NAR Lawsuit settlement 2024 - Brian Icenhower breaks down the impacts of the National Association of REALTORS on real estate agents.
I’m here today to share some important insights and provide clarity on a hot topic that’s been stirring up the real estate industry: the NAR Lawsuit Settlement of 2024.
There’s been a lot of buzz and a fair share of confusion about the recent developments. I’m dedicated to breaking it down for you, offering guidance, and explaining how these changes will influence our industry and your interactions with clients.
Be sure to listen to this episode of The Brian Icenhower Podcast and subscribe to the podcast so you never miss an episode!
VIDEO: NAR Lawsuit Settlement 2024 – Explained!
Understanding the Settlement
The National Association of Realtors (NAR) has recently settled an alleged price-fixing lawsuit that’s been a significant talking point across our industry. While the court’s final approval is pending, it’s crucial to grasp the potential implications and prepare for the upcoming changes, anticipated to take effect by mid-July 2024.
The Essence of Decoupling Commissions
One of the settlement’s core aspects is the decoupling of commission fees. Traditionally, commissions were bundled—say, a standard 6% split between the buyer’s and seller’s agents.
Moving forward, this practice will evolve. We’re transitioning to a structure where each agent’s commission is distinct and not inherently linked. This change aims to foster transparency and adaptability, although it doesn’t necessarily mean lower commissions overall.
It’s vital to communicate this effectively to your clients, clarifying that the decoupling is about structure, not diminishing their or your financial benefits.
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Negotiation Skills Training for Realtors
ONLINE COURSESLearn the proven tactics, strategies, and scripts for negotiating on behalf of your clients, with your clients, and with all the vendors you interact with on a daily basis.
Designed for all learning types
Video Training
In-depth professional video training on every module, presented by the author, Brian Icenhower.Written Modules
Detailed and downloadable written modules with detailed graphics, scripts, spreadsheets, forms, and so much more.Audiobook
Since real estate agents are always on the move, your training must be too. This course provides a professional downloadable audiobook.Course curriculum
Enrollment includes access to the following course materials for 2 years
Module 1: Understanding the Needs Analysis- VIDEO: Understanding the Needs Analysis
- AUDIO: Understanding the Needs Analysis
- Workbook: Understanding the Needs Analysis
- The Feelings Wheel
- Real Estate Trainer Podcast: Episode 196 – Real Estate Recruiting Scripts: Conducting the Appointment
- Action Steps for Module 1
- VIDEO: Negotiating With a Needs Analysis
- AUDIO: Negotiating With a Needs Analysis
- Workbook: Negotiating With a Needs Analysis
- Buyer Lead Sheet (fillable)
- Seller Lead Sheet (fillable)
- Action Steps for Module 2
- VIDEO: Mirroring Opponents
- AUDIO: Mirroring Opponents
- Workbook: Mirroring Opponents
- Real Estate Trainer Podcast: Episode 184 – NLP Real Estate Scripts for Realtors
- Action Step for Module 3
- VIDEO: Matching Opponents
- AUDIO: Matching Opponents
- Workbook: Matching Opponents
- Mirror & Matching – Real Estate Negotiation Strategies
- Action Steps for Module 4
- VIDEO: Understanding Behavioral Profiles
- AUDIO: Understanding Behavioral Profiles
- Workbook: Understanding Behavioral Profiles
- DISC Style Identification
- Understanding DISC Profiles
- DISC Lead Gen Tendencies & DISC Profiles Graphics
- DISC Behavioral Assessment
- Take the DISC Behavioral Assessment
- Action Steps for Module 5
- VIDEO: Identifying & Matching Behavioral Profiles
- AUDIO: Identifying & Matching Behavioral Profiles
- Workbook: Identifying & Matching Behavioral Profiles
- Real Estate Trainer Podcast: Episode 76 – Recruiting for Real Estate Agents & DISC Behavior Profiles
- Action Steps for Module 6
- VIDEO: Changing Your Opponent’s Position
- AUDIO: Changing Your Opponent’s Position
- Workbook: Changing Your Opponent’s Position
- Action Steps for Module 7
- VIDEO: Negotiation Tactics to Secure Agreement
- AUDIO: Negotiation Tactics to Secure Agreement
- Workbook: Negotiation Tactics to Secure Agreement
- 10 Real Estate Negotiation Tactics
- Action Steps for Module 8
- VIDEO: The Negotiation Blueprint
- AUDIO: The Negotiation Blueprint
- Workbook: The Negotiation Blueprint
- Meet in the Middle Negotiation Model Graphic
- The Icenhower Method Negotiation Model Graphic
- Action Steps for Module 9
- VIDEO: Real Estate Negotiation Scripts & Strategies
- AUDIO: Real Estate Negotiation Scripts & Strategies
- Workbook: Real Estate Negotiation Scripts & Strategies
- Price Reduction Graphic
- Impact of Price on Visibility – Social Media Infographic
- Action Steps for Module 10
About this course
- $249.00
- 60 lessons
- 4.5 hours of video content
Immediate Takeaways
Here is what you can expect to gain from taking this online course.
- Learn the top 10 negotiation tactics, when to use them, and how to apply them immediately to win more negotiations.
- Understand why it is important to use an established model for negotiations vs. "winging it."
- Learn how to use the DISC behavioral profile model to aid in better negotiations through the understanding of various behavioral tendencies.
- Get insight into how to modify your personal DISC behavioral profile in order to better communicate with your clients, vendors, and other Realtors.
- Once you learn how to use established negotiation strategies, models, and tactics, learn how to SHOW YOUR WORK in order to ensure that your clients see the value you are bringing through your expertise.
- Learn the "Meet in the Middle" and "The Icenhower Model" negotiation strategies, step by step, and download the helpful graphics so you can practice these negotiation methods every day.
- Use this huge value add to earn more referral business from clients who are blown away by your hard work to win negotiations.
- Become empowered and confident in your negotiations and ultimately win more of them!
Certification & Designation Upon Completion
In this ICC online course, you will receive an official designation of "Certified Negotiation Specialist" or CNS upon completion, as well as a downloadable (and printable) Certificate of Completion. Add your designation seal, as well as your designation letters, to your email signature to bolster your reputation and show off your expertise to clients and colleagues alike.Reviews
"I use ICC systems, the Online Learning Center, and the coaching program to coach and train my team of over 30 agents. I use the ICC dashboard systems to keep my entire team accountable for their activities and set proper expectations."
Jake Rockwell
Over 500 Units Sold Annually I have coached with ICC for over five years. ICC has helped me quadruple my luxury business through marketing strategies so that I receive listings and sales through lead generation and multiple pillars of income.
Dennis Adelpour
Luxury Agent - West Los Angeles When we started coaching with ICC we worked all the time with some degree of success. Now, seven years later, we have grown to have the #1 market share in our area, we more than tripled our income and production, while also improving our work-life balance to enjoy our personal life with family and friends.
Tammi Humphrey
#1 Market Share & 100 Million in Annual Sales Volume Instructor Brian Icenhower.I created Negotiation Skills Training for Realtors because there is simply no other training out their like this specifically for real estate agents.
Most agents have no rhyme or reason when it comes to their negotiations. You are not an "average agent", though, and you are here to propel yourself (and your business) forward by learning the proven scripts, strategies, and negotiation tactics that Top Producers use. Now is the time to step up your game. This is a high-level course, and you won't find this kind of training anywhere else. I'll explain everything from start to finish, and by the end, you'll feel confident and walk away with tactics that you can use in your business every day. Time to win more negotiations!
No more "winging it".
Do you have a negotiation strategy? If your answer is "no," or you aren't sure, then you're in the right place. Up your game and win more negotiations by learning the scripts, strategies, and negotiation tactics that have been proven to work. Add to CartNegotiation Skills Training for Realtors
More about this real estate training course
Talk to a coach
If you've been considering hiring a coach, now's the time. Book a FREE coaching consultation session with your purchase of this course! Book Your Call
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1×1 Solo Agent Weekly Coaching Program
This 1×1 Solo Agent Weekly Real Estate Coaching Program designed to help you increase your production and your commission income with strategies and systems for sustainable business growth.
No More Automatic Offers in MLS
A significant shift is coming to the Multiple Listing Services (MLS) system. The automatic offers of compensation that we’ve been accustomed to will no longer be the norm.
This adjustment means that each transaction will require individual negotiation regarding commissions—a practice already familiar in the commercial real estate sector.
This development emphasizes the need to sharpen our negotiation skills and adapt our strategies to ensure fair and appropriate compensation for our services.
Impact on Client Communication
How we discuss these changes with our clients is paramount. The narrative around slashed commissions can create unnecessary panic or false expectations.
Instead, our dialogue should focus on the evolved structure of commission arrangements, reassuring clients that the quality and dedication of our service remain unwavering.
Preparing for Negotiation and Adaptation
With the elimination of automatic compensation offers, each deal will demand proactive negotiation skills. It’s more important than ever to secure buyer agency agreements upfront and to be adept at articulating the value and justification of your commission within each unique transaction context.
Long-term Industry Implications
While the settlement is poised to reshape certain practices, it’s an evolution rather than a revolution. The essence of our work—facilitating successful real estate transactions and serving our clients with integrity—remains unchanged.
We must stay informed, adaptable, and communicative, ensuring that we and our clients navigate these changes with confidence and clarity.
Your Role and Response
As real estate professionals, our adaptability, foresight, and commitment to excellence will guide us through this transition. Embrace the opportunity to refine your skills, enhance your client communication, and reinforce your value proposition in a shifting landscape.
Remember, change is a constant in our dynamic industry. Embracing it with knowledge, strategy, and positivity is what makes us resilient and successful. Stay informed, stay adaptable.
Brian Icenhower
Conclusion: Real Estate Team Marketing Ideas
The NAR Lawsuit Settlement of 2024 marks a pivotal moment for our industry, but it’s also an opportunity for growth and innovation. By understanding the nuances, communicating effectively with clients, and honing our professional practices, we can continue to thrive and deliver exceptional service in a changing environment.
Remember, change is a constant in our dynamic industry. Embracing it with knowledge, strategy, and positivity is what makes us resilient and successful. Stay informed, stay adaptable, and let’s navigate these changes together, ensuring a robust and prosperous future for all in the real estate realm.
Thank you for joining me in this exploration of the NAR Lawsuit Settlement 2024. If you have any questions or need further clarification, feel free to reach out. Let’s continue to learn, adapt, and excel together in our vibrant industry!
