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.

Outlines

00:00

🎙️ Podcast Introduction and Real Estate Business Strategies

Joshua Smith introduces his podcast, focusing on real estate tips and addressing recent lawsuit settlement changes in the industry. He emphasizes the importance of being proactive and adapting to ensure business survival and growth. Joshua shares his personal experiences and strategies he's implementing in his real estate business in Phoenix, Arizona, including long hours of work and meetings with attorneys and team leaders. He stresses the need for clarity and planning in the face of uncertainty and change in the real estate landscape.

05:02

🤝 Adapting to Changes in Buyer Agency and Commission Structures

Joshua discusses the impact of changes in buyer agency and commission structures on real estate professionals. He uses Zillow as an example to illustrate how lead sources can dictate different processes and strategies. Joshua explains the need to adapt to new requirements, such as having a signed buyer broker agreement with agreed-upon compensation before showing properties. He encourages real estate agents to prepare for both buyer and listing sides of the business, despite speculation and uncertainty about the future of buyer agency.

10:03

📝 Enhancing Buyer Consultation and Education

Joshua emphasizes the importance of dialing in the buyer consultation process to articulate the value of services and prevent buyer's remorse. He shares his method of using a 'dream home form' to understand clients' needs and priorities. Joshua also discusses the significance of educating clients about the home buying process, including inspection periods and potential issues that may arise, to add value and ensure clients are well-informed and protected.

15:04

💼 Listing Presentation and Compensation Negotiation

Joshua talks about the necessity of having a world-class listing presentation and adapting to potential changes in compensation conversations due to recent industry shifts. He highlights the importance of being prepared for various scenarios, including dealing with unrepresented buyers and the potential need to work for free. Joshua also discusses the strategy of recommending sellers to include buyer agent compensation in seller concessions to maintain cooperation with other agents.

20:05

📈 Selling the Value of Appointments and Processes

Joshua stresses the importance of selling the value of appointments, especially on the buy side, due to the perception of buyer agents' value. He differentiates between selling the appointment and selling one's services during the appointment. Joshua also talks about the need to refine processes and systems to handle increased workload and potential changes in commission rates. He encourages agents to focus on efficiency and effective client acquisition strategies to succeed in a changing market.

25:06

💡 Enhancing Negotiation Skills and Client Acquisition

Joshua emphasizes the need to enhance negotiation skills not only for securing compensation but also for fighting for the best deals for clients. He argues that the key to earning fees is delivering results and providing value to clients. Joshua also discusses the importance of dialing in client acquisition strategies, including identifying high-probability clients and refining the three-legged stool approach of strategy, process, and skill set. He highlights the effectiveness of targeting niche markets, such as individuals going through divorce, due to the high likelihood of needing to sell properties.

30:08

📝 Understanding Contracts and Niching Down

Joshua discusses the importance of thoroughly understanding contracts and being able to explain them simply to clients. He shares his realization that some agents on his team lacked this understanding and emphasizes the need for improvement. Joshua also talks about the benefits of niching down to a specific target market, which allows for a deeper understanding of clients' needs and the creation of unique selling propositions. He believes that niching down will become increasingly important in the evolving real estate landscape.

35:08

⏰ Time Management and Focusing on Opportunities

Joshua stresses the need to improve time management skills in response to the increased workload and changes in the real estate industry. He encourages agents to focus on opportunities rather than getting caught up in negative reactions to changes. Joshua shares his perspective on the recent industry changes, expressing his belief that they were intentional and not necessarily in the best interest of the general public. He encourages agents to adapt and pivot to continue serving clients effectively.

40:11

🌟 Embracing Change and Staying Fluid

Joshua encourages real estate professionals to embrace change and stay fluid in their approach to the industry's evolving landscape. He advises paying attention to updates from NAR and other trusted sources, and staying adaptable in the face of uncertainty. Joshua also shares his concerns about potential future lawsuits and changes, urging agents to remain flexible and responsive to new developments. He offers a free coaching call for those seeking clarity and strategies for navigating the changes in the real estate business.

45:13

📈 Coaching Program and Partnership Opportunities

Joshua invites real estate agents, team leaders, and broker-owners to his coaching program, offering various options to suit different needs and budgets. He emphasizes that the program aims to provide clarity and strategies for achieving real estate business goals effectively and efficiently. Joshua assures that the coaching call will be a game-changing experience, regardless of the caller's current position or goals in the real estate industry.

Keywords

💡Real Estate Business

The term refers to the business of buying, selling, or renting land, buildings, or housing. In the context of the video, it specifically addresses the challenges and strategies for real estate professionals to not only survive but thrive in the industry amidst changes in lawsuit settlements and market dynamics.

💡N Lawsuit

The N Lawsuit refers to a legal case that has implications for the real estate industry, particularly regarding commission structures and the way real estate professionals operate. The speaker mentions this lawsuit as a catalyst for changes in the industry that professionals must adapt to.

💡Buyer Broker Agreement

A buyer broker agreement is a legal contract between a buyer and a real estate agent that outlines the terms of their relationship and the services provided. The speaker emphasizes the importance of having this agreement signed and negotiated before showing properties, which is a change influenced by the N Lawsuit.

💡Compensation

In the real estate context, compensation refers to the payment or fee that real estate agents receive for their services. The speaker discusses the necessity of negotiating and agreeing upon this compensation upfront in a buyer broker agreement, which is a shift resulting from the N Lawsuit.

💡Client Acquisition Strategy

This refers to the methods and approaches used by real estate professionals to attract and secure clients. The speaker underscores the importance of having a robust and effective client acquisition strategy to grow one's real estate business, especially in the face of industry changes.

💡Mind Mapping

Mind mapping is a visual technique used to organize information and ideas, often used for problem-solving, planning, and creativity. In the video, the speaker uses mind mapping as a tool to strategize and plan for various scenarios in the real estate business, particularly in response to the N Lawsuit and its implications.

💡Adaptability

Adaptability refers to the ability to adjust or change to new conditions or environments. The speaker emphasizes the need for real estate professionals to be adaptable in the face of industry changes brought about by the N Lawsuit and other market dynamics.

💡Strategic Planning

Strategic planning involves setting goals and developing actions to achieve them. In the context of the video, the speaker discusses the importance of strategic planning for real estate professionals to navigate the changes in the industry effectively.

💡Professional Development

Professional development refers to the process of acquiring new skills, knowledge, and experiences to enhance one's professional capabilities. The speaker stresses the importance of continuous learning and development for real estate professionals to stay competitive and successful.

💡Economic Hardships

Economic hardships refer to challenging financial times or difficulties that individuals or businesses face. The speaker mentions the current economic hardships as a factor that may influence the real estate market and the decisions of home buyers and sellers.

💡Industry Changes

Industry changes refer to shifts or transformations within a particular sector, such as new regulations, market dynamics, or technological advancements. The speaker addresses the need for real estate professionals to stay informed and adapt to these changes, particularly those stemming from the N Lawsuit.

Highlights

Joshua Smith discusses the impact of the N lawsuit and settlement changes on the real estate industry, focusing on strategies for agents to adapt and thrive.

The podcast emphasizes the importance of being proactive and preparing for changes in the real estate business, especially with the recent news of lawsuit settlements.

Smith shares his personal experiences and strategies from his real estate business in Phoenix, Arizona, highlighting the need for adaptability in the face of industry changes.

The speaker emphasizes that the upcoming changes create both challenges and opportunities for real estate professionals, encouraging agents to focus on enhancing their services.

Smith discusses the potential shift in the real estate model, where buyer's agents may need to negotiate their compensation more actively with clients.

The podcast highlights the importance of understanding and preparing for various scenarios that may arise due to the changes in the real estate industry.

Smith stresses the need for real estate professionals to be unemotional professional leaders who can guide clients and prevent buyer's remorse.

The speaker shares his process of conducting a thorough buyer consultation, emphasizing the importance of understanding the client's needs and desires.

Smith talks about the potential for increased revenue on the buy side of the business due to the changes, despite the challenges they present.

The podcast addresses the need for real estate agents to be prepared for both listing and buying sides of the business, regardless of the changes.

Smith encourages real estate professionals to schedule a free coaching call to gain clarity on their business and understand the steps needed to achieve their goals.

The speaker discusses the importance of having a well-structured listing presentation and how it may need to adapt with the changes in the industry.

Smith talks about the potential for increased work volume for agents due to changes in the real estate industry and the need to manage time effectively.

The podcast concludes with a call to action for real estate professionals to embrace change, stay fluid, and focus on opportunities for growth.

Transcripts

all right what is up my peeps Joshua

Smith here with another GSD mode podcast

real estate tip and on today's podcast I

wanted to break down the N lawsuit

settlement changes taking place 11

things that you can be doing right now

inside your real estate business 11

things that you can be proactive with

and on to ensure that your real estate

business doesn't just survive but to

ensure that you go out there and

continue to thrive to ensure that you go

out there and continue to crush and

dominate your overall real EST State

goals also before I jump into these 11

different things just a couple quick

things that I think are important to

bring up before we jump into these again

these 11 different things okay number

one these are just things that I'm doing

inside my own real estate business with

my own real estate you know team here in

Phoenix Arizona you know now it's

officially at least at the the moment of

me creating this podcast here it is

Friday March 22nd so it's been one week

since this news dropped on us right now

we've been knowing that changes are

coming these losses have been taking

place for for a long time now you know

but okay Friday was like first day of

getting some you know big Clarity on

okay what these changes are going to

look like um when they're coming about

so we can start prepping and planning at

a much much higher level now the

difficulty for all of us and when I'm

saying all of us this podcast Is For

Real Estate professionals so real estate

agents team leaders broker owners I know

that there might be some in the general

public watching this but when I say us

I'm speaking to real estate

professionals here you know right the

difficulty that we have right now is

yeah we've got some guidance we've got

some clarity on you know the make

changes are that we're going to see you

know but at the same time there's a lot

of vagueness there's a lot of

uncertainty you know right like okay

yeah n's you know 100 plus page report

that they deliver again like dude

there's just so much room open for

interpretation a lot of vagueness lot of

uncertainty in there and we're going to

get you know as this rolls out we're

going to get more clarity on this we're

going to learn more we got to continue

to adapt more you know but with the

limited amount of Intel that we have

right now okay we can start being

proactive with that there's so we have

enough information to start really

mapping this out to again ensure that

we're in the best position possible so

these are just 11 things I've spent you

know over this seven seven days now

probably about I don't know 30 40 hours

now you know it's been crazy you know 14

15 16 hour days that you know like for

for me each and every day been in

meetings from 4:30 a.m till 7:30 at

night you know um um I mean with regular

work but then also you know with my

attorneys and with other top team

leaders and broker owners throughout the

country that you I've got great

relationships with that I respect their

opinion and and you know that they're

they're you know you know pretty smart

mofos you know right and so just

Mastermind and mapping this stuff out

plus you know working with my agents

talk with my agents on this stuff and

again mind mapping all this stuff out

these are the 11 top things you know um

um that we're focused on most right now

there's other things too you know but

these are the 11 that I think that okay

with the Intel that we have that we can

go apply and be most proactive with to

get ourselves again in that best

position to ensure not just that we

survive but to ensure that we Thrive

through this so that's number one is

again these are just things I'm doing

you know right so you can take that with

the grain of salt I'm not saying that I

got a crystal ball look there's there's

because there's so much vagueness you

know right and so much still uncertainty

Yet to Come okay we're all no I don't

want to say in every scenario of this

but there's a lot of speculation that

has to kind of take place right now now

for me I do not and just in case this is

helpful for you because if we want to be

proactive this is one of the best ways I

found you know to be able to be

proactive is to not allow yourself to

get set in your own personal convictions

right so what I mean by this is okay

maybe you're one of those that's like oh

dude buyer agency's going away so I'm

just going to focus on listings okay how

do you know buyer agency is going away

right so like does it make sense to plan

and prep for both you know right so I I

look at okay how all the different ways

this possibly could shake out and let me

have a you know have a have a mindmap

plan for all the different ways hope for

the best plan for the worst I'm going to

map out all these different things you

know so within my own real estate

business now I know not all of you watch

or listen this do all of these things

but I have a large team you know 50

agents here in Phoenix Arizona been run

operating a team for over 19 years

almost 20 years now we sold over 7,000

homes we do a lot of production we do a

lot of business so when I say these

things you know I don't want you to you

know sound like you know like can sound

overwhelming you know I like to put

things in context right because I got a

big group of us doing a lot of different

things right but it's like okay like

okay well we do a lot of business

through Zillow right do a lot of

business through open houses do a lot of

business through you know Facebook uh

paid Facebook Faceook ads paid face

Instagram ads do a lot of business

through you know organic YouTube and

organic social media you know do a lot

of business through sign calls we do a

lot of business through um uh you know

mailers we do a lot of business through

repeat referral business you know right

so you know so with that I'm starting to

map out okay what does this look like

with all these different scenarios I

recommend that you do this isn't part of

these 11 points this is how I've kind of

come up with these 11 different points

you know um um um but we're looking at

okay let's just use Zilla as an example

I know a lot of you hate Zilla and

whatever everybody can have their own

opinion on it you know but we get a good

Roi on it but I get a good Roi like

everything works nothing doesn't so I'm

just using this as an example so okay

I'm looking at Zillow I'm being like

okay here's our process and here's how

this this flows right now now these new

changes like here's an example okay how

our process works right now Zilla live

transfer call comes in 30 seconds out of

our mouth we're we're setting up a

showing on that property we you know

then go out there we meet them at that

property use that as an opportunity

developer Port develop a connection and

then we turn that into the buyer console

that's much different than like when I'm

do a Facebook lead or other lead sources

where I start with the buyer consult

then we go out there and show properties

right each different lead sources can

dictate different you know processes and

strategies to go up there and maximize

those results okay well now if these

buyer broker agreement changes well that

switches that up now we have to have a

signed buyer broker agreement in place

with agreed upon compensation you know

it's got to be agreed upon negotiated

and you know Sign Sealed whatever before

we can even go out there show up

property so okay how how how are these

changes going to impact this and let's

just start mind mapping this out and

coming up with you know the best

protocols and the best processes to go

out there and still you know maximize

conversions or utilize this as an

opportunity to go out there and increase

conversions May and there's going to be

certain scenarios where we're seeing

some of these changes as a bigger

positive right so then okay well how's

this going to impact open houses well if

I got to have a buyer broker agreement

sign before I can show every single

property is that still the same for an

open house or is that different or you

know like these are all things that we

got to start thinking through and going

out there and mind mapping and you know

uh uh uh you know whatever is with that

right um okay so again these are just

things I'm doing in my own business

right so then from there you know just

because I think that this will be

helpful with these 11 different things

because these these 11 things apply to

the buy side of the business and list

side of the business so this is just a

recommendation for you I do not think it

is a good idea for you to to have the

conviction right just the belief that

okay I'm just going to focus on listings

buyer buyer agency bu reps going away

there's a lot of that out there a lot of

conversations I'm having I'm you know

hearing it but with social media but

then also conversations with other

people of like man I'm just going to ban

that I'm just going to do nothing but

the listings right um um I think that

that's a mistake now I'm not saying like

look that could be a probability you

know right um um however I don't believe

that that's necessarily going to take

place you right now my opinion is is is

irrelevant but again like it it could

business could be kind of stay in status

quo as usual you know right or maybe the

buy side grows you know as I'm looking

at this and the more information that I

get when I first heard about this news

and and when these lawsuits first

started come about I know I was kind of

a little bit more negative on the buy

side you know um um with my own internal

thoughts of how this possibly could

shake out but the more that I learn and

the more that I'm mind mapping this

stuff out we're strategizing for this

I'm actually extremely damn excited it's

like almost daily I get more excited

about the buyer side and the

opportunities that these changes are

bringing us for the buy side you know at

least speaking to the real estate

Community I do not think that these

changes and rules is the best thing for

the consumer personally but but I'm my

mapping this out I'm like hey man

there's some big opportunities that this

is creating for me in my business you on

the bu I can go out there and start

increasing Revenue by 20 30 40 even 50%

you know on buy side Revenue you know on

based on these changes and based on how

this model is going through so my

recommendation is to prep for both you

know right like dial in your dial

inside your game on the buy side right

dial in your inside your game on

the list side okay so I want to bring up

those points before I get into these 11

different steps and and look as I'm

going through this you know whether they

be on these 11 things or just with your

overall business if you're lacking

Clarity on exactly what you need to do

to get from where you're at to where you

want go inside your real estate business

and again you just don't know exactly

what what is those actions that you got

to take it's like your business is down

here but you know your potential is way

up here and you just don't know exactly

what you want to do to get from where

you're at to where you want to go I

invite you if you want to take advantage

of it invite you to schedule a 100% free

Zoom coaching call with me personally do

that at www.gdcjobs.com

call with us together we're going to

Deep dive in your business I will get

you dialed in I will make sure that you

leave this coaching call with knowing

exactly what you must do to get from

where you're at to where you want to go

in the quickest most profitable fashion

possible so if you want to schedule that

again

www.gdcjobs.com it's a deep dive in your

business so the more that you know you

are prepped for this call this coaching

call the more value you're going to get

out of it okay so let's jump into these

11 different points and again some of

these I shouldn't say again I didn't

talk about this yet but you know some of

these are going to sound like you know

common sense but some of them are going

to be a little bit more in depth right

okay so number one dialing in your buyer

consultation right so with this on the

buyer consultation because now some of

you may not have awareness of I'll be

very fast on this because I know most of

you have awareness of what these major

changes are but one of the big changes

is again we got to have a buyer broker

agreement signed up front not just

signed up front but we got to have our

compensation negotiated and agreed upon

and signed on before we can go out there

and show a property now you right so

it's going to be that much more

important to dial in your buyer

consultation hopefully for most of you

if you've been treating this as a

profession yeah right just like with me

man you know I've been doing buyer

broker agreements for 17 years and and

treating my buy side of my business just

like the list side so I go in I've got a

very strict hardcore buyer consultation

and a process where we're able to artic

ulate the value um um and walk through

that with them to get that dialed in you

know so my my process just in case this

is helpful for you okay I lead off with

their dream home form right that's

really important because it gives us

Clarity on what's what they want why

they want it why it's important to them

which we need that Clarity serve support

them at the highest possible level to

sure they don't have buyers remorse I

don't if you guys been paying attention

to these stats and the stats change

based I've heard different stats seeing

different stats based on different

different surveys and different articles

you know but it's somewhere between 80

and 90% of buyers that bought within the

last four years that have buyers remorse

I never want to have a client so one of

the ways that you can go out there and

add value to your clients is being the

unemotional professional leader

throughout the process that can navigate

and make sure your clients aren't making

a mistake where they have buyers remorse

you right how do we do that well we do

that by getting extreme Clarity on what

they want and what's most important to

them what they want why they want it why

it's most important to them so I spent

about 40 minutes you know just diving

doing a deep dive into every aspect of

of of what they're looking for and again

not just not just oh they they you know

I I want this location you know right

well then okay well what is it about

that location that's so important to you

you know why is that like just followup

question so I can get that Clarity on

what is most important to them so then

when we go I know you go see a property

is an example maybe they has a dream

kitchen it's just tricked out and they

start falling in love with it you know

and they're like oh yeah we this is the

house right well then because I have the

Intel that I've had asked those right

questions now I'm able to go to them

well you know I get that this is a

beautiful house you know but when we

first met and I'm just bringing this up

not's talk you out of this purchase

right this is what you want I work for

you like we'll go ahead and make this

thing happen but I also want to make

sure that you're not making a mistake

you know when we first talked about you

know the the you buying and going

through this process the thing that you

mentioned that was most important to you

why you doing this move in the first

place is that you were sick and tired of

spending an hour commuting every morning

to work and an hour commuting home every

single evening so that's 2 hours every

single day 10 hours every single week

away from your family you know that's

just wasted out of your life now this

property only shaves off 10 minutes of

that right this is pretty close to the

like this doesn't really solve the

location issue you I know it's got all

these amazing upgrades but are those

upgrades worth you sacrificing that

still 10 hours every day or 10 hours

every single week where you can't see

your family you know right now I can

Circle them back and remind them I want

to make sure that my clients don't have

buyers remorse right so okay we're going

through the dream home form then I go

through education portion of it now the

education each one of these adds value

for different reasons as I'm going

through education now I don't have time

to you know I could spend an hour on

each one of these points I'm going to go

kind of fast here but hopefully you can

grasp this and understand this you know

um okay as I'm going through through the

dream home form that's adding value you

know right and they're they're able to

see that value right because they can

see that I truly care and they can not

just that I truly care but they can see

that okay man this guy's a true

professional he's really breaking down

and getting extreme Clarity in what I

want plus it allows them to get more

clarity in what they want so that's

adding value okay then want to go

through the education element that's

adding value you right so not just I'm

educating them you know right I'm

educating in such a way right where it

adds value you right so like here an

example okay well you know here in

Arizona we got this 10day inspection

period so I'm you know explain on that

um okay now through the 10-day

inspection period now that's enough time

to get all of our inspections done

however like we we we've got to be hon

this and we we've got like we we've got

to be prompt on this and we've got to

you know we've got to be focus and be

diligent on this and then I'll go

through explanations right of okay so as

an example your home inspection you know

complete and done now during the home

inspection maybe the inspector discovers

there crack trusses up in the Attic So

then from there now maybe we need to

come in and get a structural engineer to

go evaluate that and check that out um

then from there then maybe we need to

bring in a contractor to go out there

and get bids and see what this looks

like so we got to be able to do all get

all of our inspections done get any type

of bids that we need to be done get all

of our due diligence done and on top of

that we got to come up with what our

game plan is whether it be repair

requests credit requests or if you

decide it's in your best to cancel out

this contract we have to have all of

that done within this 10day period of

time if it rolls one second past that

10th day you've now accepted this

property as is you've waved your a right

to cancel du the inspections you've

waved your a right to to uh uh you know

ask for for seller repairs so you're now

accepting this property as is um and if

you do want out and want to walk away

and cancel from the property now you're

going to be you know you're going to

lose your earnest money and so I'm

explaining that you know right which is

all true you know but then from there

also is you know like there's a lot that

goes into that that the general public

doesn't have this is why you know a lot

of the general public doesn't see the

value in US because most agents do not

do a good job articulating through all

the that we have to do they don't

see all the behind the-scenes stuff they

see us showing properties and smiling

and making it look easy and you know

right like they don't see all the Blood

Sweat and Tears and hours and freaking

18 hour work days that we have to push

through because you know is a g I'm not

speaking to you that saying this about

you speaking that this industry is a

general

you know right um um speaking of

generalities here has done a poor job at

articulating what we actually do for our

clients so I'm going through that then

example then it's uh hey but I don't

need to stress about this yes it's

extremely important as I just explained

but I don't need to stress about this

this is where I come in this is this is

what why you're working with me I'm

going to make sure all this is set up

everything's done everything's done

properly make sure you're covered make

sure you're protected you know right um

and I'll educate you every step of the

way then I go to the next thing then the

next thing you so so you know I'm

educating but then I'm using that

education to educate them yes but then

also artic Cal my value then we go into

the commitments here's all the things

I'm doing to be committed for you and

then boom now we go into the buyer

broker ask for their commitment back you

know right um um and then you got to

think about what's your compensation

structure going to be for you on that

buyer broker gr you know because we got

to think of the different ways that this

pans out right so you know um okay what

are you going to do in the event that

the the listing that they want or the

home that they want isn't offering a

seller concession um or or that seller

concession isn't high enough or big

enough where it's able to cover your

repes presentation fee and the buyers

got to pay you out of pocket okay so so

you okay you got to my map out those

yeah right then and then but be able to

educate those on that and you know walk

through all the different scenarios

because a lot of different ways that

this can can play out but be prepared

for that right okay number two thinking

of ways to level up services to your

buyers right so just thinking of okay

what are alternative ways because now

I'm looking at this I'm like okay now

we've always been able to do this but

you know for the most part it's just

like okay whatever the listing agents

offering we just take it you know the C

broke on the thing well now I'm sitting

there thinking okay I can charge

whatever I want to charge now right so

and commissions are always and this is

the disclosure part right commissions

are always negotiable always have I'm

just using this example so maybe I'm

like what if I want to charge a superior

service fee you know but create a

Superior Service more of a coner service

add different things so instead of

getting paid I don't know two and a half

percent which you know average co- broke

on on a client maybe I go out there and

charge four or five% if I want to have a

Superior Service you know right um okay

what add-on Services you know that you

can go out there and add with this you

know but then from there it might just

get more competitive we're going to see

how the the you know consumer takes this

in and what they you know there's again

a lot of unknowns here um but we may

have to be more you know offer more

services than we have in the past you

know and thinking of different ways that

we can add those services like as an

example you know um um K in 2020 2021

and a lot of you that were in the market

during those times had to go through

this right but during those times okay

there's 50 offers in every single

property 100 offers on on every single

property in my market you know um like

dude it's so difficult to get buyers

homes and there wasn't any inventory you

know right um so then okay we had to go

out there and hunt for inventory right

so so okay like okay that can be part of

your services you know mastering the

skill set to be able to go out there and

hunt and find off-market deals to go out

there and find those off Market deals

for your proper okay if the property

doesn't exist I'm going to go find it

for you I'm going to do my best I

possibly can to go out there and find it

for you like what are other you know

skills that you need to level up and and

bring in um to go out there and earn

that commission that's coming out of the

buyer's pocket in the event you can't

get it from the seller right and then

again going to have to mind map out and

think out of how are you going to handle

that you right like are you g to go work

for free right if you have a VA buyer

you know right that comes here how are

you gonna handle that scenar situation

you right um um because now remember

with the decoupling of the commissions

if the seller is paying us a commission

as a buyer agent right it's not the

seller like the seller's paying the

buyer seller's paying the listing agent

separately then we would get compensated

for a buyer representation fee would be

okay the seller is now paying the buyer

then the buyer is essentially paying us

out of those concessions okay that's not

allowed for VA you know right so

essentially okay like okay are you g to

work for them for free you know right um

or what is that going to look like right

um and and you know mapping out

different scenarios because again we got

to think these things through and again

that's why I said these are 11 things

that you can start taking action on now

and being proactive on now some other

things you can dial in right now some

are things that you're going to have to

kind of think through of how you're

going to operate with this okay so

number three dialing in in your listing

presentation now hopefully you've always

had like again some of this you've

already should had in place hopefully we

already doing buyer broker agreements

hopefully you already had a worldclass

buyer consultation in place hopefully

already have a world class listing

presentation in place um but just making

sure it's honed and dialed in you know I

heard a stat the other day and I don't

know how some of these people come up

with some of these stats you know right

there's some stats where I get it you

know like when I'm looking at okay

credit card like that's tracked on

a huge scale but some of these stats I

don't know how people come up with these

but I heard the other day that you know

it was uh like not I can't remember the

exact one but it was I can't remember

the exact stats but something like you

know I don't 88 or 90% of of of Realtors

didn't don't have a buyer presentation

in place like a like a legitimate you

know a dedicated buyer presentation in

place that they follow each and every

time um but then it was like 27% of list

agents don't even have a listing

presentation in place just I you know

I'm just like damn dude that's you know

but that's okay we're our industry is

filled with a bunch of people that Wing

It bunch of amateurs you know that's

right 49% of Realtors last year Clos one

or less transactions you right and again

those are the ones that going to be

impacted they're not going to do this if

they haven't taken this stuff seriously

already you know a lot I mean some of

them will adapt with the changes but a

lot of them won't right so it's just

going to create a bigger piece of the

pie for you and I create more

opportunities for you and I like if

you're watching this podcast and you're

educating yourself on this you're driven

D all right like you're not you know

you're not you know within the amateur

you know uh hopefully not anyway you

know right okay so dialing your listing

presentation but then also okay how are

you going to part of your dialing your

listing presentation if you already have

your listing presentation in place how

are you going to handle

you know uh those compensation and

conversations because thinking this

through let's just say okay there

there's less buyers

that let's just say this okay VA we

talked about VA earlier you know right

okay so VA I mean this is kind of left

VA in a position where VA buyers where

they have no buyer representation you

right so okay you get you get these vas

now you know or any buyer but you got

them coming to you direct you know right

okay listing agent is paying you

whatever right like maybe you're you're

chargeing them 3% two % you know

whatever just for you to represent them

and to list their property well then now

a buyer comes that property that is

unrepresented because maybe we have an

uptick of buyers that don't want buyer

representation to pay that fee so right

now they're calling you and they're

calling you as a listing agent to open

up that door every single time that you

got to go show a property because

there's no longer Buyer Agents to go

show those properties if there's a big

influx of this and this is going to lead

into some other points of that that I'll

cover here in later but um you know like

how like okay if you if you know let's

just say you're you're pretty good

producing you know individual agent and

you're carrying 20 listings at any given

time right pretty pretty easy for a

full-time you know Focus driven

individual agent to go out there and

stack up you know let's just say 20

listings right so now you got 20

listings and okay how I'm always looking

at pricing listings this can shift based

on the market you know right whether

it's a buyer Market sellers Market

whatnot but you know overall it's like

okay I really gauge 4K minimum of three

you know uh a showings a week but that

three to five showings per week is that

kind of sweet spot where we know we're

Price Right in a normal Market again

there's extremes of this you know but

let's just say okay you're averaging

that you know right um so you got these

20

listings that are going to have you know

let's let's just say it's on the low end

of the three so I can do the math in my

head okay that's that's you know then

let's just say buyer agency you know

goes away or gets cut in half let's just

say it gets cut in half you know um okay

well that's 30 showings now on that week

that you've had to go facilitate open up

that door for your listings right it's

going to add more work but you're GNA

are you going to do that for free are

you going to work for that for free you

know right um like how how are you going

to structure these conversations you

right um um you know so hey here's

here's what I'm charging you to list

your property you right then okay if I

have to represent the buyer you know

right um and the buyer can't pay here's

what maybe that looks like you right um

then from there like for me 100% I'm

going to recommend every one of my

sellers at least initially to see how

this shakes out subject to change you

right um um but at least initially I'm

going to re highly encourage and

recommend that all of my listing you

know listing clients pay a seller

concession to include buyer agent

compensation and why would I do that

right because if we don't we alienate

those agents and this is just how I

explain to them look you know yeah you

don't have to pay you know um and I'll

just use old terminology versus the new

terminology so yeah you you definitely

don't have to pay you know a a buyer

agent fee a co-broke fee for a buyer's

agent you know um but if we don't right

so in my market there's 60,000 agents

you calculate how many agents that you

have in your market so we have over

60,000 agents here in in you know

Maricopa County in our MLS system now

I've just alienated all 60,000 of those

agents and all of their buyers because

if we're not oper offering them buyer

composition like they're not a

compensation like they're they're not

going to show your property which is

alien now I'll do everything I possibly

can as your agent to go out there and

Market your property and find you a

buyer but look we when we have 60,000

other agents working hard to bring a

buyer as well because we're co-oping you

know my commission with them um um then

from there it greatly increases

exponentially increases the likelihood

that your home's going to sell F fast

and sell for top dollar now choice you

know right but we got to be able to mind

map out okay what do these you know what

do how these conversations go and have

the skill set to articulate the value

and negotiate that but then from there

okay now if I'm stuck you know um um you

know now doing two double sides on every

single transaction or more transactions

how you g to handle that right so just

things to be you know mapping out there

okay so dial in so number four is

dialing in your skill set on selling the

value of the appointment look this might

be you know knowledge for some of you

but for a lot of you and for most agents

that I see out there like they don't

know this they may say they know this

but they don't understand this right um

so real estate is a two-step sales

process step number one you're selling

the value of the appointment step number

two on the appointment is where you

articulate your value and go for the

close right so up front here like so far

we've talked a lot about okay once you

get to the presentation but up front now

it's going to be and this is just my

theory but I truly believe through all

this it's going to be that much more

important to sell the value of of the

appointment especially on the buy side

you know right because you're going to

have more buyers with media with news

you know right and just how it's going

to be perceived and how it's already

being perceived you know of not seeing

the value in a buyer agent you know

right so I'm selling the value of the

appointment why it's a benefit for them

for the appointment I'm not selling me

this is a mistake that a lot of agents

make when it comes to you know their

lead gen and Lead followup because lead

gen and Lead follow exists to set an

appointment right you don't sell

yourself right you sell the value of the

appointment then at the appointment that

is where you articulating your value and

going in for the close AKA selling your

value right and going in for the close

so you got to get you could have to dial

in that skill set think about how do I

dial in that skill set to sell that

value appointment so I can book more

face-to-face meetings so then we can be

face Toof face and truly articulate our

value and go out there and convert more

people you know my theory is and I'm you

know pretty pretty you know confident on

this Theory um that that is going to be

that much more important and even if not

skill set you guys should all have right

like you know if you if you want to have

higher lead conversion convert more

closings and and convert you know

whatever and you know make double triple

the amount of money in the same amount

of time like get that skill set dialed

in okay so number five dial in your

processes I should say processes and

systems right so so our processes our

step- byep actions that we do to get the

desired result that we want then the

system is where those processes live

right so if you look at this the system

is the cookbook the processes are the

recipes inside the cookbook book right

this is going to add more work to all of

our

plates so everybody's like oh well these

commissions are going to get less we

have to pay less I don't know are you

willing to do more for Less you know

it's all right like people again I I get

where I I don't blame the general public

for for having their views and the

perception that they do you know like I

and this is like okay like a lot of

people are going out there and paying

attention

to you know um what I'm really paying

attention to when I'm you know seeing

all these videos and on YouTube and

whatever like what I'm paying attention

to is what's the consumer saying like

I'm not really you know like I'm that's

spend a lot of time around like what's

their perception what are they saying

and and I think you know if you get on

you one common thread you can see pretty

quickly like it ain't good you right um

you know so so with this though you know

but I don't blame them for having that

thought process I blame us and I'm not

saying you and me per se I'm just saying

us as an industry we've done a very bad

job at articulating our overall value to

what we bring to the table to offer you

know our clientele and show them how

hardw working for and all that stuff

right um um so but with this there's

going to add more to your plate

like I just said you know okay you got a

listing now you're gonna have a

contingent of of of buyers that are

going to choose non-representation

you're going to have to go then open

that door or are you gonna have your

seller open that door like right like

you got to just figure out what your

processing your systems are imagine this

now okay you got every buyer agent

calling you now on your listings before

they going to show it they're going to

call you and then ask you know what's

the you know what's the seller a

concession amount and is there you know

what percentage is going to be applied

towards or can be applied towards by

representation agreement fee because my

my buyer is not in a position to be able

to pay that or or vice you know whatever

um um they're going to be St asking

that's going to be a prequel for them to

even go look at your listing now okay

you're gonna have to field more calls

you're gonna have to or are you gonna

have a system in place for that you

right and this is where we need you know

they they said things like okay you can

have if it's your listing you can have

it on your own website and then disclose

on there what concessions on what buyer

agent representation compensation is

going to be but then I want a little bit

more what does your website mean yeah

right can I create a Google drive folder

that I just update every single day or

Google Google sheet that's a view only

that's updated every single day you know

right or per property where then they

can just click on that in emls and

that's my Google Drive folder or they

got to be official on my website you

know right like how how can we get more

effective and how can we be more

efficient through our system of

processes so we can still handle volume

especially if what a lot of people are

predicting that commission rates are

going to be compressed and there's going

to be more Discounters and okay well

then if let's just say that happens

right I'm not saying it's going to but

I'm just saying let's just say that does

happen right well now you got more work

add of your plate in lesser commissions

right

now that you can make a ton of money

discounting right there's Walmart and

there's Whole Foods in every industry

there's Mercedes and there's Honda does

Whole Foods make more than Walmart no

yeah right so I'm not one of these I'm

not saying a discount either you know

right I'm saying run your own model

model but the key if you are going to go

discount which I know it's a bad term in

our industry but look I don't have to me

it's just business I understand that

there's you know the Discounters in the

luxury in any market and there's room

for all of them to be successful you

know um you know so then from there

though but the the key to discounting

right is then volume you got you got to

be able to to you know do more volume so

you got to be operating effectively and

efficiently which you should be doing

anyway okay so then from there um dial

in your process number six di

negotiation skills don't need to go

deeper on that one I think you guys can

all get that you know right and

understand that something that hopefully

you already had in place but if you

haven't going to be that much more

important you know right um um also not

just from how do we get paid that's

where I'm seeing the mistake of most

agents going right now is like well I

got to dial my negotiation skills so I

can negotiate how I get paid I'm like

well yeah I me I get that and that's

part of it but the reason you're getting

paid is so you can go negotiate a

fantastic deal for your client

right so like that's where I mean by

negotiation skills like you need to like

if we're trying to get paid but we're

not earning our fee well then we don't

deserve to get paid in the first place

you know right so I'm talking about

negotiation skills yeah of course on the

compensation but what I'm really meaning

here is your negotiation skills so you

can fight like a freaking shark like a

freaking pitbull for every single Cent

every single penny for your client get

them that best damn deal and go out

there and earn your fees so I have a

buyer that's like hey I was happy to pay

Joshua Smith 10 grand even though I had

to pay that I was happy to pay him that

10 grand because that mofo went out

there and saved me $40,000 on the

purchase of that property so so you know

I paid him 10 save 40 so I still overall

man if I wouldn't if I wouldn't have

paid him that 10 I would have paid

$30,000 more for this house so they

don't look at this as I paid Josh 10

like yeah I paid Josh 10 so I could go

make 30 that's a damn good Roi thinking

of it that way right when people like

well how do I add more value you know

should I you know I don't know give

people a utility checklist so it's

easier to know what utilities to turn on

well hopefully you've already had some

of that in place in the first place

if not people have the internet what I'm

talking about really a value is like get

people the results that they want right

like get them the homes that they want

so they're not having remorse get their

home like like obsess over what what do

I got to do to become brilliant at

helping them accomplish their real

estate goals and get them the best damn

terms on accomplishing those goals you

right um okay so number seven dial in

client acquisition strategy so by client

acquisition I mean this going to be your

leg lead followup you know right um

which is always the most important you

know that's like the number one skill

set tell every agent new agent every

agent out there now unfortunately most

that been doing this 40 50 years never

dialed this thing in like most should

never do and then then that's why they

stayed small for their whole career you

know it's it's uh I'll tell new agents

all the time on my team they'll be like

wow man this agent's been doing this 30

years I'm like look it doesn't matter Mo

most agents in this industry have

repeated the same shitty mediocre year

for just 30 years straight you right

like they just figur out a way to

survive and but they're they're still

broke they're still barely hanging on

right like years of experience you

doesn't doesn't you know really mean

anything in our industry sometimes it

does you know right um um but in most

cases it doesn't you know right um so we

got to dial this in by client

acquisition strategy I mean you got to

get damn good at your ability to go out

there and acquire a client so this is

going to come down to because there's

disruptions and changes throughout my

whole 20 years of doing this and seeing

so many different markets you know I I I

get asked all the time let me let me say

this another way I get asked all the

time Josh what is your favorite you know

Legion AKA what they're actually asking

is client acquisition strategy right um

um um because when I say client

acquisition I'm talk about lead like

everything from lead Inception to you

know um uh getting that client to sign

on that dot line right so that includes

your lead gen lead Fault in in in

presentation right um um you know but

with that people like what what what's

your favorite strategy I me my favorite

strategy is the one that's most

effective based on the economic and

overall market conditions that we're

experiencing you know okay what I'm

doing today is vastly different than

what I did three years ago you know okay

like here here's one my whole entire you

know 20 years of doing this I've never

targeted divorces up until about a year

ago now I'm targeting divorces and it's

one of our best converting listing

sources out there people going through

divorce and why you know right why is it

so converting right now number one

reason for a divorce is financial

hardships right now with the with being

the most unaffordable time to be alive

as a US citizen uh for so it's the most

it's the hardest Financial time for any

of us to ever exist in any of our life

you like that anybody that's alive today

now your current personal situation you

may have had a tougher times where you

had personal financial hardships worse

than you're experiencing right now

because now maybe more established you

made it and you're crushing it

financially I'm just speaking in

generalizations no time have have we

ever had a period of time you know where

where it's been more expensive to just

live life than right now today so

divorce with the number one reason of

divorce being financial hardship they're

on the Skyrocket right then from there

I'm like okay well when when they're

going through that divorce could

probability of them not living in under

that same rooftop you know is they

finalize this divorce very high

probability they need to sell and split

that asset is to go through this process

very high we're in a market right now

where youve got to find those that need

to sell not those that want to sell but

those that need to sell so I'm talking

about client acquisition strategy okay

like identifying you know who who what

are the best meth like what are the best

sources the best niches to go after but

then making sure that we've got the best

you know so we got strategy and you can

hear me talk about this all the time on

the podcast I called three leged store

we got strategy process skill set right

so strategy is who am I targeting that

has the highest probability you know of

needing my services in this market okay

then boom and the secondary thing um is

process how long how frequent must I

fall up to maximize conversions and then

number three what you know mastering

your skill set so how effective you have

conversations negotiation skills

presentations all those things to again

maximize conversions you miss one of

those okay client you're going to be

poor at client acquisition those are the

three-legged stools to client

acquisition you know right but when I'm

talking about dialing and client

acquisition not just those three things

but asking yourself right okay like

maybe maybe your business maybe you're

in a military town and your business has

been really focused on on you know VA

buyers you know right okay I'm not

saying to abandon it I'm saying okay

figure out a plan of how that's going to

work and how you create a win-win for

that thing or if you

can't and you don't want to just start

running a nonprofit and working for free

okay you know then then figure out at

least if you own a nonprofit you can

still pay yourself a salary for own that

nonprofit I mean now now now you're not

working for free you're actually paying

money you know right like you're your

your you know because you gotta pay for

your gas you gotta pay for your time you

gotta pay for all the systems so it's

not oh nobody work for free right it's

not even about working for free it's now

you're paying to work you're not getting

paid you're paying to go do this

you know right so you're going negative

you're it's not even just zero it's far

far below that because now you're going

to the negative you know so dialing in

your client acquisition strategy okay

number eight dial in your knowledge of

contracts and again explanations these

kind of pinpoint or kind of coincide

with some of these other ones you know

um um but what I discovered you know as

I went through this is you know um

um and and what I'm saying I've

discovered this you know right I'm

talking about with my own team you know

just being honest with you guys I I I

just saw some holes recently you know as

I started you know working with my

agents on this stuff you know um I

thought we always did a really good job

at making sure agents understand the

contract line by line like I hours of

training on this line by line what does

this mean how exactly do you explain

this to your clients and simplistic

terms well you know I guess I'm not

doing as good a job as I thought man you

know you know most of my agents have a

dialed in but I was actually shocked to

see the percentage of my agents which

wasn't a huge percent but about 20% of

my agents that really didn't have this

dialed in you know right um um so I'm

like okay I need to get everybody I need

make sure everybody in my organization

knows that and is able to you know

know inside now articulate that value

explain that value you know no longer

just doc you sign over crap without

explaining it you know right so get to

know your contracts inside now um and

with with simplistic but effective ways

to explain those because that verbiage

to us like when I read through a

contract that verbiage okay it all makes

sense to me and you know right but it's

kind of like you go to the doctor and

the doctor's like oh well you got to

tear in your your you know I don't know

upper upper left quadrant of your

glutitis Maximus you right like what the

like can't just say ass cheap bro

you right like right so um uh so

explaining it in in in simple terms

where we don't have all the freaking

real estate jargon that people don't

explain like we want to make sure that

they understand it that they explain it

so we need to understand high level but

then you know um um one of the most

effective ways of teaching is to be able

to take something that's complex but

then be able to simplify and break it

down in simple easy to understand and

follow terms where it's like an eighth

grader can understand understand it or

you know 13 14 year old can understand

it right um okay so number nine niching

down so identifying okay who has the

highest probability of so niching down

just means okay like like what what is