The New Reality for Real Estate Agents

The Changing Landscape of Real Estate Compensation

• Sellers can no longer automatically cover both their agent’s commission and the buyer’s agent’s commission.
• Offers of compensation cannot be communicated on Multiple Listing Services (MLS).
• Buyers may need to pay their agents separately.
• Written agreements between buyers and their agents are required before touring homes.
• These agreements must disclose the specific amount or rate of compensation.

The Potential Impact of 2024 Changes on Real Estate Agents

• Increased competition: With commissions potentially dropping below 4% and possibly to 3%, agents will need to compete more fiercely for clients.
• More complex negotiations: Agents will need to negotiate their compensation directly with clients, which could be time-consuming and potentially awkward.
• Greater need for marketing: To stand out in a more competitive market, agents will need to invest more in marketing their services and demonstrating their value.
• Need for efficiency: With potentially lower earnings per transaction, agents will need to handle more clients to maintain their income levels.

Why Realtors Need an Answering Service in 2024 and Beyond

• Never Miss a Lead: In a more competitive market, every lead is even more precious than before. A real estate answering service ensures that you never miss a call, even when you’re busy showing a property, in a meeting, or off the clock. This 24/7 availability could be the difference between landing a new client and losing them to a competitor.

• Professionalism and First Impressions: With written agreements now required before home tours, that first phone call could be more valuable than ever. A professional real estate answering service ensures that every potential client’s first interaction with your business is polite and informative, setting the stage for a positive relationship.

• Lead Qualification: Answering services such as Responsive can be trained to ask key questions, helping you qualify leads before they reach you. This feature saves you time and lets you focus your energy on the most promising prospects. This is key if you need to handle more clients now to maintain your income.

• Availability to Focus on High-Value Activities: With potentially lower commissions, you’ll need to maximize the value of your time. A real estate answering service handles routine calls and inquiries, freeing you up to focus on activities that directly generate revenue, such as showing properties or negotiating deals.

• Cost Savings: While it might seem counterintuitive to add a service when facing potential income reduction, an answering service can be a cost-effective way to expand your business. With rates starting at $29/month, affordable answering services such as Responsive are cheaper than hiring a full-time receptionist and more reliable than depending on voicemail.

• Higher Level of Client Service: In a market where you’ll need to demonstrate your value to clients, a superior level of service can set you apart. A real estate answering service works in a way that your clients always have a real person to talk to. This demonstrates your commitment to superior client service and could even lead to more referrals.

• Competitive Edge in Marketing: Being able to advertise 24/7 availability and prompt, professional responses to all inquiries is a powerful marketing tool. It shows potential clients that you’re committed to service and accessibility. These may end up being key factors in their decision-making process.

• Adapting to New Compensation Structures: As you adjust to new compensation structures and the possibility of more complex payment arrangements with clients, an answering service can help manage inquiries about your fees and services. 
• Preparing for the Future: The changes that occurred in 2024 represent a major shift in how real estate transactions are conducted. Agents who adapt quickly to these changes will be best positioned to thrive. A real estate agent answering service is not just about handling phone calls; it’s about creating a reliable infrastructure that allows you to provide superior service and manage your time better.

How To Integrate An Answering Service Into Your Real Estate Business

• Identify your needs:Do you need an after hours call solution, a virtual receptionist, or periodic coverage to best support your time? All of these services are provided by real estate agent answering services like Responsive. Our teams are flexible, so you can choose the configuration that best suits your current needs. Always feel free to contact us to modify your services as you navigate through your career. 
• Find the best real estate answering service for your needs: Choosing a responsive answering service can be a challenging endeavor, and finding the right fit takes time and research. When you schedule a consultation with our business development team they take your business needs into account, and can help you find the right answering service plan for you, while setting you up in a good place for business growth. 
• Set up call forwarding: Account add-ons during onboarding include your own dedicated call forwarding number that allows you to connect to the answering service system. That ensures that your callers are reaching our services on every call made to your business. This line is also used to communicate with you, the client, and dialing this number takes you through to the best possible place to receive assistance on your personal account. 
• Train your answering service on your brand voice, call rules and procedures: When you work with a real estate agent answering service they become an extension of you and your business. This means you get to call the shots when it comes to how calls are taken, which calls are worthy of immediate attention, and which callers can be followed up with during working hours. This process includes the designation of your answering phrase. This is the phrase that all of your callers will hear when they call your answering service.
• Provide detailed scripts and call flows for different scenarios (e.g., buyer inquiries, seller leads, property management issues): The best way to ensure that your callers are met with the utmost urgency and professionalism is to provide detailed information to your real estate agent answering service. When you have clear instructions on how to handle your callers with relevant information, our teams are well-equipped to provide you with exceptional customer service. 
• Review and optimize: You have the power to modify your answering service account at any time. This could mean a special message for your callers during off times, or while you’re on vacation. Having a busy stretch? Optimizing your answering service response is easy. Our team has the ability to scale our response in relation to your call volume. Then, you can optimize your own response to client inquiries, house showings, and buyer negotiations, knowing that your real estate agent answering service has your back.