Real Estate Marketing Dude

Transcript:

00:03:33:13 – 00:04:04:18

Unknown

So how do you attract new business? You constantly don’t have to chase it. Hi, I’m Mike Webster, Real Estate Marketing Dave. And this podcast is all about building a strong personal brand. People have come to know like trust and most importantly, refer. But remember, it is not their job to remember what you do for a living. It’s your job to remind them, Let’s get started.

00:04:04:20 – 00:04:25:06

Unknown

What’s up? Ladies and gentlemen, welcome to Other Up. So the Real Estate Marketing Dude podcast folks, Rome is burning. Things are going all crazy. Holy shit. There’s another NAR lawsuit. This one claims to take down the industry. The number two just came out, I think, yesterday. Folks, this is not going away. And what’s going to happen? Sorry, my mic’s like pulling on me.

00:04:25:06 – 00:04:43:04

Unknown

But what’s going to happen is that the cream is going to. What’s up? What’s the saying? The cream rise of the top or what am I trying to say? Cream rises to the top. I think that’s what what I’m trying to say. But that’s what’s going to happen. This is like a what’s the DA wisdom rule called survival of the fittest.

00:04:43:04 – 00:05:08:11

Unknown

Right? That’s what’s going to happen. Survival of the fittest right now. And people are freaking out. I’m loving it. Like, not that people are freaking out, but I just see nothing but giant opportunities because I love paradigm shifts in the market when everything is going so smooth, so easy, no one changes and you become complacent. And that’s that complacency that’s got you kicking yourself in the pants right now because you haven’t changed in the market.

00:05:08:11 – 00:05:25:18

Unknown

Just caught you with your pants down. And when that happens, you have to change. And so many people are just stuck right now. They’re like still like me and they’re not doing anything. But folks, if you listen and pay attention, if I told you last quarter here, it’s just going to be about what to do when that shit changes and this is going to be one of those shows.

00:05:25:20 – 00:05:42:24

Unknown

So we brought on Coach Dan Gordon and Dan is going to go out and Ganz. A whole brand is for bad ass entrepreneurs only. Okay, so we’re going to talk to you about entrepreneurial ism because you’re not another salesperson chasing a check. You’re selling houses in real estate. You’re you don’t work for your broker, you work for yourself.

00:05:43:05 – 00:06:00:03

Unknown

And if you’re not positioned as an entrepreneur or you don’t view yourself as an entrepreneur, I will promise you you’re going to be out of business in the next 6 to 12 months. So without further ado, let’s go ahead and introduce our guest coach. Dan, what’s up, Dan? Mike, thank you. Thank you. Thank you for having me. I just.

00:06:00:03 – 00:06:22:09

Unknown

I love what you shared. I am a big fan of things changing. I’m a big fan of things breaking in. I’m a big fan of things failing because in breaking, failing and changing, that’s where you learn the most about yourself. That’s where you grow. But as human beings, we are designed to avoid new things. It’s just it is endemic in our humanity.

00:06:22:14 – 00:06:46:07

Unknown

And your ego, like the part of you that keeps you safe, tells you don’t do anything new. And when something new happens, it says, run away from it. Yeah, but look, I have studied successful people all of my professional career and the one throughline of every successful person I’m talking from Richard Branson to Dr. King was the Theresa.

00:06:46:09 – 00:07:11:14

Unknown

Everybody who has made a splash in the world. They have run towards change, not away from that. Now, it’s an easy thing to say. I mean, that’s a refrigerator magnet, that’s an Instagram post. But how do you do it? Right? It reminds me of like when I went skydiving, I was all about skydiving too. My instructor rolls open the door at 10,000 feet and I’m like, Holy shit at this.

00:07:11:14 – 00:07:37:08

Unknown

It just got super real. Yeah, that’s so here’s the here’s the first thing I want you. Thank you, Mike. You too, listener to remind yourself of. And that is, I’m safe no matter what’s going on. That’s different or crazy or you’re worried about actually, you’re safe. And it is in worry that you shut down your creative pipeline and things get worse.

00:07:37:10 – 00:07:58:03

Unknown

So worrying does not help. We only worry because we. Because we feel like we’re in control. If I’m worried about something, I’m taking action. You’re not. You’re actually limiting yourself. So the first thing you have to do is you have to surrender, worry And and remember, if something was going to take you down, it would happen by now.

00:07:58:05 – 00:08:25:18

Unknown

You know, the fact and I love realtors, I love people who are in real estate and I’ve worked with over a thousand entrepreneurs. And the thing I love about people in real estate is they work harder because they have to. It’s a really weird business. You begin a real estate business at a very high dollar product, and most people who get into business to not start at a high dollar product, you guys jump right in to the fire.

00:08:25:20 – 00:08:51:24

Unknown

And so because of that, it is so important that you connect with your clients on an emotional level. Thank you at all. Right. And so what that means Wait, everyone has commission breath, though. Everyone’s out there selling their Have you seen interest rates that here’s the post going around social media right now. You know, here’s what happened in 1972 when buyers waited for interest rates to come down.

00:08:52:01 – 00:09:34:13

Unknown

I’m like, Quit selling your shit, dude. Like, why do you always have to sell, stop, start, stop selling and start serving people and watch what happens? Like exactly. You can’t be a salesperson anymore. Like you you, you are in sales. Okay? But anyone in sales isn’t good unless they’re great at service first. Yeah. And. And what you’re saying about sales, the the perfunctory term of sales is that everybody hates salespeople because the way that salespeople act now, if you are selling in that way, you aren’t a salesperson, you’re con artist, you’re trying to convince someone to buy something.

00:09:34:15 – 00:10:00:23

Unknown

If and we’ve all had those experiences where we bought something and think, Wow, the person who sold me this, they weren’t like a salesperson at all. They just helped me. But that’s what you have to do. So we’ve been looking at condos in Long Beach, right? And the thing that’s so fascinating about this, the the realtors that we’ve talked to is so many of them, just like you say, Mike, they’re just pushing product.

00:10:01:00 – 00:10:21:00

Unknown

Here’s what I want to hear. And I’ve never heard this once, but for my clients who are salespeople, arms who are real estate agents, I’ve told them to do this and it works like a charm when someone walks into a house that you’re selling, you greet them and you say, Hey, can I tell you the thing I don’t like about this house?

00:10:21:00 – 00:10:36:08

Unknown

And the three things that I love about this, I see that all the time. I used to trash fucking house and I’d be like, just because, like, honestly, the first showing was like, I always set up a decoy showing because on the first show, no one knows, no matter what you guys like, you guys know the business. Like people say they want this.

00:10:36:08 – 00:10:49:01

Unknown

They never end up buying what they fucking end up saying they want buying from the beginning. So I always threw a bomb in the middle, especially on the first groups of showings. And I was there to earn trust and I’d be like, Dude, I wouldn’t like that. I want to let your grandma buy this house with a ten foot pole.

00:10:49:03 – 00:11:05:18

Unknown

Get the fuck out of here. Like, there’s no way in hell I’m letting anyone buy this house and I’ll talk them out of the sale. But you’re right, because what happens is that people are just like, Damn, that guy’s looking out for me. And I hate those. The little things are what generate referrals, guys, those little things and all those dos being best interests.

00:11:05:18 – 00:11:24:22

Unknown

My client. Like, if you’re worried about yourself, then why the hell would you let them? Like, we just called moral responsibility, dude. Like, I don’t. To me, that’s common sense, but there’s a lot it is people that it’s not to it’s scary. And you guys are the ones that are going to get your ass kicked as this lawsuit changes.

00:11:24:22 – 00:11:43:12

Unknown

All right. And it is scary. And the scary part is, is that you put all the time and all this effort into work it into something and you get nothing from it. Right. And when that happens over and over, you get traumatized. I mean, straight up, you get traumatized by it and you’re worried. This is what I was talking about earlier.

00:11:43:12 – 00:12:07:14

Unknown

Your worries starts telling you a story that it’s going to happen again. But the only way is going to happen again If what if you don’t do something different? Okay. So I love I love what you said. Trash the place you will gain so much yardage by telling someone I do not like this about this house. And if you buy it, you have to be aware that this exists.

00:12:07:16 – 00:12:33:08

Unknown

And we were looking at this condo and and it was next door to this big apartment complex. And we said, you know what? We’re worried that it’s going to be noisy. And the the realtor said, oh, they’re no, they’re really quiet. Right. Like, he knows every person in the apartment complex, like my good. Mike Oh, shit. Mike So what he should have said is, how did you feel, though, right when he said that what you do like internally, you’re probably like, Fuck you.

00:12:33:09 – 00:12:55:19

Unknown

This guy’s like, I didn’t do anything internally. I laughed at him. Did you still use him? Well, no, of course not. See, we. Do you see those guys? But if he had said, Look, you’re right. It could be. It could be. No, you see, I don’t know. I would spend the night here. But the fact is, this place is $100,000 cheaper than the one down the street.

00:12:55:22 – 00:13:16:15

Unknown

It looks exactly like this that doesn’t have an apartment complex next to it. So you’re going to have to trade either a potential for some noise or spending an extra 100 k. And I’m I’m glad either way I remember a glad sorry to me after yes I’m sick. That would have made me trust him. That would have made me say, you know what?

00:13:16:15 – 00:13:41:05

Unknown

Right. But you cannot any objection that somebody has. You cannot counter that objection by trying to convince them that their objection is real. You start with this. Hey, I get it or that makes sense. Whatever they say, start with, Hey, I get it or that makes sense. And you will gain their trust, Be on their side. Do not be on your side.

00:13:41:05 – 00:14:12:01

Unknown

Nobody cares about you. They care about themselves. So don’t just promote the house like it’s lipstick on a pig. Be honest, be authentic. Even if they don’t buy that house, they’re going to come back to to you, which is how we got our realtor in Long Beach. It’s somebody who did that, and we picked her up. And when I was selling real estate in Chicago, one of the listings I took didn’t hire their previous agent, and I’m not going to call them out, but you know who you are calling you scumbag.

00:14:12:03 – 00:14:33:10

Unknown

But anyway, anyways, I guess when she bought the house and I lived on it, if you don’t know what the deal is, it’s a train. Okay? Oh, yeah, Yeah, for sure. And if you live next to the train, that thing is loud. I lived on the hill for three years, so I know it front and hand. And he told this buyer that was now my seller at the time that.

00:14:33:13 – 00:14:51:19

Unknown

Oh well the, the CTA is going to go ahead and put rubber. They have plans to put rubber wheels on all the all trains and that’s going to actually increase your value because the only reason this is a good price right now is because the property is next to the L train. But once that noise factor goes away, you’re like into a 10 to 15% equity cushion.

00:14:51:19 – 00:15:06:06

Unknown

No doubt. I’m like, Huh. You think they that that train is louder now than it’s ever been since it’s been alive there. But same thing. You just talk some into it and look how much you what was the opportunity cost on that? Right. Well, I got to listen a couple of years later and that turned into buy two.

00:15:06:06 – 00:15:36:09

Unknown

So be honest. I like it. Let’s go to the point in time in your at surrender. Yeah. And then what’s next? Listen to what people are saying like and you have to listen to people beneath their words, right? So if somebody says it’s too expensive, what are they really saying? They’re saying, I’m afraid I’m going to spend a lot of money and I’m not going to get value out of this.

00:15:36:11 – 00:15:47:04

Unknown

I’m not going to get what I want. And so, again, someone says it’s too expensive. Like, yeah, I know the market is crazy right now.

00:15:47:06 – 00:16:24:01

Unknown

It is expensive, but let’s talk about what it is that you want to so you get someone to open up. Just get them talking about their feelings because people do not buy based on logic, they buy based on emotion. People don’t buy on price. They base, they buy based on emotion. And if you are not talking with someone about emotion, about the things that they want, about the things that they’re concerned about, but the things that they love, then you’re having a conversation that is happening.

00:16:24:01 – 00:16:47:07

Unknown

It’s like talking to someone across a courtyard and yelling back and forth at them as opposed to being right up with them and chatting with them like I’m when when I talk with someone, one of the first things I say is, Hey, what’s the best thing that’s happened to us so far today? Right? Because it gets them into what their feelings are.

00:16:47:13 – 00:17:07:11

Unknown

So whenever I walk into a or whatever, we we walk into a condo that we’re looking at, it’s always the same questions. How long have have you been looking? Have you been looking in the area and do you have in your head? Yeah, right. And those three questions are designed to get business out of here. Got question number four?

00:17:07:12 – 00:17:26:21

Unknown

Can you please sign in here? Yeah. Oh, can you please sign in here? Give me your give me your Social Security number where you live and everything else. And so I could call you and try to close you. I saw you on something. Stop asking people to sign it. Stop it, Stop it, Stop it. Please, Please. Unless they show interest in you.

00:17:26:23 – 00:17:42:22

Unknown

Look, if people dated or tried to date the way that people try to sell. This is how. This is how it would go. You’d walk up to someone in in the bar and go, Hey, give me your phone number. And then they’d be like, Wait, what? Like, Hey, what do you say we go back to my place? I would think it’d be the other way.

00:17:42:22 – 00:18:03:23

Unknown

You didn’t ask for the phone number. You’re just saying that there is no phone number. I just go back to my place. You have to warm people up, and you have to really be focused on what they want, how they’re feeling, what they’re struggling with. You know, it’s when someone walks in, say, hey, you know, how was your buying?

00:18:04:00 – 00:18:25:14

Unknown

You know, how is your house shopping experience going? I and they’re going to say, yeah, it’s been a little rough. Yeah. Yeah, I bet it is. I mean, I don’t I don’t envy you. Yeah. You know, I mean, you know, it’s. Yeah, it’s rough selling houses, but you have it worse. I show that you understand them. Go to where they are.

00:18:25:16 – 00:18:53:04

Unknown

Let me ask you a question. Just switched this topic up a tad. And like, right now you have 8% interest rates essentially. Hmm. Properties are way overvalued. The others and if they’re not, they’re they’re expensive. Like they don’t come down but like just it’s simple math to me. Like there’s only so many people that can afford so many houses at some time, but when it’s at 8% rate.

00:18:53:04 – 00:19:11:00

Unknown

So not only that, but then you have this NAR lawsuit that comes into the mix. Yeah, Realtors are already having a bad year. They’re already people are quitting left and right, like it’s happening. Like, of course it’s going to move. Transactions are down 30%. Of course you’re going to lose agents or just common sense. But what do you tell someone right now that has all this this adversity and challenges?

00:19:11:00 – 00:19:27:01

Unknown

Because they’re look from agents and I understand, guys, you’re going to have to change. But I understand they are scared. And what do you tell them right now? They’re go they’re my reality is commission compressions real right. You guys are going to be getting 5% on a listing anymore. It’s just not going to happen. Like you could start.

00:19:27:01 – 00:19:41:10

Unknown

My guess is my guess is going to go down to about one and a half percent would be what I would anticipate. My side’s going down, too, which means it’s going to be cut like 40%. I don’t think it can happen overnight. I think it’s going to be like five years from now. However, what do you tell someone with that?

00:19:41:10 – 00:20:07:13

Unknown

What what what is the opportunity now? Well, every entrepreneur who comes to me has a reason why they’re not selling. It’s the economy. You know, it was COVID. It’s my mother in law, Right? It’s this. And what I say to everybody is somebody’s selling right. Right now there somebody with a lot of money spending a lot of money on something really expensive.

00:20:07:15 – 00:20:31:06

Unknown

Well, who is that person selling it to them? What are they doing? And the big question is, have you invested your time and energy in learning how to sell better? Have you watched YouTube videos? Have you talked to people who are doing well? Have you researched online people in your area, realtors who are selling well? Have you had lunch with them?

00:20:31:08 – 00:20:57:16

Unknown

Right. Not to pick their brain, but just say, hey, I just like get to know people in your business who are doing well in your business. You don’t have to buy anything from them. Just get to know them. Yeah. Because there is a way that you are being if you are struggling that is not working. And if you try to keep doing more of this same thing, it’s like driving faster in the wrong direction.

00:20:57:18 – 00:21:16:17

Unknown

So it’s up to you to to find out. And I and I actually like to help all of you. I have a giveaway kind of give your audience something to shoot. Okay. So I have a book called Jump in the Gap, Kill Your Story and Take Action. And this is a book that I wrote about seven years ago after I lost everything.

00:21:16:17 – 00:21:38:13

Unknown

And in a month I lost $70,000. I lost my marketing company. My world went to shit eight months later, I walked out on stage in Dallas, Texas, being paid $10,000 for my first speaking gig. Now the journey from the floor to the stage was all about changing the stories in my head. What I believe, like the real estate market is crap.

00:21:38:14 – 00:22:04:03

Unknown

That’s a story. Now, of course, in the 3D world, you can point to it and say, Yeah, it’s actually happening. But I’ll say again, somebody is selling houses, somebody’s buying houses. You can be that person. So changing your story is the beginning. So to get my book, it’s free. Just text the word gap GAAP to this number 2134 or 9836×2134098366.

00:22:04:03 – 00:22:32:20

Unknown

Text the word gap GAAP to 2134098366. Text the word gap and you can download. It’s a quick easy read. And so many people have told me, Wow, this really blew my mind. I thought these things that I believed were real. Turns out it was just a story. And the great thing when you stop telling yourself stories, you can get the people that you’re selling to to stop telling themselves stories like it’s too expensive.

00:22:32:20 – 00:22:55:03

Unknown

Now isn’t a good time. I’m not ready. Those are all stories. Yeah. Jumping the gap is about moving yourself and moving other people from one side of where they are, where they don’t want to be, to the other side, where they do want to be over the gap of their fears. And the only reason that you’re struggling right now is because you have fear.

00:22:55:05 – 00:23:26:03

Unknown

You have fear that you’re not good enough. That is not going to work and you’re afraid of investing yourself in learning new things. Because when you learn new, new things, there is you realize the shit ton of things that you don’t know. It’s it is. It’s terrifically intimidating. Oh, wow. I have to learn all these new, new things and but it’s the only way when I change my my life, I had to learn so many new things in such a short period of time.

00:23:26:05 – 00:23:50:12

Unknown

And it was really hard. But you know what I got used to? I got used to not knowing things and I got used to failing and not knowing things. And failing is the best way to turn your life around in. Sounds like we’re very similar stories in our personal lives, but you guys look what is is absolutely true.

00:23:50:12 – 00:24:10:22

Unknown

Like until, you know, I say survival of the fittest. It’s like the squirrel is out there, figures out where the nuts are, right? He’s just going to figure it out. Animals figure it out, and you’ll just figure it out, too. But you have to change, like and that’s the opportunity there is right now. And it is reluctant. I remember when I was making so much money that my ego was so big that I was my own worst enemy.

00:24:10:24 – 00:24:33:10

Unknown

And what and what ended up happening was I wouldn’t change. Like I couldn’t at that time, I couldn’t even like book appointment on my own calendar because I’d have someone do it for me. I couldn’t even I couldn’t even do the most basic shit. Like, seriously, I’m embarrassed about that whole time in my life. And it wasn’t until I went broke that I had no money, that I had to just get back and figure out myself.

00:24:33:10 – 00:24:56:21

Unknown

But it took the complacency that I was at like the 3 to 4 year period. Whenever that was two, three years, whatever it was fucked up my mind so bad that I literally couldn’t even do anything like I could. I was just so used to having everything done for me and everyone saying yes to me, whatever the fuck I wanted to do that When I when everyone left and the money was gone, I couldn’t even fucking put on my own damn pants, dude.

00:24:56:21 – 00:25:17:20

Unknown

Like, it was embarrassing and it took that. I don’t know if the word is, but it took that experience, that humble, humble humbleness, I guess humbling experience to literally, like now I’m it’s like if I won’t let anyone do anything I haven’t done first because I have to do it like especially now, business are growing. I’m hiring, I’m doing this doing that.

00:25:17:23 – 00:25:34:08

Unknown

Yeah. And I don’t believe you can run any company without something you haven’t done yourself. At least be lead of it. And I’m I’m putting myself in all those positions. I personally will shoot videos of people. I personally done all this stuff. I grinded it out because I know the process. I’m perfecting the process. Then I’ll teach somebody else.

00:25:34:10 – 00:25:49:22

Unknown

And when I teach not to somebody else, until they’re ready, they’re going to do with another person. They’re going to do it in another person. And I can keep fucking going until I have 20 of you guys, right? And it’s just same thing. Like, I’m going through a lot of reflection right now. I read two books this month I haven’t reread.

00:25:49:24 – 00:26:08:11

Unknown

I wrote two books this month. I haven’t read a book in fucking five years. Well, you know, I, I in the gap that I’m going to business church event tonight. Yeah. Sign up for a conference. I’m. You have to do this stuff, guys. Like, I’m pushing myself out. I’m doing it. But you have to do it too. And that’s the opportunity, the business.

00:26:08:11 – 00:26:33:17

Unknown

If you stick around with all these Debbie Downers and people doing the same shit, you’re going to be one of them. So you have to get out, go to these events, fly across the country, call Coach Dan, fire people, get with people, listen to people, read, do everything you weren’t doing 12 or 18 months ago. We’re closing doors in Be afraid like seek discomfort.

00:26:33:19 – 00:26:59:12

Unknown

Yeah. Things that you don’t want to do. Do those things. If you find yourself comfortable in conversations, you’re talking to the wrong people. If you’re if you’re unloading with someone and you’re both griping about the industry right now, you’re talking to the wrong person. Yep. If you are not talking to someone who is doing ten times better than you, you are wasting your time.

00:26:59:14 – 00:27:22:11

Unknown

You always want to be the dumbest person in the room. You’re your industry is changing dramatically as all industries are. You got to stay on top of the wave and that’s going to mean investing yourself in doing the things you don’t want to do because that’s what every successful person has done throughout history. I like it. Why don’t you tell them one more time?

00:27:22:11 – 00:28:04:09

Unknown

You get that book? Yeah. Jump in the gap, kill your story and take action. Just text the word gap GAAP to 1340983662134 or 98366. Text the word gap GAAP. Appreciate coach Dan appreciate you guys listening folks if you like that change it’s time to go ahead and check out the software we just released referral suite dot com that’s WW W that referral suite dot com it’s as yet just like the popsicle and the reason why is because the industry is changing we’re changing with it so for all of you that stop and you neglect your database because that’s the reality where the business really comes from the people you know, like a trust and like

00:28:04:11 – 00:28:21:10

Unknown

trust you, well, now’s the time to change and start marketing them, right? If you’re not generating ancillary streams of income with your service from companies like solar Mortgage and all these other streams of income that you’re literally just passing by, well, you need to check out referrals. Me folks, build a brand. Your brokers are going to do it for you.

00:28:21:12 – 00:28:40:21

Unknown

You work for yourself. I don’t care who you work with or where you hang your license, now’s the time to do it. Put on your big boy pants. See you on the other side. PS Thank you for watching another episode of the Real Estate Marketing. Do podcast. If you need help with video or finding out what your brand is, visit our web site at WW dot Real estate Marketing dude dot com.

00:28:40:24 – 00:28:56:14

Unknown

We make branding and video content creation simple and do everything for you. So if you have any additional questions, visit the site, download the training and then schedule time to speak with the dude and get you rolling in your local marketplace. Thanks for watching another episode of the podcast. We’ll see you next time.

Pivot (ft. Nick Sarnicola)

Todays market is a brutal one. If you are going to succeed, you need to learn how to pivot. If you are stuck in the same old business strategy, you might be in for a rude awakening.

Resource

Transcript:

00:01:29:05 – 00:02:00:08

Unknown

00:02:00:10 – 00:02:23:24

Unknown

What’s up? Ladies and gentlemen, welcome. Another episode of the Real Estate Marketing Dude podcast. Folks, we’ve got a lot to talk about today. I want you. If you’re sitting to work working out, I want you to stop working out and grab your pen and paper. If you’re sitting at a desk, grab your damn pen and paper, because we’re going to be chatting about today is exactly how to pivot in today’s marketplace, because I can’t tell you the amount of stories, the amount of posts I see on social media.

00:02:24:01 – 00:02:45:14

Unknown

As a matter of fact, I just logged on to Facebook one day today and in the post that I read was, Hey guys, it was an anonymous, of course, because no one wants to admit this, but this is happening all over the country with people in the industry. And she goes, Ah, he says, Hey guys, this is the worst year I’ve ever had in my life and I’m not going to make my mortgage payment in the next 30 days.

00:02:45:16 – 00:03:07:02

Unknown

I don’t know what the fuck to do. Essentially, where do I do? Guys like they’re just asking for help. And this is a consistent story’s us right here, folks. 90% of the industry has never seen a shift. Repeat that. 90% of the industry’s never seen a shift. And if your broker has ever seen a shift, it’s very hard to find leadership in this marketplace today because you got to see people who are doing it.

00:03:07:04 – 00:03:23:02

Unknown

Reality is that these are the best times. And even though it might be hard right now, whoever does pivot, this is when people are born, this is when brands are built. So market share is taken. And this is when you really build your legacy. It’s when things go easy that it’s very hard to stand out. When things don’t go easy, it’s very easy to stand out.

00:03:23:04 – 00:03:44:23

Unknown

So the opportunity you have in front of you is very trying for any of you guys. And it might not be smooth road right now, might feel a little rocky and that’s normal. Welcome to the shift. But it’s what you do and how you react is going to make the difference. So if you don’t want to end up like the story I’m going to or I just told you about, I want you to listen to our guests today because this guy knows all about pivoting.

00:03:45:00 – 00:04:06:14

Unknown

Absolutely. Lutely, super successful, sold his company. I’m not going to let him tell you, because this guy’s a serial entrepreneur, but there’s not a better person to have today than the get your get out of your damn box. Get outside your box, get out of your own head. There’s a ton of opportunity, but you need to pivot. So without further ado, let’s go out and introduce our guest, Mr. Nixon, a Did I say your last name right?

00:04:06:14 – 00:04:23:17

Unknown

Nick In Alamance article it’s like Coca Cola. That’s not Italian, is it? It is. Jesus. I didn’t think it was. Oh, my goodness. All right, let’s tell everyone who the hell you are. What are you doing? What are we good to talk about today? Yeah. All right, I’ll. Maybe I’ll give you a call about 92nd or 62nd version.

00:04:23:17 – 00:04:40:16

Unknown

So I live in Miami. Data entrepreneur, originally from Michigan, super blue collar, middle class upbringing. All four grandparents worked at the same factory. Dad, uncles, brothers, all worked there. I said, Hell no, I’m never working there. I want to be rich one day. Couldn’t sing and dance, couldn’t rhyme, can’t act, can’t play an instrument, not going to do anything illegal.

00:04:40:16 – 00:04:57:23

Unknown

So what was left? Sports. When I played college baseball while playing college baseball got introduced to kind of like I would say, the lowest common denominator to sales and entrepreneurship, which was the direct sales and work marketing and sales. 18 I drank the Kool-Aid. I made no money for several years, but I attended every event and every training.

00:04:58:00 – 00:05:21:13

Unknown

And that’s the best part about that industry. It’s just nonstop community culture and training. And you’re just, you know, you’re trial by fire. And I learn sales, I learn objection handling, I learn prospecting. And then finally, I learned leadership made my first million and direct sales at 25. Company went to business. I bought the assets of that company and gave birth to a company called by Salus and it was a 15 year run.

00:05:21:15 – 00:05:38:15

Unknown

But on that journey we built it up to about 40 million a year. It crashed in 12 months. It went from 3 million a month in sales to 600,000 a month in sales, and that was because of the recession, the same one that hit all the all in real estate in 2009. It buried our high end anti-aging supplement company.

00:05:38:17 – 00:06:03:14

Unknown

And what did we have to do? We had to pivot. And I’ll talk about that pivot later. But we pivoted. We created body buy by the 90 day challenge. We did 2.2 billion in sales, 19 countries, 3.6 million customers made tens of millions of dollars, personally created 70 millionaires. It was freaking epic. Sold the company three years ago and now a company called Renewable Real Estate, which is a platform that connects real estate agents to the best solar professionals out there.

00:06:03:14 – 00:06:25:13

Unknown

And does a commission split down the middle to both sides. So I get it in 75 seconds, I think. Yeah, I think I think you freakin nailed it. You might have done this before. I think. Oh, yeah, you guys in the 2009 was the last time the market. What you talking about? We need to pivot. So last time the market for those are there weren’t around which again is 90% of the people are listening to this right now.

00:06:25:13 – 00:06:47:23

Unknown

If you’re still practicing there’s all kinds of opportunity in those times as well. But it wasn’t just sitting there. And what I see in the industry today is a tremendous amount of opportunity to pivot. You can see what’s going on and here’s why. You guys. Let me first just paint the picture. If you got your head in the fucking sand, there’s a huge there’s a huge lawsuit going on right here, some tapping new commissions.

00:06:47:23 – 00:07:06:08

Unknown

Commission compression is real. It is happening. The days of you getting 5 to 6% commission are no longer. It’s not going to happen because what’s going to happen? I guarantee it. I mean, right for the last ten years of this damn podcast, I guarantee you I’m right on this one. What’s going to happen is that people are going to start undercutting themselves and you’re going to compete on value in price.

00:07:06:08 – 00:07:24:04

Unknown

Initially, that’s what’s going to happen because Narcan no longer control buyers, agent commission, that’s going to go away. You can’t say you have to get credit cooperating commission. And when agents start going up against each other and there’s a lack of value, people immediately compete on price. So that 5% commission is going to go down to four and a half and you’ll be like, No, that motherfucker took four and a half.

00:07:24:04 – 00:07:51:19

Unknown

I’m going down the 4%. Fine. I just want the damn sign in the yard. Fuck, I’ll do a signing yard for three and a half, and that’s the beginning of it. You guys, are everybody in real estate? You no longer sell real estate. You are the fucking digital mayor of your damn market. You are everything home services, You are Home Depot, and you have to be everything around the transaction of real estate buying and selling real estate, I believe, is only part of your job, even though it’s probably one of the most fruitful, one of the most, you know, lucrative pieces.

00:07:51:21 – 00:08:17:24

Unknown

It’s not all. And that’s why, you know, a guy like Nick came over and created a solution for solar income opportunities for real estate agents because you share that client. But that’s part of the battle. Solar is just one aspect of it. I believe you guys have a multitude of opportunity to get in there. This is the reason why mortgage companies are creating is legally so that real estate agents can actually partake in a commission of the lending company.

00:08:18:01 – 00:08:38:11

Unknown

You’re going to see this across all fronts because it doesn’t mean you’re going be out of business. Just the way we did business is going to change and change, and I think now’s the perfect opportunity to change with it, because whoever does is going to be the one standing while everyone else is floundering. And what happened in 2009 were that not the people didn’t change what happened.

00:08:38:13 – 00:09:00:22

Unknown

They got crushed. So sorry to go on a long winded rant there, but walk us through this pivot because I see nothing but opportunity here. And although it’s painful right now, if you’re a real estate agent, what the hell are you doing? Well, I think number one is talking about pivoting in general philosophically and God has a sense of irony in my opinion.

00:09:00:22 – 00:09:26:18

Unknown

There’s there’s two major things that are required of us to be highly successful as either an entrepreneur, a sales professional, or a sales leader or even a solopreneur. There’s two requirements like, you cannot argue it. It’s law. One is you must overcome your fear of rejection, and two is you must be constantly changing. But then you had God is like, Let me just fuck with people.

00:09:26:23 – 00:09:48:22

Unknown

I’m going to make you so highly resistant to these two things that you will literally break down. You’ll take anxiety pills, you’ll go search out, you know, a shamans in the deep forest. You’re going to do whatever it takes to figure out how to overcome the pain of rejection and and change. And I really think about that all the time.

00:09:48:22 – 00:10:08:04

Unknown

Like, okay, to become successful, the biggest fear of all people is the fear of rejection. A lot of people argue, No, no, no. It’s a fear of public speaking, and I’ll argue back. That’s just a fear of being rejected while people speaking publicly. That’s that’s what that rejection of what’s what that fear is. Right. So that that fear is required in order to sell because you’re constantly being rejected.

00:10:08:08 – 00:10:31:06

Unknown

Everyone on the line right now knows you cannot sell if you’re not if you can’t handle rejection. School preparedness. Absolutely terribly for this school said get 59 out of 100. Right. And you’re a failure. Now, we’re over here in sales. We got 59 out of 100. Right? You’re a millionaire or beyond. In business as an entrepreneur, you only got to get one right?

00:10:31:06 – 00:10:47:00

Unknown

I got one right. That’s it. My career and it made me tens of millions of dollars. Right? So that’s the failure part. And then there’s that second part. The second part is change. And I’ll tell you guys, it’s way easier. It’s way easier to get over the first one. The fear of rejection than it is to get over the second one.

00:10:47:00 – 00:11:09:22

Unknown

Because once you overcome the fear of rejection and everything is working, that’s when shit starts changing. And we don’t want like, I think we’re more accepting producers, performers, producers, performers. We’re more accepting to change when things are not working, then we are things are working and which is what you might be saying. Shit, shit. Sitting, working right now.

00:11:09:22 – 00:11:33:22

Unknown

Nick But hang on a second. Turn back the clock. I don’t know. I was 18 months ago. 18 months ago, real estate was the top of the top of the top of, of, of the game. You guys were killing it here in Miami. You didn’t have to show up in. You’re making $10,000 commission. 15,000 a commission because people were just sending you offers so nobody would see you wouldn’t thrown open house and that was so easy to you.

00:11:33:22 – 00:11:52:16

Unknown

The last thing you want to do is change that. Right? So a little bit of a rant there. But philosophically, you overcoming change, a pivot is change. And that is hardwired for us to be up against as a human. Let’s that is really good. I want to dig even deeper at that. He writes, She knows fear is required.

00:11:52:16 – 00:12:10:18

Unknown

I have my mantras. Faith over fear. I have no fear because I have faith. And that’s honestly been the story of my last seven years. It’s how I actually moved to San Diego. And you have this. I’m not saying you have to follow Jesus. I want you to encourage you to guys, but that is up to you. But you do have to overcome that fear of rejection.

00:12:10:18 – 00:12:31:24

Unknown

That’s my way of overdoing, of doing it. And many things in life, Right. So whatever that is, that is as cool as I remember when I first got out here, I went to a mastermind and Jesse Hartzler spoke. Yeah, and it’s there. It gets up there and I’ll never forget this. And he’s like, so broke, you got to fucking be uncomfortable or no, you got to be comfortable being uncomfortable.

00:12:32:01 – 00:12:45:23

Unknown

And I’m like that, that’s being uncomfortable. And I sat there and just thought about it, like, and think about it like you’re not growing if you’re not right. That’s really what you’re saying here is because then the second part is to change. Like people don’t. You’re right. No one wants to actually change when the going’s good. Like, No, no.

00:12:46:00 – 00:13:08:06

Unknown

Who wants to work? Like, come on, I’ve just made 50 grand last week, working 10 hours last month or last week. You want to change but that? Yeah. Then you think it’s going to go well. And let me give you guys another example. Just I’m just over packing this from video perspective. So we have a video marketing company and in real estate and we’re not doing anymore because we got our asses kicked with the business.

00:13:08:06 – 00:13:23:23

Unknown

So I had to pivot. I pivoted into the attorney world. We create content for them now, but I saw the pivot and there’s always a pivot there. That’s another example of mine. But let’s just take someone who is trying to get on video and build a personal brand. Everybody is scared because of what they’re going to look like on camera.

00:13:23:23 – 00:13:41:07

Unknown

Never before it is. This little six inch device made a grown ass man buckle at the knees and turn into a little, little, little child. But it does for some reason. Why? Because you’re fucking scared of a little device. Why you’re not scared when someone wants to hand you money unless you’re allergic to it. So literally, right here, you got it.

00:13:41:07 – 00:14:00:11

Unknown

Breaks them out. Why? Because it’s new. They’re scared of what people are going to say about them. But the ones who did change and I don’t know anyone who’s been on video consistently over the last 18 months to 24 months that isn’t successful now. And that’s not just by accident, is it? It’s because they built a personal brand, but you have to be willing to do what others won’t.

00:14:00:11 – 00:14:19:06

Unknown

So well-said. I love that point. You guys unpack that. That is so, so, so, so good. Now changing. Yeah, let’s get into it. So I sort of went off on a tangent there. I thought that was really well put. Today’s opportunity. Yeah. What is that change? Because I think what people really want is, All right, give me specifics.

00:14:19:06 – 00:14:35:14

Unknown

I good. I have to change it by blah, blah, blah. And some people like the person I mentioned, when your backs up against a wall like this is survival of the fittest. This is why people survive when there’s no water for months is because when it hits the fan, you fucking figure it out. And I bet I’ve experienced so much.

00:14:35:14 – 00:14:50:18

Unknown

But I’d like to see what are those things right now? Like, what do we do? You don’t have a choice, right? You know I’m a choice. So I’m going to go back to a quick story that 2009, when our sales dropped from 3 million about to 6000 a month, we had just got bought a year earlier, so we got bought at our peak and then it crashed.

00:14:50:20 – 00:15:10:22

Unknown

This was a publicly traded company who’s a billion and a half dollars, and they decided based on that next years of sales to write us down. Now, when a company is public, write you down what that says is they claimed you as a failure and they got a tax break on their investment in you. It’s the most embarrassing thing that can happen to you as a company.

00:15:11:03 – 00:15:29:12

Unknown

When an investor buys you and then writes you down as it’s not like your cousin is like, I’m writing you off at these, don’t send you a Christmas present more. This is a publicly traded company. You’re listed as a tax deduction because their investment was shit in you, in their opinion. So they said, Look, this pile is your pile.

00:15:29:14 – 00:15:50:07

Unknown

We’re out. No giving it no more money. If you want to save it, you save it. And we locked herself in a room, my partners and I. And we had, we had. We broke apart every piece of the business. And here’s what we ended up doing. We took our third most successful product, which the margin of success between product number one and product number three.

00:15:50:09 – 00:16:08:15

Unknown

Wasn’t it wasn’t like a relative number that was like, wow, it’s a close third place. It was like 70% of sales to 20% of sales, 4% of sales. Like it was irrelevant. This third product was a meal replacement. We said, Look, everyone’s broke right now, but what are they going to keep doing? They’re going to keep eating. Okay.

00:16:08:19 – 00:16:24:15

Unknown

So they have to keep eating. Got it. All right. Well, why don’t we table let’s put the meal replacement first. So now you guys ask yourself where inside your business model is the must, where inside your business model is? They have to, no matter what, no matter what happens to the market, no matter what happens to this or that.

00:16:24:21 – 00:16:42:02

Unknown

I think in real estate 2009, it would have been all of the all the foreclosures, the short sales and arbitrage, where I was that I was like, screw the short sales. And the ones I learned it killed it, right? Yeah, the ones who learned to kill it. You made the adjustment, you crushed it, said this is what’s going to happen.

00:16:42:04 – 00:16:59:04

Unknown

So we said, okay, I’m the only place it’s not enough. Let’s create a referrer. Three years, a three campaign, and then let’s package it around something that had never been done before, which was let’s launch a 90 day challenge. That way they buy our product for at least 90 days. We and that sounds like it’s like, well, those are a dime a dozen.

00:16:59:05 – 00:17:18:12

Unknown

They weren’t then. We were the first ones where the fathers are the godfathers of child based marketing. So we came up with a blue ocean. So what’s a blue ocean? That was you guys. The challenges we were never back. Yeah, that’s great. I use those out of my time now. Thanks, Audie. Bye bye. The 90 day challenge we enter to win 2 billion plus in sales.

00:17:18:12 – 00:17:36:06

Unknown

Right? But that was all forced because we were forced to change. Otherwise, that idea never happens. So we made the decision. We put all of our money in and like I said, it works, but not all of that’s great for us. And back then, let’s bring this to you in the now. So you’ve got your back against the wall.

00:17:36:08 – 00:17:52:17

Unknown

Maybe your broker does, maybe your whole team does. Are you all going to scurry? We watched a bunch of leaders scurry this little rats off the off the boat scurrying to another boat. That’s going to save opportunity, though, correct? It’s about right now. You got to find your tribe. I think that’s a really important point. Who’s your partner?

00:17:52:18 – 00:18:12:11

Unknown

Who’s your tribe? Who’s who’s going to no matter how bad it gets, go to war with you. I mean, you’re going to make those calls together. You’re going to do that. You’re going to knock the doors together. You do whatever the hell it takes together, including the leader. Are the leaders. Got to be all in on this. If you’ve got a leader that’s got you know, they’re a pilot with a parachute on that, that’s a that’s a bad that’s a bad sign.

00:18:12:13 – 00:18:32:15

Unknown

So I think I think it’s starting that one I’m making it back to you is if you’re going to fight this thing out, you’re going to win. It’s you’re going to have to make the decision. I pivot as required. Ah, where’s the blue ocean and or where’s what’s something else that can be sold in the now And then lastly, you’ve got the book up there.

00:18:32:18 – 00:18:53:04

Unknown

Yes. And then lastly, who’s your tribe that you’re going to war with? And you can count on, even though you guys are fighting a a battle where it’s like it’s just the gladiator, three hundreds against that person, you know, army. It’s like, who’s your 300? You kick it out to you. So that’s pretty cool. Just out of curiosity.

00:18:53:04 – 00:19:07:21

Unknown

Question, What would have happened if you had they they, they cut you, they cut all your capital off. They they stopped investigating. What would it have to cut it? What would have happened to you? Like, did you guys if you didn’t do it like you just when it went bankrupt, you would have broke what. Yeah, they would. They would they would have shut the doors and a lot of been the end of it.

00:19:07:21 – 00:19:27:01

Unknown

So we the three of us put four or 5 million and it was the last dollar any of us had and we put four or 5 million in 1.6 or something like that. And they, they gave us a3x liquidation profit. So like, sure kids, you think that’s bullshit, We didn’t buy this garbage, we bought this company. You’re trying to you’re trying to make it a new company.

00:19:27:05 – 00:19:48:00

Unknown

You put the money in. So they gave us a3x liquidation preference on just that route alone. So we ended up taking out 4.8 or 4.5 each based on making it work the next year. And then we got our whole buyout in the following years to come. Otherwise it would have been the end of it. I would even add a third tier one and two and the third being all in.

00:19:48:00 – 00:20:04:05

Unknown

You need to go all in on yourself then. Oh, required. You get you can’t, you can’t like turn back like you can’t even have a second of hesitation. You know what I mean. Like you can’t be like, oh well was this the right decision, bro? If you’re even asking that question, it wasn’t your food. I mean, you let me think about your food at that point.

00:20:04:05 – 00:20:29:18

Unknown

You got it’s like you have all these gazelles trying to figure out like, go straight, left or right and you’re one of the gazelles and you’re going to slow down and question your decision. And once it’s like you’re whether it’s left straight or right, whatever it is, run your ass off and keep going and don’t look back. So one is and I don’t know if you guys the cards is basically surround yourself with the people that are going to need the same shared clients.

00:20:29:18 – 00:20:47:05

Unknown

I mean, this is like this is really simple like you guys could just the mortgage brokers having just as much trouble as you are. You want to find the one that’s just as hungry as you are. Same with title, same with every other ancillary service around the transaction. That’s point one. I’m going to do like I’m going to go out there and get my tribe to.

00:20:47:10 – 00:21:03:24

Unknown

I think you got to be loud. Like while everyone else is in retreat, you need to scream from the fucking rooftops. This involves marketing, don’t you? Got This is when you triple down on marketing. This is when like because it’s all attention based in this business, people don’t really care who their real estate agent is and the vast majority of them over to the tune of 90% higher.

00:21:03:24 – 00:21:26:16

Unknown

The first one they meet with. Therefore, what’s your fucking job? Become the first one they meet with. Focus on your personal brand, Blow it up because a lot of people are going to go quiet. I think that’s a huge opportunity for right now. Well said. A lot of I’m going to go quiet, brother, because nobody committed. If you read Influence by Karl Dini, The Psychology of Persuasion, one of the six tools of influence is commitment, consistency.

00:21:26:21 – 00:21:44:08

Unknown

So why do people follow through on should they say they’re going to do when they say it publicly? Because they there’s a commitment, a consistency, part of their brain. It’s like I told the world I have to follow through. So all the people that are fear based right now, they’re they’re pulling back on marketing. They’re pulling back and saying, I’m going to do this and I’m going to do that.

00:21:44:08 – 00:22:00:17

Unknown

I’m going to make this happen. Because they don’t they don’t want to be judged. If it doesn’t happen and I don’t want to feel inconsistent. They don’t believe they can do it. So they have a feeling of inconsistency. So they won’t make that commitment. So I think what you just said, getting getting loud or noisy, that doesn’t mean volume.

00:22:00:22 – 00:22:21:09

Unknown

What he’s saying is quantity. Put out more content, put out, put out more videos, but get more visible now when everyone else is crying in their pillow, not attending their networking events, not attending, you know, the stuff they should be attending. You should be the most visible person. Yeah, it happened in I mean, the recent time was covered.

00:22:21:09 – 00:22:38:01

Unknown

Like look how many YouTubers and Tiktokers became famous during that time because they had nothing else to do. They doubled down on their content and I don’t know anyone who really doubled down that didn’t come out of that on the upside. And it’s just attention. This is all touch it. It’s a popularity contest. No one really cares how good of an agent you are.

00:22:38:03 – 00:22:55:23

Unknown

Like at the end of the day, it doesn’t really matter because you have to be contacted first. Like, great, you’re the best agent in your market. That doesn’t fucking win you. The deal wins you. The deal is the most trusted agent in the market. Whether you’re good or not at your job doesn’t matter. It’s all in the eyes of consumer who didn’t think of first, who didn’t think of first, they think of first.

00:22:55:23 – 00:23:12:13

Unknown

And that’s what a lot of this business is. It’s like said, it’s a popularity contest. Let’s talk about I want to talk a little bit about some of your stuff that you’re doing with the solar industry, because I like it. I like it a lot. I think it’s a I think it’s the future not just in solar, but I think all ancillary services.

00:23:12:13 – 00:23:32:21

Unknown

I think this is the pivot. Yeah. Or the shift. I think it’s for the industry as a whole. And like one thing that I think every here’s what I think the future is. I think every team slash brokerage is a mini brokerage, whether you’re at any XP or coal banker, it doesn’t matter independent, whatever. But every team will work within a solution.

00:23:32:21 – 00:23:54:21

Unknown

That team will also be an investor homebuyer. I think they’ll also have a mortgage arm inside of office. I think everyone in that will be selling solar through a company like yours. I think that everyone in there is literally the Home Depot of their market. I don’t I don’t like any business that just has one stream of income.

00:23:54:23 – 00:24:22:19

Unknown

Like that’s a business built on a house of cards. Wait and fall, isn’t it? Like, look, you have to diversify. So what’s your opinion on that? And what do you is that one of the reasons why you went into the solar industry here and your scene in curious to get your take. Yeah so commission compression what you shared it’s going to force this and you know I see a world one day not a negative way but a positive way where there’s going to be a real estate agent is becomes like a concierge to all things in the home.

00:24:22:21 – 00:24:41:02

Unknown

Yes, but newsflash, you already are you already are the most trusted advisor for all things in the home, but you’re not getting paid for it. You know it doesn’t. It’s the cool. They ask you. Who do you got for pool guy? If somebody wants a roof, they ask you, Who do they want for the roof guy? They don’t call the roofer and ask for a pool guy.

00:24:41:05 – 00:24:57:16

Unknown

And they don’t call the pool guy and ask for the roofer because they don’t trust those. Do they trust the agent? No one trust the pool boy. Nobody but the pool boy works for the pool guy. Right now. I want to go back to commitment and consistency. This is two references, so you got to read the book if you have it.

00:24:57:16 – 00:25:15:18

Unknown

Yeah. It’s one of the best sales books of all time to read it. But let’s go back to commitment consistency. If you’re a homeowner, you trust your real estate agent, even if you don’t like them, and even if you don’t want to trust them because you paid them more money for a transaction than anyone else you’ve ever paid for a transaction in your life.

00:25:15:22 – 00:25:36:09

Unknown

And for you to actually verbally say, I don’t trust my my real estate agent or act on that is a treason against your own brain. Your brain won’t allow it because you just paid that person 510, 15, 20, $30,000, which is the most commission ever paid a human. So therefore, I must trust them. I got to be consistent with that.

00:25:36:09 – 00:26:08:00

Unknown

Let me ask them about a flaw guy. Let me ask about you. Get the idea. So you being that person, we’re just talking about a world where maybe you’re going to lose a few points in the House, but you’re going to pick up money everywhere on everywhere else. Well, you begin to monetize on your connections and obviously inside of the rules of respites and run and, you know, rounding this out, Mike, all we did is we found the very clear conversion rates was the highest from a real estate agent.

00:26:08:02 – 00:26:28:22

Unknown

Then anybody else when getting a referral for solar. So after seeing that over and over and over again, I said, Wait a second, I’m just going to build a platform that’s only for brokers and agents. I’m going to become a service provider to that world so that I can bridge the gap for them. I want to service them, bridge the gap for them, for B to B to C, let them go sell my shit.

00:26:28:24 – 00:26:50:11

Unknown

And now when we do a commission split down the middle between our sales, the solar side and the real estate is do a commission split sharp. It’s coming from Chicago. Like solar to me is somewhat new. I’ve been out here five or six years, but it’s like and I’m like solar. It’s all solar, you know, what is that?

00:26:50:11 – 00:27:08:09

Unknown

And you live in the winter, you’re from the Midwest. But I didn’t realize I know some agents that are crushing it and they’re making more money on solar than they are on their real estate business. And it just it it makes sense is because you guys got to look at it. Here’s here’s what we’re really talking about is you have to become that one known resource.

00:27:08:11 – 00:27:24:12

Unknown

And the reason why so many agents have trouble staying in front of their networks is because you don’t know what the fuck to talk to them about. You sold them a house and everyone’s got commission breath and you can’t be breathing on someone for 5 to 6 years. They’re going to turn you off after year one. If all you’re doing is just breathing your commission breath all over.

00:27:24:12 – 00:27:43:12

Unknown

You got anything else for me, bro? Talking about sales like it’s disgusting. You got doesn’t mean you stop talking to them, though. Having other value ads, like talking about the benefits of solar, that’s content. You could create that reminds them that you’re in business, and that goes for every vertical. It’s not just solar. Like you have to have no idea how dead ass right you are.

00:27:43:12 – 00:28:03:02

Unknown

It’s actually the lead we create. All these resources for an agent, like all your news posts, generic stuff, text, generic stuff. And if somebody is interested, they’re going to contact you and you think this is just the ego. You think sending the Christmas card with you and your kids and the dog and the magic pajamas is what your client from six years ago gives a shit about.

00:28:03:04 – 00:28:20:07

Unknown

Do you get your Christmas card? Looks like everybody else. They don’t care. That’s all you know. But if you could give them value, add about it any charge or information that how the whole world’s going electric with cars. This is why solar is important or pick a different lane. They’re not. You’re not educating them now that you’re educating them, you’re the plug.

00:28:20:09 – 00:28:39:15

Unknown

So like Christmas is coming up, right? So what I would do if I’m selling solar is I would create a case study of how much money I sold or I saved on my electrical bill this year. And then how much of that is going to go towards the Christmas gift for my kids. Like, that’s a really easy way to say I sell solar and market solar without being a douchebag about it.

00:28:39:17 – 00:29:01:18

Unknown

There are so many ways we just have to keep the conversation and anything that involves saving people money right now in this inflationary environment, like my gas out here is six, it’s almost seven bucks. We’re like at 678 or something goes up and down depending on what comes out of the president’s mouth tomorrow. San Diego’s the second most expensive power in the country next to Hawaii.

00:29:01:20 – 00:29:27:05

Unknown

I get my my electrical bill last month was $444. Right. And that’s because I had the AC running for like 20 minutes. So it’s like, dude, it’s like, it’s crazy. It’s crazy. But yeah, I mean, any time you could talk about budgeting, but it doesn’t matter. The weather you’re selling, you’re getting a conversation started and marketing is not advertising, but you must always be marketing and it’s hard to market when you can’t provide value.

00:29:27:07 – 00:29:42:24

Unknown

So you have to really reverse engineer what you guys are really talking about when it comes to how do you stay in front of your database and whatnot? Because every single person on your Facebook feed, your Instagram followers, they’ll fucking live somewhere, which means have a roof over their heads. Now, how many of them are homeowners and how many of them need solar?

00:29:42:24 – 00:30:01:22

Unknown

Boom. There you go. There’s your potential lead list you’re going to buy with or without you, right? It’s just a matter of who’s going get the commission. One part that’s really important and this is why we went deep into this, this blue ocean is the real estate world believes that the financial tools that solar used to use are the same ones.

00:30:01:22 – 00:30:21:04

Unknown

They still use. So if I’m an agent, listen to this. I’m like, I hate solar because they’re going to leave the house and it’s going to jack up my commission. And they are correct. A few years ago, any of the new financial products, because of there’s enough volume now in solar that the banks are like, oh, there’s barely any credit default here.

00:30:21:06 – 00:30:41:05

Unknown

So let’s go ahead and take the wheel of the the walls of this, you know, the guardrails. Let’s take the guardrails off this now. It’s no money down, no lead and the loan transfers. So you go solar in five years, the new buyer comes in, they fill out one piece of paper and they just take over your solar payment.

00:30:41:07 – 00:30:57:15

Unknown

And I said, The lead is a fixture filing a.k.a if you don’t pay your monthly bill, they’re going to come get your panels. Same thing with everything else that you’re supposed to be paying for. You don’t pay your car, they come get your car. So it’s like a repo. Yeah, it’ll be like repo. The panels. Yeah, never happens.

00:30:57:17 – 00:31:20:12

Unknown

So the bank closed in Atlanta in the plane on this one. From the real estate world, their beliefs are all on old information. And I know that I’m like, Oh shit, if I just build a world, I’m just going to go educate everyone I can. That’s an agent about the new world. We can all make money together, protect the customer, and unite two industries that have been warring for a while.

00:31:20:14 – 00:31:47:09

Unknown

Yeah, very cool. But again, it’s a pivot and I think your timing is right on with the conditions at the market are in there right now. But I think the the pivot is just adding services. That’s the pivot, right? It’s like being one lane. So whether it’s solar or something else, the overall language you brought up is you can’t live in this belief of I’m only going to do this and it’s going to make me rich forever.

00:31:47:11 – 00:32:10:16

Unknown

It’s not now any more. Yep. Yeah. I mean, if I’m you guys, I’m definitely looking at learning how to invest myself. Remember when these market shifts happen, that’s when you want to be the buyer. I’m not the person assisting the buyer, so I’ll take advantage of some of those couple deals that come across your desk. And sometimes that’s all you need to do one or two times a year and there’s ways here, you guys, is what we’re getting as opportunities around.

00:32:10:18 – 00:32:27:11

Unknown

But you have to be the one that turn that ship. Not going to turn the wheel for you. And unless you’re willing to change and non fear the overcoming of whatever that change is going to be because you’re going to get rejected either way. If you think about it right, they don’t change and things aren’t going well. What’s going to happen?

00:32:27:11 – 00:32:40:03

Unknown

I’m going to go broke. If I do change and things are going well, well then I have that lease. I go down with a fighting stance and chances are I’ll probably make it as long as I stick with it. Right. I do believe that as long as you’re not willing to give up, you will eventually succeed in anything you do in life.

00:32:40:03 – 00:33:04:01

Unknown

So take it as as you will, guys. Nick, any closing thoughts on this? You know, I think this to me, this is philosophy. It’s philosophy as opposed to execute in terms of it’s not a skill, it’s a it’s a it’s a philosophical thing. If you just accept change is inevitable and you must change in order to succeed, you must pivot when things aren’t going the way you want it to.

00:33:04:03 – 00:33:26:07

Unknown

Right now, all your competition is pivoting. Like, for example, I heard you talk about building a brand. Building a brand y’all build a brand was Web 2.0. That was ten years ago. 20 years ago was Web 1.0. Web 2.0. It started ten years ago. We’re now in Web three point 0ai and everything you hear about a high and, you know, blockchain, it’s all web three.

00:33:26:09 – 00:33:47:09

Unknown

So while you’re still deciding whether or not you’re going to talk in a video, everyone is eating your lunch on building a brand and they’re now mastering Web 3.0. You’ll be so far behind in everything to close the gap. So don’t let that stress. You don’t let that give you anxiety. It’s about taking consistent daily, nonstop action or is the direction you should be going.

00:33:47:11 – 00:34:07:15

Unknown

And and also when you when change is necessary, be willing. Don’t resist it. Be willing to accept it, receive it, and enroll with the find your tribe and roll with them in the direction you all should be rolling. Right on, dude. I appreciate your insight, folks, and we appreciate you listening to up. So the rest of marketing dude folks, if you like what you heard here today, follow us on our social channels.

00:34:07:15 – 00:34:30:11

Unknown

Make sure you leave us review on whatever podcast platform you’re listening in on and make sure you check out our damn software suite, assist or make sure your brokerage gets it. If you really like what we talked about today, have an ancillary services involved in your business having a whole referral marketing system that build your brand and having it all in one cool place for you to access that your brokerage pays for, Well, you better go knock on his fucking door and tell the buy it right now.

00:34:30:17 – 00:34:50:09

Unknown

Go to sweet assist dot com that’s S.W. ETX assist dot com. Thanks for listening. We’ll see you guys next week please. Thanks I’ll thank you for watching another episode of the Real Estate Marketing Do podcast if you need help with video or finding out what your brand is. Visit our website at WW dot Real Estate Marketing dude dot com.

00:34:50:13 – 00:35:06:02

Unknown

The GIANT Opportunity The NAR Lawsuit Just Created For The Real Estate Industry

If you haven’t heard about the massive news that is the NAR lawsuit, then you need to check it out. Today we are talking about the massive opportunity this is bringing.

Resource

Transcript:

00:00:12:24 – 00:00:44:08

Unknown

So how do you attract new business? You constantly don’t have to chase it. Hi, I’m Mike Webster of Real Estate Marketing. Doing this podcast is all about building a strong personal brand. People have come to know like trust and most importantly, refer. But remember, it is not their job to remember what you do for a living. It’s your job to remind them, Let’s get started.

00:00:44:10 – 00:01:13:06

Unknown

What is up? Ladies and gentlemen, welcome another episode of the Real Estate Marketing Dude podcast and holy crap, folks, have you been following this show for any period of time? I’ve been talking about what just happened this week. I’ve been talking about that for the last two years, well before the lawsuits, well before any of this stuff. The importance of building a personal brand and or a unique selling proposition to stand out.

00:01:13:08 – 00:01:33:02

Unknown

Well, the numbers, if you even tuned back to several years of episodes, the numbers with consumer dissatisfaction were evident. They were out there planning it. And this is going to be the fuel to the fire that they’ve been waiting for. So what we’re going to be doing, though, in this show is that this is not all doom and gloom.

00:01:33:04 – 00:01:55:00

Unknown

Two nights ago, I couldn’t sleep, literally could not sleep, could not sleep because I was like, oh, my God, should I start a brokerage because of this? The opportunity here is also very, very large. So this is not going to be a doom and gloom show. It might be for some of you guys, at least if you’re not willing to change, because one thing for sure is that this market will change.

00:01:55:02 – 00:02:12:11

Unknown

There’s no doubt about it. The way you’re going to be compensated is changing. I mean, it’s going to happen. And if you go on social media right now, you’re seeing two different sort of trains of thoughts. The other a lot of people are like, well, you’re going to have to list to win list live to list or last list or whatever they’re calling it.

00:02:12:16 – 00:02:37:02

Unknown

Great. Still doesn’t the fact that you’re going to lose 50% of your commission in the buyer side of the commission. Right. Whether you list or not, you still have income that is generated from buyer commission revenue. And it’s not just about that. What is more concerning more than anything is that honestly, you have to look into the remarks like, go, go ahead and hit the NBC News article and go scroll through the comments.

00:02:37:08 – 00:02:58:17

Unknown

And that’s where the true answer is, folks, because I spent at least, gosh, maybe 30, 45 minutes just reading through the comments of the news articles that are coming out, bashing the industry, saying how real estate agents held them hostage, essentially, which is bullshit. But, you know, the news and the media’s going to spin in whatever way they do, like they always do.

00:02:58:17 – 00:03:18:04

Unknown

It’s always say they’re fake news. But the comments are evident. Guys. People don’t like real estate agents. And, you know, I didn’t we didn’t need this lawsuit to come out and tell us that we saw this in the in the Atkins customer or client satisfaction surveys that have been done over the last four or five years. So the writing’s been on the wall.

00:03:18:06 – 00:03:54:17

Unknown

Now, why is that not all doom and gloom? And let’s start with actually both. Let’s do the pros and cons. Maybe that’s what we call the show pros and cons of the doom and gloom of the in our settlement, because there’s a lot more pros I see so far in cons. And I’m not just saying that to hype you up paradigm shift like this is when people make money, This is when people take market share, this is when people gain ground and this is when people stand out, stick out, and nobody makes it big in when everything just go in the same way.

00:03:54:17 – 00:04:16:07

Unknown

It go in the same way, go in the same way, go to somebody, go to the same way. And this has already happened a few times before where there are sudden shifts and different people just blew up overnight. It seems like the last time we did this was 2020. In the COVID era. How many people became tik-tok celebrities in such huge social media followings just because of was stuck to their phones for three years.

00:04:16:09 – 00:04:38:05

Unknown

So there isn’t a lot of doom and gloom, but the doom is is at commission compressions real. Like the days of getting 5 to 6%, they’re gone. Telling you right now they’re absolutely gone. Some people are going to hate that. I say that. And I understand you’re comfortable doing business the way you were, but this is not going away.

00:04:38:07 – 00:04:55:22

Unknown

There’s many lawsuits I can’t even imagine the amount of injury attorneys are just sell the testing, because what this lawsuit does is it could open up why can it open up lawsuits for all the other people? You know, you just need a client or consumer to say, hey, I thought I didn’t get I wasn’t given an option. Right.

00:04:55:24 – 00:05:24:19

Unknown

Option. That’s going be key to later on in today’s show. So pay attention to that option, That word, that’s the name of the game here. But let’s go back into some of the doom. So like you’re going to have to assume that your commissions getting cut. If you look through the comments on the NBC articles, the biggest one they’re saying is like, why should an agent get paid for the same amount of work that they would do on a $100,000 house to sell that house, the same amount of work they’re going to do on a $2 million house to sell that house?

00:05:24:21 – 00:05:46:02

Unknown

And why should they get paid 40 grand versus four grand? And that’s the complaint. This has never been adjusted. And if you put yourself in the consumer’s shoes, not in your own get out of your own skin, put yourself in the consumer shoes. You can see the positioning of this and you can see their point. If not, you’re being ignorant.

00:05:46:02 – 00:06:00:05

Unknown

You could see they have a point and right off the bat, like what’s going to happen in the next 3 to 6 months, even before like, I don’t even know how this thing settles. But what’s going to happen is that you’re going start having the conversation and be like, Hey, I don’t want to pay that commission. I just saw somebody’s article.

00:06:00:06 – 00:06:16:19

Unknown

You’re going to know how you’re going to have to be careful in how you answer that. Make sure you’re protected in the paperwork. But I’m not going to give you a legal argument today. I’m sure your broker is doing a good job of that. Make sure they are, though, or find somebody who is because the commission compression thing is going to be real guys.

00:06:16:21 – 00:06:37:16

Unknown

It’s just going to happen. How low is it going to go? I don’t know. But I don’t think you’re going to ever double end the deal ever again in the rest of your life. That’s one safe bet. And if you do, it’s it’s like it’s a unicorn, but don’t count on it. But if there’s no buyer agency fee, the question really becomes is how our buyer agent’s going to be paid or are they going to be paid at all, or are they just going to be totally cut out?

00:06:37:18 – 00:06:57:14

Unknown

Well, we know that consumers are probably not going to pay this out of pocket. That’s my hunch. We can’t prove that. So we haven’t seen it yet. But I just it’s going to be interesting to see what’s going to happen. So the one thing I do know and I could promise you, just going to happen to rewind the show and if you don’t believe me, go back to the last four years episodes, go look, go look at multiple listing options.

00:06:57:14 – 00:07:20:22

Unknown

Go look at unique selling proposition episodes. Go look at personal branding episodes. These are the things we’re talking about. The reason are we talking about that stuff then was because of what happens right now, because your broker can’t save you here. You’re still an independent contractor, which means it’s up to you to decide how you’re going to do business and what’s diligent.

00:07:20:24 – 00:07:43:02

Unknown

You can’t buy buyer leads anymore, like there’s no value to them Once this goes down, there’s no value to that. What does that mean? Quite a lot means you’re going to be in charge of your own damn business, just like any other business owner if things are going to change for a while. But the number one thing that’s not going to change is the relationship you have with your clients, the relationships you have in life.

00:07:43:04 – 00:08:07:19

Unknown

Because all of those people, regardless of how you chop up the last ten years, nothing matters anymore based on this ruling. This is big deal, guys. But the last the buyer, you your commission is going to get cut. I lost my train of thought. I’m getting all pumped up and excited here. So let’s get out of the doom, though, Johnny.

00:08:07:19 – 00:08:23:13

Unknown

Like, I don’t want to be I don’t want to be a Karen here and talking about this and just boring people to death. I’m like, Oh my God, I don’t want you guys to go, go, quit. Or, Well, a lot of you are going to quit. That’s part of the opportunity. So actually I’ll start that point. Here’s a reality scenario, guys.

00:08:23:16 – 00:08:41:04

Unknown

We’re out in a shitty market like you that sales are bad. Now you have this issue going to loom over. You’re going to have a lot of real estate agents leaving the market, probably a larger amount than we’ve ever seen before. And now what we don’t know is how long that’s going to take. Now, why is this going to be a pro or an opportunity?

00:08:41:04 – 00:09:02:04

Unknown

Well, obvious people still move, right? There’s probably going be less. People who would use a real estate agent is my guess. That’s why this is happening on the purchase side. However, on the sales side, I think that that’s always going to be something they are. So I’m going to talk about a pro of that as well. However, this is a pro because people still buy and sell.

00:09:02:04 – 00:09:25:19

Unknown

So even if even if a lot of the market’s up using real estate agents, there’s only so many real estate agents leaving the industry that they’re still going to be a lot of opportunity for those who can withstand this storm. Okay. So there’s going to be a tremendous number of opportunities in this market. The negative part of that is those opportunities are each going to come at lesser than what you probably have been accustomed to your entire career.

00:09:25:19 – 00:09:44:00

Unknown

I don’t think there’s too many people who are still I’ve been in I’ve been doing this for 21 years. But no, I think there’s people that have been doing this for 30 years. I haven’t ever seen a shift like this or something like this big of a deal. So that’s the pro. Now let’s talk about marketing opportunities based upon this.

00:09:44:00 – 00:10:08:15

Unknown

Like if you’re a listing agent, you’re not a listing agent, you’re marketing company for houses. Like your job isn’t to sell real estate, your job is to market real estate, you know, differently than how an advertising company would come on into a product or pitch like, let’s just say I got hired by Coca-Cola, and Coca-Cola is like, Hey, I want you to do our fall marketing campaign.

00:10:08:19 – 00:10:42:24

Unknown

Well, I would have to develop a marketing campaign specifically for the product that Coca-Cola is trying to pitch. Well, in your case, every single house is a new marketing campaign. And you know what’s going to be in demand are going to be people who can create high end videos, literally have marketing steps, not just, hey, let’s listed in the MLS, let’s put a sign in the yard, hosted a cup, an open house is where I could pick up some buyer leads to make you feel better while I’m totally hung over from the night before and see what happens now.

00:10:42:24 – 00:11:03:09

Unknown

Those days are gone. You’re have to earn your shit. That’s the opportunity I You are going to have to sharpen your marketing skills. Traditionally, real estate agents, many of them are some of the worst marketers in the world. But there’s a good a handful that are always the best marketers, and it’s the best marketers who sell the most amount of houses.

00:11:03:09 – 00:11:25:03

Unknown

They’re not necessarily the sharpest tools in the shed, but they’re damn good at marketing and making sure everybody knows who they are. So the way that you position yourself, your personal brand has never mattered more. What is your personal brand? It’s how people know you. This means that you have to start creating content if you have it yet.

00:11:25:05 – 00:11:42:00

Unknown

If you’re not going to be on social media, your business is dead. You know, a lot of you, a lot of your old whippersnappers are going to get pissed that I say that. But, you know, in all honesty, if you’re talking me on social media in the future, you’re fucking out of business. These are is this is the reality.

00:11:42:00 – 00:12:16:06

Unknown

This isn’t a let me make you feel good show. This is like, dude, get off your ass If you don’t change, your shit is fucked show. Okay, so what we’re really getting at here is look at all these different opportunities like changes. That’s the opportunity, guys. Now with the marketing, same thing you’re going to have a lot of people are going to be very scared to spend money right now, those who are willing to spend money on brand marketing, video content creation, you’re going to come out of this on the other end and you’re going to be fucking killing it because the same thing is going to happen.

00:12:16:06 – 00:12:37:00

Unknown

People are scared. Oh my God, I could tell you this, you guys. I own a video marketing company. I no longer have that video marketing company because about 13 to 14 months ago I noticed the shift in the marketplace. And I was right. Real estate agents in the industry pulled back their marketing budgets when they should instead be doubling down.

00:12:37:02 – 00:12:58:12

Unknown

It happens all the time. That’s why we merge and get out of real estate video marketing. So this stuff is is right there, but you’re the one who creates the content. This is going back and nothing changed from before, but the most popular agent is going to be the most in-demand agent because the more content you create, the bigger your brand grows.

00:12:58:14 – 00:13:18:09

Unknown

And the reason why your brand is so important is the same reason why Josh Altman has a reality show. He doesn’t have to ask somebody for a his his when he goes on a listening presentation. He doesn’t have people ask him for his pitch or ask him for his listing presentation. His brand has grown so large. Your media and content creation that people just assume he’s the right job.

00:13:18:14 – 00:13:44:15

Unknown

The same way that if I was going to go out and tell you I’m a chef, I could shoot five fucking videos, put them in front of you, make you watch them, and you would think I am, but I’m not. That’s the power positioning and branding. When you’re doing things with things like video and content creation, social media and multipurpose scene and distribute your content much like a media company, because that’s what you’re going to have to do and a lot of people aren’t going to do it, and that’s going to lead a lot of people out.

00:13:44:17 – 00:14:16:16

Unknown

The attention that is on your brand is going to be the most important thing in the world. Opportunity. I think I’m a number four niche down immediately, niche down, immediately. Dial in that brand. If you’re a give back it, let the world know about it. We had so many agents we branded with such cool wise in their life from rescuing dogs per closing to giving 10% of their commissions back to charity of their choice.

00:14:16:18 – 00:14:37:13

Unknown

But those are brands. And don’t hold back. You’re not a salesperson anymore. You’re a human being That helps people transition and everything. Home services and whatever it is you stand for, it’s time to niche down and let the world know about it. Don’t be politically correct, be politic, be personally right in your own way. You know, I mean that that’s there’s none of that.

00:14:37:13 – 00:15:02:07

Unknown

You have to be yourself unapologetically. And the way you do that is you scream it from the rooftops and not give a fuck what anybody says because that’s what’s going to take their own attention. Okay, niche down. Number five, Interest rates are still high. One should focus directly on distressed sales over the next 12 to 18 months. It’s going to be where the transactions are.

00:15:02:09 – 00:15:37:02

Unknown

Okay, The transactions are going to be people who need to move. Already seen this. This should be evident for you guys. Your focus on people in their elderly years who are either incapacitated, death, enter a probate, divorce, relocation, marriage, life events, guys, is where you’re going to want to focus your time and energy. Some of you if you’re if form the strategic relationships with all of these different service providers in your market, you have to own all of these different services.

00:15:37:02 – 00:15:59:06

Unknown

You need to position yourself as the Amazon of real estate, everything, not just the fact that you help people sell houses. You have to be the guy in gal that has the probate attorney, that has the divorce attorney that has Johnny. No, no, you are the Rolodex for the community. You need to position yourself as a master connector and a master communicator.

00:15:59:08 – 00:16:23:10

Unknown

And what you’ll find is that you’ll make a bunch of these different relationships. Some of them are going to be very fruitful, like the probate attorney, one relationship with a divorce or a probate attorney, an estate planning attorney, one relationship ship can change the next 12 months. Imagine if you have two or three. Why? Because they have clients that will always move in regardless of the interest rate or regardless of the recession.

00:16:23:15 – 00:16:58:13

Unknown

And if you can find a way to form a relationship with them that refers you business, well, that’s a great position to be in. Very, very good position to be in. Number six, probably should be number one. You got to market your database and you have to build one. If you don’t build a database of referring and repeat clients into the future, you will always I mean, it’s going to you’re going to be just a rat race the rest of your life.

00:16:58:13 – 00:17:23:16

Unknown

It’s going to always be peaks and valleys. You have to build a database. A database is nothing more than a list of people, a contact of relationships. It is a real estate agent. It’s the people that you’re friends with on Facebook. It’s the email list that you’ve collected from made up of people from anywhere, from the people who say hello to your kids, soccer games, to your friends, your aunt, your uncle’s, to your past clients.

00:17:23:18 – 00:17:57:10

Unknown

It’s nurturing that email list. It’s farming people via direct mail. You know, I’m talking about creating media on an offline social media and in print and doing that consistent because it’s that network, that database that is always going to be responsible for your business. Before the lawsuit. After the lawsuit and the better relationship you have with it and the more trust you have with them, the less all the rest of this shit matters.

00:17:57:12 – 00:18:15:23

Unknown

So don’t overthink that piece, but don’t not do it. Because if you don’t have a database and if you don’t have a system that you’re marketing your database with, I want you to go a referral suite, a dot com, that’s a referral suite as w e t like sweet candy dot com. I got to get myself a little shameless plug.

00:18:15:23 – 00:18:33:16

Unknown

Why not? You know, I’ve been on this show for nine years. Ten years? Ten years. Been doing this for ten years. But let me talk about the final one and some I’m really excited to talk about. And this is something that you’re going to have to have to do. You’re going to have to earn income through ancillary services or other ways.

00:18:33:18 – 00:18:59:02

Unknown

And I want to give you several different ways, and you need to start thinking outside the box. Do not rely on commissions as the only source of income. It’s part of your income going forward. And it might be the most dominant part for a while, but you’re going to have to diversify where you make money. The first and most obvious, I believe, is if you’re going to stay in real estate is that you’ve got to be an investor yourself.

00:18:59:04 – 00:19:22:12

Unknown

You know, get in learning that stuff, take courses, take training. If you’re if you’re in any of our if you’re in referrals, readers, witnesses, there’s plenty, of course, recommendations in there that we share with you guys about what training to take. It’s super, super important because you’re going to come across good deals and why give them to an investor if you can take them down?

00:19:22:14 – 00:19:44:20

Unknown

Right. Some of the most profitable models I’m seeing right now are like the rehab or that accidentally started a brokerage. You didn’t start a brokerage and then became a rehab or he became a rehab and then realized all the ways he can monetize the brokerage around it through the additional leads and everything else around the transaction. So think outside the box number to ancillary services.

00:19:44:22 – 00:20:04:12

Unknown

So, for example, I think everyone is going to be a solar vendor. Solar is are very lucrative business. It’s something that a real estate agent should have in their arsenal to sell anyways. So make sure you’re at the right trusted vendor and you can make good money doing it. It’s just the way the industry is headed. Like every agent should be able to sell solar.

00:20:04:14 – 00:20:35:02

Unknown

In addition to selling real estate right now, every agent should also start thinking about getting their mortgage loan. I’m a lawyer in mortgage loan origination license, and the reason for that is that there are several programs by several different banks out there that exist right now that you can now legally get paid for referring a lender. The client that you’re working with on the buy side, I think it’s like a half a point, 50 basis point, something like that, which is great.

00:20:35:04 – 00:21:03:03

Unknown

You know, if your commission is going to get cut a point and a half over here, well then you might as well at a point over there. Right. There’s a tremendous other amount of services and vendor services that you can also refer and or recommend during the transaction like movers, handymen, estate sales, things of that nature staging that you’re going to start approaching differently.

00:21:03:03 – 00:21:27:14

Unknown

It’s not it’s going to be the mindset is got to be more like, okay well if I send this person business, how much are they going to pay me? And you got to present yourself as a broker because that’s just what the everyday affiliate world is. So that’s what I mean by building a master connector and a network of all these different services, because you’re going to see a lot more opportunities to monetize around the transaction in ongoing than just in it.

00:21:27:16 – 00:21:49:03

Unknown

Like if you can find a way to profit off of home services, not just when the client needing to buy or sell a house, but to service them after they bought or sold the house and to stay in touch with them and use that as one of your ways to stay in touch with them and become the Home Depot essentially of your database.

00:21:49:05 – 00:22:09:22

Unknown

That’s the future of this business, folks. So I promise you that’s where this is going. So I want you someone’s to go out here and create a 1% brokerage and they’re going to crush it. And it was already a bunch of you out there. But prepare to have many more. And that’s going to be very high in demand.

00:22:09:24 – 00:22:33:06

Unknown

There’s a big that’s $1,000,000 piece of advice right there, guys. Create the 1% business model already have it mapped out. It’s pretty damn good. I just don’t have the time to do it, nor do I want to. But if you do, you’re going to make you’re going to be rich. All right, folks. So let’s recap on this. Where there is doom and gloom.

00:22:33:06 – 00:22:54:03

Unknown

There is lots of opportunity. And right now there is lots of opportunity. But what your it’s going to require is is going to require you to change, start changing the the reluctance. See in those comments are like, oh, we could just do this. Oh, you know, it’s going to change and you got to change with it. Start taking proactive steps right now, leadership wise, surround yourself with the people who are changing with this.

00:22:54:05 – 00:23:14:18

Unknown

Get involved and see what’s going on in see what? RC And see what all the webinars your broker saying and make some adjustments. I’ll be releasing a lot of content specifically to this. I’m going to actually dedicate the next six months probably to this cause because I believe the product that we just launched is exactly what is needed for this time.

00:23:14:18 – 00:23:39:12

Unknown

And hey, sometimes you’re in the right place at the right time in their product suite, assist and referral suite Ecom. You can check both of those out folks, if you will. And I really appreciate you. Listen to another episode of the Estate Marketing podcast. I appreciate you guys hanging in there. Changes opportunity and don’t be scared. Double down Faith in yourself and left it over.

00:23:39:12 – 00:24:05:17

Unknown

Right. See you guys next week. Thank you for watching Another episode of the Real Estate Marketing Do podcast. If you need help with video or finding out what your brand is, visit our web site at WW W dot Real estate marketing do dot com. We make branding and video content creation simple and do everything for you. So if you have any additional questions, visit the site, download the training, and then schedule time to speak with the dude and get you rolling in your local marketplace.

00:24:05:22 – 00:24:08:16

Unknown

Thanks for watching another episode of the podcast. We’ll see you next time.

How to Create Cool Videos (ft. Steve Stockman)

Check Out Steve’s Website

If you decided to start creating content, you probably realized how hard it is. Today’s guest can tell you exactly how to do it and how to make it look good.

Resource

Transcript:

00:05:40:08 – 00:06:11:10

Unknown

00:06:11:12 – 00:06:33:10

Unknown

What’s up? Ladies and gentlemen, welcome to the other episode of the Real Estate Marketing Dude Podcast. And most of you been listening to the show for years know us as video, and we haven’t done it with video, video marketing and all that other stuff. And we haven’t done many podcasts recently on video, but the title of this one is How to Shoot Videos That Don’t Suck.

00:06:33:10 – 00:06:54:15

Unknown

And folks, I can tell you that in the last few years, all the videos we’ve created, the thousands of videos we created, there is a formula here and it doesn’t matter if you’re ugly, you’re fat, you stutter, it doesn’t matter. The biggest, I would say, reservation I get from people and they’re trying to get on camera and they would hire us was be like, I’m too boring, I’m ugly.

00:06:54:15 – 00:07:14:19

Unknown

I’ve a face made for radio. None of that shit matters when it comes to video. You have to know two things how to main, how to maintain and retain attention, and how to take people through a story essentially and add value to them while you’re doing it. So we brought on Mr. Steve Stockman, who wrote a book on how to shoot videos that don’t suck.

00:07:14:19 – 00:07:37:20

Unknown

This dude’s in L.A. He creates shit for people and he’s very creative and he’s going to break down. I don’t know, let’s call it the infrastructure of a successful video, if that’s okay. But without further ado, let’s go ahead and introduce our gas and we’re going to break it down for you guys. How to create videos that people are actually going to watch and that you’ll feel happy to put out there on social media, YouTube and all the above.

00:07:37:20 – 00:08:03:19

Unknown

So, Steve, how are you doing? Why don’t you tell everyone a little bit about who the hell you are, where you’re from, and let’s get in Skype, all kinds of questions for you. I’m doing great. Thank you for thank you for having me. So I do TV shows, then a feature film, music videos, basically. I’ve been in Los Angeles making a living as a director and a writer and producer for quite a long time, and I like to teach about video.

00:08:03:21 – 00:08:37:19

Unknown

You know, when the big video revolutions started, it started to be like a doctor at cocktail parties. You know, you’d walk in, but instead of saying, Hey, could you look at this boil on my neck, they’d go, You know, I’ve got a video. Could you look at it for me and tell me how it is? And what was funny about it was that it was almost always a series of related problems that were perfectly understandable because in the olden days, I don’t know if you remember the olden days, but nobody asked you to make videos in the olden days and the olden days videos were things that people who are professionals like me made and

00:08:37:19 – 00:09:03:06

Unknown

normal people never made them, and in fact were so excited to see themselves on a TV screen when they walked through the the video store at the mall that they would point and smile at it, you know, which we don’t do anymore either now that everything is on video all the time. So so I wrote this book and how to Shoot video that Doesn’t Suck is in nine languages and 250,000 plus copies.

00:09:03:06 – 00:09:30:18

Unknown

You can get it wherever books are. But the reason I wanted to talk to you is I just did a video course also that’s designed to help people really understand how to make video that other people will want to watch. So let’s break it down. Where is everyone going wrong? Well, I think the first the first most important thing to think about when you think about video is what you watch, right?

00:09:30:20 – 00:10:01:18

Unknown

Because even though none of us or many of us are not professional videographers, we understand video. We’ve been watching it since we were born, basically. And so we speak the language, which at least we understand it, you know. And so if you trust your instincts, that’s probably one of the first rules of video, which is if you’re doing a video for a house or a real estate project and you’re looking at it and going, Oh, this is crap.

00:10:01:20 – 00:10:26:19

Unknown

It’s crap, you know, so the director’s job, oddly enough, is to stand up and go, This is the way it should be. This is the color. It should be. This is where the actor should stand. This is how I want to point the camera. And directors get paid a lot of money to do that. If you’re running your own business or your own your own real estate business, you have to be willing to do that for your videos and be real honest about what you like and what you don’t like.

00:10:26:22 – 00:10:48:15

Unknown

And don’t put anything out there that you wouldn’t choose to watch. Good point. Where do you start? I feel like a lot of, at least in businesses, when they start making videos, one of the biggest problems I see is they treat it like a sales pitch from the get go. And it’s and I get it. Guys like we’re taught to sell our services.

00:10:48:15 – 00:11:06:21

Unknown

And if you believe you’re the best person in the job for it, you should. However, if you’re constantly just selling your shit, well, people are going to tune you out eventually because you’re not adding anything of value no differently. And I say this every show almost. If you talk to your wife about work on every frickin day, she’s going to divorce you because you have nothing else interesting to say.

00:11:06:23 – 00:11:22:22

Unknown

Well, if all you’re doing is just trying to get me to give you money, well, it’s the same thing you have to have. There’s a format here that has to take place for people to actually consume your content, because if they’re dropping off, 80% of people drop off in the first 8 seconds. So it’s even higher than that.

00:11:22:24 – 00:11:47:00

Unknown

So every bit of it adds a lot of value to it. Yeah. So a way to think about it is think of it as a transaction. You know, you are providing your video needs to provide people with an experience they actually value because we can get from our phones to a billion other videos besides your crappy video in 3 seconds.

00:11:47:02 – 00:12:16:04

Unknown

Right? So there’s no reason for us to stick around unless we’re getting value from the transaction of watching. So we need to be entertained. We need to be intrigued. We need to be taken for something of a journey, a trip. We need to go on a ride and we need to we need to be able to feel like we got something out of it.

00:12:16:04 – 00:12:38:23

Unknown

And the benefit of that is if we do, we’re going to come back for more later. We’re going to be willing to trust you. And if we don’t trust you, we are never going to watch another one of your videos. And that’s a really important thing that people don’t don’t immediately understand until they start to think about the way they watch videos, because it’s pretty much the same thing.

00:12:39:00 – 00:12:57:12

Unknown

Why is it that never before in the history of mankind could a little six inch device like this make a £300 grown man break at the knees? And why do we get so damn? Oh, my God, It’s a camera, guys. I always thought people. You don’t have to watch it. Like, if you don’t like your video, don’t post it there for a while.

00:12:57:13 – 00:13:21:21

Unknown

You nervous shooting it? Yeah. In fact, you have to not post it if you don’t like it because you know the answer to the rule. Yeah, it’s disrespectful. I mean, think about think about your behavior. I mean, you go to Netflix not because you want them to punch you in the face or ask you for money, but because you want to sit down and watch things that make you feel something or take you on a trip or entertain you.

00:13:22:02 – 00:13:51:02

Unknown

And because they do such a good job of that, you go back to everyday and you see what’s on Netflix. And I think that businesses can do the same. I think if you’re if you’re killing it with your and there have been examples of this throughout, you know, online history but if you’re if you’re killing it with videos that people enjoy, they will return and that’s that’s the game right.

00:13:51:04 – 00:14:11:16

Unknown

Is to make people want to come back and look at what you’re doing. So I think you’re right when you talk about the idea that that it doesn’t really matter who you are, you need to find out what is. The way I like to put it is you have to find out what’s magical about you and about your relationship with your customers and figure out a way to get that across.

00:14:11:16 – 00:14:33:10

Unknown

In a video, if that makes sense. Yep. And it doesn’t mean you’re selling it, guys. You know you don’t have to sell it to demonstrate it. Yeah, real estate agents always go out and I’ve been in the business for I’m off. Hey, I’ve been, I’ve been sold. I was later piece them out. It’s more of like. Like nobody’s watching your content and your job isn’t to tell.

00:14:33:10 – 00:14:49:15

Unknown

It’s to remind. At least if you’re trying to build a brand on on video, if you’re just constantly telling people you’re going to last for three or four months in Russia to say, But when you’re just constantly understand how to remind people consistently what you do for a living, especially those of you who are in referral based businesses, well, you become unforgettable.

00:14:49:17 – 00:15:09:17

Unknown

But you have to have that storyline that they remember by and think about every single video that you watch on television. There’s that one thing that you follow. Most of you don’t even know what it is like. Take Joe Rogan, for example. He’s got a great podcast, right? He’s got a huge podcast following and people watch that show, I believe, for his authenticity, but people know what they’re going to get.

00:15:09:17 – 00:15:30:08

Unknown

And Joe, he never has to sell his show. He just sort of tells you, just tell the story each and every time, right? And people come back for that. So what’s your advice for people? Like how do they overcome that, that piece? Because how do you create stories is what I think is the key storytelling. How do you create stories on your business without selling your services all the time?

00:15:30:08 – 00:15:56:11

Unknown

Because when you could crack that, you’ll never run out of things to say on video. This is exactly correct. I totally agree with you. So here’s how you do it. First, if you have a business, you have your real estate business and you’ve successfully sold properties, then you have some idea, even if you haven’t sat down to think about it, who your great customers are and who your last great customers are.

00:15:56:13 – 00:16:17:08

Unknown

So what you want to start with is a profile of your great customers. And great customers are the ones who get you, who come back to you because they see things in you. They say things like, I like the way you show this property, or I like the fact that you thought of me for this one and you didn’t bother me with this other one.

00:16:17:10 – 00:16:49:09

Unknown

Or I like the style of house that you tend to represent or I like the owners that you work with. When I’m buying property from you, something about you is bringing people back to you. And so the first thing you need to understand is what those things are. And the way to get to it is identify your best customers, literally make a list of all your favorite customers, the ones you would walk through fire for, the ones who would walk through the fire for you, where you work with them and you feel like this is great.

00:16:49:09 – 00:17:16:15

Unknown

I could work with this person all day. Who are those people? What do you love about them and what do they love about working with you? And you will find some commonalities running through those lists. And that’s step one. It’s not like you don’t need fancy market research. You just need to think a little bit about what makes you great, honestly, for your very best and most lucrative customers.

00:17:16:17 – 00:17:41:13

Unknown

And that will give you some clues about what your audience wants from you, because the best thing you could possibly do is attract more of those kinds of people, right? The ones who are going to love you may have fun with you, make you feel great and buy from you. So let’s give you some examples. Here’s a good one that if you’re a we had a client a while ago and he’s a dog rescuer, that’s what he was.

00:17:41:13 – 00:17:56:01

Unknown

And he happened to sell real estate. Seconds So you got to figure out what you are first and then what you do second is that you sell real estate or you do loans or whatever that is. So how would this guy go out and shoot videos on a further for and not talking about real estate because you don’t always want to talk about real estate either.

00:17:56:01 – 00:18:18:01

Unknown

You want to you want to remind people what you do. So what he would do instead of him going out and doing well, if he was going to do a housing tour, he would open up though, where the dog would sleep. Right. And he’s he sees he’s creating videos that have the best dog backyards. He’s creating videos on local community dog parks, restaurants that are dog friendly and all of it is real estate and community.

00:18:18:06 – 00:18:52:17

Unknown

But his personal brand, you get a lot. You get to know whom he is, right? We had another person that would do their military. So I got a great create a show called San Diego Salute, and he would just literally go around town and remind people that he was in real estate, but he would focus on the different monumental and call it antique type tourist attractions in San Diego, which is a ton of military installations, He would focus on military owned small businesses, and he even created a buyer boot camp and a seller boot camp to determine sort of how he portrays you.

00:18:52:17 – 00:19:17:19

Unknown

In other words, he’s got your back right? So there’s a communication strategy here. And I think that’s where a lot of people struggle with, like, well, who am I? And is it hard without identifying what the hell your own brand is to create any type of videos that people will watch? Yeah, And I think that’s that goes to I think it’s hard for people to admit what’s great about them.

00:19:17:19 – 00:19:44:16

Unknown

Like, we’re kind of a little bit conditioned to not go, Oh, well, I’m great at this and I’m great at this. And that’s why I say, look at your customers and kind of let them tell you in a way or kind of pull from that list. What’s great about you? I love the dogs story, but you know, you can go, wait, there’s millions of things like maybe you’re the person who really loves Spanish style houses and renovating them.

00:19:44:18 – 00:20:09:10

Unknown

You know, maybe you’re the person who has a perfect eye for minimal renovations. That’ll help a house flipper really kill it without screwing over their customers. Love. Maybe, you know, maybe your, you know, a water properties person and you love boats. And so you’re going to make your your videos and your essence about that. And that’s all great.

00:20:09:12 – 00:20:29:17

Unknown

And the dog thing is wonderful because it’s it’s about you like it’s about that guy and the fact that he loves dogs. So what do you love that you can share with your customers that they in turn, you know, already for making this list that they love about you that you can put into your video in some way?

00:20:29:19 – 00:20:46:02

Unknown

Yep. Yeah, Yeah. Because, I mean, you guys have to be excited about it too. Like the creator needs to be excited about the content they’re creating. Otherwise when they’re creating it, it just doesn’t come out well, right? Like you have to like. Like your own stuff. Otherwise people will look at it and know that you look constipated for a reason.

00:20:46:02 – 00:21:10:01

Unknown

You’re not very excited about it. And that’s equally as important. You guys, when we’re breaking down a video and people get so held up on scripts, right? What’s the script? What’s the script say? I need to see the script. I’ve never seen anyone script a video, reading a script and it turn out well as much as using a script as like a guideline, right?

00:21:10:01 – 00:21:29:11

Unknown

Because they always revert to reading. It is very hard to be authentic when you’re reading something, right? So what do you what’s your view on scripts? How does someone approach like, great, you have good video idea. Walk me through like how do you script something like that? Because that’s where a lot of people get stuck. They worry so much about what they’re going to say versus how they’re going to say it.

00:21:29:13 – 00:21:47:02

Unknown

Well, some people are very good at it, and so those people should go ahead and do it right. But I think part of what you’re saying and and a point I want to kind of tack on here is that you don’t need to do something in a video and you shouldn’t do something in a video that you’re bad at.

00:21:47:04 – 00:22:15:13

Unknown

So if you are not a script reader, then you might want to instead bring a shot list with you to the house that you’re going to shoot and just work off that shot list and sort of, you know, point the camera, get a really great shot of the kitchen, talk for a couple of minutes and do a couple of takes just off the top of your head about what’s great about that kitchen or the thing that you want to bring to people’s attention.

00:22:15:15 – 00:22:43:05

Unknown

And then in add it, just pick the best piece that works and use the part of your voiceover that works without having to script it and make yourself feel awkward. Or you also don’t want to be on camera if you’re awkward on camera. But what could happen? Like if you’re awkward talking to the camera, then there’s no reason that you can’t have your assistant shoot you talking to the clients and use pieces of that, right?

00:22:43:05 – 00:23:04:21

Unknown

Then you don’t have to talk to the camera. We can just take pieces of what you said to the clients and and paste that and edit it into your house video, for example. So I think it’s important. Your big point is really important, which is don’t do something on video that makes you feel awkward and miserable because that will show every time.

00:23:04:23 – 00:23:30:04

Unknown

Yep. Absolutely. What do you. Let’s just put ourselves in a I’m a realtor. I know I need to create videos. What do I do next? So if you’ve got this this kind of audience profile about what makes them magical, what makes you magical to your audience, rather, what you want to think about is how you want to express it.

00:23:30:06 – 00:23:47:14

Unknown

And the guy with the dogs is a great example. He just pulls that out and puts it in there. And even if you don’t have a dog, if he does it in an amusing way or an emotional way or a way that shows you cute dogs that you can appreciate, even though you don’t have one of your own, that’s a hook he’s going to write.

00:23:47:16 – 00:24:09:08

Unknown

You’re going to remember him. It’s authentic to him. He looks good doing it. He’s clearly interested in it. And everybody can like that. Right. So what is it that’s magical about you that you can put out there? If you have a great sense of humor, you should be narrating your videos and putting that great sense of humor in the videos.

00:24:09:10 – 00:24:43:00

Unknown

If you do have a really great eye for detail and you want to talk about, you know, the detail in a house from the 1860s on the East Coast somewhere, you should be getting that knowledge out there and you should put that kind of narration or discussion in your videos, not 30 minutes of it. But if it’s a really important thing for you and your personality and it’s something that your clients love about you, real estate videos do not need to be boring floats through the house with a drone shot.

00:24:43:02 – 00:25:04:18

Unknown

They can be narrated, they can have the personality of the realtor attached to them, whether it’s narration or on camera. And they should be fun and entertaining for the audience in some way. One of the best listing videos I saw, I think it was last year, it was a year around Christmas time and it just a and there is no words in it, but they put an elf on the shelf in every room.

00:25:04:20 – 00:25:19:05

Unknown

But fight. And it was just one little thing, but it was a human sized dolphin shelter. I’m pretty sure that off on the shelf was the realtor, but he was like positioning himself, like in in every room shot they had, you know, the elf is always like doing some fun. So he would be frozen in and he was stuck in that position in that room.

00:25:19:05 – 00:25:45:12

Unknown

But that was what made it extremely eye catching. I remember when I saw the house in Chicago, a friend of mine, a good friend of mine, he’s a huge Metallica collector. Like a memorabilia collector, dude has over $300,000 of Metallica album signatures, all the band mates, you name it, he’s got the most rare Metallica artifact. So I remember when I started that video, it was like, This is the world’s best man cave you’re ever going to see.

00:25:45:12 – 00:26:00:07

Unknown

And I was at his drum set because he didn’t do too much, and that was done on purpose. I did that very well just because I drew them in. I picked the most interesting part of the house. So the the hook, though, is where are you guys going to focus on the most? What do you think the most important part of the video is?

00:26:00:07 – 00:26:46:04

Unknown

Would you agree that that first 8 seconds, 10 seconds, 5 seconds starts the. I do it. I do and I don’t. So I think that we we we want to be careful about focusing too much on the CEO and hooky ness of it all and more focused on the quality of the overall thing. So what I think in there in the real estate industry, one of the things that’s true is if you were actively shopping for, say, a house and your realtor says you should watch this video for this house that I think will be right for you, you’re going to give it more than 8 seconds unless it’s a complete waste of your time.

00:26:46:10 – 00:27:06:18

Unknown

Right. Because you’ve been told by your realtor that you should watch it. Now, the so the question is, what’s the whole video look like? And so I think that I think that you don’t want to do something in the first 8 seconds that stupid and you certainly want to do something in the first 8 seconds that intrigues people.

00:27:06:20 – 00:27:35:05

Unknown

But I think that to focus too much on that kind of you know, jam at the beginning is less genuine and more gimmicky than we need to be, right? What we really need to do is get the value proposition for them, the entertainment transaction proposition upfront. What am I going to give you should be clear in that first 8 seconds.

00:27:35:07 – 00:28:01:00

Unknown

So even if the realtor says you’ll see a beautiful picture of the house and you hear the realtor going, Hey, this is 1157 Colvin Avenue, it’s perfect if you love 1850s renovations that are authentic as hell, right? So that’s not flashy, but it gives you that benefit in the first 8 seconds and you’re now going, Oh, I do like those kinds of houses.

00:28:01:00 – 00:28:24:06

Unknown

I should watch the rest of this. Right? And then then the consistency of your production throughout will make that person, hopefully when they’re done with that video, look at your website to see what else there is on your website that’s for sale. And then call their realtor and go, Hey, I saw this other one on this guy’s website, you know, so I think it’s all about overall quality.

00:28:24:08 – 00:28:43:05

Unknown

Even call the realtor and like, Hey, why aren’t you? This is when it really works. Well, say, Hey, this other realtor is doing all these videos on all of his listings. Why aren’t you doing that for mine? Now you’re like, Oh shit, that happens all the time in terms of maintaining attention throughout the video. Like what other tips?

00:28:43:05 – 00:29:00:19

Unknown

How do you get people to watch? Towards the end of the video? You get you get them interested upfront. You got someone to tell the promises, What are you going to what do you watch this for? Like what’s in it for me? But then how do you maintain attention? I think that it depends on what the purpose of the video is.

00:29:00:19 – 00:29:23:20

Unknown

So are we talking like like walk through type videos or videos more about your firm overall? Because I think what most realtors and most lenders, they’re going to create like more of an ongoing series. They’re not necessarily like their sales videos that they’re running ads to, but they’re ongoing video marketing strategy that sort of keeps them at the forefront.

00:29:23:22 – 00:29:43:08

Unknown

So they’re creating a show called a YouTube channel, and they’re creating consistently each and every month, some short form, some long form. And that’s top question I get is like, Hey, dude, how do I get people to watch more of these? And like on sites like YouTube, people are so worried about that because you guys want your videos to get seen and shown, well, you got to increase the watch time on those if you want that to happen on YouTube.

00:29:43:10 – 00:30:05:09

Unknown

So you have to maintain that attention. So more so like that perspective, how do you get people to watch towards the end of it? So I think step one is to make sure that your intent for your video is clear. So let’s suppose that you’re a real estate lender. I’m making this up, of course, because I’m not a real estate lender, but I’ve borrowed money for real estate, so I’m somebody who works.

00:30:05:11 – 00:30:27:19

Unknown

So you’re a real estate lender and you have made your list of customers who are your favorite customers. And you know what they love about you And you’re thinking about presenting yourself as the guy who’s going to come up with or a woman who’s going to come up with incredibly innovative financing solutions for you, even if you’ve only got 10% to put down.

00:30:27:21 – 00:30:56:11

Unknown

Right? And so your intent is to make people who feel like they only have 10% down, who feel like they can do some very good deals. Right. And with your guidance, perhaps, perhaps that’s your intent by having that clear intent and setting it out like that. Now, when you think about your video, you can judge everything against how well are we doing on that score?

00:30:56:13 – 00:31:23:20

Unknown

And you know that your video is done when you’ve done it. So when you’ve done a video that that says to people, Hey, you only got 10% down, I can make a deal with you, that’s going to make you look to the seller like you had 90% cash. Right? And so that means that as you design the video, you’re thinking about, okay, here’s my point to them.

00:31:23:22 – 00:31:48:12

Unknown

My point is that I can make your 10% down transaction work phenomenally well. Right. My point is that I’m an innovative thinker. So now you can say, I know what my intent is and I know who my audience is. If these 10% down, people who love me and I know that my point to them is I’m going to make this really innovative and magical for you so you can close your deal.

00:31:48:14 – 00:32:09:02

Unknown

Now you get to the good part, which is creating a way to do that, and there’s an infinite number of ways to do that, but there’s also an infinite number of ways to screw that up. And by having this intent, lay it out and know what your video is going to be about. You can avoid all the ones that are going to screw it up, right?

00:32:09:08 – 00:32:36:12

Unknown

So you can like video out as as interviews or with past clients or you’re going to stage a meeting with a buyer where you’re sitting next to the buyer and talking to the seller and you’ll stage that and make a skit out of it, or you’re going to report on some great news that you just read about this and make it really easy for clients to understand.

00:32:36:14 – 00:32:57:03

Unknown

And any approach that you take, you know what your goal is. You know who you’re talking to, and that way you’ll know when you’re done. And so people will always watch till the end. If you stop at the point that you’re finished and where you’ve delivered something of great value to them. And does that make sense? Yeah, Yeah.

00:32:57:05 – 00:33:26:01

Unknown

You got to call out just to rewind, guys. We’re saying who, what? What is this about in the beginning? Who is it for? What do you get out of watching it? Small intro and then deliver on your points. But if you notice, he did something important there. He had a little teaser and he said it very nonchalantly and he said, I don’t know if you could rewind what you just said there, because he said in the video, like, but then there’s other things that you shouldn’t do as well.

00:33:26:01 – 00:33:39:07

Unknown

We’ll get to that in a little bit. But first, you know, like that little that little things like what do you mean what? I shouldn’t do that that sort of is like a pattern interrupt in a sense where you got to be like, Oh, okay, so maybe I do need to stick up to the end of this as well.

00:33:39:09 – 00:33:59:05

Unknown

So like, let’s, let’s see if it’s all right, so let’s go. Here’s a good way to do it. Let’s just take that man cave example. Tell me if this is what you’re saying here. So I’m about to show you the how I’m going to show you a $300,000. I actually probably won’t say it on a video cause I don’t want to rob his house, but I’m going to show you the world’s best Metallica man cave.

00:33:59:07 – 00:34:17:10

Unknown

But just in a minute, the first place I’m going to stop here is going to be in the kitchen and blah, blah, blah, blah, blah. So I said a little bit of a teaser to keep them going. Is that your scene? I think that’s a big part of it. I think. I think that everything you’re doing wants to lead to the next thing, if that makes sense.

00:34:17:10 – 00:34:54:01

Unknown

So I think you mentioned upfront story, right? So story structure is beginning, middle and end, and it’s just that simple. So if you’re laying out your video about the man cave at the beginning, you might start with, you know, say, a real estate beginning. If you’re showing the house, you might start by saying, Hey, normally I would do a real estate video for you by showing you this house and walking in the front door, just like you’re going to do in real life.

00:34:54:03 – 00:35:18:06

Unknown

But I got to show you something first. That’s good. And then you might get down to the man cave first and interrupt that flow. That’s good. And then the middle is, you know, here’s how we got to that man cave. You know, here’s the rest of it, which turns out to be a very civilized, great, entertainer’s house that isn’t weirdly man cave for you at all.

00:35:18:06 – 00:35:40:13

Unknown

It just has this special room, you know, behind a wall shelf wall, you know, and you know that your whole family will enjoy living in. And then at the end, you talk about it, you know, this is a whole package. And if you’re the right person for this, you’re going to need to see it. And and here’s when you can do that.

00:35:40:15 – 00:36:02:21

Unknown

So you can have a little story structure for them and that keeps them intrigued and sitting through the whole thing. So if you guys are outlining these, like just literally go back to the way your teacher told you to write an essay, there’s an attention got here, there’s an introduction, there’s body point one, two and three. Then there’s an actual conclusion and there’s your video script, you know, but you should take some.

00:36:02:21 – 00:36:20:13

Unknown

Don’t wing it, like take some time to list it out. Like I’m going to go here first and then I’m go here first. And you got to make it make sense so that people would watch it. But it shouldn’t be any more difficult than that. Now, the older the other videos I see people make, like ones you use for ads, and those are like very highly scripted.

00:36:20:13 – 00:36:39:05

Unknown

They have certain mechanisms in there to get people to take action and all of that. But we’re talking about just making general content videos and every single one I’ve recorded, I always follow that story. Hook attention getter body outro, hook, attention getter, body outro. And it just never fails. And as long as you can write an essay, well, I mean, it’s all you’re doing on camera.

00:36:39:05 – 00:37:01:19

Unknown

The difference is writing versus filming, right? You’re still telling a story either way. Yeah, I think it’s remarkable. You know, I talk about video as a language and people say, well, editing, I don’t understand editing. It’s like, well, it’s cut, copy and paste, like Microsoft Word, you know, and and you’re exactly right that telling a story is who’s the hero?

00:37:01:21 – 00:37:21:20

Unknown

What do they do at the beginning? What happens in the middle and how does it all work out at the end and telling those kinds of stories, It very much is exactly the same as Mrs. Cooper. Talk to you in fourth grade when you had to diagram sentences. You know, it’s here’s even a shot, you know, noun verb, an individual shot.

00:37:21:20 – 00:37:42:23

Unknown

And a movie that you watch is going to be John Wick slams a guy in the face. That’s the shot. The the noun is John Wick. The verb is slams. The object is the guy who gets his face smashed. Right? That’s the end of the shot. So all filmmaking and all video making is exactly like English class way back when.

00:37:43:00 – 00:38:05:19

Unknown

And the closer you can stick to that, the better off you’re going to be. Yep. Telling stories, not making statements. Yeah, stories. Not selling your services. I think the magic is in trying to get your personality into what you’re doing, especially if you’re doing repeat business with a lot of the same people as a way of building your business.

00:38:05:21 – 00:38:27:05

Unknown

Is is to think about what makes you great and think about how you’re comfortable presenting it. Because, you know, you see a lot of I’ve been shopping actually, and and I also sold a house recently and in the in the. Did you like your realtor did. Yes, actually that’s a that’s that’s a rare thing. You might have had a good one.

00:38:27:06 – 00:38:45:18

Unknown

I was like a needle in a haystack. But I looked at all the videos that people were doing for realtors. And around here, they’re pretty high end. Yeah. Yeah. They all look kind of the same, you know, it’s all walk in the front door. Here is what you see in the front door. Here is what you see in the living room.

00:38:45:18 – 00:39:07:16

Unknown

Here’s the oh, look, there’s the kitchen and then there’s a drone shot at the end. And and I appreciate the simplicity of that, but it looks just like the MLS listing pictures where it’s exactly the same chronology or the virtual walk through, which is exactly the same chronology. So if you’re going to bother to do a video, there needs to be more to it.

00:39:07:17 – 00:39:31:08

Unknown

There needs to be your realtor’s analysis of why this property is great. We’re finding something special about it or something that you wouldn’t notice about it that no one else will notice about it and that you can add to in a narration or an on screen appearance. You know, I don’t understand why realtors don’t all narrate their videos of these walkthroughs.

00:39:31:08 – 00:39:52:05

Unknown

It’s like it’s just it’s so important to be able to share your point of view about why this house or property is going to be great for the right buyer. And the more you do that, the more credibility you have with buyers and the more it’s going to work for you. I mean, look at every listing and just pretend you’re writing an essay on it.

00:39:52:05 – 00:40:26:22

Unknown

I mean, that’s what it comes down to you guys. If you’re going to write a personify the house, literally, if it was a person, now go out and tell the story about their person. Very cool. Very cool. Any final thoughts you want to add? Any tips, anything else you want to add in here? And then I think just the the the no, no B.S. rule, which is if you look at a video that you’ve just done and something about it isn’t working, there’s something technically wrong with it or some shots are too long or you’re just in the middle of it, you just have to fix it.

00:40:26:24 – 00:40:55:20

Unknown

Don’t put out stuff that isn’t good because it hurts you to do that. You know, it’s it’s a first to no harm thing. Or as editors say, when in doubt, cut it out. Right. You’re not going to hurt yourself by not showing someone something, but you are going to hurt yourself by showing them something lame. So pay close attention to what you’re making and have fun with it and put something of yourself in it.

00:40:55:22 – 00:41:11:23

Unknown

And if you do that consistently over time, you’ll get better on it and it will all start to really work for you. I agree. I agree. Why don’t you tell people where they can get your book or visit your site? Learn more. The book you can get pretty much anywhere. It’s called How to Shoot Video That Doesn’t Suck.

00:41:12:00 – 00:41:38:01

Unknown

There’s an audio version. There’s an electronic version. You can get all those. And the new course I just did is 22 lessons. It’s also called How to Shoot Video That Doesn’t Suck. You can get it on my website. Steve Stockman dot com on so it’s 22 lessons and examples and me talking to you in a way that hopefully will demonstrate how not to make a terribly boring teaching video.

00:41:38:03 – 00:41:57:04

Unknown

Love it. Thank you folks for listening to their episode of Thursday marketing to podcast. We’ll see you guys next week. Same place, same time and enjoy your day board member. Right now, with the way the market is, you got to focus on create a whole lot of buzz and attention because a lot of people aren’t and rally is the more attention you have, the more client you’re going to have, because real estate is just a giant popularity contest.

00:41:57:06 – 00:42:20:11

Unknown

There’s no better way to build your personal brand than with video, period. And of course, see us next week by Thank you for watching another episode of the Real Estate Marketing Do podcast. If you need help with video or finding out what your brand is. Visit our website at WW W dot Real Estate marketing do dot com. We make branding and video content creation simple and do everything for you.

00:42:20:11 – 00:42:31:12

Unknown

So if you have any additional questions, visit the site, download the training, and then schedule time to speak with the dude and get you rolling in your local marketplace. Thanks for watching. Another episode of the podcast will see you next at.

Niche Down, Get Creative, Attract Investor Deals (feat. Nate Armstrong)

Most people take a look at this market and they go, “oh well,” and they do nothing. Those people are not succeeding or thriving in this market, they assume it’s impossible. But it’s not impossible, so today we are looking at another way to dominate in this market.

Resource

Check Out Nate’s Website

Transcript:

00:06:08:16 – 00:06:27:00

Unknown

What’s up? Ladies and gentlemen, welcome. Another episode of the Real Estate Marketing Dude podcast. Folks, if you’ve been following the show the last few weeks, we’ve been talking about things being a little bit outside the box while everyone else is singing doom and gloom. I see nothing but light and opportunity. And a lot of that reason for it is that these shifts are when people actually take ground.

00:06:27:02 – 00:06:45:22

Unknown

This is when people actually grow. They take market share. But you can’t be sitting at the sidelines. You got to start by doing something differently. There’s two things I’ve been really screaming. One is double down on brand. This is your time to steal your everyone else’s attention right now. They’re all quiet. They’re saving their money. They’re not doing ads on social media.

00:06:45:22 – 00:07:01:17

Unknown

They’re just sitting there doing absolutely nothing. That’s why you want to be really loud. But two is you got to take on a new, unique selling proposition. And the chat that I’ve seen a lot of people in all the Facebook groups doing right now is like where the transaction is, where the transaction is, where the transactions will tell you where the transactions are not going to be in the next year.

00:07:01:23 – 00:07:20:14

Unknown

It’s not going to be and I would not concentrate in your regular mom and pop residential retail sales. I if I’m you, I’m concentrating on people who have to move in this marketplace and there’s going to be a lot of situations with that. One of those situations I saw the other day is a real estate agent posting. I can’t afford this mortgage payment this month.

00:07:20:19 – 00:07:39:15

Unknown

What am I going to do? Their real estate agent is one of many. Foreclosures are up 28% or 35% year over year. And that’s going to be people who have to sell are going to have to move. Life change events, marriage, divorce, bankruptcy. That’s where I’m focusing my lead generation efforts. But without a brand, none of that stuff matters.

00:07:39:15 – 00:07:59:02

Unknown

So we’re going to sort of tie in branding, social media marketing, and then how to find deals and where you should be putting your hat on today. So we brought on Mr. Nate Armstrong. This dude is a fucking killer, dude. He has a couple companies. He’s got a social media arm. He’s a real estate investor, but primarily he’s a marketer.

00:07:59:02 – 00:08:12:16

Unknown

If you check out his website, you know exactly what I’m talking about. But without further ado, let’s go ahead and introduce Nate to the show. What’s up, Nate? Mike, thanks for having me on, man. Pleasure. I still everyone a little bit. Who the hell are you? Where are you from? What are we can talk about today? Yeah. Yeah.

00:08:12:16 – 00:08:35:05

Unknown

So I used to be a realtor while back. Is going on ten plus years ago, and I got involved in a big development project where I referred clients and raised money and whatnot. And my wife told me not to do the development project. This is like in the the wake of the last recession. And fast forward six months in, I got a phone call from the developer that he said, I’m walking, I’m out.

00:08:35:07 – 00:08:59:18

Unknown

And I’m like, What? Like, no, like you don’t just walk like we finish this thing. I’m the guarantor on your loans. And I referred half the people that that are working with you on this is like, Well, I’m out and here’s the keys. And is that moment I was forced to, to start liquidating our rental properties and I ripped my wife and my, my then newborn child away from our house next to the lake to move across state lines, take over this project.

00:08:59:20 – 00:09:20:20

Unknown

And I worked on it for a year, got the thing done. But by the time that we finished it, there was just no juice left. Like I had burned all the equity and the high interest loans eaten alive, and I ended up going through bankruptcy. Now I immediately got back to work and I found someone doing something interesting with social media and I really gravitated towards it and I started modeling it and I did it over and over and over again.

00:09:20:20 – 00:09:47:22

Unknown

And and and thank God that was our first ever million dollar a year coming out of bankruptcy. And then year one out of year one. Year one. Love it. Yeah. The trustee didn’t believe that I went bankrupt. She actually called me back in to re audit everything they did. Did depositions with my bookkeeper. It was crazy. But in the midst of all that, I spent some time on my hands and knees praying and just trying to figure out like what the right steps were.

00:09:47:24 – 00:10:06:12

Unknown

And fast forward it like the social media angle. Like today we live in this world where you could post what you had for dinner last night, but that’s not productive. Instead, like owning your own brand, like being that niche leader in your marketplace, that’s what’s really going to drive results, and that’s what did it for us. That’s why we went 0 to 1000000 in a year.

00:10:06:14 – 00:10:21:05

Unknown

100%. You know, I was before I’d ever meet our guest guys, when they come on the show, I do that on purpose because I like to just pull everything out of them live. And I was on Nate’s website and I’m like, Wow, this guy’s got his message dialed in and he’s got a nice video on top of it.

00:10:21:07 – 00:10:37:18

Unknown

And most like investors aren’t like great marketers like you are in that sense. Like, I see usually the sites, like some guy’s like, Hey bro, you got a lot. He’s got his shit together, It’s polished. But what I like about it is that he knows exactly who is niches. He’s not scared to scream his Christian face, his faith.

00:10:37:19 – 00:10:54:04

Unknown

He basically says, Hey, we help people. I’m a Christian based business owner, and I right off the bat, I thought that was impressive because he knows who he’s talking to. He knows who his tribe is. The problem so many guys have as you’re trying to relate and be something that everybody and you relate with, none. Jack of all trades is the master of none.

00:10:54:06 – 00:11:17:06

Unknown

So don’t be scared during this time to really dial that in. Be yourself because you will attract like people, whether you’re covered with tattoos or you’re like Nate and prayed many times a day or you got strong faith, it doesn’t matter. You’re always going to attract your tribe. Nate Question on before you really dialed in your brand because your company is called Home Invest doesn’t have anything to do with faith.

00:11:17:06 – 00:11:33:06

Unknown

You didn’t have to mention your faith. You don’t have to mention that you’re a man of God and that this is a big part of your why in your business, why did you decide to do that? Yeah. Number one, there’s scripture that talks about all of us one day standing before God and giving it a testament of our life.

00:11:33:08 – 00:11:48:10

Unknown

And at that point, basically, it’s going to be the question is going to come on the table. What did you do? Did you did you have my name out there? And I feel compelled that his name is supposed to be before my name, kind of like in brokerage law, like a man booker. His name’s got to be bigger than your name.

00:11:48:12 – 00:12:05:19

Unknown

And so and to your point, Mike, what happened since then? I did not intend for this. This. It was not my plan. But what’s happened since then? I got some heaters early on. I had some people like just trashing me and like I even had some some close personal one. One particular close personal relationship. He’s like the direction you’re going, man.

00:12:05:19 – 00:12:24:04

Unknown

I don’t like this. This isn’t going to be good for you. And we kind of had to cut ties. But what’s happened probably took six months. But what happened is it just it took off. Like now I get people coming to me and they’ll say, Nate, I invested in your multifamily property or Nate. I went through your social media blueprint program because of your faith.

00:12:24:06 – 00:12:43:15

Unknown

Love that, folks. That happens all the time. And you had it on Dot. It’s always six months on a white six months when someone really goes all in on their brand, you do piss people off. But until you do, you know you’re not on the right track because you’re not supposed to resonate with everybody. You’re not God, you’re supposed to have people that you resonate with, and you’re supposed to have people that are going to like you at all.

00:12:43:20 – 00:13:04:11

Unknown

That’s just the way the world works. But and you, when you dial that in and you do it unapologetically, wow, it’s very powerful. And yeah, and people will invest with you or work with you or hire you or do whatever with you just because of what you stand for, not what you do. In real estate. People hire you for how you do things, not what you do.

00:13:04:12 – 00:13:26:19

Unknown

Your license only gives you a legal right to collect money. So think about that, you guys, and think about how you make your own buying decisions and who you hire and whatnot. Yeah, I think that’s that’s fantastic. Now let’s get into like what you actually do, though, because you’ve dialed in your brand. This goes this is applicable to any business, you guys, whether you’re a dentist, attorney, chiropractor, I don’t really care.

00:13:26:21 – 00:13:52:03

Unknown

You could do the exact same thing in this case. Nate’s raising syndication. It looks like he’s creating investment deals and whatnot. So tell me about your creative financing Beyond being a good man of faith, why am I going to invest with you? I like it. But how do you make me money? Greg Great question. So you can either get inside of a DeLorean and go back in time and try to snag 3% interest rates or or you can find them.

00:13:52:03 – 00:14:16:03

Unknown

Like, I was shocked to learn this, but of the market rate now, over 20% of people own their home free and clear. And then people that took mortgages that were sub 3% there’s another 8% that have mortgages, sub 3% from 3% to 4%. There’s another 16%. We’re talking about half of the properties in America are either free and clear or they have a sub 4% mortgage on them.

00:14:16:05 – 00:14:39:04

Unknown

And so what we do to create value for investors is we find those sellers and we say, Hey, Mr. or Mrs. Seller, rather than, you know, you just cashing out right now and potentially taking a big tax hit. How about we save you a little on taxes and we stretch out the payments a little bit longer? You keep your bank mortgage payment in place and we’ll come in alongside of you and we’ll take over all the headaches of the property and we’ll let you exit.

00:14:39:06 – 00:14:57:03

Unknown

But you won’t have a big tax event. And then myself and my investors will be able to not get hit in the face with an 8% mortgage rate and then just seller financing. Folks, this is what you need to like. Let’s break this down a little bit so make sure everyone understood. Unpack that a little bit, because that’s the problem right now.

00:14:57:03 – 00:15:14:22

Unknown

You’re going to have all kinds of people. There’s a lot of people that want to sell, but where are they going to go is one aspect of it. But then there’s a lot of people that aren’t going to be able to sell because like in our market, I’m in Carlsbad, An 8% rate on a $2 million house is a lot of money, dude.

00:15:14:24 – 00:15:31:14

Unknown

You know, So walk me back through that. Let’s dumb it down even a little bit further. So I find this if you find a seller that basically has a boatload of equity and you approached you guys cash flow, the property, you handle all property maintenance and management of it, Tell me how you strike the numbers and how does the seller cash flow again?

00:15:31:16 – 00:15:50:10

Unknown

Yes. So I’ll give you a real life example. We just closed a unit building and it’s got a 5% rate on it fixed for forever. Basically, I’m going to back up a little bit to to land the plan on how we got it. Okay. So this is something that most real estate investors, they just don’t share. It’s just not common, common knowledge.

00:15:50:10 – 00:16:06:17

Unknown

It’s something that I probably invested over $250,000 worth of training and education to get. And so this is the one thing that phone call with the seller, and it’s got to be with the seller direct. If there is an agent in the middle agents, I love you guys. I used to be one for a long time, but yeah, forget about it.

00:16:06:19 – 00:16:22:11

Unknown

Yeah. Unless you can really get the agent on your side, it’s just harder because most agents, they’re not going to think the way that maybe your listeners might think. So you got to get on the phone with the seller. I have done it with an agent, but it’s usually a three way phone call. He put me in, put put us on a three way, Let’s do this together.

00:16:22:13 – 00:16:37:14

Unknown

And on that call, this is everything you have to space that call out. Most of the sellers, they’re just thinking, Hey, what’s the number am I going to get? How are you going to get me there in in? That’s a mistake to fall into that trap right in the beginning. And so what we have to understand is the situation.

00:16:37:16 – 00:16:56:18

Unknown

And so we went through we broke the call into five distinct phases. The first phase is rapport. Pretty obvious. Everybody that listens to your show, Mike knows how to do that, build some real human rapport. The second phase is understanding the situation. The situation is everything. I’m going to get out of them, how much they owe on their mortgage, what is the payment?

00:16:56:18 – 00:17:17:21

Unknown

What is the interest rate? Is that fixed? How many years into their more, I’m going to get that stuff out of them by simply asking one question. It’s actually three. But it goes like this. Most people would say, Hey, how much do you own your mortgage? And that’s a mistake. Instead, what you say is you say, Hey, if we do this deal together, I want to make sure that all the lines get taken care of, taxes, mortgage, etc..

00:17:17:23 – 00:17:40:00

Unknown

With that being said, how much is left in taxes? Okay, great. How about the mortgage? How much is left there? Great. Hey, can you tell me a little about that payments and then dissect what the payment is, taxes, interest, etc. By having that information in the beginning and then really understanding what their motivation is when we come around the corner to that, we got the third phase of the call, the fourth phase and the fifth phase.

00:17:40:00 – 00:17:58:18

Unknown

When we come to the fifth phase, which is actually presenting the offer, we know what offer we can make. So the reason we got this 49 unit building at 5% interest is because, number one, we found out that if the seller sold today for cash, they would have a sizable gain and they get smacked upside the head with a big tax tax liability.

00:17:58:20 – 00:18:14:20

Unknown

They didn’t really want that. The second thing is that they didn’t have anywhere else to go park the capital. My favorite question is when someone says, Hey, I just want to get cashed out, I say, okay, great. What are you going to do with all the money? Oh, this is what Gabriel the seller said. He said, I’m going to put in the stock market.

00:18:14:22 – 00:18:32:12

Unknown

And I said, You put this lot now. And then he kind of backpedaled. And I’m like, I’m like, Hey, Gabriel. Like, do you believe in this asset? Do you think it’s a good. Yeah, I love it. I just don’t want to deal with tenants anymore. I get it. Okay, cool. How about this? What if you leave the money in the property, I’ll start making monthly payments to you.

00:18:32:13 – 00:18:49:17

Unknown

I’ll get you some down payment now, so you know that I’m serious, but I’ll start making monthly payments to you. I’ll handle everything. Taxes, insurance, toilets, tenants, the whole works. You get to collect a nice check every single month. You get to avoid getting slapped by the taxman big time upfront. And we have a good five year relationship together and five years.

00:18:49:17 – 00:19:12:04

Unknown

I go to the bank and I refi you out. He’s like, Could you can you tell that to my attorney? I said, Yeah, no problem. Told to his attorney. Attorney sent over paperwork. We did the deal. I like it. That’s a lot to unpack. I like it. Give me the ideal scenario of the seller. Give me some like case you like, use cases like a give me a couple.

00:19:12:04 – 00:19:31:17

Unknown

Like just so they could they can relate to that. So like the ideal seller and these are more larger you deal in multifamily are you doing any individual units or is it mainly multifamily and is there a place for it for smaller properties? Oh yeah, yeah. So the last two years I’ve only really focused on multi, but we have a lady in my office named Kate.

00:19:31:17 – 00:19:53:16

Unknown

She buys all the single families for us and so we’re, we’re processing at least two or three every single month with single family typical, like there’s a distress of some kind. It’s either that they’re a little bit tied up financially, a big one that was happening to us. Since Corbett is people have to either move or go back to an office that they they were working virtually for a while.

00:19:53:16 – 00:20:13:21

Unknown

Now they’ve got to go back in. So we’re getting sales because of that. On the multifamily spectrum, it’s usually because people are worried about what’s going to happen in the economy and they want to get a little bit more liquid. And so we’re talking to a lot of landlords on that. And then the second biggest one and this is new is people that took out what’s called a bridge loan in the last three years.

00:20:13:23 – 00:20:36:21

Unknown

So for for anyone that doesn’t know what bridge means, it means that they took out some kind of short term financing, usually to do some kind of renovation. And it was very popular in multifamily during the COVID years because they were giving away dirt cheap interest rates and they were saying, Hey, get into this. And because multifamily got so competitive, they were taking these short term adjustable rate bridge loans.

00:20:36:23 – 00:21:01:03

Unknown

And a lot of those are come and do right now. Like in fact, we’ve got under contract as we speak, a $12 million, 161 unit property. The only reason we have it is because the guy’s loan expires in December. So, yes, he’s he’s putting his message. You know, this is marketing lead generation. He’s finding he knows exactly who is ideal candidate is for this and he’s just targeting them.

00:21:01:05 – 00:21:16:15

Unknown

Right. And when you rent the property out, you’re just taking over the management of it and then you’re renting it out at a 5% rate. How do you know what you have to look at the rent and what do you offer to pay them a little bit more than he’s getting on a 12 month and then juice it up?

00:21:16:15 – 00:21:39:08

Unknown

How do you make money on that? Great, great question, Mike. So first my instance is I try to pay them what their costs are. So like if they’re just ready to exit and they just want to move on, my my reply is, Hey, would it make sense for you if I just took over everything from here? I give you a little bit of moving money so you can pack up and go, and then I just take over everything from your taxes, insurance, the repairs that are needed.

00:21:39:10 – 00:21:57:11

Unknown

And a lot of times that’s, that’s enough. Sometimes, however, especially when getting to multifamily, you’ve got a different seller on the other end of that family service and say, well, hey, I want to get paid for my equity. And then I say, okay, cool. What does that look like for you? How much equity is that? I let them tell me their number and then if they’re number, I’ll put it into a spreadsheet.

00:21:57:11 – 00:22:14:14

Unknown

If I can still make a return on investment from that, then I say, Okay, if it’s too big for me to like plop down as cash, then I’ll say, How about this? We’re going to pay the bank on their normal payment schedule. And then with your equity, I’m going to start chunking away at that every month. I’m going to pay this much.

00:22:14:16 – 00:22:28:12

Unknown

And you can see here on my spreadsheet, I’m looking at it with you. Open book. I still got a little bit, little bit of room for me and for my investors, and I’m going to pay you this every single month for the next five years. And at the end of five, I’ll go to another bank and I’ll refinance this thing in rate.

00:22:28:14 – 00:22:44:08

Unknown

Right now, it’s actually much easier to have that combo because all I have to do is point at the banks and just say, Hey, if I got to go to the bank, I got to pay seven or 8%. That means I’m giving more to them and I have to give less to you. I’d rather give you a very good point.

00:22:44:10 – 00:23:00:19

Unknown

Creative. So folks, sharpen your damn skills. These are the conversations you’re going to have and the one that can put together. That’s how you really define your USP as an agent. All right, Let’s let’s get into like, how you’re finding these deals, too. Okay, So you guys get an idea. He’s dialed in. I’m taking us through a three pronged approach here.

00:23:00:22 – 00:23:15:12

Unknown

One is you got to dial in your brand. You got to be on the brand message with whom you relate with first, right? Absolutely. You have to do that first to know what the hell you’re selling. Now. It’s got a very creative niche. The riches are always in the niches and shifts like this. Would you agree with that 100%?

00:23:15:14 – 00:23:30:21

Unknown

Like you have to niche down guys. You got to stop being a generalist. Please don’t be a general. You’re going to get crushed. You need to niche down and you need to be an expert at something. But then three is you got to be a dab marketer because without deals like none of the stuff matters, right? So what are you doing on social media?

00:23:30:21 – 00:23:48:17

Unknown

Because it seems like you have like a new maybe a twist on how you’re finding these properties and are you getting all of your deals from social media? I’d say three quarters come from social media and then the other a quarter are a breakup of either referrals, some agents that feed us properties now and then just a mix.

00:23:48:17 – 00:24:10:08

Unknown

But three quarters. No, no direct mail. No, no. In fact, PPC search, anything. I’ve done them all. I’ve been in the game for a while. I used to run TV ads back in the day and I dropped a direct mail around probably two years ago. I dropped 48 grand and I struck out for the first time ever. Usually it doesn’t happen that way.

00:24:10:08 – 00:24:29:11

Unknown

Usually I’m pretty good at making something, but I struck out and then I’m like, I can’t do this. Yeah, and money it is. And so I leaned heavily into social media because I can track instance. Like if I spend $100 on a Facebook ad, I know how many leads I got same day and with direct mail was a little bit bigger for me.

00:24:29:11 – 00:24:42:22

Unknown

And I know there’s other guys that are really good at that game, but I just I wasn’t my game so I stick to social where I can track it all instantaneously. Another good point is like, find out what the hell works for you. It’s different for everyone. There isn’t a right answer. Whatever works for you is always the right one.

00:24:42:24 – 00:25:03:13

Unknown

Art How I’m social like you’re running ads. What’s one of the platforms we’re talking about? Facebook, i.e. Facebook, Instagram and YouTube. And I start with organic. So you mentioned Facebook groups earlier. Like I own a group for pretty much every category that I that I want to master, so to speak. So like I have one for investors for passive investments.

00:25:03:15 – 00:25:21:19

Unknown

I’ve got one in each of the three cities that I buy properties in. It’s just a real estate group that’s titled the City Name plus off market deals. If you ever see those out there, they’re probably either mine or someone that I showed how to do that. What city are you in? So Milwaukee, Wisconsin. Yeah, Lexington, Kentucky. And Louisville, Kentucky.

00:25:21:21 – 00:25:41:11

Unknown

You must have someone here that has that in San Diego off market deals. But you they’re like one of your students or something. It’s very possible. A couple couple hundred people how to do it now. Okay. Keep going. So you get in the groups, folks, community, you have to build the damn database. The database is either the USA y, which is what you’re always marketing and nurturing and staying in front of.

00:25:41:13 – 00:25:55:14

Unknown

But then you build a lead database because the conversations in these groups are where the money’s are. But a lot of people don’t like starting them, right? They’re like, Oh, how am I going to get all these people in there and how am I going to get the group going? And like, it seems like it’s a lot of work to get it going.

00:25:55:16 – 00:26:13:01

Unknown

How do you overcome that? Yeah, you think of it like a backyard barbecue. Like if you were the new kid on the block, you just moved in and you wanted to meet all the neighbors. You could either go door to door and say, Hey, I’m having a backyard barbecue, or you could put big signs up in your front yard and tell everybody you got free food on Saturday in either wood work.

00:26:13:01 – 00:26:32:03

Unknown

So the difference between those two is kind of like paid leads versus organic leads came a paid lead is kind of like putting the sign in your front yard and blasting it out there really fast. If you pay Facebook about 10 to $12 per person, you’ll fill the backyard barbecue really fast like your Facebook group will fill up really fast.

00:26:32:07 – 00:26:54:21

Unknown

Like if you pay Facebook ten bucks per person, that the other way that you do it is that once you’ve got your group created smart and you go out and you do door knocking by door knocking, it’s not physical. It’s like literally on your computer, click of the mouse. You go to other people’s groups, you go to other communities and you say, Hey, guys, if anyone’s looking for this specific niche, my group’s pretty cool.

00:26:54:21 – 00:27:18:17

Unknown

For that, join my group. Here’s the group. And within a week or two, if you do that fairly consistently, I’m talking like an hour a day. Not obsessive, but you can fill a group with 100 people and then from there you serve those people. This is the part where everybody misses. You show up once a week, you do some written value add posts, or if you’re if you prefer video, I prefer video.

00:27:18:19 – 00:27:38:23

Unknown

Then I just press that goal. I button and I’ll share what’s on my heart. I’ll share some real estate tidbits. And then at the end of it, I just say, Hey, if this is something that you’re looking for more help with, just comment. Help down below and then we’ll connect. And I keep it super simple like that, but you got to show up every single week If you just let a group build up and you don’t do anything with it, they’re not going to know you.

00:27:39:00 – 00:28:00:14

Unknown

Yeah, they’re going to get you. And you’re you’re doing once a week in terms of content creation video 3 to 5 minutes, maybe a blog, right? You got it. Yep. And since I’ve got multiple groups, what I found a tool called Stream Yard. And I’m sure you’ve got other ones that lets you simultaneously stream into multiple. Yeah. So I’m only doing one weekly broadcasts.

00:28:00:16 – 00:28:18:01

Unknown

That’s it. And it gets it everywhere. I want to touch. I mean do. That’s how this show started. You know, it’s one podcast every Saturday for eight years in a row. And then we got 1.7 million downloads or whatever at now. And it’s because we are consistent and we add value. We haven’t sold you guys anything on the show yet.

00:28:18:01 – 00:28:36:17

Unknown

What are we, 26 minutes in? We’ll send you a link after this. And you might want to join or buy my services or take notes. Who cares? But this is content marketing 1 to 1, guys. You got to add value to people first. Just it’s a dating game, isn’t it? Like the same way you date is the same way you attract business online or in social in these groups.

00:28:36:19 – 00:28:58:01

Unknown

I love how you just said, though, that you’re running traffic to build the group because that’s like the shortcut, right? Yeah. Yep. Yep. And then in that group, that’s where you get to test your message. I would do that, like before you start getting all crazy with ads, I would test your message and see how it’s resonating in and if you go live, like, just know that the first time you’re going to have your mom and your cousin on and that’s it.

00:28:58:03 – 00:29:23:10

Unknown

Yeah. And that’s okay. You just show up, you serve, and then people will catch replays. And as people replays, it starts to build My first podcast, I think I had like two lost two listeners, you know, when they’re like, Hey, woo! Yeah, but dude, you got to start somewhere. Everybody does very, very well. Why did you sustain like you have a fantastic podcast, Why didn’t you quit like everybody else does after the third one?

00:29:23:12 – 00:29:40:00

Unknown

Um, you know, what I did was I think I did the whole public accountability thing, and I said, I’m going to create a show. And I missed one week like early on. And I remember someone wrote into me and they’re like, pissed and they’re like, like it was like early on, like probably year end or so. And I just kept going.

00:29:40:01 – 00:30:00:03

Unknown

It was going to be uphill battle. But I remember someone wrote a message or something and they said, like, Bro, you missed your show this week. I was looking forward to it. I’m like, Fuck, People are listening to me, man. Like, That’s cool, right? So then I just felt obligated to go ahead and do it. Even in all you guys who’ve been following the show for a while, I’ve been very sporadic the last few months because I’m going through a brand shift myself.

00:30:00:03 – 00:30:24:14

Unknown

You know, I got a software that we’re launching and I switched my video into a different business model. My friend working with real estate agents as much on the video side anymore, but I’ve been sporadic with it. You know, I’m breaking my own rules and it’s just, you know, it’s but you’re absolutely right. You have to. I believe that as an agent, I was always creating content because I knew that if I wasn’t, somebody else was.

00:30:24:16 – 00:30:43:12

Unknown

And as long as my face was just sort of omnipresent amongst my aunts, uncles, friends, family, past clients on social, I’ve always attracted referrals. I just had to stay relevant and stay present and not just the whole referral marketing thing, but when you go into like lead generation with what you’re doing, it’s really the same thing. You have to nurture your guys’s audience.

00:30:43:14 – 00:30:57:02

Unknown

This is where content creation comes in. I don’t think it’s optional anymore. You have to create content because you could run ads, but today do you agree this people, you run ads. Great. Who the fuck is this guy? You’re on social media like, Oh, that was pretty interesting. Let me go check out his website if that website is bare.

00:30:57:04 – 00:31:12:06

Unknown

Do you or do you not lose all? Chances are a lot of them, of converting them down the road. But if that website has a ton of organic content, a ton of engagement, you’ve a ton of value. Hey, take this free report. Hey, take this. Wow. All this video is like, you’re like, Shit, I’m going to false. God, this guy might be on to something and that’s that.

00:31:12:12 – 00:31:32:04

Unknown

Why we create multipurpose and distribute. Guys, you have to start somewhere. But even after you have people probably look on your on your show and you probably have a lot of content on YouTube maybe of deals you’ve done, right. Does that or does that not help convert the seller when they’re thinking about giving you their keys? It does.

00:31:32:04 – 00:31:53:01

Unknown

I got $1,000,000 property on the water. And keep in mind, like I usually lean toward seller financing because I went through bankruptcy in the past. I can get loans, but it’s just more challenging. And so I told some I told a realtor in Florida that I really wanted a waterfront property on the marina, described everything to T, and I said, Seller finance.

00:31:53:01 – 00:32:12:02

Unknown

And then he he laughed at me. He’s like, That’ll never happen. And I started doing the social marketing like, I like like we’re talking about here. And I got a seller that that responded favorably. I went and met with them, but when I got there, the guy said, So we checked out your wife’s video on and what you guys said on your podcast, and I’m like, Oh, which one?

00:32:12:04 – 00:32:34:20

Unknown

And they described it to a tee. We left that meeting with a signed contract seller financed waterfront property like. So even when we think that people aren’t listening, they are crazy. Dead. Out of curiosity, was did was he a Christian by any chance? It was, yeah. There’s the brand conversion, there’s the assist coming in from the man upstairs.

00:32:34:22 – 00:32:56:03

Unknown

Alley oop. It doesn’t happen on accident, guys, you know, but that assist helps like we’re doing a lot of these videos now for attorneys and it’s crazy because people are so scared of attorneys like you’re an attorney like no one wants to talk to a fucking attorney. Let’s be honest, right? No one wants Doctor. However, when you humanize them, their conversion goes through the roof.

00:32:56:05 – 00:33:12:05

Unknown

It’s just a simple video because you’re when you hear the word attorney, you’re like, Oh, man, I’m going to get in trouble. But when you have a nice guy with his dog right there, he’s going to go on. All sudden, they’re not scared of the attorney anymore. And people he’s approachable. So this is where your brand so books will get unpacked.

00:33:12:06 – 00:33:30:08

Unknown

Just what we have on the show, one dial in your brand. Because if you don’t have your message, no one converts with you anyways. Pick who you are, what you stand for, and stick by and scream from damn rooftops to define your niche. Right? In this case, you’re finding properties and you’re raising funds to take down properties. And so they’re financing.

00:33:30:10 – 00:33:47:05

Unknown

What are you doing as an agent? What’s your niche? Are you going to go after b? K you’re going to go into short sales and foreclosures. Are you going to go people who are relocating, they can’t sell, What are you going to do? But three, marketing this strategy that you just outlined to me I think is applicable to anything, isn’t it?

00:33:47:07 – 00:34:10:00

Unknown

Yeah. Yeah, it is. If I could add one more to this too, Mike. A lot of people, they tell me that the reason that they don’t start with their content is because they feel like they need to know more or practice more or be better. And I want to point out two things. Number one, Abraham Lincoln arguably one of the most successful presidents of of of our of our country.

00:34:10:02 – 00:34:36:09

Unknown

Abraham Lincoln ran for office eight times and failed seven out of eight times. Before that. He was an entrepreneur and he had to file bankruptcy. You fail that both businesses and then the man becomes the most successful president of of his time. So that’s one example. Babe Ruth. Babe Ruth, he’s known as as what? The man who hit the most home runs yet that’s he had 704 home runs yet people never talk about that.

00:34:36:09 – 00:34:54:23

Unknown

He struck out 1304 times. Yeah almost double. And so just know that in the beginning when you’re starting this content stuff like we kind of we kind of suck in the beginning we do, but we just stick with it. It’s like riding a bike. The first time I got a three year old boy, like he’s riding the bike now with no training wheels.

00:34:55:00 – 00:35:12:12

Unknown

He didn’t start there, though. He fell, he bumped, he bruised. And so we got to go through the same thing as adults. Sometimes it’s scarier to be, like, publicly ridiculed, but we just got to go through that curve. Once you get through that curve, it’s probably two or three months in, and then by six months, all of a sudden you’re in momentum and then this business is just coming because of it.

00:35:12:14 – 00:35:33:24

Unknown

Yeah, I see it every day. Like we create so many videos. We’re doing like about a hundred videos a month now. But yeah, everyone’s the same. When they start. They’re like, like scared, like just grown ass men buckling in the knees because of this little tiny device. Right. But everybody, you’re right now 2 to 3 month after you get in there, it’s no different.

00:35:33:24 – 00:35:51:00

Unknown

Plus, like, here’s what I believe, though. Regardless of how you feel about yourself or your insecurities about getting on video, I believe that if you believe you’re the right person for the job, it becomes your obligation to scream it from the rooftops. And if you have a question about video, then you shouldn’t fucking be on camera in the first place because you’re not the right person.

00:35:51:02 – 00:36:07:00

Unknown

You should be that confident in your services guys. And if you’re not, you’re not the right person. So either go hit the books, go study, get some more experience until you feel confident. But as long as you know your trade and you know this as a Christian, it becomes your obligation to serve others and to help others with what it is that you do.

00:36:07:00 – 00:36:28:14

Unknown

Whether you’re a professional lemonade maker or you’re a real estate agent. I don’t care. Everyone has a purpose. Very good. You hear me? Closing throats. And I just. I just want closing throats. Yes, Closing throats. Thoughts? What, Mike? I just want to say thank you for leading the charge, number one, and just showing up every single week in the number two, providing the service that you do like.

00:36:28:14 – 00:36:44:16

Unknown

If it wasn’t, I didn’t get to work with you because I didn’t know you when I first started marketing. But if it wasn’t for someone like you grabbing people like me by the hand to help with that video, the help with the scripting and the help with like even background lighting, all that kind of stuff. Right now my mind isn’t so good because I’m at my cabin.

00:36:44:22 – 00:37:00:11

Unknown

But you do that for people. You bring them to the spotlight and help them. So thank you for doing that, man. Appreciate you. Yes, sir. And what I tell them where they can learn more about your stuff. But you guys have clients. I have ten, 30 ones or whatnot, like turn them on to this guy, especially if they’re Christian.

00:37:00:11 – 00:37:20:16

Unknown

And then tell me about your blueprint. Yeah, so it’s Nate podcast dot com, Nate podcast dot com. There’s a train there. It’ll walk you through everything that we do and it basically gives away a deeper look at how I’m getting these deals off market and how we’re structuring seller financing. And then my favorite is to mitigate taxes for both us and the seller.

00:37:20:18 – 00:37:39:13

Unknown

Love that. We had a show on cost segregation a couple weeks ago that’s don’t even know that’s existed. It is crazy. Crazy. But folks, thank you for listening to the episode. The estate marketing dude. Folks, if you like what you heard here today, subscribe, leave us review files and social and whatnot. And most importantly, check out our software suite assist.

00:37:39:15 – 00:37:54:18

Unknown

It’s a tool meant for brokerages and teams. So if you don’t have it in your office, make sure you knock on your brokerage door and tell them to look it up and then make sure they buy it. Because we help you build that brand. We help you build that content and we give you a blueprint each and every month that you just have to copy, follow and customize yourself.

00:37:54:18 – 00:38:05:23

Unknown

And that is direct mail, video, email and social media so that you can be consistent and take on that omnipresent approach with much of what we’re talking about today. So appreciate you. Check us out and we’ll see you guys next week. This.

Feast or Famine | Adapting & Succeeding in a Down Market

The market is coming down, you can’t deny it. Eventually we will all have to figure out how to sink or swim. How can you adapt to succeed in a down market? The money isn’t gone, it just isn’t where you think it is.

Resource

Check Out Jim’s Website

Transcript:

What’s up? Ladies and gentlemen, welcome to our episode of the Real Estate Marketing Dude podcast. I think we just had 8% interest rates. The market is slow. What are you going to do? Hey, if you’re a real estate broker or you’re a team leader, it is fucking recruiting season all day, every day. Because every single time the market shifts, agents are who are spoiled about how easy business was.

00:01:40:23 – 00:02:01:20

Unknown

They weren’t really looking at their brokerage for support. But when things shift like that, the number one thing all agents industry I look in is who’s going to help me navigate the mess that we’re in, the slowness that I’m experiencing. And if you’re in the business of recruiting, this is today’s episode is going to be how to feast and famine, feast or famine in a changing market.

00:02:01:20 – 00:02:17:00

Unknown

This is going to be on how you feast because it’s markets like these that are honestly the easiest time to recruit. It’s very difficult to recruit when everyone is doing well because what’s the purpose of recruit? Hey, I’m doing well. I don’t need you right When you’re getting your ass kicked, you’re like, Should I need some help? I need a coach.

00:02:17:00 – 00:02:36:16

Unknown

I need to switch brokerages. Maybe I’m with the wrong people. Maybe I’m with that. What my predictions are going to be, I’ve never I’ve been roasted for 20 years. I’ve never seen 8% interest rates before in my career. So this is new to me as well. But what I know is that people are hurting right now and people are looking at what am I going to do next?

00:02:36:16 – 00:02:56:10

Unknown

And they’re scared. 90% of the real estate agents out there have never seen a shift like this. So if you’re a team leader or broker owner, the chances are you’ve been in the business longer than most of the people you’re trying to recruit early. Usually that’s how it used to work. Today you have people in the business for two years and all said in their coaches and their influencers and all this other stuff, but we need to go back to the basics.

00:02:56:10 – 00:03:15:05

Unknown

This is a very healthy thing with the right mindset. So without further ado, I want to go ahead and introduce our guest. We had him on about like the Kova days, if I’m not mistaken, a couple of years ago, years ago now, three years on, his name is Mr. Jim readily jumped. Hello. Hey, man. Thank you for having me back on the program.

00:03:15:05 – 00:03:31:15

Unknown

Always a pleasure, Mike. What are we going to get into today? Let’s talk about recruiting because it’s recruiting season, As you mentioned, I just saw a stat that was 90% of all the agents operating today have never been in a market with 5% interest or greater. And so when you look at that, you know, you’ve got a lot of agents who are exiting.

00:03:31:15 – 00:04:00:02

Unknown

The latest numbers show that about 80,000 agents have already exited this business. Now we’ve got a double whammy hitting the market. We’ve got a whammy of, you know, people just not ever experiencing a down market. They’ve been in an upcycle for the last ten years. But now we’ve got something else is setting the market. There’s a lot of fear around which is buyer representation back BS now under attack by the Department of Justice in two major lawsuits and major players like Remax Keller and Re Max.

00:04:00:02 – 00:04:30:07

Unknown

But anywhere Keller claims is on the list. But Remax got major MLS. Those that are settling in the settlements are saying basically we’re going to make sure that sellers now have an option not to pay back agents that don’t know how to deal with that are going to exit the business as well. So now you got a double whammy in the market where you’ve got a tremendous amount of pressure build up and as you mentioned, it’s a great time to recruit because agents need guidance, they need playbooks, they need a strategy because most agents have been market driven, not strategy driven.

00:04:30:07 – 00:04:46:07

Unknown

And when the market turns, they’re just upside down immediately. Yep, very well put. I didn’t give people give you the proper introduction, so I want you to tell people why they should listen to you. So today, how long have you been in the business? Really quick. Now let’s get into this because yeah, guys, he knows what he’s doing.

00:04:46:07 – 00:05:03:17

Unknown

He coaches brokerages and teams and all over the country. So really pay attention to what’s going on here, because even if you’re an agent listening to this, you need to find a broker that’s doing the things we’re going to tell you about, period. Right. So, Jim, go ahead and give me your accolades. So I’m going to give you a really brief rundown.

00:05:03:17 – 00:05:29:06

Unknown

33 years in the business. I started it in the back in the late eighties, early nineties, when interest rate my first house about ten and a half percent interest. I thought I was so lucky to get it. So been through those upward cycles and interest rates. But at first year in the second year, the business took 150 listings, got a lot of accolades and 21 Centurion Awards of my first company at 23 agreed that to 17 offices sold that No.

00:05:29:06 – 00:05:50:07

Unknown

Six right before the crash, spoke for NPR for ten years, grew another company in southern Oregon from 38 agents to 250 agents. Now that company is in the top 500 companies in America by volume. In a small, powerful population base of 80,000, our average agent productivity is about $7 million per agent. So doing something right, that’s my version.

00:05:50:13 – 00:06:08:05

Unknown

Let’s let’s get into this because you just mentioned something I wasn’t planning on talking about. But yes, this is like the perfect storm. You have super high interest rates that nobody’s used to. You have unaffordability, you have high inflation rates. You know, people are worried about their finances. 80% of people today don’t believe buying a house is a good investment.

00:06:08:07 – 00:06:24:00

Unknown

And then you have the other side of it with this NAR thing going on. And what’s really you guys commission compression is real, like the days of you when this shit hits the fan and when it’s all settled, you’re not going to get a five or 6% listing agreement in my opinion, anymore. I think everybody is going to get cut.

00:06:24:00 – 00:06:49:15

Unknown

So not only are you’re going to be making less money than you’re ever used to now, that’s not necessarily a bad thing. Okay, So this is the stage. This is the business that we’re in today, guys. So you have two options Adapt and change or die. Yep, one of them. So let’s talk about adapting and changing and let’s first get into brokerages because whether you’re an agent listening to this or not, I know Jim’s going to speak through like if you’re a broker owner, here’s what you should be doing.

00:06:49:15 – 00:07:06:11

Unknown

But if you’re an agent, you need to be following people that are doing the stuff we’re telling you. Okay. So, Jim, what do you do right now? Like, what do you we’re saying it’s it is recruiting season because people want to be part of something where they know the direction. And when everybody is walking, it’s sort of like if you go to a haunted house, it’s Halloween going haunted house and it’s pitch dark in there.

00:07:06:11 – 00:07:20:10

Unknown

You’re sort of like, what the hell’s going to pop up here? And you’re sort of tiptoeing all the way through. You just want to turn the damn lights on and walk through and exit the door. Right? Right. So what do we do in these shifts, Jim? What’s the first thing that you’re going to do as an agent today?

00:07:20:12 – 00:07:36:23

Unknown

The top three things you can do and we’re training our agents to do this right now is just to be on the cutting edge. You gotta look at this as an opportunity for growth. And you got to look at this is not a challenge, but an opportunity. So here’s the opportunity for growth. Number one, you need to act as if this change has already occurred.

00:07:36:23 – 00:07:53:21

Unknown

Act as if we’re five years out from these lawsuits being settled because they are going to be settled. They’re being sold right now. These are the major lawsuit goes this goes to court October 16th, one of them is going to settle. And the outcome of that is going to be, ah, the way we collect fees from buyers is probably going to be we’re going to collect it directly from a buyer.

00:07:53:23 – 00:08:12:01

Unknown

So let’s assume that’s already changed, right? I taught that too. I taught the accredited by representation class for ten years. So he used to teach us for years. But here’s what I’m going to change. I’m going to start treating buyers the same with the same respect. I treat sellers, meaning I do a buyer presentation every single time when I’m with a buyer and I say, Hey guys, can I just take a few minutes and show you how I work?

00:08:12:03 – 00:08:27:10

Unknown

Can I just kind of walk you through the process of how I work with all my buyers and now I’m going to open up maybe a digital presentation of here’s the process, here’s the five things we need to talk about as you’re working with the buyer. And during that buyer presentation, just like with the seller, I’m building value in my services.

00:08:27:12 – 00:08:42:20

Unknown

Now, let me tell you the key part of your your, your, your proposition, your value proposition. It’s not finding them in the home. C most buyers today we hear it all over the internet. I can unlock a door and I can search for homes myself. I don’t need a realtor to do that. So we got to take that off the equation as fast as possible.

00:08:43:01 – 00:08:57:20

Unknown

And what we say is, you know, finding the house is really the easy part. And then we say the hard part is what comes next. And now I’m going to build my value from here on out. Now, how am I going to build that value? I’m going to say, so what I do is when we find that house, here’s here’s here’s the steps I go through.

00:08:57:20 – 00:09:14:02

Unknown

We’re going to do some deep research on the house. I’m going to check the assessment data, I’m going to check the planning data, and I check the zoning data. I’m going to check the overlays. We’re gonna look at what the seller paid for the house the last time, the refinance, the property, all the trends that are happening. That neighbor over the last five years, we’ll do an in-depth buyer, CMA, on that property.

00:09:14:02 – 00:09:36:20

Unknown

We’ll see if there’s any red flags on the permitting. Have they not pulled the permits for the last construction? They’ve done that deep in the house. You’re going to know more about that house and the on has about that house by the time I’m done. And then once we know about that house, my real skills are going to show because I’m now going to talk about negotiation, that negotiation aspect of your skill set is the number one value point that buyers look at from you.

00:09:36:22 – 00:09:55:24

Unknown

They want the best negotiator in the market. It’s just like a surgeon and the best surgeon. They want the best negotiator. Then he got approval with testimonials and back it up and show them proof of life, how you’ve helped other people negotiate great deals. Now you’re going to set the stage for you are worth whatever you’re asking. I’m not worth 1%, 2%, 3%, whatever your number is going to be.

00:09:56:01 – 00:10:13:22

Unknown

And you’re going to have to set that number. It’s not going to be like I’m just accepting what the seller is offering. It’s going to be I’m going to be charging a buyer. What’s that number going to be? Right? So step one buyer presentation set, you know, you’re in a value proposition. Step two is really understanding the buyer representation agreement in your market area.

00:10:13:23 – 00:10:29:03

Unknown

Whatever state you’re in, there’s a buyer representation agreement that’s already been created. You need to get it out, you need to read it, review it and understand and be able to present it just like you can listing appointment at listing point of the listing documents. Right? And number three, you got to start roleplaying this with somebody in your office you trust.

00:10:29:03 – 00:10:46:09

Unknown

You’ve got to actually practice, practice, practice. I call it the three step method of practice. You had to memorize a presentation cold, you got to internalize it so I can turn any page of my presentation or have any objection thrown at me and I can respond instantaneously. And last I got to personalize in real time to the client I’m dealing with.

00:10:46:15 – 00:11:01:00

Unknown

So those are three things we’re talking about. Like it. So I’m going to dig deep a little bit further. It’s crazy that a lot of people don’t do buyer like I started doing buyer console. That’s how I learned all the business. I was only 21 years old and no one took me seriously. I was an alcoholic pretty much at that time.

00:11:01:00 – 00:11:16:05

Unknown

Like just at the bars every day and then had to go meet with someone that was ten years older than me, literally, and tell them. On why they should buy a house. So I knew instantly I had the world against me in all odds against me. Because why are you listen, this punk kid who just got out of college talking about your wisest investment ever?

00:11:16:11 – 00:11:29:00

Unknown

Well, I got really good at presenting, and I got to build my worth in there. And I would tell people straight up, Look, I don’t really care what you buy. I don’t care where you buy. I care what you buy. And the only reason you’re going to hire me is because I’m going to get you a better deal.

00:11:29:00 – 00:11:48:13

Unknown

That’s the reason I have a job, right? You know, it was just it was just straight up. But there’s going to be a lot of other things. Like you guys have to look at your business today as a no differently than a restaurant does. What’s the experience that you actually provide? Are you going to give them hair in their food or are you going to actually walk away and they’re going to be talking to everyone else about why they should come visit your restaurant?

00:11:48:15 – 00:12:03:01

Unknown

And this means you’re going to have to stack your offer. The days of opening your doors and closing them like there’s going to be part of the job that’s going to be like 4% of it. Yeah, this is facilitation is also another way to build your value. Like you have to sell your service and be like, like I’m a bulldog.

00:12:03:03 – 00:12:19:06

Unknown

I’m going to get you the best deal. And the only reason people hire me is because I’m good at finding deals. Some some you guys are going to develop off market deal finding abilities that’s gonna be very high in demand. Some of you guys need to facilitate the entire deal. That means you have to do a hands off, buy a house with me.

00:12:19:11 – 00:12:38:07

Unknown

I’m going to give you your movers. I’m going to give you the the whole process. I’m going to turn on your utilities for you. I’m going I mean, it’s literally got to. You are no longer a real estate agent. You’re fucking Home Depot, right? I love it. Well, and I like this idea that you got to create your own unit.

00:12:38:07 – 00:13:00:22

Unknown

You are. You’re talking about your unique selling proposition. What is it different about you than the 5000 other realtors in your marketplace? And a couple of things that we’ve been talking to agents about is like you’re saying buyer concierge services. And here’s a classic example that most agents take a buyer, they meet with them, they find out their criteria, they plug it, and then their criteria list on their website, and then it just spits this stuff out at their buyer.

00:13:00:24 – 00:13:16:08

Unknown

And the buyer every morning gets an email. Here’s the five properties that match our criteria. Pretty soon, within about three or four days, it becomes noise and they’re like, Delete, delete. Billy till they do what a great agent will do is say, I’m going to say to that list, but I’m in a curated. So every day you’re going to get it, I’m going to get it and then I’m going to go back.

00:13:16:08 – 00:13:31:06

Unknown

I’m going to give you the notes because I’ve already seen a lot of these houses. I’ll tell you which ones, the Best Buy, which one we got to go see right now, today. So you can now going to get those notes. Now the notes become valuable. Now they come a lot because you’re curating. That’s a classic example of adding value to a system that’s already out there.

00:13:31:08 – 00:13:45:07

Unknown

Yeah. And this includes having coffee ready in the car when you pick them up. Like that was a that was a must for me. I would bribe people with gifts, dinners, lunches, whatever, because as soon as I bought them something, I knew they’re loyal to me and I used to pick them up, literally. I go, You’re not driving.

00:13:45:09 – 00:14:07:05

Unknown

I can’t stand when agents like it. Follow me. No, the help get them in the car with you. That’s when you’re actually building your rapport with them and generating referrals off of the relationships they have access to. So, like, all of these things are such little big, big, big keys. Now, I don’t personally, though, I don’t see a buyer like, look where I’m at in California.

00:14:07:05 – 00:14:22:24

Unknown

I don’t see a buyer paying 3% of a purchase price to an agent at $1,000,000 like. So you’re going to charge me 30 grand cause you can’t finance that. I do think there will be a lender that comes out with financing rolling commissions and that’s what content lenders like. Where are you guys at? Like, why isn’t it hot out already?

00:14:23:01 – 00:14:37:13

Unknown

Yeah, but I believe that’s what’s going to be if, if you’re listening, you’re in the lending world, that’s what I would be focused on. How do I create a product to finance buyers agent commissions? And then I’d go after every single buyer’s agent in the world, and now you’ll have all the business you need without spending a fucking dollar on a great.

00:14:37:13 – 00:15:01:05

Unknown

Yeah, that’s got to be a product that’s going to be rolled out for sure. That that will be the challenge and that’s going to see commission compression. I bet you will see a lot of agents go to a flat fee and they’ll say, I just charge five grand, I charge ten grand, whatever the number happens to be. That’s going to be a conversation with every brokerage and every age in America is, first of all, as a broker, do we have a set standard like we’re going to have a minimum standard in our office, just like we have a minimum standard, probably with seller listing fees?

00:15:01:07 – 00:15:19:21

Unknown

And what’s that standard going to be? Right. So we’re all going to have to make these kind of really tough decisions here in the next probably six months to a year of how we’re going to run our business and how we’re going to what we’re going to charge for buyer representation. I would focus on building options. Here’s option one where you have like, you know, I’m barely working on your deal.

00:15:20:02 – 00:15:38:07

Unknown

Here’s option two that you got me mentally involved and here’s option three Why? Well, if I can sleep until I get you what you want, right? And then you’re going to have those different things. Now let’s go to the brokerage. And because we’re laying out what you should be building the environment for. Right? So like, if we’re telling agents what what to have.

00:15:38:07 – 00:16:05:11

Unknown

Well, here. Here you go, Mr. Broker. We know commission compressions real like we have a software we just released. It’s called Suite Assist, and it’s all about teams and brokerages. But a major portion of that are ancillary services and profit maximizers because we know this is coming. So we have relationships with vendors like solar, for example, handymen movers, where agents can make multiple streams of income around the transaction, because we already know that you’re not going to getting the two and a half percent.

00:16:05:13 – 00:16:24:11

Unknown

Yeah, no, as a team or broker leader, what I’m doing is I’m filling up all of my affiliate and local vendors and service providers so that I could help my agents create a better experience so that they could earn that commission. They’re going to charge the individual agent is very rarely going to put all this stuff together, the team leader or broker owner.

00:16:24:11 – 00:16:43:14

Unknown

Their responsibility is to do just that. You need to build the rest around. Your agents are going to cook in home. I love it. Love it. It’s very similar what you’re talking about with brokers already realized about ten years ago, some brokers, and that’s why they added mortgage and insurance, some of them and title some of them because they saw commission compression at the brokers level.

00:16:43:15 – 00:17:16:02

Unknown

Now we’re going to see it more at the agent level and you’re giving them a solution for that, which I think is absolutely brilliant. There’s a couple and even in the lending world, this is the type of mindset you guys got to think, how can I monetize the things I’m already doing today? Yes, right. And like just in the just in the like the lending world, you can there’s a million of these companies now and you could go out and get your MLO, your mortgage loan origination license and you could just refer the deal over to the lender and then you can make a rip off of that.

00:17:16:04 – 00:17:31:05

Unknown

Right, right, right. So there is ways that you’re going to have to look. And it’s actually very healthy because whoever wants to rely on just one stream of income and I’m not talking about your going to get rich off the you’re going to get you’re going to have a couple dollars coming in from every which way you might sell a mover service.

00:17:31:05 – 00:17:51:11

Unknown

Right. And but you might only make $100 off that move or service. But it’s know it’s on the books, but there’s three or four other of those different transactions around the real estate transaction that you can absolutely monetize. And I think that’s the going to be the future of of, of this business is you’re no longer a real estate agent.

00:17:51:11 – 00:18:06:11

Unknown

You are like your Home Depot and you have to provide all kinds of services all around, not just the transaction of the House but the ongoing servicing of it. Yeah, hundred percent. And that and I think agents that do that are going to be more like the concierge anyway, which is what clients want. They want one stop shopping.

00:18:06:13 – 00:18:30:08

Unknown

Yep, for sure. So let’s get into this here. I have a question I want get your opinion on this or I, I agree. I think buyers are going to like, do a flat fee type service, but I do think that in the way that I’m reading the lawsuit, you might know more about this tonight than me. You have a lot more insight in it.

00:18:30:10 – 00:18:48:01

Unknown

Their lawsuits aren’t going to say that you can’t offer a cooperating commission. No, They’re going to say, like you, if you’re offering a cooperating commission, you got to tell the seller straight up, hey, I’m going to charge you 4%, but I’m going to use like one and a half percent of that to pay out a buyer’s agent to entice them to come get the house.

00:18:48:03 – 00:19:17:00

Unknown

Right. Right. And in the event that buyer’s agent doesn’t sell the house, I not on my own, then I’ll drop that percentage. But you’re going to pay a buyer’s agent to entice them. Is there any do you see any language that doesn’t allow that? No. I think what would the the language of all the lawsuits that I’ve read and I’ve read them, I think all of them is that it’s going to basically when you go to a seller, there’s going to be a requirement that says, listen, Mr. or Mrs. Seller, you know, you can offer a buyer agent commission if you’d like to, but you’re not required to if you do choose to offer one.

00:19:17:05 – 00:19:33:21

Unknown

You know, here’s what’s happening competitively in the market. But there’s not going to be this situation where they’re forced to offer one because of what’s happened over the years, is that all these MLS is that are owned by realtor organizations, that that’s been a requirement that you have to offer Vasya by raising commission. So you’re going to see that go away.

00:19:33:23 – 00:19:51:13

Unknown

I think that’s inevitable. That’s going to happen. The question mark really is will Sellers still offer a back when given the option not to? And that’s a question mark. We just don’t know yet. Yeah, it’s going to be on how you pitch it. Yeah. Because what’s going to happen is in the news media, they’re going to pick up on this.

00:19:51:18 – 00:20:09:17

Unknown

Why would you ever pay somebody that to represent somebody that’s working against your interest financially? And, you know, when people actually start to kind of think about that, a lot of sellers can be like, why would I do that? Why would I pay somebody to work against me? As makes sense? And that’s that’s the whole pitch. Yeah, it’s interesting.

00:20:09:22 – 00:20:26:15

Unknown

There’s so many different ways to spin it. Yeah, I could honestly see both. Like, I don’t like the arguments, but I can understand where they’re coming from. I don’t doubt that it’s going to cost lots of people that won’t be able to get into a house because they won’t be able to afford to pay an agent. So it’s going to it’s going to hurt the industry, in my opinion.

00:20:26:17 – 00:20:53:17

Unknown

So now let’s look at opportunities, though, because let’s be honest, like the the less agents are, the transactions are still going to happen with or without real estate agents. People move, right? So you’re going to see a lot of agents probably leave the business. But, you know, and just think to yourself, like, how many times have you lost that one or two deals a year to like little cousin Billy who just got his license or ansu the blue haired realtor and invite her to do She is a billionaire, but she went got her real estate license because she just needs some to occupy her time with.

00:20:53:19 – 00:21:17:18

Unknown

And every single year you lose a couple. Those are gonna be losing those deals. Yeah. As much anymore because there will be less transactions or I mean less agents and then it’s just going to be. But I think that’s what’s coming, what’s going to happen to Na Na is I’m in trouble right now because na with the settlements that are just they haven’t been approved yet but with first of all Redfin bailed out everybody thinks Redfin bailed out because of the sexual harassment suits that are happening.

00:21:17:20 – 00:21:35:13

Unknown

That’s part of it for sure. But if you look deeper into what’s happening with Redfin and the reason why Redfin just bailed out Redfin resigned from the board of directors of an are because I refuse to give up on this back issue. And they said, no, we are not going to bend on this issue. And they said, if you don’t get on this issue, we’re bailing.

00:21:35:18 – 00:21:53:01

Unknown

They left the board and now they’ve left. You know, they’re giving their agents. They haven’t completely left, but they’ve given their agents the option of not having to be a member of M&A. Ah, but what a lot of people don’t realize is in these two settlements now with anywhere they call a banker, think Sotheby’s, you know, think these big major companies that are owned by anywhere.

00:21:53:06 – 00:22:11:08

Unknown

And now Remax, both their settlement agreements also state that they’re not going to require their agents to be in our members. So all the agents at these companies are not going to be required to be an NPR member. You know, are they going to stay or maintain their membership? Our brokerage is going to maintain their membership. The key component will be in their local MLS.

00:22:11:08 – 00:22:29:02

Unknown

Is is it owned by NPR and are they required to be a member? In that case? So lots of fallout here happening. I definitely see many are under more pressure than I’ve ever seen in 30 years in the business myself. I’ve never seen it like this. The conspiracy theorist in me tells me this is a set up to get it out of the way so they could go to real.

00:22:29:02 – 00:22:44:22

Unknown

What is step two in this whole entire situation? Because who’s going to? There’s no one left to lobby for the industry after Na’s gone. I agree. I don’t think many agents are going to be stay on as members because every agent always complains. I see on socials like, Hey, what is not even do anyways? What’s the point of this?

00:22:44:22 – 00:23:01:00

Unknown

Right? And that’s not his fault for not creating a value, but that’s sole purpose of we’re talking about. If NA can’t particularly value for their own agents, you have to create value for your own clients the same way. Otherwise there’s no reason to work with you or be parties. So NA, pay attention. Listen to your own advice writer.

00:23:01:02 – 00:23:22:18

Unknown

All right, so let’s look at this brokerage and let’s go into brokerages and what they’re doing. The listing agent side is there, but I think it’s got to be ancillary streams of income. And then you got to look at different ways to make money. I do firmly believe every single real estate team or brokerage will end up being.

00:23:22:18 – 00:23:38:08

Unknown

I think there’s going to be a conglomerate of smaller entities as opposed to super large ones, or there’s not going to be like a middle of the ground in. A lot of the smaller ones are going to be rehabs or investors themselves. That’s going to be one of their profit centers. And they’re they’re just going to happen to own a real estate brokerage.

00:23:38:10 – 00:23:58:22

Unknown

But it’s going to be something like that. And there’s so many different ways to diversify your ends. What do you see out there and what do you what’s your advice for brokers and teams and for the for brokers, their lifeblood and for teams? Frankly, too, if you got to be a great recruiter, right? That’s what my brokerage coaching company, we’re all about recruiting and retaining great agents.

00:23:58:24 – 00:24:13:17

Unknown

But if you’re not a great recruiter, you’re going to you’re going to have a real hard time in this market because what recruiting does for you is it brings profitability back into the company. You’ve got ten agents that have left your last year. If you ever replace those ten agents, you just might have lost $100,000 worth of business net profit for your company.

00:24:13:17 – 00:24:31:18

Unknown

So you got a challenge. You got to replace those agents with great agents, and it’s a shrinking pool. So that means you got to become an expert in recruiting. Absolutely, positively. One thing that I think is going to attract agents, you got to say what’s going to attract an agent to my firm? The big thing over the last 20 years is, man, it’s always commission splits, commission splits, commission splits.

00:24:31:20 – 00:24:51:02

Unknown

And, you know, you definitely got to be competitive, no question. But what’s more important than a commission split? And I this is what I got to drive home to everybody. What’s more important than a commission split is helping agents close more transactions because 100% of nothing is nothing I can be closing two transactions. You’re going to end percent and not make as much money as somebody closing 20 transactions or 15.

00:24:51:07 – 00:25:18:19

Unknown

So as a brokerage owner, team leader, I got to be able to demonstrate to agents, I’m going to help you close more transactions, bring more money home to your family. I’m going to show you how I’m going to do it, either with playbooks, with strategies, with technology. One of the my favorite things of the agent that brokerages should be doing is actually and team leaders actually starting to think of themselves as a lead source for their for their agent body and saying, I’m going to go create the leads as a brokerage owner or team leader.

00:25:18:19 – 00:25:36:24

Unknown

I’m going to hand them out. Even if there’s a fee attached, these agents, the agents will pay the fee all day long and they’ll be excited to work for you. And they will never go anywhere if you’re able to generate leads. So I think the new paradigm for a lot of these brokerages that are going to be successful and team leaders are I’ve got to be the marketing company, the branded company.

00:25:36:24 – 00:26:00:21

Unknown

I got to go after these leads and deliver them. That’s why. Yeah, I 100% agree you’re going to. Yeah, the agents are your clients. Yeah. You’re going to have to create trainings for them. You’re going to have events for them. If they have socials, you got a sales meetings, but yes, you’re going to have to create business or systems for them as well, because you can’t, as most agents aren’t business people like.

00:26:00:21 – 00:26:20:00

Unknown

And this is no knock on anybody like you got in the real estate. That is a good idea and whatnot. But mostly all are entrepreneurs like that. That’s just and this is an entrepreneurial space and that’s not a bad thing or not. But if you’re not that visionary or you’re not that entrepreneur, then you join a team and you plug right in there and then you become part of that, right?

00:26:20:02 – 00:26:41:12

Unknown

I hundred percent agree on the on the lead. You’re going to have to do something to encourage increase of business, increase production. Yeah. What about what do you see happening with this is something I’ve noticed firsthand is like over the last few years we’ve seen a lot of the export of the world now Reals and others. LPT There’s Exit Realty.

00:26:41:12 – 00:27:02:05

Unknown

I used to be a broker owner of back in the day or the first commission multi level marketing company right but a lot of those I’ve seen like if people who left like our broker here in San Diego, like I said I’m coming back to because their downloads are down, like their downline still has to create production, right?

00:27:02:05 – 00:27:21:16

Unknown

You still have to have closings for it to work. What do you see in Across the Edge? And then as a broker owner, what do you think is the opportunity there? I think that the virtual hybrid model is is definitely a viable model. I think the idea that I’m going to recruit, shoot instead of sell real estate is a flawed model.

00:27:21:22 – 00:27:50:13

Unknown

I thought you first, if you’re going to be in real estate, have to sell real estate. And I think that big sell to all these agents out there has been detrimental to the industry and detrimental to them personally because of exactly what you’re saying as their downline collapses and it will collapse with agents that have been doing one or two transactions are going to exit the business, then then you’ve got a problem because now their income stream has gone in half or to a third or to an eighth of what they were getting before and they forgot how to sell real estate because they’ve been so focused on recruiting.

00:27:50:19 – 00:28:08:04

Unknown

That’s a problem. I think, you know, hybrid virtual is great model. You can cut costs and there’s some advantages to that. But I think more importantly, you’ve got to train agents how to sell real estate and build and build a viable business. That way, if you can come in, it’s coming back. Yeah, that’s the basics. The fundamentals and the basics.

00:28:08:08 – 00:28:28:12

Unknown

If you if you just apply that same model and you said, what if we apply that model to attorneys, would that work? It wouldn’t work in any other industry. It probably wouldn’t work very well. Right. And it doesn’t work long term for realtors either, I don’t think. But my personal opinion, I agree. Yeah, it’s interesting to do that in the attorney world.

00:28:28:14 – 00:28:45:01

Unknown

So the top three, if I’m a broker owner, what I’m hearing you say is you got to focus on agent problems. First one is production. You have a second one is is education and leadership. Right? What do you do in this type of market? Well, you’ve never been here before. These are all opportunities, right? Like you guys can be having training events.

00:28:45:03 – 00:29:05:05

Unknown

And I love leading with education. I think that’s the ultimate way to you have to recruit. I’ve always said that is when people show up to your education events, they’re asking you to be recruited because they’re looking for help and they might not know it yet, but they’re there for a reason. Right? And if you’re the one and you become that shining light on a dark day, well, you just made the job 99% easier.

00:29:05:07 – 00:29:21:12

Unknown

Right. And I think what people will really buy into is culture, too. They want a culture of growth. They want a culture of excellence. They want a culture of leadership. When you have leaders that are walking around kind of with their head in the sand, they’re not addressing the current problems. They’re just saying, wait until, you know, I’m hearing this big thing now, you know, stay alive till 25.

00:29:21:12 – 00:29:42:14

Unknown

That’s just an excuse. What do you need in 2025? You’re going to go broke, right? That’s terrible. People are saying that. Oh, I hear that all the time. Stay alive for 25. Terrible. It’s almost like date the rate, marry the house type thing. I couldn’t stand that one man thought about it. Saying that makes you go nuts. That was it for me and people I agree with you.

00:29:42:14 – 00:30:00:19

Unknown

People want to be rescued and you got to be able to be the one that’s running the ship that can rescue people and say, how can I rescue them? What’s the hottest topics on my market? Educational events also being super present and like you’ve been coaching for years and years on social media with video content and educating people through video chat as well.

00:30:00:21 – 00:30:20:01

Unknown

I’ll tell you what doesn’t work. I’m going to give you two things that doesn’t work, in my opinion, is you got a lot of people that are hired ISS to cold call recruits. Terrible idea. You’re never going to get great agents cold calling with ISIS from wherever part of the world. And the second thing is just relying on social media alone to recruit or putting ads on.

00:30:20:01 – 00:30:36:04

Unknown

Indeed. But you got to look at yourself is as like an NFL, NHL, you know, NBA team owner. And that’s the way I recruit is if I’m recruiting the best people, the LeBron James of the world, that means I got to get on the phone. I got to have a conversation. I’ve got to have a meeting, probably several meetings, and I’m pitching.

00:30:36:04 – 00:30:57:03

Unknown

And that’s where salespeople are the other day. And when you kind of turn your attention as a brokerage owner into I’m a salesperson selling my company, you’re processes will change and you’ll get better in recruiting. I like it. And you guys got to be loud. This leadership is probably the would you agree? Leadership right now is the number one thing you could be doing.

00:30:57:03 – 00:31:17:20

Unknown

So if you’re that broker owner like you have to be creating videos, you have to be on social media. And even if your bottom line is hurting, fake it till you make it right now because it won’t be long. You need to get out there and be loud because I think people are just looking for that leadership. Yeah, and it sounds a lot simpler than it sounds so simple, though, Jim.

00:31:17:22 – 00:31:33:11

Unknown

It is. I mean, it’s just exactly what we tell our agents to do. You got a prospect every day. We got to recruit every day. You on the phone, five calls a day. You know, from my experience, five calls a day, one appointment, five appointments equals one recorded agent. So I’m just going to I got to get the path is in the math, right?

00:31:33:14 – 00:31:48:13

Unknown

The fortunes and the follow up what eight what brokerages do is the same thing agents do. We procrastinate. We don’t do what we’re supposed to be doing, and then we wonder why we’re going broke. We got to figure it out. We got to say, Hey, I’m going to take and apply the same standard. I coach my agents to prospect.

00:31:48:15 – 00:32:12:06

Unknown

We generate follow up, you know, I agree. Jim, any closing thoughts here? You want to provide to agents or broker owners? I think broker owners, the one thing I’d say look at this is the probably the best period of recruiting in the last ten years. This is a wide open window for you to recruit the best agents in your market, bring them into your fold.

00:32:12:08 – 00:32:33:13

Unknown

It’s an amazing opportunity. Look, specifically, if you really want to go for it, look at teams and a lot of these team members that are on a team are suffering. They’re really suffering and they’re great agents, but they’re suffering and they’re there at subpar commission splits. They’re not getting leads. They used to great opportunity in teams also second, second opportunity, huge opportunity is brokerage acquisition.

00:32:33:13 – 00:32:51:06

Unknown

And when I say acquisition, I thought you you’re writing a check but that they’re walking their agents over to you and you’re giving them ten, 20% off the all the agents they bring over the next couple of years. It’s a walk over. Huge amount of walk overs are going to happen over the next 12 months. Massive amounts of companies are going to fold up shop, don’t let them fold up shop and close their doors.

00:32:51:12 – 00:33:08:20

Unknown

Bring them under your under your under your fold. Lots of communication about that with agents at the end of that buyer presentation, what would you look for? That’s a really good point. M&A is guys. Yeah, because people aren’t going to there’s an ego thing there. Yeah, right. And you got someone who had a shop, but the reality is it’s not doing as well.

00:33:08:22 – 00:33:25:11

Unknown

They don’t want to shut it down now because I going to feel like a failure. Right. But they want to keep it going and figure out a way to make income and you can absorb them, bring them into your mix. And what what are the signs of finding a brokerage that’s ripe for an M&A? It’s studying. You got to know your market stat.

00:33:25:11 – 00:33:45:15

Unknown

So I’d be watching where you where the all the companies are in the marketplace rank them you know, top 50 companies and watch their production numbers We’re watching in our market and we’ve just seen there’s like a one and two, we’re number one. We got a number two behind us. But then you go down to three and four and five and six and it’s like 50% down, 50% down, a 2% down.

00:33:45:17 – 00:33:59:23

Unknown

And it these companies that are 50% off or more than last year, they’re already losing money. It’s just a matter of how much per month And what’s the bleed for them. The key thing is you just got to open the door. And the way you open the door is you just invite those people to lunch coffee and just say, Hey, we’ve admired your company for years.

00:34:00:00 – 00:34:16:13

Unknown

I just want you to know that the door is open. If you ever decide to make it, make a change, exit anything like that. Please be the first person I talk to. They’re going to say no initially because it’s because it’s an ego. But within 3 to 6 months I’ll be calling you. Very good. Especially if you’re loud.

00:34:16:15 – 00:34:33:05

Unknown

Stay in front of them just same way like we do with clients, right? Yeah. They’re. They’re a good stuff, too, folks. This isn’t doom and gloom. There’s a lot of opportunity. I know it might be a little rough right now, but it’s what do during the times of the hard that make into the times of the good and the people who put their head down right now.

00:34:33:12 – 00:34:52:04

Unknown

Yeah, you might take a little bit of an income here for the next few months. That’s fine. Okay. But you’re you’re building a brand right now, and the one who’s standing at the end of the day is the one who wins. And I always like to tell people, and you guys with this, don’t be the the hare, be the tortoise.

00:34:52:04 – 00:35:20:13

Unknown

The tortoise look nice and slow. And they won the race because they’re consistent. Went back to the basics. Just went left foot, right foot, left foot, right foot, left foot, right foot. Did it take shortcuts and try to do this and try do that? And at the end of the day, who wanted to embrace the tortoise? But so you got to go back to the basics in these times when openly if I’m going to summarize the call today, one is leadership honor percent two as systems stack in your offering on behalf of your agents, if you’re an individual agent, you stack your offering and create value.

00:35:20:19 – 00:35:41:01

Unknown

If you’re the broker owner, you need to create value for your agents because you got to assume that they’re not going to do it on their own. Lead generation systems to enhance business for brokerages, for their agents, and then ultimately leadership. No one’s been here before, guys. If you’ve been in this market, you have a skill that most people will listen to right now.

00:35:41:03 – 00:36:00:00

Unknown

If you’ve been in the last year for those you in oh seven, oh eight or nine and ten days, you got to bring those stories back up. Yeah, but what you did, because that’s what people are looking for, looking for that experience. Any additional closing thoughts? You know, I think I think you’re exactly right. And bringing some positivity and some light to your agents.

00:36:00:00 – 00:36:15:13

Unknown

People want a positive person and that’s going to attract agents. You have think of how am I attracting people, going to attract people to your positive messaging every day? It’s not negative, it’s positive. Don’t look at the challenges, look at the opportunities. Every single thing as a silver lining. And we’re putting those silver linings out to our clients and our agents all the time.

00:36:15:15 – 00:36:30:14

Unknown

Love it. Love it. Thanks, dude. I appreciate your insight and we appreciate you listening. Another episode of the Estate Marketing Do podcast. Folks, if you’re looking to build your brand, stay in front of that database in a very nonchalant system and create ancillary streams of income and your broker owner, or if you’re an agent, you can check out suite assist.

00:36:30:16 – 00:36:47:02

Unknown

So yes, this is a true all in one platform that helps you manage your entire office, but more importantly, it gives your agents a marketing system to stay in front of their database effortlessly, and it gives you the infrastructure to create additional streams of income to adapt in today’s current market conditions. So we’ll see you guys out next week.

00:36:47:02 – 00:37:13:16

Unknown

So appreciate you. See you later, Mike. Thank you for watching. Another episode of the Real Estate Marketing Do Podcast. If you need help with video or finding out what your brand is. Visit our website at WW dot Real Estate marketing do dot com. We make branding and video content creation simple and do everything for you. So if you have any additional questions, visit the site, download the training and then schedule time to speak with the dude and get you rolling in your local marketplace.

00:37:13:20 – 00:37:16:15

Unknown

Thanks for watching. Another episode of the podcast will see you next time.

Define Your Value Proposition When Working With Investor’s Cost Segregation

Check Out Cost Segregation Authority

Cost segregation is often overlooked but is a useful as a value-add proposition and can lead to significant tax savings. Today, we talk all about it.

Resource

Transcript:

00:02:38:11 – 00:03:09:09

Unknown

00:03:09:16 – 00:03:35:03

Unknown

What’s up? Ladies and gentlemen, welcome to the episode of the Real Estate Marketing Dude podcast. Folks, we’ve been walking around or walking around talking about and around the shift in this marketplace and what the hell you as a real estate agent are going to do to actually earn your split. There’s a huge lawsuit going on. A class action settlement.

00:03:28:02 – 00:03:50:14

Unknown

Looks like it’s got some legs in the market. We’re dealing with fucking 8% interest rates. And let’s be honest, the transactions are down. We’re at number 60,000 real estate agents have left the industry so far, and these times are times that you want to look forward to, believe it or not, because it’s during the shifts that you actually gain market share and make moves.

00:03:48:00 – 00:04:16:11

Unknown

This is when people start making money, but not the ones that sit and do absolutely nothing and still doing the same shit you’re doing 25 fucking years ago. So what we’re going to be really chatting about today is how you sharpen your skill set as a real estate agent, a lender, anyone within this marketplace, because your broker ain’t going to save you out of this shift.

00:04:05:03 – 00:04:39:04

Unknown

Who’s going to save you is your own skill set. And a lot of times, I mean, you’re going to get off your butt and learn something new and start providing more value in a market with high inflation and costs. I mean, gas today, I just spent $140 filling up my truck in gas. I’m in San Diego. People want to learn how to save money, period.

00:04:25:24 – 00:05:03:06

Unknown

There’s not a better time than to learn what we’re going to talk about today because it has everything on how to save money for your already existing clients. Much of what you could be using for content right now in this day and age, because nobody one of the things that’s resonated the most is how do you help people navigate the mess of the economy we’re in and the save money?

00:04:44:20 – 00:05:03:06

Unknown

So without further ado, we’re going to go ahead and introduce our guest, Mr. Eric Oliver, who’s an expert on cost segregation. And I’m going to let him tell you what that is in a second. So why did you say hello to our guests? So a little bit about yourself and what we’re going to talk about why the House is so important today.

00:05:00:14 – 00:05:46:18

Unknown

Because it is. Yeah, no thanks. My pleasure being here. My name is Eric all over. I’m with a company called Cost Segregation, and we work with investors, brokers, agents, CPAs across the country helping their clients or helping them save money, save tax dollars through their real estate that they currently hold. And so the way we do that is something called cost segregation, which really is just accelerated depreciation on your real estate holdings.

00:05:28:19 – 00:06:05:03

Unknown

So one of the benefits of owning real estate is you get to depreciate that or take an expense every year. However, that expense typically gets spread out over either 27 and a half or 39 years. And so what we like to tell clients is, listen, I may not even own the building in 27 and a half years, let alone be alive.

00:05:47:19 – 00:06:22:13

Unknown

The way my wife tells me I eat, I probably won’t even be alive in 27 and a half years. So I want my deductions now versus letting the IRS hold on to these. And that’s what we do through cost segregation is accelerate those deductions. Interesting. So in other words, you could people if you owned real estate and three realtors and everyone who’s on this podcast, you’re in the real estate space, you can save your clients money and shit.

00:06:13:13 – 00:06:39:15

Unknown

They didn’t know you could save them money on before. And you’re talking about creating a value add and trying to create buzz and trying to add value in today’s market. Tell me more and who is your ideal client for This is just a homeowner living. There are these are these real estate investors that have investment properties and is there a difference?

00:06:28:24 – 00:06:58:01

Unknown

Sure. So kind of our our ideal customer would be somebody who owns real estate. So usually it’s the investor themselves, not so much the tenants or the people living there. It’s only the appreciation, only work. So you can only take advantage of it on revenue generating properties. So can’t be your primary residence, but any investment property, the way it works is when you buy a property, you don’t just buy the land and the building.

00:06:54:21 – 00:07:28:19

Unknown

Think about like a single family residential unit, for example. So I buy that. Let’s say I spend 500,000 on it. I’m buying the building in the land, but I’m also buying a bunch of carpet, I’m buying some appliances, I’m buying some cabinets, I’m buying a sprinkler system, my buying a driveway, all those things I mentioned, the IRS says should be depreciated at a faster rate than 27 and a half years.

00:07:17:14 – 00:07:47:19

Unknown

Now, the problem, Mike, is when you give that closing statement to your tax preparer that says you bought this residential unit for 500,000, your CPA, your tax preparer, they don’t know the value of the parking lot. They don’t know the value of the driveway, they don’t know the value of the appliances. What we do, that’s what we do is we come in and we take that $500,000 purchase price and we segregate those costs, thus cost segregation.

00:07:41:16 – 00:08:04:22

Unknown

We segregate those cost into different buckets, which now allows your CPA to depreciate all the appliances over five years versus 27 and a half. And we put a value to those. So we say, okay, of that 500,000 you spend, you know, 40,000 of that was for appliances, you know, 80,000 of that was for a driveway, for the cement, for the sidewalk, all those different components.

00:08:04:10 – 00:08:33:19

Unknown

And so that’s what we’re that’s the service we provide as we work with investors and CPAs and brokers on accelerating the depreciation. And now why is it so important for real estate agents and brokers? And the reason for that is it just is one more one more tool that differentiates you from the next guy, right, or the next gal.

00:08:25:03 – 00:08:54:16

Unknown

So being able to tell your client, hey, I know you’re looking at purchasing this property, but what if we can free up $80,000 of cash flow by doing cost segregation once you purchase this? Or better yet, not to get too far in the weeds, Mike, but you’ve got a client who comes to you and says, I want you to sell my property.

00:08:43:13 – 00:09:17:02

Unknown

There’s an opportunity to save him tax dollars upon sale by doing cost segregation. And so they come to you and say, Hey, wait, I want to list my property with you. I’ve owned it for ten years. I bought it for a million. I’m selling it for 2 million. I want to list this with you. What if you go back and say, okay, I’ll list it, but not only am I going to list it, but have you considered cost segregation?

00:09:00:23 – 00:09:35:18

Unknown

Because I think you can save 80,000 in taxes upon sale. And so there’s a number of reasons why this is important, but those are kind of the main reasons accelerated depreciation and then decreasing the tax liability upon self for some of your clients. This is amazing. I’ve been in real estate for 20 years and I didn’t know about this.

00:09:18:00 – 00:09:55:13

Unknown

So like, this is really cool because I don’t know, I don’t know about this and I’m going to assume like I’m pretty fucking advanced, like I know my shit. All right, So if I didn’t know about this, I’m assuming the vast majority of people are listening. Don’t know about this either. But you know what? I’ve got a great value add to having folks I’m really talking about here.

00:09:36:11 – 00:09:55:13

Unknown

And if you go back to this, the last few upsells are really talk. You got to define your brand and your your value in this market. And one of the in any shift like this what always happens is going to be that the investor market is going to be the one that’s going to feed you throughout the next couple of years.

00:09:52:08 – 00:10:21:10

Unknown

That’s just the way it is, because people are deal with 8% interest rates and they’re you know, you want to work with investors during times like these. I’m telling you, that’s where they’re still doing a lot of transactions. The interest rate doesn’t affect the cash buyer as much as it does a finance buyer today. And that’s why that’s where the volume is going to be.

00:10:07:04 – 00:10:43:14

Unknown

So but the point being is like, all right, what’s the difference between you and them? You know, me people, I ask this to Eric like what I would brand agents are different business and I know Kevin answers question like what’s the difference between you and every other agent in your marketplace right now? And they’re all like, Well, I’m going to do a good job.

00:10:26:04 – 00:10:43:14

Unknown

I that by, you know, customer service. A customer service, yes. We know that you have to have customer service that’s that’s inferred. But this is the type of stuff that we’re talking about. Is it the riches are in the niches. And the one that actually knows and is most knowledgeable is always the ones I in demand. That’s why doctors get paid so much money.

00:10:43:07 – 00:11:16:13

Unknown

This is a my quote is Billie Jean said this once. This is like the doctors get paid a lot of money because there’s only so many doctors. If they’re cleaning houses, they wouldn’t be paid the amount of money as they are. And that makes a lot of sense. This is a skill set and people who have skills get paid, folks.

00:10:56:24 – 00:11:16:13

Unknown

So I want to put this in a context, and I see you’ve got a couple of case studies on your site, so I just want to walk through and tell them in a story, I’m going to pick a case study from your site and just walk through how this would work. And you probably know the one I’m going to grab is going to be the residential rental one.

00:11:12:04 – 00:11:36:07

Unknown

And let’s just walk through in context how this actually works. All right. So I’m a real estate agent. I have a client. I bought a investment property, residential. It’s under four units. And in this particular case study, walk me through I’m going to walk me through what I would do, my involvement on this case study and how I would literally one up like my competition store.

00:11:33:01 – 00:12:02:12

Unknown

So so, for example, you’ve got a client, they buy a four plex, for example. I don’t know the exact numbers on the case study online, so I’m just going to use numbers that they’re describing. So I don’t have the calculator out. But let’s say you buy a four plex, let’s say you buy it for $1,000,000. Let’s say it’s a million X, let’s call it 1,000,002, because one thing we do need to mention is land is not depreciable.

00:11:55:12 – 00:12:24:09

Unknown

So you always have to back out the land value. So you buy it for a million to let’s say that land is worth 200,000. So you’ve got $1,000,000 of depreciable basis. That million dollars. If you don’t do cost segregation, you’re going to take that million dollars, You’re going to divide it by 27 and a half years, and that’s going to be your write off every year.

00:12:14:03 – 00:12:45:23

Unknown

So I’m just going to plug that in my calculator. 27.5 You’re going to get a is that right? Yes. You’re going to get a $36,000 write off every year for the next 27 and a half years, which is great. That’s why a lot of people get into real estate this $37,000, $36,000 write off that acts as an expense.

00:12:33:23 – 00:13:04:16

Unknown

So let’s say I make $136,000 a year instead of me being taxed on 136,000, I’ve got this $36,000 expense. So now I’m only taxed on 100,000. So again, if I’m in a 30 30% tax bracket by reducing my taxable income by 36,000, I just saved $10,000 in taxes. That’s without cost segregation, just standard by 1/27 of a deduction.

00:12:59:20 – 00:13:30:04

Unknown

What we do with segregation, what we propose is that again, when I buy that four plex, I also bought some dishwashers, some flooring, some window coverings, some ceiling fans, all those different components that the IRS says, hey, that stuff doesn’t last 27 and a half years. And so we typically, when we do our cost segregation studies, we typically segregate around 30% of that.

00:13:21:24 – 00:14:28:19

Unknown

So on $1,000,000 asset, 30% of that is 300,000. So $300,000 of your million dollar asset, we’re going to put it in shorter asset lives, five, seven and 15 year assets, the five and seven year as all your internal stuff washers, dryers, appliances, flooring, etc.. Then you’ve got a 15 year category, which is all your land improvements, curbs, gutters, asphalt, all the exterior stuff by moving or segregating those items and putting them in shorter life buckets, I’ll say it allows us to take that depreciation at a much faster rate.

00:13:54:23 – 00:14:28:19

Unknown

Now, before we go on, Mike, we probably should talk about bonus depreciation because that has a huge impact on cost segregation. Bonus depreciation has been around for a long time. The government uses bonus depreciation to stimulate the economy. So when the economy’s not doing well, they say, Hey guys, we’re going to give you a bigger write off if you go out and buy stuff.

00:14:14:17 – 00:14:52:21

Unknown

And so again, bonus depreciation has been around for a long time. It’s anywhere from 10% bonus up to 100%. Bonus Rewind a little bit to 2017, Donald Trump was our president. Donald Trump owns a boatload of real estate. Donald Trump revised the tax code and when he did so, he took bonus depreciation and made some changes that really amplified the amount of tax savings that a investor could have on their real estate.

00:14:40:22 – 00:15:20:24

Unknown

So two things changed. One is they changed it from 50% bonus at the time to 100% bonus. What that means, Mike, is that any asset that has a useful life of 20 years or less is eligible for 100% bonus. So if I go out and buy a truck today and it’s a certain size truck, I can then write off that whole truck 100% of it in the first year.

00:15:02:19 – 00:15:39:15

Unknown

I don’t have to spread it out over the useful life of that truck. That’s interesting. Yes. So that’s the first thing. The second thing to remember, it has to have a useful life of 20 years or less. So real estate normally is 27 and a half or 39. So this is why a lot of tax preparers don’t think bonus applies to real estate because they’re like, Well, this is a 27 and a half year residential unit.

00:15:24:08 – 00:15:56:02

Unknown

I can’t apply bonus, but you can apply bonus if you break out the five, seven and 15 year parts of that asset because those all have useful lives of 20 years or less. That was the first thing. The second thing that changed with the tax cuts and jobs Act was bonus depreciation used to only apply to brand new property.

00:15:43:01 – 00:16:18:01

Unknown

So you’d have to build a brand new four plex. You couldn’t buy an existing one. Well, that changed in 2017 and they added five words to the tax code. It says new to you, the taxpayer. So now you can go buy a building that was built in 1970. It’s new to you, the taxpayer. You do a cost study, separate those five, seven and 15 year assets, and all of a sudden you can accelerate, take 100% of those.

00:16:08:14 – 00:16:37:22

Unknown

So it doesn’t matter that length of time, because if you’re going from 27.5 down, you pick what time you want based upon how long you’re going to hold the asset. No. So that we pick it based, Actually not we. The IRS has picked it based on how long those assets last. So carpet only last five years according to the IRS, carpet last typically five years.

00:16:31:03 – 00:17:15:19

Unknown

So they allow you to depreciate it over five years, a driveway or a land improvement last 15 years. So typically that gets depreciated over 15 years. So cost segregation is going to segregate those items. Then we apply bonus, which means in that example we had with the four plex, if I segregate 30% of that or 300,000 and I take 100% bonus on that, I’m now getting a $300,000 write off in the first year versus if you remember when we first started the scenario, we were getting a $36,000 write off budget.

00:17:07:04 – 00:17:34:20

Unknown

So now if I make 130,000 in taxes or excuse me in income, in our first example, I remove 30,000 for my depreciate and I’d only be taxed on 100,000. Now, if I applied bonus depreciation, I’m now getting a $300,000 write off. I only make 130. So not only am I going to pay no taxes on my 130,000, I’m paying zero taxes, but now I’ve got 170,000.

00:17:31:06 – 00:18:05:11

Unknown

That carries forward as a deduction into next year’s tax return, and I’m going to pay no taxes next year. So I just put myself 60, $70,000 in taxes by doing cost segregation and taking advantage of bonus depreciation. So that’s kind of a high level. Mike, on how it works on buying an asset. Now let me just talk quickly to the agents, because I think this is probably the most important piece for them that’s buying on the buying side.

00:17:59:09 – 00:18:30:03

Unknown

When somebody comes to you and they’re selling an asset, let’s say they come to you, Mike, and they’re like, Hey, I bought this. I bought this office building five years ago for $1,000,000, and now selling it five years later and it’s worth 2 million. Can you help me out, Agent Of course. The agent’s going to say I’m happy to help you out.

00:18:18:00 – 00:18:54:18

Unknown

And not only can I help you out, I’m going to save you tax money by doing so. And the way you do that, Mike, is if I buy a building for $1,000,000 five years ago and I’m selling it for 2 million, I just when I go to settle up with the IRS, I’m telling them that everything is doubled in value, right?

00:18:34:12 – 00:19:22:03

Unknown

I bought all this stuff for a million. I’m selling all this stuff five years later for 2 million. So everything’s double today. So the IRS is going to charge you on that million dollars of gain. However, my land is doubled in value. My walls have doubled in value. But certainly my dirty, nasty carpet, that’s five years old is not worth double what I paid for it.

00:18:56:11 – 00:19:22:03

Unknown

When you don’t do cost segregation, when you’re selling an asset, you’re telling the IRS that your dirty, nasty carpet is worth double what you paid for it. And they said, okay, great, it’s worth double perfect. We’re going to charge you tax on that. What is your carpet worth after owning it for five years? Mike, If carpet is a five year asset, so I’ve owned it for five years.

00:19:16:07 – 00:19:40:00

Unknown

It’s a five year asset. It’s fully depreciated. When I sell it, it’s worth zero. It shouldn’t be selling it for double what you bought it for. That’s crazy. But the problem is, is your tax preparer doesn’t know because they’ve just treated this asset as one lump sum. They know you bought it for a million. They don’t know what the carpet’s worth, so then they can’t break it out.

00:19:34:24 – 00:19:58:09

Unknown

And so doing cost segregation not only on the front end when you’re buying assets, but also on the back end when you’re selling ads. And that’s where I think it’s most valuable of anybody. If you guys take anything from this podcast, the realtors, when your client comes to you, they’ve owned a building for a couple of years and it’s increased in value.

00:19:54:04 – 00:20:26:17

Unknown

Always suggest the cost. So they at least have the numbers run because in that example, that million dollar example, you could save your client 40, $50,000 in taxes and you’re going to be a hero in their mind. And not every agent’s going to tell them that, you know, agents Yeah, go ahead. I think anyone’s going to tell them that.

00:20:13:05 – 00:20:47:09

Unknown

No, that’s a tax preparer. Probably. Unfortunately, prior to 2017 and when the tax code was changed, is was it as what’s the difference? So the difference was when we segregate that, we say, okay, in that million dollar building, there’s, I don’t know, $120,000 worth of five year assets instead of taking that 120,000 all in the year in the first year because of a 100% bonus, prior to that, you would have to take that 120,000 over five years because it’s a five year asset.

00:20:43:21 – 00:21:27:11

Unknown

So you basically get a 20,000. Well, I don’t know what is 12 divided by five five and some change. You’re getting you’re getting a fifth of that basically every year for the next five years. So it’s still good. You’re still taking it from 27 and a half and advancing it to a five year asset. But with bonus, we were taking it from a 27 and a half, advancing it to five, and then we were able to take 100% of that in the first year because of that 100% bonus.

00:21:08:13 – 00:21:49:15

Unknown

So now I should state that the 100% bonus did expire at the end of last year. So assets that you do this on for 2023, you’re only going to get 80% bonus, which is still very, very favorable and then it phases out 20% every year. Mike Until 2027 when it’s down to zero or until the Congress changes their mind and decides to extend it.

00:21:33:03 – 00:22:09:23

Unknown

So there was actually talks in Congress. There’s already proposals on the table to extend the 100% bonus into 2025. So we’ll have to wait and see. Interesting. Yeah. Wow. Very, very interesting. But folks, if you’re sitting there just like listening to this and you’re trying to and this is for your own good as well, like if you’re buying a property, you know, we always say you guys should be investors yourself, not just selling, helping people acquire or sell the properties.

00:22:00:13 – 00:22:26:02

Unknown

You should be doing it yourself. This is really great knowledge to have. How much is this cost somebody you know, I’m sure it doesn’t is a cheap is that expensive? Like what does it cost our clients? That’s what they’re going to ask us next. How much is it going to cost my client? Well, that doesn’t matter if you’re making them an extra 4050.

00:22:18:10 – 00:22:54:14

Unknown

Sure, but. But it’s going to be a question to have. So like, how do you how does someone pay for this? Because it’s not a CPA service, right? It’s not. So it’s kind of in our studies are engineering based. So it’s quite an extensive process. We’re basically reverse engineering that house or that investment property and trying to put the values to all the components.

00:22:36:19 – 00:23:19:21

Unknown

So studies typically range anywhere from 20 $700 for single family homes up to 10,000, $15,000 for large office complexes. We’ve got multiple buildings, that type of thing. So I know that’s a wide range. Typically, we want clients to save anywhere from 7 to 10 x their investments. So if they’re two for charging them three grand, we’re hoping they’re going to save at least 30 grand in taxes.

00:23:05:02 – 00:23:42:02

Unknown

And now with bonus percent or with bonus 100% bonus, they can say it even. You know, I’ve seen cases where, you know, we charge a client 10,000 for a study and they’re saving $1,000,000 in taxes. It’s crazy. So yeah, that does have a cost to it, but the cost is going to the benefits going to far outweigh the cost.

00:23:25:19 – 00:24:06:17

Unknown

Yeah, I mean, it’s just numbers. Hey, would you do this for that is when it comes down to it. Wow, dude, this is pretty, pretty cool. I get it. How about short term property owners like flippers, people who are flipping homes and then that give me that question first. And then I have another question about length of time for other type of investors.

00:23:46:18 – 00:24:06:17

Unknown

So typically flipping if you’re flipping homes, it typically doesn’t make sense because you’re not holding the property. Well, a couple of reasons. One is when you’re flipping it, it’s never going into service and therefore it’s treated as inventory versus as an investment property. So you don’t even get to take depreciation on it to begin with. And so flipping typically doesn’t.

00:24:05:21 – 00:24:27:22

Unknown

What we’ll see flippers do is maybe I flip five houses this year. The last house, I keep it as a rental because I made $200,000 on my flips. I’m going to keep the last house as my as a rental property, rent it out for a few years, take the 100% bonus, pay no tax on the 200,000 I made flipping and then sell it.

00:24:28:00 – 00:24:56:24

Unknown

So sometimes it does make sense if that’s the case, because you can use those deductions that you get from your rental property to offset your flipping income in most cases. And so that’s oftentimes what we’ll see flippers do is you don’t get to take depreciation on the ones you flip, but maybe keep one or two of them every year so that you can use those deductions and pay no tax on that flipping income.

00:24:48:08 – 00:25:17:16

Unknown

And then how about someone who’s holding property? Is there like a length of time that you see a window here? Like, is it like, am I better off, like holding this property for 15 years or is this like a five year thing? What what’s the trend there? I don’t even know how to ask that question, but I think, you know what I know then.

00:25:04:12 – 00:25:38:20

Unknown

Yeah. So the longer you hold the property, the bigger your benefit overall will be because there’s a time value of money element, there’s inflation, there’s a number of reasons why. So the longer you hold it, the bigger savings you’ll get on your cost sake study. However, on properties over about $500,000 basis, you still want to do it even if you’re only holding it for a year because your tax savings will be significant enough to justify a study.

00:25:32:24 – 00:26:01:19

Unknown

So as long as it’s held for one taxable year. So if I buy it in January and I sell it in July, that doesn’t work. If I buy it in January and sell it the following January and it’s over 500,000, it’s probably going to pencil out. Now, the nice thing, Mike, is most car segregation companies out there will do a free benefit analysis, so they’ll never engage you to do a study unless you’re going to save significant tax dollars.

00:25:58:06 – 00:26:23:02

Unknown

And so always get the analysis done if you’re holding it over a taxable year and if the asset is at least 500,000, it always makes it typically always makes sense like it. Any closing thoughts you have for anybody else on the job? And then tell us about your site and where they can learn more about you. So kind of just closing thoughts.

00:26:20:12 – 00:26:58:00

Unknown

One thing I always like to add towards the end, I just think as you start to build out your real estate portfolio, this goes for anything. This goes for, you know, if you’re an investor and you’re buying in a certain market and you’re an investor, make sure that your real estate agent understands that market, understands your objectives as an investor because your objectives as an investor are probably different than somebody who’s looking for their primary home.

00:26:45:02 – 00:27:18:10

Unknown

And so and that’s your world, the real estate world in my world that I work in, typically with CPAs, tax preparers, as you build out your portfolio, there’s a huge difference between tax preparers and tax strategists. A tax preparer, they work at Walmart in the lobby, H&R BLOCK. You give them your W-2 information, they run it through their system.

00:27:06:10 – 00:27:34:21

Unknown

It spits out how much you owe. You write them a check and you’re done. That’s a tax preparer. They just input output there. Not a lot of strategy. But as you’re building your portfolio, it’s very important to find a CPA or a tax preparer who specializes in real estate and understands real estate, because if they’re not telling you about things like cost segregation, if you’re having to ask your CPA about cost segregation, there’s probably other things in the tax code you’re not aware of, and you’re probably leaving a lot of tax dollars on the table.

00:27:35:09 – 00:27:55:18

Unknown

And so, yeah, a tax preparer excuse me, a tax strategist is a little bit more money to pay because they’re giving you more of their time. They’re meeting with you three or four times throughout the year asking you what you’re buying, what you’re selling, what your income looks like. But in this industry, whether it’s a real estate agent or a tax preparer, you get what you pay for.

00:27:56:01 – 00:28:17:05

Unknown

And so, yeah, somebody might be asking for a little bit more commission upfront, but if they have the knowledge and they’re saving you, you know, $100,000 on the purchase price of a property because they have the knowledge of the industry, who cares if you’re paying them an extra 2000 in commission, you just saved 98,000 net. Right? So the same thing goes with tax preparers.

00:28:17:05 – 00:28:39:18

Unknown

Always find yourself a tax preparer who understands real estate because no matter what they charge, if they’re good, they’re going to save you tenfold that taxes on the back end. Awesome. Much down where your website is going because you guys want to learn more. Yeah it’s just WW w dot cost seg authority dot com that cosc TCG authority dot com.

00:28:40:04 – 00:29:01:12

Unknown

My contact information is up there information up there on how we’ll run a free analysis if you’re interested. If you think you have a property that might qualify, don’t hesitate to reach out you guys we, we don’t bill by the hour. We’re not a CPA firm. We don’t do tax returns here, but we’re happy to answer questions and partner with you and facilitate answer any questions we can.

00:29:01:12 – 00:29:17:16

Unknown

So again, don’t hesitate to reach out to any of us. We’re happy to answer any questions you may have. Appreciate you. Thank you. Folks for this. Another up. So the Real Estate Marketing Dude podcast. But you know where to find us. If you like what you heard there today, go visit a site, check them out, see what he’s up to.

00:29:18:03 – 00:29:36:10

Unknown

But thank you guys for listening to another episode. If you guys are stuck figuring out a way to stay in front of your database, how to market them, how to add more value to them, and how to stop being forgotten about and cheated on by other realtors because people don’t remember who the hell you are. You got to visit referral suite WW dot referral suite dot com that is wect.

00:29:36:10 – 00:29:56:14

Unknown

And yes, we will help build your brand and in for the people that matter most that are responsible for the vast majority of business. Thank you for this another episode we’ll see you guys on next week’s show appreciate it by boom. Thank you for watching another episode of the Real Estate Marketing Do podcast. If you need help with video or finding out what your brand is.

00:29:56:20 – 00:30:16:16

Unknown

Visit our website at WW dot Real Estate Marketing dude dot com. We make branding and video content creation simple and do everything for you. So if you have any additional questions, visit the site, download the training and then schedule time to speak with the dude and get you rolling in your local marketplace. Thanks for watching. Another episode of the podcast will see you next at.

Change | Embrace It and Run With It (ft. Ross Hamilton)

Change is a scary thing and in today’s market, change is here and more is coming. The question is, how will you handle it?

Resource

Check Out Saving Homes

Client Attraction and Personal Branding

Check out Laura’s Website

Without a brand, your business is already dead. But what is your brand doing for you? This is a great time to develop your brand into something that will bring in a consistent stream of clients.

Resource

Transcript:

00:00:02:05 – 00:00:28:13

Unknown

Laura, go ahead and tell my editor for Shownotes name website. All of your social handles, stuff like that. And so it’s Laura Griffin and the website is groups within us to leads within Ask.com and the same social media handle. Or you can also do for Instagram. It’s Laura Griffin Rail, a tour that’s set up while we’re talking here.

00:00:28:15 – 00:01:59:11

Unknown

All right. You ready to rock? Yeah. So you said groups to leads like the number two. No. To gay. I mean, just see. So some visuals and it’ll be good to go. Ready, Rock? Yeah. All right. Three, two and one.

00:01:59:13 – 00:02:18:11

Unknown

So how do you attract new business? You constantly don’t have to chase it. Hi, I’m Mike Webmaster Real Estate Marketing in this podcast is all about building a strong personal brand. People have come to know like trust and most importantly, refer. But remember, it is not their job to remember what you do for a living. It’s your job to remind them.

00:02:18:15 – 00:02:30:14

Unknown

Let’s get started.

00:02:30:16 – 00:02:54:03

Unknown

What’s up? Ladies and gentlemen, welcome. Another episode of the Real Estate Marketing Dude. Podcast books should It’s hitting the fan. There are things happening in the marketplace. Mortgage apps are the lowest they’ve ever been in the history of mortgage apps. What are you going to do? I see nothing but giant opportunity in this marketplace because as agents continue to dwindle and whatnot, it’s just a reality of the situation.

00:02:54:05 – 00:03:11:19

Unknown

The amount of agents leaving the industry is not as large as the number of homes still being transacted. So there’s actually a large opportunity there. However, you need to know how to capitalize on that opportunity and anytime there’s a shift. Brands are built, all right, Brands are built, and without a brand, you will not survive in this fucking space.

00:03:11:19 – 00:03:28:05

Unknown

I don’t care what you say. You need a brand to continue going forward because no one’s hiring the realtor for what they do. You’re it’s a commodity in the consumer’s eyes, but they’re hiring. You force how you do it, but you have to be thought of first. You have to be top of mind first, and you have to be able to connect with people because you’re no longer a real estate agent.

00:03:28:05 – 00:03:55:11

Unknown

Your damn media company been screaming this since 2014 and I’ve been damn right we have probably Today show one of the best brands I’ve seen and we just met like, I don’t know, Laura, we haven’t talked before. We’ve met for what? Laura At 4 minutes? Yeah. 30. But I could tell you just from browsing on her website right here, her brand is one of the best I’ve ever seen positioned wise, especially for a real estate agent.

00:03:55:13 – 00:04:15:24

Unknown

And she positions herself as a mom. And I bet you Laura can probably charge me an 8% commission and I wouldn’t give a shit. I’d probably still hire her because I could connect with her so much. And there’s a difference between people. Like when people are hiring you, they’re hiring you for how you do things and more importantly, what you stand for.

00:04:15:24 – 00:04:34:24

Unknown

But it’s ultimately the way you make them feel. And your brand is the direct reflection of that. The reason why I’m harping on this so much is because right now, developing your brand is going to be easier than when the market’s hot. So when you’re when people are like, look how many realtors stop doing video in the last time, I’m telling you, I used to do videos for hundreds of realtors.

00:04:34:24 – 00:04:54:03

Unknown

I lost over 75% of my business in the shift and the amount of people leaving, that just it’s a vacuum for attention on social media. It’s a vacuum to get your face out there, because regardless of what happens when people are pulling back on their budgets, this is when you double down. But if you don’t have a brand to go with it, it’s going to fall on deaf ears.

00:04:54:05 – 00:05:12:06

Unknown

So what I want to focus this show on is how to really develop your brand and what a better example than to have Laura Griffin here today and share with us exactly how she I don’t think Laura sells real estate. I think she’s a mom that happens to sell real estate on the side. At least that’s the way her brand is positioned.

00:05:12:06 – 00:05:35:15

Unknown

And this is an unbelievable way that she’s doing it from her fonts to whatever the colors are really good or sharp, but she’s doing it. She did this in a cold market because she literally went to a brand new cold market, new Nobody didn’t buy any leads but focused on her own personal brand, adapted that to her business, built a Facebook group and now she’s talking, crushing it.

00:05:35:17 – 00:05:58:14

Unknown

Without further ado, let’s go ahead and introduce our guests, Ms.. Laura Griffin. Laura, once say hello to everybody and tell us a little bit about who is Laura. Quick story. Where’d you go? Where you at? Where are you from? Hi, everybody. Thank you so much for that introduction when he was Laura Griffin, I’m a real estate agent, and then the Northern Virginia areas, which is my inside Washington, D.C., we moved to this area, Oh, gosh, almost 12 years ago.

00:05:58:14 – 00:06:18:19

Unknown

My husband was military, retired and worked for the government. And so we moved from Northern California to Northern Virginia. I didn’t know anybody. I was in the corporate world, in the banking industry as a bank manager. I had my daughter that I got to be a stay at home mom. This is going to be great. And I failed at it.

00:06:18:21 – 00:06:34:12

Unknown

After a few months, I was like, I think I need something to do. And I had been in the real estate industry in California in a different capacity and called the who’s now my broker, who sold us our house. And they said, have they contacted real estate? How does this work? What I need to do a lot, a lot.

00:06:34:14 – 00:06:55:23

Unknown

And so he hired me and said, Hey, I’m hiring my team, which later turned into a brokerage and up a thousand plus agents in our area. And I was on his team. He was our team lead, and they gave us some online Zillow and Zillow and Facebook ads, all these different things. And I quickly realized that was not my jam.

00:06:56:00 – 00:07:13:23

Unknown

And if you ask him, I probably lost him thousands of dollars. And with a young child, I couldn’t pick up the phone. It was like speed delete, right? And I’d always fail because there was no way I could call that Lee. The first second it came in and keep calling. And, you know, my daughter was little and and all these things and I hated it.

00:07:14:00 – 00:07:31:08

Unknown

And I hated doing open houses on Sundays because I had a little child. And that was the day my husband was off to his job. And so it was like, I don’t want to give up my weekends. And so I start going to mommy me classes. And I was like, I really like this networking thing. And ended up starting a Facebook group in our area for local moms.

00:07:31:08 – 00:07:45:06

Unknown

And it’s county wide because there are areas the county made more sense when you started that not to interrupt you, but when you started that group was real estate in mind or you just wanted to connect with other moms, just wanted other moms to go coffee with you. Because I was born, I didn’t know anybody. We had no family.

00:07:45:06 – 00:08:04:10

Unknown

We no friends. Like it was more self-serving. It sounds really bad, but it was self-serving. I wanted I wanted friends. Okay. I’m going to bring that up in a minute. Write that down. Okay. So I wanted to friends and I had like a handful of friends I’d meet at a hospital, mom’s group, and I ended up into the group and it was just like night, you know, like my kids aren’t sleeping.

00:08:04:10 – 00:08:21:08

Unknown

What do I do? Kind of things. And I thought, no one’s going to join this group, and my friends join a few their friends over and a whole bunch of people started joining and it kind of snowballed into this thing. We’re just about it. I have little mini groups too, so if you count the mini groups, we’re out over 12 are over 12,000 members.

00:08:21:10 – 00:08:40:12

Unknown

And I slowly realized I was better placed to face connecting and people thought I was some sort of a local celebrity. Like people will stop me at Target or the farmer’s market. My kids just go, Oh my God, I please stop. And these people want to talk to me because I’m a celebrity. And I was realizing that they already knew, liked and trusted me and they were comfortable with me.

00:08:40:12 – 00:08:59:16

Unknown

And so I was getting all clients that were moms with little children because they could relate to me. And I can relate to them. And their transaction with children is a little bit different than if you’re downsizing or you’re a first time home buyer. And most of them are trade up clients because they’ve little kids. They outgrew their house and they’re buying a bigger home.

00:08:59:16 – 00:09:24:02

Unknown

And so I started realizing that my group was powerful and I started utilizing that as my lead source and threw in a few events here. And I have a Santa event and things like that that started leveraging my group and growing it and putting in content that would not let me like stand up and say, Hey, I’m a real estate agent every 5 minutes in my group, but it’s weaved into it and it’s weaved into my weekly nurture system that they all get every week.

00:09:24:04 – 00:09:41:00

Unknown

So that way they know that I’m a realtor and it’s easy. They call when someone wants to buy or sell a house, they call me and it’s a nice feeling. I’m not chasing the lead like I was with the online leads. This sounds so easy and would unpack a couple of things. First, I want to deal with everyone’s objections and it’s free.

00:09:41:02 – 00:10:00:09

Unknown

Yeah, it’s a free leads are store, which is something that is unique. So let’s focus and let’s unpack this because you’re sitting on your treadmill right now. You’re like 12,000 people. I’m not that interesting, right? That’s the first thing that people say. I’m not that interesting. No one’s going to pay attention to me. Well, everyone says the same thing about video, too, but I’ve yet to see an agent that does video consistently.

00:10:00:09 – 00:10:19:08

Unknown

That’s not crushing it. And the reason for that is just a matter of attention. And this entire industry is based upon attention. It’s a popularity contest. The best agent doesn’t get the damn deal. The most popular one does. Yeah, that’s nine times out of ten. 9.5. I would say 9.9 times out of ten. It’s no differently in any other industry like the best lawyer.

00:10:19:08 – 00:10:39:15

Unknown

I’m doing a ton of attorney work right now on a ton of videos with the attorneys, and the best attorney doesn’t get the job, the best marketed one does. And it’s the same in every single industry, you guys. But marketing without a brand falls on deaf ears. You’re just a salesperson chasing a truck and you’re pitching someone on your services about why they should buy or sell you, which is why the key to this whole brand that you did.

00:10:39:15 – 00:10:56:23

Unknown

And I don’t know if you knew what you were really onto, but it’s genius because she didn’t like develop this. If you look back at her story really quick, she in developed this like on a whim. She’s like, I want to create a group of people that I connect with first right now, most real estate agents will come out first objection.

00:10:56:23 – 00:11:15:02

Unknown

They’re going to have their income on say, Oh, if I’m going to position myself as a mom, well, I’m going to turn off the fucking dads. That’s the first thing that agents are going to say, right? No, doesn’t happen. Or hey, if I’m just working for just a mom, then I’m going to turn off this group or I’m going to do this.

00:11:15:04 – 00:11:37:11

Unknown

Look, guys, I called myself a marketing dude and I fucking crushed it. And it’s because I connected with people on a level. And the reality is, is that your brand should turn some people off. And if it’s not meant to connect with every single person, because if it was, you would call yourself God. Yeah, true. So so like she she identifies.

00:11:37:11 – 00:11:54:20

Unknown

So what’s your tribe? Look at your own business. Who do you connect with? See the brand and your content strategy. Really, what she’s developing is she developed a content strategy formulated within a group, but it first starts by who’s group entry? Who do I really connect with? What are you what do you do on the weekends? What do you really do on the weekends if you don’t have to work?

00:11:54:20 – 00:12:06:18

Unknown

And if you won the lottery but you can’t move anywhere you’re living in, you’re stuck in a town you live in. That’s the answer with whom you communicate with those 5 to 10 people you put yourself in a room with, hang out with them for the rest of your life because you don’t need to worry about money anymore.

00:12:06:21 – 00:12:29:10

Unknown

Well, that’s what you build your basis about. What would you guys talk about? There’s your content strategy 100%. And if you look at my group’s demographics through the insights, because I’ll be honest, I’m 41 and my group mainly is 35 to 44 age group. We’re all moms. Most of us have two children. Most of our children under ten, which is me.

00:12:29:10 – 00:12:53:04

Unknown

I have a ten and a seven and a half year old. And I, I will say I speak their language. And what I’m yes, the reason I’ll get the call oftentimes is I understand this is going to be a shit show of us selling our own small townhome, upgrading to a bigger house. We got kids and dogs and there’s like toy throw up all of our house and yeah, like we don’t know what to do, but they call me because I understand it and I’ve lived it.

00:12:53:04 – 00:13:14:07

Unknown

I mean, we’ve moved nine times this year to military. I’m going to gas you guys are up like Quantico or not. Yeah, no. As it’s medically retired now, but and then I have two children and I’ll say one has ADHD and autism and my other son is has ADHD as well. But it’s like, I understand this like, yeah, it’s going to be a shitshow.

00:13:14:09 – 00:13:33:06

Unknown

Yes, it is, but I can help you with it. And they feel comfortable with me and, and, and I will say it’s always the wife that calls me, never the husband. But also when people are relocating into the area, the name of my group, the secret sauce to it is if you’re going to start a group, it has to be your city, town, county, neighborhood in the name.

00:13:33:06 – 00:13:49:13

Unknown

So mine is loud and moms because I live in London County. So whether you’re Dallas, Texas or Sacramento or whatever, you know, it should be moms or community group or whatever. But what happens is people that are relocating to our area, which we have a lot of government here near D.C., so people are relooking all the time. The first thing is the white kids on the computer.

00:13:49:15 – 00:14:09:19

Unknown

She searches for Moms group in our area. So I get all the relocation people because smart because they know they’re they’re searching this area and they find my moms group so I’m super smart. And what are the first questions that somebody who’s moving into an area asks where the schools, how are the neighborhoods? Because my kids go outside and play at the park.

00:14:09:21 – 00:14:27:09

Unknown

Is it safe? Daycare? Yeah. Where’s the daycare? How much does it cost? Right. So like you could see the content strategy, but that’s just stuff you’re talking about anyways, isn’t it? As you live lives, are you really thinking that hard or are you really just being you? Yeah. And a percent and I have content, I have a kind of a calendar and I have a content strategy.

00:14:27:09 – 00:14:46:20

Unknown

And I will say I rotate my question. I have questions that I will post in a group. So stay active and there are questions that I’ll post like I want. And some of them I’ll do just a data data mine, my group, because I want to know. So sometimes I’ll post what’s the one thing in your town today, whether it’s here that you want to change?

00:14:46:20 – 00:15:07:09

Unknown

If you could change anything about your home today, what’s the one thing you would change? And it’s so golden because people will comment, Oh, we’re having a new baby and he knows how to get kind of smile. Okay, There’s a lead. Yeah, you’re just like ending. And if I know your name, I probably got your email when you joined the group with you gave it to me and or and, or I can kind of look you up in the database with our MLS.

00:15:07:10 – 00:15:25:24

Unknown

I can find you. And so it’s, it’s positioning it’s you’re able to data mine and find people in your group that will be leads for you. Yep. Which is really easy to do. So let’s get we get the group and let’s get into contact now I’m the folks by okay so we have a you know you have a group, you have a group people.

00:15:25:24 – 00:15:48:07

Unknown

Now can you tell them why forming a group is so important versus just posting them on your personal page or a business page first? Yeah. And so about it was in June of this year. I had Home Depot on the first weekend, I think Lowe’s as the first Saturday of every month, they do a kids workshop. I was on my way and I posted this on my Facebook business pages.

00:15:48:07 – 00:16:03:18

Unknown

I’m on my way to a listening appointment. It’s the first Saturday my kids want. I forget what it was, I think was like a treasure box or something. We go to many times in a year and I’m hanging out with my kids, make it a treasure box on my way to a listing appointment. And I took pictures of me and the kids at Home Depot putting this thing together, and my husband did most of the work, I’ll be honest.

00:16:03:20 – 00:16:19:10

Unknown

And I posted on my business page, I think 100 people saw it if even I posted it in the group. So first of all, they were saying, I’m a mom, I’m relatable. There’s a free activity going on right now which is giving value. Number three is he she’s a real estate agent because she’s going to a let’s an appointment in Ashburn on her way.

00:16:19:10 – 00:16:44:01

Unknown

This is what she’s doing in my group. Over 6000 people saw it. So 6000 people saw it. A ton of people commented and interacted with the post versus a hundred people on my business page. And the reason why is Facebook is pushing more people towards groups. They’re putting a ton of money towards community and building community. And yeah, I could have put on my page and boosted it or didn’t add to it, but this was organic free traffic.

00:16:44:02 – 00:16:59:16

Unknown

And so people not only know I’m a mom, I’m relatable, but I’m a real estate agent. So it was free advertising, love it, ongoing content, like there’s 30 days in a month, guys. So when you’re creating a content calendar, it’s on an annual and it’s 30 times 12. It’s a lot more easier to like, get your head around that right?

00:16:59:16 – 00:17:17:11

Unknown

Don’t don’t fucking don’t put yourself out the window before you even get in the car right. So walk me through like how you do your content strategy. Like, what do I post? What’s the best stuff to post and groups? What’s the cadence? Frequency all the above. Go ahead and spill the beans. So I look at my insights, right?

00:17:17:11 – 00:17:31:12

Unknown

And I look at it a month that it’s time I have some posts that I know are really popular and I’ll and I keep a it’s not fancy. It doesn’t have to be fantastic. I have a Google sheet. It’s like a word doc in Google and I keep track of like what was really popular and I’ll put an asterisk around it.

00:17:31:17 – 00:17:49:20

Unknown

Sometimes it’s it’s community based, right? So hey, there is this reactivity or this, this new pizza parlor that’s opening. Some of it is just engagement post like drop your like drop your favorite gif of how your morning went with your kids. People love that. Like, who doesn’t have their favorite gift of a you know, because no one’s morning ever goes great.

00:17:49:20 – 00:18:09:00

Unknown

I mean, my house never does. And so I sprinkle in a little bit that spring on a little bit of real estate and I also one thing in my group is I have guides. So if you’re relocating to the area, there’s a relocation guide. If you’re looking to buy a house, there’s a buyer’s guide and it’s linked to my My idea site.

00:18:09:02 – 00:18:27:20

Unknown

If you’re thinking of selling, there’s a seller’s guide and it’s linked to my What’s your homework that my broker gives us. So I get all those leads. I have guides for even more community based things like the ten things. You know, when you’re interviewing a daycare in the area different and things like best parks, best firework locations, best going into fall, best pumpkin patches, stuff like that.

00:18:27:20 – 00:18:48:05

Unknown

And I’ll post that stuff in there, not only excuse me as a content, but it’s also giving back to your community and providing value. Yep. And every single like here’s the thing with like you guys years are real estate agents, right? You sell houses, but you don’t sell the house before you sell the community. The house like is on, right?

00:18:48:05 – 00:19:00:21

Unknown

So that when it comes to content strategy, it’s really just be a fucking tour guide. Like, let’s not overthink this. Like literally just be a tour guide in this case, like, I’m looking at like you could be on a showing and just to give you guys some ideas, as a mom, how does the mob go to market it?

00:19:01:02 – 00:19:22:17

Unknown

Well, showcase take pictures of yourself in the cutest kids rooms. The next houses you’re going in, right? Focus on how far the communities are. You know, when when you sell a house, it’s no longer just listed, just sold. It’s going to be more like probably, hey, the Jones family just moved in here and their kids are just about to start Carillo Elementary School for the first time and they’re relocating them.

00:19:22:17 – 00:19:44:23

Unknown

Hey, guys, can you give them a warm welcome like it’s about if you realize everything she’s doing is just storytelling and stuff she’s already doing, and she’s just taken this little six inch device out of her purse and snapping it and documenting it. That’s what social media is, isn’t it? It is. And you know, it like even just like the pumpkin patches.

00:19:44:23 – 00:19:56:07

Unknown

I don’t know how many moms are relocating or moving or in our area. And they’re like, oh my God, thank you so much for this thing. It’s like it’s like my AM and five minute to Google research all. We just update it once a year. I’ve done it. We did it one year and we just kind of recycle it.

00:19:56:07 – 00:20:12:24

Unknown

Obviously, we have to tweak a few things, but it’s providing value and they appreciate it and they know that I know what I’m talking about, right? So it builds up that know like and trust factor within the group. And then like I said, yeah, it’s a little bit of real estate, but not raising my hand like I’m a real estate.

00:20:13:01 – 00:20:28:06

Unknown

It’s real estate, it’s value based like community things and it’s a little bit of fun and engagement. I like to have a little bit of fun. That’s why we do it. Like drop your favorite gift or, you know, my morning was a shit show when I was your and people do. That’s the best you to get the region.

00:20:28:08 – 00:20:43:10

Unknown

Yeah, the best the best contents. Probably like when you’re before your shower, your hair is all over the place. You got bags underneath your eyes. You look like shit and you’re in your pajamas, right? That’s going to be the video or the content that performs the best. And the reason is because everyone can relate to it. We all been there, and that’s the key.

00:20:43:10 – 00:20:59:13

Unknown

I was like, Authenticity is what always attracts. And if you can’t find a way to be authentic, you just have the wrong brand or you need to dial it in, right? Like you have to be able to be you to do this successfully because if you weren’t a mom, would. How hard would this be to do like you could it?

00:20:59:15 – 00:21:14:23

Unknown

I can’t run house group Yeah I can’t wear on your mom’s group before you even though I get it, I understand exactly what you’re doing. I would be a fraud. Yeah, and there is some ages I’ve seen Start them in like you’re not a mom and you’re in a No offense, but it’s like you’re early. 28 year ago.

00:21:14:23 – 00:21:34:07

Unknown

You haven’t lived this life. You don’t understand this. And when clients talk to you about selling their house with children, you’re not going to be able to have that conversation. Like I can with. Yeah, I know there’s 23 up in every room of my house and you have to hide it, like shove it in something. So when people are showing your house, they don’t see it everywhere and you know, it’s it’s been relatable.

00:21:34:07 – 00:21:49:19

Unknown

And so whether I mean, maybe you’re not a mom, maybe you’re, you know, your military spouse or maybe you there was another agent I talked to recently. They have a foodie group in their area. They just love food. That’s love. That’s great. A ton of people joining that group and they’re just and different restaurants because they’re a foodie.

00:21:49:22 – 00:22:04:19

Unknown

But I’m not a flipside. Yeah. Yeah, yeah, yeah. But I mean, that’s like, you know, we do a ton of business owner interviews and they lead to a ton of business, offer a lot of referrals just because it’s not about telling people what you do, it’s about reminding them what you do and when people are going to buy or sell.

00:22:04:19 – 00:22:26:16

Unknown

Like, let’s just do the numbers on your group. All right? Out of those 12,000 members you have, how many of them are local to Is it London and louder, It’s a Virgin Virginia. Get loud moms like that would be fun. You got the loud and moms That’s cool and that and that one yeah How many are local in the area would you guess?

00:22:26:22 – 00:22:46:06

Unknown

12,000 members in our county. There’s a little over 500,000 people. Okay. So out of these 12,000 members are. You think they’re all live in this area? I’m listening to a few are relocation. So maybe they’re outside of the state and they’re just getting digesting content And what’s the county about that almost, I would say probably 95% live here.

00:22:46:08 – 00:23:12:08

Unknown

So here’s an an I don’t know if you mind sharing these, but like what type of how many how much business is coming out of this thing. Last year did $22 million in sales. Damn. I mean, what’s the average sales price for single family? About seven 5800. And then like a townhome about 500,000. So out of those 12,000 members, these are the stats because none of the stuff is theory that we’re talking about a lot of people’s big oh, branding is theory.

00:23:12:08 – 00:23:36:05

Unknown

How do you measure it? You’ll never be able to exactly measure it, but 10 to 15% of those 12,000 members are moving this year. Most don’t know it as she stated earlier, some of them are going to get pregnant, have to upgrade their house. Some are working to get relocated out of the area. But 100% of the people within that group, all 12,000 members of them, have the ability to refer you at least one deal per year.

00:23:36:07 – 00:23:55:14

Unknown

So it’s never about trying to reach 300,000 people. That’s the mentality that happens when you go to like the Mike vary conference isn’t like oh go sell cold pork all and then until you’re blue in the face right and just want to shoot yourself but out of these you don’t need a large database. You need an engaged one guys, because 100% of the 12,000 people know someone who’s moving.

00:23:55:18 – 00:24:13:03

Unknown

But just out of those 12,000 people, 10 to 15% of them are moving themselves and most of them don’t even know it. Yeah, those are the industry stats. So it’s not a matter of if people move, it’s a matter of when because it’s a life event. And despite whether the interest rates are going to at 8%, 7%, 12%, 20%, who cares?

00:24:13:05 – 00:24:33:06

Unknown

People are still going to have life events that cause them to move. And the easiest way and the least expensive way is to attract them. Exactly. And I nurture that. And you have to nurture these people, too. I mean, I had a client this year that called me. Is it I mean, getting your emails once a week for three years, but now we’re ready to sell our buy one.

00:24:33:06 – 00:24:48:16

Unknown

And so it’s it’s staying in front of them because they may not be buying or selling today, but they will. And if you keep saying in front of them, they’re going to they’re going to realize it’s all it is. How long how much does it cost you to stay in an email, contact with them, and then it cost you any extra time over that three year period.

00:24:48:18 – 00:25:04:04

Unknown

So I just so this last 15 months, I started doing a weekly email and I had to be honest, I am not the best writer, so I had a copywriter help me with it. I came up with the content what I wanted. I mean, anyone could use like chat, CBT or something like that if you really wanted to.

00:25:04:06 – 00:25:25:21

Unknown

So I paid the the copywriter. It was about $1,000 for the emails. Not bad. And then I have them in a we use active campaigns, I’ve got them in an email system. And so I mean, we’re talking it’s an hour maybe it costs me $1,000 to stay in front end to do that. And those e-mails are going to get kind of recycled after the 15 months is over.

00:25:25:21 – 00:25:43:23

Unknown

So it’s not that expensive. And then I just throw one event per year. It’s not that expensive. So let’s break these two down email. It’s emails. So many people don’t nurture an email like we we nurture one. Our whole our whole system is one video email month with your face talking just about community events, local news and whatnot.

00:25:43:23 – 00:26:01:21

Unknown

Right. And it’s not it’s just about the the reminding touch but emails another channel because you can’t assume there’s so many people who are just on social media like, oh, I’m just on Facebook. That’s all I need. I just need Facebook. No, you don’t. You’re missing a lot of other opportunity are using direct mail to by any chance.

00:26:01:23 – 00:26:18:03

Unknown

Yes. So I have an email. All right. I’m sorry, a postcard that goes out once a month and then I kind of tweak it every once if I see people having like so I see people having life events and things. We start having my and then my son will go through and look at the tax roll and kind of go, okay, well, I know they live in this town.

00:26:18:03 – 00:26:37:02

Unknown

So this, you know, Susie Q has got to be that Susie Q in this town. And then we start mailing them content like it air, land and sea. And I might as well just take a commercial break because that is exactly what referral suite does. We help market your database through video email, direct mail and give you all the social media content each month so you can stay in front of them and take an omnipresent approach.

00:26:37:02 – 00:26:58:13

Unknown

So people stop forgetting you’re in real estate. Back to show. So this is really, really, really interesting. I love it. This is my entire business model. Always has been. I love what you’re doing. Like this is I just it’s fantastic. And I wish more people would implement exactly what you’re doing because it’s not rocket science, is it now?

00:26:58:13 – 00:27:18:04

Unknown

And it’s free. You don’t need to pay to do is a Facebook group and backed it. The last few years I’ve been getting asked from a lot of agents around the country like, how do you do this? Can you help me set up a group and things like that? So I actually just transitioned into doing I have a course on how to set up your Facebook group, how to grow your Facebook group, because that’s what everyone’s scared about.

00:27:18:04 – 00:27:34:05

Unknown

Like no one’s going to join. They will join if it’s set up right and you have good content and it’s named appropriately. And then I talk about how to nurture your group and how to utilize it to get leads, because ultimately that’s that’s why you’re setting up the group is you’re building your know like and trust factor so that you can get leads and they’ll call you to help them buy or sell a house or rent.

00:27:34:07 – 00:28:02:04

Unknown

Yeah, it’s just a matter of when they do. I mean, literally, guys, it is. And the bigger the group goes, the more engaged is, the better. But I want you to catch one other thing that she said and then we could get this week wrapped up a she’s she’s disciplined and building an audience you guys and you have to you don’t know when the person on that list or the individual senior email is ever ever even going to return the favor.

00:28:02:04 – 00:28:21:03

Unknown

It’s not about that but it’s about and it’s not also about trying to sell them something with every bit of communication. It’s about trying to add value with every bit of communication and just sort of small little jab. Hey, don’t forget I’m in real estate. Don’t forget I’m in real estate. Hey, guess what? I’m in real estate. Don’t forget to say you don’t need to say it right.

00:28:21:03 – 00:28:41:12

Unknown

You could do this stuff just by simply inferring it. And you can’t always talk about work with your list, with your database. You can’t talk about work all the time with social media. Your wife will divorce you if you do, and you need to actually, like, go out and nurture people with human related content. So my point is, is cut the commission breath stuff off.

00:28:41:12 – 00:29:09:22

Unknown

It’s not going to work. It doesn’t work. Commission breath is contagious. We feel it. We see it. People see it. More importantly, like it looks desperate. You don’t need to do it, though. What other any other tips you want to add to this? Because this is. I think you nailed it. Yeah. I mean, if anything, I am always happy if anyone wants to figure out how to how to set up a group or has passions about it, they can go to groups to lead WSJ.com.

00:29:09:24 – 00:29:25:16

Unknown

And I can you know, they can there’s a free webinar. It’s groups to leads back slash webinar, and you can get a little bit of information. And then we’ve I’ve also got the course if you want to dive into a little bit further and how do I nurture people and how do I data them by my groups who didn’t get leads?

00:29:25:18 – 00:29:44:24

Unknown

That’s on there as well. Script Slate.com. And because like I said, you know, I see so often real estate is like, I knew, I don’t know what I’m doing and blah, blah, blah. And I don’t have a lot of money to put towards marketing. I get it. I was there to start a Facebook or it’s free, it’s easy, and if you nurture it, it’ll grow and you know, it may not it’s not going to be one of the things.

00:29:45:00 – 00:30:08:06

Unknown

But you start today and you’re these leads. It’s the long game, right? Yeah. And I think so often we get distracted with shiny penny things, but if you play the long game and you’re not standing up every time and saying, I’m a real estate agent and using it as a billboard, but using it smartly as a billboard for your business, the leads will come to you because people will see the genuine person and they get to know.

00:30:08:06 – 00:30:23:00

Unknown

They get to know you better, like people know and they know my kids. Like when they stop and see me on the street, they know that’s great and or that’s Madison. Creepy as it is, but or they’ll say, Hey, you know, my son has the same vision thing that your son has, and they’ll ask me questions, which leads into the conversation of real estate.

00:30:23:02 – 00:30:43:08

Unknown

So it’s used, you know, using my own way. I’m using my children to get business, but it’s because they know and like and trust me and I’m a mom and I’m relatable. And I’m also not that scary, right? I you know, I oftentimes will see, you know, people real estate they’re really Salesians up. That may be something that’s scary to some of these people, whereas I’m just more approachable in my jeans, just hanging out.

00:30:43:08 – 00:31:04:02

Unknown

They can come and approach me and ask me questions. So it’s about being relatable to your target audience. And my target audience is a mirror of me. Yeah, well put. That’s a that’s a really good way to look at your target audience is a mirror of yourself because people hang out with people just like them. It’s just the way we’re wired, you know, You don’t go out and hang out with someone completely opposite of you.

00:31:04:02 – 00:31:21:09

Unknown

Like you don’t see me on Friday nights hanging out with the dude, with the shaved head, tats, earrings and doing drugs all night, you know, like, that’s not my crowd. So it’s like, Come on, guys, I pick your crowd. You know what your crowd is? Just be you love it. This is a really good episode. And folks, if you like exactly what should go check her out.

00:31:21:13 – 00:31:44:00

Unknown

It’s groups two leads dot com. Check out the Facebook group and whatnot and we appreciate you listening Another episode if you really liked the content we talked about, I want you to go visit referral suite dot com as referral sweet e-comm and it’s a database referral marketing system. All it is, it’s very simple. It takes about an hour, 2 hours, maybe maximum to utilize and it’ll keep you in front of your databases through direct mail, video, email and social media.

00:31:44:00 – 00:31:59:23

Unknown

And you won’t have to think about what to say because we even give you that to build the audience. It’s the only recession proof business model there is. I’ve been in I gave you this with the last 20 years of experience, guys, so go visit that and check out Laura stuff. She shared a lot of valuable content today.

00:32:00:00 – 00:32:19:06

Unknown

Thanks. Listen other up, so don’t forget to subscribe like CUBIT and visit us on the rest of our social channel and we’ll see you guys next week. Picks. Thank you for watching another episode of the Real Estate Marketing Do Podcast. If you need help with video or finding out what your brand is. Visit our website at WW w dot real estate marketing dude dot com.

00:32:19:09 – 00:32:34:23

Unknown

Telling (Selling) vs Reminding (Marketing)

If you are still telling people that you are in real estate, then you are in for a rude awakening when they forget. You should be reminding them, that way you are always top of mind, and more likely to get their next home purchase.

Resource