eXp toolkit prepares sellers, agents for practice changes
The brokerage, which received praise for its new buyer and seller agreements, is sharing forms and scripts related to concessions and buy-side compensation.
Brokerage companies, MLSs and associations across the country have been on an educational campaign following NAR's March settlement agreement, providing information for both agents and consumers in the lead-up to August 17.
eXp is among the latest firms to announce new resources, releasing a seller-focused digital toolkit with materials designed to help its tens of thousands of U.S.-based agents — and their clients — prepare for the industry practice changes going into effect in less than two weeks.
The company describes the digital toolkit as "a comprehensive resource for all essential updates, forms and seller compensation guidance" that agents can use when establishing a business relationship with a home seller in a post-settlement environment.
What eXp is telling agents: The company has been busy working on new forms for months, earning something of a thought leadership role with its rollout of settlement-compliant forms that have been praised for their simplicity and pro-consumer language. For instance, the first page of the new listing agreement spells out clearly that the broker "does not share commissions with a buyer's broker," with concessions information outlined elsewhere.
The seller toolkit, which includes presentation slides from the latest company update, is intended to help agents communicate these practice changes, and offers various strategies for approaching and discussing compensation with clients. Last week, NAR released a similar set of resources for consumers and agents that outlines rule changes and provides talking points for real estate professionals.
"We didn't create the new rules, but we will create a path forward and navigate what has been given to us," the presentation reads, before going into two strategies for approaching the compensation topic with clients.
Tackling the topic of buy-side compensation: The toolkit includes a "seller net sheet" with instructions on how to use it and discuss it with clients. The sheet is supposed to help sellers understand the role of concessions and buyer agent fees, with "buyer concessions" and "potential buyer broker compensation" included as line items. There's also a sheet for tracking and managing a multiple offer situation.
Additionally, eXp is providing agents with a prepared script for handling common questions or anticipated scenarios when discussing buyer concessions with sellers.
Setting sellers — and agents — up for success: The company said the toolkit is meant to help agents and their clients feel informed and confident about the rule changes. "We utilize our robust tools and agreements to develop listing strategies that emphasize clear expectations designed to attract more buyers," the one-sheeter for sellers reads.
"Clarity" is listed as another key goal: "We are here to help you understand how negotiations and strategic compensation planning can streamline the selling process, making it more efficient and fulfilling."