It’s fitting that the 2024 Summer Olympics in Paris serve as the backdrop for the final two weeks as the real estate industry undergoes its biggest structural change in decades, a feat approaching Olympic proportions.
Like athletes in Paris, real estate agents and brokers across the United States have been busy training to prepare for August 17, the day the contract terms take effect. National Association of Realtors (NAR) National Council lawsuit settlement agreement to take effect soon.
Under the terms of the settlement, agents will no longer be allowed to share seller compensation to buyer’s agents on the MLS. They must also obtain a signed Buyer Representation Agreement before the buyer purchases their first home.
In just a few weeks, real estate professionals across the country will find out whether their training is paying off.
In Minnetonka, Minnesota, Bryan VantHof is a RE/MAX ADVANTAGE PLUS– Brokered Minnesota Real Estate Team – says he feels ready to deal with whatever the industry and the real estate market throws at him.
“I was nervous at first, but I like challenges, and at this stage I feel like I’ve developed a strategy that will really set me apart from those who are still trying to figure it out,” VantHof said.
His confidence didn’t come out of nowhere. VantHof spent several months training to prepare for changes in business practices.
“We had a lot of meetings,” Van’t Hoff said. “In these meetings, we bring in different leaders to discuss how these rule changes are affecting things. Fannie Mae, Freddie Mac, VA or FHA perspective. They also hired a forms expert who dug into the new forms and really explained them to us so we knew when and how to use each form so we could explain the contract to our clients in plain English.
VantHof states that RE/MAX Advantage Plus plans use forms provided by minnesota real estate agentsIt only came out recently, giving him only a few weeks to fully digest the table’s contents.
“We had a few months to go through all of this in our heads, and then with about two weeks’ notice, we received all the forms and how the process would work in our state – because each state has its own set of laws. , which changes the settlement options in every state,” Van’t Hoff said.
Form training has always been the focus of brokerages across the country.
“Personally, I haven’t had this much form training myself in over a decade,” said Anthony Lamacchia, a broker and owner based in Massachusetts. Lamacchia Real Estate.
For Lamacchia, it’s critical that his agents and brokers are able to clearly explain and communicate the forms they ask clients to sign.
“Agents in some states or at some brokerage firms received these forms that had been processed by attorneys, but no one explained to them how to answer the client’s questions. The agents were scared,” Lamacchia said.
While study sheets are an integral part of many brokerage firms’ training efforts, agents say the role-playing exercises they do to practice buyer and seller presentations and answer buyer and seller questions are extremely valuable.
“We’ve been role-playing how to deal with questions from buyers and sellers so that we have answers and know how to handle those situations,” said Brian Huskey, associate broker in Montana. Times American Real Estate.
Huskey said the training sessions are mostly limited to his brokerage, which consists of 15 agents, although some training sessions involve larger agents. real estate anywhere network, and his company is part of that network. But Huskey said he would like to see broader industry collaboration on training.
“It would be great if we all agreed on the same few talking points, because if a consumer goes to four different agents and they all give different answers, that’s not good for our industry,” Husky said. “But if we all have the same set of talking points to answer questions, we’ll be better able to demonstrate that we’re experts in our industry and home sales transactions.”
Back on the East Coast, Ruth Kennedy Sudduth—A Principal LandVest Christie’s International Real Estate BOSTON – said she also feels ready for the Aug. 17 implementation date, thanks largely to the training provided by her agency.
“I greatly commend LandVest and Christie’s for their joint efforts to not only educate the broker and agent community, but also to listen to the broker and agent community on the various issues raised by changes in business practices and develop strategies to address these issues. practice,” Sudduth said. “I feel like I’m well supported.”
While Sadhus said she’s ready for the changes, she’s keeping a close eye on how some of these policies might evolve.
“I think everyone needs to think about the big picture of where public policy is going and try to be consistent with that and also try to be transparent with clients,” Sadhus said.
While many agents feel their agencies are ready and supportive, White Label Brokerage President Steve Capezza sideknowing that others are not.
“For Side partners, they’re going to have to deal with these new rules that are going into effect — and that means they’ve had months to help our teams and our partners succeed,” Capeza said. Totally hope they succeed.
“Of course, it’s a change, so there’s always going to be some curve, but I think they’re going to get through it relatively smoothly. That said, looking at most brokerages across the country and the lack of support they provide, there’s probably a lot of Agents don’t know what to do with clients on August 18th, and this conversation is going to be quite challenging for them.
While agents acknowledge that may be the case, many see these changes as their chance to really shine.
“It’s nothing to be afraid of,” Husky said. “Change is scary, but if you can create your value, you have nothing to worry about. If you can show people that the money they pay you is enough for the service you provide, then that’s fine.
