Realtor.com is expanding its ad campaign championing homebuyer representation to focus in on underrepresented and marginalized groups.
The campaign, launched in April, seeks to empower buyers’ agents in the wake of the National Association of Realtors (NAR) settlement, which undoes NAR’s typical commission structure and puts buyers in the driver’s seat when it comes to finding, and paying for, a realtor.
April’s launch put Realtor.com’s message in print, digital, and social channels. It focused on the amount of work buyers saddle themselves with if they choose to buy a home without an agent, using the tagline: “Here’s 111 things to-do, or do 1 thing. Find a buyer’s agent.”
Now, Realtor.com plans to hone in on buyers in historically underserved and underrepresented communities, including BIPOC, AANHPI, Hispanic, LGBTQ+, first-time, Veteran, and lower-income buyers.
The new initiative promotes the specific benefits of buyer’s agents for these groups, saying the new landscape can hurt their chances at homeownership.
“Buyer’s agents provide essential expertise and support in the biggest financial transaction of people’s lives. This is especially true for first-time and underrepresented buyers with limited resources or knowledge of the process. However, if the commission settlements increase upfront costs or reduce access to buyer agency it could make homeownership less affordable to the very people who need the most help,” said Realtor.com CMO Mickey Neuberger.
“During June’s Homeownership Month, we urge the industry to join us in being a champion for consumers, raising awareness and advocating for the advantages of buyer representation for all home buyers, but particularly for first-time buyers and individuals in underrepresented communities.”
The $418 million NAR settlement is set to have sweeping implications for the housing industry by undoing the organization’s commission structure, which is typically between 5.5% and 6% and split between buyer’s and seller’s agents.
Those opposed to NAR’s structure say it’s a price-fixing scheme that hurts competition and unnecessarily increases the cost of buying a home. NAR argues that without that built-in representation, both buyers and sellers lose out on professional expertise at a critical moment in their financial journeys.
Realtor.com says the ad campaign has been a success and garnered “widespread support and social shares from prominent thought leaders and leading real estate companies” since its launch on April 18.