Center for REALTOR® Development
The Center for REALTOR® Development podcast focuses on education in the real estate industry and is hosted by Monica Neubauer, an award-winning industry leader, speaker, and instructor based in Nashville, TN. The podcast discusses formal and informal sources of industry knowledge, including NAR education and credential programs. This podcast is for REALTORS®, REALTOR® associations, real estate and allied professionals, real estate educators, education providers such as schools, and consumers.
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111: Center for REALTOR® Development 111: 2025 National & Local Market Outlook with Dr. Jessica Lautz from NAR: Part 2
07/11/2025
111: Center for REALTOR® Development 111: 2025 National & Local Market Outlook with Dr. Jessica Lautz from NAR: Part 2
Welcome, friends, to the Center for REALTOR® Development podcast from the National Association of REALTORS®. We are here in Part 2 with my guest, Dr. Jessica Lautz from NAR. Dr. Lautz is the Deputy Chief Economist and Vice President of Research at the National Association of REALTORS®. We are releasing this interview in two episodes. This is Part 2. Now, each one of these episodes stands alone, but we encourage you to start with Episode 1 or even go back to it for some more context. [1:10] Welcome back, my favorite data researcher! Thank you so much for being with me and with our listeners. I love how you get to talk to everybody around the country and share all the good scoop and help keep us informed. [1:25] Dr. Lautz says it’s a highlight of her job. She loves having boots on the ground, seeing what’s going on in local markets, what REALTORS® are feeling, and what the pulse is. Talking to people is important. [1:43] Monica recommends that listeners take the opportunity to go listen to Dr. Lautz and hear some of her great stories. [2:17] We’re going to talk a little bit more specifically about clients and client needs, especially our first time home buyers. The demographic has shifted. [2:40] Dr Lautz explores the data. First-time homebuyers are different today. First-time homebuyers have dropped to the lowest level the NAR has ever recorded, dating back to 1981. It’s just 24% of the market. In a healthy market, it would be 40%. [3:05] The 24% figure is an annual figure from last year. Monthly figures are ticking up, and this looks like it will be a better spring for first-time home buyers. [3:44] The median age of first-time homebuyers is now 38 years old. That’s an all-time high. The median age historically was 28. Housing affordability and lack of inventory are issues. [4:13] Saving for a down payment is also difficult because of higher rent, student loan debt, childcare costs, car loans, and inflation. [4:33] First-time homebuyers’ annual income has jumped by $26K in the last two years. The housing market has removed anyone with a lower income. Doctors and investment bankers will win out over first responders and schoolteachers. It’s a different type of first-time homebuyer. [5:25] First-time home buyers’ down-payment sources are different, too. They’re more likely to use financial assets like stocks, 401(k), and cryptocurrency. They are still using the bank of Mom and Dad. Inheritance use is also up. [6:50] Dr. Lautz says we are seeing a generational transfer of wealth. The use of inheritances is at an all time high, but still in the single digits. Some parents are passing wealth along while they’re still thriving. We have seen it come down, though. It may be uncomfortable for a 40-year-old to ask a parent for cash. [8:11] Dr. Lautz sees some 20-somethings and even Gen Zers coming into the market. Gen Z makes up 3% of the market. Young Millennials and Gen Zers may have learned from the mistakes of older Millennials who got graduate degrees. Some of that has to do with the Great Recession. [8:41] The big thing we’ve learned from today’s young buyers is that they’re willing to make some financial sacrifices, like living with parents for a longer time, not paying a huge rent. That allows them to earn homeownership sooner. [9:49] Dr. Lautz has found that when these young adults move into home ownership, half of them had been paying rent to family members they were living with. [10:37] How does a young adult build a credit portfolio while paying rent to parents and living at home? Dr. Lautz says that’s a good question! What about people working in the gig economy? Monica says we need to research that. [11:58] Dr. Lautz says there are fewer sales at the lower price points. She thinks that translates into fewer properties at lower price points. She is seeing growth in the luxury homes, or $1 million and up, sector. Home prices keep going up. Homes at lower price points may not be move-in ready. [13:00] An issue for first-time homebuyers is that lower-priced homes are not move-in-ready. First-time homebuyers are buying the oldest homes, in the worst condition, where they need to put in remodeling costs. That costs money. Unless you can DIY very confidently, you may have to hire someone to fix it. [13:27] That may not be the best use of money for a cash-strapped first-time homebuyer. [14:14] Dr. Lautz sees rental prices in a much better situation than in the last couple of years. In 2022, there were bidding wars for rental units. So then builders built a lot of high-end multi-family properties to meet the demand. Rental prices for a new lease have come down from where they were. [16:10] Dr. Lautz speaks of people wanting nicer amenities in their rental, while they save to buy a home. [16:42] We’re also seeing a growth in built-for-rent single-family homes. In communities where ten properties are being built, one of those single-family homes is just for rent. Builders understand there’s growth there as the age of first-time homebuyers goes up and families want to move into homes. [17:38] Dr. Lautz says we need more new construction. Builder sentiment has retreated in the last couple of months. Builders say the underbuilding has happened because of the lack of skilled labor, the lack of land, permitting costs, and the lack of supplies. [18:12] When we look at it as a nationwide whole, we’re short about five million homes in the U.S. We need to build that amount of homes to meet the pent-up demand that we have. [18:51] Dr. Lautz says that in the last month, newer homes are within $100 of an existing home as a national median. If a new home seller has a rate buydown program to attract buyers, that could be a sweet spot for first-time homebuyers, working with a REALTOR® and representation, of course. [20:01] Monica talks about the value of working with a REALTOR® when buying a new home, to help with anything that could go wrong. An experienced agent who’s done new construction deals can help you watch for things and ask better questions. Be sure to get an inspector in the process. [20:57] Dr. Lautz loves talking about single buyers. When we look at these trends, we see a reflection of the U.S. There are fewer married couples in the home-buying market. We’re seeing a lot of single women. Dr. Lautz is impressed by single women. They’re a quarter of first-time homebuyers. [21:21] As seniors in the market, single women are outperforming. This is also true for Gen Z. A first time homebuyer single woman is buying on a lower household income, saving for a longer period, and purchasing her first home; it’s important to her. [22:03] Single women as homebuyers are more likely to be single moms. They’re also more likely to purchase multi-generational homes. Perhaps they have an elderly relative with them. They buy to remove the unknowns. Knowing the school district. Knowing they don’t have to worry about a landlord. [22:45] Dr. Lautz sees single men first-time homebuyers moving because they have a job change or are in retirement. She’s not seeing many single men actively in the market. They have been about 10 or 11% of the market since the 1980s. [23:24] Monica cites Think and Grow Rich, about money as a motivator for men. She notes Think and Grow Rich for Women came out more recently, focusing on the complex motivators for women. Monica suggests asking men about their long-term goals and how homebuying increases their net worth. [24:11] Monica says there are a lot of men and women of all ages who do want to get married but are struggling to find a partner. Having a house and a sense of stability may be an attractive factor. [25:44] Dr. Lautz says the majority of buyers now are repeat buyers. Their median age is 61 years. Forty years ago, the median age would have been 36 years old, Baby Boomers have a lot of cash from their housing equity. They want to move to be closer to their grandchildren or healthcare. [26:38] Dr. Lautz says the NAR asked repeat home buyers what motivated them to move, and they say it’s downsizing, but the data shows they’re downsizing 100 square feet, if that. They’re going into a newer, nicer space but not necessarily downsizing. Monica says it may be downsizing their yard. [27:10] Some of them are moving into city centers, suburbs, or small towns, but someplace where they have amenities or where they don’t have to do outdoor upkeep. When they purchase at age 61, they’re planning on living there for 15 or 20 years. Aging in place is probably their intention. [27:45] Monica talks about some features of 55-plus communities, with group activities, crafts, hobbies, and making music together. Monica visited a community with parties. She went to one of the parties. The band members were in their sixties and seventies. There was a great community and lots of activity. [28:36] Dr Lautz thinks these communities are adapting to what Baby Boomers want, and it’s different from past generations at the same age. People are thriving and living longer and are healthier longer. [29:16] Dr. Lautz has comments about pets. Pets are a $152 billion business in the U.S. Sixteen percent of homebuyers said their pet will be a factor in their home-buying decision. The neighborhood has to be walkable, the yard has to be fenced, and the grooming center and vet have to be close. [30:39] REALTORS® can talk to their clients about a “catio” or wide enough windowsills for cats, where to put the litterbox, or other pet-related topics. [32:01] Dr. Lautz’s final word: It’s an interesting market. We’re seeing a lot of changes, whether it’s demographics, or seeing the all-time high of the all-cash buyer, or the struggle of first-time homebuyers. Keep your pulse on all of the changes because it is a changing market. [32:17] Please check on our research, it’s a huge NAR benefit. It often goes under the radar. The easiest way to check it out is to follow NAR Research on every social channel: LinkedIn, Instagram, Facebook, X; we are everywhere that you are. [32:34] Follow us and you can get the latest and greatest infographics, as well, that you can share with your clients. [32:39] Monica adds that we all need some social media tools so you can go follow NAR Research and share all their infographics. Somebody’s doing the work for you to create things for you to share. Awesome! [32:51] Thank you so much, Dr. Jessica Lautz, for being with us here today and giving us the latest and greatest scoop! [33:01] I want to remind you again of all the learning opportunities at Learning.realtor. Go over there and see what course you might need to fill in any gaps that you have about seniors, first-time homebuyers, or mortgages. There are so many great courses there. New construction… [33:19] For almost everything we’ve talked about, you can find a class over there. If you can’t find it in person, you can find it online at Learning.realtor. Thank you for joining us for Part 2! [33:29] I’m Monica Neubauer for NAR’s Center for REALTOR® Development. Now, go out there and sell some more houses, everybody! Tweetables: “It’s a highlight of my job at NAR. … Boots on the ground, what’s going on in all these local markets; what REALTORS® are feeling and what the pulse is. It’s important. You can get the survey data but talking to people and getting the vibes is really important.” — Dr. Jessica Lautz “It’s a different type of first-time home buyer. … Their down-payment sources are different. They’re more likely to use financial assets; we haven’t seen that as high. … Stocks, 401(k), cryptocurrency, even. Still using the bank of Mom and Dad.” — Dr. Jessica Lautz “When we look at it as a nationwide whole, we’re short about five million homes in the U.S. We need to build that amount of homes to meet the pent-up demand that we have.” — Dr. Jessica Lautz “If a new home seller has a rate buydown program to attract buyers, that could be a sweet spot for you, working with an agent who is a REALTOR® and representation, of course, to make sure you are fully represented in that transaction.” — Dr. Jessica Lautz “It’s an interesting market. We’re seeing a lot of changes, whether it’s demographics, or the all-time high of the all-cash buyer, or the struggle of first-time homebuyers. Keep your pulse on all of the changes because it is a changing market.” — Dr. Jessica Lautz Guest Links: Dr. Jessica Lautz, is Deputy Chief Economist and Vice President of Research at the National Association of REALTORS®. NAR Resource Links ABR® Accredited Buyer’s Representative Additional Links: [email protected] Crdpodcast.REALTOR Learning.REALTOR — for NAR Online Education CRD.REALTOR — List of all courses offered Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® [email protected] MonicaNeubauer.com FranklinTNBlog.com Monica’s Facebook Page: Facebook.com/Monica.Neubauer Instagram: Instagram.com/MonicaNeubauerSpeaks Guest Bio Dr. Jessica Lautz is the Deputy Chief Economist and Vice President of Research at the National Association of REALTORS®. She has been with NAR since 2007. The core of her research focuses on analyzing trends for both NAR members and housing consumers. She is in demand as a speaker and by major media outlets to provide commentary on the real estate market. She has testified before Congress on behalf of NAR. She also volunteers at Nottingham Trent University as an industry fellow mentoring real estate graduate students, is a committee chair at the National Association of Business Economics, bakes birthday cakes for underserved youth with Cake4Kids, and sits on the board of the Food Recovery Network. Dr. Lautz has been recognized by Housing Wire's Women of Influence and RISMedia's Newsmaker award. Jessica received her Doctorate in Real Estate from Nottingham Trent University in the United Kingdom. She also holds a Master's in Public Policy from American University and undergraduate degrees in Political Science and Law and Justice from Central Washington University.
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110: Center for REALTOR® Development: 2025 National & Local Market Outlook with Dr. Jessica Lautz from NAR: Part 1
06/25/2025
110: Center for REALTOR® Development: 2025 National & Local Market Outlook with Dr. Jessica Lautz from NAR: Part 1
Welcome, friends to the Center for REALTOR® Development podcast from the National Association of REALTORS®. I am so glad you are joining me and today’s guest, Dr. Jessica Lautz from NAR. Dr. Lautz is the Deputy Chief Economist and Vice President of Research at the National Association of REALTORS®. I love, love, love my data friends and I always learn things to help me and my clients. These trends are so huge when talking with our clients and preparing ourselves, as well as just getting in the nitty gritty because our clients are looking at that national market but we’re also in the local market. I’m so excited to talk today about how we put those two things together. We are releasing this interview in two episodes. This is Part 1. [1:16] Welcome, Jessica! What are the hot topics you are seeing that are important and different? Let’s give our listeners a preview of what we’re going to discuss in these two episodes, 110 and 111. [1:36] Jessica says the real estate market is divided into two markets. We have an all-time high of all cash home buyers with cash from housing equity. At the same time, we have an all-time low of first-time home buyers. [1:58] Everybody’s demographics are changing and buyers are adapting to the real estate market at hand. We’re going to go over fundamentals and dig into some demographics, too. [2:18] Did anybody expect these demographic changes? Some unexpected things are going on in the world. [2:27] When we look at the real estate market, we know it is a tough market. Inventory is still extremely limited, even though it’s jumping and we’re seeing rises in housing inventory. We’re still under February of 2020 when the housing market went bananas! We know that it’s a difficult market to get into. [2:55] Home sales in 2023, 2024, and the first quarter of 2025 have been the lowest since 1995. This is striking because we have 75 million more people in this country than we did in 1995. Home sales volume being at the same level as in 1995 doesn’t make a lot of sense. [4:06] We have more family units that tend to be smaller. We need more homes. We have seen young adults doubling up with parents and older relatives doubling up with their adult children. We know we have a lot of pent-up demand in the housing market from those young adults trying to leave the nest. [4:39] We’re going to talk a lot more about them and the first-time home buyer option in our second episode, look at the demographics, and some possible solutions for young adult home buyers. [4:50] With the low number of transactions, we don’t see the number of real estate agents shrinking. That’s unexpected. It’s an incredibly competitive and dynamic industry. You have to show your value, and what you can do for a client seller, or buyer. It’s very difficult and it’s growing. [5:30] Dr. Lautz was in three cities last week, talking to REALTORS® in Lansing, MI, Nashville, TN, and Orlando, FL, three very different real estate markets. In each hotel, the person at the desk or a person in line told her they wanted to study for their real estate license. It’s an attractive career path. [6:14] Monica told someone that the number of actual sales is down, but it is the kind of market where anybody willing to be creative and hustle can still get in. Dr. Lautz agrees. Everyone has a different business model Everybody has the niche market they develop over time. [6:46] Monica was an agent in 2008. There were a lot of foreclosures, so foreclosure agents were getting a disproportionate amount of business. Monica took on some side work to stay in the business. The whole country was economically challenged. It felt so different to Monica than right now. [7:22] Jobs are at a good level. Unemployment is at reasonable levels. Dr. Lautz says jobs are important for home sale activity. Interest rates have been stable recently in the mid-6% range. Mortgage delinquencies are low because people need to have good finances to get a mortgage loan. [9:17] Even someone in an unfortunate situation where they are forced to sell will probably get some cash out of their house. [9:40] Dr. Lautz says that in more than four-fifths of the markets, home prices keep going up. They are going up by double digits in some markets. It’s a result of the lack of available inventory. Nationwide existing home sale prices are higher for each month than the NAR has ever seen in previous years. [10:20] Prices differ in markets around the country. In some markets, people bid up home prices during the pandemic and there has been an easing of prices in some of those areas. In Austin, home prices went up 45% year-over-year. There has been an easing there. Homeowners are in a winning situation. [11:13] In the pandemic, we borrowed buyers from the future. During the pandemic, people suddenly and unexpectedly decided to move while mortgage interest rates were lower. A lot of people either don’t have a home mortgage or are in a low-interest-rate mortgage. They have no intention of moving. [12:19] There are a lot of people who are just trying to make it work, even though they would be in a better situation if they moved. [12:32] Mortgage interest rates in the high sixes are a full percentage point below the historical average since 1971. Some people are sitting on enough equity that if they used it for a down payment, they could be in a better financial situation. [13:06] If agents called all of their past clients to discuss the situation, and those clients talked to their mortgage lender to find out what their options are, people would find out they have more options than they realized. [13:44] Do people in their first home understand the trade that can be made now? Do they understand the equity that they’re sitting on? The housing equity gains we’ve had in the last few years are very unusual. [13:56] From 2020 to 2024, we saw a 50% increase in price appreciation, nationally. In some states, it’s topping 70%. These homeowners are sitting on a lot of cash. Many of them could be in a better situation if they made that move. Monica points out there are more options than people think. [14:55] Dr. Lautz speaks of the many all-cash buyers in this market, for more than two years, now, topping more than a quarter of the market. There are a lot of people who can make these housing trades or put down extremely sizable down payments because of the housing equity they earn. [15:13] Half of older Baby Boomers and nearly 40% of younger Boomers in their 60s are putting down all cash. They know the value of home ownership and they’re making housing trades. [15:29] Monica’s message to the younger people: If you can get the house, get the house. Who knows where you’re going to be in 10 years? Over time, even if there’s a little bit of a down payment, the value keeps going up. [15:46] Dr. Lautz hopes that wages will go up also, but that’s guesswork. [16:03] Monica discusses the U.S. credit rating downgrade of May 2025. When the U.S. credit rating goes down, stuff happens in the bond market, and then that affects the interest rate. [16:33] Dr. Lautz says NAR is reporting that there have been a lot of investors in the bond market who have decided not to invest but to sell or move money into something else. That means that the 10-year Treasury goes up. Mortgage interest rates are closely aligned with the 10-year Treasury. [17:11] We have had about a 2% added interest rate. If the 10-year Treasury is at 5%, the 30-year fixed would go to 7%. The NAR forecast is that the 30-year fixed will be in the 6% range. It could touch 7% for a few days and then come back down into the 6% range. They probably won’t go down by much. [18:20] Be sure that any buyer you are working with is in close contact with their mortgage broker. The broker will lock in the best rate they can get on that day. They will be watching rates more closely than a buyer has time to. Working with that expert is incredibly important. [18:55] Dr. Lautz notes that the use of FHA and VA loans has gone down. How many people are aware of these low-down-payment options that are out there for buyers? They do have a different interest rate than what you could see for a conventional loan product. You need a smaller down payment. [19:36] Something that goes under the radar is the low-down-payment options in your community for teachers, nurses, first responders, and just first-time home buyers overall. Many buyers and potential buyers nothing about these programs that can help first-time home buyers to get into the market easier. [20:24] Monica advises agents not to make assumptions about buyers and not to assume the lender is making all the options available to your first-time home buyer. If inventory is not moving, sellers want to see offers. [20:53] Dr. Lautz says now is a good opportunity for first-time buyers, because of the recent 6% rate range, more housing inventory coming onto the market, and the lock-in effect of repeat buyers. First time home buyers stand a chance because they’re not overwhelmed by repeat buyers. [21:14] Being able to come into the market, see several homes in their price range, look at the homes for more than 15 minutes, and have a conversation with the seller through their agents. [21:35] Homes are selling quickly but there are four months of inventory on the market. Dr. Lautz says most homes are selling in under a month. Buyers generally have a few days to make up their minds. We could not say that a couple of years ago! [22:23] Dr. Lautz explains capital gains on home equity. This will be one of the top issues of the REALTORS®’ Legislative Meeting. The advocacy team, led by Shannon McGann is in talks with legislators to adjust the capital gains limit with inflation above where it has been stuck for decades. [23:39] The public doesn’t understand the current capital gains deduction and needs to be educated by agents about it. [23:59] Thinking of people who are aging in place, is their home working for them? Are they able to stay in that home with 14 stairs in the long run? For a lot of people, the answer is no. But they may be limiting themselves as they think their tax bill to sell will be too high. It may not be as much as they think. [24:32] Making sure that you’re talking to the tax experts who know all of that is incredibly important. Sellers need to understand what they are going to be taxed on. [24:47] So many great topics for our agents to take and talk to their sphere about! Newsletter fodder! All kinds of great things to help educate the public about! [24:58] This has been a great conversation with Dr. Jessica Lautz. Thank you so much! We’re going to do another episode, so check back in when that’s released. [25:07] For my listeners, I want to remind you of all the learning opportunities at Learning.REALTOR. You can access so many courses there and each month, there are specials if you want to get a deal. We hope you’ll join us for Part 2 with Dr. Jessica Lautz from NAR. [25:24] I’m Monica Neubauer for NAR’s Center for REALTOR® Development. Thank you so much, Dr. Lautz. [25:31] All right, folks! Now, go out there and sell some more houses! Find them if you need to! We’ll see you soon! Tweetables: “When we look at the real estate market, we know it is a tough market. Inventory is still extremely limited, even though it’s jumping, even though we’re seeing rises in housing inventory. We know that we’re still under February of 2020 when the housing market went bananas!” — Dr. Jessica Lautz “What we have seen is that we have a large number of people who are doubling up, young adults with parents. We also have a large number of older relatives who are doubling up, too, with their adult children.” — Dr. Jessica Lautz “You have to show your value. You have to be out there showing what you can do for a client to make sure that you can get the listing or you can work with that buyer. And it is very difficult.” — Dr. Jessica Lautz “There are a lot of people who are just trying to make it work, even though they would be in a better situation if they moved.” — Dr. Jessica Lautz “When we look at FHA and VA loans, the use has gone down, unfortunately. I wonder how many people are aware of these low-down-payment options that are out there. They do have a different interest rate than what you could see for a conventional loan product.” — Dr. Jessica Lautz Guest Links: Dr. Jessica Lautz, Deputy Chief Economist and Vice President of Research at the National Association of REALTORS®. NAR Resource Links ABR® Accredited Buyer’s Representative Additional Links: [email protected] Crdpodcast.REALTOR Learning.REALTOR — for NAR Online Education CRD.REALTOR — List of all courses offered Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® [email protected] MonicaNeubauer.com FranklinTNBlog.com Monica’s Facebook Page: Facebook.com/Monica.Neubauer Instagram: Instagram.com/MonicaNeubauerSpeaks Guest Bio Dr. Jessica Lautz is the Deputy Chief Economist and Vice President of Research at the National Association of REALTORS®. She has been with NAR since 2007. The core of her research focuses on analyzing trends for both NAR members and housing consumers. She is in demand as a speaker and by major media outlets to provide commentary on the real estate market. She has testified before Congress on behalf of NAR. She also volunteers at Nottingham Trent University as an industry fellow mentoring real estate graduate students, is a committee chair at the National Association of Business Economics, bakes birthday cakes for underserved youth with Cake4Kids, and sits on the board of the Food Recovery Network. Dr. Lautz has been recognized by Housing Wire's Women of Influence and RISMedia's Newsmaker award. Jessica received her Doctorate in Real Estate from Nottingham Trent University in the United Kingdom. She also holds a Master's in Public Policy from American University and undergraduate degrees in Political Science and Law and Justice from Central Washington University.
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109: Center for REALTOR® Development: Mastering Win-Win Negotiation Strategies with Evan Fuchs: Part 2
05/05/2025
109: Center for REALTOR® Development: Mastering Win-Win Negotiation Strategies with Evan Fuchs: Part 2
Evan Fuchs is back with us for Part 2 of our conversation on negotiation, a favorite topic of mine! Welcome back! Markets will shift, and changes are happening. We need to remember the core tenets and basics of good negotiation while remembering that the details change from client to client. Some of you work in different markets or states, and you need to be aware of those details to help you negotiate specifically for what you and your client need. Negotiation is one of those significant topics I suggest we learn about constantly. Evan Fuchs is a 28-year award-winning REALTOR® and industry leader from Bullhead City, Arizona. Evan and I discuss training, and we go into one book with four tenets that can help us create win-win scenarios or at least manage the situations with a good attitude. Sometimes, operating on those principles helps us not to become so emotionally involved. There is always more going on under the surface when negotiating. We’re going to discuss how that affects your conversations as well. Let’s join Evan to level up some negotiation today! [2:07] We are talking negotiation, and if you didn’t hear our first episode, we hope you’ll go back to that; we discussed things like the tangibles and intangibles of negotiation and why you need to have negotiation skills. We’re giving you the tip of the iceberg. We’ll talk later about some training you can get. [2:33] We will share some great principles in this episode and discuss how agents can improve their skills for negotiating on their behalf. We will need better communication in different spaces where the terms are unclear. [3:25] Evan cites two episodes Monica did with Brent Lancaster on the Buyer Representation Agreement to help negotiate with your clients. We agents must understand our obligations under the law, the Code of Ethics, and the agreements we must follow that create a frame for our business to stay inside. [4:05] Inside that frame, your business is your canvas. You can paint your canvas any way you want. You can say, “Here is how I’m going to run my business, as long as I’m not going out of bounds.” Then you bring your business to the market, and it responds if it sees value in hiring you for what you bring. [4:31] It’s not easy to set boundaries and know the rules of engagement. Brokers are deciding what parameters will be a win for their agents and brokerage firms. With some brokerage firms, your business canvas is not as significant. Bring your ideas and creativity back to your broker. [5:44] The difference between your business model and another agent’s model is what will appeal to potential clients. Explaining what you charge and what the client gets from you will hire you. Be very intentional about understanding who your target audience is and what services you offer. [6:39] Evan says finding clients can’t be an accident. You must be able to show you how to walk the walk and say, ‘This is why I should be here representing you.’ [6:51] Sometimes, in a client meeting or a class, however much she prepares, people will ask Monica an unexpected question for which she doesn’t have a great answer. Evan says it’s essential to give feedback to yourself on what worked and what didn’t work, and then you iterate on that. Have a place to practice! [7:51] Hold scenarios or role-playing with partners in your office, coaches, or spouses. Practice the words and get feedback before you go live. Once you go live, measure what works and what doesn’t, and then try again. It’s a different ballgame for many people, and you might not get it right on the first try. [9:10] Evan talked with his college daughter about what’s happening in real estate. It helped him see another perspective. That’s always a win. [9:40] Preparation for negotiating is essential. Be intentional. What do they need? What value do you bring to the table? How are you communicating and connecting with them? How am I qualifying them? How are you communicating what working with you looks like? [10:21] If you do the preparation and get a win, you know it worked. If it went South, tell yourself to handle that differently next time. Over time, you work out systems where you are repeating success. Monica encourages you to learn even from your accomplishments. [10:56] Monica is confident and open-minded when she goes into a meeting. She listens to what their needs are instead of selling them on herself. She wants to hear what they’re saying, even if she doesn’t have the answer for them. [11:29] Evan says if you want to improve relationships with other people and be a better communicator, listening, hearing what they say, asking questions, giving feedback, and being interested is where rich relationships come from. [11:49] Sometimes, just listening and being there, you’ll hear the person tell you what they need from you. If you were too busy talking, selling, or presenting, you might have missed that and missed out on a great client. [12:06] Monica reminds agents that going through their broker or association’s paperwork provides a structure. It’s like a third party in the negotiation. [12:43] Evan talks about appealing to different learning styles. It’s always better to ask somebody a question than to tell them something. It’s also better to show them something than to tell them something. Try to mix those things. Evan would want you to show him the process visually if he were buying. [13:37] If Evan were selling, he would also want you to walk him through the marketing process with visuals. [13:52] You must use leave-behind visuals to show people the market conditions for buying and selling. The visuals can negotiate for you in your absence. [14:37] Monica asks the public to interview more than one agent so they see different styles, and it will be easier to recognize they have a choice between different kinds of agents. Leave-behind items are hugely important, especially if they are amazing materials. Your professionalism is visible in the materials. [15:18] Be confident as an agent that you belong at the table and believe in yourself. It wasn't meant to be if the client didn’t pick you up. Confidence comes through preparation, knowledge, and experience. [16:21] As a new agent, Monica went to every class at her association for two years to gain knowledge and confidence. Evan didn’t take classes at first but then took a GRI class. After two days, he realized he had bought lots of someone’s experience, saving him time. It changed his attitude about learning. [17:55] Monica says not all classes will be perfect but asks you to find the instructors that give you value. [18:24] There are many helpful books on negotiation. Monica and Evan agree that one book they love is Getting to Yes. Evan has never found a better book to learn negotiation. It teaches four principles of negotiating. The authors were part of the Harvard Negotiation Project, and these are proven principles. [19:28] The principles apply well to real estate negotiation. They support the win-win mindset. You’re trying to collaborate with the other party without giving up what’s most important to you. [19:58] The first of the four principles of Getting to Yes is to separate the people from the problem. Very often, the problem in the way is a people problem. You have to solve the people problem before you can solve the problem you’re negotiating. [21:29] When an agent says their client won’t go for that, Evan asks what the agent thinks their client won’t go for, why the agent thinks that, and then tries to solve it with the agent. If it’s a price, look at comps together and discuss what constitutes a fair price. [22:25] What you don’t want to do is defend it and try to convince somebody who’s dug their heels in. Go back to common ground, bring the temperature down first, and find out why they’re reacting that way. Set your ego aside. Your job is to save the relationship with this person so you can get to the finish line. [23:04] The second principle focuses on interests, not positions. Under every position (what), a statement is an interest (why). The position has one solution. The interest has endless solutions. Understanding why someone takes a position creates new options for working together to find the best path to win. [24:23] When somebody says what they want, ask them why or try to find out why if you can’t ask them directly. Once you know the underlying interest, you have many more ways to deal with it that have nothing to do with the position. Monica covers this principle in three to four hours in her negotiation classes. [25:00] Monica adds that when she needs to understand the why, she loves the phrases “Tell me more” or “Help me understand” to get them to tell her the why without her asking directly. Evan suggests checking for understanding with, “It sounds like you’re saying …” to confirm. [25:37] The same principle applies to negotiating with the buyer. Find the why under any positions they take on what they are looking for in a house. The value of a buyer’s agent is to get to the why and expand the options for their clients. [26:43] The third principle is to invent options for mutual gain. Don’t view this as a competition, but as building a relationship. You’ll sit on the same table and look at the problem together. This is where all the pieces and intangibles come together. This is the time for options and value negotiation. [28:22] The fourth principle insists on using objective criteria. This may need a third party, such as an appraiser, to provide an objective value. MLS comps and public records are objective. Ask, “If we can come up with a fair price, do you think we can make a deal?” Then, you bring in your CMA. [29:24] When you submit an offer to another agent, include your comparative market analysis that supports the offer. Review it with them over the phone so that it makes sense; it’s not just an arbitrary number. On your end, listen with an open mind when you review objective criteria. [30:04] I hope our listeners recognize how much more there is to negotiation than just conversing and putting terms on paper. [30:23] Evan’s final word: “I took a class from Ed Hatch 20 years ago on negotiating, and he said something that has stuck with me ever since, which is ‘The negotiation begins long before the amateur negotiator realizes it.’” [30:42] “As professional negotiators, our preparation, our conversations, what we’ve done to get our clients to understand their negotiations; the person we’re negotiating with may start when they get the offer, but we started long ago. Do the work, do the prep. What a tremendous advantage that gives you!” [31:45] Thank you so much to Evan Fuchs for sharing his wisdom with us, learned over many years of training and action with real people and situations. [31:53] You can find more opportunities to learn about negotiation at Learning.REALTOR. Evan Fuchs and Lynn Madison have micro-courses there, and you can also link to the Real Estate Negotiation Expert Class. Please attend some local negotiation classes through your association or online. [32:20] Once you start learning about negotiation and looking at these opportunities more objectively, you’re going to find opportunities for you to learn in your everyday situation. I hope you can find those and share them. It will improve your business. [32:38] Thanks for joining us! I’m Monica Neubauer for the Center for REALTOR® Development. And I hope you keep busy out there selling lots of properties! Tweetables: “It can’t be an accident. You have to be able to show and walk the walk. ‘This is why I should be here representing you.’ That’s the way that I look at it.” — Evan Fuchs “That’s where we are right now. It’s a different ballgame for a lot of people, and they’re not going to get it right, necessarily, on the first try.” — Evan Fuchs “If you want to improve relationships with other people and be a better communicator with them, listening, hearing what they’re saying, asking questions, giving feedback, and being interested is where rich relationships come from.” — Evan Fuchs “Confidence is the root of most of these conversations; my confidence as an agent that I believe I should be here. I bring something worth being at this table. Therefore, I’m going to be a better negotiator about it.” — Evan Fuchs “It doesn’t cost me anything to be nice to you. If it’s important to you that the other person is nice, I just expanded the pie a little bit by throwing in some intangibles.” — Evan Fuchs Guest Links: Evan Fuchs, Broker/Owner of Bullhead Laughlin Realty, Speaker, Educator Episode 100, “Explaining the Buyer Agreement and How to Use it Effectively with Brent Lancaster: Part 1” Episode 101, “Explaining the Buyer Agreement and How to Use it Effectively with Brent Lancaster: Part 2” Getting to Yes: Negotiating Agreement Without Giving In, by Roger Fisher, William L. Ury, and Bruce Patton NAR Resource Links ABR® Accredited Buyer’s Representative Additional Links: [email protected] Crdpodcast.REALTOR Learning.REALTOR — for NAR Online Education CRD.REALTOR — List of all courses offered Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® [email protected] MonicaNeubauer.com FranklinTNBlog.com Monica’s Facebook Page: Facebook.com/Monica.Neubauer Instagram: Instagram.com/MonicaNeubauerSpeaks Guest Bio Evan Fuchs ABR, CRB, CRS, GRI, RENE, RSPS, SRS, e-PRO Evan Fuchs speaks nationally on leadership, sales, strategic planning, and team building. A recognized industry leader with 28 years of experience, Evan is a past state president, four-time REALTOR® of the Year, and has been the broker/owner of Bullhead Laughlin Realty in Bullhead City, AZ, since 1999. Evan combines his experience in business and leadership with a down-to-earth style to deliver engaging and actionable programs. In addition to designations and certifications, such as the Accredited Buyer Representative, Certified Residential Broker, and Real Estate Negotiation Expert, Evan presents and develops custom programs, including the Arizona Leadership Training Academy. He is also a John Maxwell Certified Leadership Trainer. A proud dad, accomplished concertgoer, and lifelong learner, Evan loves collaborating with individuals and teams who aspire to produce their best work.
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108: Center for REALTOR® Development: Mastering Win-Win Negotiation Strategies with Evan Fuchs: Part 1
04/21/2025
108: Center for REALTOR® Development: Mastering Win-Win Negotiation Strategies with Evan Fuchs: Part 1
Today’s topic is so essential: negotiation! It has always been important. As our markets have been shifting and industry changes are happening, we need to go back to remembering the basic and core tenets of good negotiation while also understanding the nuanced parts of that shift within the market and the specific needs of our clients. My guest today, Evan Fuchs, is a 28-year award-winning REALTOR® and industry leader from Bullhead City, Arizona. Negotiation is one of those topics we need to learn about all the time. Unless you’re writing a book on negotiation, I suggest more education is helpful. I love learning from skilled negotiators wherever I come across their books or meet them, like Evan or even some of my clients, who teach me new ideas and angles to consider in my negotiation. Evan and I both believe in the long-term value of win-win negotiations in real estate. Evan shares insights on building relationships and finding mutually beneficial outcomes. We discuss the importance of offering options, how crucial it is to get professional training, and the value of tangible and intangible negotiation elements. Evan will tell you what those are. Let’s learn together! We are releasing this interview in two episodes. This is Part 1. [2:04] I am so glad to have Evan Fuchs with us today on the podcast! Welcome, Evan! [2:12] Evan is one of the very successful nice guys! If you ever get to meet Evan, talk to him. He’s delightful, smart, and friendly. We’re going to talk about negotiation, and he is the perfect person to have with us to talk about relationship negotiation because he’s kind and respectful. [2:33] We will discuss a win-win negotiation atmosphere and why that’s good. Evan, you’re a 28-year veteran, broker-owner, board member extraordinaire, association president, and winner! (Evan says that introduction will put a pep in his step!) [3:05] Monica describes her impostor-fighter shelf of awards and statues that remind her that she’s awesome at her job and connected. She recommends you have a shelf like that, and whenever you need a boost, look at your shelf and say, ‘Yeah, I got this’! [3:35] Evan heard Monica talk about the importance of celebrating in one of her podcast episodes. Evan is totally about celebrating, even little victories. [3:52] The win-win negotiation model is a mindset that negotiators adopt. Instead of trying to compete against somebody, they take responsibility for building a good relationship with the other negotiator to work together to find good outcomes for everybody. [4:47] Sometimes, one party does get a better deal, but can you do something to let the other party feel like they also have a good outcome? [5:14] Dan says that options give us power. If I have the myopic view that this is the outcome that’s good for me, and I can’t get you to agree with that, then the deal’s dead, but if we can work together and try to find other ways, then we have a chance of keeping the deal alive and getting to the closing table. [5:42] It’s about how to help you get what you want so I can get what I want. Let’s create many ways to get there and find the best one. [5:51] Everybody wants a deal. You may be working with a client looking at a transaction like a war. You have to help them find options and negotiate so both parties are happy with the outcome. Monica reminds agents that we must train ourselves and our clients to negotiate well. [7:06] Evan says that one out of four buyers want their buyer’s agent, above everything else, to negotiate for them. They would rather you be a good negotiator than be good at finding them a house. Monica invites you to improve your negotiating skills. Promote them as part of your value. [8:43] In this episode, we will keep the buyer’s agent negotiating with the seller’s agent for their clients as our context. In Episode 2, we will discuss the agents negotiating with their clients for various things. [10:09] Evan explains the tangibles and intangibles of negotiation. The top-line purchase price is tangible. There can also be a concession further down in the contract. That is also tangible and measurable. The things you put in the blanks on a contract refer to something measurable and tangible. [11:21] Price is just one element of the negotiation. Think of the price, terms, and everything else involved in the negotiation as representing a value package. Look at the bottom-line number and what you exchange to get to that number. That’s when you deal with both tangibles and intangibles. [12:23] Value negotiating is where I offer something to you that’s of higher value to you than it is to me. This could be like moving up the closing date if you are in a hurry. We trade it for something of low value to you but high value to me. That creates a win. [14:00] One of Monica’s favorite negotiations was between a buyer who offered under the listing price and a seller who wanted the list price. She wrote a contract with an expiration time that if the seller could get the list price from another buyer within a week, they could do that; otherwise, they would accept this offer. [15:41] Evan considers that a smart, creative negotiation. Monica’s client did get the house after a week, while the seller had time to find another offer, which did not come. [16:08] Evan notes that considering the options takes time. To develop that kind of strategy, be prepared, know what you’re doing, and spend time with the market, the property, and the client. Spend time, especially with your client, so you don’t miss the options that may be meaningful to them. [17:14] Monica thinks some agents don’t realize that the agent-to-agent relationship is valuable. The buyer’s agent has some influence when the seller’s agent is looking at multiple offers. The relationship history matters both in large markets and small ones. [19:13] Monica and Evan discuss how personal property becomes a negotiating point. Monica says agents in Tennessee must let their buyers and sellers negotiate personal property. Evan believes the furniture owner places a higher value on it than the buyer. [20:42] Monica cautions her listeners that if you negotiate anything beyond appliances and attached things, make sure you talk to your broker and know how that works in your state and local market. [21:11] Evan says intangibles are things that can’t be measured, that you can’t quantify. Is this a fair deal? How are you treating me? Are you ethical? Intangibles can be felt as opposed to being measured. Every negotiator has both tangible and intangible interests in every negotiation. We’re human, and we care. [21:56] Adding intangible value to a negotiation does add value even though you can’t put a dollar on it. Build a personal relationship with your client. Know what’s essential to the other person and spend time with that. That adds value. Treating the other person might get you a concession in the contract. [23:15] Everybody has things that are important to them. So, the more you know the other party… use it to your client’s advantage, which is your job. You owe that to your clients to do that, as long as it’s ethical and honest. We need to put everything into it that we can. Adding those intangibles is part of it. [23:50] Monica shares another negotiating example. She called an agent who had just lost the family dog. She asked, “How can I help prepare the paperwork for our deal? I see you’re having a difficult day.” If Monica finds out that an agent needs something, and she can fill it quickly, why wouldn’t she offer? [24:58] Evan calls that win-win language, offering to work as a team. It doesn’t take anything away from your client. It’s also called being a good human! [25:59] If you’re not people-oriented and trying to negotiate with someone who is, it’s like you’re bringing friction to the table. You’ve got to take responsibility and adjust how you show up for this person and make them feel more comfortable. [26:16] Because Monica’s a people person, sometimes she has to tell herself to “zip it” and do her job because she sees the other person doesn’t want to chat today. [27:06] Evan talks about the negotiation environment. You have to know the numbers; you have to know your market. As a market professional seeking to get paid to represent clients, you have to know it. Evan refers to the pandemic lockdown and how, after that, buyers went gangbusters. [27:47] There were way too many buyers trying to buy the same houses. That led to the seller’s market. It’s our job to help our clients, and sometimes the other negotiators, understand the market dynamics so they understand their negotiating position. Once they do, then you can move on to strategy. [28:15] Our opportunity to shine is helping our clients develop a negotiating strategy once they understand their position. Evan gives the example of explaining to a buyer what it looks like to buy in a seller’s market with multiple offers, bidding wars, and buyers getting creative to sweeten the pot. [29:06] Before you start showing houses, your buyer needs to understand that so they know how to behave once they get into the market if they want to buy. When the right house comes up at the right moment, they need to know how the market affects their position. [29:34] Monica now calls the market an artificial buyer’s market. In some towns, at some price points, houses stay on the market for a little while longer. But we’re not at that four-to-six-month range for most people. [29:51] In an extreme market, where one party is at an extreme disadvantage, and the other is at an extreme advantage, negotiators can help look for a win-win. It won’t be in the money because the extreme advantage is there. That’s where niceness and empathy make all the difference. [31:01] Evan comments that the win in an extreme buyer’s market is just selling your house. In an extreme seller’s market, the buyer gets the house. You won’t be looking for the best deal in either situation. [31:23] Once you accept those negotiation parameters and start trying to find a house, everything else is on the table. “I know I’m not going to get a great deal here, but here’s what else is important to me.” Knowing what’s important on the other side might get you the house or the sale. [31:50] We must get through the negotiator to get to the decision-makers. You’ve got to get the other agent “on your side.” Sometimes, we have to coach them through their job and deliver that information to their client in a way that gets their client those secondary wins. [32:38] When Evan and I return in our next episode, we will discuss the conversations between the agents and their clients. That’s a different negotiation environment. Join us on the next one! [32:55] Evan’s final word: “Right now, so much is changing! Negotiating is an important part of navigating these changes, whether we are negotiating to get hired on either side or helping the clients who hire us navigate what the negotiations will look like now that we have different practices.” [33:21] It’s a whole new ball game that creates opportunities for people to step in and thrive! I get kind of excited about having these conversations! I’m looking forward to continuing on the next one with you!” [33:39] Thank you so much to Evan Fuchs for sharing his wisdom with us! You can find more opportunities to learn about negotiation at Learning.REALTOR. There are micro-courses there, taught by Evan and by Lynn Madison. [33:51] You can also link to the real estate negotiation expert certification class from there. Please attend some negotiation classes. Your associations are offering lots of opportunities right now. If it’s not your local one, you may be able to travel a little bit and find one nearby. [34:09] Also, there are some great books on it. Read some books or watch some of the amazing online videos to help teach you great negotiation tools. [34:17] As you’re moving through the changes in the industry, don’t miss the opportunity to learn from your experiences as you’re having conversations with your clients, your friends, and your family, hear what they’re saying, and that will also help you be more prepared. [34:33] Thank you so much for joining us! Come back and join us for Part 2. I’m Monica Neubauer for the Center for REALTOR® Development, and I hope you are busy out in the field selling lots of properties! Tweetables: “While most people focus on price, it’s just one element of the negotiation. So we want to think more about value. What does that price plus the other terms and everything else involved in the negotiation represent as a value package?” — Evan Fuchs “Everybody has things that are important to them. So, the more you know the other party, the more use those conversations to your client’s advantage, which is your job. You owe that to your clients to do that, as long as it’s ethical and honest.” — Evan Fuchs “If you’re somebody who’s not people-oriented, and you’re trying to negotiate with someone who is, it’s like you’re bringing friction to the table. You’ve got to take responsibility and adjust how you show up for this person and make them feel more comfortable.” — Evan Fuchs “Whether negotiating to get hired on either side or helping the clients who hire us navigate what the negotiations are going to look like now that we have different practices, it’s a whole new ball game, and that creates the opportunity for people to step in and thrive!” — Evan Fuchs Guest Links: Evan Fuchs, Broker/Owner of Bullhead Laughlin Realty, Speaker, Educator NAR Resource Links ABR® Accredited Buyer’s Representative Additional Links: [email protected] Crdpodcast.REALTOR Learning.REALTOR — for NAR Online Education Training4RE.com — List of Classroom Courses from NAR and its affiliates CRD.REALTOR — List of all courses offered Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® [email protected] MonicaNeubauer.com FranklinTNBlog.com Monica’s Facebook Page: Facebook.com/Monica.Neubauer Instagram: Instagram.com/MonicaNeubauerSpeaks Guest Bio Evan Fuchs ABR, CRB, CRS, GRI, RENE, RSPS, SRS, e-PRO Evan Fuchs speaks nationally on leadership, sales, strategic planning, and team-building. A recognized industry leader with 28 years of experience, Evan is a past state president, four-time REALTOR® of the Year, and has been the broker/owner of Bullhead Laughlin Realty in Bullhead City, AZ, since 1999. Evan combines his experience in business and leadership with a down-to-earth style to deliver engaging and actionable programs. In addition to designations and certifications, such as the Accredited Buyer Representative, Certified Residential Broker, and Real Estate Negotiation Expert, Evan presents and develops custom programs, including the Arizona Leadership Training Academy. He is also a John Maxwell Certified Leadership Trainer. A proud dad, accomplished concert-goer, and lifelong learner, Evan loves collaborating with individuals and teams who aspire to produce their best work.
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107: Center for REALTOR® Development: Tech Meets Property: AI Trends in Real Estate with Dan Weisman: Part 2
04/07/2025
107: Center for REALTOR® Development: Tech Meets Property: AI Trends in Real Estate with Dan Weisman: Part 2
We are in Part 2 of my conversation with Dan Weisman about AI in the real estate industry. Dan is a director of innovation strategy in the Strategic Business Innovation and Technology Group at the National Association of REALTORS®. In his role, he researches technology, strategizes what this tech may mean in the future, and builds relationships with tech leaders to better understand and drive innovation in the real estate space. This episode is where we get practical, starting with using generative AI instead of Google for searches. How would that help you? What do you think about that? We’ll discuss software that is genuinely helpful for you in your business. We wrap up with virtual reality. As cool as it is, why do we not see it used more often? Dan gives us his insights. Let’s join him! [1:24] I am so glad to have more time with Dan Weisman to learn more AI tips. In this episode, we are going to get into practical things! You may want to listen again later and get some of the apps if you're driving. We will link any apps we mention in the show notes. Look them up when you park. [1:50] In the first episode, we discussed plug-ins and research to help us understand what’s available. [2:11] Dan Weisman is a Director of Innovation Strategy with the NAR. His team's focus is to look at and understand what technology is out there and help figure out how to drive innovation across the space to support membership in the industry. [3:33] Dan says the tech can be overwhelming. He does this full-time, and it seems something new every day if not every hour. You’ve got to be careful about not always chasing the shiny object. Many projects are getting built on generative AI products like ChatGPT and Gemini. [4:01] Dan’s team is trying to focus on the pain points the NAR membership feels in their transactions and tie together the research and the relationships NAR is building with startups and big tech companies to help REALTORS® to be more efficient and productive. [4:36] REALTORS® are talking to Dan about how many phone calls they receive and constantly being on call for their clients. Some cool products use AI to help schedule tasks and calendar meetings, almost like an AI assistant. [5:44] Monica is ready for those products! She keeps busy keeping track of her schedule between her Google calendar, notebook calendar, and wall calendar. [6:39] If you missed Part 1, generative AI is a tool that recently became more available to the public to generate information and content using artificial intelligence behind the scenes. Dan calls it Google search on steroids. Instead of multiple web pages, it gives you a relatively concise answer. [7:11] You can plug information into it and ask for a response, and it will help formulate it in whatever way you want, with context and tone. It’s for everyone. [7:56] Since ChatGPT launched, people have been talking about tech. Dan loves it! He’s been trying to talk about tech with agents for five years! It’s an opportunity for everyone to use a different type of AI product and service to free up some time to help them be more efficient. [9:17] Can Monica ask AI to orient her book in progress to another audience? Dan says yes, but it’s a tool in its infancy. It will do a good job manipulating the information you put into it to satisfy your request. Its accuracy varies. Like any work you put out, pay attention to what it says. [10:50] If Monica sees that you just copied and pasted your listing from ChatGPT, from the many long adjectives and how they sound, she does not trust it. Generative AI makes things up. [11:50] When Dan gives presentations, he uses the example of providing the data for a listing to ChatGPT, and ChatGPT writes the listing description but gives it the wrong number of bathrooms. Luckily, Dan checked it. ChatGPT can do complex things and at the same time make silly mistakes. [12:37] Always edit a listing for mistakes and personalize it as you want it to sound. It’s obvious when the human touch is missing. That is critical in real estate. [13:41] Monica uses AppSumo and Castmagic. Monica put a recording into Castmagic, which makes social media posts, transcripts, or show notes for a podcast. [14:15] There are many apps to take information, edit it, and simplify it for various content platforms. It reminds Dan of CliffsNotes. Monica mentions Blinkist. Whatever ChatGPT pushes out, ensure it is accurate and has the context and tone it should have. [16:17] Monica cites Otter, who takes notes in a meeting. When Monica sees the Otter notes from multiple people, she is overwhelmed by the quantity of information. Dan recommends focusing on your notes tool and tuning it to pull up the information you want. [17:26] One of the powers of generative AI is learning about you and what you are looking for as you communicate with it more. [18:34] When Dan gives a presentation about images, he’ll take a photo of an iconic building, upload it to DALL-e by OpenAI, and ask it to remove the iconic thing. It usually takes 10 to 15 prompts to get it to do what he wants it to do. [19:41] In Chicago, he takes a picture of the Bean and asks DALL-e to remove the Bean from the photo. It takes 10 or 12 tries. He doesn’t show all the variations. The photo stuff has a long way to go. Dan took a listing to Canva and asked it to create a flyer. The images looked computer-generated. [20:39] Dan says some real-estate-specific apps are doing a good job tweaking photos. Renovate AI and Reimagine Home are two big ones he’s been looking at. You can take a photo of a room and request changes to it, and in seconds, you will get a couple of gen AI photo options as you requested. [25:47] Monica points out that many agents are leaning toward virtual staging, and it is a pet peeve for buyers who want to see the actual condition of the house. That is a misrepresentation, a Code of Ethics violation. For any gen AI images in the listing, label them clearly as such, as different ways to view things. [28:36] Agents must be responsible as an industry when it comes to utilizing these tools, to ensure that we don’t dilute the value of what we’re providing and the consumer's expectations when they show up to see a property. [29:24] Monica recommends an agent derive from home or at least look at the pictures and see them before taking a client to them. The agent can confirm if that mountainous landscape in the background exists. Dan adds that agents need to be transparent about using gen AI tools. [30:27] Monica asks about virtual reality and shares her experience of seeing a European condo in VR. [31:24] Dan says VR is tough. You need at least a $500 headset. Many people feel uncomfortable or nauseous with the headset. VR headsets are being used in new construction and development, where there is a budget to build a VR experience. It is all custom, so it is expensive. [32:22] With VR, since every house is different, there has not been an effective way to create an experience that would provide value for a reasonable cost. Augmented reality needs to come first. At some point, VR may become mainstream, but a price-efficient method to build it for a home is not yet available. [33:15] Monica and Dan share their pain about communicating with bots. Bots will get better the more we use them. Dan has had success with the Amazon bot on a product return. The opportunity in the real estate space is for virtual assistant bots. [35:44] Productive.AI summarizes your phone conversations locally without sharing them with the world. It will provide a list of the things you talked about to follow up. It is especially helpful if you are calling while driving. [36:24] There are more agent and broker needs for virtual assistants than bots. The virtual assistants can help collect information and summarize it. [37:20] Monica would like to see more agents providing FAQs or answering specific questions on their websites. Can a bot do that? Dan says that will come as generative AI matures. [39:48] Monica is looking forward to having her own C-3PO generative AI bot to be all these apps for her. [40:15] Dan’s final word: When it comes to generative AI, I would tell everybody to try it. Do not try to jam technology into a problem that isn’t a problem, and you make it a problem. Focus on what you do, how you run your business and how you communicate. Test generative AI to see if it can help you do your job better. [40:55] Dan also says to be open-minded, be thoughtful, and use gen AI just occasionally. Before you know it, it will be integrated into your everyday life, making you more efficient and productive. [41:18] Thanks again to Dan Weisman for joining us. I am so happy to hear a simple and helpful tech update. His focus on his work and on what he learns is what is important to us. He distills it down and makes it so easy. [41:34] I am so fortunate to host this podcast and get to ask all these smart and focused people whatever questions I have. So let me know if you have some questions, you would like to hear us address on the podcast! [41:46] I hope you’re taking advantage of the great education being offered at Learning.REALTOR, especially the ABR® Class. We know that AI in every form is relevant to all parts of our business. If you do join classes in some live form, you’ll get a better focus on what’s up to date. [42:12] Things are happening so fast. You will get those from the instructor or possibly from other learners in the classroom. I am also learning from you when I come to a classroom. We all need to keep learning from each other. [42:24] So head over to Learning.REALTOR and see what is available there to match the needs of your business. If you have been listening for a bit, we would appreciate your feedback on this two-episode-per month format, as opposed to the one longer episode we used to do. [42:43] Our email address is in the show notes. Please give us your feedback. [42:48] Keep up the good work helping your clients do what they need and want to do in this shifting market. I’m Monica Neubauer for the Center for REALTOR® Development. Now go out there and sell some property! Tweetables: “Generative AI is a tool in its infancy. This is new. It will do a pretty good job of manipulating the information you put in to satisfy whatever request or requirements you have. … How accurate it is and how close it is to how you might want it always varies.” — Dan Weisman “One of the powers of generative AI is learning of you and what you are looking for as you communicate with it more.” — Dan Weisman “We have to be responsible as an industry when it comes to utilizing these tools.” — Dan Weisman Guest Links: Dan Weisman, Director of Innovation Strategy at NAR NAR Resource Links Additional Links: [email protected] — for NAR Online Education — List of all courses offered Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® [email protected] MonicaNeubauer.com FranklinTNBlog.com Monica’s Facebook Page: Facebook.com/Monica.Neubauer Instagram: Instagram.com/MonicaNeubauerSpeaks Guest Bio Dan Weisman is a Director of Innovation Strategy within the Strategic Business, Innovation, & Technology group at the National Association of REALTORS®. In his role, he researches technology, strategizes on what this tech may mean in the future, and builds relationships with tech leaders to understand better and drive innovation in the real estate space. He is in the thick of thought leadership.
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106: Center for REALTOR® Development: Tech Meets Property: AI Trends in Real Estate with Dan Weisman: Part 1
03/24/2025
106: Center for REALTOR® Development: Tech Meets Property: AI Trends in Real Estate with Dan Weisman: Part 1
Today, we will talk about AI in the real estate industry with Dan Weisman, a director of innovation strategy in the Strategic Business Innovation and Technology Group at the National Association of REALTORS®. In his role, he researches technology, strategizes on what this tech may mean in the future, and builds relationships with tech leaders to understand better and drive innovation in the real estate space. He is in the thick of thought leadership, creating new things for us. I asked him how I, as an agent, could personally use AI to help me in my business. Sometimes I do not default to it as quickly as I should. I found our conversation to be very interesting. We are releasing it in two episodes. This episode's Part 1 provides a big-picture overview of where we are now. It’s amazing how fast things change! Then, we discuss some good suggestions for better habits. Let’s get right into it! [1:51] Welcome, Dan Weisman, back on the podcast! We’re so glad to have you! [2:07] Dan Weisman is NAR’s Director of Innovation Strategy. His team’s role is to look at and understand what technology is out there and help the membership figure out how it may fit into their business to make them more successful, productive, and efficient daily. [3:26] People inaccurately equate AI to ChatGPT. The concept of AI started 70 years ago. We now have the computing power and data to make sense of AI. ChatGPT is generative AI, a subset of AI. AI places the ads and suggestions we see on Facebook. [4:22] Generative AI is new to the average person because of its ability to use a technology like AI and know that it’s AI. You don’t need to understand how Gen AI works; you need to understand if it can help support you efficiently in what you’re focusing on, whether selling real estate or researching a vacation. [6:02] Generative AI refers to anything generated by artificial intelligence. OpenAI has ChatGPT and DALL-e, and Google has Gemini. Open AI powers Microsoft Co-Pilot. Midjourney was out before Open AI. The average person can search the internet and use Gen AI to ask questions and get results. [8:14] Generative AI is in its infancy. It’s like the beginning of the internet. People are not using Gen AI like they use Google today, but they will when they get used to it and find the value in it. It’s developing itself. The more information we put into it, the better it will get. It’s the future of search. [10:32] Dan is a Mac user who uses the ChatGPT app for Mac. When he hits Option-S, ChatGPT comes up, and he can search within seconds. Training his mind to think differently than going to Google to search is a matter of training him. He gets an efficient answer with ChatGPT instead of pages of links to read. [11:47] Dan thinks paying a monthly fee to use Gen AI is worth it. It finds the sources and gives you the results of all the searches. It’s worth the $20.00 if you use it once a day. It’s not that much compared to what we spend on other technology, like our phones. [13:53] Dan mentions Meta. Meta.AI is a similar product to ChatGPT. It’s built on Meta’s Llama 3 free so far product, a large language model that many people use behind the scenes. Microsoft's partnership with OpenAI powers Microsoft Copilot. [14:40] The big tech companies are investing and taking the lead in developing AI products and services. Google, especially, is working on this. Search is core to what Google does. There is healthy, strong, big tech competition. Dan worries that big tech companies will have too much control over AI. [15:48] Google just lost a suit by the government about having a monopoly on search, based on Google paying hardware companies for Google to be the default search engine. Dan hopes this sets a precedent for giving multiple companies more of a fair opportunity to get in on the Gen AI game. [17:42] Meta AI is catching up, as Google did with Gemini. Dan believes Meta will probably have a monthly subscription model to align more closely with what other companies are doing. These companies are losing billions of dollars on these products. Twenty dollars a month does not cover the usage. [18:39] Dan believes the current release of Meta AI is to give the public access to it. Their main goal seems to be to use Meta AI within their current products, Facebook and Instagram. They just needed something to get their name out there as a powerhouse. [19:25] Dan says it’s good to have competition. It’s good to have options to fit what you want. All AI products behave differently. [20:24] These companies aim to keep you in their ecosystem. Meta wants to keep you on Facebook and Instagram. [21:33] Dan states that some plug-ins are dangerous. It’s worse than just downloading an app. They have access to stuff you don’t realize. They may be searching your whole computer. Dan stays away from plug-ins for work. He sticks with the core apps. [23:29] Having AI products looking at your data can feel invasive to people. We take risks in almost everything we do. Some companies use your data to provide better content and information. Dan wants to see ads for things that interest him. [24:05] You feed the system whenever you enter information into a Gen AI product. It’s learning. It becomes more valuable as more people use it. Be careful what information you put into it. Don’t upload confidential financial or personal information into AI, even though it’s anonymized. [26:20] Dan clarifies one difference between the internet and Gen AI. If Monica uploaded her upcoming book into Chat GPT before she published it, it would not have generated more book sales. That may work in the future. [27:45] Copyright is a massive topic regarding content, in general, and how these large language models are trained. There are lawsuits out there now related to images. Anything you input into AI is your work. Anything AI creates from your input is not necessarily yours. [28:50] We’re just scratching the surface with those conversations. Over the coming years, there’s a lot to learn about what copyright and ownership of intellectual property means. Monica's info from her book could give a better answer to someone who asks Chat GPT a related question. [29:48] Analyze the risks before you add anything to Chat GPT. Do you want to share information or just maximize book sales? Chat GPT can do the former; the internet can do the latter. [30:27] Manica says that even though we’re all creating our individual business models, we can use AI to help ourselves and make it more interesting. In real estate, there is a lot of mutual sharing. Most agents are not creating completely new content; they portray it differently. [30:59] For the average user, AI products are a way to do things you aren’t great at or may not even like doing in a more productive, efficient manner, whether it be a blog post or writing a listing. To some degree, it’s an assistant that supports whatever you are doing. There are huge opportunities to use it. [31:54] Monica always teaches agents to take what they’ve read and put it into their words in a video. Their expression of the idea is theirs and is part of their influence, engaging with the world. [32:14] Dan shares three points: (1) Use these products once a day. Get used to them. (2) Remember, this is a tool. You want whatever you provide to be yours. Verify that what comes out is what you want to say and that it’s factually correct. (3) Make sure it’s in your voice how you would articulate something. [33:07] Think of AI as a tool to help you improve at what you do and get from Point A to Point B twice or thrice as fast. Go out there and try some of these tools. You can ask any of them the same question 10 times and get 10 slightly different answers. [33:28] Dan suggests that you should get used to using AI just as you got used to using the internet for everything you do. AI is the next version of the internet. [33:37] Very encouraging stuff there, Dan! We’ll have another episode, which will be more on application items, so look for that. Thank you so much, Dan! I appreciate you! [33:51] Thanks so much to Dan Weisman for joining us! I love to be able to introduce you, our listeners, to some of the amazing staff in Chicago and D.C., working for you as members of NAR. Dan is always learning and networking. Getting some time with him was fun, and I’m glad you could also join us. [34:09] Stay with us for Part 2, where Dan and I learn some of the best ways to increase your productivity. [34:15] I hope you’re taking advantage of the great education offerings at Learning.REALTOR, notably, the ABR® Class. AI is relevant to all parts of our business. If you take classes on Zoom or in person, you will be getting the most up-to-date information from the instructor and other learners in the classroom. [34:34] What classes are you taking this fall to keep you sharp in this changing environment? I look forward to seeing some of you out on the road. If you are a listener, let me know! If you see me, come up to me and let me know what you’re enjoying about the podcast. [34:48] We’d also appreciate feedback on this two-episode-per-month format, as opposed to the one longer episode we’ve done in the past. [34:56] Keep up the good work, helping clients escape their various living situations. In shifting markets, they need your expertise more than ever. I’m Monica Neubauer from the Center for REALTOR® Development. Go out there and sell some houses! Tweetables: “Nobody cares how the backend of Facebook works. We know it’s providing a service we want: connections, people, ads, etc. You don’t need to understand how Gen AI works; you need to understand if it can help support you efficiently.” — Dan Weisman “I feel like we’re at this point with generative AI products where it’s like the beginning of the internet again.” — Dan Weisman “Just get used to using AI, just like we got used to using the internet for everything we do, because this is the next version of the internet in the near future.” — Dan Weisman Guest Links: Dan Weisman, Director of Innovation Strategy at NAR NAR Resource Links Additional Links: [email protected] — for NAR Online Education — List of all courses offered Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® [email protected] MonicaNeubauer.com FranklinTNBlog.com Monica’s Facebook Page: Facebook.com/Monica.Neubauer Instagram: Instagram.com/MonicaNeubauerSpeaks Guest Bio Dan Weisman is a Director of Innovation Strategy within the Strategic Business, Innovation, & Technology group at the National Association of REALTORS®. In his role, he researches technology, strategizes on what this tech may mean in the future, and builds relationships with tech leaders to understand better and drive innovation in the real estate space. He is in the thick of thought leadership.
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105: Center for REALTOR® Development: Buying that First Home: Insights from a Gen Z Buyer and Generational Trends with Ali Whitley and Martin Whitley: Part 2
03/10/2025
105: Center for REALTOR® Development: Buying that First Home: Insights from a Gen Z Buyer and Generational Trends with Ali Whitley and Martin Whitley: Part 2
Today we have Ali Whitley and her son Martin Whitley back with us for Episode 2, where we discuss generational dynamics in the workplace and with our clients. Martin tells us more about his journey and how he decided he needed the specific house he purchased. There might be a pet involved! We discuss how it is a discouraging time for first-time home buyers, but there are ways you can get into the market. These two episodes are great to share with your clients! We are talking to REALTORS®, but this conversation is great for giving hope to potential buyers who think waiting out in this market is best. Ali and Martin are often talking right to your buyers. It’s great for them to listen and learn some things. Ali Whitley is the current president of the Ohio REALTORS®. She has a wealth of experience and knowledge. I am so thrilled to have her with us again, along with her 22-year-old son, Martin, who bought his first home in 2023. Today, we talked about more generations, and Martin gave us some tips about working cross-generationally. [1:57] I am so glad to return for the second episode with Ali Whitley and her son, Martin Whitley. Welcome! [2:47] Martin’s initial goal was to buy an investment property. He looked at duplexes and triplexes. The market in 2020‒2021 was very small. There were few investment properties in the area where Marton was looking. He was looking for a property where he could live on one side and rent out the other. [3:34] Not finding exactly what he wanted to get, Martin’s goals eventually shifted. [4:14] Ali had had buyers in their 20s looking for duplexes. That led to Martin's conversation about finding a duplex. But Martin wanted to be able to bring his large dog, Draco, with him, so ultimately, he determined that a single-family home with a backyard he could have a fence around worked best for him. [4:47] The possibility of getting into an investment, living in a duplex or triplex for a couple of years while renting it out, building additional equity and some income, and then moving on to a single-family home as a second purchase is a fantastic investment opportunity. Ali always shares this with young buyers. [5:45] Monica’s young Millennial son bought his first house at 26. He had things to fix in the home and faced hiring contractors. Later, he wanted to sell, and Monica advised him to interview three agents to find one he would like to work with. Each agent was different. [7:21] One agent in the local area came in with lots of data and showed professionalism. Monica’s son chose to work with that agent. If you are young, are you getting a real estate agent and a lender who will educate you? [7:38] Ali has an introductory conversation with new buyers. Buyers must be comfortable with the agent they are hiring to represent them. Agents approach real estate in different styles, practices, and ways. You must share that with your buyers so they are comfortable with you. It’s a big purchase! [8:02] One of the most significant, most important decisions a buyer will make is who will represent them and advocate for them in this big purchase they are about to make. [8:10] Sometimes, being of different generations, the agent and the buyer can have difficulty connecting. Monica has had young agents in her Senior Real Estate Professionals class who don’t know if they can work with elderly clients. [8:46] Ali stresses that regardless of what generation we, the agent, are and what generation the purchaser or the seller is, we need to be able to communicate with everyone across all generations. That goes for all types of service professionals. We should do our best to communicate with everyone. [9:11] Ali, as a Gen X, can communicate with buyers of any generation because she prepares to help her clients every step of the way. [10:08] Monica notes that this market's average age of first-time home buyers has increased to 36. She encourages listeners to listen to Part 1, where Martin describes the process of buying his home. He made it happen with a great agent and great planning. [10:58] Ali says it can be discouraging if you’re not finding what you want to buy. The first thing you need to do, as a first-time home buyer, is sit down and talk with a professional. Talk about what your options are and find out the basics. The REALTOR® will put you on a plan so you can make your goals happen. [11:21] The REALTOR® can set you up with a lender and talk to you about the different opportunities in the markets where you're looking. They can make the process as smooth as it can be. There will be some bumps, but REALTOR® can help smooth them out. [11:41] What assisted Martin in finding his home was researching the location. Certain areas will be more expensive and out of a typical budget. The most important thing for Martin was finding an area that supported his budget. Homes in big cities are outside of most people’s budgets. [12:42] In the market Martin was researching, it was cheaper to buy than rent. [13:01] Monica invites agents listening to these two episodes with Ali Whitley and her son Martin Whitley to share them with their clients and show them Martin’s story. Ali and Martin are talking to the first-time home buyer as well as to the agents. It’s about education. [13:49] Ali adds we don’t need to find our forever home the first time. Think about your goals. If you want to own a home, it doesn’t have to be the best property. Your home can appreciate. You can earn money from it when you sell it. Start with what you can afford and make a 10-year plan to move up. [14:44] Buying the next home is on Martin’s mind but not a goal he’s working toward yet. Part of the reason Martin was successful in buying a house was that he thought far ahead. One of his main drivers was building equity in something to look to the future. Any rent you pay goes to someone else. [16:13] Monica introduces the topic of generations. While people of a generation may share some similarities, it’s important to remember that everybody is an individual. Monica asks Ali and Martin to share their observations on Millennials, Gen X, and Baby Boomers. [17:20] In real estate, Ali sees that Millennials purchase more as single purchasers than as a couple, in contrast to previous generations. That causes differences in what they need. It also causes differences in their ability to purchase a home. Millennials also have pets. [18:37] Millennials buy homes to accommodate their pets, which they see as part of their families. Martin’s dog is 80 pounds, and Martin wouldn’t have chosen a house with a fence if he hadn’t had a dog. He knew a condo wouldn’t have worked for that dog. NAR research shows pets are more important now. [20:17] Gen Xers are aged 44 to 59. Ali notices that Gen X is the new Sandwich Generation. They are helping their children and their parents. Sometimes, they combine households and have their parents live with them. [21:44] This may mean getting a bigger home. Gen X, now at their highest wage-earning age range, has money to work with to get what they want. There is a loss in this generation as parents pass and children leave. REALTORS® need to recognize this and know where the person is in their homebuying journey. [24:25] Monica suggests educating the whole family on how REALTORS® can help. What kind of home is needed? Perhaps have all the adults involved sit down with the agent and consider their options, keeping in mind who is the decision-maker client. [26:00] Martin previously worked in an event center and saw people of all ages. Selling is a very different experience for each generation you work with. Older customers tend to be more analytical and ask more questions. They want to know that you are trying to assist them in making informed decisions. [27:55] Baby Boomers are over 60. They are staying healthier longer, living longer, and aging in place. They want to have the correct type of home. They are right-sizing their homes, such as living on one floor. [28:36] Boomers are managing a lot of possessions. If you are servicing the Boomer Generation, you might have a person on your vendor list to help manage the possessions with a sale. The kids and grandkids have homes full of possessions and don’t want more. See what doesn’t need to stay. [30:09] Ali has suggested that people take digital photos of their collections and put them in a digital photo frame that cycles through the photos. They can keep one piece from each collection on the shelf and sell or gift the rest. [30:46] Martin would not want to receive his grandparents’ collections, but little mementos would be appreciated. [31:27] Monica invites listeners to look at some agents who have been doing this for a while, how much they know, and what they bring to the table. Ali has just shared so many broad ideas. [31:38] Ali, thank you so much for volunteering and teaching with your clients and other agents in the industry and for sharing all your knowledge with us. [31:50] Ali thanks Monica for having her and Martin on the podcast. She is excited to be able to do this podcast with her son. She is proud of how her son has done so far in life. [32:07] We love having you with us, Martin! You brought so much great information. Thank you for being open and sharing some of your story with us! Thank you to both of you. I appreciate both of you a lot! [32:21] Personal stories and experiences are great tools to help us understand others. I enjoyed hearing their stories about the cooperation with other agents in the transaction and with their lenders, all of them educating and jumping in. This all led to a huge win for Martin. [32:39] I enjoyed Ali talking about Generation X being the Sandwich Generation. I think multi-generational housing is taking on new characteristics. What do you think? [32:49] Recently, I was on a tour with NAR in Arlington, Virginia. I love the tours they’ve started to do at Mid-Year and NAR Next. Zoning in Arlington had been changed to add more ADUs to the allowable residential zones. [33:09] ADUs are Accessory Dwelling Units. They’re a smaller second unit. They might be attached, maybe not attached, and they can be added to the property of a single-family home. Here in my area, we see many of these in neighborhoods with older homes. [33:24] I love to see how different areas of the country are adapting their environments to the needs of their communities. The multi-family homes, as well as single-family homes, are all part of what people want and need in a changing environment. [33:43] The Accredited Buyer Representative course is available at Learning.REALTOR. There is so much great training at Learning.REALTOR. This topic is part of an excellent elective for the ABR®, Buyers by Generation: Success in Every Segment. [33:59] Such a fun class with applications for working with our clients and other real estate agents in our co-op deals and getting along better with our family members. I’m Monica Neubauer for the Center for REALTOR® Development. [34:16] You got some great tips from Ali and Martin, so I know you are now even more prepared to go out there, have great conversations with your prospects and clients, and sell them some properties! Yes! Tweetables: “[A duplex] is absolutely something I looked into and something I strived toward at one point, but my goals eventually did end up shifting.” — Martin Whitley “Whenever I meet with a new buyer, I have a conversation with them. Ultimately, they need to be comfortable with the person that they are hiring.” — Ali Whitley “I’ve had [Millennials] tell me, ‘Oh my goodness, my cat is going to love that window!’ … It is a gorgeous window; it’s not something we might have heard in the past, though.” — Ali Whitley Guest Links: Ali Whitley RE/MAX Crossroads in Akron NAR Resource Links ABR® Accredited Buyer’s Representative Buyers By Generation: Success in Every Segment Additional Links: [email protected] Crdpodcast.REALTOR Learning.REALTOR — for NAR Online Education CRD.REALTOR — List of all courses offered Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® [email protected] MonicaNeubauer.com FranklinTNBlog.com Monica’s Facebook Page: Facebook.com/Monica.Neubauer Instagram: Instagram.com/MonicaNeubauerSpeaks Guest Bio Ali Whitley is the current president of the Ohio REALTORS®. She is a successful agent and generous volunteer. Her leadership roles are myriad, and she teaches courses as well. Ali is Director of Education with RE/MAX Crossroads in Akron and is an instructor of professional designations and certifications conferred by the National Association of REALTORS®. Whitley has been active in the Akron Cleveland Association of REALTORS® since 1997, serving as President in 2012, and has chaired and served on several committees. She also served as an RPAC Trustee from 2015‒2016. She was awarded the 2013 REALTOR® of the Year from the Akron Area Board of REALTORS® and was honored by Crain’s Cleveland Business as a Women of Note in 2012.
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104: Center for REALTOR® Development: Buying that First Home: Insights from a Gen Z Buyer and Generational Trends with Ali Whitley and Martin Whitley: Part 1
02/21/2025
104: Center for REALTOR® Development: Buying that First Home: Insights from a Gen Z Buyer and Generational Trends with Ali Whitley and Martin Whitley: Part 1
People are all different. With an open attitude on our part, they are a constant source of opportunity for education, and learning. I love learning from other people. One of my favorite topics over the last 10 years or more has been about generations. I’ve been learning and teaching about how people of different generations act and react since I began teaching the Senior Real Estate Specialist course in 2009. While stereotyping people is never good as a general rule, there are some things we can learn from studying cultural differences and commonalities within a group. My guests this month, Ali Whitley from Ohio and her son, Martin, will join me to discuss some characteristics of Generation Z and what we are seeing regarding their desires and actions around housing. We will also discuss the work and planning that Martin has done to help him purchase his first home. He’s very excited about it, and I’m excited for him! He shares some great insights and practical tips to help first-time home buyers focus on the goal of purchasing real estate. Ali Whitley is the current president of the Ohio REALTORS®. She is a successful agent and generous volunteer. Her leadership roles are myriad, and she also teaches courses. It’s such a pleasure to have her with us again on the Center for REALTOR® Development podcast, and what a treat to have her son join us today. [2:12] Welcome, Ali Whitley and Martin Whitley! Martin will tell all about his recent purchasing experience, hitting his goal of buying a home by the time he was 21 years old. Martin is excited to be on the podcast to speak about his experience of buying a house as a Gen Z home buyer. [4:37] Ali has been working with first-time buyers for years and helping other people’s children and grandchildren get into homes, and while she treats all clients equally, and advocates for her buyers, it was fun to deal with her son through this transaction, seeing it professionally and also as a family member. [6:23] Sometimes, Martin needed to ask his mother a business question, and she would go into business mode. He says it was mostly easy to separate business from family. Ali always knows “which hat she is wearing, and at what time.” [7:43] Martin is in Gen Z, which includes ages 12 to 27. Martin is 22. He bought a single-family house in Akron, Ohio. It only had small electrical issues. Martin hired an electrician to complete them. [9:52] Martin had called 10 or 15 people and got three responses. Electricians were backlogged at the time. He considered what was the best deal and looked at reviews to select the business. Hiring a contractor to work for him was a new experience for Martin. [11:01] Before buying the house, Martin had not noticed that the hookups for the washer were non-standard. He used “YouTube University” to get the right parts to hook it up himself. Martin was a set builder for the theater in school, so he could build things in the home. [12:49] Owning a home had been Martin’s goal since he was 15 or 16. As a young person, he saw his mom working as a REALTOR® throughout her career. He had a clear picture of what he wanted, and he made a plan to achieve it. [14:03] Before planning how to buy a home, Martin had started building savings habits toward buying a car. He worked three days a week in the school year and four or five days a week in the summer, saving to buy a car. That gave him a habit of saving money for what he needed and not spending it on wants. [14:44] He started working in cell phone sales and found stability in that business. He worked up a budget of what he needed to save and how he could achieve that amount. [15:57] Martin hears talk among his friends in Gen Z about the fear of the difficulty of getting a mortgage with a “gig” job when they can’t prove they have a steady income. Monica and Ali see education opportunities for real estate agents and freelancers to consult with tax professionals to prepare to buy. [18:20] Martin took the opportunity to build credit for himself. When he was 18, he got his first secured credit card with $300.00 down. He spent 10 to 20% and never had a rolling balance at the end of the billing cycle. After eight months still at 18 years old, he got his first credit score and it was in the 700s. [20:33] Martin has long been intentional about buying a home. It has been a roller-coaster of emotions for him. It has been one year since he bought it. He talks about the process of finding a house. He says that finding the house, putting in an offer, and having the owner accept his offer has been surreal. [21:18] Martin was determined to stay consistent about what he was doing. He didn’t budge from the vision of what he was looking for during the whole process. He searched for exactly what he wanted. Once or twice, he put an offer in on a home that wasn’t accepted. [22:00] Eventually, the home Martin bought came to his attention by word of mouth. Knowing what he was looking for was integral to finding it. [22:52] Martin was very intentional about preparing to put in an offer and how the process would go for each step. Ali helped him focus on goals, so when the roller-coaster of emotions and frustration came, Martin went back to getting to the end goal by going through the process. He made it happen! [23:28] It took work and focusing on his goal to buy a home by age 21, with the rooms and features he wanted. [24:17] Martin says the timing was definitely right for that house to come to his attention to buy. Martin tells how he learned of the property. He and his mother were in Spain at the time. A colleague of Ali’s texted her that the house was going on MLS in 20 minutes. There were just a few pictures of it. [25:32] Ali reached out to one of her colleagues, Cyndi Kane, who went through the entire house and took about 40 pictures as a virtual showing. Martin saw the pictures and decided the house was exactly what he was looking for. He’s grateful to Cyndi Kane for making that effort. It was a competitive property. [26:24] With solid advice from Ali, Martin put in an offer that outbid the second-highest offer by $222.00! He wouldn’t have come up with that winning offer without the assistance of a real estate professional. [27:33] A lot of Martin’s friends are renting houses. Discussing his home purchase with his friends has given many of them the idea that it is possible. There seems to be a lot of negativity about home buying among Gen Zs, who don’t see it as possible for them. It is very expensive in certain areas. [27:59] There are areas where purchasing real estate instead of renting it could make sense for many people. [28:17] Martin was able to find grants and programs through mortgage lenders, which allowed him to make very low-down payments at the end of the process. He had saved money if needed but didn’t have to come up with much out of pocket. [28:52] Ali asserts that it is always important to work through the right lender. Find a lender who will speak to the client as you, the agent, would. The client needs a lender who is similarly professional. The lender explained to Martin the ramifications of certain decisions he could make. [29:53] Martin’s final word: “I would say it absolutely can be a difficult process, but it really is not impossible. With enough research and preparation, it is something that many more people can do. Depending on the situation, it could make more sense for a lot of people to pursue purchasing.” [30:23] Ali’s final word: “It is definitely possible. … It is challenging, but it’s something that you can achieve if you are focused and intentional, and you have a real estate professional who is going to help guide you through each step. Having a REALTOR® advocating for you is your best first step to make that happen.” [30:58] Thank you both so much! I look forward to our next chat! [31:06] Such a great conversation with Martin and Ali. Make sure you join us for Episode 2, where we hear some great selling tips for all the generations from Martin and Ali. What a world of difference a good education in the right area makes! [31:23] What was your favorite part of this episode? The financial planning? That was huge! What stood out to me was that Martin had a goal, made a plan, and worked the plan. Then he got his desired goal! He tweaked the plan on the way and kept moving toward what he wanted. That is a life lesson! [31:50] What do you want? Make a plan. Work the plan. Get to the goal! [31:57] The Accredited Buyer Representative is available at Learning.REALTOR. An excellent elective for the ABR® is Buyers by Generation: Success in Every Segment. It’s a fun class with applications for working with our clients and other agents and getting along better with our family members! [32:24] Thanks for joining us! Watch for our next episode with Ali and Martin, where we discuss the other generations and some trends that we're seeing in the marketplace. I’d love for you to go out there and help someone in their 20s buy a house! [32:39] However, I have a different close this time. If you have family members who are in different generational groups (and who doesn’t?), go and spend some time with them and ask them about themselves and what’s important to them, and then just listen. [32:59] Great conversation can be and will be the bridge for any generational confusion. I believe it’s improved greatly, but there is still room for conversation and understanding. I hope you enjoy the journey! I’m Monica Neubauer from the Center for REALTOR® Development. Tweetables: “For so many years, I’ve been selling homes and working with first-time buyers, helping other people’s children and grandchildren get into homes and it was really a fun and different experience being able to deal with my own son through this transaction.” — Ali Whitley “Occasionally Martin would say, “I need to ask you a business question,’ and then we would go into business.” — Ali Whitley “There are absolutely areas where purchasing real estate as opposed to renting it really could make sense for a lot of people.” — Martin Whitley Guest Links: NAR Resource Links Accredited Buyer’s Representative Additional Links: — for NAR Online Education — List of all courses offered Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® Monica’s Facebook Page: Instagram: Guest Bio Ali Whitley is the current president of the Ohio REALTORS®. She is a successful agent and generous volunteer. Her leadership roles are myriad, and she teaches courses as well. Ali is the Director of Education with RE/MAX Crossroads in Akron and is an instructor of professional designations and certifications conferred by the National Association of REALTORS®. Whitley has been active in the Akron Cleveland Association of REALTORS® since 1997, serving as President in 2012, and has chaired and served on several committees. She also served as an RPAC Trustee from 2015‒2016. She was awarded the 2013 REALTOR® of the Year from the Akron Area Board of REALTORS® and was honored by Crain’s Cleveland Business as a Women of Note in 2012.
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103: Helping Your Buyers Purchase New Construction with Trenesha Harrison Part 2
12/12/2024
103: Helping Your Buyers Purchase New Construction with Trenesha Harrison Part 2
Here we are, back with Trenesha Harrison, for Episode 2 on New Construction. In our first episode, we discussed new construction from the perspective of the on-site agent, which is how Trenesha started in real estate. In this episode, we’ll discuss how to help you be more prepared as a buyers’ agent, bringing your buyer to the new home community. The two episodes go together, so we suggest you listen to both. Trenesha lives in Oklahoma City, Oklahoma, and she loves new construction because it’s always changing; it’s always different, and there’s so much that we can learn from how a home is built from the inside out. [2:03] Seeing new construction go up is awesome but it might be intimidating for buyers’ agents who may not understand the foundation, the framing, or the roofing. Trenesha has ideas about getting familiar with new construction. On-site agents and builders can train buyers’ agents about new construction. [2:52] Trenesha has had builders coordinate presentations for her team. Trenesha also does frame training with her team. It’s hard for clients to envision what a house looks like when they’re walking through just a bunch of sticks. It’s hard to put the walls up mentally. [3:12] Being able as an agent to look at a floor plan or blueprint and understand what you’re seeing will help you mentally put those walls up, not just for yourself but also for your client, so you can identify rooms and locations of appliances for them. You have to know what you’re looking at. [4:58] To learn floor plans, you have to look at the floor plans of a completed home and an incomplete home. Look at the floor plan as you walk through the completed model home and the framed home to see how the path leads you through the homes. [5:31] Learn the construction components, such as the plumbing, gas, and electrical wiring, and framing for a door versus a window. This will help you walk this frame with your clients and understand how to explain it. Photos of the framing can also show the buyer possible structural changes they could make. [7:28] Trenesha has done “X-ray” photos of framing. She also finds it helpful to walk through the house during framing. Understanding what your client is building, you can see anything that may not be right in the framing such as a missing window the client requested above the shower. Address it with the builder. [8:35] If your client finds something in the framing that doesn’t seem right to them, remain calm and say, let’s talk to the builder, so we can get this corrected as quickly as possible. You want to help the client relax a little built. Building a home is very stressful. [9:12] If you notice something wrong in the framing, address it with the builder as the buyers’ agent and let the client know you’ve covered it with the builder. You want to make sure your buyer understands you’re working as a team with them and the builder. [9:54] Keeping your eyes on the job site for your client will help this process go a lot smoother so you don’t get to the end and find structural mistakes that cannot be changed. [12:53] Within the Buyer-Broker Agreement, Trenesha writes verbiage that covers her exit fee compensation expectations for moving into a contract without her knowledge or participation. This lets buyers know their choices and encourages them to involve their buyers’ agent in any contract. [13:37] The client must understand that the builder is for the builder, but the buyers’ agent is for the client. Trenesha’s company has these conversations and verbiage standards with their clients from the top. Trenesha trains the agents in her brokerage on new construction. Not being trained well is a liability! [14:24] In consultations, Trenesha talks to clients about new construction as an option. Some people think that’s for buyers with a lot of money. They don’t realize there are price points that fit everybody. Anybody can own a new construction home during this time. This leads to a discussion on flexibility. [17:08] Trenesha tells her clients they’re not competing the same way in a new construction market as they are in a resale market, especially not in a fast market. Planning the timing of a move takes some of the ambiguity out of the process. [18:19] Trenesha mentions some pros and cons of working with a builder’s preferred lender. Compare the closing costs and interest rates between the client’s lender and the builder’s lender. The builder may have a preferred lender because relationships matter. [20:53] Builders often carry contracts laying out details the real estate commission contract for new construction doesn’t cover, like what is expected at different phases of construction and how much money to put down in addition to your earnest deposit, especially for upgrades and improvements. [21:29] The builder’s contract may cover their specific warranty and your buyers’ agents’ compensation. Read carefully. The sales rep is knowledgeable about those contracts, so sit down with the on-site agent and your client and ask the agent to go over it with you before your client signs it. [22:28] In 2020 some builders had clauses that they could change the price, based on the price of lumber. Trenesha has not seen that in a long time. Most of the time, she sees verbiage about appraisal shortages. The buyer has to make up the difference. The builder will not drop the price. Don’t overbuild your home! [23:17] Monica saw a price-change clause in a contract last year. Be alert for things that may not need to be in the contract. [23:36] Spec builders build homes without a specific buyer. Semi-custom builders allow you to make some structural changes. They may be already built into the models based on the floorplan you choose. Completely custom builders do whatever you can afford to do. [24:33] Builders will sometimes let you move walls a bit but not too much. You may be able to pull a wall out two feet to make this side of the house bigger. You could choose a separate tub and shower or just a big shower. You may want sliding glass doors onto a back patio instead of a single door. [25:08] Design changes include your floor tile choice, wood floors, metal choice for your fixtures, paint colors, brick color, color of fascia or soffit, front door color, and window frame color. It can be overwhelming for some home buyers. There are so many decisions. [26:06] Your client has to decide what their negotiables are and what they have to have in their home. [26:47] As a buyers’ agent, know if this is a builder that starts at a low base level or a builder that has a higher base level. Knowing that is a way to bring value to your clients. There are so many nuances that come with extra money. [27:36] What does the client want and how much are they willing to pay for it? Most structural decisions need to be made at the beginning of contract time. There is a little leeway with some decisions that can be made later, such as how much concrete to pour for a patio. [28:27] Design selections involve your client’s preferences. Ask them how long they plan to stay in the house if they start choosing extreme colors. Are they OK with repainting when they sell” Cabinets and flooring set the tone of the home. Also, help them watch their budget according to their goals. [29:49] Builders that Trenesha worked with did a frame walk-through and a dry-wall walk-through. At that stage, there is still time to fix issues with plumbing and electrical placement. [30:34] Before the final walk-through, there are third-party inspections. In the final walk-through, the builder shows the homeowner the water, gas, and electricity shutoffs, alarm system, sprinkler system, and hot water system. [31:17] Before a walk-through, the buyers’ agent should discuss with the on-site agent or builder the stage they are in. Will there be time to mark anything they missed? Will the inspection report be addressed? Then you tell your client what to expect in the walk-through. A final walk-through comes before closing. [32:54] Sometimes buyers don’t feel they have the power to insist on the builder making corrections. Be sensitive to the situation. It is the buyer’s decision to make but you may have to advocate for them. Sometimes the builder pushes back, but a crooked sink counter, for example, has to be fixed. [34:52] Small or medium items can go on a warranty list to be fixed within two weeks after closing. The buyers’ agent needs to follow up on these items. Homes are rarely perfect by closing. [35:23] Trenesha’s final advice: Do not be afraid of new construction. There is a lot to add to your expertise toolbox about new construction. Don’t be afraid to search for things that will make you a better real estate agent and buyers’ agent and will help you understand what the process looks like to the buyer. [35:52] Thanks so much to Trenesha Harrison! I truly believe that our listeners are way more prepared to help buyers purchase new construction homes after listening to the wisdom of Trenesha Harrison. I got some new tips, myself! I am so grateful she could take some time with us! [36:10] These days, when we have limited inventory options, new construction is a great option at all price points. Education will help you feel more prepared to explore all the available housing opportunities in your area. [36:25] An ABR elective course: “New Home Construction and Buyer Representation: Professionals, Product, Process” is a course that will give you more detailed information if you want to help yourself feel even more confident working with buyers and builders. [36:42] You can access the class online or find a live class by searching on Learning.REALTOR. You can take it as an elective to the ABR or by itself. There are lots of opportunities to take the Accredited Buyer Representative, also available at Learning.REALTOR. [37:01] Thanks so much for joining us! We would like to hear some feedback from you, our listeners about this two-episodes process we’re testing here. Do you like the monthly topic separated into two episodes? Or, do you prefer one longer episode? [37:17] The email address to contact us is in the show notes and you can let us know which style you prefer. I’m Monica Neubauer for the Center for REALTOR® Development. [37:26] You got some great suggestions from Trenesah, so I know you are more prepared to go out there and sell some new construction! Tweetables: “I do stuff like that for my team, where we do a frame training because it’s hard for clients to envision what a house looks like when they’re walking through just a bunch of sticks. It’s hard for them to put those walls up mentally.” — Trenesha Harrison “You want to be the calm person in this. … Help the client relax a little because building a home is very stressful. If you notice something wrong, let the builder know as the buyer’s agent but also talk to your client and tell them you’ve addressed it.” — Trenesha Harrison “Keeping your eyes on the job site for your client is going to help this process go a lot smoother so you don’t get to the end and realize, ‘Oh, this was supposed to be a bedroom, not an office. This was supposed to have a closet.’” — Trenesha Harrison Guest Links: NAR Resource Links Accredited Buyer’s Representative Additional Links: — for NAR Online Education — List of all courses offered Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® Monica’s Facebook Page: Instagram: Guest Bio Trenesha Harrison is an Oklahoma native. She specializes in new construction, and first-time home buyers, is a listing specialist, and is investor-friendly. She began her career in new construction and has expertise on many top home builders in Oklahoma and the Dallas market. While being well-versed in new construction, her transition into general real estate was natural and mutual. She didn’t just choose real estate, real estate also chose her. “I have learned there is so much more to finding a home for my clients than checking off boxes.” Trenesha understands the importance of not just listening to her clients, but actually hearing them. Selling and purchasing a home is more than a logical or practical decision, there is an emotional component. Understanding someone’s emotional motivation is sometimes more important than the home itself. “As a representative for buyers and sellers, you will not be disappointed with the level of care and attention I put into helping with your home search and getting your listing noticed and sold for top dollar.” “As a seasoned real estate professional, I understand that buying or selling a home is more than just a transaction: it’s a life-changing experience. That’s why I am dedicated to providing exceptional, personalized service for all of my clients. I take great pride in the relationships I build and always work relentlessly on the client’s behalf to help them achieve their real estate goals. My philosophy is simple: Clients come first. I pledge to be in constant communication with my clients, keeping them fully informed throughout the entire buying or selling process. I believe that if you’re not left with an amazing experience, I haven’t done my job. I don’t measure success through achievements or awards but through the satisfaction of my clients.”
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102: Helping Your Buyers Purchase New Construction with Trenesha Harrison Part 1
12/12/2024
102: Helping Your Buyers Purchase New Construction with Trenesha Harrison Part 1
I love to be able to participate with my buyer clients when they want to buy new construction. I have bought two new homes, and I love the process of choosing what I want, watching it get built, then knowing how it was built, and having time to make a plan for the move. It’s not for everyone but it is a great option for a lot of people, and it is generally a bit more reliable than what we encounter with resale purchases; not always, but generally. Not all agents feel comfortable selling new construction, though. My guest this month, Trenesha Harrison, and I are going to help you see the benefits and show you how to ask better questions when selling new construction. There is a lot to learn about selling new construction and helping buyers buy new construction. Our first episode will feature Trenesha sharing some overview points and teaching us more about what it’s like to be on the side of working as a salesperson for the builder. Trenesha lives in Oklahoma City and she has varied experiences with new construction. She’ll tell you more about herself in our chat. She currently owns her brokerage firm. I’m so glad to have her with us, sharing her vast experiences and giving us some great wisdom. [2:07] Welcome, Trenesha Harrison! I am so glad to have you, with so much new construction experience. That’s what we’ll be talking about today, and you’ve worked on both sides of it. Tell us about yourself, where you live, and where you work. [2:26] Trenesha lives in Oklahoma City and has worked mostly there. She has been in real estate for nearly 11 years. She has also worked in the Dallas market for a couple of years. [3:02] Trenesha had worked for years for Oklahoma but was looking for a place where she fit. She took an interview for a job with a builder but the potential earnings seemed too good to be true and she didn’t believe it. They called her back for a second interview and she met the sales manager and the division president. The division president was passionate about the company and what it stood for. [4:05] Trenesha decided she could get behind someone with such passion for what he was doing. That first real estate job was at a growing regional company. Trenesha started in a sales role and, after a year, moved into a sales management position. [5:02] After that job, Trenesha moved to the Dallas area. She worked for two national builders there. The companies worked differently; she adopted their sales styles and got amazing training. [6:15] Trenesha feels like builders look for people with a sales background but not necessarily a real estate background. They look for people who understand how to take a “no” and move past it. [6:49] Builders’ on-site agents are trained differently than regular real estate agents. They are there to sell you a house. [7:18] Trenesha moved back to Oklahoma and worked for one more builder before she got her real estate license. After she got her license, she became a full-time real estate agent, working for a brokerage. She no longer worked for the new construction company. Some construction companies considered it to be a conflict of interest for their agents to be licensed, as licensed agents could compete against the company. [7:55] Trenesha notes that quite a few states don’t require a real estate license to sell new construction homes because you’re working as a sales professional under the builder. [8:37] New construction builders have career nights and ads on job websites and their websites. If you apply for a job as an on-site agent, ask if you would have to let your license go inactive. The sales training you would receive there is different from the training most real estate agents receive. [9:32] When selling for a builder, Trenesha liked coaching buyers who doubted their ability to buy a home, leading them to the right resources and helping them achieve a goal they didn’t know they could reach, to buy a home already built, under construction, or work from a plan. There are lots of options. [12:09] Trenesha says when you as a buyers’ agent bring a client to an on-site agent, let the on-site agent be the expert and do their job. If it’s a fit for the buyer, you and the on-site agent will work as a team. [13:34] Making an appointment before coming in assures you the attention of the on-site agent. During business hours, it isn’t necessary to make an appointment. If it’s busy, the on-site agent may let you take your client to see the model homes and return to the sales center to discuss them. [15:19] Trenesha says that a buyers’ agent who acts protective of their client doesn’t have experience working with an on-site agent. If you don’t have experience with new construction, Trenesha recommends first setting up appointments for yourself with several builders to see what they offer and how they sell. [16:59] Do you need to go to every appointment between your client and the on-site agent? What about selections? Trenesha offers her recommendations on selections. [19:17] Monica shares a Seth Godin podcast quote: “When feelings of change come in, we tend to feel incompetent.” There is so much change, we have to get used to those feelings of incompetence and learn how to fix them, so as not to feel incompetent. [20:11] Trenesha advises, you’ve got to get comfortable with being uncomfortable. That’s where you will find the most of your growth. Talk with these sales agents. Understand what they do and let them understand what you do. A lot of them aren’t REALTORS®. Build a rapport with them. [23:20] Ask the builder if they change the incentive level to buyers, depending on whether a buyers’ agent is involved. If the answer is no, you’re going to be protected. Trenesha always recommends doing an agreement upfront. She shares a case where an agreement with the builder protected her. [25:58] Trenesha will share some great tips in Part 2 about how you prepare your buyers when you’re having them sign your agreement with them. Make sure you come back for our second episode! [30:08] Trenesha’s advice for buyers’ agents: If you take your client to see a new construction model home, watch how the agent interacts with your client and take notes because they’ve had different training than you have received. See how they handle objections and understand the questions they ask. [30:38] Trenesha learned early to ask three “why”s deep. When a client answers your question, the first answer is surface-level. Dig down two more times to get to the root of the client’s motivation. Trenesha offers an example. A good third question is “Tell me more about that.” That will uncover the real answer. [31:46] Trenesha’s advice as an on-site agent: To become a new construction expert, join groups, and pay for sales training. Talk with builders. Work with colleagues who have more knowledge of new construction. There is much to be learned in the new construction field. You will elevate your career! [32:42] Thanks so much to Trenesha Harrison! Do you feel better now about working with on-site agents to help your clients get the best house for them? It’s such a great option, whether a finished market home or from-the-ground-up new construction! [33:02] Trenesha shared some fantastic tips for how to grow your understanding and your business with new construction opportunities in your community. Your professionalism with new construction communities will yield a better result for you and your client. [33:17] You can improve your professionalism with education. The CRD has an ABR elective course: “New Home Construction and Buyer Representation: Professionals, Product, Process.” Taking it will give you more education to help you feel even more confident working with buyers and builders. [33:40] You can access the class online or find a live class by searching on Learning.REALTOR. The Accredited Buyer Representative is also available at Learning.REALTOR. [33:52] Thanks so much for joining us! Listen for our next episode with Trenesha, where she talks about new construction from more of the buyers’ agent side. I’m Monica Neubauer for the Center for REALTOR® Development. [34:06] You got some great tips today, so go out there and sell some new construction this time! Tweetables: “States have different rules for selling new construction homes. Some states require you to hold a real estate license but there are quite a few states that don’t require a real estate license because you’re working as a sales professional under the builder.” — Trenesha Harrison “You need to talk with these sales agents and understand what they do, and let them understand what you do. A lot of these agents aren’t REALTORS®.” — Trenesha Harrison “You have to protect yourself a little bit more with the smaller, single builders; the ones who don’t have a huge development; the ones who build one-offs here and there.” — Trenesha Harrison Guest Links: NAR Resource Links Accredited Buyer’s Representative Additional Links: — for NAR Online Education — List of all courses offered Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® Monica’s Facebook Page: Instagram: Guest Bio Trenesha Harrison is an Oklahoma native. She specializes in new construction, and first-time home buyers, is a listing specialist, and is investor-friendly. She began her career in new construction and has expertise on many top home builders in Oklahoma and the Dallas market. While being well-versed in new construction, her transition into general real estate was natural and mutual. She didn’t just choose real estate, real estate also chose her. “I have learned there is so much more to finding a home for my clients than checking off boxes.” Trenesha understands the importance of not just listening to her clients, but actually hearing them. Selling and purchasing a home is more than a logical or practical decision, there is an emotional component. Understanding someone’s emotional motivation is sometimes more important than the home itself. “As a representative for buyers and sellers, you will not be disappointed with the level of care and attention I put into helping with your home search and getting your listing noticed and sold for top dollar.” “As a seasoned real estate professional, I understand that buying or selling a home is more than just a transaction: it’s a life-changing experience. That’s why I am dedicated to providing exceptional, personalized service for all of my clients. I take great pride in the relationships I build and always work relentlessly on the client’s behalf to help them achieve their real estate goals. My philosophy is simple: Clients come first. I pledge to be in constant communication with my clients, keeping them fully informed throughout the entire buying or selling process. I believe that if you’re not left with an amazing experience, I haven’t done my job. I don’t measure success through achievements or awards but through the satisfaction of my clients.”
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101: Explaining the Buyer Agreement and How to Use it Effectively with Brent Lancaster: Part 2
08/07/2024
101: Explaining the Buyer Agreement and How to Use it Effectively with Brent Lancaster: Part 2
In Part 1 with Brent Lancaster, we started the conversation about the Buyer Agreement and it’s a timely conversation. We recorded this before the proposed settlement from NAR was released. While the settlement is still proposed, and it’s not final, one of the key points in it is the importance of a signed agreement with our buyers. There are details to be clarified but it seems this topic is even more relevant than before we recorded it. This agreement with buyers to work together and get paid for the work you do is crucial for us. Brent owns a school and teaches CE classes in many states and is very familiar with the laws and agreements in many states. He’s not a lawyer and he’s not a pro on every single one but he does bring so much wisdom to the conversation. I’m thrilled to have him with me for this topic and I hope you join us for both episodes. Let’s join Brent and learn more about the sections that are in most Buyer Agreements. It’s important to understand all those sections, and why they are important. Your documents will vary from state to state, as does your law. Please refer to your state law first, guidance from your state and local associations, and, very importantly, your broker for clarity on your specific state and situation. [2:58] Brent Lancaster, welcome back with us! In the last episode, we talked about the Buyer Agreement, having the conversation with the buyer to sign it; why it’s important to sign it, and what happens if something goes wrong. In this episode, we want to discuss the elements of the Buyer Agreement. It’s becoming more important that they are accurate. [3:49] Defining your Buyer Agreement and how you fill it out is the job of your broker and the lawyers in your state. It is not your job. We’ll talk about some of the things we teach in the ABR® Accredited Buyer’s Representative designation. Go to your broker and your state law for your policy; also check with your state and local associations. [5:25] The commitment has a start date and an end date with a caveat for an automatic extension for a closing that is scheduled beyond the end date, similar to a listing agreement. The length may be negotiated. It may be for 180 days or no longer than a year to be enforceable. [6:56] In a discussion with a broker, in arbitration, or with a judge, they will look at much more than the agreement as to whether it’s enforceable. They’ll look at how closely you worked together, who made a change, how much work you did, and more. How many calories did you burn? [7:45] The Carryover Period extends the time of the agreement if the buyer buys a property after the agreement that you showed the buyer during the agreement. The buyer may still owe compensation. This clause protects you. [8:40] The Duties of Each Party is in two paragraphs. Discuss this in your buyer consultation in terms of your responsibilities and the buyer’s responsibilities. Try to have the same number of bullet points for each party. Brent gives some examples and priorities of the responsibilities of the agent. [12:50] Brent discusses some responsibilities of the buyer. The first is to work exclusively with the agent. Explain why that’s important. Discuss what happens if the buyer is approached by another agent, or walks through a model home. No one in a model home represents the buyer. They are working for the seller. [14:05] The buyer consultation covers some of these situations, such as what properties they’ve looked at, if they have financing and more. [15:51] One section deals with compensation. Explain how money flows in the transaction. The buyer gets a loan or cash. They hand that money to the seller. The seller pays off the mortgage, and fees, and keeps the net. The listing and buying agents get paid. Explain how much you get paid for your service. [17:35] Tell your buyer what your fee is and that you will do your best to get it from the seller. If the seller refuses, the buyer decides if they want to look at that home. Before you show any property, explain to the buyer how much they will need to bring to the table. They can decide if they want to look at it. [20:41] Monica notes that in Spain, an agent can be hired as a personal house shopper for the buyer. Monica also points out that buyers’ agents could be considered to be consultants. Consultants get paid. [22:18] There can be a section on a general description of the property type, a general area where you will look for it, and how much they will spend. If they materially change their mind, amend the agreement. [29:37] Brent explains compensation earned vs. compensation paid. What if you take the buyer up to days before closing and they want to terminate the contract? Language stating when your compensation is earned needs to be in the contract. Termination fees need to be negotiated in the contract. [31:36] You’re going to do what’s best for you. What we wanted to do in this episode is give you a general overview of some of the most important things that are in the Buyer Agreement. [31:47] Buyers are just dying to buy! There are some pent-up buyer demands. Brent is excited about the rest of 2024, second quarter, third quarter; those agents that are ready, those agents that have planted those seeds, they’re going to reap the rewards. Brent is excited for them. [32:24] Brent’s final word: “Thanks! I really appreciate the opportunity to do this, Monica! This has been so much fun. I really have enjoyed it and if anyone has any questions, just reach out to me. I’d be more than happy to help at least talk through it or have a conversation. This is my jam! I love talking about it!” [33:10] Brent, thank you so much for all your wisdom, clarity, and the beautiful way that you’ve explained some of those things! [33:49] Please continue to listen and learn from people who are creating solutions for you and your business in ways that produce growth and understanding for you and your client. Your ABR® instructors are working very hard all over the country to help us all be more focused on the quality service we bring to our clients and communicating that clearly to our prospects and the public. [34:09] Go to Learning.REALTOR to get more information about quality training online or in your local area. Getting your Accredited Buyer’s Representative (ABR®) designation is more important than ever. You might consider getting it again for a good refresher while considering your business options and plans. I have so enjoyed the personal engagement with agents in my classes on this topic. [34:37] Change can be good if we lean into the growth opportunities that it provides! Thanks so much for joining us! I’m Monica Neubauer for the Center for REALTOR® Development. Tweetables: “If you don’t tell your buyer what to do, then you’re going to lose that buyer.” — Brent Lancaster “We wanted to give you an overview of some of the most important things that are in your agreement.” — Brent Lancaster “Buyers are just dying to buy! There are some pent-up buyer demands. I am excited about the rest of 2024; second quarter, third quarter; those agents that are ready, those agents that have planted those seeds, they’re going to reap the rewards.” — Brent Lancaster Guest Links: LinkedIn: NAR Resource Links Accredited Buyer’s Representative Additional Links: Microcourses found at . Use the coupon code PODCAST to obtain 15% off the price of any microcourse! — for NAR Online Education — List of Classroom Courses from NAR and its affiliates — List of all courses offered Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® Monica’s Facebook Page: Instagram: Guest Bio Brent Lancaster Brent Lancaster combines his love of the business of real estate with his passion for education. As president/CEO of one of the nation’s oldest real estate schools, he offers a variety of solutions to the challenges agents face in today’s real estate environment. In 2003, Brent developed his first online course and has spent every year since, searching for innovative ways to bring quality and consistency to every agent using multiple delivery formats. Today, he continues to teach classroom instruction but has transformed the traditional brick-and-mortar classroom into a multimedia educational experience called On-Live™. Brent is also the broker/owner of his own real estate firm, Brent Lancaster & Associates.
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100: Explaining the Buyer Agreement and How to Use it Effectively with Brent Lancaster: Part 1
07/23/2024
100: Explaining the Buyer Agreement and How to Use it Effectively with Brent Lancaster: Part 1
Please Note: Effective August 17, 2024, all MLS Participants working with a buyer are required to obtain a written buyer agreement before touring a home. For details about this and other practice changes, please visit facts.realtor. This is our 100th episode — 100 great episodes with so many amazing people who volunteered their time to help you be the best agent you can be! So many helpful topics for your business! Who has been with me on the whole journey, even if you missed a few? If you see me out on the road at Midyear, Annual, or in a class, greet me and tell me what your favorite episode was! I’d love to hear it! Today, my guest, Brent Lancaster, and I talk about the often legally required, Buyer Representation Agreement. We recorded this before the proposed settlement from the NAR was released. While that settlement is still proposed, and not final, one of the key points in it is the importance of a signed agreement with our buyers. There certainly are many details to be clarified, but it seems this topic is even more relevant than when we recorded it last month, and we knew it was relevant then. This agreement with buyers to work together and get paid for the work you do is crucial to our work. Brent owns a school and teaches CE classes in many states. He’s very familiar with the laws and agreements in many states. He brings so much wisdom to the conversation. I am thrilled to have him with me on this important topic! I hope you can join me for both episodes! [3:47] Brent Lancaster is our guest for our 100th episode! Brent says he’s got fireworks and confetti! Brent is super excited and congratulates Monica on the 100th episode! [4:36] The laws and agency status in each state are not the same. As we talk about this, we need you, the listener, to recognize there are nuances and local practices. Always confirm questions with your broker. [5:11] We’re going to talk about buyer agency commitments. Not every state practices buyer agency and agreements differ by state. Some states are changing their laws. Watch for changes in your state. We’re recording this in March of 2024. [6:24] First, know what your state’s default agency position is. Regarding clients and customers, you owe your clients a lot more than you do your customers. We need to be honest and truthful to everyone. [7:20] You don’t owe your customers a fiduciary duty. You owe your clients a higher level of service: loyalty, obedience, confidentiality, and in some states, fiduciary duty. You also have the Code of Ethics, over and above the law. [8:41] March’s episodes with Lynn Madison are about all the things agents do for buyers. The structure is changing and there’s no longer an MLS amount a buyer’s agent will get paid. You’ll need an agreement, [10:22] Buyer’s agents have just been accepting the Offer of Compensation. You show different properties, do the same thing, and are offered three different levels of compensation. That’s going away. Now, you, the buyer’s agents are in charge of your level of compensation. [11:27] Now you get to put your value on paper. A lot of agents haven’t done it. Change is hard even if you want to change. We’re at the point where it’s potentially obligated. Get on board, early! [12:12] Brent says a conversation needs to happen before a contract. Brent sits with a seller or a buyer and explains his value and services. The Listing Agreement or the Buyer Representation Agreement is a summation of those conversations. [15:35] Tell your buyer that to perform services for them to help them buy the house they want, you need to be in a client relationship with them. That’s what the Buyer Representation Agreement does. You must know what your value is. Do you struggle with your value? Go to Competition.REALTOR (now facts.realtor) for ideas! [17:11] When do you have the buyer sign the Buyer Representation Agreement? What do your broker and state law say? Brent says to have the buyer sign before the first showing. Showing is part of your value. [18:10] The first face-to-face contact when you present the Agency Disclosure, if your state has that, is a good time to present the Buyer Representation Agreement. A buyer consultation could be a good time. [21:22] If the buyer already has an agreement with another real estate agent but wants to work with you, find out if the buyer has gone on showings and what work the other agent has performed. Buyers need to be educated. A buyer can’t work with two agents. An agreement can be terminated with written notice. [23:13] REALTORS® have an affirmative obligation to determine if a buyer has a Buyer Representation Agreement. If an agent takes your client, ask if they asked the client if they had a signed agreement. [24:51] If a buyer doesn’t want to sign an agreement, you make a business decision. Is it a buyer you want to work with? Is it a buyer? What’s going to happen if you don’t get paid? It’s no fun to be burned. [26:40] What about unrepresented and unqualified buyers going into open-house homes? The NAR says 89% of buyers are represented by a real estate professional. Explain your value to the buyer! [29:35] What if the buyer’s agent doesn’t get paid? Brent notes some scenarios. Agency Representation and compensation are separate things. Legal representation doesn’t guarantee compensation. [31:15] A Buyer Representation Agreement is a contract. The buyer says the agent will do work for the buyer and the buyer will pay the agent for the work. No reasonable person expects agents not to get paid. [31:55] The more the agent explains to the buyer how money flows in the transaction, the better off the agent will be. Brent covers negotiating cooperative compensation between the buyer and seller’s agents. [34:48] Brent believes that the buyers’ agents who are strong enough to have the conversations about compensation are the ones who are going to get the deals. [35:16] Monica encourages buyers’ agents not to be afraid to negotiate with the seller about compensation. The seller may not have chosen to make an offer but may agree to negotiate for a sale. [36:05] Brent’s final words: “Get used to having the conversation! … Those who get used to having it sooner are the ones who are going to win! We’re entering into an awesome market! Buyers are going to be more plentiful. If you can have the conversation, you’re going to convert faster than anybody else!” [36:33] Thanks so much to Brent Lancaster for sharing so much wisdom! I hope this conversation expanded your thinking about the benefit of having a signed agreement with your buyers. It is common for us to have agreements with service providers. We should have one too, with our clients. [36:58] Please join us for the second episode, where we will discuss the individual components of the agreement and why they are important. We will also discuss some of the considerations regarding even more clarification for the agreement, moving forward. [37:13] In these days, please listen to people who are creating solutions for you and your business in healthy ways. Your ABR® instructors are working very hard all over the country to help us all be more focused on the quality service we bring to our clients and to help us communicate that clearly. [37:35] Go to Learning. REALTOR to get more information about quality training online or in your local area. Getting your Accredited Buyer’s Representative designation is more important than ever. If you got it more than five years ago, you might consider getting it again. It’s been updated and is so helpful! [38:08] Change can be good if we lean into the growth opportunities that it provides! Thanks for joining us! I’m Monica Neubauer for the Center for REALTOR® Development. [39:17] When your clients ask you questions, have great conversations with them so you can go out there and help them buy those properties! Tweetables: “A lot of buyer’s agents have been staring at the Offer of Compensation and have just been accepting of what it is. Conceivably, I could show three different properties, do the exact same thing and essentially be offered three different levels of compensation.” — Brent Lancaster “The sticking point is it’s different. A lot of agents haven’t done it before. It’s different and hard. Change is hard even if we want to do it. Now, we’re at the point where this agreement is something that’s potentially going to be necessary.” — Brent Lancaster “[A Buyer Representation Agreement] is a contract where the buyer is saying ‘You’re going to do work for me and I’m going to pay you for that work.’ I don’t think that there’s anyone … that’s reasonable that expects agents not to get paid for what they do.” — Brent Lancaster “That’s the market that we’re headed to and those buyer’s agents that are strong enough to have those conversations [about compensation], I think those are the ones that are going to win the deals.” — Brent Lancaster Guest Links: LinkedIn: NAR Resource Links Accredited Buyer’s Representative Additional Links: Microcourses found at . Use the coupon code PODCAST to obtain 15% off the price of any microcourse! — for NAR Online Education — List of Classroom Courses from NAR and its affiliates — List of all courses offered facts.realtor Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® Monica’s Facebook Page: Instagram: Guest Bio Brent Lancaster Brent Lancaster combines his love of the business of real estate with his passion for education. As president/CEO of one of the nation’s oldest real estate schools, he offers a variety of solutions to the challenges agents face in today’s real estate environment. In 2003, Brent developed his first online course and has spent every year since searching for innovative ways to bring quality and consistency to every agent using multiple delivery formats. Today, he continues to teach classroom instruction but has transformed the traditional brick-and-mortar classroom into a multimedia educational experience called On-Live™. Brent is also the broker/owner of his own real estate firm, Brent Lancaster & Associates.
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099: Navigating Client Conversations: Communicate Your Value with Confidence and Clarity with Lynn Madison: Part 2
07/08/2024
099: Navigating Client Conversations: Communicate Your Value with Confidence and Clarity with Lynn Madison: Part 2
Please Note: Since the recording of this episode, NAR entered into a proposed settlement agreement that would end litigation of claims brought on behalf of home sellers related to broker commissions. To learn more, and to prepare for the practice changes taking effect August 17, 2024, go to . Welcome to Part 2 of my conversation with Lynn Madison! Today we are talking about different business models. As you refresh your presentation of what you do and what you charge, we want you maybe to consider some other options or, at least, some other parts of the business and we also want you to be aware of the possibility that somebody else might have a different business model; how are you going to be prepared for that? Go back to episode 098 to hear the start of our conversation on clearly communicating your value to your clients. Lynn Madison has received the REBAC Hall of Fame Award, the REBI Distinguished Educator Award, and Educator and REALTOR® of the Year, both from the Illinois Association of REALTORS®. She is also one of the primary authors of the ABR® designation course and we are thrilled to have her back with us again. We will link to the other two episodes where Lynn has been with us, in the show notes. Welcome back, Lynn Madison, for Episode 2! [2:25] So we just want to talk about maybe some of the different ways people can get paid, maybe some challenges we see, and what we hear from people talking about business models. [2:45] Your business model must be something that is allowed in your state. Your menu of services must not include options that are lower than the minimum services that the license law requires you to give. [5:05] Competition.REALTOR (now facts.realtor) lists tasks you perform for clients. Are they in your business model? Lynn says your business model is what you deliver but be consistent. She talks about when inconsistency hurt her. [7:44] If you provide different levels of service, have the client check and sign on a written document what level of services they are choosing, so there is no confusion or anger later. Be very clear about it. [8:37] Lynn has a pledge of performance. In it, she offers her full level of service to every client. If she offered less service to some, she would need a separate pledge of performance for that level of service. [10:07] Lynn teaches about six buckets: finding a suitable property, showing property, analyzing the market, writing a reasonable offer, negotiating the offer, and following the transaction through to the closing. [10:47] People don’t like to lose out. When you have a buyer sign a Buyer Representation Contract, you move the buyer from customer-level service to client-level service. Lynn explains what that means by law. [14:50] You’re going to want to have this Buyer Representation Contract signed with a compensation amount in it. You’re going to have to figure out how to talk about compensation with your buyers. [15:33] Stop being afraid of talking about compensation. Explain what it is you do to earn the money you are making. Nobody works for free. [19:34] Study in the last 18 months in your market, how long it took you to find a property for your buyer. Tell your client, in this market, it takes about four to six months to find a house. Would that fit your plans? [22:54] Follow your state law regarding the contract and protection period. What if they buy something after the contract that you showed them? If the contract period is long, there must be an opt-out. [26:52] Lynn wants to give her buyers premium-level services but if the buyer finds a house in two weeks instead of six months, that’s a good place to offer a menu of services. Also, Monica tells why this podcast episode is not an antitrust violation conversation in the discussion of business models. [29:27] You can use a free Zoom account to meet with buyers, especially if out of town. Share your screen with them. Tell how they will be notified of new listings in MLS and other features and statistics. [31:10] Statistics of days a home stays on the market can show the urgency of making a move to buy a home. You can show these electronically or on paper. NAR resources linked below can help. [32:43] Lynn takes NAR resources and personalizes them for herself to show her clients her pledge of performance of what she will do for them to get them the right property at the right terms to the closing. [34:40] How Lynn deals with appraisal disagreements. [35:41] In this hour, Monica and Lynn have shared some of what they teach in the ABR® class. Be sure to take the ABR® designation, with Lynn, online, or locally. [36:49] “If you’ve not read the book, Who Moved My Cheese?, get it and read it. If you think about what we’re going through, it helps you realize that you’ve got to change your mindset.” [37:52] Monica thanks Lynn Madison. She gives us so much great information! What is your takeaway from this conversation? Can you bring some points back to your team or brokerage firm? [38:05] Please share this podcast with your fellow agents. I am learning all the time and I am talking with some very well-trained and thoughtful educators. They want to help you and the people that they train to make the transition that needs to be made. Please share this as a resource for this time. [38:31] The Center for REALTOR® Development offers excellent training and you can find live, live virtual, and online courses, designations, and micro-courses. Check out the ABR® offerings and the SRS offerings locally or at Learning.REALTOR. Tweetables: “Your business model cannot be something that is not allowed in your state. Some states have, for example, Minimum Services. If I have an exclusive agreement with my client, whether it's a listing or a buyer, I must give them a certain level of service.” — Lynn Madison “I’m at a loss as to understand why a buyer would want to go [without representation]. But part of the problem is we haven’t been having these conversations with the buyers.” — Lynn Madison “You’re going to have to figure out how to talk about compensation with your buyers. All of this ties back into your value proposition.” — Lynn Madison “If you’ve not read the book, Who Moved My Cheese?, get it and read it. If you think about what we’re going through, it helps you realize that you’ve got to change your mindset.” — Lynn Madison Guest Links: NAR Resource Links Accredited Buyer’s Representative Seller Representative Specialist Additional Links: Microcourses found at . Use the coupon code PODCAST to obtain 15% off the price of any microcourse! — for NAR Online Education — List of Classroom Courses from NAR and its affiliates — List of all courses offered Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® Monica’s Facebook Page: Instagram: Guest Bio Lynn Madison Lynn is the owner of Lynn Madison Seminars, a full-service training and development company devoted to the advancement of professionalism in real estate. Formerly Lynn was Vice President and Director of Career Development for The Prudential Preferred Properties in Chicago, a 25 office firm with over 900 associates, where she authored and trained their New Agent Institute. Before that, she held the same position with First United REALTORS®, a local independent with 28 offices. She was the manager of two different offices for First United. Prior to that, she was an award-winning salesperson — receiving their Salesperson of the Year honors. Lynn speaks annually at the NAR conventions and is an ABR®, BPOR, GRI, SFR, SRES®, and SRS instructor and has conducted classes in over 30 states. Lynn's involvement with REBAC goes beyond instructing. She conducts the trainer recertification program for REBAC instructors annually and has authored or co-authored the SFR, ABR®, and BPOR courses. Lynn regularly conducts the New Member Orientation program for many of the associations in the Chicagoland area, as well as Professional Standards and Leadership training sessions for many state and local Associations. She is the Treasurer of Main Street Organization of REALTORS® her local 14,000+ member association. At the National level, Lynn currently serves on the NAR Professional Development Committee, and the RPAC Participation Council, and has served on Equal Opportunity and Cultural Diversity as well as Professional Standards and Risk Management. Lynn has been honored with two NAR Hall of Fame memberships — RPAC and REBAC. At the state level, Lynn has served as Chair of the RPAC Fund Raising Committee, Professional Standards Committee, and GRI Board of Governors and has served as a member of the License Law Rewrite Task Force, License Law Scope & Structure Working Group, the Equal Opportunity Working Group, Education MIG as well as IAR’s Strat Plan and Convention Committees. She is the author of over 20 continuing education classes in Illinois. She has also served on the state Continuing Education Task Force and the CE Curriculum and Instructor Development Subcommittees. As a member of the Illinois Agency Task Force Lynn has been instrumental in the creation and training of new agency policies. Lynn is ITI certified, a member of the Real Estate Educators Association, was a National Educator of the Year award winner, has received the Educator of the Year award from AIREE, the Illinois real estate educator of the year and REALTOR® of the Year honors from her local association in 2003 and was named the Illinois Association REALTOR® of the Year for 2011. Lynn's Credentials 2016 President Mainstreet Organization of REALTORS®, 18,000 MEMBER ASSOCIATION 2011 REALTOR® of the Year — Illinois Association of REALTORS® 2003 REALTOR® of the Year — Main Street Organization of REALTORS® Speaker at the NAR Convention since 1993 REBAC Hall of Fame RPAC Hall of Fame Conducts over 250 continuing education seminars annually NAR and REBI Certified to Teach: ABR® SFR SRES® SRS RENE PSA
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098: Navigating Client Conversations: Communicate Your Value with Confidence and Clarity with Lynn Madison: Part 1
03/05/2024
098: Navigating Client Conversations: Communicate Your Value with Confidence and Clarity with Lynn Madison: Part 1
Welcome back, Friends! Our podcast has received another award from AVA Digital Awards, an international competition that recognizes excellence by creative professionals in the area of digital communication. We received a Gold Award for Podcast and Audio Production! We have another amazing award-winning guest today! She has been recognized as an amazing instructor, having received the ABR® Hall of Fame Award, the REBI Distinguished Educator Award, REALTOR® of the Year, and Educator of the Year, both from the Illinois Association of REALTORS®. She is one of the primary authors of the ABR® designation course and we are thrilled to have her back with us again. She was with us last year to talk about the changes in the industry and how to prepare for them. We will link to that episode in the show notes. Today, we are going to dig in deeper with Lynn, specifically about ways to show your value to your clients. We must improve our skill in communicating what we do and how valuable our skills are to our clients. We have two episodes this month with Lynn, and I hope you can listen to both of them! They are worth your time! [3:19] Build your value proposition; if you don’t quantify what you’re doing, you don’t know the value you bring to buyers. [4:46] You need the client to know what you do for them. It is sometimes harder and more work to get a lower-priced transaction to the closing table. The average buyer doesn’t know the value you bring if you haven’t explained it to them. [7:39] Lynn notes that “value proposition” is sales language and people don’t want to be sold, they want to buy a house. Tell the buyer about the value you bring them, not about your value proposition. [8:29] A contractor building a house has a standards sheet showing what is included and some optional upgrades. Lynn talks about using a Buyer Representation Agreement. Lynn makes sure the buyer understands the “big bucket” things she does for them. [11:38] A weekly call with buyers keeps them updated on what you have done for them to help them buy a house. Lynn thinks we all should be doing that. [13:46] Lynn tells buyers that not all available properties are on the internet and not all properties on the internet are available. [14:03] If you don’t consistently touch base with the buyer, they go out looking with other people. Stay in touch weekly with your buyers! [16:59] Use your analytical tool in your MLS and communicate to your buyers what the market is doing. Lynn shares a recent example about pricing listings. [18:34] It’s hard for buyers to see we have an inventory shortage when the houses are everywhere. Unfortunately, in many cases, we’re not communicating this to our buyers. [19:24] In your weekly call with your buyer, share data, such as the updated absorption rate. In the market niche you’re looking at, what went under contract this week? [20:03] Lynn shares a story from her travels. Lynn shares more facts about the absorption rate or month’s supply of inventory. [24:36] You would have a license law problem and a code of ethics problem if you showed houses to someone in an exclusive contract to purchase with another brokerage company. [28:16] If something changes along the way, you may need multiple consultations. [31:23] Sellers are now recording the agent and buyers going through their homes. So we have to be careful what we talk about. This is a relationship business. We build relationships in person. [33:54] Some websites pull the new listing data in the middle of the night. That puts them almost 24 hours behind the MLSs. This happens in a counseling session. [34:36] Lynn’s last word: “NAR has a website called Competition.realtor. On there find ‘105 Things that Buyer Agents Do for Their Buyer Clients.’ [35:20] It might help you to formulate your value proposition. Find out what you’re passionate about, that your buyers have benefitted from, and talk about that. [38:05] Kudos for doing your best to get your clients the help they need and want. The Center for REALTOR® Development offers excellent training and you can find live, live virtual, and online courses, designations, and micro-courses. Check out the ABR® offerings locally or at Learning.realtor. Tweetables: “You go too long without talking to somebody and you can’t figure out how to get yourself back on track.” — Lynn Madison “Not all of the available properties are on the internet and not all of what’s on the internet is available. We have stuff in the MLS that they don’t see. Most MLSs do.” — Lynn Madison “This is a relationship business and it’s hard to build a relationship if all you’re ever doing is communicating with somebody via computer and texting.” — Lynn Madison “I talk with my buyers a lot about my having at least 10 different ways to make their offer stronger in a multiple-offer situation.” — Lynn Madison Guest Links: NAR Resource Links Additional Links: Microcourses found at . Use the coupon code PODCAST to obtain 15% off the price of any microcourse! — for NAR Online Education — List of Classroom Courses from NAR and its affiliates — List of all courses offered Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® Monica’s Facebook Page: Instagram: Guest Bio Lynn Madison Lynn is the owner of Lynn Madison Seminars, a full-service training and development company devoted to the advancement of professionalism in real estate. Formerly Lynn was Vice President and Director of Career Development for The Prudential Preferred Properties in Chicago, a 25 office firm with over 900 associates, where she authored and trained their New Agent Institute. Before that, she held the same position with First United REALTORS®, a local independent with 28 offices. She was manager of two different offices for First United. Prior to that, she was an award-winning salesperson — receiving their Salesperson of the Year honors. Lynn speaks annually at the NAR conventions and is an ABR®, BPOR, GRI, SFR, SRES®, and SRS instructor and has conducted classes in over 30 states. Lynn's involvement with REBAC goes beyond instructing. She conducts the trainer recertification program for REBAC instructors annually and has authored or co-authored the SFR, ABR® and BPOR courses. Lynn regularly conducts the New Member Orientation program for many of the associations in the Chicagoland area, as well as Professional Standards and Leadership training sessions for many state and local Associations. She is the Treasurer of Main Street Organization of REALTORS® her local 14,000+ member association. At the National level, Lynn currently serves on the NAR Professional Development Committee, and the RPAC Participation Council, and has served on Equal Opportunity and Cultural Diversity as well as Professional Standards and Risk Management. Lynn has been honored with two NAR Hall of Fame memberships — RPAC and REBAC. At the state level, Lynn has served as Chair of the RPAC Fund Raising Committee, Professional Standards Committee, GRI Board of Governors and has served as a member of the License Law Rewrite Task Force, License Law Scope & Structure Working Group, the Equal Opportunity Working Group, Education MIG as well as IAR’s Strat Plan and Convention Committees. She is the author of over 20 continuing education classes in Illinois. She has also served on the state Continuing Education Task Force and the CE Curriculum and Instructor Development Subcommittees. As a member of the Illinois Agency Task Force Lynn has been instrumental in the creation and training of new agency policies. Lynn is ITI certified, a member of the Real Estate Educators Association, was a National Educator of the Year award winner, has received the Educator of the Year award from AIREE, the Illinois real estate educator of the year and REALTOR® of the Year honors from her local association in 2003 and was named the Illinois Association REALTOR® of the Year for 2011. Lynn's Credentials ■ 2016 President Mainstreet Organization of REALTORS®, 18,000 MEMBER ASSOCIATION ■ 2011 REALTOR® of the Year — Illinois Association of REALTORS® ■ 2003 REALTOR® of the Year — Main Street Organization of REALTORS® ■ Speaker at the NAR Convention since 1993 ■ REBAC Hall of Fame ■ RPAC Hall of Fame ■ Conducts over 250 continuing education seminars annually ■ NAR and REBI Certified to Teach: ○ ABR® ○ SFR ○ SRES® ○ SRS ○ RENE ○ PSA
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097: Filling your Buyer Pipeline with Current and Future Clients: Part 2 with Janet Judd
02/20/2024
097: Filling your Buyer Pipeline with Current and Future Clients: Part 2 with Janet Judd
We’re back with our second episode of the month to talk about connecting with people so that you will have clients throughout 2024. We call it filling your pipeline. Many of us focus on getting business. If we can spend time connecting with people with purpose, there generally will be a more steady flow of clients throughout the year. Did you apply anything you’ve learned from the first episode already? We would love to hear what worked for you! Our email address is in the show notes. In this episode, we will look at the difference between online leads and live leads and a few marketing tips. February’s guest is Janet Judd. She’s a 2022 ABR® Hall of Fame recipient, Missouri Real Estate Commissioner, former President of the Missouri Association of REALTORS®, and she has won a number of awards in the business. She is going to give you real actionable tips to help you fill your buyer pipeline for 2024. [3:08] Excellent content on your site makes the difference. Janet gives some great recommendations. [4:37] Janet hangs on to hits because they picked her. Respond promptly when they contact you. Janet suggests you host virtual tours and webinars on your site. [7:08] Janet pays the website professionals for content, SEO, and marketing of her site. [10:25] Janet advertises in a neighborhood magazine to 55,000 homes a month. That’s generated a few calls that she puts in her pipeline to send a monthly postcard. [16:47] When her leads start responding more conversationally to her texts or emails, Janet knows it's time to set up a phone call with them to slowly but surely reel them in. [18:46] Make sure you have testimonials on your website. Ask your clients for a testimonial right at the closing. [20:29] Janet is a worker bee. She volunteers and works hard. Active listening is one of Janet’s superpowers. If you can do that, it makes all the difference. [22:13] Janet carries a wire-bound index card file in her purse to record notes about new contacts. For Janet, Top Producer is her “second brain.” Find your “second brain” that creates a flow. [31:30] Be a resource. It creates credibility, trust, and an emotional connection. People decide with their emotions. The educational approach is her focus, now. [33:50] I’m going to encourage our listeners to go back and listen to Part 1 of this conversation if they haven’t already where Janet talks about her system of keeping up with leads and clients. [34:55] Some states allow incentives or inducements, some do not. Check your state law before offering one. [36:08] Some agents hold R.S.V.P.-only open houses as a security issue and let only one person come in at a time. Don’t share your personal information online. [38:08] Janet’s last word: “You need consistent, excellent service to your existing clients. That’s what’s going to keep you in the business. … Whatever you do, autograph it with excellence. [39:11] My favorite takeaway from Part 2 was the reminder that everything we do to improve our visibility will cost us time or money. What was your favorite tip from the 2nd episode? If you missed the first episode about great ways to connect with people in real-time, head back and hear Janet’s tips to get started. [40:25] We’re going to be having several months of episodes focusing on tools to help you communicate more clearly, set excellent expectations, and create great experiences. What classes are you planning to take to improve your business? Go to Learning.realtor to find lots of live, virtual, and online classes. Join us in March for more ways to improve your business model and to think a little bit differently. Thanks for joining us! Make some calls, tighten up your system, go out there, and sell some houses! Tweetables: “You also want to have a call to action on your website so that they know what to do. For me is just ‘Call JJ.’ Call Janet Judd.” — Janet Judd “I truly believe the old ways are coming back again. So print media could be coming back. So I started doing that.” — Janet Judd “It has to be ‘Janet-proof.’ That means I can’t break it, it’s easy to learn, it’s intuitive, I can get to it on my phone, and get that information that I need, right away … before I call them, and get all those notes.” — Janet Judd “If I can get them on a phone call, I can usually get them.” — Janet Judd Guest Links: REALTOR® Property Resource NAR Resource Links Additional Links: Microcourses found at . Use the coupon code PODCAST to obtain 15% off the price of any microcourse! — for NAR Online Education — List of Classroom Courses from NAR and its affiliates — List of all courses offered Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® Monica’s Facebook Page: Instagram: Guest Bio Janet Judd Former Police Officer. First female hired by a 55-man department in St. Louis County — in the early ’80s. First female elected Class President at the St. Louis Police Academy. That’s why I teach the updated and revamped NAR REALTOR® Safety Course via Zoom and in-person. 2022 Chair of NAR’s Safety Advisory Council. Presented Safety Topic at the August 2021 Leadership Summit. First Hispanic to be elected President of Missouri REALTORS® and St. Louis REALTORS®. Missouri Real Estate Commissioner. 2023 Triple Play Instructor. 6000+ attendees from New York, New Jersey & Pennsylvania. NAR Appointee to the elite Professional Standards Advisory Council. Janet Judd, CRS, CIPS, GRI, ABR, SRES, AHWD, RENE RE/MAX Results Broker-Associate 2021 President Missouri REALTORS® 2016 Salesperson of the Year Missouri REALTORS® 2015 President St. Louis Association of REALTORS® Hall of Fame Member Realtors® Political Action Committee RE/MAX International Hall of Fame St. Louis Magazine 15-year Five-Star Award Recipient For Client Customer Service www.JanetJudd.com
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096: Filling your Buyer Pipeline with Current and Future Clients: Part 1 with Janet Judd
02/06/2024
096: Filling your Buyer Pipeline with Current and Future Clients: Part 1 with Janet Judd
How is your business growing and flowing right now? I hope you have a pipeline full of clients who are looking right now or planning to buy or sell in the next few months. We know, though, that hope is not a strategy. We need better tools than just hope to get our buyer pipelines filled. We know that a whole lot is happening in the real estate industry right now. We will be having several months of focusing on tools you can use to communicate more clearly, to set better expectations, and to create great experiences for you and your clients. February’s guest is Janet Judd. She’s a 2022 ABR® Hall of Fame recipient, Missouri Real Estate Commissioner, former President of the Missouri Association of REALTORS®, and she has won a number of awards in the business. She is going to give you real actionable tips to help you fill your buyer pipeline for 2024. As a reminder, this a two-part episode, with the second part coming later this month. [3:17] Janet is a solo agent in Missouri who has been selling real estate full-time for 38 years. She loves what she does and has a servant’s heart for volunteering. [5:42] You are the product when you’re meeting clients. They need to know that you’re engaging. You need to be credible and communicate to them the value of doing business with you. [11:08] Janet discusses an app that let’s you call someone’s voicemail when you can’t chat. [14:15] For Janet, a pipeline means knowing she will be able to have a buyer close on a property. [15:00] Janet takes the most motivated ones out to show properties. She leads them along the pipeline with frequent contacts and suggestions. [16:04] Janet has buyers in the pipeline for months. She keeps all her contacts in the loop so they don’t run off with someone else. She gets them under a Buyer Agency Agreement as soon as she can. [21:05] When buyers know what they want, it’s easier to define and find it. Then you have to hold their hand and make sure they stay patient while you do your job. [22:00] Janet discusses the CRM she uses. She also keeps a file folder for every contact in the pipeline with notes. She goes through all the folders each day, making contacts as appropriate. [27:10] Sometimes you lose an opportunity. Ask people who may be a year from buying how often they want you to contact them. Janet discusses how to motivate them. [29:34] Janet invites people to sign a Buyer Agency Agreement at the first meeting. She writes the agreement for a year. It’s a two-way commitment. Don’t disappear from view. [33:15] Janet’s last word: “I really just want you to understand the fact that you’re the product. Help them make that emotional decision to work with you and be excited about the opportunity to work with them and help a dream come true — the American Dream come true.” [34:02] We will be continuing with great education to help you work more clearly and more intentionally with buyers. Join us every two weeks for new episodes and review the past episodes if you need help with specific topics. Thanks for joining us! Go out there, improve your system, and sell some property! Tweetables: “I’ve been selling real estate full-time for 38 years. I don’t have a team. I’m a solo agent and I still love what I do and definitely have a servant’s heart for volunteering.” — Janet Judd “Being a buyer’s agent, you’ve got to dance the way they want you to dance. It’s on their schedule. When they call, you’ve got to pop up!” — Janet Judd “Help buyers to make that emotional decision to work with you; be excited about the opportunity to work with them and help a dream come true — the American Dream come true.” — Janet Judd Guest Links: REALTOR® Property Resource NAR Resource Links Additional Links: Microcourses found at . Use the coupon code PODCAST to obtain 15% off the price of any microcourse! — for NAR Online Education — List of Classroom Courses from NAR and its affiliates — List of all courses offered Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® Monica’s Facebook Page: Instagram: Guest Bio Janet Judd Former Police Officer. First female hired by a 55-man department in St. Louis County — in the early ’80s. First female elected Class President at the St. Louis Police Academy. That’s why I teach the updated and revamped NAR REALTOR® Safety Course via Zoom and in-person. 2022 Chair of NAR’s Safety Advisory Council. Presented Safety Topic at the August 2021 Leadership Summit. First Hispanic to be elected President of Missouri REALTORS® and St. Louis REALTORS®. Missouri Real Estate Commissioner. 2023 Triple Play Instructor. 6000+ attendees from New York, New Jersey & Pennsylvania. NAR Appointee to the elite Professional Standards Advisory Council. Janet Judd, CRS, CIPS, GRI, ABR, SRES, AHWD, RENE RE/MAX Results Broker-Associate 2021 President Missouri REALTORS® 2016 Salesperson of the Year Missouri REALTORS® 2015 President St. Louis Association of REALTORS® Hall of Fame Member Realtors® Political Action Committee RE/MAX International Hall of Fame St. Louis Magazine 15-year Five-Star Award Recipient For Client Customer Service www.JanetJudd.com
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095: Strategies for Successful Business Planning in the New Year: Part 2 with Matthew Rathbun
01/16/2024
095: Strategies for Successful Business Planning in the New Year: Part 2 with Matthew Rathbun
We are so glad you joined us to help you start your new year! This episode’s guest is Matthew Rathbun. Matthew discusses business suggestions, strategies, and ideas to help you make your plans for success this year. This is Part 2 of the interview with Matthew on Business Planning. The first part was launched earlier this month. In this part 2 episode, Matthew leads us into a conversation about the people you’re partnering with in your business and gives some great suggestions when you consider the rhythm of work and home life. We would also love to hear your feedback on this new format with two parts and shorter episodes. [2:30] Matthew urges you to choose your sellers and buyers carefully. Allot your time and attention to the right people. [7:30] Matthew explains that you are alienating your market if you post what a great time it is to buy. It is a very different marketplace today with a different cost of living and a weaker job market than past markets. [8:27] Whatever you post in a public forum, consider how it impacts your target audience. Tell them you understand their pain points and villains and you have the solutions to their problems. [12:27] Matthew sits on the board of a housing non-profit. He had a recent conversation with a board member about the challenges people have coming up with the down payment. [13:40] Matthew recommends apps that can function as your Personal Knowledge Management System. [16:49] Matthew discusses digital mind mapping and a powerful tool for this. [18:01] Matthew does his business planning in October and November to get ready for January. Do it when it’s right for you. [21:43] Do not trade your family for your career. Your career is alluring; everyone’s feeding your ego. It’s an ego-driven industry. What your spouse and kids think of you is eternal. [30:21] Matthew’s last word: He has a business planning workbook that you can download on this site. [31:15] Look for things like virtual assistants. Start budgeting; this market is going to create opportunities. [31:55] The world is changing rapidly. There is going to be a lot of opportunity in the changes with the right mindset and the right plans. [33:35] We hope you will consider taking the ABR®, the Accredited Buyer’s Representative designation, this year. You can learn more at learning.realtor. [34:02] We will be continuing with great education to help you work more clearly and more intentionally with buyers. Join us every two weeks for new episodes and review the past episodes if you need help with specific topics. Thanks for joining us! Go out there, improve your system, and sell some property! Tweetables: “[Use a] Personal Knowledge Management System. Our brains were designed for creating ideas, not for remembering things.” — Matthew Rathbun “It is not worth trading your family for this career. I have watched it happen way too many times.” — Matthew Rathbun “I don’t expect my family to support my career. I think that’s a misalignment.” — Matthew Rathbun Guest Links: REALTOR® Property Resource NAR Resource Links Additional Links: Microcourses found at . Use the coupon code PODCAST to obtain 15% off the price of any microcourse! — for NAR Online Education — List of Classroom Courses from NAR and its affiliates — List of all courses offered Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® Monica’s Facebook Page: Instagram: Guest Bio Matthew Rathbun I’m unapologetically me. I love learning and sharing what I’ve learned with anyone willing to listen. It’s what I’ve done all of my life. I’m a restless and demanding learner myself, so I focus on people in the audience who want advanced information, a little humor, and actionable information when they leave. If a learner attends one of my sessions, I feel honored to have them there and feel that I have a duty to ensure that the time they have given me will be valuable to them. I believe that every moment with learners should count. I still work with clients and actually practice the skills and information that I deliver in each class. I’m also a licensed broker in Virginia, DC, and Maryland and a licensed instructor in many states in the U.S. I am the Executive Vice President of a large multi-office firm in Virginia and oversee operations, risk management, and agent development among other things. Before becoming a broker, I was a high-performing agent and received a number of awards and accolades throughout the year including the Virginia Association Instructor of the Year, and was recognized by RISMedia Newsmaker Thought Leader in 2020. My course offerings are pretty extensive and I’m always happy to create unique content if it’s within my knowledge base. I’m a certified CRS instructor and have contributed to or written various national certification and designation courses for RRC, REBAC, and REBI (all three NAR education institutes). My emphasis is on leadership development, technology, risk management, and advanced practice of real estate. I have a wide range of experience with risk reduction, including serving on the local, state, and national professional standards workgroups, MLS compliance committees, and various other industry opportunities that have given me broad exposure to what should be the best practices in the industry. I am an alumnus of the VAR Leadership Academy. As an author, I have contributed to many real estate industry magazines and online industry news venues. A few accolades: REBI National Distinguished Instructor of the Year 2021 CRS National Instructor of the Year 2020 Virginia Association of REALTORS® — Instructor of the Year 2007 RISMedia Newsmaker — 2020 Influencer Virginia REALTORS® Graduate — Leadership Academy — 2007 Fredericksburg Assoc. of REALTORS® — Realtor of the Year 2020 Fredericksburg Assoc. of REALTORS® — President’s Award 2010 Fredericksburg Assoc. of REALTORS® — Code of Ethics Award 2011 Fredericksburg Assoc. of REALTORS® — Rookie of the Year 2003 Fredericksburg Assoc. of REALTORS® — Honor “Role” Fredericksburg Assoc. of REALTORS® — Production Awards Coldwell Banker Recruiter Award — Virginia
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094: Strategies for Successful Business Planning in the New Year: Part 1 with Matthew Rathbun
01/03/2024
094: Strategies for Successful Business Planning in the New Year: Part 1 with Matthew Rathbun
We are so glad you joined us to help you start your new year! This episode’s guest is Matthew Rathbun. Matthew will be discussing business suggestions, strategies, and ideas to help you make your plans for success in 2024. This is the first part of a series on Business Planning with Matthew this month. The second part will launch later this month. [2:55] Matthew is the EVP of a Coldwell Banker company with 10 or 11 offices in the D.C.-Maryland-Virginia area. [3:40] Matthew started teaching and has been teaching ever since. He is currently the president-elect for the Real Estate Business Institute, a good partner for CRD, providing lots of education to agents. [4:20] There has been attrition in the industry. A lot of agents are not seeing a lot of production right now. When you plan for next year, you have to base it on reality. [5:33] We are knowledge workers more than salespeople. The buyer hires you as a buyer’s agent for what you know. How do you provide clarity on your value as a buyer’s agent? [7:00] A knowledge worker will say, “I know the market, what my capabilities are, and what my consumer base is and I’m going to build a strategic plan.” [7:37] You can be a knowledge worker to your consumers and demonstrate that value to them. You can use your knowledge and say, “I’m the CEO of me.” [9:21] What are we changing for 2024? Agents need to be much more precise with their goals to be able to look back and see what they’ve accomplished and why this is a good career for them. [11:12] Matthew goes over tips and tools on how to interject your goals. Substantial industry changes are coming but most of our chaos is controllable. [13:00] You’re controlling whatever chaos you can. Putting systems in place is so important. “You do not rise to the level of your goals, you fall to the level of your systems.” — James Clear [15:48] With industry changes, Matthew says training will be a core part of any successful agent’s business. [18:33]. Change is good. A bad change can be corrected to something better. Have a healthy mindset on addressing change. Lean into change and what it means. [23:06] It’s time to add to your listing kit and improve the buyer consultation kit on your website. Market your value proposition for buyers. Matthew discusses what to do in the next 30 to 90 days. [25:45] Agents need a better consumer persona. Who do you want to work with? Just saying you want to work with sellers or with buyers is not focused enough to reach the core consumer that you want. [30:18] Matthew cites Atomic Habits, by James Clear as the most transformative book. He recommends other books. [32:50] Monica urges you to check the resources mentioned in this episode and Matthew Rathbun’s website linked in the notes. What education do you need to add to your life and business? The Center for REALTOR® development highly recommends ABR®, The Accredited Buyer’s Representative designation. Tweetables: “This is very much an industry where you get to eat what you kill. You hunt it. You kill it. Now you get to enjoy it, so to speak.” — Matthew Rathbun “Change is good. I’ve always said change is good. Even if it’s bad change, it’s generally going to be corrected and lead to something that’s better.” — Matthew Rathbun “Every successful CEO is a reader. That’s one of the common traits of all successful CEOs.” — Matthew Rathbun Guest Links: REALTOR® Property Resource NAR Resource Links Additional Links: Microcourses found at . Use the coupon code PODCAST to obtain 15% off the price of any microcourse! — for NAR Online Education — List of Classroom Courses from NAR and its affiliates — List of all courses offered Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® Monica’s Facebook Page: Instagram: Guest Bio Matthew Rathbun I’m unapologetically me. I love learning and sharing what I’ve learned with anyone willing to listen. It’s what I’ve done all of my life. I’m a restless and demanding learner myself, so I focus on people in the audience who want advanced information, a little humor, and actionable information when they leave. If a learner attends one of my sessions, I feel honored to have them there and feel that I have a duty to ensure that the time they have given me will be valuable to them. I believe that every moment with learners should count. I still work with clients and actually practice the skills and information that I deliver in each class. I’m also a licensed broker in Virginia, DC, and Maryland and a licensed instructor in many states in the U.S. I am the Executive Vice President of a large multi-office firm in Virginia and oversee operations, risk management, and agent development among other things. Before becoming a broker, I was a high-performing agent and received a number of awards and accolades throughout the year including the Virginia Association Instructor of the Year, and was recognized by RISMedia Newsmaker Thought Leader in 2020. My course offerings are pretty extensive and I’m always happy to create unique content if it’s within my knowledge base. I’m a certified CRS instructor and have contributed to or written various national certification and designation courses for RRC, REBAC, and REBI (all three NAR education institutes). My emphasis is on leadership development, technology, risk management, and advanced practice of real estate. I have a wide range of experience with risk reduction, including serving on the local, state, and national professional standards workgroups, MLS compliance committees, and various other industry opportunities that have given me broad exposure to what should be the best practices in the industry. I am an alumnus of the VAR Leadership Academy. As an author, I have contributed to many real estate industry magazines and online industry news venues. A few accolades: ■ REBI National Distinguished Instructor of the Year 2021 ■ CRS National Instructor of the Year 2020 ■ Virginia Association of REALTORS® — Instructor of the Year 2007 ■ RISMedia Newsmaker — 2020 Influencer ■ Virginia REALTORS® Graduate — Leadership Academy — 2007 ■ Fredericksburg Assoc. of REALTORS® — Realtor of the Year 2020 ■ Fredericksburg Assoc. of REALTORS® — President’s Award 2010 ■ Fredericksburg Assoc. of REALTORS® — Code of Ethics Award 2011 ■ Fredericksburg Assoc. of REALTORS® — Rookie of the Year 2003 ■ Fredericksburg Assoc. of REALTORS® — Honor “Role” ■ Fredericksburg Assoc. of REALTORS® — Production Awards ■ Coldwell Banker Recruiter Award — Virginia
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093: Investing in Real Estate is More than the Purchase with John LeTourneau
12/05/2023
093: Investing in Real Estate is More than the Purchase with John LeTourneau
This episode’s guest is John LeTourneau. Our topic is real estate investing. The Center for REALTOR® Development has a course that teaches this: Real Estate Investing: Building Wealth: Representing Investors and Becoming One Yourself. There is so much opportunity for you, our listeners, in this area. John is just opening the door of what’s possible. Let’s find out more. [2:42] John became a broker and a REALTOR® in 2005. [4:11] John started in residential but preferred B2B, so he worked as a non-REALTOR® commercial broker for several years at a large commercial firm. John shares a prospecting story. [6:50] John does volunteer work for his local, state, and national associations and public speaking and education in the U.S. and internationally. Every hour he gives comes back 10 or 20 times in satisfaction, wisdom, and knowledge. [10:23] In commercial real estate, you are a product specialist and territorial generalist, or a territorial specialist and product generalist. John’s license allows these transactions: listing property, buying property, working with landlords, and working with tenants. [11:22] John wants to reach the person who can spin off all four activities: a real estate investor. John can build a team and an income stream with that person. [12:11] John’s specialty is helping people build multi-generational wealth through investment real estate. Through his connections, he can tap into local market resources around the country and find local knowledge. [12:44] The IRS has a passive loss rule for full-time real estate professionals. Full-time real estate professionals can lose money on real estate. John describes additional tax advantages only for full-time real estate professionals. [17:52] Your day-to-day brokerage activity will rarely be enough for you to retire. Start building sources of passive income. Figure out what it costs you to live every day and every year. That’s your freedom number! [20:14] John believes that real estate, with its market advantages, in concert with a diversified portfolio of other things, is a phenomenal way to hit your freedom number. [24:04] John’s real estate investment advice. In most cases, single-family homes are among the worst investments you can make. You have a lot of risk buttoned up in one tenant in your expensive property. [31:33] John explains straight-line depreciation. When your rental cash flow surpasses the depreciation, it is a good time to sell. If the home is expensive, you can see if it qualifies for accelerated depreciation or cost segregation. [36:41] Article 11 says you should not offer specialized services unless you have the skill set to do it. Refer it out or partner up with someone with that skill. Don’t put your commission ahead of your client. [39:03] John shares some NAR statistics about the time and cost of a residential real estate transaction in the United States. [39:26] Getting a lead and making a referral of it in about 30 minutes and getting a referral percentage, is the best hourly rate you can make anywhere in the world. [40:41] John describes a cycle of investments starting with residential, into industrial, then long-term net leases. [43:14] The generational shift of wealth is where we as real estate professionals can consult in a great way. [49:43] To get into commercial, coming from residential, the top-fourth of your database is in top positions in their businesses to give you referrals. [50:27] John reviews the demographics of residential real estate agents contrasted with commercial real estate brokers. [53:30] Spending time in commercial will limit the time you spend in residential, so your residential income will decrease before you see income from commercial real estate. If you partner with a local mentor, you can get business quickly. [55:50] Invest early, invest often. Don’t be the broker who dies broke. Please take advantage of all the things you have and invest in real estate. Build multi-generational wealth. The world’s in front of you! Tweetables: “In commercial, you’re either going to be a product specialist and a territorial generalist, …. or you’re going to be a territorial specialist and a product generalist.” — John LeTourneau “What does my license allow me to do? My license allows me to represent four basic transactions: listing property, buying property, working with landlords, or working with tenants. So, there are four primary ways to monetize my license.” — John LeTourneau “The number one indicator of success in commercial real estate is your ability and willingness to prospect consistently with people you don’t know.” — John LeTourneau “Invest early, invest often. Don’t be the broker who dies broke. Please take advantage of all the things you have and invest in real estate. … Build multi-generational wealth.” — John LeTourneau Guest Links: John LeTourneau on Book recommendation: NAR Resource Links Additional Links: Microcourses found at . Use the coupon code PODCAST to obtain 15% off the price of any microcourse! — for NAR Online Education — List of Classroom Courses from NAR and its affiliates — List of all courses offered Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® Monica’s Facebook Page Instagram Guest Bio John LeTourneau is currently the KW Commercial Managing Director for the E to P Group of 9 offices in the Chicago area. In his role, John oversees the strategy implementation and daily operations of the KW Commercial brand, with a special focus on mid-market commercial properties in the Chicago region. During his career, John has represented landlords, tenants, investors, owner-users, and sellers in all aspects of commercial real estate; and looks to use this experience to leverage the KW Commercial platform. Mr. LeTourneau’s accomplishments include: ● Member of the Board of Directors, Illinois REALTORS® ● Immediate Past President, Mainstreet Organization of REALTORS® ● Member of the Board of Directors, Mainstreet Organization of REALTORS® ● Member of the Commercial and Government Affairs Committees at Mainstreet ● Member of the Illinois REALTORS® Commercial/Industrial, Leadership Development, and Public Policy Working Group ● Member of the National Association of REALTORS® Commercial Real Committee ● Overseas Member of the Institute of Professional Auctioneers & Valuers (IPAV), Dublin, Ireland ● Illinois Consulate Liaison to the Republic of Ireland ● Illinois State Legislative Contact for Senator John Curran ● Approved Continuing Education Instructor in Illinois ● Approved Instructor for NAR and REBAC ● Carries the CIPS, e-PRO, ABR, CRS, SRS, PSA, RENE, C2EX, AHWD, and GRI Designations/Certifications
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092: VA Loans, Helping Veterans, and Improving Business with Jimmy Vercellino
11/08/2023
092: VA Loans, Helping Veterans, and Improving Business with Jimmy Vercellino
We are in a market that is now topsy-turvy. We are part of the major movements in the economy of our country and there are benefits and challenges in the flow of economics and of buying a home. Today, we are going to talk about a group of people who have had some tough times buying in recent years. We’re talking about our active-duty military and our veterans who use VA Loans to purchase a home. Working with VA borrowers right now could be just what your business needs. Jimmy Vercellino is our guest today. He’s going to educate us about these loans and he is going to show us how we can serve our veterans well in the homebuying process. [3:01] Jimmy discusses his background. He served in the military and now helps veterans. [6:51] Jimmy, as a Marine veteran, shares a common language with the veteran and active-duty military homebuyers he serves. If you, a REALTOR®, speak that language, you can better serve that client and there’s instant trust, differentiating you from competitors. [9:41] Getting veterans to learn about the benefits of VA Loans is the most important thing. The military doesn’t teach this. The VA doesn’t advertise it. Mortgage loan originators don’t understand it. [11:22] A veteran can get 100% financing. VA loans today no longer have a cap, as long as the veteran qualifies by income and credit. In addition, there is no PMI (private mortgage insurance). [13:00] A veteran can use more than one VA Guaranteed Loan at a time, as long as they have enough entitlement. These features can help a veteran create wealth through real estate. [20:09] A mortgage originator who dabbles in VA Guaranteed Home Loans hasn’t been properly trained. They don’t understand the nuances of the VA Home Loan Benefit. You want to work with somebody who has an in-depth understanding of VA Home Loan Benefits. [23:15] The only time Jimmy doesn’t recommend a veteran consider a VA Loan is when they’re paying cash. He always wants veterans to have a VA Loan on the table as an option, so they can make an informed buying decision on what’s best. [24:46] Jimmy wants real estate pros to know that just because their client is putting 20% down does not mean they should use a conventional loan. Make sure that your client is getting all the options. [26:28] On Jimmy’s YouTube channel, linked at the end of these show notes, Jimmy interviewed a VA appraiser. A VA appraiser is not an employee of the VA. The appraiser said no appraiser should ever change the home value based on the loan type. [34:24] Va Guaranteed Loans are assumable. There is a lot of confusion that exists in this space. Two things have to happen to get a VA Loan assumed. [40:13] Jimmy’s philosophy on providing value to military homebuyers is to ask them if they know the benefits of a VA Guaranteed Home Loan, listing them one by one. [42:00] If your questions have provided value to the military member or veteran, chances are they will answer yes. [47:35] The way real estate agents get paid is changing. At the same time, under current law, the veteran is not allowed to pay the REALTOR®’s commission. It will take creativity to figure out win-win solutions. [49:12] The Military Relocation Professional (MRP) Certification Course from NAR never expires. Jimmy Vercellino teaches the all-day course. Agents that have attended it felt like they were more equipped to speak the language of active-duty service members. Tweetables: “[The relief of hearing your language in a foreign land] is the same thing that exists for veterans and active-duty service members when they have a REALTOR® who speaks their language; somebody who understands BAH, BAS, COE, DD-214, EAS, all of these types of things.” — Jimmy Vercellino “You don’t want a mortgage originator who dabbles in VA Loans. … They haven’t been properly trained and … we don’t want to subject our buyers or veterans to somebody who doesn’t understand the VA Home Loan Benefit and, could delay your on-time arrival.” — Jimmy Vercellino “The only time I don’t recommend a veteran consider a VA Loan is when they’re putting down 100%.” — Jimmy Vercellino “I tell my agents to be teachers; to bring the good word of VA Loans to veterans and active-duty military. As I said … VA doesn’t teach it, mortgage lenders don’t understand it, therefore, veterans don’t know it.” — Jimmy Vercellino Guest Links: Jimmy Vercellino on YouTube on the VA Appraisal Process on LinkedIn Email NAR Resource Links Additional Links: Microcourses found at . Use the coupon code PODCAST to obtain 15% off the price of any microcourse! — for NAR Online Education — List of Classroom Courses from NAR and its affiliates — List of all courses offered from NAR Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® Monica’s Facebook Page Instagram Guest Bio My name is Jimmy Vercellino, and I am a proud veteran of the United States Marine Corps and Operation Iraqi Freedom. I was born and raised in the San Francisco Bay Area, but at the age of 18, I made the decision to defend my country and leave home by enlisting. During my time in the Marine Corps, I traveled across the world visiting countries such as Japan, Korea, Thailand, Australia, and Singapore, and Fallujah, Iraq. I am a veteran of Operation Iraqi Freedom. I met my beautiful wife Sylvia while stationed in Kaneohe Bay, Hawaii, and we decided to relocate to Arizona in 2005 and get into the mortgage industry. I had a hard time transitioning from military to mortgage. I devoted myself to the Veteran and active-duty home buyers and their families here in the Phoenix area. I went all in, I started educating real estate professionals and veterans about how the VA Home Loan Benefit works. Today, I’m fortunate because I get to serve veterans all across this great nation. I lend in all 50 states. My mission was to serve all veterans and active-duty military as a trusted advisor for all their VA Home Loan financing needs. I have always had great love, respect, and admiration for veterans who have served the United States and I wanted to give back. Now, I have risen as one of the country’s top VA Home Loan mortgage originators. Being a licensed and certified instructor with the Arizona Department of Real Estate, I proudly teach continuing education for real estate professionals in the Valley. It is my passion to partner with servicemen and women every day to help them find the home of their dreams in the country they call home. I now live in beautiful Phoenix, Arizona, and enjoy spending time with my wife Sylvia, daughter Sylvia Ann, and son Christian.
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091: Marketing your Business and Value with Holly Mabery
10/03/2023
091: Marketing your Business and Value with Holly Mabery
Today we are talking about a topic that we all need to pay attention to. Many of us don’t like this part of our business. Our guest, Holly Mabery, is going to break it down to a simple plan for us to follow. What’s the topic? Marketing! Holly brings this huge concept to a manageable part of your business. She is also one of the subject matter experts for NAR’s Marketing Strategy and Lead Generation course. Let’s join Holly for some great information on marketing and a few laughs about this potentially overwhelming topic! [3:38] The most successful agents are the ones who show up with value and substance to their clients. That’s the key to building your business. [4:00] Before selling a house, you have to figure out how to market yourself to get listings, how to market the listings, and then how to re-sell the house each time the buyer goes back to it. Clients will come to you because of how you show up and the consistency with which you show up. [9:17] Holly coaches new agents to know the purchase contract better than anybody in the market. [12:33] Holly discusses three things to help with marketing. [22:02] If you spend a dollar, you should back that up in free ROI tenfold. If you can’t do that, don’t spend that dollar. [24:08] Every time you earn a designation, like the Accredited Buyer Representative, put that certificate on LinkedIn and promote yourself. Every time you do an educational video put it on LinkedIn. [24:55] Your phone is your second biggest tool, after your resume. Start using your phone! [26:54] Do a quarterly e-newsletter with a calendar. Spotlight a specific business. Include one real estate stat. [29:35] Google will let you send out 500 emails daily. Use MLS drip campaigns for targeted marketing. Look for opportunities to help people. [35:01] Don’t be overwhelmed by the number of platforms. Pick one to start and focus on using it for 30 days. [36:36] If you can explain to your buyer or seller the ways they can get out of a contract, that builds trust. [37:57] Ask for reviews. Ask people who loved you to talk about it. Rate My Agent is a great tool to use. [43:47] Your value proposition is to earn the trust of your client and take care of their needs. Identify what job your client is hiring you to do while you treat everybody equally. [53:07] Find your specialty; residential resale or new homes? Find that nuance. Where are you already showing up online? Accentuate that. [55:35] Always be yourself! Be yourself authentically because people want to work with you. They want to refer you. If you’re anything but yourself, that will take more time, energy, and effort and burn you out faster. So always be yourself and show up in that way. Tweetables: “When you start to think of marketing, it’s huge, it's nuanced, and it’s layered. My best advice to everybody out there right now is to take a deep breath; inhale and exhale. It’s going to be fine. You can do it. Find your niche and be authentically yourself.” — Holly Mabery “Show up. One thing at a time. Learn your contract first. Period.” — Holly Mabery “You are the glue that puts the pieces together. [Your client] has all the pieces. You are the glue that pulls it together and helps them understand how it works.” — Holly Mabery Guest Links: Holly Mabery, VP of Operations at eXp Realty on LinkedIn Related Episodes: NAR Resource Links Additional Links: Microcourses found at . Use the coupon code PODCAST to obtain 15% off the price of any microcourse! — for NAR Online Education — List of Classroom Courses from NAR and its affiliates — List of all courses offered Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® Monica’s Facebook Page Instagram Guest Bio Holly Mabery brings a contagious enthusiasm for all things real estate. A full-time REALTOR® since 1998, her passion for our industry led her to serve as the 2012 President of the Arizona Association of REALTORS® and she remains active on state & national committees. Holly is a VP of Brokerage Operations for eXp Realty and a former state-designated broker of Arizona supervising & training over 1800 agents. Holly is the Co-Creator of the Arizona REALTORS® Leadership Training Academy, a strategic planner, industry speaker, and instructor whose goal is to build strong communities with each transaction working with clients, REALTORS®, and associations.
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090: Embracing the World of AI with Alex Camelio
09/20/2023
090: Embracing the World of AI with Alex Camelio
Do you want to know about AI, and specifically, ChatGPT? Alex is here to tell you all about it! Alex is a true tech person with a teacher’s heart. He will explain some of the inner workings of Natural Language Programming, which is what ChatGPT is: language. There are layers to this, and more changes are coming; changes that will make using ChatGPT even easier. So, let’s get some tips and some education from Alex Camelio! [2:36] Alex looks for technologies that change the way we do business. For example, the Snapchat and Reels trend of holding your phone upright to watch video was a small, fundamental change to video. [4:31] When Alex sees fundamental changes in people adapting and working differently, that’s when he starts thinking there’s a revolution or a trend that’s sticking around. He sees that with AI. [6:10] In a few months, Alex will be at NAR for two sessions involving AI. He discusses the sessions. [7:49] AI has limitations; it tends to lie or “hallucinate” when it lacks information to draw from! If you don’t give it good instructions and directions, it makes up something. [10:40] Alex Camelio is the CEO of Agent Inner Circle (AIC), agentinnercircle.com, a free community of about 40,000 agents. AIC publishes free content and articles to help agents in marketing and business practices. [11:06] Alex had taught himself to code and has been coding since he was 10 or 11. About 15 years ago, he started a tech company, Barcode Realty, and sold it to Lone Wolf. [13:30] Alex believes that ChatGPT was a publicity stunt by OpenAI. OpenAI has been working on the Large Language Model (LLM) for years. Their mission statement is “Making artificial intelligence available for the world.” [18:25] ChatGPT learns over time. The apparent reason for the release of ChatGPT is to gather as much data as possible. It took off as a consumer product but is meant for the AI side of the world more than the consumer product side. [19:47] Alex shares his thoughts on privacy. We carry an active listening device with us, day and night. If we want to go back to privacy we will need to make major cultural and government steps to protect it. [22:18] OpenAI, the creator of ChatGPT has an API behind the scenes. An API allows your website and server to connect to ChatGPT and the data, and use the AI through your website instead of through the platform. [23:18] An enterprise customer of OpenAI GPT has settings that allow them to change the creativity and other components of how the AI responds. [29:25] Alex predicts it will become less complicated to use AI. Alex has been building a tool called ChatGuide that gives access to a lot of these features. [35:18] Alex is setting up bots at ChatGuide that are cold-call teaching bots that pretend to be home sellers. You can chat with it and it will give you objections while you try to make a listing appointment. [39:01] Think about ChatGPT as if you were bringing on an assistant. You would take time to train the assistant on what you want. [45:38] CrystaKnows builds a DiSC profile on someone from social media. It’s a sales tool for agents who want to speak in the personality language of the person they’re talking to. [52:45] Alex thanks Monica for having him on the show. He leaves you with a bit of philosophy. Will AI take your job? [57:33] Don’t get too distracted by all the shiny objects, because they’re sure flying around, now! Your clients and friends are still out there, planning their lives, and you’re the one to help them at the perfect time. So, go talk to some folks and sell some properties! Tweetables: “I always look at technologies that will … change the way we’re doing business in some form. … In the last few years, there were … Snapchat and Instagram Reels. The trend there was vertical video. … Somebody said, ‘We need to hold our phones upright.’” — Alex Camelio “AI can be very good at writing … but it also has some limitations. … If you just tell it to write something, it will commit Fair Housing violations, or it will make stuff up. … It tends to lie or ‘hallucinate’ … when it has a lack of information to draw from.” — Alex Camelio “Think about [ChatGPT] like you’re bringing on an assistant. … An assistant shows up on their first day to work for you. Are you going to be able to say, ‘Write me a property description,’ and then expect a perfect property description … their first try?” — Alex Camelio “The prompt to make a good property description is probably going to be anywhere from two to four times the length of the property description. … Think about it like you’re training an assistant. … A brand new assistant comes into your office; they have no idea.” — Alex Camelio Guest Links: Alex Camelio, owner and founder of Agent Inner Circle (software referenced) on LinkedIn Chat GPT is at NAR Resource Links Additional Links: Microcourses found at . Use the coupon code PODCAST to obtain 15% off the price of any microcourse! — for NAR Online Education — List of Classroom Courses from NAR and its affiliates — List of all courses offered Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® Monica’s Facebook Page Instagram Guest Bio Alex Camelio Throughout his career, Alex Camelio has personally helped over 15,000 Agents and Brokers, including some of the Top REALTORS® in North America. His passion for marketing, technology, and business development has translated into more than a decade of cutting-edge contributions to the real estate industry. As the CEO of Agent Inner Circle®, a 40,000-member real estate agent community, Alex focuses on providing agents with education and actionable strategies to grow and optimize their business, ultimately building some of the most successful careers in real estate today. Alex is an internationally recognized educator who’s shared his thoughtful and energetic presentations with various National Associations and industry organizations. Prior to AIC, Alex was the Co-Founder and President at Barcode Realty, a company focused on bringing cutting-edge mobile technology to the real estate industry, which he later sold to Lone Wolf Technologies
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089: Awareness is Your Best Safety Tool with Andy Tolbert
09/05/2023
089: Awareness is Your Best Safety Tool with Andy Tolbert
September is Safety Month at the NAR. We have a great episode with Andy Tolbert to help you stay aware and keep yourself safe as you do your job. I am so glad to have Andy Tolbert in this episode with me today. Andy lives in Florida, where she’s a speaker, real estate investor, and safety professional! So, join us for this episode about safety while selling! [1:17] September is NAR Safety Month. The dangers to real estate professionals seem to be increasing — or are we just knowing more about the dangers? [2:17] Andy has been in real estate for 20-plus years. She is a Florida broker associate, a state-permitted instructor, and an instructor and member of the Florida REALTORS® faculty. She has trained loan officers and real estate investors and is a self-defense and firearms instructor. [3:29] Andy and her husband have written a book called The Safer Agent. It’s the real estate agent’s guide to make a ton of money and be safer doing it! [4:54] Andy discusses her number one safety rule. [5:37] Andy also teaches REALTOR® Safety and body language to law enforcement officers in Florida. [7:08] Andy shares information about why certain people were targeted. Prisoners who have been charged with attacks were asked this question. [9:07] Andy discusses the fight-or-flight physiological response of your body to danger. [13:39] Andy discusses the four levels of awareness. [14:37] Deciding where you need to be on that level of awareness scale involves three things: Where you are, whom you are with, and what you are doing. [17:07] Andy says you need to train yourself not to ignore your gut feeling. [20:58] Andy always tells her classes that she’s using the pronoun “he”, but it could be “she,” a child, an old person, or an animal that is used to get you to drop your guard. [26:33] Andy discusses the steps to take before you show a house. [40:28] How do you keep safe when entering a damaged home, such as from flooding or fire? Make sure it has first been officially inspected and found safe to enter. [44:02] Facebook Marketplace is starting to have scams. [51:21] Andy bought a property in mountain country. She discusses that going to a rural property is a big commitment. [53:04] A lot of people don’t realize how serious a matter REALTOR® safety is. According to the Bureau of Labor Statistics, in an average year, more than 50 real estate professionals die on the job for all reasons. [54:16] If you are a broker, Andy stresses that you bring safety standards and training into your office and be serious about it. Don’t just make it a page in your new agent’s manual. [58:39] So, what was your takeaway thought? This may be a great episode to take to your broker to open or continue the safety conversation in your office. [59:14] Please review your personal and office safety policy this month. It is Safety Month, so be thinking of safety this month and all the time! [59:32] At Learning.REALTOR, the Center for REALTOR® Development offers a whole webinar series on safety for your benefit and you can use those if you need to develop a new policy. We want you to be safe. Tweetables: “They’ve gone into prison, and they’ve interviewed guys that are in prison for attacking people on the streets and they've said, ‘Why did you pick the person you picked?’ And the answer is, ‘Because they weren't paying attention.’” — Andy Tolbert “I’m never going to blame you for being a victim of something. However, let’s look back at the situation. Was there something you could have done differently that wouldn’t have made you a victim today? Usually, there’s something you could have done differently.” — Andy Tolbert “If you are a broker and you’re listening to this, I want to super-duper stress to bring safety standards into your office. Bring safety training into your office. And be serious about it!” — Andy Tolbert Guest Links: on LinkedIn NAR Resource Links Additional Links: Microcourses found at . Use the coupon code PODCAST to obtain 15% off the price of any microcourse! — for NAR Online Education — List of Classroom Courses from NAR and its affiliates — List of all courses offered Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® Monica’s Facebook Page Instagram Guest Bio Andy Tolbert Andy has been in real estate for 20-plus years. She is a Florida broker associate, a state-permitted instructor, and an instructor and member of the Florida REALTORS® faculty. She has trained loan officers and real estate investors and is a self-defense and firearms instructor. About ten years ago, she was asked to bring safety training to the real estate world. She is now a real estate safety professional.
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088: Emerging Technology in Real Estate with Dan Weisman and Dave Conroy of NAR
08/01/2023
088: Emerging Technology in Real Estate with Dan Weisman and Dave Conroy of NAR
In this episode, we are talking about emerging technology. Dan Weisman and Dave Conroy work at NAR and are sharing with us their knowledge about technology in the real estate industry. We’re talking AI — yes, we all love ChatGPT — Chatbots, Fractional real estate, and what they see for the future of cryptocurrency. They have some software suggestions and usage tips for us as well. So, join us for this informative episode! [2:31] Dan Weisman and Dave Conroy are the Directors of Emerging Technology at NAR. [3:51] If agents do not feel they are able to keep up with emerging technologies, Dan encourages them not to feel bad. Even Dave feels on some days it’s like drinking from a firehose and keeping up with emerging technology is his full-time job. [5:05] Proptech is any form of property technology. Dan and Dave also look at the adjacent industries of construction tech, financial tech (fintech), insurance tech, and mortgage tech. [6:59] There is no shortage of data to feed proptech tools to help agents get a better understanding of their market and customers and complete more transactions. [8:49] Dave explains the amount of data over the past 10 years has grown exponentially. Ninety percent of our data was created in the last 10 or so years. [10:59] Some companies are backed by NAR, Second Century Ventures, and Reach. Plunk is one of them. They’ve got an AI-powered valuation model that digs into MLS showing data. [15:09] Dan discusses AI products he and Dave have been researching for years similar to ChatGPT. [16:37] When you log into Amazon, it offers things you might be interested in, whether or not you have been thinking of it. That’s AI based on your habits, predicting your next move. [18:22] ChatGPT feels like having a human-level intelligent personal assistant to answer questions about anything; how to write an email, recipes, and no shortage of help for REALTORS®. [21:16] There will still need to be a person involved with the end product to make sure it’s written as you want it, the information is the way you want it to be displayed, and that it’s accurate. [22:32] Monica points out that CRD is teaching classes on applying ChatGPT. [24:53] ChatGPT is powerful but make sure you understand what problems or what areas you’re trying to be better at to increase your revenue, increase your business and provide better service. [25:36] If Dave were recommending to a REALTOR® how to incorporate one of these large language models, Bard or ChatGPT, into their workflow, he would suggest they use it as a creative muse. [27:03] Dan discusses image generation. [30:54] Dan and Dave discuss ways to keep in touch and to join their monthly proptech meetups. [33:56] Cryptocurrency has disappointed Dave who was bullish on it early. Make sure the tech you’re looking at isn’t a solution looking for a problem. [38:03] Fractional real estate or fractional ownership of properties isn’t new, but there are new ways to get access to it. [44:45] Global funding for technology is down. What does that mean for the United States agents? [48:48] Automated listings use AI to analyze listing photos to help assist agents in creating listings. [50:32] Some of the changes coming to real estate may require agents to be much more efficient. Agents can improve their efficiency with some of the AI tools discussed in this episode. [57:46] There are lots of basics in our industry that are about people and relationships, and they’re based on that relationship. Technology is a tool to help us, not remove us from our clients’ lives. [58:19] You can follow up with Dan and Dave on LinkedIn to learn more. If you want to expand your tech knowledge, NAR also offers the e-PRO® certification. Tweetables: “You need to also know that it’s still a machine that was trained by someone that’s pulling data from somewhere. … It’s like 90% accurate. There’s still that 10%, which can get you in a lot of trouble sometimes. … Test it out but … verify everything.” — Dan Weisman “I would suggest that you just use [ChatGPT] as a muse; like a creative muse. … It helps me get from zero to one. I feel like if I can just get started with something, finishing it is so much easier.” — Dave Conroy “How we operate has changed, and most of it is due to technology. It can be overwhelming but what’s most important is to understand the problem you’re trying to solve and what technology may be out there to help you solve it or at least be better at it.” — Dan Weisman “People will try a new piece of technology and it doesn’t work right out of the box, so they dismiss it. I would urge your listeners, please don’t dismiss technology because it can be very hard to predict how quickly the technology will advance and be adopted.” — Dave Conroy Guest Links: at NAR on LinkedIn at NAR on LinkedIn NAR Resource Links Additional Links: Microcourses found at . Use the coupon code PODCAST to obtain 15% off the price of any microcourse! — for NAR Online Education — List of Classroom Courses from NAR and its affiliates — List of all courses offered Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® Monica’s Facebook Page Instagram Guest Bio Dan Weisman Dan Weisman is a Director of Emerging Technology within the Strategic Business, Innovation & Technology group at the National Association of REALTORS®. In his role, he focuses on how the intersection of business processes and technology may impact the real estate industry. Dave ConroyDave Conroy is a Director of Emerging Technology within the Strategic Business, Innovation & Technology group at the National Association of REALTORS®
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087: Tools and Tech for Working with Mature Clients with Ali Whitley
07/05/2023
087: Tools and Tech for Working with Mature Clients with Ali Whitley
Everyone is adapting to the technology they need, in their work and life. We want you to have the best tools that will benefit you and your clients. In this episode, Ali Whitley discusses working with our mature clients. The Seniors Real Estate Specialist® Designation (SRES®) is an amazing class that the Center for REALTOR® Development offers. This class discusses things you need to know. We discuss the technicalities of senior living, reverse mortgages, estates, taxes, and more. We also discuss helping our mature clients get established in communities and be connected in the ways that help them best. Thanks for joining us! [2:22] Ali is an educator and loves all things education. She is happy to be the chair of the Emerging Business and Technology Forum for NAR this year. [4:56] A person of the same age could have a very different lifestyle than another person. It depends on your activity and health and your ability to be active. [8:16] Ali talks with clients about their interests. She finds out their activity level and the things they like to do. [9:07] Art museums, libraries, and different types of opportunities in your community may have senior or 50-plus programs. When you get plugged into something, you find more to do. Do pre-work and find links for your clients to find their way. [10:39] If we have things available for someone and we can start to identify it for them, their interests and their ability to meet people is going to “explode,” so they’ll be able to be connected in their communities. [10:59] The Seniors Real Estate Specialist designation covers three generations: Gen X, Boomers, and the Silent Generation. These generations have different characteristics. They are very diverse in technology. [11:59] As real estate professionals, we help clients across any technology abilities, know where they are, and meet them there, encouraging them to use technology in their transactions and their lives. [12:20] Stereotypes are helpful for some conversations but don't ever over-assume things. Ali sees different generations using technology differently. [13:36] Video chats and social media are useful for people to keep that connection and feel that they’re in the know with their community and their family. [15:18] Ali sees older people using video doorbells to keep an eye on who’s coming up on their porch and when they’re getting deliveries and having visitors. They’re using health trackers and video medical appointments. [16:52] When Monica’s parents find something that satisfies a need that they have determined, like their Ring doorbell, they are thrilled to have the technology. But they still don’t want “all of that technology.” [20:15] We need to talk with our clients and learn their communication preferences. [20:40] Our young clients don’t want to talk on the phone but our older clients want to talk on the phone and see us in person. This is a relationship-building business. We need to build the relationship in a way that the client is comfortable. [26:19] There are all sorts of opportunities to use technology to make connections but face-to-face or voice-to-voice are important for people to feel connected. [26:39] Ali is the chair of the Emerging Business and Technology Forum that works with the REACH program. The REACH program comes out of Second Century Ventures, the strategic investment arm of the National Association of REALTORS®. [28:08] NAR chooses both REACH commercial and residential companies for technology that may be utilized in homes or businesses. Ali recommends some digital technology clients can use. [32:40] Ali suggests looking at the REACH program and Second Century Ventures to see all the REACH programs and classes. [34:58] The Seniors Real Estate Specialist is one of many excellent offerings and you can find out more at Learning.REALTOR. Tweetables: “A person of the same age could be in a very different lifestyle than another person. It really depends on your activity level, your health level; how you really feel about yourself, and your ability to have activity.” — Ali Whitley “Maybe someone had a real interest in something particular and their job took them in a different direction. Now, as they’re retiring, they can start to take those classes that they thought that they would enjoy.” — Ali Whitley “As REALTORS®, we need to help clients across any technology abilities and we need to know where they are and meet them there and see if we can help to encourage new technology within their transactions.” — Ali Whitley “They can see your smiling face on the video or they get to meet you in person and they get a feel for who you are, and then later, if … you’re sending a text, or you’re sending something through email, now they can put your face to it.” — Ali Whitley Guest Links: Ali Whitley, REALTOR® ABR, CIPS, CRS, GRI, SRES, SRS, AHWD, e-PRO, PSA, RENE, RSPS, SFR, C2EX Endorsed RE/MAX Crossroads REACH Program Companies NAR Resource Links Additional Links: Microcourses found at . Use the coupon code PODCAST to obtain 15% off the price of any microcourse! — for NAR Online Education — List of Classroom Courses from NAR and its affiliates — List of all courses offered Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® Monica’s Facebook Page Instagram Guest Bio Ali Whitley Ali Whitley is an active Residential Real Estate Agent and Director of Education at RE/MAX Crossroads. In addition to guiding buyer and seller clients through successful transactions, Ali is passionate about professional development and education. A skilled negotiator and experienced REALTOR® for over 26 years, she shares this expertise and empowers fellow agents as an educator and mentor, and as an instructor of Designations and Certifications. Ali is active in local, state, and national REALTOR® Associations, currently serving as President-Elect of Ohio REALTORS®, NAR Director and Chair of the Emerging Business and Technology Forum. She has been recognized as AABOR REALTOR® of the Year and as a “Woman of Note” by Crain’s Cleveland Business. Ali is committed to excellence, fostering an inclusive environment focused on sharing strategies for growth and success
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086: Committed to the Conversation: Why is the Homeownership Gap Still So Wide?
06/23/2023
086: Committed to the Conversation: Why is the Homeownership Gap Still So Wide?
In this bonus episode, we are joined by a member of the NAR staff, Alexia Smokler, a staff executive to NAR’s Fair Housing Policy Committee. That description does not begin to convey all the work that she does on our behalf and on behalf of the clients we serve. She has been key in developing the Bias Override class and Fairhaven.realtor. We are excited to discuss the programs she manages as well as learn what agents are doing in the marketplace, in this bonus episode! [1:40] Monica welcomes and introduces Alexia Smokler, the Director of Fair Housing Policy and Programs for NAR. [2:19] Alexia discusses several of the educational programs she delivers such as Fairhaven, implicit bias training, NAR’s Fair Housing Champion award, and licensure reform efforts under the ACT Initiative, which NAR rolled out after the Newsday investigation in Long Island. [3:52] Monica asks Alexia for definitions of Fair Housing, DEI, and Implicit Bias. [8:18] Alexia discusses the difference between prejudice and discrimination. [8:50] It’s important to distinguish that you can be engaging in discrimination without holding feelings of prejudice. This is discussed in the Implicit Bias course. [13:06] Alexia describes the Bias Override course. The problem with mental shortcuts is when they’re about people and they’re based on stereotypes. [16:57] The Bias Override course brings new terms to your mind. It helps you describe things you have felt and gives a name to it. Monica speaks of the trip she and her daughter took to Japan where there are not a lot of Westerners. [19:02] Alexia ties Monica’s Japan experience to the Bias Override course. She had the experience of being the minority and being the out-group. [20:53] Alexia speaks of studies that show that discrimination shrinks the economy. The wealth they would have generated that would have created more jobs does not get created. [21:56] Morgan Stanley’s study found that lending discrimination had kept five million people out of home ownership nationwide. [25:03] The wealth gap is not just attributable to differences in income. It’s also because of the historical support of White people to become homeowners. [25:48] Alexia tells how the government involved itself in home ownership. They created the FHA which distributed loans according to redlining maps and most of the mortgages went to White people. [26:54] Black GIs were not able to get mortgages from lenders. They didn’t get to buy a house and pass that wealth down. [28:53] Lending discrimination is a big problem and it’s not just against People of Color. It’s also against women and people with disabilities. Loan officers need more Fair Housing training. Monica cites the books The Sum of Us and The Color of Law. [31:30] In a couple of decades, we’ll be a majority-minority country. There will be no one majority group. We need to be ready to serve different kinds of people or we will miss out. [32:56] Fairhaven.realtor is an interactive real estate simulation. You go into a fictional town and your task is to sell four homes in six months. You go through different scenarios where you encounter different kinds of discrimination taken from real Fair Housing cases or members’ FAQs. [43:09] The Fair Housing Champion Award was launched as part of the culture change around Fair Housing to celebrate people who are helping clients overcome historic barriers. Alexia discusses one applicant who stood out. [49:28] Alexia’s final word: What agents do is much more important than a transaction. It’s about the wealth that’s generated from a transaction that will impact generations. [50:37] The minimum that agents can do is to keep the highest standard of compliance with the law and take training and classes. Alexia offers ideas on how to help make it better in your community. [53:04] All NAR certification and designation courses give you skills that help you level up your business so you can serve all your clients and your community better. Tweetables: “DEI supports Fair Housing. So, if we’re inclusive, if we’re diverse, and if we’re open to different perspectives, then it naturally follows that we’re going to treat consumers better because we have that lens on how we approach everybody.” — Alexia Smokler “Once you start making those assumptions, you’re down a dangerous road.” — Alexia Smokler “Black folks earn 60% of the income that White people earn. But they have only about 12% of the wealth. … The average wealth of a White person [with] a high school education is higher than the wealth of a Black or Hispanic person who has a college education.” — Alexia Smokler “Loan officers need more Fair Housing training.” — Alexia Smokler Guest Links: Alexia Smokler Fair Housing Champions: Bias Override Class: NAR Resource Links Additional Links: Microcourses found at . Use the coupon code PODCAST to obtain 15% off the price of any microcourse! — for NAR Online Education — List of Classroom Courses from NAR and its affiliates — List of all courses offered Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® Monica’s Facebook Page Instagram Guest Bio Alexia Smokler Alexia Smokler represents NAR’s positions on Fair Housing to Congress and federal agencies and leads NAR’s ACT! initiative, which emphasizes Accountability, Culture Change, and Training to advance fair housing in the industry. She led the development of , and . Alexia also oversees NAR’s discrimination self-testing program for real estate brokerages, NAR’s fair housing real estate licensure reform efforts, and other projects aimed at closing racial and ethnic homeownership gaps. Alexia serves as staff executive to NAR’s Fair Housing Policy Committee and writes and speaks regularly on fair housing issues to audiences around the country. Her 2021 cover story for REALTOR® Magazine, , won several awards for excellence in business-to-business journalism. Before joining NAR, Alexia worked in fair housing enforcement at HUD, on the staff of Congressman John Conyers, Jr., and with nonprofit civil rights organizations. She is admitted to practice law in Maryland and holds a law degree from the University of California, Berkeley, School of Law; a master's degree in public affairs from Princeton University’s School of Public and International Affairs; and a bachelor’s degree in government from Smith College. She lives in Alexandria, Virginia.
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085: Rethinking What You Know About Gen Z and Millennial Homebuyers
06/09/2023
085: Rethinking What You Know About Gen Z and Millennial Homebuyers
In this episode, we are joined by Mandy Neat who is going to discuss commonalities in homebuying trends with Generation Y (Millennials) and Generation Z. With significant cultural changes happening at increasingly fast speeds, we see notable differences in these generations. While we never want to generalize, there are some markers with these generations that can help us understand our clients better. In this episode, we learn more about these generations and how we can manage their expectations with preparation and communication. We want to help you be able to help them! [5:20] Mandy discusses the different generations. She brings up a conversation with a Gen Z about what he would want in a house. [7:33] Gen Y is the next largest home-buying group after Baby Boomers. [11:06] Mandy sees that people are not going right to college from high school. They see housing as an asset. Some are buying investment properties. [15:46] Younger Millennials are becoming first-time home buyers. They are trying to pay off their student debt, while Gen Z is avoiding going into student debt. [18:55] COVID-19 changed house-buying habits. At the beginning of COVID-19, Younger Millennials and Gen Z-ers jumped into the market without fear. [21:48] Gen Y and Gen Z want everything to be easy to understand. Home buying is potentially complicated and may take time. Mandy discusses the Consumer Financial Protection Bureau (CFPB) as a resource. [27:55] Younger people go to an app on their phone to get information. Real estate professionals need to get in front of technology trends. [30:11] Mandy talks about DPA (Down Payment Assistance) which can help clients buy a house. She also discusses knowing your Confirming Loan Limit. [34:44] Mandy shares that a lot of Gen Z-ers are using family gifts. There are All-In-One Loans where the home buyer can set up a GoFundMe account to be applied toward a down payment. Lenders are coming out with products to help young borrowers. [37:11] TikTok and YouTube make everything look so easy when it comes to home updates. People are opening their minds as to what is possible. [41:12] Mandy is seeing more people buying homes with spaces to work from home and have a social life at home. There is a lot of openness in floor plans. [44:19] Millennials care more about walkable city living rather than their apartment. Gen Z-ers are buying out of the city in more affordable growing areas. [47:35] Mandy comments on what she observed recently in Wichita, Kansas, with a community full of Gen Z-ers, built around diversity. [51:56] Mandy hopes that all generations will allow Gen Z and the younger Millennials to get in the conversation of infrastructures, jobs and how to make a difference. [52:40] If you enjoyed this episode, there are classes you can take to enhance your knowledge: ABR® (Accredited Buyer’s Representation), and the Buyers by Generation: Success in Every Segment course. Tweetables: “It’s just how their brains are wired. They have so much information. At 18, there’s no reason not to go out and purchase, instead of paying all this tuition money, and build your legacy for your wealth in the future. It’s an amazing generation.” — Mandy Neat “We need good loan officers. We need to empower the mortgage industry to take time with people … and show them the numbers … and … professionals in the real estate community that are willing to … go over it with them to make sure all their questions are answered.” — Mandy Neat “You can obtain a Down Payment Assistance Program and offset your down payment. Try to negotiate closing costs with the seller. You can come in with a minimal amount and own a half-a-million-dollar asset. What other country can you do that in?” — Mandy Neat “Gen Z and Millennials have this great thing where lenders are coming out with products to help them collect money to buy a house.” — Mandy Neat Guest Links: Mandy Neat, REALTOR® Deputy Commissioner, Arizona Department of Real Estate NAR Resource Links Additional Links: Micro courses found at . Use the coupon code PODCAST to obtain 15% off the price of any microcourse! - for NAR Online Education — List of Classroom Courses from NAR and its affiliates - List of all courses offered If this conversation has helped you realize that perhaps more conversation about generations would be helpful, there are classes you can take: the ABR® and an elective, Buyers by Generation: Success in Every Segment. Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® Monica’s Facebook Page Instagram Guest Bio Mandy Neat Mandy Neat is the 2023 Treasurer for the Arizona Association of REALTORS®. She serves on committees and as a member of the board of directors for the local association WeSERV, which is the West and Southeast REALTORS® of the Valley, where she is also a Past President. She serves with the Arizona Association of REALTORS® and the National Association of REALTORS®. She obtained her license in 2004 and has continued to serve her community as an advocate for home ownership as well as assisting other professionals to succeed. She truly believes in her value statement of making you matter. As a current managing broker of Realty One Group, she puts her agents’ needs and their clients first, daily.
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084: Networking to Expand your Global Business with Ginni Field
05/03/2023
084: Networking to Expand your Global Business with Ginni Field
Our guest for this episode is a long-time REALTOR®, trainer, and world traveler. Do you have a dream to travel somewhere? Is there a place that you already love in the world? For example, have you been to Cabo San Lucas eight times? Wouldn’t it be great if you could be a connector with buyers and sellers with agents in Mexico? In the Caribbean? In Europe? In Asia? You can do that with your favorite areas in the U.S. and the world! In this podcast, Ginni Field talks about selling real estate and expanding your business in new ways. We also talk about international buyers and sellers in the United States with a focus on the Certified International Property Specialist (CIPS) designation. Join us on this podcast and expand your vision beyond your local area. [6:10] Monica asks the audience to stick with this episode to hear the interesting stories Ginni and Monica will share with consideration for the huge and growing influx of international immigrants, residents, and investors. [7:53] Ginni discusses what she learned from experiences in France, Belgium, Luxembourg, Spain, Portugal, and Germany. [11:56] When traveling the world, you have the opportunity to visit small towns and explore their history. Find people in your community from these areas and connect with them. You may be able to help them buy a home. [14:14] In most of the world, business is based so much on relationships. In America, relationships are huge and you need that network, but overseas, relationships are crucial. [15:18] In the Americas, the process of buying a home is a family affair. If they don’t know you, they’re not doing anything with you. When they know you and begin to trust you, business happens. [17:36] Where Ginni was teaching, there were good universities and schools everywhere, providing a place to build your business. [18:08] Find your niche and get connected to it. Be a part of those market areas and people. What businesses bring people into your market area, that hire people from other countries? [18:34] Foreign resident buyers may become citizens and still may be very connected to their foreign community. [21:42] When Ginni talks to people with work visas, they tell her they want to stay when their visa is over. Parents of foreign students in universities also will buy a home for their student in the U.S. with the hope of the student staying and the parents moving there because they own a home. [22:44] The Open Doors fact sheet says foreign students spend over $5 billion. Ginni gives estimates for several California universities. Do outreach at universities. [24:05] Look at the industries in your local community and where folks are coming from. Then begin to do outreach. Go where they are and network with them. [24:31] Refugee groups that settle in an area don’t have the money to buy a house at the time, but as they become established, they work and build businesses, and become qualified to buy houses. [26:00] Ginni tells of a man who immigrated to the U.S. with next to nothing, wanting to build his life. Now, he is a millionaire, owning multiple buildings and worked hard to get there. [27:21] CIPS talks a lot about non-resident foreign buyers. These are investors buying houses more as investments than as homes. California attracts more than $1 billion in foreign direct investments from Japan, the UK, France, Canada, and Germany. [30:07] The fluctuation of exchange rates plays an important role in these investments. Fluctuations can cause a buyer to cancel. [32:14] The CIPS designation course teaches about the global market. If you’re not paying attention to global opportunities, you’re leaving profitable business on the table. [35:55] The world is more connected now than it ever was. Inflation is happening around the world. Pay attention to the world economy or you will miss out on tremendous opportunities. [36:33] There are investors for commercial properties, condo communities marketed internationally, college students, and refugee communities. There are many ways foreign investors purchase American real estate. [37:19] When you grow with these communities, learn about their visas and their needs, and connect them with lenders, you can help them. [38:22] Go to the HR departments of hospitals and colleges. Find out at the source how you can be a resource for their students, staff, employees, and medical professionals. [44:32] Look for international real estate conferences in a search engine and you will get a list of conferences you can attend. A list is also provided in the back of a CIPS manual. [48:11] Ginni notes that when you get your CIPS designation, you are part of a Facebook networking group. You can find an agent in the target country in minutes through the networking group [52:15] It’s such a powerful thing that you can create a relationship no matter where somebody is in the world. We’re all so interconnected. [52:38] Ginni’s final word: “The most important thing is don’t discount the global community. Don’t discount the fact that the world really is a marble, that we are all so interconnected. And build that business and get the CIPS designation. It’s such an important designation. Tweetables: “I want to share with you and your listeners the importance of global real estate, paying attention to it, and getting their Certified International Property Specialist designation. Don’t miss out on opportunity!” — Ginni Field “It’s all about the relationship and trust. … When you look at the Americas, it’s a family affair. The process of buying real estate is often a family affair with a hierarchy. And if they don’t know you, they’re not doing anything with you.” — Ginni Field “The fluctuation of exchange rates — you have to be paying attention to that. It matters more for the investor buyer than it does for the person who’s going to live in the house. ... If the exchange rate fluctuates just enough, that deal might be gone.” — Ginni Field “When you get your CIPS designation, you‘re now part of a networking group through social media, as well.” — Ginni Field Guest Links: Ginni Field, REALTOR® ABR, AHWD, CIPS, CRB, C-RETS, ePro, GRI, MRP, PSA, RENE, RSPS, SFR, SRS, SRES Real Estate Trainer, Business Consultant, Risk Management Consultant, Business & Life Coach 858-774-7063 NAR Resource Links Additional Links: Micro courses found at . Use the coupon code PODCAST to obtain 15% off the price of any microcourse! for NAR Online Education — List of Classroom Courses from NAR and its affiliates Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® Monica’s Facebook Page Instagram Guest Bio Ginni Field Ginni has been in real estate since 1986, beginning her career in Fairfield, CT, and moving to San Diego, CA, and continuing her real estate career in California. Throughout most of her real estate career, Ginni served in brokerage management positions in both states with her largest office consisting of 250 agents creating profitable real estate offices in each location. Ginni has also served as Vice President of Leadership Development for an international real estate franchise sales company where she developed agent and leadership curriculum for agents and brokerage leaders. Ginni continues to write real estate training content as well as work with real estate companies as a consultant and as a coach to individual real estate agents and teams. Achievements and Awards: ● REALTOR® Associate of the Year 1991 Greater Fairfield Association of REALTORS® ● President, Greater Fairfield Association of REALTORS® 1998 ● REALTOR® of the Year 1998, Greater Fairfield Association of REALTORS® ● Former Director, Connecticut Association of REALTORS® ● President, North San Diego County Association of REALTORS® 2004 ● Former Director, California Association of REALTORS® ● Regional Chair, Region 29, California Association of REALTORS® 2006 ● Executive Committee, California Association of REALTORS® 2007 ● Director, National Association of REALTORS® 2004‒2010 ● Former Member, National Association of REALTORS® Professional Development Committee ● Former Chair, Real Estate Business Institute Professional Development Committee ● Member, Real Estate Business Institute Learning Experiences Committee and Strategic Thinking Committee ● Former Director, Greater San Diego Association of REALTORS® ● Former Director, San Diego Multiple Listing System ● Inducted into the REBAC Hall of Fame 2013 ● CIPS Instructor of the Year 2018 ● Senior Real Estate Specialist Outstanding Service Award 2021
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083: Personal Stories on Awareness, Fair Housing, and Bias with Robert Morris and Matt Difanis
04/10/2023
083: Personal Stories on Awareness, Fair Housing, and Bias with Robert Morris and Matt Difanis
In this episode we welcome Matt Difanis and Robert Morris. April is Fair Housing Month, as people know, and we gratefully, as an organization, are getting more education and more awareness on the need for us to be more systemic, and more attentive, in order to provide excellent care to all who come to us. Matt Difanis and Robert Morris have been instrumental at the national level with course materials, ethics reconsiderations, and other conversations that are helping us pay more attention. They teachboth the At Home with Diversity course and Bias Override. They are grateful to be sharing these classes and this information with our members. In this episode, they share their stories on what has led them to be so committed to getting the message of Fair Housing out to others. Matt: [1:40] Let me start by saying none of this was on my radar up until just a few years ago. [2:00] I had the privilege of serving as the 2018 President of the Illinois REALTORS® and that meant I was on the leadership teams starting in 2016. And 2017, the year I was President-Elect, Illinois, like a lot of other associations, including NAR, was prepping for 50-year Fair Housing Act retrospectives and commemorative activities. [2:20] As Illinois prepared, I got my first bit of exposure to the absolutely awful history of our industry’s involvement in housing discrimination [2:59] So, I went from unaware to aware, not just of our history of housing discrimination but also the hangover effect that still exists. [5:09] And so when you look at people who make it through to leadershp, it’s important to recognize, they’ve had to be the minority of the minority who were willing to just go find a battering ram and just find a way to break through it. [5:28] And then, I had the opportunity after my time on the Illinois REALTORS® leadership team, I had the opportunity to serve as the 2020 President of the NAR Pro Standards Committee. [5:46] We were doing things virtually. And George Floyd was murdered on viral video, and the country was on fire, and we had a proliferation of hate speech. [6:04] Because of numerous requests made to them, President Vince Malta kicked over a request to my committee to look and see if there was a possible code of ethics solution. [6:57] You don’t get to be a REALTOR® and engage in bigoted hate speech anywhere. [7:17] That led to the opportunity to do speaking and training. So, it’s a genuine passion of mine. Robert: [9:23] “Now mine’s a little bit different. As you guys know, I consider myself, maybe it’s just my opinion, a Southern Gentleman, and I have been reared in the South my entire life. And so, as an American who happens to be Black, living in the South, it has always been an adventure. [10:28] So, my walk has been that way the whole time. I’ve gotten into this particular arena because I want to change hearts and minds. [10:59] And the other part is the fear factor that has always been associated with things that are different, things that people don’t necessarily understand. [11:16] And so, my philosophy is that I meet people where they are because everybody’s at a different stage, they’ve been exposed to different things, and depending on the culture that they’ve been reared in, depending on the influences that they’ve had. [11:38] One of the things I talk about is how culture affects us and that if we were reared in a culture by people that trusted us or by people we trusted and we loved, and they taught us things, based on their point of reference. [12:21] So I’d ask the question, “Why do you feel the way you feel about me if I have never done anything to you?” [13:06] So how are you going to respond now, based on what that is? So I think that discovery is important. [13:26] And my mission — and like Matt, I have been blessed to be exposed to tens of hundreds of people, to share thoughts with them. [12:53] So, in that walk that I’ve had, now for probably 20 years — that has been the mission, that I want people to have a better understanding of all of us and where we are, and just understanding that we are all just human beings. [14:41] I’ve never heard a person on a donor’s list make that sort of request. They just want to live and we’re more alike than we are different. Monica: [15:33] And now you’re talking about something that is even more near to you. I’ll briefly share my story as well because I came into it very differently and my experience is more international. [16:05] When I got older, I went to New York City, and then, ultimately, I went to live overseas, in another culture. [16:38] I was looking around, looking at the way people were talking to me and treating me and the way they did things, and I said, “These people really do not view the world and think about things the same way I do. [17:09] My mother was a Swedish immigrant. But the Swedish culture wasn’t that different. It is kind of different from the Southern culture. But I’d always been in kind of a multicultural situation without realizing it. This really opened my eyes. [19:44] I call myself a hobby sociologist because I find so much of this fascinating. But then there came a time when I became more involved. [20:41] After seeing the memorial park in Tulsa,things opened up for me even more, and then, of course, the journey that Matt described about so many of the changes that happened in 2019 with the Newsday report (on housing discrimination). [22:22] People need to be exposed to different stories, and different journeys, and when they are… just like me, to grow and then finally find a place to speak what I had learned. [22:52] This journey has been fun in many respects. I feel very grateful to have had it. But isn’t that the perspective that we all want to take, hopefully, when we go through something that’s hard or different, that it changes us for the good? Discussion: [23:57] Monica stresses Robert’s point about fear and his question, “Have I caused you to feel that way? Has anybody actually caused you to feel that way in a personal engagement?” [24:36] People are not born prejudiced. In their formative years, they were taught it or observed it from the people that mattered the most to them. [30:18] Robert teaches that the construct has been put together for those who were in authority and power. Robert talks about meeting people where they are. The Fair Housing Act covers everyone. [34:10] They discuss equity and equality. [49:11] Robert says we need to revisit constructs that are not equitable, and that involves changing hearts and minds. [53:31] Robert explains the terms Black American and African American. [58:04] Matt shares two favorite books. [1:01:41] Matt’s last words: Matt was very trepidatious about going into unfamiliar spaces where he was going to be the outlier. Most of White America don’t take that opportunity. Matt invites you to seek out and enter unfamiliar spaces as a listener. [1:02:56] Robert says, with Dr. King, I’d love to get to a place where I’m not judged by the color of my skin but by the content of my character. In America, if you work hard, you should be able to experience the American Dream. Tweetables: “And then [I] looked at the lack of inclusion that I was oblivious to, but like in 2017, the Illinois REALTORS®Board of Directors, the whole board: 100% white and 68% male! Home to a city many of you have heard of, Chicago. We didn’t look like the state at all!” — Matt “It’s not just about Black and White. There are a lot of different pieces to that puzzle.” — Robert “We need to be able to give people targeted resources to offset structural disadvantages that we collectively as an industry inflicted on large swaths of our population.” — Matt “As human beings, mindwise, you might say, ‘Yeah, it’s bad, but I kind of like the gig I’ve got.’ and … ‘I don’t necessarily want to give up that.’ That’s human nature.” — Robert “We’re not that much different. … All of the things that you would want in your family are what all families would want. And hopefully, we can find a way as we travel this journey that we can become closer and better in those respects.” — Robert Guest Links: Robert Morris — Harvard Implicit Bias Test — Project Implicit Matt Difanis Website — NAR Resource Links Additional Links: Micro courses found at . Use the coupon code PODCAST to obtain 15% off the price of any online class! for NAR Online Education — List of Classroom Courses from NAR and its affiliates Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® Monica’s Facebook Page Instagram Guest Bios Robert Morris Robert Morris has been actively involved in real estate sales and training since 1985. He recently received the Tennessee REALTORS® Educator of the year award for the second time and served as President of the Middle Tennessee Association of REALTORS® from 2020‒2021. Robert graduated from the NAR Leadership Academy in 2022 and serves as a NAR Director from Tennessee REALTORS® for 2022‒2024. He has also been inducted into the Real Estate Buyer’s Agent Council (REBAC) Hall of Fame for 2022. Robert is an international speaker, certified instructor, and professional development consultant on the Dynamic Directions, Inc. team and he is committed to making a positive difference in the lives of every person he meets. Matt Difanis Matt considers himself the world's most improbable DEI and fair housing evangelist. Matt served as the 2018 President of the 50,000 member Illinois REALTORS® trade organization. During his four years on the state leadership team, he went from unaware of any of these issues to aware, then concerned, and eventually outraged. In the last few years, he has developed a reputation for building bridges to historically marginalized groups that have been impacted by housing discrimination — particularly the Black community. Matt served as the 2020 Chair of the National Association of REALTORS® Professional Standards Committee, which is charged with updating and interpreting the NAR Code of Ethics. During his time leading that group, he advanced a series of proposals that eventually became Standard of Practice 10-5 in the Code of Ethics — a ban on discriminatory hate speech by REALTORS®. That journey has landed Matt in the pages of The New York Times, in a Bloomberg Businessweek feature about housing discrimination, as a live guest on Bloomberg Quicktake, and as the exclusive guest for a full hour on the Tavis Smiley Show on KBLA in Los Angeles. Matt is a full-time practitioner and multi-office broker-owner in Champaign, Illinois, where he leads a highly inclusive real estate team. On Sunday mornings, you can find him in the tech booth of Pilgrim Missionary Baptist Church, a historically Black church, where he runs sound and the live stream, as well as doing volunteer photography. Matt earned a bachelor’s degree in psychology and his juris doctor from the University of Illinois.
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082: Spring 2023 Housing Market Data Update with NAR’s Dr. Jessica Lautz
03/22/2023
082: Spring 2023 Housing Market Data Update with NAR’s Dr. Jessica Lautz
Dr. Jessica Lautz is the Deputy Chief Economist and Vice President of Research at the National Association of REALTORS®. In this episode, she is going to share national data with us from NAR and discuss what she sees coming in the future. All of our crystal balls may be broken, but there are definitely patterns that can be seen. The core of Jessica’s research focuses on analyzing trends for both NAR members and housing consumers. Through the management of surveys, focus groups, and data analysis, she presents new and innovative ways to showcase results. Let’s see what she will teach us in this episode! [2:46] Jessica thinks we’re in a moment of transition when existing home sales data show 12 months of decline but the decline seems to be getting smaller. [4:24] Our current sales numbers are lower than in 2019, before the pandemic. They are more in line with 2014 sales numbers. [6:51] The typical homeowner has been in their home for 10 years and has $210,000 in home equity. [7:14] In some scenarios, not only investors but a large share of primary residence repeat buyers are paying all cash for a home, because of the housing equity they have. [9:34] Home mortgage interest rates had gone down for several weeks continually before going back up to 6.3% from 6.1%. [10:53] Jessica says to pay attention to what happens after the Fed meets. NAR tracks interest rates and puts out a statement every Thursday on social media. [12:30] Jessica explains the indirect effect that the Fed raising interest rates may have on mortgage loan interest rates. [13:41] Jessica hopes that existing home sales in spring will be stronger than it was in the previous two months. She is starting to see early signs of it. [15:52] Jessica breaks down corporate investors. We know that they’re present in the market, but has their share of the market gone up? [16:41] The investors of 2022 pushed first-time homebuyers out of the market. [18:18] In March of 2022 there were five-and-a-half offers for every home that was listed. [19:02] Jessica discusses credit card debt, student loan debt, and daycare costs. How are first-time homebuyers going to save a down payment when they use their credit card to buy eggs and milk? [22:01] Jessica believes that awareness of low-down-payment programs in communities is low. Putting that information out there for potential buyers is incredibly important. [25:15] Jessica discusses the aging population and the housing market. In the next three years, every Baby Boomer will be over the age of 60. [26:36] Retirees are looking for newer homes with bells and whistles where they can age in place. [33:54] Jessica shares a few of her favorite data points. [37:31] Jessica also shares that a lot of first-time homebuyers are trying to get out of their parents’ homes and move into home ownership. [38:08] Jessica shares her links for NAR Research at NAR.realtor. You can also subscribe and share infographic posts from NAR Research on Instagram, Facebook, and Twitter. Tweetables: “We released our existing home sales data and it showed a continual decline — 12 months of decline — but it seems like the decline is getting smaller. … [It] is not necessarily a normal spring market; … interest rates are still high, but a more normal spring market.” — Jessica “Buyers are coming back. They understand now that rates are higher but they may actually have an opportunity in the market, especially first-time homebuyers.” — Jessica “It’s also your long-term future. It’s also the long-term savings and the gains that you have in home ownership that you don’t have as a renter.” — Jessica “Only 26% of the market was first-time homebuyers last year. In a healthy market, it would be 40%. So we really lost first-time homebuyers last year.” — Jessica Guest Links: Email Additional Links: Micro courses found at . Use the coupon code PODCAST to obtain 15% off the price of any online class! for NAR Online Education — List of Classroom Courses from NAR and its affiliates Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® Monica’s Facebook Page Instagram Additional Bio: Dr. Jessica Lautz is the Deputy Chief Economist and Vice President of Research at the National Association of REALTORS®. In 2021, Dr. Lautz was named one of Housing Wire’s Women of Influence, a list representing 100 of the most influential women in leadership in the housing industry. In 2022 and 2023, Dr. Lautz was named RIS Media Newsmaker in My Influencer and Crusader categories, respectively.
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