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Tech with Ty.
š¤ [T]echnology: Another AI Tool...
š [E]ducation/Entertainment: Changes are Coming to Our Industry
šŖ [C]oaching: Justify Your Commission
š¹ [H]ow To: The Best Things to Post on Threads
[T]echnology:
Ahhhhā¦AI :) š
The thing that Iāve been writing about for months, and increasingly terrifies me. š«¢
If you hate making PowerPoint presentations as much as I do, this AI tool is for you!
With a few clicks and a sentence or two, Tome will create you an entire presentation. š¤Æ
Itās certainly not perfect, but if you canāt picture what your presentation should look like, Tome gives you a great starting point, and even writes most of your bullet points. š¤
You may be thinking to yourself, why do I need a presentationā¦ keep reading, youāre definitely going to, soon.
[E]ducation: Entertainment/Education
I donāt know how else to say thisā¦Iāve been screaming from the rooftops for well over a year that changes to our industry are coming. š«¢
If youāve been living under a rock, the MLSās and NAR are in the hot seat with multiple lawsuits that threaten a "foundational change" to the way agents get paid. š°
T3 Sixty, an industry leader in consulting and trends, just published an open letter laying out a plan for everyone from the National Association of Realtors to brokerages to agents, saying multiple lawsuits have "hit a critical point." ā¬ļøā¬ļø
"T3 Sixty implores brokerages and service providers to proactively prepare now to better serve consumers, reduce risk and smartly prepare for what could lies ahead," continues the letter, which is signed by T3 Sixty President and CEO Jack Miller and Executive Chairman Stefan Swanepoel, who is also the founder of Real Estate News.
The specific actions that T3 Sixty recommends include: ā¬ļøā¬ļø
NAR should "require buyer's brokers to have signed buyer broker agreements that clearly spell out compensation terms signed before showing MLS-listed properties" and lobby for changes to mortgage rules that would allow buyer commissions to be financed.
Brokerages should "as soon as possible require signed, executed buyer broker agreements at the beginning of their agents' relationships with buyers" and audit existing materials to ensure they comply with current NAR rules on agent compensation messaging.
Agents should "review their sales and marketing materials for buyer services and update accordingly," addressing how "they and any agent are compensated."
Buckle up, folks. Things are going to change! š
[C]oaching:
To piggyback on the education section above, Exclusive Buyer Representation Agreements are going to become the norm, so how are you going to differentiate yourself and justify your commission? š¤
Start working on your buyer presentation now!
Just like a listing presentation, youāre going to want to establish a few things in your buyer presentationā¦
How much is it going to cost them? š°
How are you different than other agents that may be representing them for a lower commission? (What is your unique value proposition) āØ
What are you going to do other than set them up on an MLS search? š¤
How do you represent them throughout the process? š¤
What does the actual process look like? š
What happens if they view a property without you? š
I know this seems like a foreign concept, but trust me, friends, this is going to become the norm.
[H]ow To:
I think we have narrowed it down that Threads is basically Twitter by Instagram. So far, Threads is considered a wild success with 100 million sign ups. š®
Obviously being linked with an already established platform like Instagram, that will make it ten times easier to gain popularity.
So what should I be posting?
My #1 rule is to be yourself. š¤ Text based platforms, such as Twitter, reward authenticity. Without video or photos, text platforms work solely because of the human connection they offer. People go on Twitter to seek out thoughts š¬, opinions, and humor versus aesthetically pleasing pictures or witty short form videos.
Why do you think big brands like Wendyās have started to post very relaxed content versus the stereotypical corporate jargon?
Therefore, donāt think too much into it. Post casual content, the thoughts that hit your brain driving in your car š, the experience you just had showing a house, or behind the scenes of being a realtor.
Of course, donāt go completely off the rails and post extremely random content that doesnāt make any sense. Have some strategy for what you are posting. š
Also, I understand that everyday new platforms are being created and it is overwhelming š. If you really donāt have time to be messing on ANOTHER social platform. I recommend reserving the user name and creating a Threads account anyway just to have your name saved. Then come back to it later.
- Ty Morton