Real Estate Training & Coaching School Tim & Julie Harris - Real Estate Coaches

PART TWO:
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
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.
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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!

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

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
On today's show Tim and Julie Harris give you the bottom line, hard cold facts about this real estate market. Know these facts when speaking with the public about what is truly going on in the housing market. This is an election year and that means the fear and loathing over the economy, housing market, interest rates and inflation, social issues will only intensify. You know that the headlines can't be trusted, but the facts can. 
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/
Here are the facts. 
*Inventory rose again, albeit modestly, from 556,000 listings to 560,000 actives.
*The same week last year, inventory actually fell from 421,000 to 420,000.
REAL ESTATE LEADS, LEADS and more LEADS: Question: What is Tim and Julie Harris's favorite PROBATE LEAD PROVIDER? Simple, alltheleads.com/harris
*For context, the all-time low (ever!) was only 240,000 active listings in 2022. And for more context, pre-COVID, pre-COVID Boom, in 2015, listings were at 1,081,000.
*Where are you finding inventory for your buyers?  
*33% of listings have at least one price reduction before selling.
*All in all, the total number of homes active for sale is up 30%.  That's 6 straight months of inventory growth.
*The median home price is slightly up from last year, at $430,000.
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/
*Nationwide, the average days on the market are 47.  
From NAR this week:
National Association of Realtors® Chief Economist Lawrence Yun forecasts that interest rates will fall in the long term, 2024 existing-home sales will rise to 4.46 million (up 9% from 4.09 million in 2023), and 2025 existing-home sales will increase to 5.05 million (up 13.2% from 2024).
Yun also explained that rents will calm down further, which will hold down the consumer price index (CPI) and make the Federal Reserve cut interest rates.
Yun said that based on April's employment data, there are six million more jobs compared to the pre-Covid highs, and jobs are boosting home prices.
Bonus:
BUYERS don't know the difference between an Exclusive Agency and a non-Exclusive. Know the difference. 

Real Estate Agents: Are you finding it challenging to determine which of your buyer leads will actually buy? Will they buy with YOU?
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
Facts:
-There are more buyers in today's market than there are listings to sell them.
-Even when your buyers are both motivated AND qualified, you have no guarantee that you'll find them the right house, win a potential bidding war, and soon you may have to worry about how you'll get paid for your hard work.  Prequalification just became more important than ever!
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/
How do you determine which of your buyers will actually turn into a closed transaction?   Who should you set appointments with to have a Buyer Presentation and get the Agency and Exclusive Agency documents signed?
The Buyer Prequalification Script is simply a conversational outline, using questions to find out the following from your buyer prospects.  After using the Buyer Prequalification Script, you'll meet your buyer prospects and use your Buyer Presentation to solidify your relationship, how you work, and how commissions work.
REAL ESTATE LEADS, LEADS and more LEADS: Question: What is Tim and Julie Harris's favorite PROBATE LEAD PROVIDER? Simple, alltheleads.com/harris
Today we are showing you a few questions from the Buyer Prequalification Script.  For the full script and the Buyer Presentation, simply join Premier Coaching for free today.
1.     "I assume because you're calling/emailing/texting me directly, you're not already working with another agent?" This question happens early in the script, so you can skip the rest of the script if they're already committed to another Realtor.
2.     "What price has your lender told you NOT to go above?"  This question covers all of the bases with regard to finding out about their financing.  When you ask this question, they'll tell you if they're all cash.  They'll tell you that they haven't got a lender yet, they'll tell you if they're pre-approved, and what price not to go over.  Instead of asking all those individual questions, the script "What price has your lender told you not to go above?" gets straight to the answer.
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/
3.     "Which home in the neighborhood do you plan on selling?"  This helps you determine if they are also listing leads!  Note: many agents never ask this question when they get buyer leads. Don't make this mistake! Many buyer leads are listing leads in disguise.
Sign up for Premier Coaching today to get the full script, as well as the seller (listing) prequalification script, Prelisting Package, Listing Presentation, and, yes, the Buyer Presentation, which results in a signed Buyer Representation Agreement. 

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
You need two things: to get your buyers in contract and to find more listings for your own inventory.  
In this 2-part podcast series, we will show you how to accomplish both!
PART TWO.
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/
7.     Connect with Assisted Living Care housing intake directors.  Most people pay for their assisted care living costs by selling their homes and cashing out the equity.  The housing intake coordinators are a great source of those leads.  Provide value by being a liaison between the homeowner and the director, and the director will love you!  Modify your Pre Listing Package to include contacts for estate sale specialists, pet rescue, moving and storage, etc.
8.     Find the Notice of Defaults.  Search the zip codes your buyers are looking for for  NODs and see if the homes fit your buyer's criteria.  These are not usually listed, but they are usually motivated!
9.     Mine your own database (your past clients and people in your sphere of influence) as 'shadow inventory'.  Who owns a home currently that may be a match for your qualified and motivated buyers?  This creates two to three transactions for you.  
10.     Call 100% of your database to see who is curious about what their home is now worth in today's market.  If they knew their home is now worth ____, what would that do to their plans?
11.     Search your neighborhoods for 'half-done flips'.  The cost of building materials and labor has increased dramatically.  Which flippers are feeling the pinch?  Certain buyers may be willing to purchase the home and finish it themselves or at least get into a contract pending the finishing of the project.  
12.     Condo or apartment conversions.  There are still new or newer neighborhoods or buildings that have been rentals but are now becoming resales.  
13.  Expired listings... recent expireds and older expireds. You probably CAN get them their price in today's market. Offer to provide a new comparative market analysis and see what that does to their plans.
REAL ESTATE LEADS, LEADS and more LEADS: Question: What is Tim and Julie Harris's favorite PROBATE LEAD PROVIDER? Simple, alltheleads.com/harris
14.     For Sale By Owners (unrepresented sellers), especially if they have been on the market for more than two weeks and still haven't sold.
15.     Absentee owners.  RE-InvestorList.com and other companies provide this information.  Get the address, make sure it's not already listed, and connect with the owners to see their plan for the property.  Offer a free CMA to help them decide!
16.     Vacation Rentals (VRBOs). Look at the rental history and pursue property owners who own homes in the areas you or your buyers want to see if they would consider selling. Their phone numbers and email addresses are almost always listed online. Many VRBOs are experiencing new rules that limit their rental options, thus reducing their profitability.

Where's all the inventory?  Yes, it's growing, but it's also all selling nearly immediately.  There are buyers who are all cash, loan-committed, or at least pre-approved, anxiously waiting for you to get them what they want ASAP.
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
You need two things: to get your buyers in contract and to find more listings for your own inventory.  
In this 2-part podcast series, we will show you how to accomplish both!
PART ONE.
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/
Before we get to the secret sources and strategies, here are some thoughts to consider:
1.     How well do you know what your buyers are actually looking for?  Are they (or you) being too specific or overly obsessed with certain areas, amenities, or schools?   It may be time to discuss having some flexibility.  Know your buyer client's 'must have' versus 'would be nice to have' criteria.
2.     Stop relying only on your MLS.  This is one method but is no longer THE method.
REAL ESTATE LEADS, LEADS and more LEADS: Question: What is Tim and Julie Harris's favorite PROBATE LEAD PROVIDER? Simple, alltheleads.com/harris
Commit to following these strategies for every qualified and motivated buyer (especially those who also have listings to sell), or simply refer them to an agent who will do a better job for them. It's not fair for buyers to not be in contract simply because you haven't been strategic enough to find them something!
The goal of the following strategies is to:
-Find off-market homes for you to list.
-Find off-market homes to sell to your buyers so they no longer lose out to competition. If you want to stop competing (and losing), you MUST find homes they're unlikely to compete on!
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/
Now for your 20 Strategies to find off-market or hidden listings:
1.     Get more creative with your MLS searches.  If your buyers keep losing out to multiple bids, search your MLS using the same criteria but for homes that have been on the market for more than 60 days, more than 90 days, etc.  They probably won't be competing for those homes.  Maybe they would consider a duplex in the same area, especially if it provides income for them.  Have you had these conversations?
2.     Expand the search for your buyers geographically.  If they say they want 'these three zip codes in Austin,' for example, identify WHY those zip codes and find other areas that have more inventory but feel similar to those zip codes.  Same for school districts, amenities, etc.  Maybe they just like the neighborhood park in that neighborhood, but there's a BETTER one 10 miles away.