To August 17th and Beyond!

When your success will still matter

When we were in the stretch toward some big changes in the real estate industry: The NAR settlement terms went into full effect nationwide on August 17th. You’ve been preparing for months. But what should you be ready for next?

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The Day After

The good news is that most of the readers here are extremely prepared for the new rules around real estate compensation and buyer agency. You’ve updated your value proposition, redesigned your buyer services, and built up your confidence by attending webinars and classes to practice new skills.

You’re ready for August 17th. Bring it on!

Still, that Saturday marks the starting point of the next phase, not the end point of a lawsuit. You’ll need a strong plan for what happens on Sunday, and Monday, and weeks and months after.

Because it’s going to be a wild ride, which you’ll do just fine if you keep a few things in mind.

We have no idea what the future will bring

Which is a good thing.

It means every possibility is on the table. There are plenty of reasons to think consumers will adjust well to the changes: They did so in states that made similar changes years ago. Consumers may find the new rules refreshingly transparent. Sellers may appreciate more options to negotiate. Buyers may prefer having money discussions sooner rather than later. Competitors will be fine, which is helpful since it’s going to take everyone to educate consumers nationwide. Even the appearance of new competitors with fresh ideas, technologies, and capital will be a welcome change to the malaise that settled in the industry since the settlement was announced.

Maybe even the press will stop badmouthing the industry. Oh well, one can hope!

We simply have no idea and that’s very exciting!

Big Game © MATTHEW FERRARA 2018

Play Chess, not Checkers

A few years ago I was flying to New York from Atlanta when major storms arose. The pilot made a brief announcement:

“Ladies and gentlemen, a sizable thunderstorm sits between us and New York City. We’re being told it’s going to get bumpy as we enter the Washington, DC area. Please fasten your belts.”

“Wow,” said a young woman next to me. “This isn’t fun.”
”Don’t worry,” I smiled at her. “The pilots are trained to get around bad weather.”

I reached down and pulled out my laptop. Connecting to wifi, I clicked my travel website and started looking at hotels in Washington, DC. I noticed the woman looking over my shoulder.

“You’re going to New York, aren’t you,” she said as the plane shook a little.

“I hope so, but I have been through this drill before. I think we’re going to end up in DC for the night,” I said. “I’m making a backup plan.”

“But they will just refuel and take off again, won’t they?” she asked. I got the sense she was new to business travel. “I have a reservation in New York.”

“I hope so, but weather is tricky,” I said. “I’m booking a backup seat on the morning flight, just in case.”

With a few more clicks, I secured a room and seat on the first flight in the morning.

“Ladies and gentlemen,” said the captain again. “Looks like we’ll be landing in DC for fuel while the storm passes. We’ll update you after we land. Flight attendants, please prepare for arrival.”

I turned to the woman and said, “I’m still connected to wifi. Want to book a backup hotel before we land?”

“Thanks,” she said. “I’m lucky you are sitting next to me.”

“I played a lot of chess in college,” I nodded. “They might take off again after we land, but it’s already late; I am not spending the night in the airport.”

“I guess you have to stay three steps ahead,” she laughed. “I never even played checkers in college.”

Advance Your Game

So — what’s your plan for the day after August 17th?

Putting new forms and sales skills into action is simply checkers, leapfrogging to reach a starting point of an unpredictable new game. Alongside a million other salespeople doing the same thing, too.

You can’t afford to wait and let the chips fall where they may.

Time to play a different game altogether. No waiting and wondering - you’ve done that for months. Start your long-term play early by planning a “success-after-August” strategy before we see where the market eventually lands.

Five Keys to a Strong Ongoing Growth Plan

Here are five major “pieces” for your post-August game to put in motion today. PLUS my Top Ten Favorite List of tools, videos, ebooks, articles, and spreadsheets from the archive to help you leapfrog the competition, any day.

Hope they help!

1. Build an October Closing Pipeline. Think pumpkins, not turkeys and move your revenue goalposts to Halloween, not Thanksgiving. December always slows, but an election year can stall November, too. Double down on prospecting and listings in August, so you can close 85% of revenue by October 31. If you do more after that, it will make for enjoyable holidays! Be sure to use the spreadsheets in the MidYear Checkup recording.

2. Take a Social Media Break. At least, pause from the industry chatter that’s simply rattling everyone’s nerves. You don’t need your name attached to intra-industry gripe fests, so step back for a month. At the very least, focus any social time on clients and close friends who energize you. Press “Snooze for 30 Days” repeatedly to bring sanity to your late summer.

3. Freshen up your Marketing.