Minnesota Realtors® Hosts Sota Summit Conference for Brokers and Agents

By MNR News posted 05-21-2024 02:16 PM

On Monday, May 20, over 90 brokers and agents from across Minnesota gathered in Bloomington for the first ever Sota Summit. This one-day conference provided training, education, and networking aimed at enhancing the professionalism and service of real estate brokers and agents. Minnesota Realtors® welcomed several nationally acclaimed industry experts who gave brokers and agents insider information on the NAR lawsuit settlement and proposed rule changes, the profitability of buyer’s agency, emerging real estate technologies, and more.

The panel, moderated by Nobu Hata (Zillow), included Lisa Piccardo (T3Sixty), Victor Lund (WAV Group), Mitch Skinner (Larson Skinner, LLC) and Josh McFall (Minnesota Realtors®). The group addressed implications of the National Association of Realtors® proposed lawsuit settlement, highlighting ways brokers and agents can position themselves for success as we prepare for changes in the industry. The discussion emphasized opportunities for brokers and agents who are Realtors® to stand out from competitors in the industry. Specifically, panelists urged brokers and agents to clearly communicate to clients the value of working with a Realtor® from the outset. They suggested doing this during buyer broker presentations and listing appointments. Cementing Realtor® value before entering into a representation agreement with a client can help explain how buyers and sellers benefit from a Realtor’s® services. 

The panel also discussed how brokers and agents in Minnesota are well positioned to navigate the changes resulting from the proposed lawsuit settlement. Minnesota has been a “buyer agency” state for over 30 years, meaning buyer representation contracts are already required by law. Further, Minnesota Realtors® provides this contract as part of our Forms library to all Realtors® across the state. 

The second session, led by Marilyn Wilson of WAV Group, focused on raising the stature and profitability of buyer’s agency. This session explored the value that buyer agents offer to consumers and provided detailed strategies for brokers to help their agents succeed. Wilson led attendees through the evolving dynamics of buyer representation in real estate and provided tips for optimizing profitability while maintaining ethical standards and professionalism. 

In the third session, Lisa Piccardo and Dean Cottrill of T3Sixty, looked at four “agent archetypes, offering attendees a strategic framework for success in the real estate industry, guiding agents, brokers, and team leaders toward tailored approaches that capitalize on individual strengths and market dynamics. 

The fourth session, also led by Piccardo and Cottrill, covered seven key areas of profitability, offering practical insights to help brokers maximize profitability in a changing real estate landscape. 

The closing session, featuring Victor Lund of WAV Group, gave brokers a “technology roadmap to help dissect the emerging trends, challenges, and opportunities shaping the future of brokerage technology. 

The Sota Summit was a day packed with learning and networking. We hope to see you at our next event!