Episodios
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Over the next 12-18 months we're going to see who's a sales person vs an entrepreneur. With commission compression and NAR lawsuit, outside sources are doing everything they can to eliminate the need of using a real estate agent or lender. It's in times like these that HUGE opportunities come up, it's just a matter of whether or not you see them.
My predictions over the next few years is that agents or lenders will pivot in ways we don't even know about yet, but however they do it, they will be wearing their entrepreneur hat. A long term career in real estate or mortgage will involve you thinking long term, not short.
On this week's podcast we bring in business expert, Jen DuPlessis, where she shares the fundamentals in letting go to grow. There are going to be some hard choice everyone needs to make, but it's going to be those choices that will be the difference between success and failure.
Consumers Expect More From Their Real Estate Agent
Roughly 1 in 5 people regretted hiring an agent and wished they did it on their own!
Yes folks, 19% of home sellers surveyed regretted using an agent. This isn't a real estate problem, this is an industry problem and the exact reasoning behind why all of these "let's cut the Realtor out of the equation companies" are growing.
Lack of value is the industry's problem right now.
I believe that the answer to this problem is rooted to how we, as real estate agents, view our occupation. Are we sales people or business people? There is a major fundamental difference between the two and we now face an option as to how to respond to the the increased competition and the "less expensive" options. The public is speaking up and telling the industry to shape up or ship out!
We aren't entitled to a 6% commission!
We aren't entitled to be involved in a transaction!
We need to earn it!
The public doesn't want more real estate sales people. They want more real estate problem solvers. If the industry as a whole began to teach agents to run their practices as small business owners vs. sales people, I believe we will redefine the value a good Realtor brings to the table. The reason for this is simple. Sales people play the short game and business owners play the long game.
Let's start off defining the main difference in motivation between the two.
A sales person, by nature, is motivated by closed sales and personal gain.
A business person, by nature, is motivated by creating and maintaining the best product or service that can become salable at some time.
Let's use these questions to spell out the difference in mindset the two may have. You can then use this questions to analyze your own business.
16 Questions That Determine if You're An Entrepreneur vs A Sales Person
Here is a list of 16 questions on how you view, market, or run your current business. The answer to these questions will determine whether or now you are running a business or just another sales person chasing a check.
1. Do You Have A Database?
A business owner has a database they consistently market. They view their relationships as future business and make staying in touch with their network a priority. They most likely have an email or direct mail list to keep in contact with network. Over 60% of business comes from referral or past clients, but it's impossible to attract when you're not top of mind.
A sales person doesn't care to keep track of a database. If they have one, it's on a spreadsheet or CRM, but nothing is actively done with it in terms of consistent communication. A sales person does not consistently stay in touch with past clients.
NOTE: If you are having trouble marketing your database, sign up for Referral Sweet.
2. Do You Have A Website You Own?
A business owner has a website they fully control vs one they lease because they are playing the long game. A business owner constantly invests in working on their website always looking to improve or add value with it.
A sales person may also have a website, -
Farming, does it still work? That's one of the first things you think of when you think of becoming the neighborhood Realtor everyone knows. You pick a certain neighborhood and send direct mail (farm) to its residents every month for an indefinite amount of time.
Yes, it still works, but sending direct mail to a certain neighborhood isn't the only way you can become the neighborhood Realtor everyone knows. Today, you can farm your database, social channels, niches, etc. You can become the neighborhood Realtor without even living in the same neighborhood you're the neighborhood Realtor for!
Note: Check out the podcast with Matt Muscast The Neighborhood Realtor Expert. Here's a Sneak peak.
Regardless of what you strategy is, the concept of a maintaining a consistent presence of marketing using various channels is the blueprint to becoming the neighborhood Realtor.
Consistent communication leads to top of mind brand awareness, which leads to conversations, which trust, which then creates conversations that lead to getting you hired.
The real estate agent with the most amount of attention, notoriety, or largest brand are already and will continue to be the agents with the most sales. There isn't any magic trick or super power to this. THe only goal is to be the first agent people think of when they think of real estate.
Consistent Communication To The Same People Over Time is How You Become Their Neighborhood Realtor
The first place to start is in putting together your database of relationships, past clients, and anyone else you would expect to hire you or do business with. People hire or are referred to people they know or know of not strangers. This is why the most important "database" to stay in front of are the ones you already know.
Most Realtors try to chase a bunch of leads before making sure everyone they already know, knows they can refer them business. The reality is you're chasing a very small percentage of market that's extremely competitive.
Does your entire rolodex of relationships remember or know to refer you business? Think deep, do they automatically think of you when they think of real estate?
Become The Neighborhood Realtor To The People You Know Before Trying To Reach The Ones You Don't
Real estate is a referral dominated business, where over 60% of all agent business comes from the people you already know. The best people to farm are the ones you would invite to your wedding, funeral, hang out with, or say hello to in the grocery store, not complete strangers!
Real estate is a belly to belly business where overwhelmingly people want to work with someone they know, trust, and like, but so many real estate agents place their marketing efforts on shiny objects they are told will create business for them.
Here's where most real estate agents think they should be doing.
Buy an expensive zip code or online lead platform to keep "leads" coming in.
Get a mega website they don't know how to use or drive traffic to.
Cold call cancelleds, expired, and FSBO's constantly. They are told that it's a numbers game and once they get 10 rejections they are one step closer to getting a "YES".
Get a super duper email autoresponder to "drip" on people until they respond to you.
I'm not saying these activities don't work, they do, but most agents don't have the budget or systems to work them effectively to scale. The good news is you don't have to because the business is right in front of you already.
Any logical business owner would place the majority of their marketing budget and energy towards the largest source of business, right?
When the people you already know forget you're in real estate, they forget to refer and use you.
People refer real estate agents for 3 reasons.
They have to like the agent they are referring them to;
They have to like the person that is asking or suggesting for a referral for an agent; and
The person referring the agent has to notice that an ongoing conversation is taking place (about ... -
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What the hell is going on in the real estate industry? More specifically what is going on with the future of buyer agency? Is the end near and will buyer agency cease to exist? I'm hearing of agents already "losing" buyers who are unwilling to pay a buyers agency fee at closing so is this the beginning of the end?
Here's what I know for certain, if you don't change you will go out of business because here's the truth. Commission compression is real and the future of buyer agency as an income stream is real. There is a large segment of the real estate buying population that does not see the value in paying 2.5-3% buyers agency fee.
My Prediction: The average buyers agency fee will be 1-1.5% in the next 6-18 months.
NOTE: Listen to this podcast to see the ins and outs of how to profit with mortgage legally.
The Future Of Buyer Agency Compensation Is Through Ancillary Services Or Indirect Services
If real estate agents and brokerages do not start making adjustments, they are at risk for a massive wake up call. We're talking about a 50% reductions on buyer agency commissions which WILL CHANGE the way the entire industry operates.
However, it's not all doom and gloom because there is a massive opportunity here to because I believe a large part of the future of buyer agency compensation can be through mortgage.
I made a post a on my personal Facebook page back in March stating that every loan office just became a buyers agent and i got a lot of shit for it. In today's market I think my prediction is starting to see fruition because the opportunity to shift.
“BUT MY COMPANY NAME IS… AND WE HAVE BEEN AROUND FOR 99 YEARS… OUR MARKET SHARE IS AMAZING & I DON"T NEED TO ADJUST!”
Nobody gives a crap. People care about one thing and that's their bottom line. What is your alternative going to be with a buyer client when they say no to your buyers agency agreement?
Are you just going to let them go because your ego is too big thinking you are "worth 2.-3%"? Guess what, 100% of nothing is still zero.
This is going to be one of th ebuggest challenges we see within the real estate industry over the next 12 months, but what are you going to do about it?
Well, through a mortgage partnership you can legally collect anywhere between .5-.75% (lenders call these basis points) of the loan amount.
So if you were to receive 1-1.5% commission as a buyers agency fee, you could not also receive additional compensation legally through referring the mortgage, which you probably do anyways 90% of the time.
The Future of Buyer Agency Is Thinking Outside The Box
Everything changed with the NAR lawsuit. This has changed the consumer expectations. In addition telling a byer they need to come up with an additional 2-3% plus their downpayment is a tough sell. I'm not discounting buyers agency at all, the public is, I'm just trying to show you an alternative.
The way real estate is bought and sold has changed dramatically in the last 15+ years. It was not long ago when consumers needed a real estate agent to obtain information on the buying and selling process.
In today’s world, buyers can get that information easily by turning on their computer and logging onto Zillow, Trulia, Red Fin, Realtor.com, and other property search related websites.
The value of a buyer's agent has lost much of it's value in the eyes of consumers.
Your Buyers Agency Value Proposition Has To Change
People don't hire your broker they hire you, but you have to show them you're worth it. What do you do that nobody else does? The client experience and your personal brand have never been more important. part of having a value proposition can be marketing yourself as a hybrid agent or a true one stop shop.
Now your buyer clients can use you to help them find, negotiate, and finance their next property which is much different than someone who cannot offer that. People don't hire or remember what you do, they remember how you do it. -
You can't build an attraction based business WITHOUT having a brand. I don't think you can have any long lasting business without a brand The most important thing you can do is learn how to stand out in the marketplace.People don't remember what you do, they remember how you do it.
The hardest part most service based businesses or individuals have is seeing themselves as a brand.
NOTE: Listen to the latest podcast with College Hunks Hauling Junk & Moving Founder Nick Friedman.
Here's a sneak peak....
"I work for a broker and they are my brand..."
NO, The you are the brand. The broker is not. Helping build your broker's brand does you NO BUENO. As a matter of fact less than 4% of consumers actually chose their agent because of the brand they were affiliated with.
What does this mean?
It means that buyers and sellers don't give a shit what company you work for. People aren't hiring your broker, they hire you. Company brand used to matter as the public perception used to think they needed to work with an agent at a big brand name. In today's brokerage world, that is no longer true for the most part because 96% of consumers reported they hired the agent vs the brokerage they affiliated with.
How To Standout In The Marketplace Step 1- Determine Your Symbol
Over 60% of all agent business is derived from referrals and repeat business because people seek out agents they know, like, trust, or are referred to. You don't get referrals and repeat business from strangers, you get them from the relationships you have in life, but only when you are remembered. You need a logo that tells a story.
Which is more memorable?
NIKE
OR
I think we know the obvious answer here, but the question is why? Over time we've been trained to associated Nike with their logo. When I see it, I don't just think of the company, but I think of what the company stands for. Instantly I get images in my head of:
Michael Jordan
Basketball
Sports
Just Do IT
Adrenaline
Competition and so on....
That logo has the power to trigger all those thoughts and emotions in my brain. That's the power of branding. Over time I have been exposed to a consistent combination of marketing campaigns where Nike associated their branding with the stories of well known athletes.
You cannot learn how to stand out in the marketplace without first defining your own story.
They didn't need to put their shoes or apparel in the ads, they just placed their logo next to the athletes stories. Therefore, over time, my brain was programmed to associate that swoosh with athleticism. It was the consistency and branding of the Nike's logo that created that association in my brain.
I understand Nike is a billion dollar company and we are talking about real estate branding here so let's go through my own branding from when I still practiced as an example.
Mike Cuevas, Realtor
OR
The logo is more memorable than saying Mike Cuevas, Realtor. Images are more power than straight text and why I use my logo in everything I do because I know my logo resonates more than my name.
My Chicago Real Estate Dude eventually turned into Real Estate Marketing dude, the name of my podcast.
I'm fighting for attention, not leads. THe "dude" is my personality summed up while my logo is my symbol.
When you have the attention of your database you'll attract clients
My only goal in real estate branding is to be the most known Realtor amongst my network.Once that is accomplished, it's just a numbers game because people move. The more people who know who I am, the more referrals and repeat business I get. It's that simple.
I don't market Mike Cuevas the Realtor, I market the Dude who's name happens to be Mike Cuevas.
My brand also reflects my style. I’m not a luxury agent. I’m a dude. I have found that the more “real” that I am in my marketing, the more people I connect with. Connecting with people , nurturing, and building relationships is the entire goal of my marketing strategy. -
Everyone in real estate knows they need to create content for real estate marketing, but many are still holding back, why? Conquering the fear of putting yourself out there doesn’t require skill, it requires determination. Attracting clients vs. chasing leads is what every agent wants, but without having a personal brand or a lot of notoriety, it’s near impossible to build an attraction based business.
Guess what holds people back 99% of the time? The fear of putting yourself out there.
(Listen to this week’s podcast with Chan Weber From Agile & Co… Here’s a sneak peak…)
https://vimeo.com/1016536101?share=copy#t=0
Why Every Agent Needs To Start Creating Content Immediately
In order to understand how this works, you need to understand how and why people refer or use Realtors.I have a more in-depth article you can read here about the psychology of whats makes someone refer you, but let me summarize it for you.People refer and use Realtors they know, like, trust, and… REMEMBER!
When you create content for real estate marketing that you distribute you more referable. As you do this consistently over time, you become unforgettable.
In my opinion, the number one goal in real estate marketing is to remain top of mind to the people who already know, like, and trust you. This is where content comes into play. Content allows you to stay relevant WITHOUT always having to feel like you are selling something. The more content you create and the more people who see it, the more referable you become.
“10-15% of the people who see your content this year will be moving, but 100% of them have a referral for you!”
Why Conquering The Fear of Putting Yourself Out There Is So Important
Over recent years, many “shiny objects” have infiltrated the real estate marketing industry and although they sound really cool, the vast majority of business will STILL come from people you already know.
However if you cannot get over the master conquering the fear of putting yourself out there, then how can you ever create content consistently?In this article, I want to show you why conquering your fear of putting yourself out there is key to the future of your real estate business.
Who Are You Creating Content For?
The best people to share your content with is your database of relationships. You don’t need you content to get seen by millions of people, you need it to get seen by the ones who will send you referral business or use you directly for their services. Everyone lives somewhere making everyone a future potential client or referral source. The database I’m talking about is nothing more than a collection of people you would invite to your wedding or funeral if you had an unlimited budget. Your database is NOT a collection of Zillow leads, opt ins, or other people you have no personal relationship with. Your database is comprised of your best friends, neighbors, family, parents at your kid’s school, and anyone else you would say “hi” to in the grocery store. If you would be angry to learn they bought or sold without you they are part of your database. Here’s the question. If you’re creating content for people you already know then why are you scared to show it to them? That would be like running away from someone you knew at the grocery store? Step 1 to conquering the fear of putting yourself out there is realizing who you are creating content for. Your best sources of business are through relationships, which include your friends, past clients, and family. Quite often, real estate agents shy away from “marketing” their closest relationships.
What Kind of Content Should You Create?
The key to overcoming the fear of putting yourself out there is being a great storyteller. You don’t want to send your database sales related messages talking about interest rates or bragging about how many houses you sold, you want to add value. You don’t have to talk about real estate, -
https://vimeo.com/1014475434
Nobody wants to be sold, but that doesn't meant you shouldn't be trying to sell your service, it just means you need to change how you sell it. Story telling in real estate is how you can constantly market your real estate business WITHOUT necessarily having to talk about real estate or give market reports. It is a skill that makes content creation easy. Once content creation becomes easy, then so does attracting vs. chasing clients.
On this week's podcast we feature master story teller Robert Kennedy III. Robert is story telling in real estate building a locally famous brand people know, like, trust, and refer.
How Do You Get Started With Storytelling In Real Estate?
If you feel slimy advertising your business, we're going to show you how to market it WITHOUT EVER having to talk about real estate. Many real estate agents default to all their marketing efforts be full of real estate related content, but do you really need to do that? No.
Storytelling in real estate is about marketing that reminds people you're in real estate vs tell them, but it begins with embracing your personal brand.
The truth is...
Your database doesn't care how many houses you sold this month!
Your database doesn't want your turn back the clock emails!
Your database doesn't want to hear about today's interest rates!
Your database doesn't want to hear about real estate until they are in the market to buy or sell themselves!
So quit talking about real estate and start storytelling in real estate creating content people would actually look forward to receiving. The problem most people have is in "how" they market their business. I'm going to walk you through the steps necessary to adapt a content strategy for storytelling in real estate.
Let's walk through the process of identifying your personal brand, creating a marketing message, and then a consistent strategy going forward. The key here is creating a marketing strategy that is authentic, fun, and doesn't rely on regurgitating boring real estate information people don't care about.
Step 1: Identify Your Brand Message
First, it begins by realizing you are a brand. Yes, that's right you're a brand.
It was reported only 4% of consumers used the agent because of the brand they were affiliated with. This means 96% of consumers chose the agent over the brand. So quit marketing your broker's brand and start marketing your own!
Your personal brand is your "story" to tell. It's how people know you and remember you. Can you imagine any new business becoming successful without identifying who they are or what they represent? Every business has a "why" behind them or something they stand for.
How Do I Find My Message?
As in any business, the first place to start focus your craft your content strategy with where the majority of business comes from, that's your database.
In real estate your database is your audience.
Over 80% of home buyers and sellers find their agent from referral, repeat client, or they personally met them. This means the vast majority of business comes from the people we already know not strangers. The reason it's so important to stay in communication with your entire database is because 10-15% of them are moving this year and 100% of them have a potential referral for you.
If I had 100 people in my world who knew what I did for a living about 10-15 of them are moving. At the same time all 100 of them knows at least one person who is moving this year they can refer me to.
Generating referrals from your database is much easier than you think, but it requires consistency in communication to do it. You will begin attracting referrals just by staying in touch with your database. Often times we overthink the mechanics of how to market your database, but it's very simple.
We overthink our branding strategy, but it's just being you. If you're a doctor, -
We are going back to basics and reminding everyone what's really important in this market. Remember, it is all about the relationships you build over time, but you have to play the long game. In order to build an attraction based business you have to have an impeccable service people remember and want to refer.
https://vimeo.com/1012258809?share=copy
On this week's episode we bring on Kristi Jenkins to go over her process of how she becomes her clients Realtor for life. Her goal is not to sell them one house, it's several houses over the course of time as well as anyone they refer her along the way. This new market is going to require agents developing a deep relationship with their database.
Meet Kristi Jenkins
With more than 2 decades of real estate experience and countless repeat clients, Kristi Jenkins is known as your “Realtor for Life”. She has helped her clients move throughout many stages of change and growth, from first-time home buyers to empty nest sellers and everyone in between.She has won numerous awards for both her exceptional client care and her excellence in sales, which set her apart in her field. Kristi’s attention to detail, fierce negotiation skills and exceptional marketing exceed the expectations of both buyers and sellers. She specializes in luxury and waterfront properties throughout the greater Eastside and Seattle areas and sells across all price points. She is an expert in residential resales, new construction and land acquisition and development.Having grown up and raised her own children in the community where she works, Kristi has a unique perspective on her neighborhood, schools and amenities. She prides herself on her ability to go beyond traditional agent services and provide a curated experience for buyers moving to a new community and sellers looking to highlight the incredible features of the home they’re leaving. Kristi creates a personalized plan for each client and uses exclusive marketing strategies and an innovative approach in each transaction.
As a Managing Broker, Kristi’s leadership responsibilities go beyond training and mentoring new brokers. She is intimately involved with compliance, financial management, education and changes at both the local and national level.She believes in collaborating with other agents of the highest caliber and values her impeccable reputation within her local real estate community. Kristi has worked personally with some of the best real estate brokers in the country, including Ryan Serhant, and has a global network of esteemed agent partners.
When Kristi isn’t working, she and her husband of 25 years, Chris, enjoy exploring the beautifulPacific Northwest, boating the San Juan Islands and unwinding at Suncadia. They have 2 amazing, grown daughters, Caroline (a nurse) and Kaylie (a graduate student), and a beloved Maltese-Bichon named Sassy. Kristi is a Washington wine enthusiast and will take a friend to head just about anywhere that offers a white wine flight and charcuterie board!
Check out Kristi's website. -
The riches are in the niches and today's episode is another example of that. Meet George, who after filming one video on Youtube for tenants squatting in a property that went viral! That video instantly positioning him as the expert in Squatter related deed instances. From there he was able to create two products:
Check out Title Fraud Defender.
Check out Squatter Defender.
One video led to an entire business model, which again proves the point we make every week on this show. Attention and brand always attract business no matter what business you're in. Whether you're an agent, lender, or squatting expert, today's currency is attention!
Want to learn more about George? Follow him at
instagram.com/mrd_portland
facebook.com/MrdPortland
linkedin.com/in/georgemccleary
youtube.com/@georgemcclearyMRD
tiktok.com/@mrd_portland
x.com/mcclearyRE -
Check Out ConveYour
This week's episode is joined by recruiting and onboarding specialist Stephen Rhyne. One thing for certain is that there is a lot of movement within the real estate industry right now in regards to changing brokerages, etc. However, recruiting is a full contact sport and requires 3 parts. First you need to attract, then you need to onboard, and then you need to retain. These 3 principles are to place not only your recruiting efforts but long term retention for any business.
Website
Instagram
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Check out Tommy's Website.
Check out his Instagram. -
Check out Tanya's website.
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We are still talking about the market shift because it is what everyone should be talking about. The best way to survive is to nurture the personal relationships you have and that is exactly what we built Referral Sweet for.
Learn More About Greg -
Check out Avery's website.
Today we are talking to Avery Carl, head of the top EXP team. Best part is it only took them 5 years. -
Check out Chrissy's website.
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Frank Rohde joins us to discuss how first time home buyers can get in the game in todays market.
Check out Ownify -
Sometimes we all need to go back to the basics and since we are in the business of running a business, it bears repeating. Today we are gonna make sure we all understand the basics that we often take for granted.
Check out Ewell's Website. -
Today we are joined by Dionne Malush and Mike Hanlon, and they are gonna tell us about how they created one killer brokerage.
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Direct Response. We are talking about marketing again because in this day and age, it is all about surviving the market.
Check out Adam D'Annunzio's website.
You can also reach him at 609-604-5958 - Mostrar más
