Take Flight Weekly | Jim Miller

💼 Navigating the NAR Settlement: Insights and Action for Real Estate Pros 🏡Watch 📺 / listen 🎧 to all Take Flight podcasts on YouTube! ✈️🎙️ In this 227th episode of my Monday Morning Pep Talk, I'm discussing the NAR Settlement and its potential impact on our industry. As a coach, mentor, and friend, I'm sharing my thoughts based on 25 years of experience in real estate brokerage.The NAR Settlement announcement caught many of us by surprise, prompting a mix of shock and fear. However, I believe that opportunity comes from chaos, and as leaders, we must step up and navigate through this change.🔑 Key points about the NAR Settlement:- Compensation offers will be moved off of the MLS in July.- Written buyer agency agreements will be required.- The settlement is not yet fully approved but is expected to be in the coming weeks.- This will significantly impact how business is conducted, with residential brokerage mirroring more of a commercial brokerage model.📋 As a coach, my game plan for brokers includes:- Avoiding speculation and focusing on what's proven.- Mastering your 5 lists: Top 100, Top 100 referral partners, Warm List, Hot list, and List of Collaborative brokers.- Defining your value and mastering the buyer consultation strategy.- Committing to having a buyer agency form signed before showing properties.- Preparing to ask the listing agent for offers of compensation.- Explaining to sellers the importance of offering buyer agent compensation.- Studying local buyer agency documents and taking an ABR course.- Upgrading communication skills and staying nimble and open-minded to change.This is a significant development in our industry, similar to the changes post the 2007/2008 financial crash. It's a "low tide" moment that will expose the level of planning and execution in your business. Running a solid business will attract clients and take market share.I'll be discussing this topic with industry colleagues and leaning on leaders within the Sotheby's International Realty brand. We will navigate these changes together.If you're not open to change, it could get difficult for you. Remember, "If you are not changing, you are choosing." It's time to step up and lead.

On this 227th episode of my Monday Morning Pep Talk, I will discuss the NAR Settlement and discuss my thoughts on how it will impact how we do business moving forward. I must say, none of us know exactly how this will all play out so I come to you today in an uncomfortable position. I don't normally like to discuss things that I have not stress tested. So much of what I will talk about today is based on my 25 years of real estate brokerage experience and how the industry has reacted in the past. Obviously, come July, we will be in uncharted territory. I am coming to you today as Jim Miller the coach, mentor and friend simply hoping to give you my thoughts.

On this 226th episode of my Monday Morning Pep Talk, I will challenge you to answer the question: "Is your real estate business being noticed by your clients? Do they know you are open for business?" Most entrepreneurs will answer the question "YES!" without hesitation but with some deeper thought and analysis after today's call, you might just change your answer. You may think that your clients will remember you and be committed to you, but have you done what you need to do to secure their business over the long term?

On this 225th episode of my Monday Morning Pep Talk, I will go into the archives and pull out one of my most popular MMPTs. In August of 2022, I wrote an episode around "The Lowest Common Denominator Business Strategy" and I'll go back to it, make some slight edits but in whole it is still a concept that you can use to continue to shape your business. The goal of this episode is to help you re frame how to look at your Top 100, your Top 100 referral partners, your warm list, your hot list and your list of local brokers that you collaborate with about the local market.

On this 224th episode of my Monday Morning Pep Talk, I will discuss the current landscape in the real estate brokerage industry which and some of the recent reactions I've seen pop up with more and more frequency. First of all, I need to apologize. Through my Take Flight V4.0 episodes in 2023, at times, I may have come across as though building a real estate brokerage business is easy. It's anything but easy. It takes time and effort with radical commitment and consistency to get to 30,000 feet. Going into this MMPT, I started a list of what I've heard as pain points for some of you and I'll give you my thoughts as if we were one on one.

On this 223rd episode of my Monday Morning Pep Talk, I will discuss an opportunity that most sales professionals miss while growing their business. Most sales professionals do not completely track and/or analyze where their business originates. I'll introduce during this episode a new term, for me, called a "Seed Lead" and I'll discuss its importance and where it fits into your overall sales funnel.

On this 222nd episode of my Monday Morning Pep Talk, I will deliver one of my most important pep talks where I will truly explain the why behind Take Flight. I spent all last year bringing you, step by step, the updated details of "Take Flight". I'll take you deeper into the why and how I built it. This MMPT will answer the question I get every January and February. Even after having taught Take Flight all of last year and I am still getting "the question". It hit me this year that I haven't done a good enough job of explaining the reason why this lifestyle and business operating system, is so important to consider and implement.

On this 221st episode of my Monday Morning Pep Talk, we will discuss a topic that is on the mind of most "goal achievers" . As January draws to a close, it’s a common for those who eagerly embarked on New Year’s resolutions and intentional goal setting exercises, to reflect on their progress and momentum or lack thereof. The statistics surrounding the success rates of these well-intentioned goals are often disheartening. By February 15, studies indicate that around 80% of individuals find themselves straying from their goals, with a considerable percentage abandoning their goals within the first month of the year. Only 8% stick with them the entire year. On this episode, I will delve into the main reason most goal setting exercises fail within the first month.

On this 220th episode of my Monday Morning Pep Talk, I'll l discuss a topic that is, in theory, so easy to do but is also so difficult for most to complete on a daily basis. The 3 year vision you created when you built out your business and life plan needs a daily check in. The absence of full "buy in" to your goals and vision will slow down your progress and make the entire goal attainment process frustrating. That end goal, the finish line, your vision is what will get you out of bed in the morning, pick your friends, pick what you eat, schedule your day, put you to bed and wake you up each morning. Your 3 year vision and your goals that support it are promises you've made to yourself. A simple daily routine added to your morning and evening rituals will be the difference between you living the way you want to live or not meeting that standard you set for yourself.

On this 219th episode of my Monday Morning Pep Talk, I'll lay out the daily planning method that I've been using since 2020 which has allowed me to stay focused on my goals through a relentless commitment to win each day. This daily planning method will help you stay in touch with your clients on a regular basis, remind you of the tasks that you do regularly, schedule your day in advance (morning or evening) and limit your need to “think” about what you need to do to stay on top of your life and business. This planning method requires preparation up front (we call this "multiplication method") and effort for it to work as efficiently as I have it set up. If set up properly, it will save you hours upon hours of time over the long haul and will make your daily planning during more efficient and complete but It also requires a different mindset. If you want to reach a new level in your life and business, you've got to change between the ears first and foremost.