Good Morning Everyone!
Thanks for quieting your cell phone.

Virtual Caravan

Dates and Events
• Tech Training: Linda Tant, October 2nd @
Stratford
• Joint Sales Meeting, October 8th, @ WSRAR
• Office sales meeting, October 22nd @
WSRAR
• Allen Tate Fall Convention, October 28th @
Charlotte Convention Center

Announcements
• Jennifer Tuttle: Allen Tate
Mortgage
• Allen Tate FunDay
• Expressdocs
• Ride the Bus (Allen Tate Fall
Convention)

Brokerage Fees and Additional
Compensation
• Two primary principles that drive these
changes:
1. Your client is entitled to know what they must
pay for your brokerage services
2. Your client is entitled to know what you expect to
receive from anyone else involved in the
transaction
Disclosure, Disclosure, Disclosure, Disclosure, Disclosure, Disclosure

Brokerage Fees and Additional
Compensation
• New rules effective October 1st
• Addition of language in the Buyer Agent
Agreement and the Exclusive Right to Sell
• New form #770, Confirmation of Additional
Compensation

Brokerage Fees and Additional
Compensation
• New language added to the Exclusive Right to
Sell Listing Agreement, 8.(c):
If additional compensation, incentive, bonus, rebate and/or other valuable
consideration (“Additional Compensation”) is offered to the Firm from any
other party or person in connection with a sale of the Property, Seller will
permit Firm to receive it in addition to the compensation set forth above. Firm
shall timely disclose the promise or expectation of receiving any such
Additional Compensation and confirm the disclosure in writing before Seller
makes or accepts an offer to sell. (See NCAR Form #770)

Brokerage Fees and Additional
Compensation
• New language added to the Exclusive Right to Represent
Buyer, 4.(b):
(b) Buyer acknowledges and understands that Firm expects to receive a fee for Firm’s services
hereunder in the amount of ______________(“Fee”) as follows: (Insert dollar amount, percentage of
purchase price, or other method of determining Firm’s compensation for each type of property the
Buyer may purchase. Do not insert N/A or a zero [$0]).
Firm shall seek the Fee from a cooperating listing firm (through the listing firm’s offer of
i.
compensation in MLS or otherwise) or from the seller if there is no listing firm, and Buyer
agrees that Firm shall be entitled to receive same in consideration for Firm’s services
hereunder.
ii. If Buyer purchases property where the compensation offered by the listing firm or seller is less
than the Fee, or where no compensation is offered by either the listing firm or the seller, Buyer
and Firm agree that Buyer:
________ will pay the difference between the Fee and the compensation offered.
________ will not pay the difference between the Fee and the compensation offered.
iii. If additional compensation, incentive, bonus, rebate and/or other valuable consideration
(“Additional Compensation”) is offered through the MLS or otherwise, Buyer will permit the
Firm to receive it in addition to the Fee. Firm shall timely disclose the promise or expectation
of receiving any such Additional Compensation and confirm the disclosure in writing before
Buyer makes or accepts an offer to buy. (See NCAR Form #770)

The way I see it…notes from Mike
My role as
Manager
Your Business
Plan
Getting to the
Next Level

The way I see it…notes from Mike
• BIC/Sales Manager’s role:
1. Train
 Coach: change behavior,
accountability, mold new habits
2. Retain
Internal growth: Increase “same

store” sales
3. Recruit
 External growth: New DNA makes
everyone stronger

The way I see it…notes from Mike
• To be successful in real estate, you must
employ systems:
– Successful systems are:
1. Predictable
2. Duplicable
3. Profitable
Things Not Worth Doing Are Not Worth Doing Well

The way I see it…notes from Mike
• Your Business Plan
– Don’t wait for the calendar year
– Commit it to writing
– Dedicate resources (time and money)
– Quartile your contact database (high gain activity)
• 80% of resources allocated to your Top Quartile
• 15% to your 2nd Quartile
• 5% to your 3rd Quartile
• “Triage” your database every 90 days
– Triage is a process of prioritizing patients based on the severity of
their condition so as to treat as many as possible when resources are
insufficient for all to be treated equally.

The way I see it…notes from Mike
• Who will hold you accountable?
– Choose a partner
– Meet, get engaged in the process
– Focus on accomplishments and next steps
– How do your high gain activities relate to your
goals?
• What are the things that, if you focused on them with
maximum intensity, would make the biggest
contribution to attaining your goals?

The way I see it…notes from Mike
• From widgets to real estate, all sales transactions begin with the
high gain activity of “prospecting”
Prospect Daily Contacts Leads beget
for “Contacts” convert to Appointments
Leads
• Contact • Without
appointments…
Encounter: any • A Lead is anyone
• Appointments lead
conversation with motivated to buy or
an adult to listings and
sell within 90 days
decisionmaker sales
• Track your Contact
• Give and get • Monitor your
to Lead conversion
contact information conversion rate
rate!

The way I see it…notes from Mike
Are you a good
• Stick to a schedule (high gain activity) “time manager”?
– If you were working a real job…
– Your schedule is one of your “successful
systems”
– Use your schedule to set expectations with your
customers and clients
– Use your schedule to set expectations for
yourself?

The way I see it…notes from Mike
• Summary
– Find yourself an Accountability Partner
– Employ successful systems
– Quartile your database
– Add new/existing contacts to your database daily
– Make the Top Quartile feel very “special”
– Triage your contact database routinely
– Work a daily schedule
– Set expectations that allow you to prospect daily

Thought for the Day:
I always wondered why somebody didn't do
something about that, then I realized I was
somebody.
-- Lily Tomlin