A lot has been written about the NAR settlement and what it means for our future. But to me, a lot of the discussion misses the point. We can’t control the outcomes of the settlement. What we can control is how we build our businesses today.
As an agent for more than 15 years, owner of The Young Team (#15 large team in the U.S.), and CEO of Fello, I feel deeply passionate about this subject. In fact, it’s become my life’s mission: To help agents scale their business through listings.
Leads, listings, leverage
One of the most influential people in my career has been Gary Keller, founder of Keller Williams. He’s always said, “Leads, Listings, Leverage.” I never fully appreciated the wisdom of those words until recently. Now, given all the industry and technology changes, creating a listing-based business is more important than ever.
Your database is your most valuable asset
One of the most powerful statistics we’ve uncovered at Fello is that on average, 5 percent of contacts in a healthy database will sell their homes in the next 12 months. Yet many agents still underestimate the power of their own database and just continue to buy more leads. In reality, your database is your greatest opportunity.
When I recently discussed this with Jon Cheplak, one of the top real estate leaders and coaches on the planet, he confirmed, “Overall, I’m observing high-performance teams are less concerned about the buyer’s side. I think it’s less of the settlement that’s caused this new discovery and more of a catalyst of leadership going to what they’ve always known. When you have listings, all agents in the market are working for you. So go to the best resource for listings that our industry has neglected: Past client initiatives.”
Owning vs. renting your business
A listing-based business means owning vs. renting your business. As an agent or team leader, creating your own seller leads gives you the power. It creates a consistent pipeline of opportunities and enhances your brand. In essence, it will help future-proof your business against nearly any upcoming market changes.
“90 percent of our marketing dollars are now invested on the seller side of the business,” said Dan Beer, mega influencer and owner of the Beer Home Team. “Building a brand is critical. And having tools that sellers like to engage with gives you intel other agents just don’t have about the same prospects.”
Why I built Fello: The first and only listing-based platform
I operated a real estate business for years without any automation or engagement strategies. It was hard (and looking back, foolish!). I just kept buying more and more leads. After a while, I realized that strategy was unsustainable. I needed to engage my database and drive seller leads on autopilot. Thus, Fello was born.
I never could have predicted the NAR settlement. Nor can I predict how it will ultimately shape the industry. But what I do know, and am more convinced of every day, is that creating a supercharged listing-based business is the key to a successful future.
Here’s how to build a supercharged listing-based business:
- Lead with value: Create a branded seller experience
- Engage your database: Build strategies to find hand-raisers
- Automate your nurturing: Deliver the right message, to the right person, at the right time. All on autopilot.
- Leverage data to convert more listings: Use real-time insights to make better decisions
If you want to learn how Fello is helping more than 40 percent of the top WSJ RealTrends teams and has created a listing-based community, head over to hifello.com.