Menu-Driven Scripts: Adapting to the NAR Settlement 2024 & Beyond
Real estate agents are facing a new era of transparency with the NAR Settlement 2024. While some processes are changing, the goal of effective client communication remains the same. Menu-driven scripts, with a few tweaks, can continue to be a powerful tool for guiding conversations and building trust.
What is a Menu-Driven Script?
Imagine a conversation like a restaurant menu. You, the agent, present a list of “options” (topics) for your client to choose from. They select the topic that interests them most, and you provide a focused script for that discussion. This eliminates the “where do I start?” feeling and keeps conversations on track.
Buyer Agent Menu Script (Post-NAR Settlement)
Introduction and Connection:
“Hi [Client Name], thanks for chatting today! I want to be upfront about how I work. As part of the recent NAR settlement, agents now need a written agreement with buyers before we start working together. This agreement will clearly outline how I’ll be compensated for my services. Once we have that in place, let’s get started. Which of these topics are most important to you right now?”
(Present menu options):
Your ideal home must-haves
Neighborhood preferences
Financing and budgeting
The home buying process (steps and timeline)
Understanding buyer agent compensation
Anything else on your mind
Script Based on Client’s Choice: (Include the following for the new option)
Compensation: “Absolutely! It’s important you understand how this works. I’m typically compensated through a commission that’s a percentage of the home’s sale price. This is usually paid by the seller. However, we can discuss other arrangements if you prefer.”
Additional Tips for Buyer Agents:
Transparency is Key: Be open about the buyer-agent agreement and compensation from the start.
Highlight Your Value: With increased transparency, it’s even more crucial to demonstrate your expertise and the unique value you bring to the table.
Listing Agent Menu Script (Post-NAR Settlement)
Introduction and Consultation:
“Hello [Client Name]! Congratulations on the decision to sell! To best serve you, let’s prioritize. Which of these would you like to discuss first?”
(Present menu options):
Pricing strategy for your home
Preparing your home for the market
Marketing and showcasing your property
Open houses and showings
Negotiating offers (including buyer agent compensation)
The closing process
Script Based on Client’s Choice: (Include the following for the updated option)
Negotiations (Compensation): “Of course! As part of the NAR settlement, buyer agent compensation is no longer listed on the MLS. We’ll discuss this when offers come in to ensure it aligns with your goals.”
Additional Tips for Listing Agents:
Educate on Changes: Explain the new compensation transparency rules to your sellers.
Proactive Negotiation: Be prepared to discuss buyer agent compensation directly with potential buyers’ agents.
Why Menu-Driven Scripts Remain Relevant
The NAR Settlement 2024 emphasizes transparency. Menu-driven scripts, by their nature, promote open conversations. By adapting your scripts to address the new rules head-on, you can continue to:
*Empower Clients: Give them a voice in the process and make them feel heard.
*Build Trust: Demonstrate your commitment to ethical and transparent practices.
*Navigate Change: Stay ahead of the curve and provide top-notch service in this evolving landscape.
