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How to Thrive Amid NYC’s Evolving Industry Norms

Ready or not, NYC real estate agents are facing a new era where transparency is critical. With REBNY and several national brokerages that operate in NYC opting into the National Association of REALTORS® (NAR) settlement, and New York City’s passage of the FARE Act, agents have faced constant change in the industry. Some buyers may not understand the value of a buyer’s agent, or prospective clients might be initiating upfront conversations about fee structures, services, and the agent-client relationship. You may even hear questions like: “Do I actually need to hire an agent? Do I need to pay them? How much do I need to pay?”

You may find it challenging to answer these questions and adapt to the new norms. But this new era of transparency can be a springboard of opportunity.

Here’s what these changes mean for you, how you can adapt your business for success, and how StreetEasy® is helping agents navigate the evolving industry standards.

What an evolving industry means for agents

New standards mean new professional strategies. As an agent, now’s the time to consider focusing on building trust in your services and the value you provide.

“I’m holding myself accountable for excellent client service and fast client follow-up more than ever before,” says Christopher Kromer, Licensed Associate Real Estate Broker at Brown Harris Stevens, StreetEasy Expert, and member of StreetEasy’s Agent Advisory Board. “New industry standards keep us upping our game and give us an opportunity to rise to the challenge. That’s a good thing for everyone — agents, buyers, and sellers alike.”

3 ways agents can stay ahead of industry changes

1. Welcome upfront conversations

Media buzz around the NAR settlement means buyers and sellers are now more aware of agent commissions and how they work. As a result, conversations about agent fees and services are quickly becoming the norm — and this isn’t a bad thing. Instead, they’re opportunities to inform and educate your prospective clients, positioning yourself as a true real estate expert, which is essential in a complex market like NYC.

“This whole conversation helps legitimize and bring professional credibility to buyer’s agents,” Kromer says. “Everything is spelled out up front. There are no surprises. It also shines a light on the differences between listing and buyer’s agents — their different skills and fiduciary responsibilities.”

2. Use written agreements

Most NYC agents are required to have buyers sign a written agreement before touring homes with them. Even if you don’t fall into that category, using one can create additional transparency for both parties, set clear expectations, and allow you to convey your value.

3. Educate clients about your services, fees, and value

Don’t wait for clients to ask you the hard questions. Be proactive about explaining the value you bring to the table, along with your specific services and fee structure.

“Keep it casual, and don’t come in with an agenda,” Kromer suggests. “It’s about establishing a relationship and human connection — that’s what makes me successful. Also, know your value and be confident in it. Instead of trying to tell your clients about your value, showcase it through your insights.”

When agents pursue upfront conversations, use written agreements, and proactively educate clients about their services and fees, they reap the benefits of mutual accountability. By laying this groundwork ahead of time, the clients you end up working with are more serious and committed, ensuring you’re compensated for your hard work.

How StreetEasy advocates for agents

StreetEasy is committed to making sure buyers and sellers understand the value agents bring, and the role they play in buying, selling, or renting a home. Here are four StreetEasy resources to help you communicate your value and build stronger relationships with clients.

1. Never DIY the Buy: Resources for Buyers

As part of their Never DIY the Buy campaign to promote the value of working with a buyer’s agent, StreetEasy is educating buyers about new practices like written agreements, as well as offering tips on how to find, hire, and work with an agent. Use their educational resource hub to help buyers easily understand the value of working with you.

2. Industry Standards Agent Hub

Learn about new industry standards and trends, get tips on how to adapt as an agent in NYC, and find resources to share with your buyer clients.

3. NY Touring Agreement

StreetEasy’s non-exclusive, seven-day Touring Agreement is a frictionless, consumer-friendly way to help you comply with new industry standards — without needing an exclusive agreement in place before meeting a buyer.

4. NAR Settlement Industry Changes: What NYC Home Buyers Need to Know

Help your buyer clients understand what has and hasn’t changed with this simple, easy-to-understand video explainer.

StreetEasy partners with agents to help modernize the industry

To thrive in today’s real estate industry, agents need to be ready to adapt, level up their services, and prioritize professionalism and transparency.

To that end, StreetEasy partners with agents who are focused on delivering excellent service to home buyers and sellers. Their resources allow you to take advantage of the power of the StreetEasy brand and reach one of NYC’s largest audiences.

Agents can leverage tools like Featured Listings and the Experts program to showcase their invaluable expertise. StreetEasy also provides insights into the latest real estate trends with their Data Dashboard and monthly market reports.

StreetEasy and Zillow® are enthusiastic about working with agents to continue to create a more modern and transparent system for everyone. Interested in sharing your perspective, or partnering with StreetEasy on these efforts? Fill out this brief form.

Disclaimer: The contents of this article are industry best practices which were sourced from StreetEasy data and interviews with our Agent Advisory Board or Expert agents, unless noted otherwise. Any scripts provided are only meant to act as examples and are not required.  Nothing in this presentation is intended to be legal advice. For specific questions about any duties or obligations arising out of a real estate transaction, check your local and state licensing laws and regulations, contact your broker, or an attorney.

StreetEasy is an assumed name of Zillow, Inc. which has a real estate brokerage license in all 50 states and D.C. See real estate licenses. StreetEasy Concierge team members are real estate licensees, however they are not your agents or providing real estate brokerage services on your behalf. StreetEasy does not intend to interfere with any agency agreement you may have with a real estate professional or solicit your business if you are already under contract to purchase or sell property. The contents of this article are informational only. Nothing contained in this article is meant to serve as legal advice.