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Here’s the recording, session notes, and resources.
REMINDER:
No call next Monday in observance of the Labor Day Holiday.
Mastermind Coaching Call #21 - August 26, 2024
This week’s mastermind coaching call theme was Leading Your Marketplace:
Opening Discussion: What consumer trend are you watching that could help you drive growth at your organization? (00:04:52) - We discussed and shared major consumer trends the group is following. Members indicated that listing inventor is rising indicating a shift in consumer sentiment; educating consumers who are looking for more data about market trends (and what’s happening with the recent changes); sellers are weighing personal changes higher than interest rates as a main reason for entering the market.
New Housing Consumer Data: NAR 2024 Home Buyers and Sellers
Generational Trends Report (00:10:39) - Shifting the focus from millennials to boomers in the market. Key points include: the majority of consumers in the real estate market are Baby Boomers and Gen X; First-time Buyers are under 30% and mostly 25-34 years of age; and major reasons for entering the home is emotional (“just the right time”) vs affordability or finance options. Also: The average anticipated tenure for home buyers is 8-15+ years, which will have a big impact in your repeat client sales strategies and marketplace turnover. Download the full report below. 👇👇👇
The State of the Nation’s Housing, June 2024, from the Joint Center for Housing Studies Harvard University (00:20:51) - Looking at future demand in the marketplace, new household formation, and how the Wealth Effect is playing into consumer conversations. Key takeaways include: Rate of new household formation strong (almost double the rate of the last decade); more racially diverse household formation indicates important criteria for recruiting future salesforce around languages, cultural knowledge, and networking; Homeowner equity exceeds $31.8T, with over $119,900 average gain since 2020. Scroll down to download the full report. 👇👇👇
Go on a LISTENING presentation (00:29:28) - A powerful discussion on how to help agents shift from doing “listing” presentations focused on “property” and market stats to “Listening presentations” that ask questions to learn and then sharing a value proposition that’s a strong match for each consumer. A shift in approach may yield stronger results over the “show up, throw up” model of pre-scripted value propositions.
A key reminder that many firms and associations must pay special attention to agents who are not prepared for the new market conditions. Assess your rosters and membership to identify agents who did not put in sufficient preparation and are still catching up on training needs and new rule practices. Coaching them up, to better serve customers as well as lower risk for companies where there are many people “looking for brokers to mess up” and file another lawsuit. (00:37:50)
📕 Book Mentions: Who Not How, by Sullivan and Hardy
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