a low-inventory market and increase listings despite limited supply, check out the full webinar here.
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