In preparation for the implementation of NAR settlement changes on August 17, there are ways to help you to be prepared, informed and ready to thrive in this new environment. You work hard to demonstrate your value proposition to secure an exclusive buyer’s agreement — the last thing you want is for your client to have a poor experience during the mortgage process.
The reality is that many lenders (and let’s be real, agents too) are not fully up to speed with these changes. That’s why having a roadmap and understanding what implications, impediments and potential pitfalls are out there can be a clear differentiator and set you apart from competitors. Not only that, but you’ll be a true market leader and as a result, will bring in more referrals and more business.
As your partner through these changes, we would like to highlight some best practices that will help you create a clear, transparent and educational experience for your client, securing both new referrals and your compensation. Here are a few we have established:
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Once the exclusive buyers agreement is signed, share it with a Key Mortgage loan officer. Even if you just share the commission percentage, it can help us create the various scenarios under which it can be paid and present those options during the preapproval consultation.
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Let the client know that you’ll be sharing the buyer’s agreement with a Key Mortgage loan officer. This way your client is not caught off guard — plus it shows that indeed we are working as a cohesive unit.
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Before presenting an offer, have a buyer consultation with your client and a Key Mortgage loan officer if you plan on requesting a seller concession. Just ask one of our loan officers to run the numbers for your clients.
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Once an offer has been accepted, communicate with both the loan officer and the buyer’s attorney about how the buyer’s agent compensation will be paid (via a cooperative brokerage payment, seller credit, the buyer’s own funds or any combination of these).
- This ensures that expectations from all parties will be met and you can live up to your brand promise of delivering an exceptional homebuying experience.
Now more than ever having that familiar team of professionals all on the same page, communicating the same thing, will ensure your client sees you as the valuable “must have” to buy or sell a home and our loan officers are here to do me part to make sure you get paid.
