I
t's a pivotal time in real estate, marked by a shift from the pandemic-driven market and inventory shortages to a more balanced landscape. This change demands exceptional customer service and a renewed focus on agent success. At this year's RISMedia Power Broker Forum, industry leaders discussed navigating this transition.

    The market requires agents to communicate effectively with sellers, providing up-to-date information about their home's sale prospects. Agents must be knowledgeable about the changing market conditions and convey that information proactively. As Jason Carrier of Century 21 New Millennium noted, "Silence is deadly," emphasizing the importance of regular updates, even if there are no new developments.

    To succeed in this environment, agents need to revisit fundamental skills such as discussing price reductions, prospecting for sellers and buyers, making listings stand out, and overcoming obstacles. Many newer agents may not have developed these skills during the pandemic-driven market, where contracts were often written quickly without much negotiation.

    Christina Pappas of The Keyes Company highlighted the importance of building a strong foundation through rigorous training. Her brokerage offers a five-week boot camp that focuses on teaching agents to work on their business for two hours a day, every day. This approach helps build habits and ensures agents are equipped with the necessary tools and knowledge.

    Donny Samson of Samson Properties emphasized the need for agents to do the work up front to get listings right. This involves delivering research and knowledge confidently and using data from the MLS to provide accurate information to buyers and sellers. He also stresses the importance of getting "coming soon" homes online quickly and using feedback as predictive analytics.

    Kymber Lovett-Menkiti of Keller Williams Capital Properties noted that brokers must adapt to a more flexible work environment, recognizing that agents may prefer working from home. Her office offers training and lunch on specified days, allowing agents to schedule and plan their time effectively.

    Ultimately, communicating value is subjective and depends on understanding the client's perspective. Agents who succeed listen to their clients' needs and goals, articulating how they will help meet those objectives. Brokers must also understand the individual needs of their agents, as seen in the case of a top-performing team that transitioned back to a brick-and-mortar brokerage for collaboration and support.