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Dustin Brome
Is buyer's agent commission really going down since the NAR settlement? Well, for some agents, yes, it is. But for a certain group of agents, no. And I'm going to explain and describe this group of agents right now. The Massive Agent podcast. We lead generation tips and strategies to get you more leads and sell more homes. I love to buy houses. I like to sell houses. It takes brass balls to sell real estate. Wait a minute. The leads are weak. You're weak. I've had better. Have I got your attention? Now here's your host, Dustin Brome. What is up, guys? Welcome to episode 355 of the Massive Agent Podcast. I am your host, Dustin Brome, here in Salt Lake City, Utah, where when I'm recording this right now, I'm prepping. I'm. We're two days away from the Ignite 24 Team Builder Summit in downtown Salt Lake City. Super excited for the 25 or so agents that are coming into town for this, for this team Builder event. It's more of a mastermind. It's a smaller mastermind style event. And so right now it's all hands on deck, getting, just getting everything ready for this and for you guys who are coming, well, once you hear this, it will already have happened, but it's been awesome. I'm sure it's been incredible. So I'm just going to tell you right now it was an awesome event. But welcome to the show, guys. If you are new to the show, my name is Dustin Brome, your host, and I live here in Salt Lake City, Utah. I've been an agent for 14 years now. 14 and a half years, actually, which is crazy. Makes me feel very old when I. I guess I am. I'm 41 years old. I feel like I'm 18 and kind of act like that, too. But today I want to talk to you about why there's this huge. There's two different real estate industries right now, that there's two different groups of real estate agents. There's agents that swear commissions going down. Pyer's agent commission, since the NAR settlement is going down and they're right. And there's another group of agents that says, no, commission's actually going up. What are you talking about? Commission's absolutely going up. I'm. I'm doing better than ever. It's easier than ever to work with buyers. And guess what? They're right as well. Well, how can they both be right? Well, I'll explain because something really interesting is happening and I believe it was fully predictable. Like we could have seen this, we could have seen this happen. I believe I even talked about this will happen. And it, what's, I want you to know you can choose which group you're in. It's, it's very, it's a simple, it's a simple choice. And getting into one of these groups, whether it's the commission is shrinking group or the commission is increasing group is quite simple. So first you have to choose and then you have to do a few things. And I'm going to talk about that. So before we get started, the new massive Agent Society 12 week business accelerator is live. We, we opened it up just last week on October 2nd for the pre, pre launch and the pre launch is currently happening. The, the 12 week business accelerator does not actually start until Monday, October 14th. That is when the first week's lesson drops. We jump into the training and the master classes and then every week for 12 weeks there's a new one. If you want to build a real estate business, if you have no idea how to do it or where to start or how to structure it, that's exactly what we built this business accelerator for. All you need to know that you could be a brand new agent, you could have no social media presence, you could have no influence, you could have no clients, no closings, or you could have the opposite. You could have a big, big following, you could have sold a thousand houses, you could be so busy you have no idea what to do. You're burned out. This is for any agent that wants to go from where you're at now into building something bigger than you. So you have leverage. You have a team, you have people working for you. You have a business that operates whether you show up or not, that can be structured in a bunch of different ways. Right? My business is different than a traditional sales team. I have a referral network, I have, I have a revenue share organization and I have a few other different things bolted on as kind of this hybrid model. Well, you may not want that at all. You may want a traditional sales team, but then, okay, well how do you structure that? There's like a dozen different ways to structure that. Well, this accelerator helps you and holds you build it, we help you craft it, we help you create it. And we start with what do you want? You know, what kind of lifestyle do you want? What are your goals? What are your strengths? What are your weaknesses? Do you want to continue selling houses personally? Do you want to still be in production two years, three years, five years from now? If you don't, if you want to just kind of be the CEO and run things while others are selling the houses. We can do that. We can, we can hold your hand and help you through that. But you have to be part of our business accelerator for me to help you. We built the system like, this is the easy button. This is the blueprint. This is as easy as it will ever be. And so I encourage you, before October 14th, before this starts, get in the Massive Agent Society 12 week business accelerator. Go over to massiveagentsociety.com and check it out. And until the 14th, there's actually, hint, hint, a little discount for the founding members who join in this first phase because we are shutting it down. We are capping it. We're shutting off registration after the 14th. Like once it starts, it started. You're going to have to wait until the next program launches. So massiveagentsociety.com, go check that out. Let's talk about this commission shrinkage, shall we? Like, the commission just got out of the pool. Well, for some agents, yeah, I guess your commission did just get out of the pool. But here's the thing. There's so many agents that I talk to on a regular basis who have told me ever since the NAR settlement, it is easier to work with buyers. It is easier. It's easier to get clients, it's easier to work with buyers. It they're getting paid more than ever, it's less stressful to work with buyers. And these are some of the, these are some of the biggest, best, most like top producers in the industry, right? When, when the majority of the biggest sellers and the biggest hitters in the industry are telling me the same thing, I tend to believe them. And there's also this group that's like, oh, it's harder than ever, commission's going down, blah, blah, blah, blah, blah. And I've noticed trends. All right? Now, I told you before, you get to choose which group you're in because you're in one of them. And then I'll tell you how you can go from one group to the other if you're not satisfied with the group of agents that you're in. So if right now you're sitting there and you're like, this is hard, like buyers are saying, no, they don't want to pay my commission. I'm having a hard time getting them to, to pay what I, what I want to charge for my services. And you're just hitting a lot of roadblocks. I can tell you right now, it's Self imposed, all right? Now, I'm not trying to shit on you. I'm not trying to say you suck. What I'm saying is you could be a lot better. You could improve your skills quite a bit. Because all of those agents, those top producers, those, the majority of agents that I'm connected with, tell me they're making more money than ever. Their commission has gone up because now they can charge what they want for their services. And it's, they just write it into the contract and the seller looks at the numbers and if it makes sense. Okay, cool. There's some people getting 4%. There's some buyer's agents getting 4%. Where before if you didn't have a buyer broker agreement, you just took whatever the hell the listing was offering. Sometimes that's two, two and a half, whatever, right? Now the buyer's agent, you as the buyer's agent, can say, here's what I charge for my services. By the way, you've always been able to do this, but not everyone has. But now, because it's a standard across the industry, everyone, it's a level playing field. Now the way that it works for all of us is you say, hey, buyer, here's what I charge for my services. Of course you have the choice. You can have option A, option B, option C, you can have a few different plans. The gold, the silver, the plat, right? You can offer a few different packages that, that include different things if you'd like. But you can say for my services, I am X amount. And if they're like, oh no, I'm looking for someone cheaper, you can decide, do I want to do it cheaper or not. And if you don't, then you just don't work with that person. You just, no worries, that's fine. Like, I'm just not the agent for you. You can, you know, find somebody else and they can, they'll always find someone cheaper. They can always find somebody cheaper. But if you have the confidence and the experience and you've done the work, you've practiced, you've trained so that you, you know how to handle objections. And more than handling objections, when I hear handling objections, I think that that's like this shady sales tactic where you like, try to like trick people or convince people. I know that that's not what most people intend by that, but I think that's what we hear is kind of a negative connotation when, look, overcoming objections, it's helping people get out of their own way, right? It's helping people get out of their own way. But it's not so much objection handling. It's if you, you can remove the objections from, from the beginning. If you practice and train on how you present yourself, how you package what you offer, how you package your services. And, and then when they see that your value stack is huge and they get a ton of stuff, and for that it's only X amount, they're like, oh, okay, well, that's, that's amazing. But if it's, hey, I'm a buyer's agent just like everybody else. Here's. Here's what I charge. They're going to be like, I'm going to find somebody cheaper, as they should. If you haven't done an effective job packaging up what you do, every single little service that you do on the behalf of a buyer, if you don't package that up, if you don't let them know that you're going to do this and take this off their plate, if you don't let them know I'm going to do this, you don't have to. I'm going to do this for you. I'm going to do this so you don't have to. If you don't do that, they're going to think that you're just another agent that opens doors. And when you're just another agent that opens doors, they're going to find another agent that opens doors for cheaper, as they should. So you need to stop playing this commodity game and start being the specialist. Start being the professional. If you're not doing that, if you're running, if you're in the first group where you're like, commission's going down, it's harder. Buyers aren't, aren't signing with me or they're beating me up about what I'm charging, it's because you're not doing an effective job communicating your value before you communicate what you charge for your value, what you charge for your services. So if you're there, it's not that you suck. It's not that you are this horrible agent and that there's no hope, you're not doomed to fail. You're not doomed to poverty. Unless you don't change anything. If you just, if you just stay in that place struggling, well, you get what you deserve. But if you take it upon yourself to say, screw this, I'm hearing Dustin, tell me about all these agents that are crushing it. They're getting more than ever. They're working with the clients they want and only the clients they want. And there's never A question what they're going to get compensated? How do I do that? Well, that starts the process, doesn't it, Saying, hmm, apparently it's possible for that group. How can I be part of that group? That. That's the first step to go from taking whatever you get and sucking to I'm going to crush it. Like this group over here is. You start to say, how are they crushing it? How can I do that, too? What do they know that I don't? What are they doing that I don't? What do they offer that I don't? How do they communicate things in a way that I don't? And when you start asking those questions, those powerful questions, you start to get powerful answers, because then you start to learn what they do. Because that group, the group whose commission's going up, they're not. They're not superheroes. They're not special. They've just practiced. They've trained. They've honed their skills. They've gotten very good at communication. They've gotten very good at communicating their value. This, this concept of packaging up what you, what you're going to do for a client and then letting them know upfront and showing them, hey, here's all the stuff that we do. Here's all this stuff you didn't even know existed that we're going to do on your behalf. Here's what, here's what we do. Here's. Here's why it's important. Here's why you don't have to worry about it, because we'll do it. And all this stuff. Here's the service fee. Oh, and by the way, we're really good at just asking the seller to pay it for you. Of course. You sure as shit better explain that the buyer's responsible to pay it, but you're going to do everything you can to get the seller to pay for it by wrapping it into the offer. So you let them know there's a strong chance that you won't have to pay this out of your pocket. You need to be ready to, just in case. But you have the choice of not. Not pursuing that house. But we can write it into the offer. Have you ever noticed that in a, in a negotiation situation that the more confident person wins, the more confident person wins. So if you are the most confident person when talking with a buyer, if you know your shit, if you know how it works, if you know what they want, if you know what you want and you know how they both coincide and you. And you share with them, hey, you get all this amazing stuff. Here's what I charge for it. And by the way, we're so good at what we do. I'm going to get the seller to pay, pay it on your behalf so you don't have to pay out of pocket. And they're like, cool, nothing to lose. But you have to build the confidence in order to communicate that effectively. If you don't, that's your problem. I would bet if you're in the. If you're in that first group where you say commission's going down, it's harder than ever. The NAR settlement ruined real estate for buyer's agents. I bet you're not putting in the work. You're not getting trained by and listening to those who are in group B whose commission is going up. You have to spend a lot of time learning from those who are doing better than you. Because guess what? They're sharing it on podcasts, they're sharing it on social media, in their videos. They're putting it out there in, like, at different conferences and webinars. It's all out there. It's not. This is 2024, like, information. It. It's out there if you seek it out. Most of the top players in our industry now realize that by putting all their good stuff out there, that's how they get business. So if they're putting all their good stuff out there, it's there for you to consume. But have you taken the initiative? When was the last time you went to an event, a conference, a mastermind, hired a coach, listened to podcasts, videos, trainings? When was the last time you did that? And. And if you did, when's the next time? Do you have that planned yet? Because usually one video, one training, one podcast is not enough. You have to hear it. And then you have to hear a different perspective and a different one and a different one. And pretty soon they all kind of coalesce in your brain where they're like, oh, shit, that makes sense. Here's how I'm going to do it now. And then you can't just hear it and then go show up at a buyer presentation and expect to crush it. Because maybe you learn a couple different things with your verbiage. Great. And maybe you can make a. A small increase, small improvement. But what if you practiced? You talk to yourself in the mirror. You talk to yourself while you're driving. You role play with yourself. You bring in a friend, a family member, one of your kids, your spouse, whoever. Other agents in your office. You role play with them. I mean, we have agents within our massive agent society group that they decided they're going to do training, they're going to get together on their own without me, and they're going to role play. It's incredible. So are you part of any groups like that? Are you role playing with other agents? When you commit to doing that on a regular basis, not once, not twice, not three times, but just doing it on a regular basis, you get really good. You get really, really, really good. So to go from the starving, struggling group A into the. These guys are crushing at group B, it's really deciding. I'm going to be in group B and I'm going to do what it takes to learn how to do what they do and then do that. This shit is not rocket science. I'm sure you're sick of hearing it at this point, but you've got to get it through your head. You have to. There's no way around this. The only. If you want to be in group B, if you want to be in the group of agents, that's crushing it. You have to become one. There's, there's no like hack or, or cheat code to do that. Except for go do what they do, learn from them, practice, do it. And if you're not good at it, keep doing it until you are. Like literally everything else in life. Like literally everything else in life. When you first started in real estate, how great were you at showing a property? How amazing were you at writing an offer? You sucked at all of the above, but what happened? Oh, weird. You practiced and you did it and you did another one, and another one, another one, another, and pretty soon you got good. This is no different. I, I truly believe that some of you that are struggling, for some reason, you're choosing to, you're just avoiding all of the shit that's going to get you good, that's going to make you better, that's going to get you into the group where you're crushing it and others are looking up to you. But for some reason, you're just avoiding it. Now that's a choice. And I know that there's a lot of mindset stuff that comes into play here. You need coaching. If you're running into mindset shit, you need a coach. You need someone who can drag you through it and show you the steps to get through it. Because in order, if you are a $50,000 a year earner, if you want to be a $500,000 a year earner, you have to become a $500,000 per year earner type of person. You cannot earn 500,000 a year with a, with a 50,000 a year mentality. With a $50,000 a year mindset. You can't. You have to build the 500k mindset. That takes time, effort, work. And you need someone who's done it before that can help you do it. Yes, you could do it yourself. It's just going to take you a hell of a lot longer. Like, a lot longer. And it's going to cost you so much more money. It's going to cost you so many opportunities. It's going to cause so much struggle and heartache. It's unbelievable. How do I know? Because I chose to figure shit out myself and beat my head against the wall for way too many years until I started to hire coaches, take courses, go to masterminds, go to conferences. This is all a choice. Make the choice to crush it. Make the choice to practice and do the uncomfortable. Weird. Like, so what if you feel uncomfortable and weird? Isn't it uncomfortable to be broke? Isn't it uncomfortable to struggle? Isn't it uncomfortable to be living? Commission check to commission check, isn't that uncomfortable? It is. It's wildly uncomfortable. It's much. Is much better to do some uncomfortable out of your comfort zone for a short period of time that makes you feel a little weird. Like, oh, this is. This is kooky. Okay. Wouldn't you rather do some kooky shit that got you paid, some kooky shit that moved you forward in business? Of course. So stop being a child. Do the work. Practice. Keep doing it. Keep doing it. Know that you're going to suck. Keep doing it until you don't. There's no reason that you should be in that group where you're like, oh, it's so hard. It's so difficult. Commission's going down. You know, buyers are walking all over me. Stop it. Do you want to be in that group or not? If not, do what it takes to be in the other group. I don't know what else to say. I don't know what else to say. You guys know what the hell to do. If there are agents out there crushing it, that means you can be one of them. As simple as that. It's not like there's two or three crushing it. We're talking about like a. I don't want to say half the industry, because half the industry doesn't even sell a house. But of those who are, like, actively doing the work, actively full time, like really working, of those 40% are crushing it. At least with the pe, with the agents that I personally connected to, the agents I'm personally connected to in my network of, I don't know, the thousands of agents, it seems like over half are really crushing it. And they're not superheroes. You don't have to be a superhero. You don't have to be some super genius. You just have to be determined. You have to be determined. You have to stick with consistent action. I don't know what else to say, so do what it takes. I want to wrap this up by giving a thank you and a shout out to a vendor in our industry that I think does an incredible service for agents. You have so much on your plate. You have so many things to do, so many things to juggle. Especially if you're a solo agent wearing all the hats. Like if you're not moving towards being a business owner, hopefully you are. But if you have so many things to do, so many to worry about. But like staying up on economic policy, like following housing data and housing news and like interest rate projections, that's not what we do. Thank, thank God we have keeping current matters. KCM is out there doing God's work. They are out there. They are housing experts, they are economic experts that they just, they, that's all they do is just all the nerd shit, okay? KCM does all the nerd shit. They study. They look at, at interest rates and the market projections and they know what's coming up. They know what it means, they know how it affects buyers and sellers. They know what it, how it affects prices and they just give it to you if you're a KCM member. They just give. Here you go, here's an email. Here's an update. Here's what you need to know. Here's. Here's something that changed. Here's a. Hey, here's a table. Like here's a. Here's a graph. Send this to your clients and explain this. They tell you what to post, they tell you what does what to send to your clients. They tell you what to record, your emails, your videos about KCM is incredible. Try them out@trykcm.com and the other, the other easy button in the industry is called bamx. Most of you guys know BAM by now. You consume BAM on social media. You consume bam's content on their website as you should. You listen to podcasts. This podcast is a member of bam. And bamx is the community that they built that goes above and beyond. This is for agents that are truly Committed. And when you get in a group of like minded committed agents, it's incredible how much faster you grow because you're, you're surrounded by agents who are doing the work. Like interesting. Like maybe that's relevant to the whole topic of the show today. I don't know, maybe there's a hint there. So bamx, they give they every week they give you emails to post or emails to send. They give you videos, scripts, they give you posts, they give you everything. Here you go. It just takes so much guesswork out of the marketing side. They have online courses, they have trainings, they have events, they have masterminds. Go check out bamx immediately if you're not already a member. I know a lot of you already are, but if you're going to join bamx, save yourself some money, use code massive at checkout. So go over to nowbam.com, check out BAMX, use code massive at checkout and save yourself some money. It is. I talk about them every week for a reason. I believe they are one of the best values that will help you make the biggest gains in your business out there between bamex and kcm, the incredible, incredible tools that you should have in your tool belt. Thank you so much for listening. I will see you next week. In a reminder, October 14th we close down the registration for the first for the first group of the Massive Agent 12 week business accelerator. If you're an agent who wants to go from solo to being a business owner, we have the blueprint, we have the system, we have the cheat code, all the bonuses that are included, all the extras, all the calculators, analyzers, worksheets. It's freaking incredible. I built it because I wish that existed. When I was trying to figure this out. It took me six years to of trial and error and you know, learning from others and seeing how others are doing it to put all this together and I'm very proud of it. It is the cheat code. If you want to buy your time back, if you want to eliminate burnout, if you want to go from 10 sales to 100 and not be spending more time but still have that many homes being sold, you need our business accelerator massiveagentsociety.com do it before October 14th and get our founding member pricing because, because after October 14th it's going to be full price. Appreciate you guys listening. Thank you so much. See you next week.