What the Real Estate Commission Changes Should Mean for Your Marketing

The real estate commissions settlement announced on March 15th will take effect in July 2024. What do real estate agents marketing themselves need to do?

Marketing yourself as a real estate agent has never been easy. Competition is fierce, agents can struggle to be heard and differentiate themselves from the pack, and tech-enabled platforms trying to encroach at every turn. With the shakeup to commissions announced in March, though, there’s a new opportunity for great marketing. 

The upcoming commission changes have everyone asking, “What now?”. Fear and uncertainty are swirling, leaving many agents wondering what to believe and how to prepare. It’s easy to feel paralyzed, but what if I told you this uncertainty can be your superpower? 

While others stay frozen, you can be the proactive agent who takes action and solidifies your market position. By taking charge of your marketing now, you’ll be in a position of strength come July. 

Let’s tackle the first steps you can take to stand out and attract clients, even in uncertain times: 

1. Educate clients and prospects: When people have gaps in knowledge, they fill in the gaps on their own. You’ve always been a source of expertise to clients – extend that and proactively guide them through this change. By doing this, you can also differentiate yourself from your competition. 

2. Push beyond the transactional: In this brave new world, it’s time to showcase the value you bring beyond just closing deals. All of this must be rooted in fact, so ask yourself: what negotiation skills, market knowledge or connections do you have that other agents can’t compete with?  

3. Repeat yourself often: Once you figure out what difference distinguishes you beyond the transaction, you can’t be afraid to hammer that point home repeatedly. Repetition is key to ensuring your message sticks. Prospects are busy and you probably aren’t getting your point across until you are boring yourself with it. 

4. Listen carefully: How people talk about their pricing is about to shift. Pay particular attention to this aspect of your competition’s marketing and be agile. You don’t have to lead the path to change, but you do – very much – need to stay tuned to the conversation.