Latest / The Real Estate Agent Playbook / Agent Change Series: Commission Settlement, Transforming Challenges into Opportunities

Transcript

Agent Change Series: Commission Settlement, Transforming Challenges into Opportunities · The Real Estate Agent Playbook

• 0:00
  As a real estate agent, the last couple weeks have been very tumultuous.
• 0:04
  From the settlement coming down to higher interest rates and, you know, all
• 0:09
  the things changing, agents have taken a continuum of reaction and emotion
• 0:16
  to what is to come in our industry.
• 0:19
  Today, I'm going to tell you there's three types of agents.
• 0:22
  Two of them will really struggle come the middle of 2024.
• 0:26
  The other one will thrive and survive.
• 0:28
  So we're going to dive into all of that.
• 0:30
  I'm going to explain what this video series is going to look like and
• 0:33
  what I'm doing to absolutely trudge forward and help agents just like
• 0:37
  you win every single day at the game of real estate through using the
• 0:41
  NAR settlements and what might come.
• 0:43
  as an opportunity to absolutely crush it.
• 0:50
  What's up guys, Jeremy Kane, real estate agent playbook.
• 0:53
  I am so excited to launch this 10 video series over the next month.
• 0:58
  You will get a ton of knowledge on what you can do to absolutely set
• 1:03
  yourself up for success and turn What may be a scary moment in the NAR
• 1:08
  opportunity into something special.
• 1:10
  And so I hope that you click that subscribe button.
• 1:14
  If you're listening on the podcast, please share this.
• 1:16
  If I say something that, you know, maybe you heard somebody a little
• 1:19
  bit living in fear and what I say could inspire them and help them.
• 1:24
  That's ultimately what I'm here for to build these communities up, to be
• 1:27
  a beacon of hope and ideas and All the things for agents, just like you.
• 1:32
  So go ahead and like, and subscribe.
• 1:34
  Let me know in the comments, what you think, if you need some sort of
• 1:38
  accountability, throw a comment in there and let's keep in touch, let's go back
• 1:41
  and forth and make sure you are not in the two groups of agents that are
• 1:45
  going to really struggle and you are in the one that is going to crush it.
• 1:49
  So I promise this isn't going to be just another video about the
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  NAR settlements and so on, but we do have to talk about them.
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  And we do have to step back as agents.
• 1:58
  And I challenge you to read the information that's in
• 2:01
  that NAR is putting out.
• 2:03
  I challenge you to not read the complete craziness of editorials,
• 2:08
  maybe skim the headlines.
• 2:09
  So you know what your clients might be saying, because that's the biggest
• 2:13
  deal in all of this is what the information that is completely false
• 2:17
  and blown out of proportion is going to our, our clients, but don't spend
• 2:22
  a lot of time in the headlines.
• 2:23
  Definitely don't spend a lot of time in the comments or in those Facebook
• 2:26
  groups that realtors like to go to to, I don't know, air their, their
• 2:31
  entire life concerns and so on.
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  But just read the information that NAR is handing down that, you know, people
• 2:38
  are putting out there that, you know, could be beneficial to you, right?
• 2:43
  If we're going to make major changes based on, you know, the changes that
• 2:47
  we see coming, we always say, you know, prepare for the worst and,
• 2:50
  and maybe, maybe it won't happen.
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  But if you're prepared, you're going to be way ahead.
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  We don't want articles that are fear mongering, but we also
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  don't want the articles that say nothing's going to change, this
• 2:59
  isn't going to change the industry.
• 3:01
  So first and foremost, get a solid foundation of what
• 3:04
  is actually going to change.
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  And then, when you're reading those things, you will absolutely
• 3:09
  start to feel a few things.
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  There's a bunch of camps in the, hey, this is an opportunity, what do we need to do?
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  And there's three types of agents.
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  There's the type of agent that it says, Oh, that's, it's
• 3:22
  never going to change nothing.
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  You know, this isn't going to change my business.
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  I've been doing it this way for 30 years or 30 months or three,
• 3:29
  three months, whatever it is.
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  I'm not too worried about it.
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  I'm just going to put my head down and do it.
• 3:34
  That, that agent, Could be blindsided when the industry changes, right?
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  That's just natural.
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  The next agent is the agent that is just saying, well, I'm going to sit here
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  and I'm going to wait and figure out what the rules are, and I'm going to
• 3:49
  play in the sandbox with those rules.
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  That's what we have to do.
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  However, if you are just staying stagnant where you're at, right?
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  Because the big date is July right now with these settlements.
• 4:01
  If you wait until July to change what you could have been working
• 4:05
  on, You know, April one to July one, that's three months.
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  Last time I checked.
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  Right.
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  And you can start making these changes and implementing things and, you
• 4:17
  know, doing things that are actually good for your business, regardless
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  of if the changes take place or not.
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  And push forward, right?
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  Certainly we're not, you know, changing our exact buyers presentation
• 4:29
  to say, this is how it is.
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  This is the rules, but start to build a unique value proposition.
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  Start to put out your value that, you know, put together, right?
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  You don't have to push it out yet, but put it together.
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  Maybe get some reps in, get some practice, right?
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  You don't throw a no hitter on the first day of spring training.
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  And so that's, that's the group that I'm actually talking to right now.
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  Let's just move forward, right?
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  Let's just understand, okay, this is kind of what's going to happen.
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  And this is how I'm going to change my business.
• 4:59
  Is that to dial in a very stellar buyer's presentation?
• 5:03
  Is that to become a listing agent?
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  You know, a more focused on listings.
• 5:08
  Certainly, right?
• 5:09
  Lists to survive, list or die, all of these things.
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  Have been out there in our industry.
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  You should have already been trying to become a listing
• 5:18
  agent if you were buyer focused.
• 5:20
  However, now it's kind of a trendy thing to do.
• 5:24
  So what have I done?
• 5:25
  I am releasing in the, at the end of April, beginning of May, I will be
• 5:31
  releasing A webinar that's called Buyer's Agent to Listing Agent in 30 Days.
• 5:37
  If you are interested in getting on the pre list and hopefully getting
• 5:41
  it that last week of April, comment webinar below, and I will make sure
• 5:45
  that the information is emailed to you so that you can access that.
• 5:49
  It will be full of a ton of information on Exactly how you can
• 5:53
  use your past experience as a buyer's agent to become a listing agent.
• 5:57
  And if you're new, it's something that you can look at so that when you're setting
• 6:01
  up the foundations of your business, they can be more listing focused.
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  And I want you guys to hear that this is not the only thing
• 6:07
  that I'm doing in my business.
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  I'm probably going to be doing both, really dialing in my buyer's presentation.
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  Changing a couple things about how I operate within the buyer's
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  relationship and doing that as well.
• 6:19
  I'm not saying that buyer's agents are going away.
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  However, if you want to become a listing agent, regardless of if the
• 6:25
  commission lawsuits, that webinar will give you a 30 day blueprint
• 6:28
  print to absolutely crush it.
• 6:30
  So comment webinar below.
• 6:31
  And then the last thing I really want to say about the settlements and NAR
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  in general, is let's back off and really look at what's happening, right?
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  A lot of people are of the opinion that NAR sold us up the river.
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  The truth is when I read that the DOJ, reviewed the Seattle case from a couple of
• 6:49
  years ago that they're not even reviewing, I'm not sure how that happened, but
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  they looked at it in comparison to the upcoming, you know, whatever
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  their upcoming, Lawsuits and upcoming settlements and all the things and they
• 7:03
  said buyers should be allowed to negotiate their commission with their agent And they
• 7:09
  also said that they thought that sellers Should only have to pay the listing agent
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  and it should be illegal for sellers to pay buyers agents This was just a position
• 7:20
  regarding that lawsuit that settlement and everything that happened before But
• 7:24
  when I read that second one, I was like that could really change the industry
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  So nars kind of backed into a corner.
• 7:30
  They're being named in multiple lawsuits that Or even the, the ticket price, right?
• 7:37
  To fight those lawsuits is probably more than they have in their bank account.
• 7:41
  And then you have, you know, a situation where this I think was
• 7:46
  the only way to survive, right?
• 7:48
  As NAR, as, as an agent voice, and people say, what have they done?
• 7:53
  They don't do anything.
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  I don't get free rental cars.
• 7:55
  I don't get health insurance.
• 7:56
  That's a very, self centered approach to what they do.
• 8:00
  They do a ton for us.
• 8:01
  1031 exchanges, the FEMA disaster relief stuff, constantly, talking about, you
• 8:08
  know, tax benefits, and the interest tax benefit, and they, they are one of
• 8:12
  the bigger lobbying groups on Capitol Hill, and so if you start to think,
• 8:16
  if NAR goes away, and some of those things change, because there's no one
• 8:20
  to stand up for it, because certainly the realtors aren't going to go and,
• 8:24
  and do it themselves, right, and so, if you think about that, and them going
• 8:28
  away, We might have bigger fish to fry than just this commission lawsuit.
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  So in my opinion, they stepped back They said what can we offer?
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  It has to be a big number to make it go away to make sure that you know
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  This is the last of the last and we can make a path moving forward and help
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  our agents succeed They had to come out with something like they did right
• 8:50
  and in doing so they are fighting for the listing and the Agent or seller
• 8:57
  to continue to have the opportunity to pay the buyer's agent commission.
• 9:03
  That's what's in the fine print, right?
• 9:05
  Certainly buyers are going to have to have the conversation.
• 9:07
  Certainly there might be sellers and listing agents that
• 9:09
  don't offer a co op at all.
• 9:12
  And you know, they can't, they can't put it in MLS according to the settlement.
• 9:16
  So we're going to have to get better at conversations.
• 9:19
  But just think if that went away and they were still appealing
• 9:23
  and still doing the thing.
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  And the DOJ, they fought it all the way through, spent a ton of
• 9:27
  money on just fighting the thing.
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  And the DOJ came out and they said, Yep, this is how it's gonna be.
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  Buyers pay buyers agents, sellers pay sellers agents, that's it.
• 9:37
  Right?
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  That was a very likely outcome of what was going on.
• 9:41
  And so, I want you to be very careful about how you talk about NAR, how you,
• 9:45
  you know, think about this, because when I took that perspective and I was like, This
• 9:49
  is really all I could see they could do.
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  Then that was beyond.
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  I was done with that.
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  That wasn't a problem anymore.
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  And so now we're focused in on, okay, what can I do now that they,
• 10:01
  you know, threw out a life raft?
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  Hopefully it's accepted.
• 10:04
  Again, the settlements are completely proposed.
• 10:06
  Nothing is in, you know, stone.
• 10:09
  And so hopefully we, we, over the next couple months, while we're doing
• 10:13
  this agent change series, we get a few things dialed in, but I don't care.
• 10:17
  I'm going to change my business because this is what the.
• 10:20
  Consumer now has information to that we want to do and to say that you know We
• 10:26
  weren't doing this already and serving the consumer and commissions were negotiable.
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  I'm not here to talk about that, right?
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  We're not here to argue that anymore.
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  This is what the position is.
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  This is legislation The DOJ is involved like who cares whatever happens happens
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  But I'm gonna be better off for it and I'm gonna plan for the worst, right?
• 10:46
  I'm actually going to be planning that sellers won't pay a buyer's agent, right?
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  And then if there's some sort of in between which the settlement kind
• 10:56
  of proposes in my opinion I'm going to be ready to roll my business is
• 10:59
  going to be better for it and we're going to be moving forward So moving
• 11:02
  forward welcome to the 10 part series.
• 11:04
  This is video number one We will get this all in in a month.
• 11:07
  So there will be some bonus releases Within I will have some interviews on
• 11:12
  specific with specific people who are You Dialing in exactly things that
• 11:17
  we need to focus on from niches to using technology to some other things.
• 11:22
  And it's going to be 10 videos of pure fire.
• 11:25
  I'm also releasing that webinar, so webinar below.
• 11:28
  But if, you know, you're just like, I hate webinars, I'm going to do this.
• 11:32
  Just subscribe to my channel and get these next 10 videos.
• 11:36
  I will give you exactly what I'm doing in the blueprint for you to
• 11:40
  move your business from buyer centric to maybe balanced or buyer centric
• 11:44
  to maybe listening centric, right?
• 11:47
  We're going to talk about that.
• 11:48
  We're going to talk about using niches.
• 11:49
  We're going to talk about building value propositions and we're going to
• 11:52
  talk about all the things in between.
• 11:54
  That you can be doing and little ninja tricks, right?
• 11:57
  Ninja ideas, not even tricks.
• 11:59
  They're not tricks, right?
• 12:00
  Ninja ideas for you to better serve the consumer.
• 12:03
  So definitely subscribe if you're in for that.
• 12:06
  But at, from a mindset point of view, let's just focus right now and do
• 12:10
  the work over the next three months.
• 12:12
  I'm committed to helping you.
• 12:14
  I'm available through via realtor playbook calls below.
• 12:17
  You can click that link and let's just move forward.
• 12:20
  Right?
• 12:20
  Let's quit lamenting on what could have been, what might be, what maybe
• 12:24
  be, what is, and let's just say, okay, we're going to look at this and it's
• 12:28
  an opportunity to dial in our business.
• 12:31
  By the way, we're still in the busiest real estate season in most markets
• 12:35
  there is, so we're going to have to do this and maybe put a little
• 12:38
  extra work in while we're still continuing to serve our clients.
• 12:42
  You will not be disappointed if in July all of a sudden the MLS co op turns off
• 12:49
  in the MLS because you will have a plan.
• 12:51
  You will have a plan moving forward.
• 12:53
  You should have a marketing plan for your listings so that in the event the seller
• 12:58
  says, Nope, I'm not going to pay it.
• 13:00
  That you can show them how you're going to market the property and how you're
• 13:03
  going to best get that property sold.
• 13:06
  Because let's not forget our job on the sale side is to, you know, work
• 13:10
  with the seller in conjunction with the seller's wishes and emotions
• 13:14
  and get the property sold, right?
• 13:16
  You can still make money.
• 13:17
  If buyers commissions went out the window completely, if you're dialing
• 13:21
  in that piece, the conversations are going to be different on that side.
• 13:25
  And that is probably the most important thing I'm going to say to you is
• 13:30
  certainly everyone's focused on their buyers proposition, their, their niche
• 13:33
  and how they're going to do this.
• 13:34
  And are they going to serve buyers and all the things?
• 13:37
  I think that the conversations on the listing side and your listing
• 13:39
  presentation is of utmost importance.
• 13:42
  And I think there's opportunity to make good money within your commission
• 13:46
  offerings on that side as well, no matter what the seller says.
• 13:51
  And so I want you guys to understand this is a holistic approach.
• 13:55
  Please do not just focus on buyers, how you're going to change it,
• 13:57
  whatever, this, that, the other thing, and abandon your seller presentation
• 14:00
  and your skills on that side.
• 14:02
  So, um, we're going to dial all that in.
• 14:04
  Okay.
• 14:04
  We're going to talk about this over the next 10 videos.
• 14:07
  Again, the month of April is going to be life changing.
• 14:10
  If you take action and you start making these improvements.
• 14:14
  Now I'm here to help through this series, through the webinar.
• 14:18
  And of course my, my.
• 14:20
  Foundations course will be coming out, May one as well.
• 14:23
  So super excited for you guys have a bunch of stuff for you.
• 14:27
  Please reach out.
• 14:28
  If you like what I said, if you have questions about what I said, if you
• 14:31
  hate what I said, hit those comments.
• 14:33
  Don't forget to quote webinar below.
• 14:35
  I'll make sure you get the first email blast on that when it is ready for you.
• 14:39
  And we will absolutely dive in.
• 14:41
  We'll talk to you soon.
• 14:42
  Go get a win today.