In this episode, Kim Borchardt and Rebecca Green discuss the importance of mentorship in the real estate industry. They define what a mentor is and explain how a mentor can help expedite an agent's growth and success. They also discuss the differences between mentors, coaches, and trainers, and the importance of finding the right mentor who aligns with your goals and business model. They provide advice on how to find a mentor, including cold calling successful agents and asking questions to ensure alignment. They also emphasize the need for a structured mentorship program and the benefits of on-the-job training.

Takeaways

• Having a mentor in real estate is critical for success and growth.
• A mentor is someone who has a vested interest in your success and is committed to walking alongside you and sharing their wisdom and advice.
• Mentorship can come in various forms, such as a singular person, a team, or a partnership.
• It is important to find a mentor who aligns with your goals, business model, and strengths.
• A mentorship should last at least a year, but ideally two years, to fully learn and navigate the complexities of the real estate industry.
• Finding the right mentor takes time and effort, and it is important to ask questions and ensure there is clarity and alignment in the mentorship arrangement.
• Mentorship provides on-the-job training and the opportunity to learn while doing, which can expedite growth and success in the industry.

Kim Borcharding and Rebecca Green interview Toni Mikel, a real estate broker in Portland, Oregon. Toni was Kim's mentor when she first started in real estate, and they discuss the importance of having a mentor and finding what works for you in the industry. They also talk about Toni's background in real estate, her experience as a 30 under 30 recipient, and the value of building relationships in the business. Toni emphasizes the importance of doing what's best for the client and finding efficiency in your business. The conversation touches on topics such as the importance of understanding ROI, the value of working with the right clients, the benefits of owning a brokerage, and the challenges of training and mentoring new agents. They also discuss the current market conditions and the role of NAR in the industry. Toni shares her philosophy of staying focused on her clients and providing exceptional service, rather than relying on online presence or marketing tactics.

Takeaways

• Having a mentor in real estate can be invaluable in guiding your career and helping you succeed.
• There are many different paths to success in real estate, and what works for one person may not work for another.
• Doing what's best for the client should always be the top priority in real estate.
• Building relationships and networking with other professionals in the industry can lead to opportunities and growth.
• Finding efficiency in your business can help you maximize your time and focus on what truly matters. Understanding the ROI on every hour spent is crucial in the real estate industry.
• Working with the right clients who value realtors is more important than chasing every deal.
• Owning a brokerage can provide more control and efficiency in the business.
• Training and mentoring new agents is essential, but it's important to find the right balance and focus on personal strengths.
• Market conditions may fluctuate, but adapting and providing exceptional service to clients remains key.
• NAR plays a vital role in maintaining ethical standards in the industry.
• Building strong relationships with clients and being a trusted advisor is more valuable than online presence or marketing tactics.

In this conversation, Rebecca Green and Kim Borcherding discuss buyer agency agreements and the changes that will be rolling out in the near future. They share personal stories and insights about buyer trepidation and the importance of having clear communication and understanding between buyers and agents. They emphasize the need for buyers to be educated about the buyer broker agreement and the role of the agent in the transaction. They also discuss the importance of experience, local expertise, and trust when choosing a buyer's agent.

Takeaways

• Buyers should be educated about buyer agency agreements and the role of the agent in the transaction.
• Clear communication and understanding between buyers and agents is crucial.
• Experience and local expertise are important factors to consider when choosing a buyer's agent.
• Trust and a good fit in terms of communication style are also key considerations.
• Buyers should interview potential agents and ask about their experience, understanding of the area, and their process for managing the transaction.

Q1 was slower than previous years, but picked up in March and April. Market conditions have changed with higher interest rates, leading to slower discretionary buying and selling. Agents should take advantage of the slowdown to skill up and focus on areas of their business that need improvement. Open houses and prospecting, especially with expired listings, are effective strategies for generating business. Agents should also leverage social media to attract relocating buyers. Evaluating expenses and adjusting marketing strategies are important in a slower market. Education and communication with buyers are crucial due to higher rates and prices.

Takeaways

• Q1 was slower than previous years, but the market picked up in March and April.
• Higher interest rates have led to slower discretionary buying and selling.
• Agents should take advantage of the slowdown to skill up and focus on areas of their business that need improvement.
• Open houses and prospecting, especially with expired listings, are effective strategies for generating business.
• Agents should leverage social media to attract relocating buyers.
• Evaluating expenses and adjusting marketing strategies are important in a slower market.
• Education and communication with buyers are crucial due to higher rates and prices.

In this episode, Rebecca Green and Kim Borcharding discuss the different types of real estate brokerages and the pros and cons of each. They cover national brands, local boutique brokerages, virtual brokerages, and low-cost options. They emphasize the importance of considering individual needs and goals when choosing a brokerage. They also share their personal experiences with different brokerages and offer advice for agents looking to make a switch. The key takeaways include the importance of community, the need for ongoing learning and innovation, and the value of aligning with a brokerage that supports your specific needs and goals.

Takeaways

• Consider your individual needs and goals when choosing a brokerage
• Different brokerages offer different levels of support, training, and community
• Virtual brokerages can provide innovative technology and flexibility
• National brands offer name recognition and global reach
• Local boutique brokerages can provide a tight-knit community and specialized knowledge
• Low-cost options may be suitable for agents with few transactions or specific circumstances
• Continuously evaluate your brokerage choice as your needs and goals evolve

In this episode, the hosts discuss the current real estate market in the Portland, Oregon area. They cover topics such as buyer trepidation, realistic pricing for sellers, the importance of presentation and staging, the best time to sell, and the challenges and opportunities for real estate agents. They also touch on the mortgage industry and the importance of educating buyers about interest rates. The main takeaways include the need for sellers to be realistic about pricing and presentation, the importance of timing and affordability for buyers, and the value of having a knowledgeable and supportive real estate agent.

Takeaways

• Sellers need to be realistic about pricing and understand buyer trepidation in the current market.
• Presentation and staging are crucial for attracting buyers and making a good impression.
• The best time to sell depends on individual circumstances, but the winter market can be advantageous due to less competition.
• Buyers should consider affordability and be open to exploring different neighborhoods or locations.
• Real estate agents need to focus on profitability, educate themselves and their clients, and evaluate their business plans and brokerages.
• Buyers should work with agents who can connect them with different mortgage programs and negotiate interest rates.
• Having a strong team, including a home inspector and mortgage professional, is important for a successful real estate transaction.

In this podcast episode, Rebecca Green and Kim Borcherding discuss the recent settlement of a class action lawsuit brought against the National Association of Realtors for alleged price fixing of commissions. They emphasize the importance of buyer representation and the need for expert guidance in the complex process of buying a home. They also discuss the impact of the settlement on buyers, sellers, and brokers, and offer advice on how to navigate the changing real estate landscape. The key themes of the conversation include the importance of buyer representation, the need for brokers to level up their skills and value proposition, and the importance of transparency and education in the real estate industry.

Takeaways

• Buyers should prioritize having expert representation when purchasing a home, as the process is complex and infrequent for most people.
• Good real estate agents should focus on leveling up their skills and value proposition to provide the best service to their clients.
• Transparency and education are crucial in the real estate industry, and agents should be knowledgeable about contracts and negotiation.
• Buyers and sellers have choices in who they work with, and it is important to find an agent who can effectively manage the transaction and protect their interests.