Seller Strategy: How Are You Communicating Seller Choices in Light of the NAR Lawsuit?
The class-action lawsuit against the National Association of REALTORS® and a number of MLSs around the country should have you taking notice. The plaintiffs allege that because of the way buyer-agent compensation has been framed-up to sellers, it has created cooperation amongst brokerages and therefore is a violation of anti-trust law.
Whether true or not, which is up to the courts to decide, many MLSs have already taken action to alter their forms and provide agents with best-practices education. However, if you are still doing your listing presentations the way you always have, this is a very good time to reevaluate and make sure you are presenting compensation issues in a way that keeps you out of danger.
As a real estate professional, it is important to update any marketing materials you have that explain compensation, especially anything that you use which explains how compensation is paid and who is responsible for paying it. If you are a Club Zebra member, take a look at the sample resources below and use them to help guide your conversations with sellers. Using visuals like this can make it easier for your clients to understand their choices and what is in their best interest.
Club Zebra Members
Check out these great resources from the Vault and use them to help guide your listing discussions!
Although your seller process may differ, there are essentially six elements that make up a listing strategy. This strategy should take into account the seller’s listing timeline, time and energy they have to do repairs and maintenance, how they want to handle their listing in terms of other agents and buyers, and who they select for their listing agent in terms of their marketing and photography program. Specifically, those six elements that make up a seller’s strategy includes:
- Home Preparation
- Home Pricing Strategy
- Photography and Marketing
- Buyer Enticements
- Buyer Showings
- Reviewing Offers
It is key to communicate to your seller that there is no industry standard for these strategic elements, that creating this strategy is the seller’s choice. When discussing your recommended methods, it is important that the seller understand that these are your personal methods that you follow in your business or are outlined by your brokerage.
Although you may talk about these six elements individually at a listing presentation, packaging these together into a single strategy discussion is likely different from what other agents are doing, providing you with a point-of-difference over your competition.
Does your listing presentation include language that will keep you out of trouble? Make sure you are discussing your services and seller options correctly!
By Denise Lones CSP, M.I.R.M., CDEI - The founding partner of The Lones Group, Denise Lones, brings nearly three decades of experience in the real estate industry. With agent/broker coaching, expertise in branding, lead generation, strategic marketing, business analysis, new home project planning, product development, Denise is nationally recognized as the source for all things real estate. With a passion for improvement, Denise has helped thousands of real estate agents, brokers, and managers build their business to unprecedented levels of success, while helping them maintain balance and quality of life.
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