KGCI: Real Estate on Air - Big Agent Meeting 5-3-2024

Episode Date: May 6, 2024

Good morning. My name is Russ Lagin. I have Vice President of Growth for EXP. And today for big agent meeting, we've got a show for you. It is May 3rd. Man, we've had a crazy week. It's been amazing and exciting and so many awesome things happening in EXP. We're going to talk about a lot of that today, kicking it off with founder of EXP Realty, Glenn Sanford. Then we're going to kick into VP of broker jobs, Holly Mabry and Lauren Coleman to talk about stuff going on with NAR. And then, of course, we're bringing Brian Ellington in. He's going to do a special session with a guy named Phil Hahn. If you've not seen Phil Hahn, this guy is the master with verbiage, a ton of fun to watch him do his thing. So why don't we just get right into this today and start it off with Glenn Sanford. Glenn Sanford is the founder of EXP Realty. You all should know who he is. He's an amazing guy. And by the way, he's taking this to the next level. Glenn, why don't you jump on in? Hey, Russ. Great to see you, man. What a week. You've been thinking about some stuff. And this week you did some stuff. You know, sometimes you've got to pull the trigger on the things you've been working on for a while.

And this week we did it. Obviously, a number of things have been in the works. One of them, which we'll talk about a little bit later, is the fact that agents can now, for those that have earned RevShare, literally get paid immediately. And pretty crazy, a million dollars was paid out the first day with, I think, around 200 agents that literally went in and hit the pay me button.

And I was watching chats in the background and literally people were seeing it show up in their bank account within a very short period of time. Like I'm and I'd love to get sort of feedback because it goes into the system and the way the whole banking system now works around this is it literally can in some cases drop into your account within minutes. So it's pretty cool to see. Kind of Venmo like type of thing or Zell like type of thing. It sounds like that's pretty cool. Yeah. All right. It is.

I know you've got a bunch of slides and you've got a presentation prepared. So I'm going to get out of your way. I'm going to let you take it away. So go ahead and do your thing. Awesome. Thanks for us. So everyone, super excited today. We're going to talk a bit about what we're referring to as Revenue Share 2.0.

And this is super near and dear to my heart. You know, for me, it's always been about building a, an additional stream of income into your real estate business, assisting the real estate in its growth. If you think about, you could sort of go around the horn and come up with a number of different answers. But if you think about really any business, but real estate specifically, our business is about building agents, helping agents in their business, adding agents to our roster and providing the most agent-centric model on the planet. That's been my personal mission for 14 and a half years.

And Revenue Share 2.0 is really a piece of that puzzle that's super important. And so we're really introducing Revenue Share 2.0 today. We talked a little bit about the Reb Share with Pay Now, and we'll touch on that. We've lowered the, basically the productive agents that you need to bring to EXP in order to open it up has got dramatically easier. And then we're going to talk a little bit about our fast start attraction bonus, which again is super excited. So with that, we'll kind of go on to the next slide here. First of all, just kind of want to, just for review, and a lot of agents ironically didn't understand this. But the reality is that since 2019, we made a commitment.

You've heard me say this on stages all over the place, but we made a commitment to paying out 50% of our company dollar in the form of revenue share. And where does that company dollar come from? Well, it comes from the 20% that when agents are capping, you know, 20% goes into the company dollar pool and then of that company dollar pool 50% of it is is paid out in the form of rev share so that's kind of the basis of the of the model so on the next slide we'll kind of talk about you know how you know when the way that we had designed it initially is that you know we're calling it tier one but your first level of agent that you brought into expe you got effectively

a percentage of that of that pool and level two you it took five productive ages to open up level two level three it took 10 15 20 25 so now to get to those next levels of payout um for the first three levels you're you're going to those are opened up automatically so if you don't if you haven't had an agent that has fundamentally produced in the last six months obviously we'd love that and that's one of the things we're going to talk about with the fast start bonus. But with those, you don't need as many productive agents personally sponsored. It might be because the market's tough. Right now, you know, it's one of the toughest housing markets in the history of real estate.

And so a lot of agents have seen their income dwindle because their productive agents have struggled to put as many deals together. So with this, it makes it a lot easier to qualify for those monies. And the feedback that I've got in the last 24 hours is that this literally is going to change agents' lives because they're going to be earning more from the agents inside their group. So we've lowered the productive agent count. Now, on this slide, this is actually the payout based on the revenue share pool or basically the effect of rev share.

So effectively, we're paying out 17.5% on level 1, 20% on level 2, and 12.5% on level 3 of the effective revs share. So the 50% of company dollar that's set aside for rev share, this is the percentage of that. Now, what you'll notice is if you add up the first three levels, that actually equals 50% of effective rev share is getting paid out. automatically without needing to qualify for that. So that's getting paid out regardless. And then the other 50% is being paid out through levels four through seven based on, you know, bringing in, you know, 5, 10, 15, or 30 productive agents front line to EXP. Now, as you might imagine, there's a lot, there's going to be a fair bit of breakage,

meaning agents that don't have 5, 10, 15, or 30 agents sponsored, which means that in those cases, that effective rev share isn't being paid out. However, what we're doing is we're taking all of that breakage and we're actually paying that back to levels one through three as a bonus after the end of the month. So you can think about it. It's really 17 and a half percent.

plus, 20% plus, 12.5% plus, and every month, there's going to be a different level of bonus that's going to be paid there. So with that, let's go ahead and look at the next slide. So this is another one that really excited about. This is going to start in July. Now, you noted that we were paying 50% of the effective redshare through the first three levels. Well, starting in July, any agent that's within their first year anniversary, at EXP, which includes anybody who was basically recruited before August 1st, 2020, or after August 1st, 2023, you'll actually be earning 50% of the effective rev share while they're

capping. And if they're a full cap agent, you'll actually earn $4,000 on them as long as they were paying in that, you know, if they started July 1st, I guess would be the better way to think about it for the next year because some people, we won't be paying that out. But anybody who knew that's joining, you'll earn a full $4,000 if on a full cap, $16,000 cap agent in the U.S., which, again, is huge. And this is really exciting for, you know, you and your, you're, out there attracting agents, this is going to be a great fast start. And levels two and level three are automatically opened up as well. So again, super excited.

Talked a little bit about this. And I kind of pulled the info from the slide, but I'll state it again, over 200 agents paid a pulled rev share quickly out of my EXP. And we paid over a million dollars in real-time rev-share. year in the last 24 hours, which is incredible. We knew this was going to be something that would be exciting for agents. So that we knew was going to be something people would take advantage of, but we didn't know that we were going to be paying out a million dollars in the first 24 hours,

which, again, I'm super excited about, super proud of the team to be able to build this functionality. There's a lot of work that goes behind the scenes to actually make this a reality. So excited about this. And then last piece is if you want, pull out your phone, scan this code. You can learn more about the Revenue Share 2.0 toolkit and excited to be on this next revenue share 2.0 journey with all of you, helping you build your long-term income retirements and just being in business for each and every one of you. So with that, turn it back over to you, Russ.

Hey, good stuff, good stuff, man. I'll tell you what, there's been a fire buzzing in the background right now. So many great things in that pay now thing. That thing floored me, completely floored me. So good job. Appreciate it. All right, there you go. Glenn Sanford, thank you very much for your time today.

Really appreciate that. Presentation, lots of details. By the way, that toolkit, that toolkit is changing all the time. So make sure you keep checking in. They're adding videos, adding details, adding clarifications. And if you've got questions, don't hesitate to reach out to any of us. We'd be happy to help you make the most sense for you. Of course, and if you're thinking about joining EXP, don't hesitate to reach out to us.

We can make this make sense for you there too in your business long term. All right. So next up, we have Holly, Mabry, and Lauren Coleman. We're going to be talking some more about Operation Stuff, NAR stuff. So come on down, ladies. Why don't we bring you right in? Jump right out. Hey, what's cool on, Russ?

There you go. Welcome. Hey, 2.0 week. We'll just call us 2.0 week. This is like March madness. But in May. You know what? Absolutely.

We just get better and better. And what I love about EXP is we're, we're always in a refinement stage. Done is not enough. It's what's next. Always. Yeah. Absolutely.

And so, you know, it's been so fun. We got to do the regional rallies last month. And we were all three of us all over the nation, which was super fun. You and I, we had lots of conversations with agents and lots of big questions. And I know Lauren and I this week have been doing lots of Zoom meetings for teams and explaining like, hey, what's going on? What can I explain next? So we thought we'd come share that with you guys. Would that be all right? Love that. Good stuff. Well, let's do this. So check this out. We wanted to talk about business changes and opportunities, what we see happening next. And so as we

jump into it, let's talk about the timing of the NAR settlement because there's lots of headlines that keep happening. And this is the thing, y'all. This is a marathon, not a sprint. So grab some popcorn, maybe a snickers, and focus on your business because the industry magazines are going to continue to talk about headlines, but let's talk about you. So NAR settlement was in March. The preliminary approval happened in April, the last part of April. The judge signed off on, hey, I'm giving you preliminary approval. Okay, great. NAR practice changes. We're going to see start end of June, right? We're seeing new rules coming out for the MLS that have to go into effect, which means we're going to change the way we work starting mid-July through August.

So there's going to be a buffer of time in there. Now, August 17th is where we're going to see another big headline. And this is when the plaintiffs issue the class action. And they actually go out to all the sellers that say, hey, if you feel you've been harmed, please sign up here, maybe the postcard in the mail, and we'll send you some money. Great. That comes in August. So we'll see a headline and we'll see the news media pick it up. There's nothing we need to do but take care of our clients. That headline is all about taking care of our clients. And then we'll see final approval in November. So that's why I say we're making the changes in advance to do the right thing. But the hearing final approval coming in November. Lauren, this is where I get excited.

So the loan updates, this is where we got a lot of questions why we were traveling, right? Yes, so a couple of weeks ago, a couple of weeks back, the government-sponsored enterprises, like the Fannie Mae, Freddie Mac, FHA, they confirmed that buyer broker commission fees would not count against the maximum that a seller can pay in seller's concessions or credits towards a buyer's closing cost. So, for example, right, the max that a seller can pay towards sellers concessions or credit for an FHA buyer's loan is 6%. well, for conventional loans or some of the conventional loans where like a buyer puts, you know, 10% down, the max the seller could contribute towards those buyers closing costs is 3%. So with this change, if the seller, you know, has chosen, you know, to pay the buyer broker commission, that commission will not count towards the max that that seller can pay in concessions. This basically ensures that the financing concessions are utilized for what they were always intended for, which is, you know, the buyer's loan, the buyer loans closing costs. They understand that. that buyers' agents' commissions are not a part of the actual loan. So that's great news there.

And promising news coming from the VA, the executive director of the Veterans Benefit Administration, stated that they are actively discussing the VA loan program's rules, and they're continuing to watch to ensure that veterans are not negatively impacted by the rule changes. And because the last thing they want, of course, is for veterans to have an uneven plain feature. when it comes to buying property. So they're moving towards modernizing their their VA rules and more to come there. So that's definitely good news. Yeah. And I love that we can ask directly, right? If we need to ask directly, and we're going to be having a form for that, but more on

that in a minute. And speaking of forms, right? And speaking of forms, right? So when it comes to the one-time buyer showing agreement, that, of course, is available in Sky Slope to all of you guys. I have to drop that. So, you know, as well, we know, as well, we're going to be able to, um, so you know, as we know it's designed to be consumer friendly to help, you know, jumpstart that conversation when trying to establish trust with the buyer. And we, we know that, you know, sometimes buyers are not ready for that long-term relationship or commitment, and that's the purpose of the form. Now, it also establishes the fee for service so that it's clear and transparent to the buyer as to what fees they're agreeing to pay prior to walking through that listed property.

Now, you want the buyer to trust that you'll be able to provide them with the best experience, working with you directly as the buyer's agent. And so one of the tips for helping to establish that trust is to also make sure that they're aware that until they actually choose to work with a buyer's agent exclusively, they'll want to be careful with the information or the amount of information that they share with agents that don't represent them. because, you know, that's one of the benefits of having an exclusive agreement versus a one-time showing. But, again, if they're not ready for that commitment, we want to make it easy for them, and we want to make it easy for our agents to have that conversation. But speaking of a one-time showing agreement, there's some other agreements floating around there. And Holly, you're going to kind of touch on that? Yeah, so this week, we saw some headlines with regard to the Zillow Touring Agreement.

And Lauren and I worked through this agreement this week. We talk to a lot of our Zillow premier agents and folks like that. And what I want you to think of the Zillow Touring Agreement is a spoonful of sugar. Truly, it's a spoonful of sugar. It does not give you nutrition, but it does help the medicine go down. And the reason I say that is buyers across the U.S. are going to have to sign something in order to start moving through any active listing in the MLS. They can't see a property unless they sign something.

That's part of the rule set that's coming out. And we're seeing state legislation change along those lines as well. Most recently, Iowa just passed legislation this week. So as a result, the Zillow Touring Agreement, this is what I need you to know. It doesn't establish agency. That's kind of a problem. We need to talk about who we work for and how at first meeting or as soon as applicable, right? It also doesn't establish your fee for service.

So you're almost kind of working for free. Hey, look, if you want to do that, I'm down with the sound, but please be careful because I want you to stay in business and this is not a business longevity agreement. Also, it connects the agent to that buyer for seven days. Now, what does that mean to you? Well, the buyer could think, hey, you're working on my behalf, so you're going to be at my beck and call for seven days. How does that work in your business model? What are the expectations you're creating with the buyer by using the agreement? And oh, by the way, Zill is not requiring it if you're getting leads from them.

They just wanted to give an opportunity to have a conversation. So that's why we felt really strongly about giving you that single property buyer broker. We wanted you to have a more holistic conversation. One, let's start with your agency. How are you going to work together? What can the buyer expect from you? When we talk about your value proposition, guys, it's not just about, hey, I open up doors. It's also how much it costs a client if they don't hire a professional.

What I want you to do right now is I want you to look at all the buyers you've worked with over the last 90 days, even going the past year. How much money did you save them? How much money did you save them in contract negotiations? How much money did you save them in repairs or even timing getting into the house in their time frame so they didn't have to have a rental or move two or three times, you know, in and out. of storage, there's a cost to that. If you add all of that up, divided by the clients you served, that's how much you save on average. And that should be part of your marketing. You should be talking to people about working with me can save you this much on average. It's a huge thing to do. So the single property buyer broker is really designed to be that off ramp for a client or a

potential client to get comfortable with, hey, you're going to have to sign something. It's a brave new world, let's give you a contract that actually looks comfortable. It's easy to read and understand. And we're only going to communicate on this one property unless we like each other a whole lot, then we're going to take our relationship to next. So it's truly that opportunity to speed day. Amazing. What do you think, Russ? Absolutely amazing. You know, it's funny because we have a lot of people I think, well, they don't really know what we do. And I had a guy recently just said something along the lines of, well, Russ, man, I got $20,000 off that house. I'm like, yeah, but the house was priced $50,000 overmarket. So you're actually still 30 in the hole. And he's like, what are you talking

about? I said, everything in the neighborhood is overpriced. And like, you need, that's what you need the professionals for and you've got to be able to separate those things out and get really clear, right? If you're going to have the conversation, why don't you have the conversation ending in a commitment versus a conversation, it ends with no commitment. You're already there. So you might we'll just go to the club. And what I love about the single property buyer broker, it allows you to set a commitment to really learn how you want to work with that client for just one house. And if you want to go look at another one, okay, maybe you do one more of the single property. And this is what I will share with you all behind the scenes. We're actually working on an app that you can text or email directly the single property buyer broker and your state agency form and have that signed while you're standing in front. and then it sends it to the client. So that's coming soon, but let's talk about a few more things that you can expect from our company to take care of you. In the next couple of weeks, we will be rolling out our exclusive buyer broker 2.0, right?

We're going to leverage it up because what we found and the great feedback you all have been giving us on the single property is we wanted to take our buyer broker exclusive agreement and make it more consumer friendly, easier to use, and really understandable. So we've been hard at work in the lab working on that. It's being refined. We'll have it in SkySlope. I'm hoping for you in the next 10 days. The second thing that we're working on is an updated form that is direct pay. We know right now, VA, the buyer cannot pay our buyer broker fee. Okay.

We can ask the seller for that. And so we've created a document that will be in SkySlope. You can contact the listing agent and say, hey, is there an offer of compensation from the seller? They say yes, you send over the form. They fill it out what they're going to pay. You look at that with the buyer. If the buyer is good, you make the offer and you submit that to escrow. And we know exactly how much you're going to get paid at close of escrow.

So we wanted to make it easy while we're waiting for the regulators to catch up. And then finally, the EXP listing agreement. We've had a preview of some of the listing agreements coming out from the associations nationally. I will share candidly that we're looking at the California. realtor's form that's being released in June. And quite frankly, it was not consumer-centric, and it's pretty hard to read. And we don't think that that's good enough. We're in a marketplace where we want to take care of our consumer. We want to lead in the space and have a very good conversation. Why wouldn't somebody hire you? So we're hard at work in the brokerage ops team

to upgrade, and we will be doing listing agreements that allow us to leverage EXP exclusives, as well as other things to best take care of your client and to move you and your business into this into this brave new world. So we've got lots of really good things coming, Russ. Wow, wow, wow. It's like this is a tip of the spear, right? Really is the tip of the spear moving forward. So I love the fact that you guys are so far out ahead of this and there's time to actually learn. So it's not a heart attack moment. This is a time to start learning and start practicing and start training yourself on how to do business a little bit differently. So love that.

Always proactive. Absolutely. So guys, if you want to learn how to take care of these forums, practice with them, check out your state broker meetings. We're doing trainings on this in all 50 states every week on the buyer broker. We're talking about scripts. We're going to be talking about sellers and listings. We do that all in your state broker meetings as well as specialty trainings. And we do that across the nation. So we've got your back. We're here to help you. All right. Beautiful. All right, ladies. Well, there you go. always great information when you come out staying ahead of the NAR stuff. So I appreciate you both. Thank you for everything you're doing and working so hard on this. So very much appreciate it. Everybody appreciates it. Thanks. Thank you. Thank you. All right. So there you go, guys. More NAR stuff. Every single week, we're going to bring you the latest and greatest. So make sure you stay tuned and tune into the big agent meeting every Friday. If you like what we're doing, make sure you subscribe. And by the way, don't hesitate to share this because there's people outside of our company that need to know this info too.

So share it with everybody. You'll make the world a better place. All right, next up, Brian Ellington is going to be jumping in for another session today. I am excited to watch this session about winning buyers and who his guest is. But Brian, why don't you jump on in here? Got a couple of things we need to chat about before you do that. So welcome again, big agent meeting. Thank you, sir. Did you hear that collective sigh of relief of 1.5 million people across this country

as Holly and Lauren were talking about the updates to the mortgage and some of these other things are coming out? I'm so glad to see the entire industry kind of evolving and evolving quickly. You know, we've been on this and trying to make sure that we are ahead of the curb in every single fashion. I love having Holly and Lauren on the show. It seems like they just bring tremendous value in news every time they're on here. That was awesome. They talked about training. So can I give a few training updates too?

So agents, if you were really into getting your productivity, off the ground and really getting into community as well. May 14th is going to be the next start of Kickstart. And I think our friends from the university are going to drop that into the chat so you can get into that six-week program. Awesome, awesome results. Both newer and also experienced agents have been bragging about some of their results that they've been getting from this program. And it's been a great opportunity also to build community within the EXP. So do check that out. Also, too, KGCI. Russ, we are live on the air. We've been testing this out for the past couple of weeks here and with our partnership with KGCI, Real Estate on Air, where you listen to

podcast, you can check it out there or you can go to real estate onair.fm. We've been broadcasting this show live. Next week, we're launching a few shows. One of them is the Ecabo Financial Freedom Mastermind. This is a show for real estate agents to learn how to build your personal wealth for investment. So check that out. One thing real quick. I hate to distract you on this, but I did like, so we're on the radio right now. I got one thing to say, I'm up on the radio. All right, good, good, good. That's allowable. Standards and practices is listening. So yeah. Team leaders, today, today at noon central, we have the second of our two-part series on helping you evolve your team with the evolution of the

buyer agency practices here. Be sure to check that out. Again, I think the university team is going to drop that link in the chat. This is a great conversation just among team leaders talking about the changes that we're making to our teams and how we're implementing those. And so today is really about the implementation piece of it. Also, team leaders, we want to pour in as much value to you as possible. We know, you know, heavy as the head that wears the crown, right? Leadership is not always easy. So we have a great series starting May 15th called Team Mastery.

Now check your inbox. It's in there for just team leaders. This is going to be a great series. Each month we'll do a different topic. So this month, May 15th, we're going to be tackling, attracting the right agent talent to your team. We have the amazing Carrie Schultz.

She's going to come on and talk about how she does it as a conversation starter. And then we'll break us out into like production groups so that the team leaders can talk amongst themselves about what they're doing as well. So do check your inbox for the team mastery series invite. And please join us. We'll be a lot of fun. Speaking of attraction and this awesome new RevShare 2.0 update to the model, we thought, what better way to help you take advantage than to have our good friend Gogol Bletke

come next week. She's going to join us. And she's going to be talking about agent attraction. And really, Gogh, I don't know if you know they're out in listenership land, gogo really focuses on attraction, not necessarily recruiting. And I know that's a big kind of mental hurdle for a lot of folks. I don't want to be a recruiter. Okay, we'll come here what GoGo has to say.

By the way, she's got a great new coaching program as part of EXP Elevate Coaching, but she's agreed to come on and share a lot of great concepts with us next week. And by the way, if you don't know what EXP Elevate Coaching is, stay tuned for next Thursday. We're going to have fun. All right. So speaking of next week, I'm going to be at EXPCon Canada. Are you going to be there?

I am not going to be there. I've been everywhere but there. Yeah, no kidding, man. They keep you busy. Well, next week we're going to be at EXBCon Canada. Come join us. We're going to be there in Toronto. Please do come join us. We've got a lot of great breakout sessions. One of them is going to be our script battle. So we thought as part of all of these changes and all, we were going to bring in one of our script battle gladiators, Phil Hahn, from the great Pacific Northwest, to talk to us about some of the scriptings that we could be using in these conversations with our buyers. So without further to do, if we could bring in Phil, we'll get started. All right. Kick it off. All right, but we'll see in a little bit. Phil.

Hey, Brian. How are you? I'm doing great. Thanks, sir. How are you doing? Doing fantastic. Doing fantastic. Thanks for having me.

Oh, man. Are you ready for this gladiator battle? I know you've got a... You know what? We're stoked, buddy. We're stoked. Yeah, for sure. You've got some stiff competition.

Courtney Carroll, Sean Getty, and Georgia Tush. she's going to be your moderator. Are you ready for this? Are you warming up? Don't stretch. You know, you had to stretch beforehand so you don't pull a hammy, man. This is a, this is a Yeah, I was born ready. You know, I'm ready. I'm scared, but I'm ready. All right. Well, we'll help you warm up today. So let's talk about this. So you're up in the Pacific Northwest, Bellingham, Washington area and Vancouver Island area. Now, you as an agent, you've been using biore repugment since 2002. You want to share a little bit about that? Why did you start? And, you know, what were the battles you faced using that because a lot of agents weren't.

Yeah. So that's a great question, Brian. We, when I started in the business in 2002, there was a simple. It was a one page document and they called it the buyer. I think the legal term at that time was buyer agency contract. And it just, my mentor had said, well, you're going to have two parts to your business. You're going to have the listing business and you're going to have the buyer business. And you need to treat your buyer business like you do your listing business.

you sign the buyers to a one-year term, you know, they can easily exit at any point in time if they're not completely satisfied with the services promised, but you get their commitment upfront. You have your fee put in, and as we know, fees are completely negotiable. And that's kind of how we've always treated it. So it's all I've ever known and all I've ever taught is to work with exclusive buyers agency agreements. And it really separates the rank amateur from the professionals as well. Yeah. And I love that. And by the way, you and I talked about this. And I know in the past, those have used biorep agreements, that was kind of a fallback line for us to be able to say, hey, if we're not working out together for whatever reason, we're just

going to rip this up. And so I'm a person who eats my own dog food. I follow my own advice. And when I say, talk to your broker about details, I went and talked to my broker. I talked to Lauren and Holly about this and said, you know, do you have guidance around this? Because this can be a tricky dialogue to be able to say, hey, I'm just going to rip this up. Because what we have to think about, you is what happens with the homes we've already shown with that buyer. And here was what our amazing brokers had to say. What they said was first, you know, be careful how you phrase this. And you really need to think through and agree on what happens on any offers that your buyer clients want to submit on the properties you've already shown and put that into the agreement, right? Don't, don't just have it

out there as he said, she said, make sure it's part of your agreement. Now, I want to talk about some of the the objections you've had to deal with in the past in getting the buyer repregment. So we kind of talked about this kind of commitment thing. You know, I can tear it up. Okay, cool. If that's where you want to go, just be clear about that. What about the commissions? You know, the amounts that you've put in there, I'm sure you've had to deal with buyers

going, wait, I got to pay that. Yes. So great question. So, again, we would, you know, fees are completely negotiable in the world that I create in and manifest in fee is always. only an issue in the absence of value and so we are always tasked with bringing so much value to our clients that the fee becomes really a non-issue and just a small investment and getting the outcome that our clients are looking for and so it really Brian truly has never really been

much of an issue again because we've explained that most of the time you know in the past obviously we're in a completely new environment and again I really really huge kudos to our team in leading the charge in transparency and dealing with this new and ever-changing fluid market that we're in throughout North America. And so that having been said, you know, I've always kind of used the analogy of going to court, right? And so if you were going to court, would you use the same attorney that the plaintiff or the defendant was using or would you have your own representation, right? Well, the home buying process for most, you know, is a lovely process, but it can be adversarial. And so why would you not have your own professional competent representation?

And so as we do with our seller clients, we've always had a buyer representation strategy, which shows them how they can get the most home for the least amount of money in the least amount of time with the least amount of hassle and to be able to secure the best rates. And even with our amazing EXP exclusive offering, I mean, it's just unbelievable the value that we're bringing to the table and how we're leading the charge.

And again, that transparency and, dealing with this ever-changing climate. Yeah, it's great. And by the way, I want to shout up to the marketing team. They have a great buyer consultation packet template in there to help you, for those of you who've never had a buyer consultation packet, and you wonder, okay, well, what do I say my value proposition is? There's a great head start for you in the marketing center.

And I'm sure our marketing folks are going to be sharing more about that pretty soon. And you talked about this, too. You know, this whole idea of, do I do, you know, Holly and, Lauren, we're talking about the single property form, right? And do I do I do that? Do I do an exclusive? Now, when you've done your buyer rep agreements, how did you do it? It was an exclusive? And did you deal with that sort of commitment phobia from the buyer? And what would you say about that? Yeah, so great question. I think that that's a, it's, you know, it's a very, very loose kind of a commitment introduction into, hey, this is, you know, what it may look like. But I think,

at the end of the day, if you understand your value, and as you pointed to in our marketing center, we've got amazing buyer collateral that's relevant for today's market and what's happening, it really is an on issue, Brian. It's just an educational point to train and to learn to say, listen, I bring tremendous value. I know that our average days on market is, say, 32 when we're representing buyers. And yet the industry average is, you know, my goodness, it's 64 or whatever. So we're getting the buyers quicker. And our sole to ask ratio is X and the industry average is higher. And so if you can clearly demonstrate that, it really becomes a non-issue.

So it's about knowledge of knowing your numbers, leveraging obviously with the number one real estate company in the United States for units sold, according to that little company called Real Trends. So I think it's pretty accurate to say that. And so you can leverage our amazing success and stats and just incorporate that into your presentation. And again, I have a class that we teach every Thursday at 9 a.m. time that's 12 noon Eastern time in the expe world university auditorium called role play clinic and

you know we're really teaching to this right now and working on it and uh getting amazing success and traction yeah check the calendar for that it's amazing class amazing feedback on it and thanks by the way for doing that for us we really appreciate it you know it's funny you mentioned that so i i shared the team leader call we're going to have later today where we talk to team leaders one of the things we're encouraging to do is is exactly what you're talking about with the metrics and just kind of You mentioned a few of them, just run down a quick list of them, the dollar savings that you get for your buyer clients. And that could be concessions and that could be percentless to sell negotiations. The average homes tour before your buyer's write an offer, right?

The lower the better, both for you, by the way, not being a taxi cab driver and also for your buyer clients, not wasting time. Average time for active search. Offer acceptance rate, right? How often do your buyer offers get accepted because that could position you, especially in tight markets? buyers representing the area and there's probably a ton more. So really kind of think about what metrics you succeed at as an agent or what metrics we succeed at as EXP and make sure you talk to your broker about some of these metrics so that you've got that fodder if you don't have a whole lot of production of your own just yet. So, okay, so let's talk about the buyer representation agreement close. You know, aside from, you know, sign here, press hard three copies, what's your favorite buyer representation agreement close?

I love that. And so again, the clothes really becomes the consummation of the relationship based on doing all the upfront work properly and extensively. And it really becomes the natural, you know, the natural conclusion, right? And so it would, we basically would go into our presentation, finish the buyer presentation, and, you know, just assume that they're going to work with us and get their okay on the paperwork. And it's really as simple as that, Brian. and it really is a non-issue if the upfront work and the agreement has been explained properly. Yeah. So that quote would look like Brian.

That clothes would just look like this, you know. So Brian, you do agree that we can probably get the job done for you, right? And get you involved in the home of your dreams you're looking for in the shortest amount of time for the least amount of money. Does that make sense? Sure sounds like that, yeah. So why don't you pay us the ultimate compliment and just okay our representation agreement? And again, if you're not completely satisfied and you can cancel this, at any point in time. Is that okay?

Sounds great. All right. I like it. Simple as that. Asking for the business doesn't have to be complicated, especially if you set yourself for success. And you know, speaking of this, so there's one of two things that happen when you get pressed with these types of objections and things like that. One is you cave, right? And that's not always a bad thing. I don't mean to say it like you cave. Fallback trenches, right? Maybe you want the exclusive agreement. not willing to. So when the buyer, right, go back to the single property. But that's a personal choice that you'll have to make. And the other thing that that you can choose is to not,

to hold your ground. And the difference being that if I've got another buyer consultation or two later that afternoon, it's a very different mindset, right? Same with listings where the seller is saying, well, I think my double wide, yeah, $50,000 sounds right, but I think we can get a million. Do you take that listing, right? Well, maybe if you don't have any other prospects on the horizon, maybe not if you have plenty, right? Maybe you just refer that listing out to somebody down the street. So let's talk about lead generation and any tips and advice for us.

I know you do a lot of scripting around lead gen and things like that. Can you give us basic advice about lead generation? Well, first of all, you've got to block your time. And lead generation is in a once-in-a-while thing. It's an all-the-time thing. and so I'm very big on time blocking, you know, generally daily, Monday through Friday, between 9 and 11 a.m. That's for outbound, you know, new lead generation and not follow up with old leads.

And so that can be sphere of influence reachouts. That can be, you know, solicitation for sale by owners, expired listings, circle prospecting, leveraging market activity, but it's a focused concentration for a short period of time and ideally four to five days a week. And Brian, what you and I both know is, you know, But anyone that has those disciplines in place generally is massively successful, right? So it's funny. I was talking to my friend Levi Laxick and we were talking about this kind of concept.

And what he said was not only do you have the abundance of having those other consultations, but if you're really lead generating the correct way, people are coming to you ready to sign with you, right? There's not going to be those same sorts of objections that you get from, you know, the internet leads that you buy and things like that. So I love that. All right. Any final parting advice for us as we're adjusting to some of the changes in the industry? Yeah, I think just to speak to the lead generation component as well, is be tied to the habit, not the outcome. Develop the habit, right? We were talking about the 200 and 600 pound when we were having our conversation last week, this week, but be tied to the habit, folks. And you know what? It's a changing market. So stay on top of it. If you're with us at EXP,

I believe that we are absolutely leading the charge in terms of information and strategy. And if you're not, well, you may want to align with us because with this RevShare 2.0 and everything else that we're introducing, my goodness, it's awesome. So yeah. And if you haven't registered for EXPCon Canada, make sure you do that's next week in Toronto. Hey, there we go. We are super stoked to see you. Thanks, everybody for qualifying your time to be here. And again, every Thursday, 9 a.m. Pacific time, 12 noon, Eastern time in EXP.

where we have a role play clinic and love to see all there. As always, sir, it's a pleasure. Thank you so much for coming and sharing with us. We really appreciate it. All right, Phil Hahn, ladies and gentlemen, come check him out in the XPCon Canada. Russ, back over to you, my friend. Hey, hey, man, we should put that guy in charge of some stuff. Did you see how he promote that off the cuff? I know. He's got a future in marketing. Like, how you do anything is how you do everything. So not surprised he was smooth with that, too. So, thanks, Brian. Appreciate that. Great session today. Love it. Happy Friday, everybody. Happy Friday. So there you go, guys.

that is that's Brian Ellington talking with Phil Hahn that guy's got some chops if you guys haven't gone to ex pecon Canada make sure you show up there you still room for tickets there you still get there and get around these people and learn something amazing to put into your business all right we got a quick promo here done by Michael Valdez we got a short clip here for Michael Valdez promoting bookstore because I wonder we run that right now hey guys it's Michael Valdez and my book choice for book of the month was outwitting the devil by Napoleon Hill and this book was amazing. It was read by Sharon Lecter, and this was really exciting because this manuscript actually lay dormant for decades. And it was the Napoleon Hill Foundation that finally,

finally allowed this book to be out. It's in a really, an easy read, a very intriguing conversation, and to think that all of these principles and practices are actually more viable today than when it was written decades ago, that really is a sign of a great book. Pick it up, enjoy it, and just wait until next one's pick. Take care, guys. All right. There you go. Hit that QR code and you can check out the bookstore. If you want to go to Workplace, you can type in Bookstore, ExP Bookstore in workplace, and that'll drag you over to where you can find the ExP Bookstore and the recommendations for a lot of our top leaders. We're building out that list as we speak. Find out what your top leaders are reading, and you'll become more like your top leaders around you.

So there you go. Bookstore is amazing. All right. So that's all we've got for today. This is QR code for our NPS survey. This gives you guys the ability to give us a score on a scale of 1 to 10. Today's show was packed with stuff. Give us a good rating, a fair rating on what we're doing. And if you want to throw in a comment on what you liked and what you didn't like, that'd be cool too. So we work hard to make sure you guys get what you need every single week.

And the NPS scores over the last three, four, five, six weeks have been just absolutely amazing. So thank you for the fine scores that you guys. guys have been given us, tells us that we're doing the right thing. All right, the last thing up, stay tuned for eye conversations, and I will see you on the big agent meeting next week with more good stuff. Have a good weekend.