T
wo years into Kamini Lane's tenure at Coldwell Banker Realty, the real estate industry has faced significant challenges. From interest rates and inflation to commission lawsuits and changes stemming from the National Association of Realtors' (NAR) settlement agreement, it's been a tumultuous ride. The current debate around the Clear Cooperation Policy and economic uncertainty suggests this challenging environment is far from over.

    HousingWire recently spoke with Lane about these issues and more. Here's an edited version of their conversation:

    Brooklee Han: What do you see as the industry's greatest challenge right now?

    Kamini Lane: The biggest challenge is the level of economic uncertainty. It's not just the uncertainty itself, but all the different factors contributing to it – from COVID to interest rates, inventory, tariffs, and macroeconomic uncertainty.

    Han: How does this uncertainty differ from previous challenges?

    Lane: When faced with uncertainty, agents should focus on what they can control – providing unparalleled service to their clients. This means having up-to-date information, making sure clients have a full picture of the implications of their decisions, and being a trusted adviser in uncertain times.

    Han: Last year's NAR settlement business practice changes sparked a lot of conversation about agent value propositions. How do you think things are going?

    Lane: The changes have given agents an opportunity to refine their value proposition. We've seen agents focus on defining their personal brand and unique selling points through our Perfect Pitch program, which helps them craft a compelling 30-second elevator pitch, three-minute conversation starter, and 30-minute consultation.

    Han: How has this increased focus on agent value propositions impacted the industry?

    Lane: The cream is rising to the top. Agents who are not experienced or not spending time refining their value proposition are falling out of the business. We're seeing fewer agents renewing their licenses across the industry, which isn't a bad thing – being a real estate agent requires dedication and seriousness.

    Han: What other major challenges face the industry?

    Lane: The headlines surrounding industry change have been unfortunate, but they've also given agents an opportunity to showcase their value. Most people need a real estate agent's guidance to navigate complex transactions.

    Han: How are you working with your agents to navigate the Clear Cooperation chatter?

    Lane: Education is key. Agents should focus on providing expert advice and service to their clients. Look at widely available comps, discuss client needs, and consider private listings if they make sense. Ultimately, a real estate agent has a fiduciary duty to maximize value for their client.