Article Courtesy of: Inman News
By: Chris Pollinger

Chris Pollinger shares powerful strategies to retain and motivate your real estate agents, even as listings hit all-time lows. Learn how to keep your team engaged and thriving during tough markets

The real estate market is facing a unique challenge: Listings are at an all-time low. For brokers and agents, this means fewer transactions and more pressure to stay competitive.

As the market tightens, keeping top talent from jumping ship becomes even more critical. Retention isn’t just about holding onto agents; it’s about keeping them engaged, motivated and empowered to weather market fluctuations. Here are nine strategies to help you retain your best people, even when listings are scarce.

1. Foster a supportive and collaborative culture

When the market slows down, motivation can dip just as fast. This is where company culture becomes crucial. A supportive and collaborative environment keeps agents engaged and reassures them they’re part of something bigger. It provides stability and camaraderie in a time of uncertainty.

Creating an inclusive environment doesn’t have to mean a complete cultural overhaul. It can be as simple as implementing regular team meetings that celebrate small wins or setting up friendly competitions that keep agents focused on progress, even with fewer listings.

Recognition programs where agents receive praise for their non-transactional efforts, such as maintaining strong client relationships or pursuing further education, can also foster loyalty and motivation.

2. Offer one-on-one growth opportunities

Agents need to see a future in their business, even when sales are down. Providing personalized growth opportunities, especially in down markets, can make a huge difference. Agents who are developing their skills and seeing a path for advancement are less likely to jump ship for short-term gains elsewhere.

Tailor your coaching and training programs to meet the individual needs of your agents. Use one-on-one sessions to address specific challenges they face in the current market. Leadership training, advanced negotiation strategies, and team-building exercises can not only improve their skills but also show them you’re invested in their long-term success.

3. Craft ‘experiences’ for agents and clients

In the real estate game, it’s not just about selling properties; it’s about the entire experience. Collaborate with high-end brands — think private events at exclusive car dealerships, high-end furniture showrooms or luxury fashion boutiques. Hosting these events gives your agents and their clients the VIP treatment, offering an experience beyond real estate.

These experiences help agents strengthen their relationships with clients, even if no deals are closing at the moment. By maintaining engagement through memorable events, you reinforce long-term loyalty and position your agents as more than just transaction brokers — they become experience curators.

4. Leverage technology to enhance efficiency

In a slow market, efficiency is key. Agents who feel they have the tools to succeed will stay motivated, even if deals are slower. The right technology can help them make the most of limited opportunities and stay competitive. When things are slow, it’s a good time to get engagement up with the tools your office offers.

Equip your agents with cutting-edge digital marketing tools, AI-powered client prospecting systems, and streamlined transaction management platforms. By making their day-to-day tasks more efficient, you free up their time to focus on building relationships and preparing for when the market picks back up.

Encourage them to use technology to showcase listings through virtual tours or to automate repetitive tasks, keeping them ahead of the game.

5. Focus on building long-term client relationships

When listings are low, transactions may be few and far between, but relationships are everything. Agents need to shift their focus from immediate sales to long-term engagement with clients. Building a pipeline of future opportunities is crucial for staying relevant.

Encourage agents to deepen their relationships with clients by offering personalized follow-ups, creating valuable content, or sending thoughtful, non-sales-focused messages.

The agents who consistently check in on their clients, not just when they’re ready to buy, are the ones who will have a robust pipeline ready when the market picks up again.

This shift from transactions to relationships has helped many top-performing agents maintain their momentum during down periods.

6. Prioritize work-life balance and well-being

Real estate professionals are prone to burnout, especially when they feel the pressure of an unpredictable market. When agents are overworked and stressed, their performance suffers, and they’re more likely to look for greener pastures elsewhere.

 Create an environment that prioritizes mental and physical well-being. Showing your agents that you care about their well-being will build loyalty and reduce burnout. These initiatives remind agents that their value to the firm goes beyond the number of deals they close.

7. Curate agent mastermind groups

Host exclusive mastermind groups where top agents can gather to exchange ideas, discuss market strategies and learn from industry experts. These groups not only provide professional development but also create a sense of community and shared purpose.

Focus on fostering collaboration and creativity. The luxury experiences within these groups — whether it’s an offsite retreat or a luxury-brand partnership — are secondary to the discussions that help agents sharpen their skills and develop innovative strategies for the future. 

8. Create space for Agent Remodel Days

Sometimes agents need a “remodel” — a chance to step back and rework a key part of their business. On Agent Remodel Days, agents come into the office to focus on refining their personal brand, upgrading marketing materials or improving their client management systems.

 Provide expert guidance, whether it’s through internal resources or guest coaches, to help agents dive deep into a specific area of their business that’s been neglected. This day is about creating a dedicated space for agents to focus without distractions and make meaningful changes to help their business in the long run.

9. Host No Excuses Days

This is the ultimate accountability day. Agents show up with one goal in mind: to tackle one task they’ve been avoiding that will make a big impact on their business. Whether it’s setting up a CRM, finalizing a lead-gen strategy, or even just organizing their schedule, No Excuses Days give them the time and support they need to get it done.

Each agent commits to one task they’ve been putting off. With the support of coaches and accountability from peers, they make real progress on those high-impact tasks.

These days aren’t just about ticking off a to-do list — they’re about moving the needle on tasks that will drive business growth.

When listings are low, retention isn’t just about keeping agents on the payroll — it’s about keeping them engaged, motivated and equipped to thrive. A multifaceted approach — leveraging technology, offering luxury experiences, fostering a supportive culture, and prioritizing growth — ensures agents don’t just survive tough markets, but also thrive in them. In luxury real estate, retention is a long-term strategy that pays off in the form of stronger teams, better relationships and, ultimately, more success.

Chris Pollinger, founder and managing partner of RE Luxe Leaders, is the strategic advisor to the elite in the business of luxury real estate. He is an advisor, national speaker, consultant and leadership coach.  

Article Courtesy of: Inman News
By: Carl Medford

Open houses are among the most valuable lead sources available, team leader Carl Medford writes. Here's how to run one the right way and make the most of the opportunity it presents.

Over the years I’ve visited countless open houses — some with clients and some on my own. It is always a guessing game of what I will encounter when I enter: agents sitting on the couch watching a football game; others sitting at the dining room table engrossed by whatever is on their laptop or device; a few who engage excitedly until they discover I’m an agent and some who cling to me like a cheap polyester suit as I walk through the house.

I have also encountered a variety of scenarios for monitoring attendees: Some agents allow anyone to enter with no regard for who they might be. Others use the ubiquitous line, “The seller has requested that everyone entering sign in.” A few go as far as having a QR code prominently displayed that not only provides the attendee with information on the property but captures their contact info as well.
 
Consequently, it is easy to see, within the first few seconds of visiting any open house, which agents are viewing their presence as an obligation to be tolerated versus those who view open houses as an opportunity to build their business. 

While there has been no end of disruption and confusion with the recent rule changes, there is increased opportunity as well.

Buyers, unaccustomed to any contractual requirements with their agent and, in some cases, allergic to the idea that they will possibly be required to compensate their Realtor for their representation, are refusing to sign buyer-broker agreements and are looking for other options. It’s not taking them long to realize that open houses are their ticket. 

While a buyer-broker agreement is required for any Realtor to show any property to a buyer (as of Jan. 1, in states like California, every agent,regardless of their affiliation with NAR, will be required by law to use a buyer-broker agreement), no such agreement is required for anyone entering an open house.

This means there will most likely be increased traffic through open houses going forward — especially for those who have not signed a representation agreement. 

The potential increase in traffic through open houses by buyers who are currently not represented by an agent should be viewed as a significant opportunity.

Although there will still be agents out there who will — for whatever reason — view open houses as an obligation, those who are well prepared for the new reality and see the new reality as the opportunity it is stand to make significant gains in their businesses.

Additionally, some state Realtor associations are even going as far as providing tools to their agents to increase open house effectiveness under the new guidelines.

California is one such example. In the past, it was possible for an agency relationship to be presumed between an open house agent and any visiting buyer. In an attempt to remove confusion, the California Association of Realtors has designed a form entitled “Open house visitor non-agency disclosure and sign-in.”

This form states:

“Agent is holding an open house or conducting in-person or live virtual tours of the Property identified above. Visitor is interested in viewing the Property. Agent agrees to show property to Visitor on the following terms and conditions:

• AGENT DOES NOT REPRESENT VISITOR: Unless otherwise agreed in writing, Agent is not working with and has not entered into a representation agreement with Visitor that would apply to the Property.

• COMMUNICATION WITH AGENT AT OPEN HOUSE/PROPERTY TOUR FOR BENEFIT OF SELLER: Any communication or sharing of information that Agent has with Visitor during the open house/property tour regarding the Property is for the benefit of the seller. All acts of Agent at the open house/property tour, even those that assist Visitor in deciding whether to make an offer on the Property are for the benefit of the seller exclusively.

• COMMUNICATION WITH AGENT ARE NOT CONFIDENTIAL: Any information that Visitor reveals to Agent at the open house/property tour may be conveyed to the seller.
• IF VISITOR WRITES AN OFFER ON THE PROPERTY through Agent, at that time Agent will disclose if Agent and Agent’s Broker represent the seller exclusively or both the seller and the Visitor.

• IF VISITOR WANTS TO BE REPRESENTED BY THE AGENT HOLDING THE OPEN HOUSE Visitor should sign a representation agreement with the Agent holding the open house such as a Property Showing and Representation Agreement (C.A.R. Form PSRA) or Buyer Representation and Broker Compensation Agreement (C.A.R. Form BRBC). If Visitor is in an exclusive relationship with another agent, this is not intended as a solicitation of Visitor.”

This form is brilliant in that it accomplishes three things: 

• It reveals if any visitor has an existing agreement with a real estate agent
• It clarifies that no agency relationship is being generated by the visit 
• It captures contact information for those individuals who are currently not in a buyer-broker representation relationship 

This form, while not required by agents holding open houses, is an excellent tool for maximizing opportunity.

Additionally, though entrants are not required to fill out the form, we are seeing acceptance and an overall willingness in our marketplace for buyers to sign in. Some agents are also providing a blank copy of the form so that those who fill out the information can have a copy of what they signed. 

Since there should be increased opportunity ahead, the key is going to be developing systems to maximize the potential number of attendees to any given open house. Agents who simply put out signs and hope for the best should not expect premium results.

Here are our recommendations for optimizing open house opportunities: 

1. Commit to 2 open houses a week

To qualify, an open house must be a minimum of two hours in length. It does not, however, need to be during the “classic” times, which are typically Saturday or Sunday afternoons from 1-4 p.m. in our area.

In fact, agents have seen good results at Twilight Tours, mid-day opens and so on.  

2. Commit to the basics

Although open houses are not rocket science, there are a lot of basic fundamentals to understand and implement.

These include: 
- A thorough knowledge of the mechanics
- We do not let new agents go solo. It’s important that they understand the fundamentals and have shadowed experienced agents until they are comfortable enough to head out on their own. 
- A thorough knowledge of the required scripts
- Agents who succeed know what to say because they have spent hours practicing pertinent scripts.

Scripts include: 
• What to say when circle prospecting around the open house
• What to say when door knocking homes in the neighborhood
• What to say to visitors as they enter and ask questions

3. Determine your audience

Although it’s a given that homebuyer wannabes will attend, we tend to target our events at local sellers. If we land a buyer at an open house, we end up with one transaction. If we get a listing, we have the potential of getting many more.

This also means we focus on holding opens in homes that show well and are priced correctly. Because attendees typically show up based on what they see on their phones, the better the property looks on their device, the better the chance we will get decent traffic. 

4. Develop a comprehensive checklist

Your checklist is your strategic plan and should include every step required to guarantee the best possible results.

Although many agents think that adequate preparation is printing flyers and putting out signs, those who see consistent results do much more to prepare and have a comprehensive checklist to ensure they do not miss any details. 

5. Pre-qualify the property

To determine the best results for your business, ask the following questions: 

• Will the time you have selected conflict with any local events? For example, holding open on Easter Sunday or Superbowl Sunday will most likely limit the number of people who show up. 
• Is the property in an area you normally serve?
If you get potential clients and the home is way out of your normal service range, will you be willing to drive a long way to serve those clients? 
• Is the home ready to show?
• Does it show well? Is it staged? Is it clean?
• Is it priced correctly? 

Today’s buyers are very smart, and with access to online data, they know when a home is overpriced. Assuming that a seller who sets a high price will also be unreasonable to work with, they simply pass. 

• Is the homeowner committed to being gone during the open house? 

Occasionally, we get a client who wants to be present to answer questions. This is a lose-lose scenario, and we explain that it is not acceptable.

We’ve also had the owners park on the street and monitor foot traffic at the open house or “drop in” to see how things are going. We clarify that this type of activity will actually harm their chances of a successful event.  

6. Do your homework

If that home is your own listing, chances are you will have an adequate knowledge of the pertinent facts. Others, however, including members of your team, need to have a working knowledge of the home and area.

This means time must be taken to do the required research to become knowledgeable about the property and local area.

The following are important: 
• Have you talked to the listing agent to understand the seller’s motivation for selling? 
• Are you familiar with the area comparables? 
• Have you read through the seller’s disclosure package? 
• Have you read any inspection reports, local natural hazard disclosures and so on? 
• If the property is in an HOA, have you read the HOA documents to be able to answer questions? 
• Are you aware of local amenities?
• Are you aware of local issues? 
• Are you aware of local news that might affect the property? 

7. Have an established timeline

At least 3 days prior
• Ensure the open house is entered into your local MLS so it shows up on major web portals such as Realtor.com and Zillow. 
• Post the event on all of your social media sites, and include a link to the property. 

The day before
• Circle prospect a minimum of 100 homes around the coming open house. Invite them to your event, and offer a free CMA to any who attend. 
• Print a map of the area, and establish where you will be placing a minimum of 10 signs. Make sure you understand local ordinances for signage to avoid fines or confiscated signs. 
• Go over your prep checklist to make sure you have everything ready to go:
• At least 10 signs 
• Have interior signs (as applicable) ready to go — examples could include:
• Thank you for visiting our open house!
• Please remove shoes — booties provided
• Please sign in
• Please hold young children by the hand
• Any items you will be providing, including business cards, brochures, booties, QR codes linking visitors to your CRM and IDX, sign-in sheets, snacks, branded water bottles, etc.
 
The day of
• Prior to the open house, door knock at least 50 homes in close proximity. 
• Get the home set up:
• Have all your collateral set up.
• Turn on lights, and adjust the heat/cooling. 
• If the seller requires shoes to be removed or booties provided, have the booties in a container by the front door, and provide a chair for visitors to use while putting them on. 
• Check for anything that might be problematic: 
• Search the home for any valuables or other items that should not be out. I once found a homeowner’s NBA Championship ring left on a bathroom counter.
• Check to make sure there are no fragile objects within a child’s reach.
• Put away any toys the resident children may have left out. 
• Examine the home in detail so you know all its key features. 
• Once the home is completely ready to go, then exit, lock the door and head out to place your signs. If you have a second person with you, they can place the signs, or, in some cases, your team will have a sign delivery person out placing signs for you. 
• Place your signs — a minimum of 10. 
• After the event is done, lock the door, and head out to gather up signs. Start with the ones closest to the property so you will not have other guests waiting for you when you get back. 
• Reenter, turn off heat or air conditioning if applicable, check every window and door (guests have been known to unlatch for future access), remove all your items, turn off the lights, lock the door, and head out.  

8. Don’t forget: It ain’t over when it’s over

Many agents, upon driving away, assume they are done. In reality, the open house is planting the seeds, now comes the watering. 

Job 1: If it’s your listing, send a written report to your seller. If it’s not your listing, send a written report to the listing agent. 
Job 2: Follow up with every unrepresented potential buyer who gave you their contact info to:

• See if they have any questions.
• See if they have any other properties they would like to see.
• Ask if you can set up a buyer consultation meeting with them to cement your relationship. 

Job 3: Follow up with any potential sellers who gave you their contact info to:
• See if they have any questions.
• Ask if you can set up an appointment to view their home to provide a comprehensive CMA.
• If “No,” email them a “best case” CMA, and then stay in touch.  

A few years ago, open houses lost some of their luster as buyer agents were sending their clients unattended and en masse to every open house in town.

Those days are largely over — buyer-broker agreements are now the new reality. This means that open houses have once again become one of the best lead sources available.

As stated before, in my opinion, we are going to start seeing an increase of unrepresented buyers through our opens — smart agents are going to see this for the opportunity it is and – instead of doing open houses out of obligation, start seeing them for the business building opportunities they really are. 

Carl Medford is the CEO of The Medford Team.

Large Energy Building Reporting (LBER) Regulations

In 2022, the Massachusetts Legislature passed a new law requiring the reporting of energy use data for all large buildings in the Commonwealth.  The new law requires electric, gas, and steam utilities to report usage data on behalf of the covered buildings. It requires covered building owners to report usage for delivered fuels such as oil, propane, and wood. Large Buildings are defined at one or more buildings located on a parcel with a combined gross floor area equal to or greater than 20,000 square feet.

The Massachusetts Department of Energy Resources (DOER) is responsible for implementing the new law.   DOER has published draft regulations, Building Energy Reporting Draft Regulation 225 CMR 27.00  which they must finalize by the end of the year.

 A virtual public hearing on the proposed regulations will be held on September 25, 2024.  Alternatively, members of the public may also submit written comment. Written comments should be submitted as attached pdf. files to [email protected], with the words BER Public Comment in the subject line.

Lapatin on the Law is a monthly legal update for MAA Members

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Changes In The Industry

Changes to real estate business practices are here, and we’re making revisions in the GBREB Forms Library to allow members to meet the terms of NAR’s settlement agreement as required by August 17, 2024.  Specifically, we’ve updated our Exclusive Agency, Exclusive Right to Sell, and Buyer Representation Agreements, as well as the standard form Purchase and Sale Agreements. The Offer to Purchase form also has been updated with a clause to allow buyers to request sellers to pay a buyer’s broker commission. 

For more information, resources and videos, visit our Forms Updates webpage. 

On August 6, Governor Maura Healey signed a $5.1 billion housing bond bill that authorizes funding for the production, preservation, and rehabilitation of over 65,000 homes in Massachusetts over the next five years, as well as dozens of new policy initiatives aimed at addressing the state’s high housing costs.  Notably, prior to passage its passage, debate on this legislation was extensive and the Greater Boston Real Estate Board worked tirelessly to advocate for a final bill that would be the most sensible and least harmful to the housing market and real estate industry.   

The most significant issue that GBREB and its allies focused time and resources on was transfer taxes, including a series of home rule petitions filed by approximately one dozen communities seeking to create a new sales tax on homes and commercial property.  Additionally, there was a separate, broader proposal introduced into the housing bond bill that sought to provide a local option for any city or town in the Commonwealth to approve a tax of 0.5% - 2% on the portion of a home’s sales price above $1 million.  Significantly, the Greater Boston Real Estate Board, along with the Massachusetts Association of REALTORS® and several other industry groups, implemented informational campaigns that were able to successfully prevent transfer tax provisions from being included in the bill.   

Another equally troublesome provision in the legislation that GBREB helped to defeat for members was a proposal that would have allowed tenants to have the right of first refusal to purchase a property before it is put on the market for sale. This measure was left out of the final bill, as was an initiative that sought to make landlords responsible for paying broker fees in rental transactions.  

Among key policy changes aggressively advocated for by GBREB that did get included in the legislation and will help promote housing production is language that allows for the construction of accessory dwelling units by right in single-family zoned lots.  Meanwhile, there are two provisions contained in the housing bond bill signed into law which GBREB continues to address, with hopes of reaching a more favorable outcome.  Specifically, GBREB is pursuing efforts to get clarification as what happens with the sealing of eviction records that are dismissed.  GBREB also is part of a collation of real estate groups, led by MAR, that opposed language in the legislation that mandates home inspection contingencies, and will work to modify this provision.

Currently, the requirement regarding home inspections is not due to take effect until November 4th.  

MAA Insider: Red Sox Summer Outing, MAA Awards Submissions & Marketing Summit

Read the August MAA Insider.