Happy Thanksgiving!
It’s Thanksgiving and the holidays are here once again. Byron and I are especially grateful for your readership and support of our business this year.
As we move into 2024 and are plunged into what may the toughest year in the real estate industry’s history, we’ll be here with relevant content to help you navigate what will most likely be a very different real estate environment 12-24
months from now.
When there is chaos and confusion, there is also a wealth of opportunity. We’re here to help you find it.
In this time of gratitude, please remember to give back to those who are less fortunate than you are. Donate what you’re not using to charity, extend a helping hand to someone who is struggling, or visit that person who is alone during the holidays.
Most importantly, express your gratitude for all the blessings in your life, not just on Thanksgiving, but every single day.
A Feel-Good Exercise to Put a Smile on Your Face
As real estate faces the most troubling crisis in its history, it’s easy to get caught up in the bad news of the day. If you want to feel happier, here are some quick ways to do it. Your goal is to get to 100 items on your list.
- Jot down anything that makes you laugh.
- Write down the name of every client who transacted with you this year—be grateful they trusted you enough to buy or sell in this year’s very difficult market.
- Do you have enough of the basics like toilet paper and hand sanitizer—remember when those items were so hard to get during the pandemic?
- Did anyone you know have a baby this year? Add the baby’s name to your list for something to be happy about.
- Did anyone you care about reach a major milestone in life—graduating from high school or college, getting married, or celebrating a 25th or 50th wedding anniversary?
- Are your house payments current, are your utility bills paid, and your other payments up to date? Add each of those items to your list.
- Do you have friends and/or family you enjoy and who are helping you personally and professionally? BE sure to tell them how much you appreciate them.
The bottom line is you cannot feel unhappy when you focus on what makes you feel grateful or what makes you smile. Your brain can only process one emotion at a time.
A Wild Week in Real Estate
This last week is probably the wildest week I’ve ever seen in my 40+ years in the business. The Sitzer Burnett verdict came in at $5.36 billion against NAR and three of the industry’s top franchises who elected to go to court rather than settle like Anywhere (Realogy) and RE/MAX did.
Two days later NAR CEO Bob Goldberg stepped down and Nykia Wright, who is a crisis management specialist and took the Chicago Tribune through bankruptcy without having to lay off a single employee, was appointed as NAR’s
Interim CEO.
Because of the importance of what is happening right now, we are making all my articles on these the topics available to all RealClues subscribers. Consequently, today’s interview with James Dwiggins will be available both as a video as well as in our REC Radio format. If you’re not yet a subscriber to RealClues, click here to sign up.
Second, depending on what Inman decides to do with three additional articles I will be submitting this week, you may be getting one and possibly even two additional editions of RealClues this week. If you’re a NAR member or especially if you’re a member of the NAR Board of Directors and are going to Anaheim, please read these before you leave—it’s extremely important that you know exactly what is happening.
Sitzer-Burnett Trial Wraps Up This Week—What’s Ahead?
This week the Burnett Sitzer trial wraps up. The litigation seeks damages because sellers were forced to pay a commission to buyer’s agents, even though those agents were representing the best interests of the buyer, not the sellers. It also alleges that NAR and the major firms engaged in a conspiracy to keep commissions artificially high.
A lot of the big names in the industry have testified. It remains to be seen how the jury decides. Anywhere and RE/MAX have already settled. What does seem to be guaranteed is that the losing side will appeal, so it may be a very long time before this is finally resolved.
Nevertheless, due to Anywhere and RE/MAX settlements and the changes they will necessitate (buyer’s agents having to negotiate their own commissions with their buyer or the seller) plus NAR deciding that you can post a “zero”
percent commission to the buyer and still have your listing appear in the MLS, the number one thing you need to do over the holidays is to sign up for a course on how to become a buyer’s agent where you will negotiate your commission with your buyer. The best place to obtain this information is through your local or state realtor association.
What’s of even greater concern, however, is that the Moerhl suit that goes to trial in early 2024. Burnett Spitzer was limited to Missouri. Moerhl covers the entire country.
The bottom line is that agents who have taken the time to acquire the skills they need to be effective negotiators and understand the strategies to succeed in today’s market, will thrive in what’s ahead. I always had my very best years in down markets because they’re skills based. You can too—we’ll be here to help.
An Instagram Halloween
Halloween can be one of the most fun days of the year. It can also be one of the best opportunities to get plenty of fun posts for your social media pages, especially on Instagram. Here are some quick ideas to build traffic on your social media sites over the next week.
- Drive through your market area and photograph the properties with the most unusual Halloween decorations. Post the top 3-5 best decorated yards on your Facebook, Instagram, and Twitter pages and then ask the people to vote
on their favorites. - Visit a pumpkin patch and photograph the biggest, the strangest, and the funniest looking pumpkins you can find and post them on Instagram. You can also take short videos to post on both Instagram and YouTube.
- Hold an open house with pumpkin pie and/or pumpkin lattes.
- Conduct a pumpkin decorating event for the kids of your past clients. Supply the pumpkins, colored pens, and easy decorations to stick on the pumpkin (no carving please). Be sure to provide Halloween themed refreshments for everyone who attends.
The idea is to have fun and make people laugh—that’s what will drive plenty of likes on your timeline and it’s a great way to remind people that you’re in the real estate business.