The real estate industry is changing at a breakneck pace. iBuyers are vying for market share, brokerages are spending big bucks on online lead gen, and several players in the space are exploring alternative commission models. So, what can you do to adapt to these changes and ensure that your business as an agent continues to thrive into the future?
Pat Hiban got his start in the real estate business in 1987. By 2004, he had become the #1 RE/MAX agent in the world and was honored with the same title by Keller Williams two years later. In his career as a realtor, Pat sold 4,000-plus homes for $1B in volume, and he is one of a handful of agents globally who can claim the title of Billion-Dollar Agent. He sold his team in 2010 to focus on investing, and since then he has created Rebus University, an online training platform for agents, as well as the Real Estate Rockstar podcast. Pat is also the author of the acclaimed 6 Steps to 7 Figures: A Real Estate Professional’s Guide to Building Wealth and Creating Your Own Destiny.
Today, Pat joins me to talk about the future of real estate, discussing the importance of prioritizing relationships over leads and explaining why hyperlocal relationships are key in stabilizing and protecting a real estate business. He offers insight around why agents have become more aggressive in recent years and what has inspired the recent resurgence in hosting regular client events. Pat also shares his take on the future of commissions and the likelihood of a fee-for-service model based on seller options. Listen in for to understand how brokerages have evolved to compete for agents by investing in leads and providing training and education—and learn how to thrive in the changing landscape of real estate!
- Pat’s 30-year background as an agent and real estate investor
- Pat’s advice to put your energy in listings rather than buyers
- The importance of prioritizing relationships over leads
- Why hyperlocal relationships are key to protecting business
- Pat’s insight into why agents have become more aggressive
- The necessity of checking in with your database regularly
- The resurgence of client events to connect with your SOI
- How brokerages supply leads to compete for new agents
- Pat’s prediction of a forthcoming depreciation in commissions
- Why Pat believes a decoupling of commissions is likely
- How the future of commissions may involve seller options
- Pat’s take on the evolution of training through brokerages
- How brokerages are becoming customer service departments
Connect with Pat Hiban
Learn more about Pat at pathiban.com, or listen to his podcast, Rockstar Radio, by visiting hibandigital.com. Get access to his training program at rebusuniversity.com, and take advantage of Pat’s limited-time special offer for Rebus University courses at rebussale.com/all-access.