⚖️ NAR Settlement - Final Prep for Industry Changes 🚀

⬇️ On this 241st episode of my Monday Morning Pep Talk (MMPT), I’ll discuss some changes to how I will push out my MMPT each week and then dive into a frequently asked question: "How can I be fully prepared, without full clarity, for the changes in compensation coming to our industry in August?"
Before jumping into today's call, I want to remind you of my professional purpose: to help you, the broker/advisor, optimize your productivity and become the best version of yourself. Why? Because Happy Brokers Sell More Real Estate. By teaching you how to handle challenges and opportunities daily, you'll be more productive and live your best life. Listen as if you are in a one-on-one coaching session with me. If you'd like a transcript and full recording, email me at [e-mail] to join my private email list.
🗓️ This call is recorded on Monday, July 8th, at Jameson Sotheby's International Realty. The raw file will be uploaded to SoundCloud and then to Apple Podcast. Over the next week, my team will produce the file for Spotify and KZbin, ensuring it's included in my weekly email sent between 6:00 and 7:00 a.m. the following Monday. Most people now listen in Podcast format and on KZbin, so I aim to release the final version early on Monday mornings to get you amped up for the week. My topics are time-tested, so the quality won't be impacted by the week between recording and email. I'm not trying to be an influencer; my goal is to help as many brokers as possible become the best versions of themselves by running a business, not a hobby. Recording "evergreen" content each week helps me scale my influence.
🔍 Thinking Time Question: How do I fully prepare, without full clarity, for the industry changes coming on August 17th?
💡 My thoughts and talking points:
You won't be fully prepared. Prepare the best you can and jump into the market next month with what you've learned. It will take months for brokers and brokerages to adapt.
Keep it simple. Operate from a worst-case scenario: assume the MLS field will be gone on August 17th, and listing brokers can't advertise seller concessions to offset buyer broker compensation on any platform.
Get a buyer agency form signed by your buyers that includes clear compensation terms. Negotiate these terms into the contract and ensure the buyer is informed they will pay all or part of your commission.
Learn the changes to the required forms inside and out. Expect updated forms from the Chicago Association of Realtors today (July 8th). Jameson Sotheby's will train internally over the coming month.
Prepare for the worst-case scenario and negotiate concessions into the contract. Be ready to answer your clients' questions and create clarity.
Remember: these changes are not optional. Compliance is crucial for getting paid.
In summary: Prepare for the worst-case scenario of no MLS compensation or concession fields and the inability for the seller to advertise concessions to the buyer on any digital platform. As we gain more clarity, I will address these changes on MMPT.
Those listening to my calls will be just fine. Embrace the change, adjust your mindset, and work with clients who value your service. The top brokers and brokerages will take market share as there will be a flight to quality. Know your boundaries and filter clients early on. Your best years are ahead of you. 📈
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