Coaching Call #6 — May 6, 2024
This week’s coaching call covers updates on the NAR settlement, how to hold effective meetings, streamlining client testimonials, and using client feedback to strengthen your value proposition.
Another wonderful call to start our week! Thanks to everyone for contributing to a great conversation. Here’s the recording, session notes and resources. If you have questions, let me know in the comments or by email.
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QUICK REMINDERS
👉 SPECIAL NOTE! Next Coaching Call is WEDNESDAY, MAY 15 @ 9 AM PST. We’ll be back to the Monday schedule the following week.
Also, no call on Memorial Day on Monday, May 27.
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Key Topics Discussed in This Week’s TLC Coaching Call
Updates on the NAR Settlement and Preparation Recommendations (02:45)
Effective Meeting Strategies (14:49)
Streamlining Client Reviews and Testimonials, and how to leverage them for value proposition (41:55)
Settlement Date Update and Action Plan
from https://www.nar.realtor/the-facts/nar-settlement-faqs
The court granted preliminary approval on April 24, 2024.
The practice changes set forth in the settlement agreement will take effect on August 17, 2024, and class notice will take place no earlier than that date.
The settlement is subject to final court approval. The final approval hearing is scheduled to take place on November 26, 2024
Preparation Recommendations
Facts are your friends when planning for change, take a look at some data points to see how things are shaking out today. Companies should assess their internal sales mix, using recent data. Looking at key metrics like seller/buyer ratios, average price points, days on market, and company dollar by type of sale, can provide insights (and model scenarios) to make adjustments as early as possible.
Consider these key revenue and performance metrics below:
Use the downloadable tool, The Sales Mix Spreadsheet (below) as a model to analyze your company and apply the same approach to an individual salesperson’s performance strategy.
Things to consider from your data analysis:
Which kinds of sales are more profitable for your organization?
Which kinds of sales have the lowest “days on market / in transaction” for cash flow?
Which sources of sales are most effective in terms of profit, source or compensation splits?
What would happen if your current ratio of sales were to experience a 5, 10 or 15% decline in price, average brokerage commission rate or increase in transaction time?
Which agents are performing well with seller transactions, buyer transactions or both?
Your sales data can provide you with perspectives on potential profitability, recruiting needs, cash flow velocity, and source-of-business trends that may be significantly altered in a post-settlement industry landscape.
Effective Meeting Strategies
Holding meetings is essential to leading your firm, but not all meetings are effective. Here are some tips to make meetings more effective and generate engagement, distribute information better and provide salespeople direction. 👇
