Jeff Glover on the NAR settlement bump in expireds, FSBOs and open house value

Jeff Glover00:00

So I wanna share one more thing right now. The value of your open house. And I get it, with listing agents, we’ve never really been big fans of open houses, but the value of your open house just went through the roof. Why did the value of the open house just go through the roof? Because I believe somewhere around 15% of buyers are going to say, “I don’t wanna mess with buyer agency commissions.

00:21I don’t wanna mess with having to negotiate.” There’s gonna be a certain percentage of the population that says, “I don’t wanna mess with that.” And what are they gonna do? They’re gonna go right to the listing agents. So the good news is my listing agents just got a raise. I love that for you, and for me, of course.

00:39And also, that also means the value of the open house just went up. Think about it, the value of your open house just increased. Why is that? Well, because now if at least 10% or 15% of buyers decide that they wanna work with the listing agent, they’re going to exhaust all options to get in touch with the listing agent, and one of the ways they’re gonna do that is through an open house.

01:03And so we’ve created a new formula for having a successful open house, and I’ll share it with you now. All right?

Loida Velasquez01:25

…estate agent, you know of all of the different changes that are coming to the way that you do business based on the NAR settlement. So with that being said, whether you are working with buyers or sellers, you probably want to know what it’ll take for you to adapt and thrive with your business. So that is exactly what we’re talking about on today’s episode of Vulcan 7 Coaches and Mentors with our guest, Jeff Glover.

01:49So Jeff, welcome.

Jeff Glover01:51

Hey, guys. How we doing?

Loida Velasquez01:52

Doing great. So I’m glad that we’re talking about this, because this is very popular. A lot of agents are thinking, “What’s gonna happen next?” So let’s just get right to it. First of all, let’s talk about the tour that you guys have going on-

02:06in case agents are interested.

Jeff Glover02:08

Yeah, so we’re doing Adapt and Thrive, 13 ways to own your market using the NAR settlement changes to your advantage, and I know that’s kind of, like, backwards of what people… ‘Cause everyone’s been so, like, afraid, and the disadvantage. No, no, no. We’re taking them, and we’re actually turning it into an advantage, and we got 13 ways to do that, and I’m gonna share of course as many as I can with us today during our time.

02:28But if anyone wants to look up to see if we’re gonna be in their backyard, ’cause we’re visiting 32 cities this season. We’ve already done, I think, six or seven, so we’re, like, in the middle of it now. I’m in the middle of a hotel right now, actually. Anyways, so they can go to gloveru.com/tour.

02:44That’s gloveru.com/tour. If by chance there isn’t one near them, we do have a virtual happening on June the 5th, so there is an option. It’s a three and a half hour session, 13 ways to win using the NAR settlement changes, but I’m gonna dive into a few of them today while we have some time together.

Loida Velasquez03:03

Ah, awesome. So let’s just get started. Let’s get started first with listing strategies.

Jeff Glover03:08

Well, yeah. So here’s the thing. I know one thing that this audience is gonna love is hearing this, and that is that with the NAR settlement changes, two things are gonna happen with expireds and for sale by owners.

03:18Both of them are gonna go up, all right? Let me tell you why, okay? The expired opportunities are gonna increase. By the way, for those who are not familiar, I probably should say this. Jeff Glover, from Detroit, Michigan. Been listing and selling real estate now for 22 years. We have one of the fastest growing coaching and training organizations in the country, in the US and Canada.

03:37We’ve got 16 coaches, over 600, 700 clients today. All right. So I’ve been doing this 22 years, and I’m in the trenches with you. I know you’ve got a lot of great options today, but just to give you an idea, I’m still personally listing and selling somewhere between 6 and 10 homes per month. Our team does between 900 and 1,000, which is 32 agents.

03:54All right? So let me get that out of the way. Okay. So now, for sale by owner and expired opportunities are gonna go up, and here’s why. Let’s start with expireds. All right? Before, homes would expire because they weren’t priced right or the condition wasn’t strong, and of course the third one is marketing, we know that, but it’s usually one or two.

04:09They’re not priced right or the condition isn’t great, and of course we know that condition can be overcome by price. So really it always usually boils down to price, right? Well, there’s gonna be a new factor, and that is if it’s not priced right and it doesn’t show well and if they’re not offering buyer concessions, it’s gonna hurt the amount of showings that that listing has.

04:30‘Cause of course, we can’t offer up commissions anymore. We can’t advertise commissions. But we can advertise concessions to go to the buyer. The buyer can do whatever they want with those concessions. And so, listings that already are a little overpriced and they don’t show that well, maybe today they get lucky, they get one or two buyers in there that buys.

04:49That same listing is not going to get as lucky when all of the sudden a buyer says, “Wait a minute. It’s a little overpriced, it doesn’t show that great, and they’re not gonna give me any help to pay my realtor? Nah, we’ll pass.” And so all of the sudden we’re going to have an increase of expired opportunities, and I love that for my Vulcan 7 audience.

05:10And we love that, of course. Today we still list anywhere from 12 to 15 expireds a month, and we are very excited for the additional opportunities on the expired side. And so when we’re looking at the best results that we’re having with expireds today, by the way, it’s not just calling them, all right?

05:28Some of our best results today are going straight to their door, because most people aren’t doing that. Some of our best results with expireds today are actually taking out our camera phone, putting it on record and flipping it around, and sending them a personalized message using their street name.

05:43And we use this script. This is the number one script to get the best results with expireds today. Ready? “Are you still accepting offers on your home on blank Street?” Are you still accepting offers on your home on blank Street? That’s the number one contact generator script you can use when sending a text message or sending a video.

06:06Are you still accepting offers on your home on blank Street? Now, of course, the natural question to that is gonna be, “Why? Do you have a buyer?” And of course, many of you, especially if you follow the Glover U system, you know our dialogue to that. “I don’t know. I haven’t seen your house yet, and I’m going to be around the corner from you later this afternoon.

06:24I’d love to come by and have a look.” So the very first dialogue that I’m getting out to an expired, if I’m using the text, is gonna be, “Are you still accepting offers on your home on blank Street?” That’s the number one results getter for us right now. All right? That’s the first thing I wanted to talk about today.

06:40The second thing I wanted to talk about today is the fact that for sale by owner opportunities are gonna go up. Why would we see more for sale by owners? Well, we’re gonna see more for sale by owners because before, for sale by owners were hesitant. There were for sale by owners, and for those of you that work them — I mean, I’ve listed and sold over a thousand for sale by owners in my career.

06:58You know there’s a certain percentage of for sale by owners that will say to you, “Well, if we were to list, we would just pay to have it listed in the MLS so we could offer out a commission through the MLS.” Well, now that there’s gonna be all sorts of buzz and media around this idea that we can no longer offer commissions, guess what’s going to happen?

07:20For sale by owners are gonna feel empowered. Yes, we got one more thing working in our favor. We got one more reason why we would go for sale by owner, because even a real estate agent can’t offer out commissions anymore. So they’re gonna see that as a disadvantage to listing with an agent, because they can’t offer a commission in the MLS.

07:39And so now you’re going to see for sale by owners that might have otherwise said, “You know what? No, we’re not gonna compete with all the listings in the MLS because they’re all offering out two or three percent, and we’re not gonna be able to compete with that. Let’s just go with an agent.” You’re gonna see a certain percentage — again, we don’t know what this number is because we’re not there yet.

07:57You’re gonna see a certain percentage of for sale by owners say, “You know what? This NAR settlement Department of Justice thing kinda leveled the playing field a little bit. Let’s go ahead and give this a try.” Now, for my hungry shark agents who love working for sale by owners, you’re gonna say, “Bring it on.

08:11I can’t wait to have more for sale by owners to call.” Some people are gonna look at that… I’m sharing this with audiences around the US and Canada right now, and I got some people looking at me like, “Uh-oh, I don’t like that.” Because they’re thinking that’s more people that are gonna go for sale by owner versus call me.

08:33My hunters, those that follow our system, probably the majority of the customers of Vulcan are gonna say, “More for sale by owners? Bring it on.” And so that’s a huge advantage on the for sale by owner. Now, by the way, same dialogue with the for sale by owner. Fast way to get a response from for sale by owners, even though of course they’re more responsive than expireds.

08:56Are you still accepting offers on your home on blank Street? Stop with this, “Hey, are you cooperating with buyer’s agents?” All this other stuff. No. Are you still accepting offers on your home on blank Street? That will get the conversation started. All right? Now, you can say things like, “Are you working with listing agents?”

09:07Or, I’m sorry, “Are you working with buyer’s agents that bring you buyers?” You can let them know that buyer agent commission is still a thing. It’s still something that can be negotiated, it just can’t be offered in the MLS. So you can still keep that in your dialogue, but I would not be opening up with this idea of, “Hey, are you working with agents that bring you buyers?”

09:24No. They might actually do the reverse of that, ’cause they may say, “Well, I don’t have to pay buyer’s agents anyways.” You don’t know what they know about the NAR settlement. So they might use this as a reason to say, “No, I’m gonna pay less. I’m gonna not offer anything to buyer’s agents, because the media said I don’t have to.”

09:38All right? So that’s the second thing I wanted to make sure that we got across. We’re gonna see an increase of expireds and an increase of for sale by owners.

Loida Velasquez09:46

That’s awesome. And it’s only been like eight minutes, and everything that you’ve already given is just so much that whoever’s watching, you’re probably gonna have to rewind and write down exactly what Jeff said.

09:57I love the video idea, just because these people are probably getting a ton of calls. But when they see your face, they can put a face to the name, and it makes you stand out. I’ve done it, and it has totally taken an expired from telling me, “Oh yeah, let’s meet in two months,” to, “You know what?

10:10I’m back in town next week. Let’s put something on the calendar.”

Jeff Glover10:13

And you’re different than everyone else that’s just calling. They put a face to the name. They see that you’re a human. They don’t think that you’re a bot or somebody in Indonesia or something like that.

10:23You’re a real person.

Loida Velasquez10:26

Yeah, absolutely.

Jeff Glover10:27

All right. So we’re talking about that on the tour right now. Again, if you want all 13 ways, go to gloveru.com/tour. We’re probably gonna be in your backyard. I mean, we got people flying in from all over for these, and if we’re not, there’s a virtual option that’s coming up in June.

10:40The other thing that we’re talking about right now is helping agents shift their mindset from buyer to seller focus. Now, of course, most of your audience, if they’re customers of Vulcan, you’re probably already seller focused. So you don’t need any mindset work on the advantages of being a listing agent.

10:57And what I’m gonna recommend you do is start becoming more of the authority in your market on social media. Start becoming the authority in your market on social media, specifically as it relates to helping sellers. So write this down, because I get the question, “Well, Jeff, how do I become the authority?

11:15How do I become known as the agent that helps more sellers in my market?” Write this down. Content, good quality content, plus frequency will equal an authoritative brand. Well-done content plus frequency will equal an authoritative brand. The mistake that a lot of agents make is they’re only doing one of those two.

11:38They’re either posting frequently like crazy, haphazardly, and they got that down. They literally just post whenever. Whenever, whatever. There’s no formula that they’re following. It’s just kinda whenever they think about it. And they got the frequency point down, but then what about the content? Well, how well thought out is your content?

12:00Are you actually writing out your content before you record your video? And watch, all right? Unless you live under a rock, you should know that YouTube will be one of the next biggest, if not the biggest social media platform. That’s right. It will be bigger than Facebook and Instagram.

12:20You already see them positioning themselves to take over that spot with TikTok, and who knows what’s gonna happen there. But video, as you’ve been hearing for years, is the most important anyways. But this may surprise you, YouTube will become the next big social media platform. They’re already positioning themselves with that.

12:37Shorts, the ability to comment, the ability to tag. There’s all sorts of things that YouTube is doing to behave like a social media channel. And so what is my recommendation to you? Well, my recommendation is that you’re at least posting one video per week right now. I wanna start building your YouTube channel, and I don’t care if it’s a ninety-second video or a two-minute video.

12:57I want one video per week. That’s what I’m talking about in terms of frequency. I want videos of you in an open house. I want videos of you previewing a listing. I want videos of you showcasing a new listing. I want videos of you wrapping up a closing at the closing table. One video per week.

13:16If we wanna get more seller business, we have to be known as the authority on social media, and because YouTube, which is owned by Google, they are gonna make sure that YouTube is always first to show up in any search. Notice how when you do searches today, YouTube videos are almost always somewhere near the top today.

13:35That’s not by accident. That’s not because the videos are great. That’s because Google, which owns YouTube, wants to make sure those things show up first. So make sure you’re becoming the authority as it relates to being a strong listing agent today on social media. How do we do that? Well thought out content and great frequency.

13:53Let me share with you one more thing on well thought out content. I’m not just talking like video quality. I think people hear good content, and they think you’ve gotta hire like a professional videographer and all this. No, I’m actually referring to what it is you say in your video. And so what I’m recommending you do, no different than when someone probably taught you the listing presentation, the expired script, the for sale by owner script.

14:15You probably had to write it. Someone good probably told you you need to chant it. Someone probably said you need to roleplay it, which by the way, are all the things that I’ve done through the years. Writing, chanting, roleplay. That’s how you master it. Well, I’m suggesting real estate agents do the same thing with their videos.

14:31So on our tour, for instance, we actually pull up a script. I show you a script that’s working right now to get buyer and seller leads. We put it up on the screen and everyone writes it out. We actually write it together as a group. The whole room is quiet for like seven, eight minutes. Everyone’s head’s down, and we’re just writing the script, no different than someone taught me years ago.

14:50Probably no different than someone taught you. And then what do we do? As a group, we all stand up, we take out our camera phones, we put the camera out, we put it on selfie mode, and we actually practice reciting that script on video. And then when you nail it, there’s your video. You wanna get really good at this, no different than you’ve heard for years to have a role play partner every single day of the week.

15:14I want you to be writing, chanting, and sending out videos. Now, how do I role play a video, Jeff? Watch. You get a good role play partner on video, you send your videos back and forth, and you critique each other. There’s two things there. Number one, it’s accountability, ’cause if my partner didn’t send me a video today, that means they didn’t do it.

15:35Number two, I’m pointing out what you did well and what you could improve on for the next one. So I really want you to take your traditional hat of traditional role play and practice off, and I want you to put on the hat of: how do you role play and practice video? You write it, you stand up, you record it, that’s the chanting part, and you role play it by sending it off to your role play partner.

16:00That’s the modern day to role play video.

Loida Velasquez16:04

I love it. And

Jeff Glover16:05

that’s the next thing I wanted to cover. Go ahead, sorry.

Loida Velasquez16:07

Yes, no, I absolutely love everything that you’re talking about, video and YouTube, and I think the whole point is about being intentional with the content that you’re putting out.

16:16It’s not just like, “I need to put something out just to show up.” What you’re putting out is gonna attract these potential clients, whether it’s YouTube, Instagram, TikTok, or whatever it is. I see it more as a way to generate leads versus just a social media platform.

Jeff Glover16:31

Yep. Yep, I love that.

16:33All right, cool. So I wanna share one more thing right now. The value of your open house. And I get it, with listing agents, we’ve never really been big fans of open houses, but the value of your open house just went through the roof. Why did the value of the open house just go through the roof? Because I believe there’s a certain percentage of buyers, I believe it’s more than ten percent, probably less than 20.

16:55I actually had somebody ask me in Atlanta — our first stop was in Atlanta, ten days ago — “Jeff, what percentage do you think that is?” I believe somewhere around fifteen percent of buyers are going to say, “I don’t wanna mess with buyer agency commissions. I don’t wanna mess with having to negotiate this.

17:13This whole concessions thing is confusing to me. Wait a minute, I have to pay more for the house to get this? It sounds like the same thing. Sounds like I’m paying…” There’s gonna be a certain percentage of the population that says, “I don’t wanna mess with that.” And what are they gonna do? They’re gonna go right to the listing agents.

17:26So the good news is my listing agents just got a raise. I love that for you and for me, of course. And also, that also means the value of the open house just went up. Think about it, the value of your open house just increased. Why is that? Well, because now if at least ten percent or fifteen percent of buyers decide that they wanna work with the listing agent, they’re going to exhaust all options to get in touch with the listing agent, and one of the ways they’re gonna do that is through an open house.

17:55And so we’ve created a new formula for having a successful open house, and I’ll share it with you now. All right? And it’s a Wednesday through Saturday formula, if you wanna write this down. So on Wednesday, we announce the open house, and we start the social media promotions. So we select, announce, and start the open house promotions on Wednesday.

18:15On Thursday, we notify all of the buyer leads in our CRM. Essentially everyone in our CRM should be notified every time we do an open house. All right? That happens on Thursday. So on Thursday we notify everyone in our CRM. On Friday, we knock the neighborhood between three thirty PM and five PM, and here’s what we’re doing.

18:34Three thirty to five on Friday, we’re inviting all of the neighbors to come down and check out the house for a private happy hour just for the neighbors. Now, the homeowner could be there if they want, if they’re friendly with all the neighbors or whatever, or they may say, “Jeff, I don’t really know my neighbors.

18:53I don’t care. It’ll be weird having them in my house. Why don’t you do it?” And then from five until six thirty, or five until seven — just do six thirty, ninety minutes is fine — you’re gonna host a happy hour by yourself, with the neighbors, in their home. Now, your seller’s gonna say, “Well, how is this a benefit to have the neighbors?

19:14They already live here.” Yes, but they know people who also are on the move, and if they like living in this neighborhood, chances are they’re gonna talk positively of the neighborhood. And I wanna give them an opportunity to tell their neighbors about the house or tell their friends and family who may be shopping about the home.

19:33And so I’m gonna do three thirty to five, I’m gonna knock the neighborhood, and I’m going to say, “The Johnsons asked me to invite you.” You’re gonna use the seller’s name. That’s important. It’s not my idea. It’s not my happy hour. “The Johnsons asked me to invite you to a private happy hour that’s being held at their home.

19:52They’re listing it for sale. You’re gonna see a lot of traffic in the neighborhood this weekend, and they have asked me to invite you to a private happy hour to check it out. Come down and have a drink with us.” The key to getting them to show up is using their name — you’re not inviting them, the Johnsons are.

20:11The sellers are inviting them, not you. That’s crucial if you wanna get more attendance. Saturday morning, you then do… the listing is open for showings with buyers and their agents. So say from nine to noon, you block off a three-hour window where buyers that have agents, that’s where they can set up showings, just from nine until noon.

20:32Why? ‘Cause I want a frenzy, and if I’ve only got six or seven showings on this property over the weekend, no one’s gonna know who was when and where. I want them all to come within that three-hour window. Because if they come within that three-hour window, then they’re gonna see that a lot of people are interested in this house.

20:48And if they see that a lot of people are interested in this house, that’s gonna create demand, and that’s gonna work better for the sellers. Well, what about a regular open house, Jeff? Yep. So then the regular open house is gonna take place between twelve thirty and three, or twelve thirty and two thirty, that Saturday, ’cause I don’t encourage you to work Sundays.

21:03In fact, I don’t work Sundays. We take Sundays off. So you’re gonna do a public open house from twelve thirty to three. You’re gonna do a three-hour block of showings from nine to noon. Sellers gotta get their house and get out anyways, so we’re gonna do all the showings, because I don’t want those buyers to come through my open house anyways if they have agents.

21:22I want them to go from nine until noon. That way I can focus on the high-quality buyers that are gonna show up between twelve thirty and three that don’t have agents. The value of the listing, and particularly the open house, just went through the roof, and that’s one way to double end more of your listings and to get more traffic to your open houses.

Loida Velasquez21:43

This is all amazing information once again.

21:46So as we wrap this up, go ahead and remind everyone where they can go to learn more about the tour, their city, and obviously, this was great. I can only imagine what it’s like in person.

Jeff Glover21:59

By the way, it’s only 39 bucks. I probably should have started with that. People are like, “What is this thing?

22:03Like a couple hundred dollar event?” No, it’s $39. I think the virtual’s like 50. I think the virtual’s like 50 bucks or something. Anyways, you go to gloveru.com/tour. You’ll see where we’re at. You’ll also see the virtual on there if you’re not able to make it, but they’re happening like right now.

22:17Like today, we’ve got one taking place in Virginia Beach, Virginia. We’ve got another one happening in Austin, Texas. Tomorrow — I’m hopping on a plane tonight — we’re flying to DC. I’ve got one in Baltimore. So they’re happening literally right now. Go to gloveru.com/tour. I shared with you 2 of the 13 ways we’re covering, and of course when you’re there you’re gonna see slides and examples of everything we’re doing.

22:40So take advantage of that for sure. And if you can’t make it to one of our tour stops, as always, the best resource I can share with you, take out your phone right now, text the word morning to 55444.

22:55If you text the word morning to 55444, you’re gonna get my daily message. Every day, Monday through Friday, I write a message specifically designed to help you list and sell more homes. And usually it’s stuff that I’m doing. It’s stuff that, hey, I went on a listing appointment last night. Here’s an objection they gave me.

23:11Here’s how I handled it. All right? So text the word morning to 55444 to get signed up for that daily message, and to take advantage of all of our free resources. I mean, we have more free resources than we ever charge for anything, so check those out.

Loida Velasquez23:23

Awesome. Well, Jeff, thank you so much once again. It’s always a great time-

23:26having you on the show. You deliver so much value.

Jeff Glover23:30

Sorry, I’m in the lobby of a hotel, so it got a little loud in the middle of our session, but hopefully you guys could still hear me.

Loida Velasquez23:34

Oh, yes. I know agents are probably gonna watch this two, three times, ’cause everything that you just mentioned are things that they can take action on and do right now.

23:42And I’m glad that at the beginning you said, the NAR settlement, it’s more of an advantage for agents.

Jeff Glover23:48

It is.

Loida Velasquez23:49

So it’s a mindset shift.

Jeff Glover23:51

Buyer’s agents have an opportunity to get paid more.

Loida Velasquez23:53

Yes.

Jeff Glover23:53

We just finished up a sales meeting with our team, and we talked about how we can now make sure we’re collecting a minimum commission.

23:58We don’t have to just accept what’s offered in the MLS. There’s so many advantages to this change, really.

Loida Velasquez24:03

Absolutely. Well, thank you, Jeff, once again, and for those of you, thank you for being here. We’ll see you on the next one. Bye.

Jeff Glover24:08

See you guys.