#636: Building Long-Term Wealth in Real Estate with Kendall Bonner

John Kitchens Coach Podcast | Life. Coaching. Real Estate

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Building Long-Term Wealth in Real Estate

Welcome to another exciting episode John kitchens Coach Podcast! Today, we bring the heat with an amazing guest: Kendall Bonner, a trailblazer in the real estate world. With a unique background as an attorney and a real estate leader at eXp Realty, Kendall shares her expertise on critical industry changes, the future of real estate, and how agents can navigate the evolving landscape post-settlement.

Kendall’s passion for helping agents excel through knowledge and adaptability is evident throughout this episode. Get ready for a deep dive into the post-settlement real estate industry, commission structures, and the role of education in the success of agents. Additionally, she discusses the upcoming Agent to CEO Live Event in Cleveland, Ohio, which has officially sold out!

Topics Covered:

Introduction to Kendall Bonner
The role of leadership and adaptability in real estate
Housing market challenges and inventory increases
Post-settlement changes and the future of commission structures
Creative solutions for agents to serve clients
Upcoming Agent to CEO Live Event

Key Points 1. Introduction to Kendall Bonner

Kendall Bonner, a renowned speaker at real estate conferences like Inman, joined us to discuss the future of real estate post-settlement. Kendall's leadership in real estate, particularly with eXp Realty, and her legal background, allows her to bring insightful perspectives on navigating the ever-changing housing market.

Quote from Kendall: "Being a leader is not about just talking; it’s about studying the market, knowing the changes, and being out of the box smart."

2. The Challenge of Explaining Complex Legal Changes

Kendall highlighted the importance of making complex legal information digestible for the average person, especially when it comes to navigating the post-settlement world. Her approach to explaining industry shifts in clear terms has made her a sought-after speaker and leader.

3. Current Housing Market Dynamics

Despite an increase in housing inventory, prices continue to rise—a unique phenomenon in today’s market.

Key Factors:

Inventory Increases: While inventory levels are higher than in previous years, this hasn't significantly reduced home prices.
Affordability Issues: High prices continue to challenge affordability, even with more homes on the market.

Kendall emphasized the need for agents to be educated and adaptable, offering creative solutions like down payment assistance programs to help buyers enter the market.

4. Post-Settlement Landscape: What Real Estate Agents Need to Know

One of the core discussions revolved around the August 17th settlement that has changed how commissions are structured. Kendall provided critical insights into how agents should adapt:

Commission Sharing Changes: Previously, MLS rules required sellers to offer compensation to the buyer's agent. With this rule now removed, agents must adjust to a new reality where compensation is negotiated directly with buyers.
Risk of Commission Sharing: Continuing to offer compensation through the MLS creates legal risks, as it perpetuates a system that’s under scrutiny by the DOJ. Kendall advises against clinging to old practices, urging agents to focus on serving their clients within the new legal framework.

Key Takeaway: The future of commission sharing is uncertain, and agents need to adapt by focusing on buyer needs and providing comprehensive services.

5. Creative Solutions for Agents: The One-Stop Shop Approach

Kendall introduced her concept of being a "One-Stop Shop" agent, offering a variety of solutions to help clients achieve their goals.

Services Agents Should Offer:

Open market listings
Private sales
Cash offers
Home renovation services
Transparent auctions

By offering a range of services, agents can help clients navigate the complex real estate landscape more effectively and differentiate themselves from competitors.

6. The Role of Assumable Mortgages

Kendall highlighted the importance of assumable mortgages in today's market, particularly as interest rates rise. This allows buyers to take over an existing mortgage at a lower rate, making homeownership more affordable.

How It Works:

Buyers can assume a seller’s existing mortgage, which might have a lower interest rate.
This could unlock inventory by encouraging homeowners to sell their properties while helping buyers secure lower payments.

Assumable mortgages, particularly for VA, FHA, and USDA loans, are a key strategy for unlocking both inventory and demand.

7. Final Thoughts: Moving Forward in Real Estate

Kendall encouraged agents to embrace the changes in the real estate landscape, offering practical advice for staying ahead of the curve. As the market continues to evolve, agents who focus on education, creative financing solutions, and the needs of their clients will thrive.

Action Items

Stay Educated: Agents need to keep up with the latest changes in the market, particularly around post-settlement commission structures.
Consider Assumable Mortgages: Look into assumable loans as a creative solution to help buyers afford homes in today’s market.

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