Explain Your Value or Get the Hell Out

Tech with Ty.

🤖 [T]echnology: The Dark Side of AI

🎓 [E]ducation/Entertainment: Continuance

💪[C]oaching: Explain Your Value or Get the Hell Out

📹 [H]ow To: Create a Marketing Budget

[T]echnology:

Last week I talked about the Holy Sh*t Moment of AI in Video.

Now let’s talk about why this is scary as hell. 😱

With Great Power Comes Great Responsibility.
 

Imagine you’re an agent doing video (kudos to you!). You regularly send BombBomb videos to your clients.

What happens when hackers start deepfaking videos of you to your clients? 👀
 

Every week there’s a new scam. Every week my agents get fake texts from me asking if they’ll send me a picture of gift cards. (No I will never ask you to do this, lol). Every week someone is the victim of wire fraud.
 

Don’t think it will happen? It already has.
 

An employee got duped into wiring $25 Million after a deepfake Zoom meeting with his boss.

Here are some tips to keep your self safe(r): ⬇️⬇️

Stay updated: Continuously learn about prevalent AI-related frauds and the strategies used by online fraudsters.

Confirm the sender's identity: Before taking any steps, cross-check the sender's identity through various means.

Choose reputable platforms: Steer clear of interactions with unconfirmed or dubious entities, especially on social media or online marketplaces.

Activate security measures: Employ security enhancements like two-factor authentication to bolster the defense of your accounts and confidential information.

Keep software current: Frequently update your software to close security gaps that AI-related frauds might exploit. If your Chrome browser says update in red. Do it ASAP!

[E]ducation:

I’ll admit, it's tough to keep up with the legal news surrounding Sitzer/Burnett, MLS PIN, the DOJ etc. Last week I wrote about the DOJ Statement of Interest.

Since last week, the NAR has responded to the DOJ Statement.
 

TLDR: ““Prohibiting all offers of compensation will harm consumers, including by making it more costly for home buyers to access capable representation and by reducing access to fair housing,” NAR spokesperson Mantill Williams told Inman in a statement.

Then, both MLS PIN and the plaintiffs (the homeowners suing the MLS) asked if they could respond to the DOJ Statement. Once they do that will be sent to a panel called a multi-district litigation (MDL)...don’t worry, I’ve never heard of this either…basically this is where attorneys from all of these different lawsuits will make oral arguments and the panel will make a recommendation on consolidation.
 

Change is coming. Be prepared. 🧠🧠
 

I feel like a broken record saying that, and I don’t intend for it to feel like I’m fear mongering, but if your broker isn’t preparing you for the MLS getting rid of co-op commission disappearing from the MLS and buyer broker agreements becoming mandatory, you need to reevaluate your brokerage. Don’t believe me? Indiana became the 19th state to require buyer broker agreements come July 1. ⚠️

[C]oaching:

Explain Your Value or Get the Hell Out 👋

This may be my favorite title for this section and by far my favorite Gary Keller quote of all time.

Gary kicked off KW’s Family Reunion morning session with a variety of industry hot topics, but instead of his tradition of bold claims, said "If you want to understand fundamentally how the industry got sued, it's because you don't do this. You are being accused of not being transparent. Do it, dammit. Do it. If you're not doing it, maybe you should just get the hell out. There's a thing called professionalism. There's a thing called service. Try it. You might like it."
 

OMG I love it! ❤️

I’ve said in the past that our barrier to entry and standards are too low. Look at the stats. Over 2M agents in the US and around 4.2M sales. It averages out to 2.6 sales per agent. 

That’s pathetic.

It’s also a bit terrifying that we have that many agents in our industry representing clients in arguably the largest financial transaction of their lives only practicing real estate less than three times a year.

Exp must have got the memo. They just axed 2,000 non producing agents.
 

One can hope this trend continues and Gary heeds his own advice by following in the footsteps of exp.
 

I want to reiterate “There's a thing called professionalism. There's a thing called service. Try it. You might like it.” 🤷

[H]ow To:

When it comes to any discussion surrounding money, things get weird. 😬 Every person views a dollar amount differently based on numerous factors, including what they themselves value. 

It is a tale as old as time. When money gets tight, what is the first to go…marketing. I get it, you don’t want to spend your extra cash on something dull instead of shopping or going on an extra trip. However, growing/marketing your business MEANS more money in your pocket. (at least done well). 💰
 

What should your budget look like? 

The standard recommendation is 10% of your profits. If you take in $80,000 a year, your marketing budget should be around $8,000. This would put you at around $667 a month. This seems like a lot of money, but broken down, marketing expenses can add up fast. 
 

Where do you put this money? ⬇️⬇️

Digital Marketing 

Website Design & Development

Your real estate business needs a website. Why? Well, it's the go-to spot for people to know all about what you do. Once you have one up and running, you will need to set aside some cash to keep it in good shape. You want it running smooth and looking sharp.

Pay Per Click (PPC) Advertising

Start off by digging into keywords – figure out the phrases people punch in while hunting for real estate services. Next, pick and bid on the keywords to unleash your ads. With PPC, reaching more potential customers is usually a breeze compared to relying solely on organic search.

Social Media

Staying top of mind with clients is extremely important and that is where social media comes in. Everyone gets their news and information online, and you need to be one of those sources of information. Continuously remind everyone what you do and the services you provide. If anyone ever says to you, “I didn’t know you were in real estate.” You have a BIG problem. 

Digital Content 

Content marketing remains a top contender for promoting your business online. As people are always on the lookout for info on the web, you can use content marketing to connect with these users. Allocate a chunk of your real estate marketing budget to cover the expenses tied to producing content for blogs, newsletters, guides, and videos. 

Print Marketing  

Billboards

Flyers

Brochures

Business Cards

Postcards 
 

While I do lean towards digital marketing due to its cost-effectiveness and accessibility, I wouldn't completely dismiss print marketing. ❌ I believe it's crucial to maintain a polished business card and printed materials for consultations and neighborhood farming.