Jim Haisler, the CEO of the Heartland REALTOR® Organization, recently wrote about why agents should be keeping an eye on the NAR compensation lawsuits. He noted that we’re already seeing changes on the ground as a result of it, which is true — MRED listings now allow sellers to offer zero commission to buyers’ agents.

While many real estate professionals are rightfully concerned about how external factors will impact their business, this moment also allows us to double down on a core value that underpins our code of ethics: transparency.

MRED’s update will further drive balanced conversations between agents, buyers and sellers about who is compensated, how and when. While licensed real estate professionals have always had these conversations with their clients, they are likely to go differently than they have historically, particularly with buyers.

As a buyer’s agent, you should anticipate questions such as:

· Why haven’t I (or anyone I know) had to sign a buyer’s agreement before?

· I’ve never had to pay my agent before. Why would I start now?

· Are you really worth that much?

Our job as licensed real estate professionals has always been to educate consumers about local real estate and trends in the market. From that perspective, now is no different. However, conversations about compensation need to expand to educate buyers about where we have been as an industry and where we are going.

It is going to be perplexing to consumers, particularly those who have bought and sold properties previously without an agreement, that they now have to have one. We are going to need to be prepared to explain that, historically, when someone hired an agent to sell their home, the seller negotiated the agent’s compensation, and a portion of that fee was allocated to the buyer’s agent via their brokerage at the closing.

As we look to the future, sellers will negotiate what they are willing to pay their listing agent, and buyers will negotiate what they are willing to pay their buyer’s agent. Where it is going to get confusing is that sellers may still include some amount of buyer’s agent commissions on their MRED listing, as is common today.

Instituting a buyer’s agreement that clearly states agreed-upon fees for your representation will therefore become critical, but you are going to need to help buyers understand these nuances.

Finally, there’s no question that having a licensed professional representing buyers in what is likely the largest financial transaction of their lives is important. Ensuring we’re prepared to talk to clients about these advantages has always been important, but using a buyer’s agreement naturally brings these conversations to the forefront.

Change is always uncertain, but I’m confident that as a sector, we will always evolve to meet the needs of our No. 1 priority: the buyers and sellers we serve. Organizations like Mainstreet are there to support us each step of the way.

Tim Ryan is the president of the Mainstreet Organization of REALTORS® and co-founder of Real People Realty Inc.