NAR Lawsuit Settlement: 11 Things To Take Action On Now To Best Prepare In Your Real Estate Business

Summary

In this podcast, Joshua Smith discusses the impact of the N lawsuit and settlement changes on the real estate industry. He outlines 11 proactive strategies for real estate professionals to not only survive but thrive amidst these changes. Smith emphasizes the importance of adapting to new buyer broker agreement requirements, enhancing client services, and refining personal and business processes. He also stresses the value of negotiation skills, client acquisition strategies, and staying informed to navigate the evolving market successfully.

Takeaways

• 📝 The speaker emphasizes the importance of being proactive and adapting to changes in the real estate industry, especially with the recent lawsuit and settlement changes.
• 🚀 Joshua Smith shares 11 key strategies for real estate professionals to not only survive but thrive amidst industry changes.
• 📈 Smith discusses the need for real estate agents to map out different scenarios and plan for the best and worst-case scenarios.
• 💡 The speaker highlights the significance of not getting set in personal convictions and being open to various outcomes in the real estate market.
• 🔍 Smith recommends agents to prepare for both buyer and listing sides of the business, despite speculation about the future of buyer agency.
• 🛠️ The transcript underscores the value of dialing in buyer consultations, listing presentations, and negotiation skills to adapt to new market conditions.
• 💼 The speaker stresses the importance of understanding and articulating the value of real estate services to clients, especially in a changing market.
• 📊 Smith encourages real estate professionals to focus on opportunities and maintain a productive mindset despite industry challenges.
• 🌐 The speaker shares his personal experiences and strategies, including engaging with top team leaders and broker owners to navigate industry changes.
• 📞 The importance of having clear and effective communication systems for handling increased workload and client expectations is discussed.
• 🎯 Smith concludes with an offer for a free Zoom coaching call to help real estate professionals dial in their business strategies and goals.

Q & A

What is the main focus of Joshua Smith's podcast?

The main focus of Joshua Smith's podcast is to discuss the changes in the real estate industry, specifically the N lawsuit and settlement changes, and to provide actionable tips for real estate professionals to adapt and thrive in the face of these changes.

What is the significance of the N lawsuit and settlement changes for real estate professionals?

The N lawsuit and settlement changes are significant because they are altering the traditional commission structure and the way real estate professionals operate, requiring them to adapt their strategies and potentially their business models to remain competitive and successful.

What are the 11 things Joshua Smith suggests real estate professionals should focus on?

Joshua Smith suggests focusing on 11 things: 1) Dialling in buyer consultation, 2) Leveling up services to buyers, 3) Dialing in listing presentation, 4) Selling the value of the appointment, 5) Dialing in processes and systems, 6) Enhancing negotiation skills, 7) Dialing in client acquisition strategy, 8) Gaining knowledge of contracts, 9) Niching down, 10) Dialing in time management skills, 11) Focusing on opportunities and embracing change.

How does Joshua Smith recommend real estate professionals prepare for the changes in the industry?

Joshua Smith recommends that real estate professionals prepare by being proactive, mapping out different scenarios, and adapting their strategies and processes to the new changes. He also emphasizes the importance of staying informed and flexible to navigate the uncertainties.

What is the role of a buyer broker agreement in the new changes?

In the new changes, a buyer broker agreement must be signed upfront, with compensation negotiated and agreed upon, before a real estate professional can show a property to a buyer. This shifts the dynamics of how properties are shown and how buyer agents operate.

How does Joshua Smith feel about the potential impact of the changes on the real estate industry?

Joshua Smith believes that while the changes may not be in the best interest of the consumer, they present significant opportunities for real estate professionals to increase revenue and adapt their businesses. He is excited about the potential for growth and is focused on finding ways to thrive through the changes.

What is Joshua Smith's stance on the use of social media in real estate?

Joshua Smith acknowledges that social media is a valuable tool for growing and scaling his business, despite not enjoying it personally. He emphasizes the importance of using it as a business tool to reach a wider audience and generate more leads.

How does Joshua Smith plan to support his clients through the industry changes?

Joshua Smith plans to support his clients by staying informed about the changes, adapting his strategies, and focusing on providing the best possible service. He emphasizes the importance of understanding the new rules and regulations to ensure that he can continue to serve his clients effectively.

What is the purpose of Joshua Smith's coaching program?

Joshua Smith's coaching program aims to provide real estate professionals with clarity and guidance on how to grow their business. He offers one-on-one coaching calls to help agents, team leaders, and broker-owners understand their current situation, set goals, and develop strategies to achieve their real estate business objectives.

How does Joshua Smith suggest real estate professionals stay informed about the ongoing changes in the industry?

Joshua Smith suggests that real estate professionals stay informed by paying attention to updates from NAR, engaging with their brokers, seeking advice from trusted advisors, and participating in discussions with other professionals in the industry. He also recommends being open to learning and adapting to new information as it becomes available.

What is the importance of embracing change according to Joshua Smith?

According to Joshua Smith, embracing change is crucial because it allows real estate professionals to adapt and pivot in response to industry shifts. By staying fluid and open to new strategies, they can continue to serve their clients effectively and achieve their business goals despite the uncertainties and challenges that may arise.