Fed's Surprise Cut, Mortgage Market Shifts, & Seller Trends | KBP 087

Tom Toole and Lisa Chinatti discuss the 50 basis point cut to the federal funds rate and what to expect from it, as well as Powell’s housing-related comments, how to respond to consumer questions on mortgage rates, why it’s time to move on from Sitzer/Burnett, an email template from Jimmy Mackin, follow-up on NAR’s Clear Cooperation policy (and why it’s a bad rule), and what agents should be doing to finish the year strong and set up for a monster 2025. For more on Clear Cooperation, watch last week’s episode of Knowledge Brokers (ep #86): https://www.youtube.com/watch?v=uiwUR2VbRYM&t=693s Also tune in to hear Byron Lazine and Nicole White discuss the policy on The Real Word: https://www.youtube.com/watch?v=cPHKuKPpgS0&t=346s 𝐁𝐞𝐜𝐨𝐦𝐞 𝐚 𝐦𝐞𝐦𝐛𝐞𝐫 𝐨𝐟 𝐁𝐀𝐌𝐱: https://bamx.uscreen.io/pages/subscribe Use discount code KNOWLEDGEBROKERS for 10% off your annual subscription. Join us at BAM Mania! The Must-Attend Real Estate Event Of The Year: https://brokeagentmedia.lpages.co/bam-mania-2024/ 𝐌𝐨𝐬𝐚𝐢𝐤 is the premier client experience platform, picking up where CRMs leave off, spanning search, transaction management, and client retention. It’s everything you need to showcase your value, build client loyalty and drive referrals. Limited subscriptions available → https://www.mosaik.io/ Subscribe to Knowledge Brokers Podcast today: https://www.youtube.com/@knowledgebrokerspodcast?sub_confirmation=1 Resources: https://nowbam.com/plummeting-support-for-nars-clear-cooperation-policy/ https://www.instagram.com/p/DAHTwYcyoOD/?igsh=bnNpdHJxdWVlcnF1 Timestamps: 00:36 TOPIC: FOMC meeting and 50 basis point rate cut 01:36 Reactions to the Fed’s decision 05:59 “What do you see in your market in terms of buyer activity?” 10:22 Discussions with consumers about the impact of rate cuts on the housing market 13:41 Sellers that are making a move right now 16:45 Question on mortgage rates & how to respond to consumer questions 40:29 Biggest obstacles to reaching your goals for 2024 & 2025 43:29 The best mindset to combat the fear of failure 44:30 Lacking a back-up plan is an advantage ——— Connect with Byron Lazine: https://www.instagram.com/byronlazine Connect with Tom Toole: https://www.instagram.com/tomtoole3rd/ Connect with Lisa Chinatti: https://www.instagram.com/lisachinatti/ Join the 5AM Call: https://5amcall.com/ ——— Subscribe to BAM YouTube: https://tinyurl.com/aatxhaka. Subscribe to BAM Newsletter: https://mailchi.mp/nowbam/the-best-newsletter-in-real-estate Check out BAM: https://nowbam.com/ ——— BAM PARTNERS 𝐑𝐞𝐦𝐢𝐧𝐝𝐞𝐫𝐌𝐞𝐝𝐢𝐚: Tired of spending your hard earned money on marketing you know never makes it past the trash can or spam filter? Imagine getting texts and calls thanking you for your marketing. That’s what we do for you → https://remindermedia.com/bamsample/ 𝐕𝐮𝐥𝐜𝐚𝐧𝟕: The most accurate, powerful, and effective real estate seller lead generation resource to build your business. GET STARTED TODAY → https://www.vulcan7.com/bam/ 𝐒𝐮𝐦𝐦𝐢𝐭 𝐕𝐀 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬: Leverage your business with a REAL ESTATE-TRAINED Virtual Assistant → https://www.summitvasolutions.com/byronlazine-referral 𝐏𝐫𝐨𝐩𝐒𝐭𝐫𝐞𝐚𝐦: The most trusted provider of comprehensive real estate data nationwide. Try it FREE → https://trial.propstreampro.com/bam/ 𝐒𝐢𝐬𝐮: Increases real estate team & brokerage annual volume by 107% and agent annual volume by 28% → https://sisu.grsm.io/bam-pod-partners 𝐒𝐢𝐞𝐫𝐫𝐚 𝐈𝐧𝐭𝐞𝐫𝐚𝐜𝐭𝐢𝐯𝐞: Solutions That Maximize ROI. SEO powered IDX websites and a predictive CRM driven by marketing automations that help you capture, convert and close. Faster. Let's Chat → https://get.sierrainteractive.com/bam 𝐅𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧𝐬: Maximize tax savings, reduce administrative burdens, and increase take-home pay with a financial management solution specifically for real estate agents: https://get.formationscorp.com/bam ———