April 8, 2024
Members Library
Monday News You Can Use!
April 8, 2024
Getting beyond the hype, here’s an interesting article from REDFIN about their average agent’s productivity for 2023: 27 Transactions is very high for $16,000,000 in volume> Average price would be $592,000—And the Redfin agent earned about $3,600 per transaction.
Zillow says home prices will continue to appreciate.
What clients want from you, their Agent!
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Conversation Advancer
What to say when a listing appointment chooses someone else 🙂
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MORE IMPORTANT THAN A TECH TIP
How to find Girl Scout Cookies
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Monday News You Can Use!
April 1, 2024
An article on the reasons for current home prices.
Good conversation ideas to discuss with your clients.
Rents are going up!
13 Features buyers like in homes – #9 is critical.
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Conversation Advancer
(remember you’re supposed to get objections)
I want to find a house before I put mine on the market.
“I agree, finding your new home is important and it may take as long as 1.5 to 3 months for your home to sell. Then it will take another month to six weeks to get the closing done and by that time, any home that you would have found will likely already be sold.
Motivated Sellers today are looking for non-contingent offers. There’s a couple of ways we can make your offer stronger. The goal is to get you into that new home right?
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TECH TIP
AI Staging
Is it Worth It?
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Monday News You Can Use!
March 18, 2024
BIG NEWS
NAR settles commissions lawsuit?
Looks like we’re on our way.
I don’t agree we’ll settle at 4.2% commission (30% off the 6% that they claim is standard). It will require Buyers Representation forms to be completed. The settlement looks like it calls for ANY compensation fields to be removed – so we’ll have to negotiate any payment as part of the contract.What do you think?
Fellow members,
The Sitzer-Burnett verdict and the copycat cases filed across the country have raised questions about the way real estate professionals do their jobs and how consumers can hire and compensate us. Since the litigation began, we have worked consistently to reach a resolution with the plaintiffs. In the months since the Sitzer-Burnett verdict, we redoubled those efforts. We have always wanted to reduce the significant strain on our members and provide a path forward for the industry. That’s why today we announced a proposed settlement agreement that would end litigation of claims brought on behalf of home sellers related to broker commissions. The settlement is subject to court approval. The agreement would resolve claims against NAR, over one million NAR members, all state/territorial and local REALTOR® associations, all association-owned Multiple Listing Services (MLSs), and all brokerages with an NAR member as principal that had a residential transaction volume in 2022 of $2 billion or below. Throughout the settlement process, we engaged with a diverse range of members and considered their perspectives and interests while fighting to protect all industry players as best we could. From the beginning of this litigation, we had two goals:
This proposed settlement achieves both of those goals. Here are the key terms:
I encourage you to watch this video from NAR Chief Legal Officer and Member Experience Officer Katie Johnson and me. Additionally, there are materials available for members about today’s announcement at facts.realtor. You will need your NAR login credentials to access these materials. We will also continue to update competition.realtor with the latest information. We know from our association’s 116-year history that REALTORS® are adaptable, and I’m confident that this agreement provides a path for us to move forward and continue our work to preserve, protect, and advance the right to real property for all. Thank you for your continued dedication to consumers and to protecting property rights in America. Regards, Kevin |
Settlement FactsheetNAR and plaintiffs have reached a proposed settlement agreement that would end litigation of claims brought on behalf of home sellers related to broker commissions. The agreement would resolve claims against NAR, over one million NAR members, all state/territorial and local REALTOR® associations, all association-owned Multiple Listing Services (MLSs), and all brokerages with an NAR member as principal that had a residential transaction volume in 2022 of $2 billion or below. The settlement is subject to court approval. Ultimately, we believe this was the best outcome we could achieve in the circumstances. The large settlements that other corporate defendants have already reached were important factors going into what NAR could achieve in this settlement. Coverage of NAR’s ReleaseImplications for Members
Implications for Brokerages Owned by Members
Implications for NAR and other REALTOR® Associations
Implications for Association-Owned MLS’s
Implications for Other MLS’s
Practice ChangesWe were able to retain the right of consumers to continue to have cooperative compensation as an option so long as they pursue it off-MLS through negotiation and consultation with real estate professionals. NAR has agreed to put in place a new rule prohibiting offers of compensation on the MLS. The change will go into effect in mid-July 2024. Implications for members
o Fixed-fee commission paid directly by consumers o Concession from the seller o Portion of the listing broker’s compensation
Implications for home buyers and sellers
New rule about written agreements
Implications for members and home buyers and sellers
Other cases concerning the MLS cooperative compensation Model Rule
Next steps in settlement processCourt approval and opt outs
NAR operations
Why settling now makes senseNAR explored settling throughout the litigation and also carefully considered the other legal options available to us. These included:
Ultimately, while NAR continues to believe that it is not liable for the home seller claims related to broker commissions and that we have strong arguments challenging the Sitzer-Burnett verdict, we decided to reach this settlement to put claims to rest for over one million NAR members and other parties who would be released under the agreement. What’s next
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March Member Monday 2024
March 11, 2024
Monday News You Can Use!
March 11, 2024
25 of the Happiest US Cities
Freddie Mac’s Report on Housing Outlook – no real surprises but a good read (especially the Silver Tsunami part)
Something lighter – Bathroom trends. They were so serious I couldn’t stop laughing!
Higher mortgage rates are keeping people in their current houses!
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Conversation Advancer to help your client say YES today!
So let’s just say you do not accept this offer for your home and you keep it on the market for $XXXX like we have for the past 45 days. I’m curious, in another 45 days if we are still sitting here and we don’t get a better offer, will you say to yourself “I wish I had accepted that offer 45 days ago?”
If there’s a chance of that let’s say Yes!
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TECH CLOSING TIP
If you’re doing our 150 to Life Program and
using social media to generate business, try this RealGrader.
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Monday News You Can Use!
February 19, 2024
We can do better – homes in Black neighborhoods sell for $46,000 less
Mortgage rates bumped up!
Buyers timing the market may not want to wait
Forbes article on Buying a home and market stats – expect 3% increase in prices
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Conversation Advancer:
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And they don’t. When you hear this the goal is simply to get a small yes – ask if they can answer 2 quick questions in less than 1 minute. This will set you up for further conversations later, where you can offer more detailed help.
“I understand, if I can just ask you 2 quick questions I can have you off the phone in less than 1 minute. Would that work?”
- Are you still planning on (Buying or selling) or have your plans changed?
- When is the best time for me to reach out again?
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TECH IDEA
Carboat – makes showing in Hawaii Easier
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Member Monday: February 2024
Monday News You Can Use!
February 12, 2023
How sellers are acting VERY differently
Source: Zillow
There was a big shift at the end of last year in how mortgages affect whether or not a homeowner wants to sell, according to Zillow.
In June 2023, homeowners with mortgages of 5% or higher were almost TWICE as likely to sell compared to those who had mortgages below 5%.
However, by December 2023, there was almost no difference between the two groups. 22% of homeowners with rates below 5% were willing to sell, and 23% of homeowners with rates above 5% were willing to sell.
Our take
This is a huge finding by Zillow. We now have hard data which shows that more than 20% of homeowners are willing to sell. While that’s nowhere near a majority, it’s still great news for us agents. It shows that the opportunity is out there, and it will likely grow. We can expect the number of sellers to go up as mortgage rates come back down. This is very good motivation for all of us to keep pushing ahead!
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Conversation Advancer of the Week:
Future Pacing
IN NLP, Future Pacing is an effective way to help people make those decisions that most benefit them by using the future and time is a motivating factor.
Future Pacing is used to:
1. Gain commitment or agreement.
2. Bring up the possibility of them not following through on an agreement.
3. Re-program the client for a different outcome.
4. If they do think about not following through, will what cause them to keep the agreement with you in spite of these thoughts?
5. Reinforce the commitment or agreement.
Remember that when you bring up an objection first, it loses all of its power! When you bring up an objection first, then you control the direction the objection will take. So, do you want to meet it ‘head on’ or have it control you and your income?
Examples: Good job on deciding to list your home for $229,000 … it’s a great start to list your home at that price and the first step in getting your moved to XXX, isn’t it? If 30 days from now we’ve had no good offers on your house … we will need to review any changes in the market and reevaluate your price. I feel very confident about the price you have chosen but you never know how this market causes buyers to react. So Mr. Buyer, I’d like to you carry a few of my cards. That way if you stop by an open house or a new home development you can hand the card to the representative and tell them you’re working with me. They’ll appreciate knowing that up front and will not pester you.
Prospecting: Thank you for setting the appointment to see me on Saturday at 4:00. You’ll find our meeting very helpful for you. Now, since we’re not meeting until Saturday, sometimes other agents may be calling and bothering you and even pestering you to set an appointment. And since the average agent sells only a few homes each year, if you make the mistake of setting an appointment with them, then you have a really good chance of meeting with an inexperienced agent who cannot really handle the more difficult parts of the marketing and negotiating process. You are already aware of the importance of working with an agent who will get you the highest fair-market value possible, right? Could it also be that, the more that you think about how important it is to … select the right agent … you realize that your equity is at risk simply by making the wrong decision? You can comfortably tell those other agents that you’ve chosen me to interview and offer to call them back after our meeting on Saturday. So I look forward to moving you forward when we meet at 4:00 PM!
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Do buyers ever second-guess themselves after they make an offer? Instead of having your efforts derailed by the susceptibility of your clients to the advice of amateurs, here is a sample for reassuring a buyer that they are making a good purchase decision. You won’t ever ‘memorize’ the entire dialog – rather, you’ll feel comfortable as you begin to use the process with your prospects & clients!
Give Them Massive Approval
1) Congratulations on making a really good offer on what will soon be your new home! You’ll find that home ownership is wonderful and will really make you … feel comfortable … as the years go by and you continue to build equity … and live in this wonderful property.
You Bring up the Objection First!
2) Now, when you speak with your parents or friends or advisor about your new home, and they start in with you about how you’re paying too much for the residence, what will immediately remind you that you’re determined to … buy this house … and that it is a great value at the price you’re going to pay? [Great neighborhood] Right … XX is a great neighborhood! And in buying a home in this area, you’ll find that your new home will most likely appreciate in value over the long haul … and that the money that you’re putting in the home instead of rent will probably be one of your greatest investments … except that you get to live in this one!
Massive Approval
3) Over time you’ll find that this is a very secure and safe thing to do. And when you go to sell the home in a few years … so that you can move into an even better home … you’ll find that the appreciation will act as a lever in getting you into your next home. You just can’t go wrong and I’m very excited for you!
Future pace their response & reprogram the outcome with additional reasons!
4) So if you’re parents/friends/advisors felt that this was not a good step for you and they recommended that you back out of your new home purchase, what will immediately remind you of all of the reasons that you’ve made the best decision for you to buy this house? [Appreciation and safety] Right and the more that the prices increase in the area, the more that you’ll always have the security of building up a great deal of equity in your home … what a great investment it is. And not only is the investment itself a smart and safe investment, but that the area itself is one of the safest and best places to live in the entire country. You and your growing family will be physically safe and secure, too. So, you’re so right that this is a very safe and secure investment for you and your family. In fact, it’s a big step towards adding to your net worth … congratulations!
Test and reinforce their decision
5) And is there anything else that you would need to say to convince your parents that you made a great decision? [Maybe we should have bought in XX, instead]. As you already know, the XX area doesn’t offer the same type of appreciation or safety for your family that this home and area offers, right? And, what is even more interesting is the cost difference between the two properties is very, very small. And when you look back on this decision in five years, you may have made tens of thousands of dollars more for living in a much better area.
More approval!
6) Is there anything else that you would need to say to convince your parents that you made a great decision? [No] Great! Congratulations on your new home!
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Monday News You Can Use!
January 29, 2024
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Conversation Advancer:
They say, “We want to think about it.
You say, “Just out of curiosity what is it specifically you need to think about? Or What needs to happen for you to make a decision about listing? Od What’s stopping you from moving forward now?”
The average agent leaves when they hear “We want to think about it”. Show them you’re there to help them make the best decision possible by asking one more question.
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TECH TIP
How to change Siris and Alexas Voice
Change the voice of any digital assistant like Alexa, Google and Siri.
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