Above, Brian Buffini
Forget everything you knew about how real estate worked in the past. That was then, and this is now. Gone are the days of real estate being an easy living to earn quick cash for minimal effort.
Economic shudders compounded by recent court rulings and a landmark legal settlement on how real estate professionals are compensated have completely changed the game.
After the National Association of REALTORS® (NAR) agreed to a $418 million landmark commission lawsuit settlement earlier this year, the industry is bracing for new rules to go into effect that will upend how consumers buy and sell homes in the United States for good.
When NAR’s new rules go into effect on Aug. 17, listing agents are no longer allowed to attach agent compensation offers to listing descriptions on the Multiple Listing Service (MLS), known as NAR’s “cooperative compensation” rule. Sellers who still want to cover the entire real estate compensation can negotiate that with the buyer directly, outside of the MLS.
There are an estimated 2 million licensed real estate agents in the U.S.—1.5 million of whom are NAR members. And they’re competing for an increasingly smaller piece of the real estate pie. A trifecta of high home prices, high mortgage rates and low housing inventory led to just 4.09 million annual home sales in 2023, the lowest level in 30 years, NAR
reported.
However, only a fraction of real estate agents are full-time, full-service professionals and these agents close the lion’s share of the business.
A January report from the Consumer Federation of America (CFA) analyzed the annual home sales of 2,000 randomly selected agents working for major real estate brokerages in four diverse urban markets. Nearly half of the agents (49%) sold one or zero homes the previous year, while 70% sold five or fewer homes.
The rules of engagement for working with homebuyers and sellers have forever changed. And, so too, must the real estate profession.
Introducing the CFSP for full-time, full-service professionals
If necessity is the mother of invention, the real estate industry is being challenged to reinvent itself like never before.
The commission lawsuits have shone an unflattering light on the profession in the lead-up to the NAR settlement. Widespread media coverage of the various courtroom dramas and hot takes questioning the future of real estate and the agents who practice it have dominated headlines.
Many real estate agents have found themselves stuck between a rock and a hard place, struggling to cut through the negativity and noise.
To meet this moment, Buffini & Company, North America’s foremost coaching company, has created a new training program that marries innovation born of tough market conditions with actionable guidance for agents to level up their communication, negotiation, marketing and professionalism.
The Certified Full-Service Professional (CFSP) designation is an online, on-demand training program split up into five business-building modules designed to help agents go beyond customers’ expectations for a “wow” experience.
Conceived by real estate industry icon Brian Buffini, chairman and founder of Buffini & Company, the new real estate designation is geared at top-producing residential sales agents, managers and brokers who are hungry to level up and scale their businesses.
These are professionals who want to reclaim the narrative about their value in the real estate transaction and leave no doubt as to why they deserve their appropriate compensation. Professionals who will show (not just tell) that they have the skills, knowledge and expertise to get results for clients and guide them through a home sale or purchase.
“The next 12 months will be the most dramatic change that I have seen in 38 years in real estate, and now is the time to persevere,” Buffini says. “To make it, you must stand out amongst the competition. You must differentiate, communicate and articulate your value.”
He adds that the CFSP designation “helps agents define themselves as full-service professionals in contrast to the discount brokerages and cafeteria real estate models that are being presented to the marketplace.”
The part-timers who aren’t leveling up or closing deals? They will be forced to upskill or leave the business as more homebuyers and sellers become increasingly selective about who helps them navigate what’s arguably the largest financial transaction of their lives—and how much they’re willing to pay for those services.
“Since its inception in 1996, Buffini & Company has always sought to raise the quality bar in real estate; the CFSP training is an exciting step in the evolution of that journey,” says Dermot Buffini, the company’s CEO.
“Hot markets do not promote good habits or business practices for agents or brokers,” he says. “We’re very excited to launch this new program. We believe it will help transform the real estate industry to operate at the highest levels of professionalism.”
Becoming a CFSP: A deeper dive
Unlike other real estate education, the CFSP program introduces agents to the new parameters of working with both buyers and sellers and how to rethink their services and “Unique Selling Proposition,” or USP. This mindset shift will be hard and require growth.
And that’s the whole point.
“This training equips real estate agents with world-class presentations and dialogues to expertly navigate the process,” Brian Buffini points out. “Plus, there’s a whole marketing suite to fully communicate their unique selling proposition as a full-time, full-service professional.
“In turn, this educates buyers and sellers how their agent earns appropriate, professional compensation, which has come under increasing scrutiny.”
The CFSP initial offering is based on five key content pillars:
• New rules for buyer representation
• New rules for working with sellers
• Negotiation skills for a new era
• Cutting-edge marketing
• Next-level customer service
To explore each of these content pillars, the program is broken into five video training modules. Two are led by Brian Buffini, who will cover the new rules of buyer and seller representation and how to deliver customer service that wows. A key part of these modules is how to communicate the difference in services provided by a buyer’s agent versus a seller’s agent, and how each role earns its appropriate compensation.
The other three modules are a deeper dive into the key skills needed to be a professional business owner.
For example, real estate agents will get a masterclass on mindset from Jon Acuff, a New York Times bestselling author who specializes in what he calls “soundtracks,” the stories we tell ourselves that can get in the way of our success. He’ll share practical interventions and tools to not only help break some soundtracks buyers and sellers are telling themselves, but also for agents who now must navigate the new rules of real estate.
Another contributor is Ron Tite, an award-winning creative director turned bestselling author, who will bring his robust brand-building and marketing insights to help agents seize attention, gain trust and turn their Unique Selling Proposition into a coveted brand.
Additional resources include an interview with Katie Johnson, NAR’s chief legal officer and chief member experience officer. In a sit-down from Brian Buffini’s Bold Predictions broadcast, Buffini and Johnson discuss the future of real estate post-settlement.
For the rest of the year and into 2025, training will include live and virtual content from relevant thought leaders like world-renowned negotiation expert Chris Voss, who will headline a virtual event in January. The program will also be packed full of resources such as dialogues to handle objections, buyer and seller presentations and consumer-facing marketing materials to connect and educate customers.
It’s worth noting that one of the new NAR rules going into effect this month requires REALTORS® who participate in local MLSs to get a signed buyer agency agreement with their client before touring any properties. Many agents have never honed the skills to sit with a buyer, establish a working relationship or even get them to sign a buyer’s agency agreement, spelling trouble for their futures, Brian Buffini points out.
That’s why now is an ideal time for a program like CFSP to take up the mantle of training agents to become more effective in how they communicate and work with buyers and sellers.
So far, industry reception to the new program has been positive, as real estate leaders and agents alike see the urgent need for it.
“The RE/MAX network understands the power of education and the importance of serious, full-time professionals in this business,” says Amy Lessinger, president of the global real estate brokerage. “We also know the world-class quality of Buffini & Company offerings. This new certification course is arriving at an ideal time for our industry because buyers and sellers need the guidance of full-service professionals now more than ever.”
For those in the trenches every day with clients and agents they lead, the new CFSP certification is a point of distinction that will help them gain trust that’s been eroded in the profession.
“Together with a professional business coach and, now, a new designation , I can demonstrate the value I bring to each client,” says Kate Johnston, broker/owner of Key Realty in Redmond, Washington. “Having the CFSP will help buyers and sellers recognize that I am their trusted advisor.”
Raising the professionalism and quality bar
For too long, the barrier to entry to become a real estate agent has been low, especially compared to other professional services. When the housing market is hot, dabblers flood the sales ranks and can close a few deals when leads are easy.
But that’s not the case anymore.
“It is an understatement to say that raising the professionalism bar in the real estate industry is long overdue,” says Kenneth R. Trepeta, president and executive director of the Real Estate Services Providers Council.
He adds: “We are entering a new era of how we serve homebuyers and sellers during the complexities of a real estate transaction. The breadth of training CFSP offers and the timing of the program is a shot in the arm for real estate professionals and, more importantly, their clients and
customers.”
Trepeta isn’t alone in his thinking.
Wendy Griffis, group leader and agent with Better Homes and Gardens Lifestyle Realty in Jacksonville, Florida, has been in the business for nearly 25 years. Griffis says she’s worked incredibly hard to not have the “sleazy salesperson” reputation that sometimes comes with the job. That’s why she’s been a long-time Buffini & Company coaching client and has invested significant time and energy in her own professional
development.
However, most clients don’t know the difference between an agent who’s highly trained and one who isn’t at a glance, Griffis notes. That’s because they’re often lured in by big tech companies with lead-gen ad dollars and discount firms offering cash-back options, she says.
“It’s hard to get the word out that there is a different type of agent out there, and a better way to do business,” Griffis says. “I think a Buffini & Company certification will help the consumer know that they are working with someone who takes their profession seriously and is willing to invest in themselves to get the education and training necessary to represent and help their clients at the highest level. And not just in one transaction, but for a lifetime.”
Preparing for the opportunities ahead
As the inflationary challenges the U.S. economy has faced potentially ease going into 2025, mortgage rates will eventually follow suit. This will coax millions of hopeful homebuyers and locked-in sellers who’ve been sidelined from the housing market to finally make a move, ushering in a new wave of pent-up demand.
To attract these potential customers, the real estate profession needs a reset. It’s long past time for the industry as a whole to rethink and reengineer the low barrier to entry that has led to more scrutiny. Doing this work now ensures that dedicated, full-time professionals are ready to serve the buyers and sellers who still need their expert guidance.
There are clear winners and losers in the current real estate playing field. Those who dabble in real estate, thinking it’s a get-rich-quick career path, will quickly find themselves left behind or looking for another line of work.
The winners will be the full-service brokers, team leaders and agents who are committed to educating themselves and their clients. It’s the new agents who are highly motivated to learn their craft and become properly trained.
Now is the right time for training like the CFSP. Real estate practitioners who want to go beyond the ordinary and deliver the extraordinary will have the right tools, dialogues, guidance and marketing resources at their fingertips. This will help them to show (not just tell) their value at an uncertain economic time when buyers and sellers need them the most.
“We want to work with pros who go beyond customer expectations to deliver an industry-leading experience that really wows their clients,” Brian Buffini says. “This is a call to excellence for the industry.”
So, ask yourself: “Am I ready to answer the call?” Opportunity is knocking just ahead.
Join the evolution: Elevate your career with CFSP
Enroll today for $395 ($295 for Buffini members*) to earn your CFSP designation. For more information, visit buffini.com/cfsp or contact 1-800-945-3485 x2.
*Buffini members are defined as Referral Maker PRO and Coaching members.
For more information, visit https://www.buffini.com/.
