Real Facts on Real Estate

Post Settlement, Who Now Pays the Buyer's Agent? - EP 290 - Real Facts on Real Estate

Now that we are past the settlement lots of agents wonder who is going to pay them. There are three different ways a buyer's agent can get paid. The buyer, seller, or cobroker pays a portion or all of the commission.  It is important to understand before moving forward how it is going to work.

In this week's episode we cover all the ins and outs of navigating your commissions. Some brokerages have decided to shy away from cooperating compensation. Others have gone with the paperwork and guidance of NAR and have continued to offer cooperating compensation. It truly is a confusing subject.

When it comes to the buyer paying commissions it is important to speak with the lender. Understanding the financial side and what the buyer is capable of paying is crucial to a smooth closing after a successful relationship.  Failure to do this can and will lead to big issues. Tune in today and learn more. 

Getting Paid as a Buyer's Agent - EP 289 - Real Facts on Real Estate

In this week's episode we talk all about getting paid in real estate. With The NAR Settlement now in place many buyer's agents are still confused on how they get paid. Each transaction is going to need to be looked at to figure out if there will be a seller's commission directly, cooperating compensation, or the buyer paying directly. That means now more than ever we need to understand the process.

Understand the dos and don'ts makes all the difference. With the buyer paying directly, many agents have asked if it can be wrapped into the loan using the seller's concession. The answer is no, but seller's concession can be used to pay other closing costs and prepaids clearing up cash flow to pay commissions. Speaking with a lender is always a great idea. 

As a standard it is always important to work under contract. Before ever showing homes it is important that your client understands the commissions and any amount they could be subject to paying. Negotiating the commissions via the contract to purchase will more than likely be the way the commission is handled most times.  Learn to do all this and you are going to be successful as a buyer's agent from here forward. 

Will Buyer's Agents Continue to Exist - Ep 288 - Real Facts on Real Estate

With the NAR Settlement changes about to roll out a lot of real estate agents are wondering what next? It has some even wondering if buyer's agents will even exist moving forward. In today's episode we explore this whole idea. I give you my insight on the changes and challenges ahead. 

 

I talk about how a  savvy buyer is going to understand that a real estate transaction is the most expensive and complex transaction in their life. They will continue to make the educated decision to engage a buyer's agent to protect their interests.  I compare this to what has happened over time. It is really interesting to watches these changes ahead. 

 

The idea of a seller offering a reward for someone to bring a buyer has gone on in sales for as long as man has existed. Even after this settlement it will still be adventitious for sellers to continue to offer a reward to a buyer's agent who brings a ready, willing, and able buyer. Selling something for hundreds of thousands if not millions is not easy. This is not something that will easily change. As long as it does not become illegal I think the practice off incentivizing the sale will always favor the seller.

Tune in today and share your thoughts in our Facebook Group. 

Are You Fit For The Real Estate Business

In this week's episode we talk about how in real estate we rely on our body. It is our number one tool we need to work every day. Spending so much time in your car can lead to tightness and loss of mobility. As a real estate professional it is important to take time to strengthen and stretch your body. 

There are lots of risks to our job. Meeting new people all the time means you will be exposed to more germs and the possibility of getting sick. Keeping your body healthy helps you avoid down time in your business and keeps you earning commissions.  Sticking to this mindset will make sure you are ready to show up everyday. 

Being aware of all this helps you make better decisions. Make sure to take time out of each day to focus on your mind and body. Yoga, Pilates, barre, CrossFit, weight lifting, running, meditation, etc. are all great ways to keep your mind and body ready for real estate.  Keeping your body ready keeps you ready to win. Tune in today and find out more. 

Is Now a Bad Time to Get Into Real Estate? - EP 286 - Real Facts on Real Estate

This week I wanted to focus on getting into real estate as an agent with the NAR settlement going on. With the NAR settlement about to come into effect people are wondering “Is now a bad time to get into real estate?”. The truth is coming into the industry now you will have known no different and can learn to operate in this new environment. This will give a level playing field for everyone and may even prove more challenging for existing agents to learn to pivot their business model. 

 

While no one knows what exactly will happen post settlement there is one thing we know. When spending hundreds or thousands if not millions of dollars people will still want a professional's guidance and help navigating their way SAFELY through the transaction. Find the right people who value your services and look to continue to find ways to add value for them. This will ensure you have a sound business moving forward.

 

Over the past decade real estate has sorted its way to having a buyers agent and a sellers agent. I believe this may change, the roles may change, the pay may change, and much more but the industry will still exist and be a great career choice. Learn to thrive in this open playing field. This is a brand new opportunity to grab large market share while others are figuring out what to do. 

 

Tune in this week and learn more.

Defining Your Unique Sales Proposition as a Realtor® - EP 285 - Real Facts on Real Estate

In this week's episode we go over everything to do with USPs from what they are to how to form one. It is an in depth dive into a topic that can immediately have an effect on your business. Tune in today and find out what you can do to get your message out.

In a world where everyone knows a real estate agent how do you stand out? Take some time to create your USP and then spread the word. People work with agents they know, like, and trust. Figure out ways to convey the message of trust through your USP.

A unique sales proposition tells a potential consumer how you are different from your competitors. It must be a key component in your marketing and sales scripts. Remember every real estate agent says the same thing. They all say they sell the home fast. They all talk about their availability. Agents brag about their communication skills. At the end of the day tell people how you are different and how it helps them reach their goals. 

Creating a USP may seem daunting to create but slow down and think. What is it that you do exceptionally and differently than everyone else that adds value to your client experience? Take time to read your reviews and understand what people like. Then take what you want people to feel when working with you. Do they match? If not there is work to be done. 

Get your USP in line today!

Properly Presenting Contracts as a Realtor - EP 284 - Real Facts on Real Estate

In this week's episode we prepare you to meet with clients. It is not just about the first meeting it is all about getting into a contract. Short of a payday signing contract is the best day in real estate. 

To find success in real estate you must learn to present contracts to clients in a manner that instills trust and clearly shows value. Make sure when presenting to be clear and confident in your delivery.  Failure to do so will lead to less contracts being signed. In a game where it is so hard to get a lead, do not mess up after finding one. 

Words and body language mean everything when it comes to getting the contract signed. Weakness can be expressed through the eyes, words, and actions of a Realtor® .  Remember that people like to work with people they know, like and trust. Get to know your client, relate with your client, and work to build rapport with your client. This is a time where time investment goes a long way. 

Find someone you trust who will role play the contract review with you. It is better to stumble and change things when reviewing with a friend than it is on the big day when getting the contract signed matters.  This little bit of practice can go a long way. If you are nervous to do this, that is ok and normal. Practice till you are no longer feeling nervous or silly explaining it. 

Putting these simple actions into place will solidify your success as a real estate agent.

Three Things Newly Licensed Real Estate Agents Need to be Doing - EP 283 - Real Facts on Real Estate

 

In this week's episode we cover three fundamentals that all agents need to have. No matter the market no matter the agent there are three simple musts that can grow your business. We focus on all three in depth letting you know how to implement them. 

The first important item is understanding the job. After obtaining your license you have now learned how to pass a test. It is now time to learn and understand the contracts so you can effectively present them to potential client's. When it comes to spending 100's of thousands if not millions people want o feel confident in your contract writing. 

Next thing we focus on is you! Your mom may have told you that you are special. I am here to say you are not. Do not assume because you got licensed people will call. You need to put in the initiative to consistently remind your sphere and add value. Nothing in life comes easy. Especially home buyers and home sellers. In order to land listings and buyers you need to put yourself out there. 

Lastly we go over the client relationship. Communication is not a skill, it is a way of life. Good communication Is the key to successful long term relationships in real estate. People need to know what is going on when they are working with you. Do not leave it to them to need to reach out to you. Constant communication is a way to every clients heart.

If you put these three items to practice you will see immediate results in your real estate business. 

Who What Why of Marketing - EP 282 - Real Facts on Real Estate

As a real estate agent we need to be marketing experts. Without leads we have no business. We could be the best negotiator in the world but in front of no prospects would not find success. Understanding marketing comes down to some simple things we cover in this week's episode. 

 

Knowing who you are targeting is the first step to running a great marketing campaign.  This will allow you to figure out the best placement to land in front of the right people. There are so many channels out there that failing to know which one leads to a huge waste of money.

 

Understand what they are trying to obtain. Is it an accepted offer, is it to sell for the most money, is it a fast sale. Understanding and conveying it in your marketing will directly speak to the client.  Not identifying with the client's needs is a failure to connect. 

 

Figure out ways to convey the “Why” they will obtain by working with you. Solves issues like “receive an accepted offer by working with an agent who understands how to win a bidding war just like my clients you see here”. Once you can understand this you can then truly help. Anything short of that is just hoping to get it right. 

Man in the Mirror - EP 281 - Real Facts on Real Estate

Have you taken time to really understand yourself? This podcast episode I go over how important looking at yourself really is to finding success. I spend some time talking about my own journey and my own issues. It is amazing how in such a big world with billions of people we can feel so alone in our own issues. 

 

Finding success no longer needs to be a challenge. Learn to follow the simple instructions I give when it comes to controlling your thoughts. It is never easy to control our minds but when we really stop and think about it we can achieve great things. 

 

Real estate is a game of trial and error. Do not allow yourself to be paralyzed by the ups and downs. Tune in this week and start finding more success in life.