Category Archives: Crisis Mode

Leading Through Change in the Real Estate Industry

Posted on by The Profitable Recruiter
NAR LAWSUIT LEADERSHIP
26 Nov

In the wake of the recent National Association of Realtors (NAR) commission lawsuits and the striking 1.8 billion dollar verdict, the real estate industry is facing a critical juncture. As a real estate coach, I address this to all real estate leaders: this is not a time for panic, but rather a pivotal moment for decisive action.

Embrace Change, Don’t Resist It

The current legal developments are not mere bumps in the road; they signify a seismic shift in our industry. While it’s understandable to feel unsettled, we must remember that change is the only constant. The leaders who will thrive are those who accept this reality and adapt accordingly.

Develop New Skills Among Agents

In response to these changes, there is an urgent need for agents to develop new communication and negotiation skills. The traditional methods may no longer be as effective in this new landscape. Leaders should focus on equipping their agents with innovative tools and techniques for client interaction and deal-making.

Proactive Leadership vs. Reactive Waiting

Many leaders are adopting a ‘sit and wait’ approach, hoping for favorable outcomes from appeals and legal proceedings. However, this passive stance could be detrimental. The industry is evolving rapidly, and waiting could mean missing out on the opportunity to be at the forefront of this evolution.

Lead by Example

As leaders, you have the power to set the tone for your organization. By taking proactive steps now, you’re not only preparing your business for the changes but also demonstrating a commitment to staying ahead of the curve. This attitude can inspire confidence and resilience in your agents.

Invest in Training and Development

Investing in comprehensive training programs for your agents is crucial. These programs should not only cover the technical aspects of real estate transactions but also focus on soft skills like communication, empathy, and ethical negotiation practices.

Foster a Culture of Innovation

Encourage a culture where innovation is valued. This involves being open to new ideas, whether they pertain to marketing strategies, client engagement, or transaction processes. A dynamic and innovative culture can be a significant differentiator in a changing market.

This recent NAR commission lawsuits and the 1.8 billion dollar verdict are wake-up calls for our industry. Leaders must now step up and guide their teams through these uncharted waters. By focusing on skill development, embracing change, and fostering innovation, you can ensure that your organization not only survives but thrives in this new era. Let’s not wait for the future to shape us – instead, let’s shape our future. Let us know how we can help.

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7 Tips for Guiding Your Agents Through NAR Lawsuit Uncertainty

Posted on by The Profitable Recruiter
NAR LAWSUIT UNCERTAINTY
05 Nov

This year has felt like a rollercoaster for real estate professionals. Record-high home prices followed by rising interest rates. Bidding wars replaced by cooling demand. And now, the industry faces a new challenge: the recent NAR commission lawsuits and their potential to restructure the way agents do business.

With all this uncertainty, it’s natural for agents to feel shaken. As a leader, it falls to you to provide steady guidance.

Here are seven tips:

  1. Remain calm and project confidence. Your agents look to you to set the tone. If you appear flustered, they will become more anxious. Show that you have a steady hand on the wheel.
  2. Communicate frequently. Don’t let agents speculate and gossip. Be transparent about what’s happening and what it means. Hold regular meetings to answer questions. Silence breeds unease.
  3. Put changes in context. The lawsuits will take time to resolve. Any changes will likely be gradual. Reassure agents that there’s no immediate effect on their business.
  4. Shift focus to fundamentals. In uncertain times, smart agents focus on the basics: lead generation, marketing, customer service. Remind your team that these core activities drive success despite outside forces.
  5. Find opportunities. Change brings opportunities, whether it’s refining your value proposition or attracting new agents. Focus on how your brokerage can adapt and improve.
  6. Project positivity. Your attitude is contagious. If you act scared, agents will too. Share why you’re excited about the future and the success you see ahead
  7. Be their anchor. Agents will sway with every market shift and news article. Your job is to ground them through the ups and downs. Be their voice of reason.

Real estate is constantly evolving. As leaders, our jobs are to provide steady guidance in both calm and rough seas. By relying on fundamental leadership principles, brokers can help agents thrive through uncertainty. With the right support, your team will ride the rollercoaster we’ve been on and emerge stronger than ever.

For more great ideas on giving your agents the best resources possible, while attracting awesome new agents, join The Profitable Recruiter.  Take advantage of our special offer of 50% off with the promo code 50OFF any pro membership.  That’s 50% off everything you need to be in the right place at the right time when the agents you want are ready to make a move – including SEVEN HOURS of recruiting audio training!  What are you waiting for? When you join – you and up to 10 managers can access your account! Try it for a month and see what it can do for you. 

Put PAST Agents on Your Recruiting Hot List

Posted on by The Profitable Recruiter
19 Jan

Now is the Time for Action

By Real Estate Recruiting Coach Judy LaDeur

A lot has changed in the last couple of years. It feels like everything in some ways, doesn’t it? For many agents, this was a time to re-evaluate their entire career and the way they do business — and that includes where they hang their license.

Just as agents are finding tremendous success picking up the phone and contacting everyone in their sphere to reconnect, check-in, and ask how they can help — now is the perfect time for you, as brokers and recruiters, to do the same with the agents who have left your company over the past ten years.

For some of those agents who thought the “grass was greener” elsewhere?  Many have found out that it is just as hard to mow somewhere else.  That leaves an opportunity for you to open the door again and invite them to see what they’ve missed in their time away and what you are currently doing to help agents shorten learning curves, fire on all cylinders, effectively use technology and system tools to connect with clients and customers virtually — and what you are doing to support agents during this chaotic time.

Which of your good agents did you lose over the past 10 years? Do you want them back?  Pick up the phone and call them.  But first, give some thought to the qualities that the agent has, or a funny situation that occurred when they worked for you. Which sincere compliment can you give that agent? Why did they go to that firm? Are they missing out on brand awareness, resources, tools, training, technology or broker support? Maybe you’ve set up a new training system, or mentoring program, or added marketing tools?  Is your agent production through the roof?  Are they making more money than the average agent in your market?   We are in the midst of a strong and emerging market.  These are excellent times to build your office and increase your market share.  Ensure that you are a part of the celebration by working today to change your future in a positive way!

Next, reflect on the relationship – and genuinely make the first part of your call about checking in. Seeing how they are doing. Learning about what — if anything — they need or might be struggling with. Let them know that you care and that you are there. In that conversation – they might realize that now is the perfect time for them to “come home” — sometimes the PAST can be a great part of a new FUTURE.

Ready to dial up your recruiting, and position yourself to attract the agents you want sooner rather than later, join top brokers from around the nation who are members of www.TheProfitableRecruiter.com. You’ll get all the tools you need each month to position yourself as the broker to join when agents are ready to make a move. Fine-tuning your skills this season? All members get access to over SEVEN hours of training via downloadable links, including interview skills, scripts, objection handlers, and more. PLUS, you’ll have access to entire libraries of recruiting letters and notes, emails, social media content, training webinars for recruiting and retention, and opportunities to network with the best of the best.

Join today and take advantage of our special offer of  50% off with the promo code 50OFF any pro membership.  That’s 50% off everything you need to be in the right place at the right time when the agents you want are ready to make a move!

Calm In The Storm

Posted on by The Profitable Recruiter
26 Mar

You can’t control the storm, but you can adjust your sails.

We are facing a crisis that we have never seen before, and from where we sit, most Brokers are doing a great job of navigating through torturous and unknown waters.

Most changes are happening with little or no notice from government agencies. Brokers and companies are learning as they go, making changes in their course as needed.

The majority of Brokers that we are talking to are working tirelessly to stay on top of what is happening and they are quickly getting up to speed, but some of the Brokers are in panic mode and feel out of control.

Let’s chart out the paths that each group is taking:

Group 1: These are the companies and Brokers who are working around the clock to implement the strategies and policies to keep agents working, and their offices running. They are trying new things, and they are talking to their peers to see what is working and what it not. The most successful companies/ Brokers all have one thing in common: they are using video and technology to communicate daily to their team and to keep the company operating. In times of trouble, everyone looks to the leader to see how he or she is responding.  It’s so important to stay calm, confident and transparent during this time. Constant communication about what you are doing, what you are researching, what you have discovered and what comes next is one of the most important things you can do right now.  Our industry has gone virtual overnight. Each state has different operating guidelines that they must follow. Some are finding ways to show homes without physically being in them, contracts are being written without physically viewing the home, closings are occurring without being physically present, listing presentations are conducted on line via Zoom, and calls are diverted to staff members who are working from home. Kudos to each of you who stepped up to the helm and took responsibility to guiding your office though the storm.  It’s not over, but the winds have calmed a bit.

For every office who is doing a great job, there is another office in the same market who is not. These represent Brokers and companies in Group 2.

Group 2: Brokers in group 2 are so overwhelmed right now, they don’t know what to do or which way to go. They are not making the necessary changes and in many cases are not implementing guidelines to keep their agents and their clients safe.  I have talked to Brokers in both groups. Group 2 is bracing for the hit and hoping they survive. They are scared, but everyone is. Again, we are all in uncharted waters, but some will fare the storm better than others.

What should you do to navigate the storm?

  • Daily video’s to your agents, or at least one video message every 2-3 days to keep everyone updated and informed.
  • Video’s to your clients and the consumer. What are you doing to keep everyone safe and what are you doing to insure the successful closing of homes under contract.
  • Zoom meetings with your staff several times per week to keep everyone updated and to stay on top of new challenges they are facing.
  • Zoom sales meetings with your team to answer questions, get their feedback, and handle any challenge they are facing in the field.
  • Create written policies to use when showing properties and for sellers or listing agents to prep a home for showing. There are simple things that can be done to insure everyone’s safety.
  • Zoom social gatherings for those who are more social. Everyone grabs their favorite beverage and unwinds with their peers online. It’s also a great way for everyone to share their ideas and what they are doing.
  • Reach out to fellow Broker Owners to share ideas, via Zoom, social media groups or via phone.
  • This is also a great time for online training. Search out training which will help your agents in today’s market, or training on any aspect of their business. Agents have more time to fine tune their skills and sharpen the blade. Keep them engaged verses sitting at home watching the news.

Some are facing greater challenges than others right now, but we are all in this together.  Let’s share with each other, support one another and look for solutions.  Together we will survive and be stronger at the end of their journey.

Join us March 31st for a powerful discussion webinar on “Managing the Change”.

Register here. 

We’re here for you during this time. We’ve adapted all of our monthly content to reflect the ever-changing climate we are in. We’re developing resources that can help you adapt as well.

For ongoing resources and stay-in-touch weekly content, join The Profitable Recruiter.  Take 50% off any membership with the promo code 50OFF.  When you join – you and up to 10 managers can access your account! Try it for a month and see what it can do for you. 

We will also be rolling out a new CRM next week to help brokers during this time! Stay tuned.