business strategies

Turn NAR Settlement Challenges into Opportunities For Your Real Estate Business

Mar 26, 2024

The recent settlement between the National Association of Realtors (NAR) and the Department of Justice has sparked discussions across the real estate industry.

While there are concerns about potential impacts, there are also potentially positive aspects for real estate agents to consider.

Anytime an industry experiences a disruption, innovation within the industry rises to meet these changes, and this time will be no different.

The following are some thoughts to consider as you navigate the changing real estate industry landscape.

Commission flexibility

With more flexibility in commission structures and compensation arrangements, agents have the opportunity to differentiate themselves and offer unique value propositions to clients.

This could incentivize agents to enhance their services and find new ways to add value throughout the home buying and selling process.

If you don’t provide your clients a complete list of your services (including value-added) during the listing presentation, get one together.

Now more than ever, buyers and sellers need to understand the irreplaceable level of value and expertise you provide for them.

The Market Update Series is shown above. To learn more, Click Here.

Increased transparency

The changes brought about by the settlement may lead to more transparency and clarity for both agents and consumers.

By removing blanket compensation offers and encouraging negotiation, the settlement empowers agents to have more open discussions with clients about commission rates and compensation structures.

This transparency can help build trust and foster stronger relationships between you and your clients.

New business models

The settlement could result in a more dynamic and adaptable real estate market.

With increased flexibility in commission arrangements, agents may have the opportunity to explore new business models including fee structures, partnerships, collaborations, consulting, and value-based services.

This could lead to a more resilient and innovative real estate industry that is better equipped to serve the needs of clients in an ever-evolving market landscape.

While the NAR settlement presents challenges, it also offers opportunities for real estate agents to innovate, build trust, and adapt to a changing industry landscape.

By embracing these changes and leveraging them to your advantage, you can position yourself for success in the coming years.

When you have time…below are some marketing tools to help support your success.

1. Put Your Real Estate Business a Step Above with Your Own Branded Magazin

Homes & Life Magazine is a customizable magazine with rich, full-color content and a sharp, professional aesthetic. It includes compelling, direct, response-driven articles written by real estate industry experts and engaging lifestyle content. Send out Homes & Life Magazine in Just Minutes – No Minimums Required. Or we’ll ship it to you. Homes & Life Magazine is the ultimate “Coffee Table Lingerer”! …and it costs less than sending a greeting card! – Click Here

2. The Free 6-Month Done-For-You Strategic Marketing Planner

The Real Estate Marketing Planner is a powerful 6-Month Guide that strategically defines what marketing to do and when. Four key market segments include niche Markets, geographic farming, sphere of influence, and past clients. – Click Here

3. The Free Online Real Estate Business Plan

The Real Estate Business Plan allows you to enter your business goals for the year and get a breakdown of how many prospects, listings, closings, and so on are needed to reach your financial goals. – Click Here

4. The Become a Listing Legend Free eBook

This image has an empty alt attribute; its file name is Become-A-Listing-Legend-3D-Book-White-274x300.jpg

Ready to take a vertical leap in your real estate career? If you’re looking for inspiration…and the tools and methods to dominate a market and go to the top in real estate…you’ll find them in this free book. – Click Here

Happy New Year! What Will You Do Differently in Your Real Estate Business This Year?

Jan 2, 2024

Although the attribution is under debate, Albert Einstein famously defined insanity as “… doing the same thing over and over again and expecting different results.”

Regardless of who truly gave that one to the world, it sure is true, isn’t it?

As we head into a fresh, new year, it’s time to do a lookback at 2023. What worked? What didn’t? What did you hope to accomplish that you didn’t? Where are the gaps in your marketing plan that need to be filled?

Is this the year you’ll hire help?

Today we throw out some ideas. No, nothing new, but perhaps new to your business in 2024.

Understand your audience

“Census data shows that 4 in 10 Americans are finding it difficult to cover their expenses,” according to Emma Newbery at Fool.com.

“On average, Americans need an additional $11,434 to afford the same standard of living in October 2023 compared with January 2021 …,” suggests Aimee Picchi at CBSNews.com, citing a study by the U.S. Senate Joint Economic Committee.

Sadly, the media doesn’t seem to understand the plight of average Americans in this economy. They deliver the news as if we’re doing peachy, making money hand over fist without a care in the world.

Naturally, those struggling the most are not likely in the market to buy a house right now. But, rest assured that a chunk of the higher earners in that 40% of Americans just may be.

The Get More Listings II Series is shown above. To learn more, Click Here.

Are you online enough?

Strengthen your online presence via social media and a robust offering of advice and information on your website.

The secret? Ensure that what you post is irresistibly sharable.

These topics don’t all have to be real-estate related. In fact, those that are shared the most tend to be community-related, such as those about local coffee shops, restaurants, dog groomers, etc.

Yes, you’ll want to throw in educational real estate pieces to show your expertise and educate your followers. But social media is a place for them to get to know all aspects of who you are.

Get a Niche

Have you considered specializing in a real estate niche? Focusing on one group of people, type of property or neighborhood is an amazing way to stand out from the crowd of other agents in your area.

Popular and lucrative niches include:

People – veterans, ethnic, foreign buyers, generational (for instance, baby boomers, or Gen X), new-home buyers.
Geographic – as mentioned earlier, this might be specializing in a particular neighborhood, condo community, or beach-front properties for instance.
Property type: luxury, starter homes, condos, multi-generational homes, new construction, waterfront, golf course.

Use your content, both website and social media, to show them you’re not blind to their plight. Keep them abreast of the local market, but have some fun too. Any positive news you can provide will have them coming back for more.

When you have time…below are some marketing tools to help support your success.

1. Put Your Real Estate Business a Step Above with Your Own Branded Magazine

2. The Free 6-Month Done-For-You Strategic Marketing Plan

3. The Free Interactive 6-Month Real Estate Business Review

The Free Interactive 6-Month Real Estate Business Review allows you to enter your business goals for the remainder of the year and get a breakdown of how many prospects, listings, closings, and so on are needed to reach your goals. – Click Here

4. The Become a Listing Legend Free eBook

Behind the Wheel: Uncovering Tax Savings From Your Vehicle Expenses

Dec 28, 2023

“Hello Mary, this is Edith at the IRS and I notice that you missed claiming several deductions on your tax return,” is a phone call nobody ever has or ever will receive.

Yet, despite all the terms and conditions placed on them, about 39.6 million Americans claim more than $1.1 trillion in tax deductions on itemized returns.

Sounds like a ton-o’-money, doesn’t it?

Consider this: 2.2 million tax filers who didn’t itemize, but took the standard deduction instead, gave the government nearly $1 billion that they didn’t have to.

Sure, itemizing is a hassle but that’s why we hire accountants, right? Your only job is to keep track of all of your expenses.

And, as a real estate professional, you have a lot of expenses that can be transformed into deductions.

Document everything

Guesstimates of your mileage, how much gas you used and other auto-related expenses will get you about as far as a Zestimate gets a homeowner looking for home value.

Relying on them may cause you to leave money on the table.

Then, the IRS requires accurate documentation, should you be audited.

“The devil is in the detail,” warns Bill Zumwalt, former tax coach to real estate agents. “If you have documentation, it will be your friend.”

OK, so let’s jump into some of the more common automobile deductions that apply to the real estate professional and some tips on how to document them.

The Empty Nest Series is shown above, Click Here.

Bought a car in 2023?

Yup, it’s a fact: being a buyer’s agent means practically living in your car.

Without getting too technical, if you’re thinking of getting a new tin can to be locked up in all day, and it happens to be a “heavy” SUV, you may want to purchase or lease a 2024 model.

A heavy SUV, by the way, would be something like a Tahoe or Land Cruiser— any vehicle with a gross vehicle weight rating (GVWR) of more than 6,000 pounds. You can find a list of qualified vehicles at mileiq.com.

The depreciation deduction falls under Section 179 of the IRS code. “Section 179 is a provision of the US tax code that allows businesses to deduct (i.e., write off) the purchase price of qualifying equipment, vehicles, and software in the year it was purchased, as opposed to depreciating it a little at a time over several years,” according to the experts at Crest Capital.

You can bone up on the details at IRS.gov.

Deductible auto expenses

Keep careful records of your mileage this year because you’ll get more money per mile than you did last year: 65.5 cents per mile driven for business use.

And, keep in mind that mileage may just be your biggest tax deduction, according to CPAs at Rick C. Reed and Company in Texas.

Don’t neglect the following expenses, though:

Car washes
Repairs
Gas (including tax on gas)
Tires
Parking
Tolls
Depreciation
Maintenance costs
Vehicle registration fees
Lease payments
Insurance

Learn more about vehicle expenses online at IRS.gov.

When you have time…below are some marketing tools to help support your success.

1. Put Your Real Estate Business a Step Above with Your Own Branded Magazine

2. The Free 6-Month Done-For-You Strategic Marketing Plan

3. The Free Interactive 6-Month Real Estate Business Review

4. The Become a Listing Legend Free eBook

Plotting Real Estate Success in 2024? Here’s help!

Dec 15, 2023

Look at the bios of some of the most successful humans on the planet, and two themes run consistently through them: they’re workaholics and they aren’t content with being average.

Former NFL wide receiver Jerry Rice didn’t win 36 NFL records by working at it part-time. And, although he is considered by some to be the greatest all-around NFL player of all time, it isn’t talent alone that got him the accolades.

Rice was typically the lone guy on the field after practices were over and the rest of the team was on their way home.

Six days a week, during the off-season, Rice spent mornings running along a five-mile trail in the Oakland, California hills and lifted weights in the afternoon.

You either want to win or you don’t and judging by the effort he put into his craft, Jerry Rice obviously wanted to win.

“Become a master of your craft. While everyone else is relaxing, you’re practicing and perfecting,” admonishes Benjamin P. Hardy, author of “Willpower Doesn’t Work.”

What’s your plan?

Rice knew that his speed was mediocre, at best. How did he overcome that weakness? “By leveraging his greatest strengths,” according to James Clear, author of “Atomic Habits.”

Since he knew he couldn’t be the master of everything, he focused on perfecting his assets – “precision, endurance, and strength,” according to Clear.

What are your strengths as an agent? Focus on improving those skills and use them to maximum advantage.

If your communication skills are top-notch, practice those scripts until they flow effortlessly. If it’s your negotiation skills that surpass others’, work on leveraging those skills to produce marketing-worthy statistics. Problem solvers can look for new and unique situations to leverage their strengths.

Delegate for the win

Too many agents spend all of their time working in their businesses and not on them.

It’s evidenced by the lousy listing photos that litter the MLS, by the poor grammar, spelling, and punctuation in too many real estate blog posts and by the lack of basic SEO practices on agent websites.

Leveraging your strengths requires understanding that you can’t do it all. At least not effectively. If you want to win, you’ll need to delegate.

If you aren’t a professional photographer, ditch the idea of purchasing that fancy new Canon and put the money toward hiring a pro.

If you aren’t an ace writer, stop littering your site with blog posts that do nothing for your business and hire a writer. And, stop trying to take care of all the little details and hire an admin person.

Free up the time you need to use your strengths to maximum advantage.

When you have time…below are some marketing tools to help support your success.

1. Put Your Real Estate Business a Step Above with Your Own Branded Magazine