How can you thrive in the ever-changing real estate market? In this episode of the Real Estate Excellence Podcast, host Tracy engages with Josh Cohen, a broker with nearly 20 years of experience from Berkshire Hathaway Home Services, Florida Network Realty. Josh Cohen has over 20 years of experience and over 1,300 closed transactions in Northeast Florida, Josh has a deep understanding of the real estate market and a commitment to providing exceptional service to clients and agents.
Josh shares his journey from a real estate agent to a leadership role, discussing strategies for navigating a fluctuating market, the importance of agent relationships, and effective buyer and seller consultations. He talks about managing multiple offer situations, the impact of buyer broker compensation on offer competitiveness, and the role of transparency. Further, Josh talks about his leadership style, his transition into coaching brokers, and supporting agents in building successful careers through authenticity, communication, and intentional business practices.
Tune in for real-life coaching scenarios and success stories that offer practical advice for real estate professionals!
00:00 - 03:26 Introduction to the Guest: Josh Cohen
· Josh Cohen is a seasoned broker with nearly 20 years at Berkshire Hathaway Home Services, Florida Network Realty.
· Josh shares his journey from starting as a real estate agent to becoming a respected leader. Challenging times of the real estate market, particularly around short sales and foreclosures.
· Josh’s adaptability and staying on the cutting edge.
03:27 - 06:41 Assumable Loans and Market Trends
· How adaptable real estate agents can thrive in varying market conditions
· Using past experiences during market downturns as context.
· The challenges posed by today's low-interest rates
· Early communication with loan servicers and the role companies play in expediting the assumption process through efficient handling of paperwork.
06:42 - 11:24 Building Relationships and Authenticity
· Josh’s background in the restaurant and hospitality industries
· His transition into real estate in 2003 and how he balanced his restaurant job with his new career in real estate
· Using his network to gain initial clients.
· The importance of hard work, relationship-building, and hustle in successfully bridging the gap between his former and current careers is emphasized.
11:25 - 19:26 Coaching and Mentorship
· The importance of authenticity and hard work in the real estate business
· Building and maintaining relationships
· How agents can find their unique voice and leverage their true motivations (or 'why') to succeed.
· The necessity of delayed gratification and consistency in activities such as prospecting and following up with leads.
· Mentorship and training programs are also discussed as vital tools for overcoming the discomfort associated with the early stages of a real estate career.
· How a strategic focus on listings can help agents balance their personal and professional lives.
19:27 - 33:08 The Role of Relationships in Real Estate
· The internal psychological challenges real estate agents face amid market changes and media negativity.
· The importance of buyer agreements, relationship-building, and thorough communication with clients.
· The need for effective processes, quality conversations, and maintaining a positive outlook is highlighted.
· Transitioning from managing deals to leading a team
· Underlining the significance of long-term relationship management in the real estate business.
33:09 - 39:24 Challenges and Solutions for New Agents
· How crucial are relationships with other agents in real estate?
· The importance of maintaining good relationships with agents from other brokerages to facilitate smoother transactions.
· The consequences of adversarial attitudes, often driven by ego, on real estate deals.
· The significance of empathy and personal interaction, as well as respecting differing opinions while navigating the complexities of changing regulations in the industry.
· The real estate exam should be more challenging to ensure serious commitment to the profession.
39:25 - 46:22 What I Love About the Industry
· The challenges faced by new real estate agents
· The importance of mentorship and apprenticeships.
· The role of brokers and mentors in guiding agents through their initial hurdles.
· Josh’s personal journey in leadership, discussing the significance of authenticity and tailored coaching for brokers.
· Effective time management, providing value in sales meetings, and adapting to hybrid work modalities
46:23 - 56:28 The Role of Social Media in Real Estate
· The shifting dynamics of the real estate market, from the high-demand period during the pandemic to the current scenario of rising inventory.
· The importance of helping agents move listings by providing comprehensive service provider lists and feature sheets.
· The necessity for real estate professionals to stay visible and engaged on social media, the benefits of open houses, and the importance of maintaining a positive attitude.
· Effective coaching and the role of agents as influencers in the community.
56:29 - 01:03:15 Coaching Success Stories
· The critical role of offering buyer broker compensation in selling properties.
· Failing to offer such compensation can significantly reduce the potential buyer pool.
· Addressing common objections, such as:
o Sellers focusing solely on their net profit, and
o Explores how offering compensation can make a listing more competitive
· The logistics of managing compensation agreements and encourages transparency and good communication between agents and clients.
01:03:15 - 01:13:26 Final Thoughts and Reflections
· How do you build a successful real estate career and maintain a thriving business in a competitive market?
· The negotiability of real estate commissions and how experienced brokers guide new and seasoned agents through various challenges.
· Detailing the importance of personalized coaching, transparent fee structures, and strong marketing strategies
· How agents can increase their market share and handle the emotional stress of volatile deals.
· Effective coaching methods and celebrates rigorous support systems that bolster agents’ confidence and business acumen.
Quotes:
"You have to be focused on your relationships, focused on what you're going to do. Good agents are going to find a path forward on every transaction on every market condition because markets have ebb and flow.” – Josh Cohen
“This business is pretty uncomfortable all the time, so I'm going to find a way to just be uncomfortable and still make it happen.” – Josh Cohen
“The core of your business is always going to be your relationships. The quality of your business is tied to the quality of your relationships.” – Josh Cohen
To contact Josh Cohen, learn more about their business, and make them a part of your network, make sure to follow him on Instagram, Facebook, YouTube, LinkedIn and visit their website.
https://www.instagram.com/jtree705/
https://www.instagram.com/bhhsmetro/
https://www.facebook.com/josh.cohen.16121
https://www.youtube.com/@JaxDrummer
https://www.facebook.com/FloridaNetworkRealty
josh.cohen@floridanetworkrealty.com
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