Embracing Change 2: The Listing Side of the NAR Settlement | Tom Ferry Show
Apr 16, 2024
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Discover how the NAR settlement is reshaping the real estate industry, not just for buyers but also on the listing side. Industry experts share their insights on adapting strategies, co-broke offers, objections, and 5 listing attraction strategies. Get ready to update your processes and stay ahead in the evolving market.
Prepare early for NAR changes to improve transition and results.
Focus training on essential NAR settlement skills and client discussions.
Leverage marketing strategies like 'Name Your Price' to attract more listings.
Deep dives
Preparing for Change and Early Implementation
Lisa emphasizes the importance of early preparation and implementation of new practices. She describes three categories of agents: those who start practicing now, those who wait until later, and those who delay until July. Lisa highlights that those who prepare ahead will experience a smoother transition and better results.
Training and Focus on Essential Skills
Byron advises focusing training efforts on essential skills related to the new NAR settlement. He emphasizes a shift towards focusing exclusively on the critical aspects of NAR changes, such as mandatory disclosures and buyer representation forms. Byron stresses the importance of redirecting training priorities and focusing on educating agents efficiently and effectively.
Immediate Changes in Training and Client Interaction
Byron shares how training strategies were adjusted immediately after the proposed NAR settlement, focusing solely on essential topics related to the settlement. He emphasizes the importance of making prompt changes to training materials and client interaction procedures, prioritizing discussions with clients on mandatory disclosures and buyer representation forms.
Consistent Role-playing and Skill Development
Byron underscores the significance of ongoing role-playing sessions to enhance agent skills and readiness for the new NAR settlement changes. He recommends regular role-playing to handle objections effectively and ensure agents are well-prepared for client interactions aligned with the new rules and regulations.
Maximize Your Listing Attraction with Effective Marketing Strategies
One key takeaway from the podcast episode is the emphasis on leveraging marketing strategies to attract more listings. The discussion highlights the importance of showcasing the effort put into selling a property through campaigns like the 'Magic Buyer Letter' and the 'Perfect Just Sold' campaign. By emphasizing the sweat and personalization in marketing, agents can turn each listing into an opportunity to secure more listings. Examples such as using Instagram polls for seller leads and equity update emails demonstrate actionable ways to engage clients and generate leads from existing databases.
Drive Business Growth by Implementing Proven Marketing Techniques
Another significant insight from the podcast episode revolves around the effectiveness of marketing campaigns in boosting business growth. The segment presents five listing attraction strategies, including the 'Name Your Price' campaign and the utilization of Instagram polls for lead generation. With success stories of generating listing appointments and significant sales through these strategies, the episode stresses the impact of implementing these proven marketing techniques to drive conversations, appointments, and ultimately, sales.
The NAR settlement is the biggest challenge facing real estate agents today, and the changes aren’t only impacting buyer agency. Shifts are happening on the listing side as well, and if you don’t update your processes and talking points soon, you’re going to be embarrassed by the time July rolls around.
For this episode of the Tom Ferry Show, I’m sharing the entire recording of my recent webinar which attracted tens of thousands of agents from across the country, “Embracing Change Pt. 2: The Listing Side of the NAR Settlement.”
In addition to my own thoughts and strategies, you’ll also hear from industry thought leaders, Lisa Chinatti, Jamie McMartin, Jack Miller, Jimmy Mackin, and Byron Lazine. These are some of the most successful and most informed minds working in real estate today, and they’re opening up their entire playbooks on how to adapt your listing strategies in light of the NAR Settlement.
This is a big deal, and I’m sharing it to help agents everywhere protect themselves and start serving more clients than ever before.
In this webinar, we discuss…
0:00 – The NAR settlement adjustments
8:12 – Jack Miller: settlement sighlights
15:00 – B2B vs. C2C
22:30 – Co-Broke offers
31:17 – Listing contracts & objections
38:45 – A roleplay
46:00 – Best advice
1:00:00 – 5 listing attraction strategies
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