Guest Commentator: Rob Mildish - Compliance & Risk Officer, Northpoint Mortgage
As a seasoned Compliance Officer in the mortgage industry, I've seen my fair share of changes. New regulations often raise concerns, but in my experience, they tend to work themselves out smoother than people anticipate. The recent National Association of Realtors (NAR) settlement agreement is no different. It's a chance to embrace a more transparent and competitive real estate landscape, not a reason to panic.
Here's why the NAR settlement presents an opportunity to shine:
Increased Transparency: The new rules requiring written buyer representation agreements will clarify expectations for both buyers and agents. This can lead to stronger relationships built on trust and communication.
A More Competitive Market: The potential decrease in commission rates, while still awaiting court approval, could incentivize realtors to sharpen their skills and offer more competitive services.
A Chance to Stand Out: Embrace the changes! Emphasize your expertise, value proposition, and commitment to client satisfaction. This will differentiate you from those who simply rely on the traditional model.
Tips on how to stand out?
When “Know Before You Owe” regulations took effect in 2015, the mortgage industry was in a panic. At Northpoint we were prepared and were able to establish ourselves as experts. We never had a closing impacted by the new regulations. And we were able to grab market share! How can you utilize our experience to make yourself shine?
Communicate Clearly: Proactively discuss the potential impact of the settlement with your clients. Be transparent about how you can help them navigate the new environment.
Highlight Your Value: Focus on the unique services you provide that go beyond just listing and selling a property. This could include negotiation expertise, market knowledge, or connections with valuable resources.
Stay Informed from good sources: Keep yourself up to date on the latest developments regarding the settlement, but don’t believe every post you see on social media. Trolls love to cause fear and hate. The NAR website is a good source of information National Association of REALTORS® (nar.realtor)
Remember, change is inevitable in any industry. By embracing the NAR settlement as an opportunity to improve transparency, competitiveness, and client service, you can position yourself for success in the evolving real estate market.
Don't panic – shine!