The Lead Generation Moves That Still Work in Real Estate

Karlton [00:00:00] I would actually challenge each and every person listening to this to go absolutely all in on for sale by owners if you want listings. It's the easiest way for you to start to build up your inventory. And,

Karlton when I see that for sale by owner sign, I see a help wanted sign

Lauren Awesome. Hi, everybody. Welcome back to the Reside Platform Podcast. I'm Lauren Rathgeb Pollen, director of client experience here at Reside, and joined here by my two teammates, Brooke and Carlton. Hey, guys. How's it going?

Brooke Good. I'm so excited.

Karlton Yeah, this is gonna be fun. Yeah. It's nice having everybody on together here.

Lauren Yeah, so the three of us work very, very closely together in different facets of the business, so we thought we'd all hop on today and just talk real estate and teams and solo practicing. if you're a team leader, a solo practicing agent looking for [00:01:00] leverage, looking for production, we're heading into quarter four very soon, which means we're heading into quarter one, so we're gonna get your business right, and we're just gonna hop into it today.

Lauren Let's do it.

Brooke Awesome. Carlton, you had a fun idea for us today. So, Yeah ... talk to us a little bit about kinda what you came up with and kinda what we're gonna be talking about.

Karlton Yeah, so I, I thought what we could do is, is play a little game called- Oh, gosh ... kill, keep, or change.

Brooke Right?

Karlton I like it. And I thought we could just kinda go round robin here, and I'm gonna throw some different topics out there.

Karlton And, you know, you guys tell me, would you kill it? Meaning, hey, this isn't gonna work anymore. It doesn't work for me. In my opinion, I don't wanna be bothered with that if I'm a consumer. Would you keep it and say, "This is still a good practice and something that folks should be doing"? Or would you change it up a little bit?

Lauren Ooh.

Karlton Right? So I thought that would be kind of fun if we took that approach. So Brooke- Yeah ... why don't we start with you. First topic is- Okay ... cold calling.

Brooke Cold calling.

Karlton All right, [00:02:00] would you kill, keep, or change cold calling?

Brooke So I would say Change. Because I do think it's valuable. I do think calling a, a list i- is valuable in general.

Brooke However, I think you need to be intentional about the, the cold calling list that you are, are calling. Otherwise, if you just get... Otherwise, you're looking at the old days where you have a phone book and you're literally going down the lines and just seeing who picks up.

Karlton I was gonna say, if you want me to just give you a phone book and say- Yes.

Karlton "All right, start today. Let me know when you finish."

Brooke They still have

Karlton those. And then I'll give you another zip code and so a call.

Brooke Exactly. So, and yes, you are bound to get something, but is that return on your time gonna be the best use? Probably not. So with cold calling, why I would change it is it would be something a little bit more, a little bit more specific, like an open house l- prospecting list of that neighborhood, or a neighborhood [00:03:00] list that you are trying to, farm that area, or a for sale by owner list or expired list.

Brooke and I know we'll get into, to those topics a little bit more, but something that, you get the idea, like something that's gonna be, like, intentional, like there's some sort of value that you are providing to them. You can't just go down and be like, "Hey, you wanna sell, buy? No? Okay, click. Sell, buy? No?

Brooke Click." but something of "Hey, I've, I've sold houses in your neighborhood before, and here's what we've got for them. Are you interested in selling yours for that same value?" Or something along those lines.

Karlton Yeah. Lauren, how about you? You killing it, keeping it, or changing it?

Lauren my first instinct was going to say keep.

Lauren However, listening to Brooke's perspective, that's why we're on here is listening to each other, because I agree with her. I would change the mindset of the way we approach cold calling. So I've talked with many, many agents over the last couple of weeks, specifically, as we're... So a little bit of history, and you know me, [00:04:00] I'll go into the details and get to the point.

Lauren we've worked primarily with a lot of team leaders, so we're paying for leads, pay-per-click ads, you know, Zillow, et cetera. And- I've been working with a lot of solo practicing agents who they're the face of the company, you know? Like, it is Brooke Ricky Real Estate. Like, they're the face. Might have some, a leverage, like support staff or showing agents, but that's Brooke's book of business, if you will.

Lauren And so it's a lot of sphere of influence, friends and family, referrals, trusted warm lead sources. when we're talking of now to those agents about, "Okay, where else is the business going to come from?" it's new for a lot of people. And when we say cold calling, that can be really scary, especially for people that are like, "Ooh, like I'm gonna be talking to strangers now, just asking them if they wanna buy- Mm-hmm

Lauren or sell real estate." So I wanna highlight what Brooke just said in terms of being [00:05:00] intentional about who we're calling. So, I would say change, also keep, but change the way we approach it. Mm-hmm. So the lists. if we want to, you know, do you have a community of people that you can script with? Do you have another agent in your brokerage or your office that you can practice with?

Lauren And, it's every no leads to a yes. So being open to the fear of rejection, I think is a really uncomfortable and good thing because it goes back to those sayings of like, "If you're not uncomfortable, you're not growing." And a lot of these agents that I'm speaking to are like, "Yeah, I'm closing 40, 75 deals with their sphere alone and just word of mouth."

Lauren But you're saying to me, you wanna be a $20 million producer or higher, and you wanna double that, and you wanna do it all on your own. Okay, we need to start getting creative with our lead sources then, and where is that business coming from? Mm-hmm.

Karlton Yep. [00:06:00] I, I'm just gonna say, I'm gonna kill the term cold calling.

Karlton Yeah. I don't think it has a place. Okay, I love it. I'm killing the term. Yeah. not making phone calls, to me, there's always a, a warm reason to make a call in real estate. Mm-hmm. Rates went up, rates went down, your buying power just shifted. A new home just came on the market that'd be perfect for you, made me think of you, I wanna reach out.

Karlton Hey, we have a shortage of inventory in this specific market area. We need potential sellers. By any chance, have you looked into what your home would be worth in today's market, or have you thought about selling, or do you know any neighbors that might be looking to sell? There's never a reason to cold call somebody anymore.

Karlton Just be like, "Hi, I'm in real estate. You thinking of selling?" There's always a warm reason. So I'm killing the term, but I'm replacing it. Maybe we should add another, another concept here, kill, keep, change or replace, right? Yeah. I'm going to stick with the term warm call because- Well, that's a change ... I do remember, I do remember working with brokers, and they

[00:07:00] took the phone book and they crossed out the top and they wrote leads on it, and they had it in the office.

Karlton And-

Brooke Yeah ...

Karlton I think those days are well over. all right, next up, open houses. We killing, keeping or changing them?

Lauren We're keeping

Brooke them. Keeping. Yeah, I agree. Open houses. What about you, Carlton?

Karlton Oh, I think you guys know how I feel. Yeah. I built my business on open houses. To me- Yeah ... if I don't have a full pipeline of clients, I'm gonna sit three, four open houses a week and just meet as many people in person as I possibly can and- Mm-hmm

Karlton and try to build up my business. Number one is you're representing your seller and you're taking initiative to do an activity to get eyes on the property, feet in the door, create marketability for the home to, number one, self-generate a potential buyer. Number two is you're getting yourself in a virtual office in any neighborhood that you wanna be in, to be able- Yeah

Karlton to meet all the neighbors and the other homeowners. And number

[00:08:00] three is that you're meeting a potential pool of potential buyers and sellers. And so I don't see a single downside to doing open houses. But that's just my opinion. They're not for everybody, but I would go all in on them, and I used it to really build my business.

Karlton What do you guys think?

Brooke Yeah. I agree. I agree. Some of the most successful, you know, agents that end up being leaders, that's exactly the same. They went all in on open houses. It's also, you know, I would argue one of the ch- one of the cheapest lead generation options you have. So especially if you're, let's say you're a solo agent and you don't have a lot of budgeting for lead generation, like all you need is a couple signs at the least.

Brooke Get, get yourself an open house fee. Awesome.

Lauren Yeah. They're not ex- I mean, they're expensive, but, like, you can do it. You can do it. Yes.

Brooke Mm-hmm. You can do it cheaply. I mean, I... Someone I knew, they would just, they had a few open house signs, and then they would make fresh bread at the house and, like, give out this, like, fresh bread to [00:09:00] people, and it, like, made the house smell nice and warm, and it felt cozy, and, like, gave some sort of value.

Brooke So you don't have to go that crazy, like making fresh bread. But, you know, something, you can do it cheaply. And, I think, I will say the caveat is you have to have some sort of follow-up strategy plan behind it. You can't just hold open house and be like, "Okay, great. I did it." Just to check that box.

Brooke Mm-hmm. Like, there has to be some sort of plan behind it.

Karlton I agree. Yeah, and that goes with everything. Any time you're meeting clients, they go in the database, and you put relentless follow-up into place on those folks.

Lauren And this goes into any industry, too. So- Mm-hmm ... yes, we are primarily talking about real estate, but if you have, if you have a book of business anywhere, and however you are generating,leads, make sure you're following up with them.

Lauren Because if you're not, somebody else is going to.

Karlton Yep.

Brooke 100%.

Karlton All right. Here's a fun one. Okay. And it kind of ties a little bit into open houses and how we train to market open houses. Oh. But door knocking.

[00:10:00] Lori, are you killing it, keeping it, or changing it?

Lauren Me person- so I would definitely be an agent that is sitting at an open house.

Lauren Like, Brooke, you're talking about making fresh bread, baking cookies- Yeah ... making smoothies. Like, I would-

Brooke That's you.

Lauren I would thrive there. For me, if we're talking about cold calling, and changing the term, like, I would need a new term for door, door knocking as well. Mm-hmm. Because- Mm-hmm ... someone's ringing my doorbell, I've watched a lot of crime documentaries, serial killers.

Lauren Like, I'm not answering

Brooke that door. Yeah. 100%. Es- especially as, like, a, you know, I'm sorry, especially- We get

Karlton the knock and, and Lauren's voice changes to, "Who is it?" A solo mom.

Lauren Yeah. You know, like, anyways, I could get into that. But for me, it's like a safety thing. Like, I am not approaching a door, especially if I'm knocking, like, I don't know who's on the other side of this door.

Lauren so that is just me as a female in this day of age being nervous about it, but I would love your [00:11:00] guys' perspective of door knocking, 'cause I think it's valuable. Any kind of lead generation where you're out there and meeting people, valuable, but if we're talking about this day and age, people are not e- like, I knocked on my neighbor's door the other day 'cause I needed them, a question.

Lauren They didn't answer, so I just left a sticky note on their door.

Brooke Yeah.

Lauren So, and then they texted me back after that, but I could hear them inside. You know what I mean? Exactly. Like, people are not answering. Yeah.

Brooke And I'm the same way. Like, if someone's knocking on my door, I have a... And I also live out in the country too, so it's a little bit different, but, like, I had somebody- Yeah

Brooke a salesperson that was selling, like, textbooks that knocked on my door, like, a month ago. And I hid. Yeah. I was hiding. And, but I do think that there is value in maybe, like, those pop buys. Like, again, if you're, like how you wrote, like, a sticky note and you left that, like, something along those lines maybe where it's just like, "Hey, here's, like, a, just a little bit of a flyer of, hey, I'm having an open house down the street" or something.

Brooke But being able to expect to have a real conversation with that person at that time on their doorstep, I think is dead at this point.

Lauren [00:12:00] Yeah.

Brooke Again, based on, like, the crime documentaries and things too.

Karlton I just think back to when I was a kid, right? I, and this is, I mean, we're going way back, but, like, when I was a kid, like, when you wanted to play with somebody, you went to the house- Yes

Karlton you knocked on the door and you said, "Hey, can they come out and play?" And now all my kids do is- Oh, this is who I'm hanging out with, right? They all have that coordinated. And I think people have, have hit a point where they're just not accustomed to that anymore. Mm-hmm. I know now that I, I work from home, like somebody rings the doorbell, I'm in the middle of training or recording something.

Karlton Yes. The dogs go berserk. it's like, "What do you want?" Like, why would you do that in the middle of the day? I know a lot of realtors, though, that have a ton of success with door knocking, but they do it more in the evenings and on the weekends. Mm-hmm. And a lot of them have actually transitioned from just knocking on all the doors to leaving door hangers, or just walking the neighborhood and talking to neighbors and throwing Frisbees out to [00:13:00] people.

Karlton Like, I know a few realtors, they get the old-school red wagon. They fill it up with like branded seeds. They get the seed packets with their- There you go ... stickers on it, and they hand it out to people when they walk the neighborhoods. I think that type of approach is better. Yeah ... you know, you can open carry here in North Carolina.

Karlton I don't know if I'm knocking on people's doors like I did- Right ... up in New Jersey. I'm gonna be a little more careful with people's- 100% ... privacy, I

Lauren think.

Lauren and to piggyback off of both of you, last year, you know, new mom, maternity leave, you have a newborn, you have a dog. We had so many solicitors in a non-soliciting neighborhood, and any time my doorbell would ring, I just got my colicky baby down.

Lauren The dogs start barking. Mm. The baby's crying. I'm already sleep deprived. They are not gonna get the best version of me opening that door, you know? Right. So I love, I love the bring a piece of value to them. Maybe y- that new mom is gonna be a little nicer to you.

Karlton Well, it's hard 'cause we're in sales, and I can appreciate them

[00:14:00] doing it.

Karlton Yeah. But at the same time, I'm like, "Look, I appreciate it. I'm not interested. You're really not supposed to be soliciting in our neighborhood." Mm-hmm. And then if they keep going, that's when I get mad, and I'm like, "No, no, you gotta take the hint." right? If it... I don't know. I think there's a time and place to walk neighborhoods and do door hangers, but I think the days of knocking on somebody's door and bothering them in the middle of the day is kind of over.

Karlton 100%. Yeah.

Lauren I love door hangers, pieces of value. I'm killing the door knocking.

Karlton Killing it.

Brooke Yeah.

Karlton All right.

Brooke It's actually good.

Karlton All right. So let's get next topic is, we're gonna talk internet leads. Okay. Right? Buying, buying internet leads. Brooke, you killing it, keeping it, changing it, what are you doing?

Brooke Okay. So as I... You'll see a pattern with me. Like, I'm keeping it, but there's a caveat. Okay. So I'm keeping it, but I think there i- is a time for it. If... What I tell teams when they [00:15:00] come on board is, and when they talk about, "Okay. Well, maybe I wanna look at, you know, some paid lead generation or some online leads."

Brooke If anything you're put- putting money towards with the online leads- I always ask, do your, do y- your agents have the capacity to handle those leads? Are they actually going to follow up? Do you have a follow-up system behind it? Do you have, like, a speed-to-lead, process? Like, can your agents actually work these leads, or do you have the capacity on your team?

Brooke If it's just you and you're already slammed, and you're trying to add more lead generation, it's not gonna work for you. You're just wasting money. So yes, it is very powerful. We've seen it been very successful for a lot of our Reside teams. However, you have to, like with any of these, you have to have a strategy behind it and really think through how this is gonna work.

Lauren All right.

Lauren Lauren, what do you got? I'm keeping it, but I'm changing it at the same time. Because again, we all coach our, we all coach agents across the nation. You know, we're in the US, we're in Canada. y- when you're buying paid leads, you have to be able to work them. Mm-hmm. Because it's not like, it goes back [00:16:00] to cold calling or warm calling, right?

Lauren Like, these are leads that you do not have a relationship with yet, and they're getting phone calls from so many people. It's the same thing that I was just talking about with door knocking. People are screening your calls too, right? So, if I don't know the number and it looks like spam, 'cause I probably get...

Lauren I just had to clear out my voicemail inbox. It was f- 50 missed calls. It was all spam. So- ... people just like to text now, but we also like that human connection. So I would say yes to paid leads, and- We need to have a system to work them. Mm-hmm. And know that these paid leads, because, and I've talked about this a lot.

Lauren I was on a team. I had a ton of agents. One a- we had a big database. One agent followed up for five years with this one lead, no response ever. They finally were like, "Hey, I'm ready to sell my house. I've been getting your emails, now I'm ready." that is just the consistency, the long game that you have to nurture these [00:17:00] relationships even if you're not getting the ROI within the first 30 days, and that's where a lot of our agents get frustrated because they'll say, "The system's not working.

Lauren This isn't worth it anymore." One thing I will say, it's really important to track your lead sources. So if you have, a Google spreadsheet, CTE, CS, open/close, wherever you need to be tracking your lead sources because we will look at the, your P&L, and then we w- we'll assess how much you're actually spending on these leads and are we converting, and then we have to then reassess, "Hey, are you scripting enough?"

Lauren Like, is this an actual conversion problem, or is this a true lead problem?

Karlton Yeah. Mm-hmm. I'm, I'm a big advocate of keeping it. but you have to understand that it's for a specific audience and type of, of agent- Mm-hmm ... and there has to be a balance. So where I think agents go wrong and teams go wrong is they go all in on internet leads, and then everyone just becomes addicted to the next lead, [00:18:00] and they don't stop and really take the time to work the ones that they have, and there's always a lot of business sitting there in those opportunities that they have.

Karlton And then I think if you are a more experienced agent and you have a really strong sphere of influence, I'm not quite sure you're always going to put in, and I'm generalizing here, but I'm not sure you're gonna put in the same effort with a lead that you're paying a referral on, or you're gonna wanna put that much money into buying these leads when you're making more, and you have a really strong book of business already with your sphere of influence and the marketing and your relationship with your community and the market that you're in.

Karlton So I think you have to, a- as an agent, you have to want them, you have to see value in it, and you have to be excited for these leads.

Karlton And where I see agents go wrong is, like, "Oh, it's another internet lead. I gotta pay 40% on this." Well, you're already going into that with the wrong mindset. I'm going into it as I just got a lead that came to me when it

[00:19:00] could've gone to anybody else, and I didn't have to do anything to generate that lead but answer a phone call or an email, and I'm going to build my confidence, gain experience, be able to generate referrals off of this lead, have a client for life, and it's only costing me 40%.

Karlton So it's in the mindset of, "Oh, it's another internet lead," or, "Awesome, I can't wait to work with this person, and I'm gonna build additional business off of it and have a client for life." So if you're in the wrong mindset, then internet leads are not for you. But if you're in the right mindset and you understand that you need to create a balanced business off of it, use the internet leads to build up your confidence, and then as you start to hunt and self generate, now you have this nice balance so not every transaction is costing you either to buy the lead or to close the lead with a success fee.

Lauren Yeah. Well, if I'm an agent, I'm hungry, I'm working [00:20:00] every single lead no matter what. Mm-hmm. And I'm gonna treat every single lead the same too. Yeah. Like, just because I'm paying 40%, they don't know you're paying 40% on a n- on them. Right. So what? Just 'cause you feel like they're discounted you're gonna give them a discount service?

Lauren No. That is not how we operate.

Karlton Mm-hmm.

Lauren Everyone gets treated the same.

Karlton Yep. I'm with you. All right, next up. FSBOs.

Lauren Oh,

Karlton yeah. They'll keep change. Lauren, we'll start with you.

Lauren Oh, you're starting with me. I love FS- I love going back to the basics. I know I killed door knocking, and that's a basic one. Yeah. I, I love it.

Lauren I think that if you can really build your niche around a certain type of prospecting and for sale by owners, because it's having that warm conversation with someone. You, it's knowing that they might not trust real estate agents or, you know, they don't want to pay them a commission because they are not educated enough on what that actually entails.

Lauren They wanna price it over market value, you know, they're gonna be

[00:21:00] sitting on the market for so long. Like, we can handle these objections all day. Mm-hmm. But the way I look at objections is it's an actual service to them, because we have that fiduciary duty to make sure they're getting the most money, but also getting that ultimate client experience and not hating the real estate market, right?

Lauren Mm-hmm. And the market's gonna be what it is forever. Rates are always gonna be up. They're gonna maybe be down some days. But you are contributing that piece of value, and at the end of that transaction, I hope if you convert that FSBO they're gonna be like, "We are so glad you knocked on our door." And then like Carl- Carlton just said, it's a client for life.

Lauren So I'm gonna keep it. So I

Karlton like- All right, Brooke, what do you think? You keeping it, killing it, changing them?

Brooke Yeah, I'm, I'm keeping it, and I, you know, I agree with Lauren on the reasons behind it. I think that it is a very high ROI on it. They are already, have already said, "I am willing to sell," which is one of the hardest parts about a seller lead is, like, getting them to be like, "Yep, I'm selling.

Brooke Like, I am ready to put it on the market." They've already [00:22:00] done a lot of that work for you initially. Mm-hmm. So, they're very motivated for the most part. But you have to be consistent in knowing how to handle some of those common objections that they have, and really come with value. And know that they might not say yes right away, just bec- like you mentioned, Lauren, some, maybe they don't trust real estate agents.

Brooke Maybe they had a bad experience, and now it's just in their head. So you do have to come with some value and knowing how to handle that, and know that it won't be right away. But if you continue to invest and say, "Hey, I might have a buyer, you know, that wants to check this out. Is that okay?" Like- Or, "Hey, here is a seller's disclosure that you maybe didn't realize that you needed in the whole process, that they're gonna need from you eventually."

Brooke Like, something to show, "Hey, I'm trustworthy and I'm not just trying to just sell you. Like, I genuinely wanna help you, and I can help you." I think it can be really powerful.

Lauren Yeah.

Karlton I, I'm gonna go, if I could make keep, the biggest word on the screen right now- ... I would actually challenge each and [00:23:00] every person listening to this to go absolutely all in on for sale by owners if you want listings.

Karlton It's the easiest way for you to start to build up your inventory. Mm hmm. And, you know, a lot of people, they're gonna make excuses and say, "Oh, everybody's calling 'em, they don't wanna work with a realtor," and they're gonna find reasons not to call. Here's the reality, is that, like, when I see that for sale by owner sign, I see a help wanted sign.

Karlton Love that. Because h- here's the NAR stat that's been very consistent over the past five years, is that only 20% of all for sale by owners actually sell on their own. Mm-hmm. And half of the ones that do sell on their own, the seller gives the property to somebody who is a friend, family member, or an acquaintance.

Karlton Mm-hmm. So the number one reason that they wanna list on their own is usually to save money. However, when, first of all, you're missing out on a huge pool of potential buyers nationally that may be interested in the

[00:24:00] home by not advertising it correctly with a realtor, and number two is now you're gonna discount the home 'cause you're selling it to a friend, family member, or an

Brooke acquaintance.

Brooke 100%. Yeah. So, They're trying to give a good deal, and you're missing out on a big piece of your equity, yep.

Karlton And on average, on average a for sale by owner, this is another NAR stat, even after they paid a realtor 3% commission, they are still missing out on

Karlton an additional $10,000 in profit- Mm-hmm ... by not listing with a realtor. So the number one reason they list on their own is actually not helping them. Mm-hmm. The stats are showing that even if they listed with a realtor and paid a commission, they still would've made an additional 10,000. But you guys are absolutely right, you gotta be authentic.

Karlton It's, "Hey, I just wanna see the home. Can I come over?" You just wanna get face-to-face with that homeowner and take a look at the property, and then let the relationship kind of build organically. Mm-hmm. You don't wanna lie and make up stuff. You don't wanna ask 'em [00:25:00] about a commission. "Hey, I owe it to myself and my business to know all the available inventory.

Karlton Can I come over today or tomorrow to preview your property?" Mm hmm. "I have buyers that are interested in the area. I'd love to get to know your home."

Lauren Yeah.

Karlton You know, the other question is, how long are you guys gonna try it for? That's a big thing. A lot of for, FSBOs are like, "Well, we'll try it for a month or two, and if it doesn't sell, we'll list."

Karlton You know, well, how long, I just go right at them. How long are you guys thinking of trying it for? I wanna know what that number is. Mm-hmm. So yeah, I, I would tell everybody, go all in on FSBOs.

Lauren Yeah. Well, humans are also hardwired. We are hardwired for human connection. And so if we wanna get into the psychology of all of it, consumer psychology, there is a fear behind them of why they're doing for sale by owner, like we've all said.

Lauren And if we can just highlight being authentic and having conversations and always coming from a place of contribution, you are gonna be top of mind being a good, genuine person- Mm-hmm ... who knows what they're doing. And they are [00:26:00] more likely, when the time is right and they have had that aha moment, they are going to call you over somebody else.

Lauren Yeah. Because people are all fighting and knocking on that door.

Karlton It's just another human being, and they have a home to sell, and they're telling you, "I have a home I wanna sell." Yeah. It's like, it couldn't be, it,

Lauren it- Flashing lights. I

Karlton want it ... it, it couldn't be set up any better for us as, as- Yeah ... realtors, right?

Karlton You have somebody actively advertising that they need help selling their home. Yeah. And for some reason we're afraid to call them. But- Yeah ... let's get, we're gonna get over that. We're gonna keep that. And, we're gonna get all our Reside members out there listing all the FSBOs.

Lauren Yeah. Yeah,

Karlton y'all.

Lauren You listen to the list, we're coming for you.

Lauren Next

Karlton year. That's right. All right. we got a couple more here. let's talk buyer presentations. Brooke, you keeping buyer presentations, buyer consulting, g- or, consultations, whatever you wanna call it, you keeping them, killing them, or changing?

Brooke Yeah, I [00:27:00] am keeping it 100%, I think for a couple different reasons.

Brooke One, it's non-negotiable post-NAR, settlement. that's non-negotiable. You have to outline what's happening. but also I think that it's so beneficial to have some sort of expectations for your clients on what's about to happen. You are gonna save yourself so much time and so much headache and stress later on down the line if you just set that accordingly upfront.

Brooke So something I always did when I was actively selling and, and helping buyers was I would say, "Okay, next, here's how that timeline looks of what the actual transaction looks like. I'm gonna set the expectations on the showings, of hey, we're gonna look at, here's what we're looking at."

Brooke Make sure I get a really understand- a big understanding of what they're exactly looking for and make really clear on that so I can make sure that my- I'm setting them up on an actual, search that they are going to interact with and, and like the houses that are coming aboard and not getting like 100 general ones, but like maybe [00:28:00] five that are really specific to what exactly they're wanting.

Brooke So then that way showings too are, we're not doing 30 a day, you know? but also setting the expectations in the transaction of, "Okay, here's what earnest money is. And so let's say you- we go to this house and you love it and you wanna put an offer in right away. You're gonna have to prepare for earnest money."

Brooke So we ran... I, beginning days, I made the mistake of not preparing the t- the clients for earnest money and then it'd be like, "Hey, can you do, $5,000?" No. They didn't prepare for it. They didn't prepare for any of it, you know? So being able to set that expectation if they d- do need a little bit of time, prepare for that.

Brooke And then inspections, "Hey, when the inspection's coming, you are hiring somebody to literally pick it apart and tell you what is wrong with everything. That is normal. If you get a big report back, that's normal. It's not, we're not gonna freak out about it just yet. We're gonna go through line by line and make sure that everything looks good."

Brooke I made that mistake too before, so that's why I say it of like, "Oh my gosh, you just got this big book that just came. I'm gonna- [00:29:00] I'm done. I'm pulling out of the deal." So same thing with appraisal. "Okay, if we come in low at the appraisal, here's our options. If it comes in at or above, great. We're good to go to move forward, and then here's what is expected at closing kind of beyond."

Brooke So you're giving them, I know you're, you're skipping ahead, but you're giving them that full picture so they can really just understand and let that process, and then it doesn't become a surprise later.

Lauren Mm-hmm.

Karlton Good. Lauren, how about you?

Lauren I'm keeping them, and for a couple different reasons, everything that Brooke said.

Lauren And I think visuals, especially if people are more hands-on, they need to understand the process. You know, we are all different personality types. Some people just want you to give it to them straight what is gonna happen. That's kind of me, but I also wanna know the details as well and having that option.

Lauren So it also makes you look extremely professional that, "Hey, Brooke, you and I are gonna sit down. We're gonna go over this process so that you have the confidence in me, and you also are more educated on what's to come because this is the most emotional, probably the biggest financial purchase or sale that [00:30:00] you're gonna make in your life.

Lauren So I wanna make sure that you know things are gonna come up. This is what we can expect. There is no real estate transaction that is ever perfect. There is always something new that we come across, and we're gonna be here for you every step of the way." And I think that if you have a really professional, and beautiful marketing designs too, I know some people don't always agree with that, but if I see something that looks really aesthetic and really, really good, and not just, like, AI slop or whatever, I know you genuinely care about your business and care about those people.

Lauren So I think that the, the, what, what's that saying? The devil's in the details. Is that the saying? Probably not, but you know what I'm, you know what I mean. Yeah. the, just detail. You're gonna explain it to me. I wanna be educated. You know what you're talking about. And also just, like, you get to set all the proper expectations.

Lauren And another thing I was thinking about, it's like especially if you're a solo practicing agent and you need to hire some leverage, like you can make sure that your, admin support are prepping those for you too. So if you do, or if you're [00:31:00] like, "I just need to go out and be in front of people," having a hire or, a support staff behind you or a showing agent so that you can get in front of the clients and do what you do best and then someone else is actually preparing that for you, that's doable.

Karlton Yeah. Mm-hmm. That's great. I'm actually doubling down on, on keeping them because-

Lauren Yeah ...

Karlton to me, like especially with the changes that took place, like I would never go on a listing appointment and not do a presentation to showcase my value proposition, setting everything up, explaining how we're gonna work together, going through the whole process before asking a seller to pay me a commission.

Brooke Mm-hmm.

Karlton Right? I don't walk into a car dealership and say, "Hey, here's 25 grand, give me a car." Right? I, I need to know what I'm paying for, just like a seller needs to know, "Well, what's the service I'm buying? What's the experience I'm buying with you?" So I look at it as, as purchasers now, especially because we're asking [00:32:00] them to pay a commission and sign an exclusive agency agreement with us on the buying side.

Karlton Now, I get that, yes, we do try to get the compensation handled by the seller and the listing agent, but that is not what we're saying. Like, w- we're asking them to sign that they are going to pay us a commission if we're not getting compensation. So they need to know like what they're paying for and what that service looks like.

Karlton Plus, buyers spend a lot of time online doing research, and if we don't sit down and truly explain the market and take control and walk through scenarios and situations- It's real easy for us in this business to just become a key. It's like, "Dance, monkey. I tell you I wanna see this house, you go show me that house."

Karlton Right? Mm-hmm. And I need to have some control. Yeah. I, I'm, I'm not just a key. Mm-hmm. I am in charge of one of the largest investments that they're going to be making through one of the hardest things that they're gonna be [00:33:00] doing in life. It's, you know, buying a house, having a baby, and getting married are the three hardest things to do in life.

Karlton And pe- that's why people get wedding planners, that's why they have doctors, and that's why they hire a realtor, is to represent them.

Lauren And lawyers.

Karlton And, yeah, all, and all that stuff, right? So, I think it's necessary. Internet leads, it's immediately after you close them and you show them a property, your next step is as to, you wanna build a relationship, the next step is, "If we're gonna work together, I wanna sit down and do a buyer consultation."

Karlton And with everybody else, it, you know, open houses, community events, Yeah ... pr- referrals, all that stuff, it's instant. It's like, "Are you guys available for a half hour tonight on Zoom?" Or, "Can you come meet me at a co- coffee shop or in the office?" It's, the first thing you wanna do is talk about the market, what you're gonna do to represent them, and then get that agency agreement, all the necessary paperwork in place to be able to fully represent them moving forward.

Lauren Yeah. [00:34:00] Mm-hmm. So. And people feel like you care about them, too.

Karlton Yeah.

Lauren Because

Karlton of that- Absolutely ... that

Lauren connection. Thank

Karlton you. you'll, you're gonna get, "Thank you, no one's ever done this for me." Yeah. And you'll hear all the time, "I've worked with realtors before, and they've never explained any of this to me."

Karlton And it's professionalism. That's, you, we're getting paid a lot of money to help represent people. Now, we deserve every cent that we get, but we get paid a lot of money to help people through this transaction. We are professionals, and there's expectations that come with that to- Mm-hmm ... to create, you know, the experience, and we shouldn't take that lightly.

Lauren Yeah. Well said. Agreed. What else you got for us?

Karlton Last one.

Lauren All right. Oh.

Karlton Farming. Brooke, you wanna start? Do, do you wanna kill it? Do you, you wanna change it? Or are you keeping it?

Brooke I'm gonna say keep on farming. it kinda goes along with what we're talking about with just, like cold calling.

Brooke 'Cause with, with farming, you are looking at, you're looking at a

[00:35:00] specific kind of area that you wanna be working in or maybe you have worked in. So the, I will say that the payoff is g- might be a little bit slow. but it's gonna be one of the big channels that's gonna compound over time. So a- and again, like the more that you're working it, right, the more you're doing open houses in that area, the more that you are selling houses there and listing and working with the buyers in that area, like, the, it's gonna keep, keep ramping up and ramping up for you.

Brooke So, I'm gonna say keep 'cause I think that even though it's a l- little bit of a longer term play, it can compound and be very valuable over time and in a very big way.

Lauren Mm-hmm.

Brooke What about you two?

Lauren I'm gonna say keep, because it just reminded me of a story. When we were in Montana last month, one of our, executive leadership members were telling us how they got into real estate and, there was this experienced longtime agent in the area.

Lauren She owned this neighborhood or zip code and, they were brand new. And, I [00:36:00] love when it's like they have

Brooke no idea-

Lauren Like the underdog. Yeah. Yeah. They have no idea. They're just gonna go do it and take the action. Yeah. And they did, and they ended up beating that person out, rookie of the year, and they were the now well-known one.

Lauren And also, it's like, it's good to have some options too, right? Yeah. It's just like fresh energy, this person's still educated, they're getting you to the closing table, they're going to rep- resent you. and it goes back to what I was talking about with your niche too. Like, do you wanna, be certified with, a, with seniors?

Lauren You know, like do you want to be known for X, Y, Z? Like, what is your specialty? So especially if you know that neighborhood, you n- you're the one who just sold the house next door, you know the open houses are coming, you know the value, the comps, everything, I think that's so, so valuable for your Mm-hmm.

Karlton I, I'm not even actively selling anymore, and I still get mad when I see other people's signs go up in front of houses in my neighborhood. I'm like furious. I'm like, now I'm not even, I'm not [00:37:00] really actively marketing myself in the neighborhood, but I'm just, I'm so competitive. Yeah. And I still remember farming my neighborhood that I lived in, and it was one of those it took me about six months or so before I started getting the calls.

Karlton Mm-hmm. But I think things have changed since I was an active agent to now. And here's one thing that I, I, I've been in this house three years, and I've gotten one mailer from a realtor.

Lauren One.

Karlton And it was a just listed card. I don't have anybody that's actively marketing themselves. if somebody in the neighborhood came to me and said, "Who's the top realtor in our neighborhood?"

Karlton I'd have no clue. Mm-hmm. I see all different colored signs go up, and it's this is an opportunity. If I move back into full-time sales tomorrow, the first job I have is to make sure that every single person in the neighborhood that I live in, which is 175 homes, I need every single person in that neighborhood to know that I'm in real estate, and if they are thinking of selling or know

[00:38:00] somebody that is thinking of buying, that I'm the person they think of first.

Brooke Mm-hmm.

Karlton And so it's an integrated marketing approach. Yeah. It's digital, it's print, it's word of mouth, it is walking the neighborhood. Mm-hmm. It's getting to know everybody. It is touch points like bringing in an ice cream truck on a Sunday afternoon to the pool. It's being the person that's running the community yard sale, you know- Mm-hmm

Karlton once a year or whatever. It's- You have to be involved in that community, and they have to think of you. Yeah. and it takes time, energy, and money, but- Mm-hmm ... if you want the listings, you're better off focusing on one specific area to get the listings than taking one an hour this way- Right ... and a half hour this way, and one around the corner.

Karlton Yeah. Try to focus on first where you live. If you don't live in a community that you could farm, then look at one that you're passionate about. You love the style of homes, whatever it might be, it, just go [00:39:00] all in on it- Mm-hmm ... and, and get to know all those homeowners.

Lauren Especially if you wanna raise your average sales price and raise your commissions each year for what- Of course

Lauren you take as, Of course ... think of, yeah, think of who you wanna be. And I know it sounds, everyone's like, "Oh yeah, woo, woo, whatever." No. What's your ideal definition of success? We talk about that a lot. Where do you wanna be? The definition of insanity is doing the same thing over and over again and expecting a different result.

Lauren Mm-hmm. Go out there, change your,environment, and start farming that neighborhood and get your name out there.

Brooke Yeah. Mm-hmm. 100%. All right.

Karlton Well, that was fun. I liked-

Brooke Yeah ... the change

Lauren and- This is my favorite podcast we've done. Well,

Brooke so- I know, this was fun. We need to do some things more like this, but with some different, you know, some other, other topics.

Lauren Yeah. I've had some fun conversations, but this was definitely different and unique. So I, if anybody that's listening, you're like, "Yeah, give us more of this," or, "This is what we wanna hear about," we love feedback. We wanna know. So any last-minute thoughts, Brooke or [00:40:00] Carlton?

Karlton I think- I think we need to do this with some team leaders.

Karlton Yes. Yeah. We could get them on, and we can, you know, have a whole podcast, you know, once a month or so where we just bring in guests and we play this game with them- Yeah ... and get their perspective on things.

Brooke Ooh, I like

Lauren it. Super fun. I like it. If you're listening- Yeah ... let us know. Let us know. Reach out. awesome.

Lauren All right, well thank you all for listening. Thank you Brooke and Carlton. This was a lot of fun, and we will catch you next time on the Reside Platform Podcast. Thanks, guys. Yeah.

Lauren Thank you.