Navigating the NAR Settlement and How IRIS From PrimeStreet AI Can Help Realtors Adapt

Crystal 

Walker

Content Writer

Today marked a pivotal deadline for REALTOR® Multiple Listing Services (MLSs) and opting-in non-REALTOR® MLSs as they implement significant changes mandated by the recent National Association of Realtors (NAR) settlement. This settlement introduces a series of adjustments aimed at increasing transparency and redefining how buyer broker compensation is managed. 

By September 16th, MLSs that opt to participate must fully integrate these revisions, including removing the offer of compensation field from MLS listings and prohibiting any workarounds that display compensation offers. The following is everything real estate brokerages need to know about the NAR Settlement.

How the NAR Settlement Agreement May Impact Realtors

The implementation of new standards from the NAR Settlement Agreement would protect most of its members from these lawsuits, and presents several challenges for agents that could impact their business operations:

• Reduced Sales Potential: The elimination of the compensation offer field may lead to more cautious behavior from buyers and sellers, potentially slowing down transactions. This change might necessitate more upfront agreements, which could further delay sales.
• Increased Administrative Burden: Agents may face additional time demands for negotiating and documenting buyer-agent compensation agreements. This increased administrative workload could detract from the ISA’s ability to follow up with potential clients and close deals efficiently.
• Difficulty in Attracting Clients: With seller agents no longer required to offer compensation to buyer agents, it might become more challenging for buyer agents to justify their services or attract clients who are unwilling to pay upfront. This shift, part of the NAR Settlement Agreement, could lead to fewer sales opportunities and time management challenges.

How PrimeStreet AI's IRIS Transforms Real Estate Lead Management and Optimization Post-NAR Settlement

In light of the recent NAR settlement, the real estate industry faces dynamics that require new solutions. As the marketplace evolves, IRIS from PrimeStreet AI delivers a programmatic solution designed to help agents and brokers adapt and thrive amidst change. Our approach merges AI capabilities with professional support to enhance targeting of lead databases. Here’s how IRIS can help you adapt and thrive in the post-NAR Settlement market.

1. Streamlined Lead Engagement 

With the changes in lead generation practices due to the settlement, IRIS offers an advanced solution to streamline lead management. IRIS excels in lead screening, engaging both new leads and your existing contact database efficiently. By identifying your most transaction-ready clients and live-transferring them to agents, IRIS minimizes the time spent sorting through leads and maximizes the focus on closing deals.

2. Swift Response Times

PrimeStreet boasts an average response time of under 10 seconds for new leads. This rapid engagement is crucial for capitalizing on opportunities in a competitive environment reshaped by regulatory changes. Moreover, we nurture leads for a minimum of 12 months, keeping your brand at the forefront of clients' minds until they are ready to proceed.

3. Lead Follow-Up Readiness

The settlement’s impact on lead management practices means that being available beyond traditional business hours is more important than ever. PrimeStreet’s call center operates for over 14 hours a day, 360+ days a year, ensuring you can capture and manage leads without the constraints of traditional business hours. This availability allows you to stay competitive and responsive in a dynamic market.

4. Efficient Appointment Setting

Navigating the complexities introduced by new regulations can make appointment setting more challenging. PrimeStreet simplifies the often cumbersome process of setting appointments. A dedicated team of Customer Service Representatives screens customers and schedules appointments on your behalf, allowing your agents to focus on high-value interactions and closing deals. Agents have the flexibility to accept or decline appointments, optimizing their workflow.

5. In-Depth Reporting and Insights

With the industry undergoing significant changes, understanding the impact of your strategies is essential. IRIS’s comprehensive reporting features track leads from introduction through to closing. This transparency helps you evaluate the effectiveness of your strategies and refine your approach, ensuring your lead generation and nurturing efforts are continually optimized.

6. Performance Monitoring and Coaching

The NAR Settlement may bring new challenges to agent performance and team dynamics. IRIS includes a robust performance management system that provides insightful data on agent performance. This feature supports targeted coaching and training, helping you adapt to new market conditions and drive greater success by addressing strengths and areas for improvement.

Discover the Future of Real Estate Operations with IRIS

As agents navigate the new requirements set forth by the NAR settlement, IRIS from PrimeStreet AI emerges as a strategic partner designed to enhance operational efficiency and client management. 

By streamlining lead engagement, providing swift response times, operating around the clock, and offering in-depth performance analytics, IRIS functions as an online service and sales assistant that empowers real estate professionals to adapt seamlessly to the changing landscape. Embrace IRIS and elevate your business operations to meet the demands of a competitive market with confidence and success.