The Only Verdict That Matters in Real Estate

As the dust settles from the big real estate lawsuit, keep in mind that YOU remain as valuable as ever.

Cheer Up, Mr. Vader!

This week, the long-simmering real estate anti-trust lawsuit was decided against NAR and a number of real estate franchisors. You can read about it here and here, In three weeks and three hours, a jury decided decades of buyer-representation and compensation practices, in fifty different states under fifty different agency-laws, was anti-competitive. And somehow government regulators missed the conspiracy all these years. That, plus a chance to punch America’s second-favorite punching bag (after car salesmen), leaves little surprise that a $1.75 billion fine was levied (and instantly tripled).

So you can see how the real estate punditry might start selling dark times ahead.

To which I say: It Matters Not!

Because YOU are Still Worth It

And that’s the only verdict that matters.

Great salespeople can still represent buyers. They can still earn their own fees. They might even earn a better fee than what they settled for under previous practices.

Imagine that!

No buyer ever worked with an agent merely because of the fee. They worked with them because of value. That’s how sales works. Don’t play mind games with yourself over who paid it or who determined it. The only truth is:

You know how to get paid for doing a good job

Just like sellers-agents, referral companies, lead generators, advertisers, trainers, and every other salesperson in every other industry on the planet.

So lighten up!

Because the jury’s verdict isn’t as important as the verdict on something BIGGER:

Whether YOU believe in YOU

To move forward, you must believe you’re worth it. The good news is, your path has been prepared. Great buyers agents have been doing this for decades. They’ve been trained, coached, practiced, and successful doing this every day.

Not all agents; the best of them. So will you become one of the best?

Meanwhile, the market will change.
The industry will innovate.
It’s just another curve in the road.
You’ve got this, as usual!

During the pandemic, the industry sold more homes than records for 30 years. We figured out the 2008 financial crisis, too. Every agent who was around before those changes is still around - if they chose to be.

What thrives isn't a rule, process, technology or tool. It is always YOU.

Welcome to American Airlines, Mr. Vader

Check out this photo of a guy named Jacob, an American Airlines flight attendant I met on one of those flights. After multiple delays at the airport and a very bumpy take-off, passengers were grumpy.

Besides, catering forgot to refill the snacks!

Once the turbulence settled, Jacob pulled the galley curtain. I heard him rummage around for a few minutes, then step back into the cabin.

That’s when Flight Attendant Vader asked if I wanted a drink.

“Is that really a Darth Vader apron?” I asked.
“It is,” he replied.
“Is it part of some promotion by the airline?”
“No, I bought it on my own. I liked it.”
”Does your boss know that you wear it?”
“Yes. We can bring any creativity to the job, as long as it’s safe."

“Does anyone tell you it’s scary?” I joked.
”Not really. It makes most people smile, actually.”
“I bet it starts a lot of good conversations,” I said.

“And it changes them, too,” said Jacob.

Change Your Conversation Fast

Jacob’s apron made me forget what didn’t matter. Those are not the droids problems you are looking for! We were enjoying the miracle of safe flight. The power of modern technology. A pleasant hospitality. Things were moving along.

What mattered wasn’t what was attracting attention: Jacob just helped us see things from a different perspective.

The Light(er) Side

After the verdict, the real estate industry will be tempted to talk for months in terms of setbacks. That will be true from a certain point of view. From another perspective, the verdict is a green light to innovate, change, energize; and still help clients.

Will you let the words of a tiny group of people control your destiny?

Control Your Feelings

If you need help, start every morning by re-reading those thank-you notes on your desk. None of those clients wrote “You’re amazing because of the compensation rules!” when they sent them.

Ask a colleague, manager or coach how they’re going to work things out. Make a list of how you’re GOOD AND READY at selling your value to prospects. Call people who have been doing it all along, in markets where the rules changed years ago, or never existed in the first place.

Then let your actions speak louder than words.
Decide to get a buyer under contract before the end of the week.
Determine to create even better outcomes than before.
Declare you’re worth every penny you’re paid.

Do it all with a SMILE.

Cheer up, Vader!

To paraphrase that old movie line:

This verdict will only matter if you find your own lack of faith disturbing!

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PS: To get you started, here are ten things I’d be doing right now if I were a great buyer’s agent this morning…