Center for REALTOR® Development

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.

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 ChatGPT Gemini AppSumo Castmagic CliffsNotes Blinkist Otter.ai Canva DALL-e OpenAI Renovate AI REimagine Home Productive.AI 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 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.

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.

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: Trenesha Harrisoniloverealtyok.com 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 New Home Construction and Buyer Representation: Professionals, Product, Process 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 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."

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: LancasterInstitute.comBobBrooks.com LinkedIn: Brent Lancaster NAR Resource Links ABR® Accredited Buyer's Representative Additional Links: Microcourses found at Learning.REALTOR. Use the coupon code PODCAST to obtain 15% off the price of any microcourse! [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 facts.realtor 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 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.

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 facts.realtor. 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: Madisonseminars.com [email protected] 080: "Talking Buyers, Contracts, Value, and Fees with Lynn Madison" 098: "Navigating Client Conversations: Communicate Your Value with Confidence and Clarity with Lynn Madison: Part 1" NAR Resource Links ABR® Accredited Buyer's Representative SRS Seller Representative Specialist Additional Links: Microcourses found at Learning.REALTOR. Use the coupon code PODCAST to obtain 15% off the price of any microcourse! [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 Competition.REALTOR 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 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

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: Jane Judd on LinkedIn NARRPR.com REALTOR® Property Resource Slydial American Greetings digital cards Top Producer® NAR Library Building a Second Brain: A Proven Method to Organize Your Digital Life and Unlock Your Creative Potential, by Tiago Forte NAR Resource Links NAR.realtor/technologyABR® SRS Additional Links: Microcourses found at Learning.REALTOR. Use the coupon code PODCAST to obtain 15% off the price of any microcourse! [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 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

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: Matthew Rathbun on Facebook Canva Templates at Etsy.com NARRPR.com REALTOR® Property Resource MyStorybrand.com Apple Notes Evernote Getting Things Done: The Art of Stress-Free Productivity, by David Allen Apple Freeform MindMup Cofftivity MyOutDesk Matthewrathbun.com/resources/ NAR Resource Links NAR.realtor/technologyABR® SRS C-RETS class Additional Links: Microcourses found at Learning.REALTOR. Use the coupon code PODCAST to obtain 15% off the price of any microcourse! [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 REBI 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 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