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Staying ahead of any legal challenges is crucial for maintaining a thriving real estate business. Recently, a significant lawsuit has emerged, posing a threat to our industry and highlighting the importance of being legally astute. Though dealing with legal matters can be daunting, it’s vital to be prepared and proactive. Here are some practical strategies I’ve gleaned from a recent real estate conference with top industry leaders:
1. Embrace cross-training. With potential changes looming over buyer agent commissions, it’s wise to diversify your skills or your team’s expertise. This means cross-training buyer-focused agents or yourself in the listing side of the business. Adapting to possible shifts in the market will ensure your business remains robust and versatile.
2. Enhance buyer agent presentations. If the landscape shifts such that buyers need to pay agent fees directly, your buyer agents must excel in their presentation skills. I recommend having them shadow experienced listing agents. The days of being “Pop-Tart agents” are fading; proficiency in buyer presentations will become increasingly critical.
3. Reallocate marketing resources. If you’re currently focusing heavily on buyer lead generation, consider redirecting some of these resources toward listings. This proactive move can safeguard your business against potential income reductions from changes in the buyer agent commission structure.
The real estate sector is no stranger to challenges, and legal hurdles are just another aspect we need to navigate skillfully. By adopting these three strategies, you can fortify your business against potential industry disruptions. Keep following the Do Over Movement for more insights on thriving in real estate, avoiding pitfalls, and sustaining a profitable business, even in the face of legal complexities.
