Will you be able to Compete?
As you may already know, recent changes in our industry have taken place, affecting the way business is conducted. While these changes have been postponed until July, they have significant implications.
The lawsuit has separated the seller agent fee from the buyer agent fee, creating a new landscape for real estate professionals. Despite some claiming that nothing will change, the reality is that if you do not adapt your business practices, you might risk not being compensated for your hard work with clients.
How can agents from traditional brokerages, such as Coldwell or Compass, compete with those who work for lower-cost models and offer more value to clients? The game is now all about demonstrating value and competing effectively.
Capitalism has been unleashed in our industry, with agents adjusting their compensation models to attract buyers. Clients will now demand more in terms of price, experience, and resources from their agents, leading to a more competitive market.
Buyers have always been the ones ultimately paying for services, but now they will be more aware of it and expect the best. This shift emphasizes the need for agents to offer value and stand out in a crowded market.
Will agents from traditional brokerages be able to compete in this new environment? It’s a challenging question, considering the fees and splits they operate under compared to lower-cost brokerages like eXp or REAL.
In this competitive landscape, agents must be well-trained and resourceful to succeed. Not everyone will make it, but those who do will have a strategic advantage.
To thrive in this evolving market, agents must prepare for intense competition and leverage every advantage available. Consider reducing expenses and becoming more efficient to offer clients better options and resources.
If you are interested in learning more about how to strengthen your business and adapt to the changing market, feel free to contact me for a confidential conversation at 617-775-7687.
Until next time.