The importance of training and education for agents in order to adapt to the changes in the real estate industry, particularly regarding buyer agency and the implications of the new rules post-NAR settlement, was front and center at RISMedia’s 36th Annual CEO & Leadership Exchange in Washington, D.C.
The panel, titled “The New Era of Buyer Agency” was moderated by Joe Rand, chief creative officer at Howard Hanna – Rand Realty. Panelists included Felicia Hengle, president of Coldwell Banker Schmidt Family of Companies; Jemila Winsey, CEO & principal broker at ERA Legacy Living; Roberto Navarro Jr., brand ambassador/associate broker at JPAR Real Estate; Anthony Lamacchia, broker/owner/CEO of Lamacchia Realty, Inc.; and Tim Milam, CEO of Coldwell Banker Sea Coast Advantage.
Major points made included emphasizing the need for proactive training and the creation of a “path to proficiency” for agents, the significance of maintaining a positive attitude and the challenges of getting agents to attend training sessions, as well as the importance of education and the use of technology to support agents.
The panel also discussed practical changes such as auditing processes, the use of showing agreements and the importance of clear communication with clients. Overall, the discussion underscored the need for adaptation, collaboration and leveraging opportunities in the evolving real estate landscape.
“We started the process quite a while ago, maybe four or five months ago, and felt there was a need,” said Hengle in reference to the need to be proactive. “There was so much talk in the industry and especially in our Ohio real estate board about new forms coming and coming and coming. We’re like, ‘You know what? We need to get ahead of this.’
“We created what we call the path to proficiency. It was essentially four modules that were expected for every agent to go through, and we made it a positive. When you finish this path to proficiency, you’ll be fully certified, and we feel that you’ll have the best opportunity to navigate what’s ahead.”
Rand addressed Milam, specifically pointing to Milam’s motto that “attitude is everything.”
“How,” Rand asked, “did that inform the way you approached this with your agents at a time when everybody was feeling so stressed and so anxious about what was happening?”
“That’s something we depend on for all of our agents,” replied Milam. “Attitude is everything. This is really an opportunity for our industry. We don’t hire part-time agents because this industry has too many agents in it.”
Milam also stressed the need to be proactive with training and getting agents to participate.
To Navarro, education is the key to continued success.
“The biggest thing for me right now is education,” he said. “I personally, and a lot of the agents and colleagues that I surround myself with, have gone out of our way to attend all the training that our brokerage has been putting out there to make sure that we can relay that (information) back to our clients.”
Lamacchia noted that sellers have a responsibility to try and move the home-buying process along through their actions.
“It’s important to make sure the seller understands that it (the buyer commission) is going to come up,” he said. “It is my belief that buyers seek the path of least financial resistance. So the sellers that are offering it (buyer commissions) are naturally going to attract more buyers. And if I was to be sitting across from a (seller) client, which I haven’t in 13 years, but if I was to, I would be very clear with them that that is the path that buyers seek, and if they make it easier on the buyer, they’re going to naturally attract more buyers.”
Other specific buyer agency essentials that the panelists discussed included:
- The need for brokers and agents to communicate and collaborate effectively, both with each other and with clients. There was emphasis on brokers needing to provide guidance, training and support to help agents adapt.
- The recognition that this is a time of significant change and opportunity, not just challenge. The panelists encouraged brokers and agents to “lean in” and view it as a chance to strengthen their businesses.
- The acknowledgment that some initial efforts at training and policy changes may have been overly complex or focused too narrowly on just the buyer’s agent side. There was a need to simplify messaging and consider the impacts on listing agents as well.
- The importance of proactive communication with clients, through videos, scripts, role-playing, etc., to address their questions and concerns directly.
The core theme was the critical need for effective, adaptable communication and collaboration at all levels, between brokers and agents, and between agents/brokers and their clients. Flexibility and a forward-looking mindset also emerged as key factors for navigating this industry transition successfully.
Toward the end of the session, Rand asked each panelist to make one specific point:
Hengle: “I think at this time in our industry, collaboration is so important. It always has been, but it is just really important that agents are communicating. Pick up your phones. We’ve got to be able to communicate. That way we can present the best possible scenario for our clients.”
Milam: “Keep reminding our agents, this is an opportunity. It’s not a negative. There’s a lot of positives going on. I think you have to communicate your value as a buyer’s agent. If you don’t have that value, then why are you in the business?”
Lamacchia: “As far as owners and leaders go, I don’t think we will ever in the next 30 or 40 years see a better opportunity for acquisitions of other companies, or mergers, then right at this moment. So I’m on offense big time.”
Navarro: “I’m anticipating the biggest opportunity that we’ve had in a couple of years. And I think that if we adapt, or if you’re able to adapt, you’re going to benefit greatly.”
Winsey: “Just lean in. This is not the time to baby agents. It’s time for a little bit of tough love, but for the most part, lean in. This is an amazing opportunity for both brokers and agents.”
