NAR Changes: What Realtors Should Focus On
Aug 18, 2024
Welcome to a new era!
At least, that's what most agents are thinking it will be like with the NAR changes fully effective now.
They might be right, or it might not be as different as we think. π€·βοΈ
In fact, we spent 45 minutes in our latest coaching session going over exclusive data from 1,514 people I surveyed to get outside of the industry chatter and better understand the public's point of view on these changes and how agents should adapt moving forward.
Let me ask you this: do you think your business will grow or shrink because of these changes? π€
How you answer that determines a lot.
Based on a recent study, only 15% of agents believe these industry changes will have a positive impact on their business.
Here's what 'ole Henry Ford has to say about that:
β My point is this: expect challenge and you'll find it.
On the other hand, if you believe amazing opportunities are all around you, you'll find those instead.
Your thoughts create your reality. π§
Don't believe me? Just think about when you wanted to buy that new car and you suddenly started to see it everywhere you looked. π
Remember TRID
You might not have been in real estate for this (which is part of why these NAR changes are so scary), but we had a big regulatory change back in 2015 called TRID.
Essentially, the government changed out some long-standing forms and added new timeline requirements. ποΈ
Believe it or not, we used to be able to close with the buyer getting the settlement statement the day of closing.
It's no big deal for you now because it's been the norm for a while.
Let me tell you this: it feels like deja vu because the entire industry was freaking out about those changes then, just like we're freaking out about these changes now. π
Finding Opportunity
Turns out, people generally don't like change. π₯΅
It creates uncertainty and feels uncomfortable.
But the most successful people see change as an opportunity to grow. πͺ
That said, here are a few points to consider as we move forward:
- βοΈ Things rarely are as bad or good as they seem. We're emotional beings and that means we can swing to the extremes relatively easily. Odds are reality is somewhere in between the best case and the worst case. Remembering this helps keep your expectations in check.
- π If you're going to make assumptions, assume the best. We're all constantly making assumptions. The majority of people assume the worst. Do yourself a favor and set a recurring reminder on your phone that everything is going to be alright.
- β»οΈ The more things change, the more they stay the same. The rules of the game might change, but the way you win it is the same. Through all the industry changes over time, our job is to find people and help them accomplish their real estate goals. Keep your focus on adding value to your customer and you'll be just fine.
- π― Focus on what you can control. It's very easy to get caught up in the details of what's changing. For example, I'm not sure anyone is clear on how open houses are supposed to go yet. Instead of spinning your wheels on the unknown, shift your focus to what you do have clarity on and let the others waste their time arguing in the weeds.
Endless opportunity is staring us in the face each day. It's up to us to go get it.
Here's to growing through the change! π
Dr. Alex Stewart
Founder
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