219 episodes

The Solution - A Real Estate Podcast is brought to you by Jeff Sibbach and Phil Sexton with the Sibbach Team, a team that's achieved over $276 Million in sales last year, with Jeff alone doing close to $100 Million.

Featuring real estate industry news that impacts Teams and Elite Agents, technology, and marketing tips so you can learn how you can transform your real estate business.

Join the conversation: https://agenttruth.com/thesolution/ and learn more about the National Association of Real Estate Teams: https://realestateleopard.com/

#realestate #realestatetips #coaching #realestatecoaching #realtor #realestateagent #realestateindustry

The Solution a Real Estate Podcast The Solution a Real Estate Podcast

    • Business
    • 4.8 • 25 Ratings

The Solution - A Real Estate Podcast is brought to you by Jeff Sibbach and Phil Sexton with the Sibbach Team, a team that's achieved over $276 Million in sales last year, with Jeff alone doing close to $100 Million.

Featuring real estate industry news that impacts Teams and Elite Agents, technology, and marketing tips so you can learn how you can transform your real estate business.

Join the conversation: https://agenttruth.com/thesolution/ and learn more about the National Association of Real Estate Teams: https://realestateleopard.com/

#realestate #realestatetips #coaching #realestatecoaching #realtor #realestateagent #realestateindustry

    The 5 Standards That Will Save the Real Estate Industry

    The 5 Standards That Will Save the Real Estate Industry

    Welcome to the Solution - a Real Estate Podcast where Jeff Sibbach and Phil Sexton share what they see happening in the industry, ways to put the consumer first, and how we can collectively change the industry for the better.
    Today’s podcast is all about standards in the Real Estate industry.
    What we learned in talking to Elite Agents and Teams across the nation is that there’s little attention to what’s going on in the industry. That’s why WE are standing up to keep you abreast of what’s affecting our industry. Today’s podcast is about letting our audience know that we care about new rules in the industry and being at the table when decisions are being made.
    Standard #1: Elite Level Performance
    We believe that agents that do business should be held at a higher level than those that don’t.
    In order for agents to be a member of LEOPARD, you must have 10 listings or 20 transactions with 5 listings a year (not a month, a YEAR). This helps differentiate between agents that are doing business with experience and those who are brand new.
    Standard # 2: Verified Team Certification
    What IS a team? Don’t you think that in order for a team to be recognized there has to be some level of standards that a team has so that they can be certified? Teams are taking over but there’s a “wild west” of what makes a team a team. The idea of a team is to improve the level of customer service and be a specialist to clients, not to make the team leader more money.
    Standard #3: Customer Service Reviews
    Have you seen an association or a brokerage or a team survey every client and publish the results publicly? Why not?
    You need to maintain a Net Promoter Score which is a single survey question asking on a scale of 1-10 how likely are you to refer us to your friends or family. You ask EVERY client after a closing to get your score and then you calculate your yearly average. If you opt-in to allow every single one of your transactions to be surveyed, then you’ll meet the standard as long as your average is above 9.
    Standard #4: Client-First Transparency
    It’s time to break down the walls that hide listing agents, commissions, disclosures, inspections, and offers. And why are ethics complaints hidden from the public? This standard will have a public display of ethics complaints. We all know we need more transparency. https://realestateleopard.com/join/ (As a member of LEOPARD), you’ll get access to a free tool where you’ll be able to upload a SPUDS. When someone comes to the house and makes an offer they can review the SPUDS and see what other offers were made on the property.
    Standard #5: Bar Raised Apprenticeship and Ethics
    Let’s implement a side-by-side apprenticeship model instead of having new agents fail forward. Stepping up on the level that agents need to be trained when they come into this business. In the apprenticeship program, they’ll work side-by-side with a seasoned agent for 2 years or 24 deals. This standard focuses on the quality of a new agent, rather than the quantity. When you raise the standards, you raise the performance.
    Listen in for the full audience conversation and let us know what standard resonates with you the most.
    Learn more about the National Association of Real Estate Teams: https://realestateleopard.com/ (https://realestateleopard.com/)
    #realestate #realestatetips #coaching #realestatecoaching #realtor #realestateagent

    • 58 min
    Who is Making Money Off Your Photos?

    Who is Making Money Off Your Photos?

    Welcome to the Solution - a Real Estate Podcast where Jeff Sibbach and Phil Sexton share what they see happening in the industry, ways to put the consumer first, and how we can collectively change the industry for the better.
    Today’s podcast is about who’s making money off of your listing photos. Who is the one profiting when WE pay for them?
    WE are paying for photos for someone else. This ties into last week’s episode where we mentioned someone is bringing a fork to a potluck while everyone else is bringing a dish.
    What got us here was Inman’s article “https://www.inman.com/2021/04/23/americas-appetite-for-sex-zillow-in-dead-heat-survey/ (America’s appetite for sex, Zillow in a dead heat)”. Inman surveyed 1000 people and featured several statistics. The juiciest one stated, “the preference for Zillow scrolling vs. sex was largely split by respondents with 49% indicating a preference for browsing Zillow and 51% showing a preference for sex”. What does this mean?
    The reality is that we’re feeding the fantasy of others but they don’t come to our own personal websites. Individually our photos that we take aren’t as valuable as they are as a collection. The aggregation of ALL of our photos has substantially more value.
    Do more photos help you sell the house? No. This is a fallacy that more photos help you sell a house. Realtor.com said listings with more than 10 photos sell for ~7% more than those with less than 10 photos. They’re simply extrapolating a data point that supported their argument and using it how they want.
    The Elite Agents actually sell the houses for more money and because they’re the ones that include a lot of photos, it distorts the stats. When we look at comps, the house with cell phone photos never sells for the highest amount. There are other factors that lead to houses selling for more so it isn’t a relatable statistic.
    If you read Zillow’s public announcement for the 1st quarter, their views have increased by 17%. This is all about us buying leads off the internet because they’re converting those people into leads. There are 240 million people searching on the web but only 500,000 buying a house. This is roughly equivalent to converting 5-6 buyers for every house.
    In the article, 64% of the people surveyed have contacted Zillow for a home they can’t afford. They also said people missed work meetings and abandoned plans with friends to browse Zillow listings (“Zillow browsers”). This is smart for Zillow, but WE are the ones paying for the photos.
    So what can we do? This isn’t anti-Zillow. We paid for the photos and we control the photos. We want to be more like Getty Images. Have you ever used a Google photo on your website? You probably got a letter with a hefty fine for illegally using a photo you found doing a Google search.
    As Michael Wurzer with the Real Estate Standards Organization (RESO) said, don’t just standardize the data but incorporate a licensing agreement with that data. When you have a licensing agreement you can then charge and get paid. If we are the ones paying for the photos, wouldn’t it be nice to get compensated for use of those photos? It’s as simple as that. What https://realestateleopard.com/ (LEOPARD) is doing is going to the brokers and telling them “hey, those are our photos!”.
    So what are the action items to stop people from benefitting from using photos they haven’t paid for? Some ideas...
    Go to https://realestateleopard.com/ (realestateleopard.com and pledge to join us).
    Take professional photos, or take cell phone photos and swap them out after the house goes pending.
    Add a watermark that blurs out 80% of the image.
    Should we be leaving up ALL of the photos after the day of close? Instead, why not leave 3-4 photos up in MLS for agents to see, not 50-70 photos that you leave up indefinitely. This happens once a house goes f

    • 28 min
    How Agents Get Paid For Adding Listings to MLS

    How Agents Get Paid For Adding Listings to MLS

    Today’s timely discussion is on how agents get paid for adding listings to the MLS.

    We’re on this topic because of the Real Estate Standards Organization (RESO) -- an organization supported and funded by the NAR. Their initiative is to make data standardized across the country and to use one common language. So, the Council of MLS (CMLS) has come out with LEAP.

    LEAP is a movement, in a world of MLS’s, to advance the language and push all of the people not keeping up with the standards. The people pushing LEAP to standardize the language have not considered adding a license to use the data. They compare MLS’s across the country to a town. They’re saying there should be a fee for using the “town” - just like a toll. This conversation of getting paid and how it would occur would come from a license.

    Because LEAP and RESO are voting on standardizing the data, if you’re going to put something in front of NAR for a vote, Michael Wurzer with MLS says to not just standardize the data, but to also include licensing contracts for how the data is going to be used. If your business provides back-end tools for lead generation (think Realtor.com) then your fees should be “X”. But are those licensing fees enough? Those fees should make it all the way down to the REALTOR “in the living room” who’s taking the listing. If our data is so valuable that it goes into the MLS and people are paying for the license, how is it not fair that the REALTOR in the living room that gets the listing doesn’t see a portion of this?

    Think of it another way, you’re probably familiar with a potluck where you bring a dish to an event. The ReMax General Counsel said there are two kinds of people. Those that bring the “dish” - the ones using the data to help their existing clients. But now we’re letting people who are not bringing dishes, bring a fork. The people with the fork are using it for client acquisition and not client servicing. The agreement didn’t distinguish who’s bringing the food vs. the fork. They’re taking the data without agreement and sending it out.

    Michael Wurzer’s argument is that the data alone (such as your listings) is not valuable. It’s the aggregation of the data that leads to the multiple of the value. Right now all the 600 different MLS’s all have data they send out with different quirks about them. You need programmers who monitor how the data works to make sure it’s all in alignment. The value of standardized national data across the country, that ALL listens to the same rules, explodes. The whole push forward is to advance technological tools. It’s too expensive to be in all the MLS’s. It makes it cheaper for the vendors.

    This is why we want to throw our hat in the ring because we see there’s someone not being recognized in this fight… teams and elite agents. WE are in the living rooms competing with value and bring that value to our clients. WE are in the trenches having conversations about value. Not the brokers. So WE should be the ones contributing.

    The reason why we have announced LEOPARD (National Association of Real Estate Teams) is that we see the agents that are in the living rooms are ahead of the $17 trillion dollar industry. WE are having meetings with homeowners and WE are putting the data into the system. We believe the elite performers should have a voice on what happens with that data.

    Collectively we could control 50% of the listing as long as we band together for a voice. We’re being ignored because we allow ourselves to be spread out. The brokers are in silos and they make the decisions. We see the MLS data being aggregated together. If the elite agents work together then we have more voice and more change.

    The point is to rally the base because we need to band together collectively, otherwise, we’re not part of the conversation. We’re trying t

    • 42 min
    Breaking News - What will be the impact of CoStar buying Homes.com?

    Breaking News - What will be the impact of CoStar buying Homes.com?

    If you thought Zillow was taking over, now we’re adding CoStar to the list.

    With the announcement of CoStar buying Homes.com for $156 million, it’s clear the real estate industry is shifting. CoStar is a publicly-traded real estate technology firm. They mostly focus on the commercial side of the business and first entered the residential side of the business with Apartments.com going toe-to-toe with Zillow in the rental market.

    It’s speculated that one of the reasons why CoStar is getting into the residential space as they are is because of the flurry of lawsuits coming out about transparency and commissions. CoStar is thinking there may be significant changes with the data so they’re positioning themselves in an Agent-friendly way. It’s possible that the purchase of Homes.com is to allow the everyday consumer to directly list their homes, to basically “get rid of” Agents. This forces Agents to really step up their game and expressing the worth of Agents. Or maybe the long-term strategy to be a competitor on the MLS?

    Listen in as Jeff and Phil share their insight as to why CoStar made this move to buy Homes.com and what they think this means to the future of Real Estate and how it could potentially affect what’s going to be decided in the next 20-25 years.

    #realestate #realestatetips #coaching #realestatecoaching #realtor #realestateagent #realestateindustry

    • 49 min
    Solving The Problem Of More Agents Than Listings

    Solving The Problem Of More Agents Than Listings

    In 2013, there were 1 million + agents + 5.5 million houses sold nationally. In 2020, there are now 1.4 million agents and 1.1 million houses sold. This is equivalent to adding one new agent per house sold.

    How do we solve the problem of a growing number of agents getting licensed with little to no accountability for the quality and training of these agents?

    In this podcast, Jeff and Phil discussed establishing an apprenticeship program to help solve the problem of a record number of people getting licensed. The audience provided input on what a fair “Realtor Residency” should look like.

    Listen to the full conversation and let us know what criteria you think should be part of an apprenticeship program.

    #realestate #realestatetips #coaching #realestatecoaching #realtor #realestateagent

    • 44 min
    URGENT! How to Protect Your Commission in a Changing Industry!

    URGENT! How to Protect Your Commission in a Changing Industry!

    With the latest lawsuit with Compass in California for alleging “inflated” commissions, it’s time to get more transparent. In this episode, Jeff and Phil share tips on what you can do to protect your commissions and be more transparent.

    One key point they addressed is the disclosure of the buyer-broker commission fee via a buyer-broker agreement. With a buyer-broker agreement, this is now a “promise” of the level of service the agent is going to provide. It’s raising the voice of elite agents and teams and creating the promise because you KNOW you can deliver. You’ll be articulating the services you provide, in writing and setting the expectations so you can also defend your pay.

    Another opportunity to be more transparent with the consumer and protect your commissions is to create a buyer-agent checklist. This checklist takes a buyer from meeting them the first time to qualifying, to preview, showing, closing, etc. Everything you need to do is on this sheet so nothing is missed.

    Listen to the full conversation and learn more about ways to protect your commissions.

    • 55 min

Customer Reviews

4.8 out of 5
25 Ratings

25 Ratings

Grusha - ElitePodcastBookings ,

Find THE SOLUTION with Jeff and Phil!

Solutions solutions solutions everywhere! Awesome content to definitely motivate you!
We look forward to your next shows!

CZRealty ,

This podcast is SO INFORMATIVE

Not only are they one of, if not the best real estate team in Arizona. But they interview other star agents in the valley and really take their time to just spill value to us the listeners! Listening to “the solution” is my number one source of real estate advice and I’m convinced it’s all the advice I’ll need!!! Great work and massive value!!!

Brandon Vaccaro ,

Nuggets of Gold!!

This is such a great podcast. There are so many nuggets of gold with each guest. This is not your typical podcast with regurgitated content. Love hearing about all the different ways to enhance consumer experience while being a better agent.

Top Podcasts In Business

Listeners Also Subscribed To