Other than your direct sphere of influence, what’s the second-best source of business for REALTORS? Let me share my perspective and see if it aligns with yours.

We know 70–80% of our business comes from our sphere. So, what should we focus on to generate the remaining 20–30%? In my 35 years of coaching, I believe the biggest opportunity lies in your buyer pool.

Buyers are the ultimate magnet for sellers. The question is, are you using your buyers effectively as a lure? I call this strategy In Search Of (ISO) ads. Here’s how it works:

Think of yourself as a fisherman. The lure on the end of your line could be a free CMA or tips on getting top dollar for a home. But the best lure is a live buyer ready to purchase.

For example, if I have a buyer interested in a specific neighborhood, I’ll let the neighborhood know:

• "I’ve got a live buyer moving from Sacramento. They’re ready to purchase within the next couple of months, but nothing on the...

The NAR settlement, which will happen in mid-July (but you’ll start seeing this already): You're going to see a rise of unrepresented buyers.

These will be buyers knocking on your door as a listing agent and saying they’re unrepresented and that they want to make an offer on your listing.

Are you going to, as the listing agent, treat them the same as if they're represented? Or are you going to treat them differently?

Well, I just saw a top agent that did an internal study with his team and found…

70% of the deals that came from unrepresented buyers in his market failed.

So think about that, and I believe that to be true because they just don't have somebody walking them through the process. When you’re sitting with your seller, you need to have an unrepresented buyer conversation going forward. And here's what that conversation might look like:
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“Mr. And Mrs. Seller, there's been some changes with the way that we're selling real estate based on an...

What's going to be your approach in having conversations with buyers about this idea of writing you a check or potentially writing you a check at closing? It feels scary, doesn't it?

I'm going to give you a script focused around what I call a success fee. Just remember, we're never paid in general. The vast majority of us get paid at closing and only if the buyer's successful.

So my starting point will be:

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“Hey guys, I just want to point out that today we work under a buyer representation agreement… You don't pay me until you found the perfect house, got it at the right price, financing sorted, inspections done, deal closed. That's when I get paid. If I don't help you get to the finish line, I don't get paid a dime. My fee for representation, if you get to the finish line, is X. In many cases, we negotiate with the seller to have all or part of that fee paid on your behalf.

It's going to be super transparent. I’ll give you a net sheet on each transaction,...

You’ve got one big job in 2024:

Create a new buyer presentation.

Your 2024 buyer presentation needs to include information about and around the NAR settlement. You don't have to talk about the settlement per se, but you have to adapt based on the settlement. If you had a buyer presentation that you're using in 2022 or 2023, you have to rebuild it now.

Some of you don't have one at all. But it shouldn't be difficult to build one because we do one with listings all the time. But I get it. It's new and it's different. So, it’s going to be a little bit uncomfortable. So lemme give you some language to help you make it more comfortable.

When meeting a buyer for the first time, ask if you can show them how you work. Another approach could be to explain your process or walk them through the 10 steps involved in buying a house. Most people will agree, giving you permission to present.

In your presentation, make sure to discuss buyer representation fees and the need for a buyer...

Hey guys, let's talk about asking for generosity from your clients, specifically in the form of referrals.

I'm going to share two or three strategies that should feel natural to you because referrals are the number one way to generate business.

Remember, when people are going through a transaction, there's a four times greater likelihood they'll refer you because it's a natural part of the conversation.

So here's the deal: you've got to train them, you've got to coach them.

Try this scripting: "Now that you're buying or selling, I'm sure some of your friends are going to be jealous. If you run into somebody who wants to follow your lead, I'd love the opportunity to work with them." Simple, right? It doesn't sound salesy; it sounds natural.

Another approach: "Now that you're selling, I'm sure a few of your friends and family will be jealous. If they want to follow your lead, I'd appreciate your referral. I like working with people like you." It's about leveraging their network in a...

For the last three months, rents have been on decline, and that's kind of a shock. We saw rents skyrocket during covid, but now there's pressure coming into the market.

Two things have happened:

First, people are starting to come back into buying houses again, so they're leaving their rental units to buy houses, a small trickle there. Another big part is the fact that 500,000+ new units across the country were built and came online last year, and 400,000+ are coming online this.

So what's the opportunity for us as REALTORS?

Well, one opportunity is to target mom and pop investors in your local market. These are people that might own two to 10 units in your market. They're not major industrial investors, but they'll be impacted by higher vacancy rates and decreasing rents. Some of these folks bought and they stretched themselves to afford it, and if they have a couple of months of vacancy, they could really get hurt.

Still, it's a strong market and there are still investors acquiring...

During a crisis, my go-to strategy is digging for details. The more I ask questions and dive in, the better the chances of finding a resolution for all parties involved.

It's about reaching a middle ground, not a perfect solution where everyone feels like a winner. Conflict requires compromise.

So, how do I dig for details? Let me share five or six strategies for engaging in productive conversations.

1. I encourage people to open up to me.

I ask them to elaborate on what's happening and why they feel the way they do. I want to draw out their thoughts and emotions. Sometimes, my goal is to help them release their emotional tension. By talking it out, they become more amenable to reaching a resolution.

2. I clarify by asking for more context.

When things are unclear, I dig deeper. I rephrase questions if necessary. Lawyers excel at this skill.

3. The third approach is normalizing.

I let them know they're not...

I wanna give you two questions you should ask every buyer to test whether they're actually ready and willing to move forward in the process.

Your time is your most valuable asset. You don't wanna be spending it with people that are not ready to pull the trigger. So one question you can ask is this:

“Hey, you know what? The way I work is very low key. I never wanna pressure anyone. But I do have a quick question for you: If we find you the right house, the one that really clicks all the boxes for you, is there anything holding you back from moving forward?”

Now, that's a great kind of pre-close question that you can ask in advance before you go out and start looking at homes.

And here's another one:

“One question I ask everybody I start working with before we start looking at homes is, what's your biggest hesitation? What's your biggest fear about this home buying process? I wanna make sure I...

Guys, you've probably heard about the class-action lawsuits targeting realtor organizations, MLS groups, and large franchises.

The plaintiffs claim that they were unaware they were paying both their own fees and the buyer's fees. The lawsuits aim to either eliminate seller-paid brokerage fees or ensure transparent disclosure of these fees. While similar lawsuits have been filed in the past, these recent cases are gaining traction, resulting in settlements.

For instance, a New England MLS paid a 3 million settlement to resolve the issue.

This poses a significant challenge to our industry's business model, which has operated on the basis of sellers covering the REALTOR fees for decades. We may face a future where we have to approach buyers and inform them that they must pay their fees at closing and make a choice regarding representation. If they want me to represent them, we'll have a conversation, sign a document,...

I recently learned a powerful technique from a top real estate agent:

It involves using specific language to handle objections.

Here's what I mean:

Instead of responding with "yes, but," I want you to rephrase it as "yes, and."

This simple shift can have a profound impact on your client interactions. For example, if a client tells you they want to hire a different agent, instead of saying "yes, but," try saying "yes, and I appreciate your honesty. I'm curious to understand your reasons for making that decision."

The magic of this approach is that it changes the dynamic and encourages open dialogue.

When a client expresses dissatisfaction with a property, rather than responding with "yes, but," respond with "yes, and."

Let's say that they think the house doesn't have a big enough backyard. You can say: "yes, and I understand your concern. On the other hand, there's a lovely park in the neighborhood that might...