The NAR Settlement: Helping to Eliminate Client Confusion

 

The recent court decision has created questions for the public, for our clients and for many of us as well. But at least one good thing has come from this: It has highlighted once again that you simply cannot over-communicate with your clients.

 

Your opportunity to get it right from the start

This business is about people. We’re all people-persons, and we like saying yes to our clients and walking away from every encounter with everyone happy. It’s not always possible.

But there’s a good way to help ensure good outcomes: Start with a formal buyer-intake interview or meeting. Take that time to clearly establish your business relationship. Answer any and all questions. Talk about the role of the buyer agent. Explain exactly what we do, and how we may be compensated.

 

It’s also your chance to ask lots of questions—and be a great listener.

What is the buyer looking for? What represents the best outcome for them? Do they understand the client-agent relationship, and what to expect moving forward?

It is vitally important that everyone is on the same page when it comes to compensation. Clients understand agents work for them and deserve to be paid. They may not understand how that happens with buyer agents. So again: talk about the process and exactly what to expect.

 

Have more questions?

Please ask. And remember, your colleagues represent a vast resource of knowledge and experience. Together, we can hope to head off issues before they even start.