After a few wild years for the real estate market, things certainly calmed a bit last fall, however it feels like 2024 is getting off to another hot start, fueled by low inventory and rates becoming more palatable. While we do not anticipate a large shift in mortgage rates during the spring season, the hope and expectation is that the next movement in rates will be downward, and lower rates are beneficial to both buyers and sellers. With a bit more optimism and seeing that prices have remained stable (or up) in the majority of our local markets, hopefully more potential sellers will step up and list their homes, taking advantage of the pent-up demand from homebuyers.

Mortgage rates and low inventory have dominated the headlines regarding the real estate market for consumers, but within the Realtor® community, the potential change in buyer brokerage compensation is being closely watched and is arguably the main topic being discussed. Regardless of the outcome, it has become abundantly clear that as Realtors®, one of our top priorities moving forward will be explaining our value to our clients in a clear and a strong manner, particularly to buyers.

We need to focus on the importance of agency and justify our services, so that the consumers understand the need for buyer representation. So many Realtors® are accustomed to communicating their value to sellers at a listing presentation, but the vast majority of agents I have spoken with do not do anything like this for potential buyer-clients. Moving forward, we are going to do buyer presentations.

Compensation is always negotiable between agents and their clients, and all agents should be prepared to answer more questions about this in 2024. We are going to have to get comfortable with any rule changes that occur as a result of the Nosalek v. MLS PIN case and other antitrust class action lawsuits, and we will need to be prepared to explain to our buyer clients the value of the services to be performed and how you will be compensated, so that we can work the same as we always have with our clients’ best interests at heart and to do the best job possible for them.

It is important to acknowledge and accept the fact that there is a lot of information available online for a buyer to gain much deeper insights than they used to be able to do. However, as the NAR website points out, “most consumers work with a real estate professional because they recognize that technology is no substitute for an expert helping them to navigate risk, avoid pitfalls, and obtain results.”

While there are a number of professional designations that many Realtors® have (the abbreviations often seen after someone’s name in their email signature or on a business card), there are two very important ones — the Accredited Buyer Representative (ABR) and Seller Representative Specialist (SRS).

ABR has long been hailed as the industry’s benchmark of excellence in buyer representation, as the instruction focuses on blending theory with practice allowing agents to better understand their own value as they work toward the aforementioned ability to justify what they bring to the table and their worth. From the ABR website, “the ABR designation is proof of your unparalleled service and true commitment to the craft of buyer representation while earning you benefits across the board.”

SRS is geared toward providing a comprehensive foundation of skill development, training, and resources to help Realtors® represent the interests of sellers, utilizing tools and techniques to prepare for potential listings, how to best market your listings, and how to best service your sellers.

Another course, and a shorter option being offered by The Greater Boston Association of Realtors® is Building Bridges Not Barriers, which is a webinar hitting on the current legal landscape, while helping to prepare Realtors® for potential change and providing commission clarity, and also improving negotiation skills and client communication.

We work in an industry that truly is ever-evolving, and one of the greatest attributes of many Realtors® I know is our ability to adapt. Every market brings different challenges, but being prepared has always been the hallmark of a top real estate agent.

As this year’s president of the Greater Boston Association of Realtors®, I look forward to my colleagues acknowledging, understanding and appreciating the value that they bring to their clients, because once you do that, you will be able to remind your clients of what you bring to the table and how you can truly better their experience as a buyer and/or a seller.

Jared Wilk is president of the Greater Boston Association of Realtors®.