As real estate professionals continue to navigate today’s legal landscape and face the impactful changes resulting from the National Association of REALTORS®’ (NAR) $418 million settlement, mapping out a business plan for the year ahead is more important than ever.
Embrace the new
As policy changes that took effect last month under NAR’s Settlement Agreement are impacting the way brokers conduct business, savvy real estate professionals are doubling down and fine-tuning their business plans for 2025. No matter where you are in the process of preparing for the upcoming year, if you want to hit the ground running, the best thing you can do is embrace the new environment we’re working in, today. Embrace the changes that are taking place and then use them to your advantage by creating a new marketplace for yourself where you’re constantly thinking about new ways to do business.
Polish up your communication and negotiation skills
With compensation having been removed from the MLS, real estate professionals are going to have to find ways of promoting their value. Where before it wasn’t necessary to communicate with the other parties in order to understand the details of a potential transaction, including compensation, now, conversations among REALTORS® will be essential. To that end, polishing up your negotiation skills is critical as this process is going to be different moving forward.
Refine your elevator pitch
Articulating your value proposition wasn’t as critical in previous years because most markets were hot. With homes being scooped up quickly and for well over the asking price, it wasn’t as essential for real estate professionals to have their elevator pitch down when meeting a potential client. Now, that has all changed. Today, your elevator pitch must be both succinct and rehearsed if you want to win business. Now is the time to show your value in a way that can separate you from others to secure that edge.
Total transparency
At this critical moment, you must be upfront, straightforward and transparent with your customers. Do the research to understand what consumers want, then rewrite your job description (and what you’ll bring to the table) with that insight in mind. Fit exactly what you offer with what consumers are looking for, and you’ll find yourself outpacing the competition.
Educate, educate and educate
Ask your peers how they’re planning on moving forward, which might provide a few new ideas to consider and potentially fold into your own operations. Are there any office policy or technology changes you want to consider? Perhaps you want to review policies surrounding advertising or IDX websites—or consider new ways in which AI has evolved. Consistently evaluating your expectations versus your outcomes will help you identify where you’re meeting your goals, and where you may be falling short.
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