Coaching Call #7 — May 15, 2024
This week’s coaching call covers updates on the NAR Quarterly Economic and Housing Outlook, ideas for getting agents engaged in the office, and hosting effective training and role-play to teach agents new buyer agency skills.
Thank you for a great conversation and for supporting each other on the call. 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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Key Topics Discussed in This Week’s TLC Coaching Call
Updates on the latest NAR Housing and Economic Indicators (06:35)
Ideas for hosting events to engage agents in your office culture (20:23)
Effective strategies to running workshops to prepare agents for new business practices and developments post-settlement (35:09)
NAR Quarterly Economic and Housing Data Update
from https://www.nar.realtor/research-and-statistics
The latest economic and housing data by the National Association of Realtors, highlights an upward trend in the real estate industry. Quick Summary — Housing Sales Forecast for 2024
Annual Existing Homes Forecast: 4.19 million as of April 2024
(4.46m full-year forecast, up 9%)Annual New Homes Forecast: 670,000 (730,000 full-year forecast, up 10%)
Annual Housing Starts: 1.42 million (1.43m full-year forecast, up 1.2%)
Existing Home Prices: $385,000 ($397,000, up 2.5%)
New Home Prices: $419,000 ($426,000, down 1.5%)
Three Key Slides from the NAR Economic Update, Lawrence Yun, NAR MidYear Meetings, Washington, DC
We’re seeing continued strong employment trends and projected GDP growth for the year. That’s a strong indicator of continued home buyer activity, sustained by wage income gains, even if inflation remains the same or rises again.
Sellers, with high equity since 2020, should be hearing from their real estate expert about options to enter the market and effectively use their equity to buy down their next interest rate, and still have funds to compete in a rising home price environment.
The inventory levels of homes for sale, while growing in some local areas, still remains historically low, which will continue to drive the velocity of home sales, as well as price competition, for the foreseeable future.
(Remember to add/adapt these forecasts to your local market information.)
You can download the full report which includes the slides from today’s call.
Effective Office/Agent Engagement Strategies
Participants discussed ways to create more engagement amongst salespeople, by using office events as a reason to get people connected, sharing and learning.
Some of the key points in today’s call included:
Hosting special guests, such as a safety and personal defense expert, or other subject matter expert to share knowledge with agents.
Create social-only opportunities, not tied to real estate professional topics, so people can just connect and build relationships. Opportunities to go on hikes, eat together at restaurants, do philanthropic activities, pot-lucks, or host consumers that encourage agents into the office.
Don’t compare attendance at a single event with your overall engagement effectiveness. Look at quarterly and annual trends, and monitor how frequently each individual has attended something, rather than the percentage of the office who attends one thing.
We published another article on this subject:
Six ideas for getting agents into the office and creating more engagement:
Connect events to your CORE VALUES and give people a reason to participate.
Tie events into behavioral changes you want to foster in your agents; and not only sales and marketing skills. It could be topics like time management, burn-out, handling stress, or engage with each other and special guests that can improve their life as a whole.
