In light of the recent (NAR) settlements, this topic has become the most dominant thought, news story, and post on every real estate agent’s mind and feeds.
The prevailing advice? “Show your value” and “Articulate your value and fees like a listing agent.”
Many agents are frustrated because what does this mean?
To break it all down, we hosted Kendall E. Bonner, Esq., Inman Speaker, eXp Realty VP of Industry Relations, and Florida-licensed attorney.
Kendall provided a practical roadmap and actionable steps for the modern agent to articulate their value to a customer. She shared with us how she and her team focus on a strong mindset, skill set, and tech tool set, to stand out, prove value, and communicate the changes ahead to today’s modern buyer.
Watch the full interview and read on for Kendall’s top tips!
"Fear often stems from a lack of knowledge or experience. This shared challenge is a new industry-wide change that we are all navigating together. By seeking knowledge, you can reduce your fears and feel more prepared. Engaging in industry webinars, reading relevant articles, and watching trusted YouTube channels can provide valuable insights and predictions. As we all face uncertainty, gathering more information will help alleviate your concerns."
“There is a strong temptation, among real estate agents and brokers to maintain the current processes despite calls for change. The Department of Justice (DOJ) and the plaintiffs have clearly outlined their expectations for the future. It would be wise for everyone to adapt sooner rather than later to minimize any unnecessary complications. Transitioning will inevitably involve some challenges and adjustments, as Holly, our Senior Vice President of Operations, aptly puts it “We're gonna stub some toes”, and when she says that, she's not talking about our company, but she’s talking about the real estate industry. Embracing this industry-wide shift will require companies to pivot and make decisions in the best interests of their agents. It's essential for all of us to adjust our mindset and actions accordingly.”
“Many of the big companies like NAR and Realtor.com compiled a comprehensive list of tasks Realtors can perform. While lists are helpful, they don’t set you apart. The key to standing out lies in the customer experience you offer. Enhancing this experience can be achieved through technology, improving efficiency, and adding value to the customer journey.”
"When engaging with clients, certain tools that set you apart are essential. For instance, utilizing innovative technology can steer customers away from major platforms. HomeStack, a personalized app on your phone, is one such tech tool tailored to me and my team. It enables customers to move away from platforms that might attempt to control your client’s contact information, potentially redirecting them to other agents. I aim to avoid such scenarios and bring them into my ecosystem, where communication between us is clear, easy, and convenient. Customers are willing to pay more for convenience, perceived value, and specialized services. These are the aspects that customers truly value. Leveraging technology in this way helps enhance and enrich the overall customer experience."
“Providing tech tools like the HomeStack App can also aid in retaining past customers. Today, people seek solutions for their immediate problems. By proactively addressing FAQs and challenges within a mobile app and offering resources to resolve issues, you can significantly enhance customer loyalty. This approach helps create stickiness as clients will prefer to continue engaging with your business. Having a real estate app developed by HomeStack offering resources like buyer and seller guides or community resources contributes to retaining customers and offers a familiar experience similar to other “big portal” apps.”
Possessing advanced negotiation skills as a real estate agent, can make a significant difference between mere survival and thriving.
“In this evolving landscape, agents with refined negotiation abilities will excel. Firstly, you will negotiate just to secure a meeting with potential buyers, then negotiate to secure their agreement to work with you, and further negotiate with sellers and listing agents on various terms and possibly commissions, among other aspects of the deal. Negotiation involves more than just relaying demands and responses; it requires a refined skill set. Many agents have not prioritized this skill because they did not feel its impact, but now, it will directly hit them in the pocketbook. It is time to invest in enhancing these skills, now.”
Follow Kendall on: 📲 YouTube: @letstalkSMART
📸 Instagram: @kendallebonner
➡️ Inman Article by Kendall: https://www.inman.com/2024/05/03/how-...
