Time’s Up

Tomorrow Marks a New Real Estate Era

August 16, 2024

#48

WELCOME

Ready or not, real estate is changing. 

August 17th is the first day the NAR’s new commission compensation rules officially take effect—pushing real estate agents across the country to rethink their processes, reframe their services, and restructure client onboarding (more on that below). While some brokerages don’t see the new requirements as much of a change to business as usual, others expect the shift to clear out the agents giving it less than their best.

Will tomorrow mark the start of real estate’s next wild ride, or go down in history as just another day? Hit reply and tell us what you think 🤔

SHARPEN YOUR SKILLS

🔊Today’s Top Reading Rec:

In the latest episode of The Inspection Period—the newest podcast in our stacked line-up—Arizona-based real estate professionals Justin Benson, George Laughton, and Lindsay Fricks sit down with personal brand expert Shannon Gillette to talk all things social media content. From Shannon’s early start as a new construction sales consultant to closing $100M in transactions this year, tune in to catch the strategies and social content plans her successful business runs on.

MARKETS

New Rules, New Realities

August 17th marks the biggest shift in how real estate runs since agents first started door-knocking and baking open house cookies. The changes set in motion by the massive NAR settlement are reshaping compliance, transparency, and how agents approach listings and sales. And they’re likely to impact how (and when!) you do business. 

What’s likely to change as brokerages and buyers across the country settle into the post-settlement market?

  • Open houses. Unlike private home tours, visiting open houses doesn’t require potential buyers (and looky-loos) to sign a buyer-agent agreement. That means agents may see a big uptick in foot traffic and a big opportunity to draw in new clients. 

  • Contract clashes. Some buyers aren’t aware that the buyer agreement they signed to tour a house or two is an exclusive agreement. Misunderstandings over exclusivity may translate to more legal disputes between agents over commissions, or between buyers and agents if the buyer wants to break the contract. 

  • Demand for seasoned pros. With buy-side representation no longer feeling ‘free’, expect some buyers to seek out agents who already know the ropes. That may make it harder for new or inexperienced agents to land their own buyers, putting even more importance on personal branding and developing a professional online presence. 

REC ROUNDUP

The Friday Five

📖 The big reveal. How interior designer Paige Wassel gave an old lake house new charm.

👀 Crazy client requests. You won’t believe what this potential buyer asked for before putting in an offer.

👀 Napa Valley views. See the cozy home and 40-acre wine vineyard Ryan Seacrest listed for a cool $20M.

💡Sneak peek! Get a BTS look at Glennda’s new series, Glennda Goes Live, starting in the Bird Streets.

💡Counting on construction. The top 10 largest housing markets for new single-family home starts.

WHAT’S NEW FROM ESTATE MEDIA

Catching up with Kendra Wilkinson

Real estate isn’t an easy career to jumpstart—especially in hyper-competitive markets like Los Angeles. But that early uphill battle didn’t stop reality-TV-star-turned-agent Kendra Wilkinson. Tap to hear Kendra’s story of juggling deals with motherhood, putting her mental health first, her experience living in the Playboy Mansion, and why she almost quit real estate for good.

FEATURED LUXURY LISTING

Rob Lowe's $6.6M Beverly Hills Retreat

This mid-century masterpiece, nestled in the prestigious Franklin Canyon neighborhood of Beverly Hills, offers nearly 3,000 square feet of striking space. From the meticulously manicured backyard, complete with a pool, spa, and putting green, to the dramatic satin ebony kitchen, and privacy all around, it takes open layout luxury to a whole new level.

https://estate-elegance.beehiiv.com/p/rob-lowes-66m-beverly-hills-retreat

ESTATE MEDIA NEWSLETTERS

Estate Elegance. Your daily dive into luxury real estate. Everyday.

Homes.tastrophes. Unique, weird, and wild real estate. Every Monday

The Blueprint. Stay up-to-date on the world of residential real estate. Powered by James Harris & David Parnes. Every Tuesday and Friday.

The Glennda Gazette. Real estate, real life, in real time. Every Wednesday.

The Playbook. Your ultimate guide to mastering real estate investing. Every Thursday.

WAS the Newsletter. Explore interior design advice and inspiration. Every Friday.

Put your best profile forward with a Homes Pro membership—and show up where (and when!) ready-to-move home searchers are looking. Tap the photo above to learn more about amplifying your real estate brand with premium tools, priority visibility, and enhanced exposure across the internet with Homes.com.

Before we go…

📣WANT TO REACH 100K+ REAL ESTATE PROFESSIONALS RIGHT IN THEIR INBOX?

Promote your brand with Estate Weekly and get noticed by the leading professionals in the real estate industry. Our subscribers include high-income decision-makers, investors, and key players in the real estate sector. For more information, please email [email protected].