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World's Greatest Agent Interviews: HousingWire's Brooklee Han May 24, 2024

Show notes

Welcome to Tim and Julie Harris's exclusive interview series, World's Greatest Agent Interviews.

Welcome back to America's #1 Daily Podcast, featuring America's #1 Real Estate Coaches and Top EXP Realty Sponsors in the World, Tim and Julie Harris. Ready to become an EXP Realty Agent and join Tim and Julie Harris? Visit: https://whylibertas.com/harris or text Tim directly at 512-758-0206.

IMPORTANT: Join #1 Real Estate Coaches Tim and Julie Harris's Premier Coaching now for FREE. Included is a DAILY Coaching Session with a HARRIS Certified Coach. Proven and tested lead generation, systems, and scripts designed for this market. Instant FREE Access Now: YES, Enroll Me NOW In Premier Coaching https://premiercoaching.com

Today's interview is with Bookless Han from Housing Wire. Tim Harris and Brooklee discuss in detail the many changes to the real estate industry from Buyer Agent Commission Sharing Settlement and the updates to the FTCs TCPA laws and pertains to online lead generation.

Brooklee Han is an accomplished writer specializing in real estate and housing trends. With a keen eye for detail and a passion for storytelling, Brooklee delivers insightful and engaging content that resonates with readers. As a valued contributor to HousingWire, Brooklee has established herself as a trusted voice in the industry, offering unique perspectives and in-depth analysis on topics ranging from market dynamics to policy developments. With a background in journalism and a dedication to excellence, Brooklee continues to inform and inspire readers with her compelling narratives and expert analysis.

HUGE Announcement: You will love this! Looking for the full outline from today's presentation? Our DAILY Newsletter featured lead generation systems, real estate scripts, daily success plans and (YES) the notes or today's show. Best part? The newsletter is free! https://harrisrealestatedaily.com/

Dominate the Next Quarter: Your 90-Day Success Plan to Win Big (Part 4) May 23, 2024

Show notes

11. Investors. Join your local investors’ club through meetup.com or private Facebook groups in your town. You'll know who's looking for what property and which investors will likely sell. This also will give you insider information about 'pocket' listings, which can benefit your buyers.

Dominate the Next Quarter: Your 90-Day Success Plan to Win Big (Part 3) May 22, 2024

Show notes

6. For Rent By Owners. Investors who own single-family or small multifamily units are an amazing source of new listings for you. This is one of the easiest scripts to learn and polish because it's a simple business conversation. If the home is vacant and for rent, might the owner rather sell it versus continue to keep it as a rental? Offer to do a free, comparative market analysis so they can make an educated decision and see what that does to their plans. Again, potentially one contact and multiple transactions. Maybe they want to re-invest in different properties with you. Maybe they want to cash out their entire portfolio while prices are high. You won't know if you don't ask. You'll also love this source because the phone numbers are easy to get!

Dominate the Next Quarter: Your 90-Day Success Plan to Win Big (Part 2) May 21, 2024

Show notes

Remember, you're focused mainly on LISTINGS because listings will automatically create buyers for you. Work with the buyers yourself or pre-qualify them and refer them to referral partner agents.

Dominate the Next Quarter: Your 90-Day Success Plan to Win Big May 20, 2024

Show notes

Launch yourself into success in this quarter, with the next 90 days being the most successful you've ever experienced. With rates decreasing and inventory increasing, you're poised to Roar for the rest of '24. Don't wait until the calendar flips to get into action. We'll show you how on this podcast series!

PART ONE

There will absolutely be an influx of people buying or selling real estate in the next 90 days. We know this based on increasing mortgage applications and increasing inventory for sale. The only question is whether YOU will be the one to list (or sell) the next homes in your market!

The Greatest Fortunes Have Been Made During the Greatest Times of Change May 17, 2024

Show notes

In the ever-evolving realm of real estate, it's all too easy to succumb to the tidal wave of uncertainty and fear crashing upon us. As real estate agents, we find ourselves navigating treacherous waters, buffeted by market fluctuations and besieged by doubt. Yet, amidst the chaos, there lies a beacon of hope—a testament to the resilience and ingenuity of the human spirit. It is in times of change, in moments of upheaval, that the greatest fortunes are made.

Throughout history, we have seen time and again how individuals have seized upon periods of upheaval to forge their own paths to prosperity. Take, for example, the story of Lisa Nguyen, a real estate agent who weathered the storm of the 2008 housing market crash. Faced with plummeting property values and dwindling sales, Lisa refused to be deterred. Drawing on her creativity and resourcefulness, she pivoted her business to focus on distressed properties, helping countless families navigate the foreclosure process and find new beginnings. Today, Lisa's thriving real estate empire stands as a testament to the power of resilience and adaptability in the face of adversity.

But Lisa's story is just one of many. From the rise of Andrew Carnegie during the Industrial Revolution to the success of Donald Trump amidst the turmoil of the 1990s real estate market downturn, history is replete with examples of individuals who turned uncertainty into opportunity.

Indeed, as the saying goes, "Hard Times Create Strong Men, Strong Men Create Good Times, Good Times Create Weak Men, Weak Men Create Hard Times." It is during the hard times that we are forged into stronger, more resilient individuals—individuals who have the strength and tenacity to weather any storm and emerge stronger on the other side.

REAL ESTATE LEADS, LEADS and more LEADS: Question: What is Tim and Julie Harris's favorite PROBATE LEAD PROVIDER? Simple, alltheleads.com/harris

Let's delve deeper into history to uncover additional examples of how hard times have created the greatest fortunes:

1 Rockefeller and the Oil Boom: In the late 19th century, John D. Rockefeller capitalized on the turmoil of the oil industry, leveraging his business acumen to establish Standard Oil and become one of the wealthiest individuals in history.

2 Carnegie and the Steel Industry: Andrew Carnegie's rise to prominence during the Industrial Revolution is another prime example. By recognizing the potential of the steel industry and implementing innovative production methods, Carnegie built an empire that reshaped the modern world.

3 Rothschild Banking Dynasty: In the 18th century, the Rothschild banking dynasty emerged from humble beginnings to become one of the most powerful financial institutions in Europe. Through strategic investments and shrewd business practices, the Rothschilds navigated periods of economic upheaval to amass immense wealth and influence.

Ready to become an EXPIRED Listing Agent? As promised, here is the discount link for the EXPIRED LISTING LEADS: https://www.redx.com/affiliate/tim-and-julie-harris/

15 Success-Killing Bad Habits You Must Stop Now May 16, 2024

Show notes

Monitor yourself at all times to squash these detrimental habits! Successful people KNOW to avoid these bad habits and actively work to replace them with success habits.

1. Lack of 'Stick-to-it-ness': - F-O-C-U-S = Follow One Course Until Successful- Jet analogy: Stop taking off and re-landing the plane before achieving cruising altitude.

2. Never Mastering the Basics: - Hiring a team before mastering management skills. - Settling for subpar performance in listings and buyer interactions. - Avoiding self-improvement due to perceived expertise.

3. Believing Wealth Myths: - Examine core beliefs about wealth. - Shift from scarcity to abundance mindset. - Seek exposure to ethical wealth-building practices.

4. Focusing on Liquidity Events: - Prioritize consistent savings over one-time windfalls. - Adopt disciplined saving habits.

5. Thinking you had to be born with sales talent: - Perseverance, skill, and service surpass raw talent.

6. Buying Success Instead of Earning It:

- Invest in skill development, not just leads.

REAL ESTATE LEADS, LEADS and more LEADS: Question: What is Tim and Julie Harris's favorite PROBATE LEAD PROVIDER? Simple, alltheleads.com/harris

7. Procrastination and/or blaming others for lack of success:

- "I'm a doer; I do things now; I get things done!"

-"If it's meant to be, it's up to me!"

8. Chasing Perfect Balance: - Passion, skill, and implementation trump balance.

-Goals in 5 areas of life change and are never in perfect balance.

9. Being addicted to media and doom scrolling. - Limit exposure to negative influences.

-Practice a media-free life.

10. Lack of Urgency: - Do you practice Furiously Fast Lead Follow-Up, or is your voicemail always full?

Ready to become an EXPIRED Listing Agent? As promised, here is the discount link for the EXPIRED LISTING LEADS: https://www.redx.com/affiliate/tim-and-julie-harris/

Homework:

Identify and combat bad habits daily to cultivate profitable habits.
Implement strategies outlined in your Real Estate Treasure Map for success.
Sign up for Premier Coaching for free today.

"I'd List With You Now, But Where Will I Move To?" May 15, 2024

Show notes

Are you STILL hearing from your would-be seller clients something that sounds like this?

"I'd sell today, but where would I move to?"

"I'd love for you to list (and sell) my home, but I don't want to be homeless!"

Instead of saying: 'Yes, I know... I've got you set up with a drip system, so you'll see the newest listings.'

What if your seller/buyer is being more proactive than you are?

Are they going to open houses without you this weekend?
Are they visiting new construction?
Are they sending postcards to homeowners in their favorite neighborhoods?
Have they ghosted you?

REAL ESTATE LEADS, LEADS and more LEADS: Question: What is Tim and Julie Harris's favorite PROBATE LEAD PROVIDER? Simple, alltheleads.com/harris

TOP FIVE SOLUTIONS to turn Would-Be Sellers into LISTINGS!

1 Consider building a home instead of chasing after the scarce resale inventory. There are several advantages to this option. First, many builders are buying down interest rates using their in-house financing. The buyer can lock in a better rate this way. Next, the house is new. No rehab for them and no inspection woes for you. Your client can get their home on the market a few months before completion and not have to move twice. Finally, when your client builds, they aren’t having to compete in a bidding war. Builders with in-house financing also have superior mortgage interest rates. (In a 7+% interest rate environment, Toll Brothers has a 5.8% 30-year fixed rate program this week!)

2 Consider buying first, closing, and then listing the previous home. Don’t assume your buyer/seller prospects won’t or can’t utilize this option. They may have a downpayment saved that isn’t their home equity. They might use a bridge loan to borrow their equity, close on the next home, and then sell the old one. You don’t know if you don’t ask. The advantage is that your client can make a non-contingent offer, secure their next home, and deal with their old house later. Make sure you know lenders who offer bridge loans and that you understand how to explain this option.

3 Consider selling first, renting for a while, and taking the time to look for the right home. The advantage here is the seller has cashed out their equity and is ready to pounce on the right home, but without the pressure of organizing closing and possession dates. Who are your go-to leasing agents? Consider both traditional rentals, short-term vacation rentals that may consider a lease, and apartment complexes.

Ready to become an EXPIRED Listing Agent? As promised, here is the discount link for the EXPIRED LISTING LEADS: https://www.redx.com/affiliate/tim-and-julie-harris/

What's the bottom line? You can't just wait around for listings to appear for your seller prospects who have to buy! Be proactive with different solutions that could work for them. You'll have more transactions, and they'll value your expertise, netting you both current business and future repeat referrals.

NEW RULES: Buyer Agency, What You Must Know NOW (Part 2) May 14, 2024

Show notes

PART TWO:

6. You DO have to be transparent and very specific about the compensation part of your agreement!

As per the proposed settlement, any compensation received by an agent or broker must be clearly specified in the written agreement with the buyer.

The agreement must outline the exact amount or rate of compensation to be received or provide a method for determining this amount. However, the compensation must be "objectively ascertainable" and cannot be left open-ended.

For instance, stating "buyer broker compensation shall be whatever amount the seller is offering to the buyer" is not permissible under the settlement terms. (Don't be lazy and try to use this as a catch-all phrase). It won't fly.

Furthermore, the settlement stipulates that the compensation received by an agent or broker for brokerage services cannot exceed the agreed-upon amount or rate outlined in the buyer agreement. This means that if your agreement specifies that you're charging $1500 flat fee, but the listing your buyer wants has a 3% buyer commission included, you still make just the $1500.

REAL ESTATE LEADS, LEADS and more LEADS: Question: What is Tim and Julie Harris's favorite PROBATE LEAD PROVIDER? Simple, alltheleads.com/harris

It's important to note that brokerages are not restricted to having only one agreement with a buyer.

The Frequently Asked Questions (FAQ) section clarifies that NAR policy does not dictate the components of a contract. The FAQ emphasizes that compensation remains negotiable and should be discussed and agreed upon between MLS participants and the buyers they represent.

Ready to become an EXPIRED Listing Agent? As promised, here is the discount link for the EXPIRED LISTING LEADS: https://www.redx.com/affiliate/tim-and-julie-harris/

6. How long do agents have to make these changes?

-Until August 17th

7. Who will be enforcing the changes?

-Individual MLSs are responsible for enforcing these rules.

8. What about buyer clients and seller clients and our existing agreements through the transition?

-Local MLSs will require either new contracts or amendments by August 17th. Pay attention to what's being required and make sure you're compliant.

8. What should you do NOW in anticipation of these requirements?

-Join Premier Coaching so you can have (and use) a BUYER PRESENTATION which results in a signed agreement with your buyer clients.

-Be able to articulate your value with confidence, showing specific unique selling propositions and offer much more than a buyer can find on their own using online resources.

-Remember that knowledge = confidence and ignorance = fear, so stay informed, stay motivated, and get into action!

NEW RULES: Buyer Agency, What You Must Know NOW May 13, 2024

Show notes

On today's podcast, we'll update you regarding the effects of the commission sharing lawsuit settlements.

What changes are already being made by brokers, agents, and state and local associations?

What should you do now to get into or stay in momentum for the remainder of this year? Let's take a closer look at what's been happening while you've been out in the wilds of real estate!

PART ONE

1. What are the policy changes resulting from the commission lawsuit settlements?

a) Compensation offers in the MLS between listing brokers or sellers to buyer brokers or other buyer representatives are now either eliminated or prohibited.

b) MLS is required to eliminate broker compensation fields in the MLS.

c) MLSs are required NOT to create, facilitate, or support any non-MLS mechanisms for participants, subscribers, or sellers to make offers of compensation to buyer brokers.

REAL ESTATE LEADS, LEADS and more LEADS: Question: What is Tim and Julie Harris's favorite PROBATE LEAD PROVIDER? Simple, alltheleads.com/harris

(This includes providing listing information to an internet aggregator's website, for example)

d) MLS participants must not, and MLSs must not enable the ability to filter out or restrict listings based on the level of compensation offered. No searching for the best commissions!

e) Compensation disclosures are required for sellers as well as for prospective sellers and buyers.

f) HERE's the IMPORTANT ONE: MLS participants working with a buyer must have a WRITTEN AGREEMENT with the buyer before touring a property.

Ready to become an EXPIRED Listing Agent? As promised, here is the discount link for the EXPIRED LISTING LEADS: https://www.redx.com/affiliate/tim-and-julie-harris/

2. What does 'Working with a buyer' actually mean? This depends on the situation. For example:

According to NAR's FAQs on this, simply marketing your services to a buyer or speaking to a buyer on the seller's behalf (let's say you have a listing and a buyer comes to your open house) does NOT mean that you are 'working with a buyer' based on the settlement agreement.

When are you considered to be 'working with a buyer'?

When you provide actual services to a buyer, such as searching for homes for them, setting up showings, negotiating, providing CMAs, or presenting offers.

3. What about Dual Agency? NAR has stated that "Agency is a matter of state law, including how the dual agency is defined, what disclosures are required, and if it's deemed lawful for consumers in that state."

Dual Agency is not created when a listing broker simply answers a buyer's questions or shows the home to an unrepresented buyer.

This is a sticky topic, so we defer to your state law on this one! It's also worth noting that you may be in a state that allows Dual Agency, but your BROKER or team may disallow dual agency. Adjust accordingly and keep your facts straight on this topic!

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