The role of the buyer’s agent has been turned on its head and Lone Wolf Technologies wants to help. The real estate software company is launching a “Buyer’s Agent Club” that is designed to assist agents in navigating an uncertain time in the industry through resources, tools and training.
“For decades, Lone Wolf has been a pillar in real estate technology, and for good reason,” Lone Wolf CEO Jimmy Kelly said in a statement. “We’ve always made it a priority to innovate and respond to the changing needs of agents and brokers, and the Buyer’s Agent Club is a prime example of how we’re continuing this tradition.
“By providing agents with creative resources and strategies, we hope to empower real estate professionals to thrive in this new era.”
The new product comes in response to changes related to the $418 million settlement agreed to by the National Association of Realtors (NAR). The settlement closed a major class-action antitrust lawsuit over buyer agent compensation offers on MLSs owned by Realtor associations.
The new rules mandated by the settlement require these MLSs to remove fields on the platform that were previously used by seller agents to make blanket offers of compensation to buyer agents. The jury in the Sitzer/Burnett lawsuit agreed with plaintiffs that the practice was anticompetitive. The ruling and ensuing settlements have frustrated agents across the country.
Lone Wolf claims that the Buyer’s Agent Club will “deliver added value and transparency to their prospective buyers.” The new tools will allow agents to produce buyer reports in Cloud CMA, create digital open-house sign-ins, automate email follow-ups, and offer a new lead-generation tool called Leads+.
On the Buyer’s Agent Club website, the company claims it will help agents find more buyer leads and develop techniques for negotiating commissions.
