- Agent After Hours
- Posts
- $1.78 Billion…maybe $5 Billion+
Tech with Ty.
🤖 [T]echnology: Video on Autopilot
🎓 [E]ducation/Entertainment: $1.78 Billion…maybe $5 Billion+
💪[C]oaching: When Your Back’s Against the Wall
📹 [H]ow To: Create Engaging Content
[T]echnology:
Video is hard.
There are a million excuses why you won’t do it.
You’re not dressed for it. You’re not good on camera. You don’t have the right equipment. 🎥 You don’t know what to say….the list goes on.
I’ve tried AI video generators in the past, and they were OK at best.
Until I discovered HeyGen. 👈
Is it perfect? Absolutely not.
Will it save you 100+ hours per year? Absolutely.
The premise is simple. You record a quick video (just over 2 minutes), and then you can either type a script, use AI to generate a script, or record your voice, and it will create an entirely new video for you to use.
Add in some B-Roll footage, and BOOM! 💥
No more excuses.
[E]ducation:
In case you missed the hundreds of rapid fire headlines this week, a jury found that the NAR, Keller Williams, and Berkshire Hathaway Home Services had conspired to inflate the commissions paid to real estate agents artificially.
Many news organizations and real estate related media companies jumped at the chance to react. 😡
However, I’m still digesting it.
What does it mean for the real estate industry?
I spoke to an attorney friend this morning and learned things that I’m completely unfamiliar with…⬇️⬇️
Like treble damages.
The judge hasn’t issued the final injunctive relief (apologies if this isn’t the correct legal term), but trebling damages allow plaintiffs to potentially receive up to three times actual or compensatory damages, meaning the defendants may have to pay more than $5 billion.
NAR says they’re going to appeal.
This could easily get tied up in court for years. While NAR, KW, and BHHS are some of the largest and financially strong, how do these companies have collateral to secure a $5 billion bond? 🤔
Again, this is far from over. Right after the jury verdict, Michael Ketchmark, the attorney for the plaintiffs, filed Gibson vs. NAR. This takes the same premise nationwide (not just Missouri) and includes seven additional brokers: Compass, eXp, Redfin, Howard Hanna Real Estate, United Real Estate, Douglas Elliman, and Weichert Realtors. Ketchmarks believes the total dames will be in the hundreds of billions.
So, my lingering questions…⬇️⬇️
What changes in our industry? Commissions? I’ve already published here numerous times that buyer-broker agreements will become mandatory.
Is this the death of the NAR? Even if they appeal, there is no guarantee they will win.
We know Warren Buffett can write a check to make BHHS’s problem go away, but will he?
What happens to the KW (and exp) profit share model? Please know this is not a knock on those companies. I have friends at both, and I think it would be worse than the black eye this lawsuit has already put on our industry…but it’s really hard to share profit if you’re in billion-dollar lawsuits, and dare I say, impossible if you lose.
Does a new business model arise? What if Zillow decided today to do X% listings and offer X% co-op? You can fill in the blanks - I’m staying far the hell away from suggesting anything. Did I mention they own a media company, an e-signing platform, and now an incredible CRM? Oh, and they’re licensed in all 50 states.
My mind is swimming. I’m sure yours is too. I highly suggest you watch and read Rob Hahn’s take. -He’s a brilliant mind in the convoluted real estate world.
Stay tuned…more to come. 👀
[C]oaching:
If you read the Education section above, kudos to you. It was longer than normal.
Does it feel like our back is against the wall?
I’ll keep this section short and sweet, as I found Tom Ferry’s message timely. ⏰
Watch it here: ⬇️⬇️
Lawsuit or not, you determine what you’re going to do for the 62 days left in 2023 and Q1 of 2024.
Pick up the phone 📱 and take care of your clients and future prospects.
Take care of yourself.
[H]ow To (with Abby):
If you are asking me what to post to increase engagement, I am going to tell you to post a video. 📹 But let's just say you don’t want to do that. (I highly insist you do it in some fashion, but I understand it is intimidating)
If you only want to post graphics and not include anything else, I’m going to give you all of the tricks I’ve learned over the past three years that really get your followers to engage.
First and foremost, relevancy is the bread 🍞 and butter 🧈 here. No matter what you are posting, it NEEDS to be relevant to someone or something going on. Whether that is the upcoming holidays, stuff happening locally, or within the housing market, it MUST be relevant.
For example, let's break down some posts I have done recently for a client I work for.
This graphic got pretty much no reaction at all. Although it looks appealing, I can understand why no one really cared. It wasn’t relevant and provided information that most people would consider common sense. Not relevant + provided no real value = DUD 💩💩
This graphic got great feedback. We got around 30 comments total, all organically. If you aren’t aware, we are from Dayton, Ohio, and we take our hometown staples seriously. These three food locations are icons in this area, and people get really passionate when stating their opinions. 🤷🏼♀️ It was fun, relevant, and triggered emotion. Therefore, we got feedback.
How do you come up with this stuff? Honestly, the way I come up with most of my content is I sit and listen. 👂 What are people talking about at lunchtime? What about when they run into someone they know? What is relevant in our city currently?
Is everyone asking what they are doing for Thanksgiving? 🦃 Great, provide value by supplying a list of restaurants that can cater for Thanksgiving. Is everyone talking about your local Oktoberfest festival? Great, pin the two most popular locally brewed beers in your area and make a this or that graphic out of it. (Better yet, do a locally brewed beer taste test video)
Listen to what people are talking about and use your knowledge of the area to provide value. 🧠 Once you place yourself in your clients shoes, that is when ideas start flowing.
-Ty Morton