WALK THE TALK

by Sr. Staff Writer & Graphic Designer,Melanie Robitaille

Brokerage owners and managers are a special breed of professional. In most cases, it’s a job dedicated to others and getting the best out of them. It starts by being the example, and when times get tough, they feel the heavy responsibility of providing leadership and guidance. Diane Farr, Franchisee of EXIT Realty of the Smokies in Tennessee has been in real estate since 2005, and an owner since 2017. She operates in one of several states where Buyer’s Representation Agreements (BRA’s) were common practice, and I had the chance to ask her a few questions about how she’s approached the recent National Association of REALTORS® changes on the buying side of the business.

1. What were your initial feelings when all of these issues first arose?

Real estate is constantly changing, and we as real estate professionals must be able to adapt to changes in the industry. BRA’s are nothing new, and communication is always key with every customer you represent.

2. What are some pros you see in using a BRA, and why do you prefer to use one?

The BRA lets the buyer know that agents are making a commitment to help them fulfill their dream of home ownership. Agents are signing the BRA with the idea that the buyers are committed to us as well. Unfortunately, some buyers wouldn’t sign a BRA, or they would sign not knowing what their “client duties” were to the agent as a professional representing them. My preference is knowing we’re on the same team, with the same goals, and my job is to assist the buyer in understanding how we reach those goals with their best interest at heart.

3. Why did you feel it was time to obtain your Accredited Buyer’s Representation (ABR) designation?

Being a broker/owner, I wanted to lead by example. I knew there were changes and updates to this specific designation recently, and I wanted to be “in the know” so I could best assist not only my future buyers, but all the agents in our office and those I engage with on a daily basis.

4. Why was it important to you to set this example for your office?

I want all my agents to realize the seriousness of being the best at your craft. In today’s world, you must be knowledgeable in all facets of your career and have the confidence to disclose what you know. You must be able to share in a way where everyone can understand what you’re saying and be able to explain things that relate back to the buyer or seller side of the transaction.

5. How do you think we got here?

I believe a lot of agents came into the business in 2020 and 2021 thinking this was an easy profession, not realizing how much work we actually do on a daily basis. Being a person of integrity, I instill the thoughts and values that are important in building a viable, long-term career. You cannot accomplish this haphazardly.

6. Is commission really everything in this business?

Being compensated after closing is always an exciting moment, however money is not the most important thing in this business for me. Being able to reflect on everything we do for our clients and seeing the excitement on their face is priceless. I want to be a resource for them long after the closing takes place, and my hope is that they share my information with their friends and family as a trusted real estate professional they could count on. Integrity is a way of life for me being a USAF veteran. I want my clients to know, up front, how important they are to me and that I’ll be honest and truthful in all things.

7. What kind of pushback have you experienced or seen others in your position experience?

Being a skilled negotiator is key in this situation. Obviously, we don’t work for free, nor have we ever. We’re professionals who should be fairly compensated for our experience and the knowledge that we bring to the table, but we need to be able to articulate our value now more than ever!

8. How do you think implementing unified BRA practices across the country will play a vital role in the transaction process going forward?

I believe at this moment the specific language used on the forms and in the contracts is a bit of a challenge for brokers to be sure all their agents adhere to the new guidelines. The more we discuss the changes and answer questions that come up, the easier the process will be for everyone.

9. How are you using NAR’s fact site, if at all, to assist your office?

FACTS.REALTOR has all the latest information concerning the recent updates and changes to our industry. I share information from NAR to our agents in many different ways, including videos and flyers, in order for them to have the most accurate, up-to-date information relevant to their career.

10. How do you believe EXIT has continued to champion for this business and their people?

Being a part of EXIT Realty for many years, we have seen many challenges in our industry and our leadership at EXIT has always risen to the top with answers and solutions for all of us. We’re a company built on human potential, and we’re always evolving and challenging our agents to be the best, not only for themselves but for the world around them.