The phrase “new year, new me” might be taking on a new meaning for real estate agents as 2025 gets underway. In the wake of the NAR settlement and practice changes, coupled with continued market challenges related to prices, rates and supply, the industry has been seeing shift after shift. This is especially true among agents looking to survive the times, many of whom are shifting their business structures in order to stay successful.
RISMedia’s 2024 Contract & Commission Study found that 30% of agents had shifted focus toward more listing versus buying, while only 15% had shifted toward buying. While 55% of agents did remain unchanged in their business, a third of REALTORS® shifting out of the buying game is a rather significant amount. This begs the question: Is this just a product of the housing market climate, or a direct result of the NAR settlement (which some have worried will marginalize buyer agents)?
From speaking with brokers across the country, it seems the answer to this question is a mixed bag.
In the South, Knoxville, Tennessee-based Broker/Owner Jeff Grebe tells RISMedia that from what he’s observed, the current shift in focus could definitely be tied to the NAR settlement.
Grebe says that at his brokerage—Weichert, REALTORS® – Advantage Plus—they’ve always encouraged agents more toward the listing side to be successful in their business.
“Listings provide the ‘product’ to market, inherently attracting buyers while showcasing the agent’s ability to deliver results,” he says. “Additionally, in today’s seller’s market, listings remain highly advantageous.”
This is something that Amy Arnone—Jason Mitchell Group’s National VP of the East Coast—has observed in her business, which operates in the Northeast and South as well (specifically in New York, New Jersey, Virginia and Pennsylvania).
“Throughout my position in this industry as JMG’s national vice president and a licensed broker in four states, I have observed that nearly all agents desire to be a ‘Listing Agent Only,’” she says. “I feel it is the agents’ ultimate goal.”
Grebe also noted that in Tennessee, buyer agreements have been in place since the 1990s, so the NAR practice changes aren’t much of a shift for agents.
“At Weichert, we’ve long been ahead of the curve by implementing and promoting Buyer Consultations,” he says.
However, he explains that this obviously isn’t the case everywhere across the country, and that agents who have not used agreements before may not be finding the shift easy to navigate: “Many agents are struggling to clearly demonstrate their value to buyers and adapt to a new expectation—securing buyer commitment to pay them through buyer agreements.”
Arnone both agrees and disagrees with Grebe’s view, saying that the state of the market has definitely pushed more agents toward listing as well as industry changes. She explains that while we’ve been witnessing a seller’s market for the past few years, “there is a sense of glamour to showcase and sell listings at record speed.”
“As we know, real estate has cycles, and when the market reflects a ‘buyer’s market,’ the desire to represent buyers will be at the forefront of agents’ business plans,” she continues. “When time progresses and the market transitions into a buyer’s market, agents will appreciate the ‘Buyer Representation Agreement’ that was established.”
In the West—specifically Salt Lake City, Utah—Equity Real Estate CEO Tony Ketterling’s opinion leans more toward the market conditions aspect of the argument.
“While the NAR settlement has introduced changes, such as clarity in buyer-agent compensation, it’s clear that the more significant driver of this trend is the market’s current state,” he explains. “Agents are responding to today’s economic and housing landscape realities, which favor sellers and listings.”
Ketterling points to a few specific points of housing market pressure, and how that pressure is affecting the business of REALTORS®.
His first note is mortgage rates, which in their elevation have worsened affordability and “naturally pushed agents to prioritize sellers, where transactions may be more viable and lucrative in a slower market.”
He also notes inventory shortages, saying that fewer options for buyers can “make assisting them a more time-intensive and less predictable business model,” and that agents find “more stability and opportunity in representing sellers who often have the upper hand in negotiations.”
Ketterling then points to two factors of the market that have substantially increased the work a buyer’s agent must put in, skewing them away from that side of the industry: increased competition and shifts in buyer preferences.
He explains that in an inventory shortage there is increased competition among buyers, which creates more work for buyer’s agents and also pushes more toward the listing side in order to incur less struggles in making a deal. He also says that the state of the economy has shifted buyer behaviors, “with many choosing to pause their searches or adjust their expectations.” Ketterling said that this hesitation “reduces the immediate business opportunity for buyer agents.”
Regardless of what the cause is, the fact is that many agents have shifted out of the buying side of the real estate business. Something every broker can agree on is that there is always opportunity in the market to be successful.
Grebe expresses that right now, there is still a significant opportunity for buyer’s agents to thrive. He says that by being able to set their own commission fees rather than solely relying on co-op percentages, there’s ample opportunity for buyer’s agents to earn more than ever before.
“Ultimately, success in this evolving market hinges on differentiation and delivering exceptional value,” Grebe says. “Agents who embrace this shift and elevate their level of service will thrive, while those who resist adapting may find it challenging to succeed. I firmly believe these changes will elevate our profession as a whole, setting a new standard of service and professionalism.”
Arnone’s final point echoes a similar sentiment, expressing that agents should “always service all clients and be grateful to have business in an ever-changing environment.”
“As an industry, we are part of making people’s homeownership dreams come true, and we should embrace that,” she says. “An agent that is well-seasoned and incorporates representing both sides to their business will always be ahead of the industry’s turns.”
