There are some significant changes happening in the real estate industry:
If you've been following the Zillow lawsuit, you might know that recently, two major players, Realogy (which includes Coldwell Banker, Century 21, and Sotheby's) and RE/MAX, settled this lawsuit. While other companies and the National Association of REALTORS are still part of this ongoing lawsuit, these two giants settled for substantial amounts—Realogy for 85 million and RE/MAX for over 55 million.
But what's more crucial is what they agreed to within the settlement itself, not just the financial aspect:
They've agreed to give sellers the option to not pay buyer agent commissions (BAC) when listing their homes. This means that when a property is listed on the MLS, sellers can choose to set the buyer agent commission to zero.
Imagine this scenario:
In your market, a significant portion of sellers start opting not to pay a buyer agent...
I got a quick note on feedback. This came to me from one of my friends that works with me, Adam McGrew. He started doing this a couple of years ago and I thought it was brilliant.
We're always asked for feedback when we do showings. Number one, give the feedback because the shoe's going to be on the other foot. When you are selling a listing and they show your house and you're going to ask for feedback. And if they don't provide it, it's going to be frustrating. So always give feedback.
But now you want to go further than that. Meaning, when you're giving feedback, it actually can be a pre-negotiation tool.
This is how Adam uses it:
Instead of just saying, "Oh, it's a nice house, but they chose another one" or something super simple that's not meaningful, Adam gives a detailed text.
In the text, he gives an insightful analysis of the home, how it compared to other listings, what the buyer noticed as they're walking through the house...
Jim would like to talk to you about your real estate business with a complimentary 30 minute coaching session.
During the call be prepared to discuss - Your goals for the next twelve months. Your time management and priority management strategies. Your willingness to change and adapt to a changing market landscape, and your biggest choke points - what's really holding you back
The road to transformation starts with small steps. Take your first towards a better real estate business today...