0:01

Welcome to Real Estate Coaching Radio,

0:04

starring award-winning real estate coaches and

0:06

number one international bestselling authors, Tim

0:08

and Julie Harris. This

0:10

is the number one daily radio

0:13

show for realtors looking for a

0:15

no BS authentic real time coaching

0:17

experience. What's really working in

0:19

today's market, how to generate more leads,

0:21

make more money, and have more time

0:23

for what you love in your life.

0:26

And now your hosts, Tim and Julie

0:28

Harris. Welcome

0:31

back. Today we are doing our

0:33

first of hopefully many ask

0:35

me anything episodes. And these episodes are

0:37

designed so that you can submit

0:40

Julie and I questions and we'll answer your questions.

0:42

And these questions can be about anything. And

0:44

obviously our area of expertise is small. Limited.

0:48

Yes. So if you submit questions

0:50

asking us for the winning lottery numbers or

0:52

alien invasions and whatnot, and I'm not talking

0:54

about Southern border variety. I'm talking

0:57

the ones from interstellar aliens. We'll

1:00

probably pontificate, but we probably won't

1:02

have anything useful to offer. But yes, with

1:04

regards to real estate and things related to

1:06

business and rental

1:08

properties and I think wealth accumulation and

1:10

all these good things, those are where

1:13

we are most comfortable and competent. So

1:15

we did have a lot of you submit

1:18

questions and we found most of the questions

1:20

kind of fell into several main buckets. So

1:22

if we don't personally thank you for

1:24

submitting your question, forgive us. It's just because

1:27

your question was similar enough to other questions

1:29

that we didn't want to say, you know,

1:31

what are your three best sources of lead generation?

1:33

This question was asked by all these, you know,

1:35

14 people. So if you'd like to submit a

1:37

question for maybe we'll do one of these next

1:40

week too. We'd like doing pods

1:42

like this. It's frankly a heck of

1:44

a lot more or less production work,

1:46

but more cerebral work because the questions

1:48

are so varied. But yes, if

1:50

you'd like to submit a question, just text me directly

1:52

at 512-758-0206, 512-758-0206, Also,

2:00

I'd like to thank all of you who joined

2:02

our new newsletter this week. The

2:04

newsletter is going to be what we

2:06

feel might be one of our best

2:09

production efforts. It's going to combine the

2:11

notes from the podcast, but also we're going to be

2:13

having a lot of exclusive content. For

2:15

example, today I'm doing three interviews with what

2:18

we feel to be some of the most

2:20

influential agents in the United States, and we're

2:22

going to expand those interviews to folks in

2:24

Europe as well because we have a lot

2:26

of European listeners. The

2:28

interviews and all the other content is

2:30

available for you anytime, but you have to subscribe to

2:32

the newsletter. It's simple to do, and the best

2:34

part of it, I think all of you will agree,

2:37

is it's free. Just go

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to harrisrealestatedaily.com, harrisrealestatedaily.com, and you can

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subscribe. The link to join the

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newsletter is down below. Remember when

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you join, you have to go,

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and it's a double opt-in deal.

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You have to go to your

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email, and you have to click

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a link acknowledging the fact that

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you want the newsletter. Otherwise, you

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won't get it. Again, it's harrisrealestatedaily.com.

2:59

Thanks to the thousands of you

3:01

who have already subscribed. Again, it's

3:03

free, so go there right now,

3:05

harrisrealestatedaily.com. All right, so

3:07

on today's show, we're going to answer, I

3:09

believe, it's five questions. As Tim

3:11

mentioned, these sort of came

3:14

from several of you with different flavors. Let's

3:16

start with number one, and here's

3:18

the question. I'm in a schedule rut. I tell

3:20

myself that tomorrow is the day I'll do what

3:22

I'm supposed to do, but then I

3:24

don't do it, and then it's sort of like Groundhog Day. The

3:26

next day you say you're going to do it, the next day,

3:29

maybe this afternoon is when I'm going to get to it. So,

3:31

this is going to be a discussion

3:33

between you and I. To me, that's sort

3:35

of a mindset question wrapped up in

3:37

a schedule question. Does that make sense?

3:39

Tim Gunn No, we'll see. Let's see how you

3:42

finish answering. Harris Real So, in a schedule

3:44

rut. All right, so for me, from a coaching

3:46

standpoint, I would ask, do you have a schedule?

3:48

Do you have it, and you're not following it?

3:51

Do you not know what you're supposed to be doing,

3:53

so you don't do it? Or do you know exactly

3:55

what you're supposed to be doing, you're just dodging it

3:57

with things like creative avoidance? So, I think that's really

3:59

important. doing all the things that are easy to do or

4:01

fun to do, working on your business,

4:04

tweaking things, instead of working in your

4:06

business, doing the real work of real

4:08

estate like lead generation, lead

4:11

follow-up, presenting, negotiating and closing.

4:14

So it could be any number of those things.

4:16

Do you just not, maybe you're a new agent

4:18

and you don't know what you're supposed to do,

4:20

that's forgivable, that's fixable, or maybe you're just avoiding

4:22

it. So to me, it's why do you give

4:24

yourself the option to do it or not do

4:27

it? So there's two thoughts I have

4:29

on this one. Sure. Really at the end of

4:31

the day, everyone has a schedule whether it's a formal schedule

4:34

or not, you wake up, you brush your teeth, you take

4:36

your shower, maybe you have a family that you have to

4:38

take care of, all the rest of it. So we all

4:40

have schedules, we all have things we have to do every

4:42

single day. Some people are

4:45

not going to be getting the best results

4:47

for themselves from following an actual schedule. I've

4:49

coached plenty of people like that. So

4:51

this is a minority joke, truthfully, it's probably less

4:54

than 10%. So less than 10% of you, if

4:57

we try to force you into a schedule where

4:59

at nine o'clock you're doing this, 10 o'clock you're

5:01

doing this, you're going to, it's just not gonna

5:03

work for you, it'll never work for you, it

5:05

works against how your energy flows and really how

5:07

you get things done. But for those 10%,

5:10

and really for everyone, it's what you got

5:12

done that particular day that matters. So a

5:15

successful day usually comes down to three to

5:17

five things, no more than that. And

5:19

we help you to define what those three to

5:21

five things are but for example, one of the

5:23

things would be working out. Another thing would be

5:25

showing overt gratitude towards put a

5:28

number to it, five people per day. Obviously

5:30

doing all your lead follow up, doing, making

5:33

10 contacts a day, those types of things.

5:35

So there would be a list of things

5:37

that are most important. Take your

5:39

supplements every day, praying every day, right? So there

5:41

are three to five things that when you do

5:44

every single day, the accumulation effect, in other words,

5:46

doing those things over and over and over again,

5:48

actually starts to build and pays massive dividends. And

5:50

you guys can imagine what I mean by that.

5:53

So if you hate a schedule, can't do

5:56

a schedule, will never do a

5:58

schedule, screw schedules forever. Right?

6:00

You know, you're like our kid who hates

6:02

going to school, not because she hates school,

6:05

because she hates being told what to do.

6:07

That's very true. Yeah. I mean, so if

6:10

that's your approach, but you can get three

6:12

to five things done at a high level

6:14

every single day, then, you know, go you,

6:16

don't follow a schedule. Now the flip side

6:18

to that is most people are

6:21

not like that. Most people, and what

6:23

they've learned is that their

6:25

energy flows better in the morning. And

6:27

the reason is because you've had sleep,

6:30

your hormones are in, you know, in check, you

6:32

probably have a better mindset, all the other things

6:34

that go along with it. The day's worth of

6:37

burden hasn't really accumulated and, you know, and

6:39

it's sapped your energy. So in the morning

6:41

is where you want to generally speaking, get

6:43

all the things that you want to do

6:45

the least done at the highest level. So

6:47

the doing what you don't want to do when you don't want

6:49

to do it at the highest level portion of your day is

6:52

going to be, I'll air quote

6:54

this, easier, easier, easiest to lead.

6:56

What's the word? Easily accomplished.

6:58

Thank you. Whoa. Someone's becoming a

7:00

human Grammarly. Yeah. In

7:02

the morning. In the morning. Right. She's only because we're

7:04

doing this podcast in the morning. Ask

7:06

her to try to figure out how I was

7:08

saying in the afternoon. Right. Yeah. So that's the,

7:10

that's kind of some things to think about, but

7:12

really an effective day and an effective life comes

7:14

down to three to five things doing at the

7:16

highest level and the accumulation effect of having done

7:18

those things every day. Yes. I 100% agree with you.

7:21

As long as if you're going

7:23

to be a non-scheduled type, as long as you were

7:25

following what Tim just said, I

7:27

think when you say three to five important

7:29

things, it's having and maintaining those daily minimum

7:31

standards that you never get away from. Right.

7:34

So you shouldn't end the day with leads that

7:36

you haven't followed up on. That makes sense. That's

7:38

a high use of your time. You should be

7:40

working out every day. And I agree with you

7:42

that it needs to happen in the morning. If

7:44

you're going to try to control your time, whether

7:46

that's having a schedule with an alarm and

7:49

time blocking, or whether that's saying I'm going

7:51

to do my three most important things before

7:53

noon, you are about 5,000 times

7:55

more likely to actually do it in

7:57

the morning. Why? Because your voice. your

8:00

email, a coach friend of mine

8:02

used to call that the box of snakes, it

8:04

will get out by the afternoon and then your

8:06

chances of doing the important stuff is very minimal.

8:08

That's right. So hopefully we've answered that question

8:11

sufficiently. By the way, when you join

8:13

Premier coaching in the first level of Premier coaching

8:15

and the first level of Premier coaching is free

8:17

and just go to premiercoaching.com or click the link

8:19

below. But there is a fill in the blank

8:21

business plan. It's called the real estate treasure map

8:23

and it's a very, you know, 60 pages, print

8:25

all those pages out. It used to be a

8:27

book, but now we just give it away as

8:29

part of the first level of Premier coaching. And

8:32

in that is a suggested schedule and how

8:35

to go about creating your schedule. I know

8:37

just to kind of, this is a big

8:39

point. I think really the whole scheduling thing, Jill, you

8:41

started out, I agree with what you said. It

8:44

kind of falls into the same bucket as the whole

8:46

mindset, you know, so people that are real into their

8:48

mindset are also real into their schedule. And

8:50

I get all that. You just know

8:52

thyself, I guess. And then however you're getting

8:55

the results, if you just

8:57

to really, I think encapsulate the scheduling

9:00

point, if you're, if you have long-term

9:02

levels of success that meet or exceed

9:04

your expectations and you've never had a

9:06

schedule, keep doing it. Don't

9:08

change. Know thyself. And if you're coming

9:11

to coaching or coming to, you know, the idea, well,

9:13

I need a schedule because I read some book, but

9:15

I've never had a schedule and yet I'm an Olympic

9:17

swimmer and I'm a multi-millionaire and all these other things.

9:20

And I'll say, I can't force myself to have

9:22

a schedule. Don't force yourself to have a schedule.

9:24

So just do what works for you. And

9:26

I think if you interviewed 10 people, they would

9:28

all have 10 different takes on scheduling. The

9:31

bottom line is do what works for you, but

9:33

do the important things that work for you. And,

9:36

you know, I hear from coaching clients, all different varieties.

9:38

I have coaching clients that are very strictly, they get

9:40

up at 4.30 in the morning, they work out every

9:42

day. That's it. They're super

9:44

strict on their schedule. Most of them have some

9:46

kind of background of maybe it was military or

9:48

they grew up on a farm where they had

9:50

to wake up. And then I have

9:53

other coaching clients that you were talking about where they

9:55

get a lot of things done, but they hardly even

9:57

look at their clock. All right. So the next question

9:59

we had very. We had a few iterations of this

10:01

one, and I think I have a surprising answer for you, Julie, but

10:03

I'll let you go first so you don't steal my answer. By

10:06

the way, we didn't rehearse or review

10:09

each other's answers first. We're trying to keep this. Fun.

10:11

Exactly. All right, so the next question

10:13

is, Julie. I need to make

10:16

money now. Help are some

10:18

iteration of that. OK, so I'm only going to set you

10:20

up here, because I'll give you a little hint what my

10:22

answer is going to be. So I was interviewing Rochelle,

10:25

who's one of our coaches. Coach Rochelle. OK, and

10:27

I asked her that very question during the interview

10:30

and so with that suggestion of where

10:32

I maybe got the inspiration for how

10:34

to answer that question myself, what do

10:36

you think her answer was? I

10:38

think she would have said something on

10:40

the buyer's perspective or open houses or

10:42

something along the, like an immediate

10:45

appointment followed by an immediate contract. So I liked

10:47

her answer even better. Might have said BPO. She

10:49

did. OK, that was it. You got it. And

10:51

I really like that answer, because that really gets

10:54

to the heart of it. So

10:56

if you need to make money now, and

10:58

again, Coach Rochelle, when you guys listen to her

11:00

on her interview that we're going to be publishing

11:02

for newsletter subscribers, she goes into

11:04

detail describing this. But really, do BPOs, because

11:06

a BPO is basically an elaborate CMA in

11:09

essence is the way to think of it.

11:11

And in Premier coaching, we do teach you,

11:13

again, Rochelle will teach you how to do

11:15

BPOs at a high level. And BPOs, I

11:17

didn't know this. I'm embarrassed to admit it. Do you

11:19

know some BPOs now? Companies are paying $75 to $100

11:22

a BPO. Yes,

11:24

and even more if it's commercial or land or something

11:26

odd. Well, they raise their prices, because you just stop

11:28

doing BPOs. So I mean, raise what they were paying,

11:30

rather. So that means you can do a BPO. And

11:32

when done efficiently, you can get it done in a

11:35

half hour. I mean, the picture's part of it. There's

11:37

different ways to do that. You can, frankly, hire someone

11:39

to do it if you get a lot of BPO

11:41

orders. But you could start earning $300 to $500 a

11:43

day just

11:45

by doing BPOs, which for many

11:47

of you will be more than enough to cover

11:50

all whatever your personal daily burn rate is. During

11:52

the real estate crash back in 2007 through 2009,

11:55

one of the things that Julie and I suggested that folks

11:57

do is to do just

11:59

that. Figure out. take the amount of money

12:01

you need to earn every single month, divide it

12:03

by the number of workdays you have every single

12:05

month, and hopefully that's something manageable, two to three

12:07

to $400 a day, something like that, or maybe

12:10

even less, and then do the

12:12

amount of BPOs that you need to do

12:14

every single day, so at least you know

12:16

you covered your personal overhead that day. And

12:18

by the way, that's a killer way for

12:20

you to become a true market expert, run

12:22

into buyers, run into sellers, and a lot

12:24

of those BPOs will turn into listing opportunities

12:26

for you. Okay, so we didn't actually

12:28

define what a BPO is, we may have

12:30

some newer, newer listeners, that's a broker price

12:32

opinion, which is, as you

12:34

said, a more elaborate, more detailed CMA,

12:37

which is a comparable market analysis, that's

12:39

when you're setting price. BPOs

12:41

are ordered by different entities, by lenders,

12:43

by banks, by asset managers, to determine

12:45

value for different reasons. It could be

12:47

a refinance, it could be a pre-foreclosure.

12:49

You don't really care necessarily what the

12:52

reason is. Tim's point, Coach

12:54

Rachel's point is, this is the fastest

12:56

way to immediate cash

12:58

flow. Take a half step back, because your point is

13:00

excellent, that they won't have any clue what BPOs are,

13:02

probably most of them have never even heard of a

13:04

BPO. Yeah, so sometimes if

13:07

someone's credit drops, the banks, and they own a mortgage,

13:09

you know, have a house for the mortgage, the bank's

13:11

going to order a BPO just to find out that,

13:13

you know, what the hell is going on at the

13:15

house, they're worried about their asset. And

13:18

refinances, sometimes BPOs are

13:20

ordered for just all kinds of different

13:22

reasons. So it's not just for

13:24

distressed reasons. And, you know, Rachelle is going

13:26

to teach you how to do lots and

13:29

lots of BPOs, if that's your desired path

13:31

to earn money now. It is kind of

13:33

a no-brainer. And there aren't

13:35

that many BPO companies anymore, a lot of them

13:37

consolidated, went out of business, right? So

13:39

that makes sense. So we're going to show you which

13:41

ones are actually hiring agents in your market. I don't

13:43

know if they're hiring in all markets, but from what

13:45

Rachelle told me during that interview, it looks like they

13:47

are. And again, this is not a

13:50

sign of distress to real estate, this is just normal ebbs

13:52

and flows of the real estate industry. And

13:55

you have to go to premiercoaching.com,

13:57

premiercoaching.com, or click the link below.

14:00

another answer for I need to make money now.

14:02

Let me just clarify because the next thought that usually

14:04

hits them is well gosh that's only $100

14:06

why would I work and crank this up for $100 so

14:08

to which

14:11

I answer you do free CMAs for past

14:13

clients and people in your sphere and leads

14:15

all the time for free that's one point

14:17

but more importantly don't think of them as

14:19

a one-off task think of them as what

14:21

you said if you want to have let's

14:23

say you just want a thousand dollars coming

14:25

in to cover your car payment or something

14:27

well how many BPOs is that you can

14:29

certainly do that per month think of them

14:31

as groups of BPOs from

14:34

companies that that normally hire you regularly

14:36

and you can literally get checks in

14:38

the mail every single day yep so again

14:41

premiercoaching.com and we'll teach you how to do BPOs

14:43

that is one of the things where sales always

14:45

done Julie wants to add to that okay

14:47

so that's immediate daily cash flow let's

14:49

talk about bigger money normal commissions most

14:52

agents right now are sitting on

14:54

some leads are you stepping to the

14:56

next question no I'm on well I

14:58

guess they're related the next question is how can

15:01

I generate a closing as fast as possible without

15:03

looking desperate I

15:05

was surprised how many different iterations of that

15:07

question we got yes honestly money

15:09

now is well no it's the looking

15:12

desperate part they're all there were a lot

15:14

of questions from agents who are focused

15:16

on how they don't want

15:18

to seem like they're desperate even though

15:21

they're truly desperate yes you know what's

15:23

ironic too is when people are truly

15:25

desperate they're they're the most sensitive looking

15:28

desperate but when someone's doing really well

15:30

they'll actually they have no qualms

15:33

about asking for business you know it's a

15:35

little twisted that way it's twisted so when

15:37

you need the money the when you need

15:39

the business the least you're the most ambitious

15:41

and when you need the most you're the

15:43

most you know reclusive I

15:46

think it's because when if you

15:48

don't want to look like you're desperate it's probably

15:50

because you are feeling desperate and

15:52

you're leading with your emotions versus leading with your

15:54

actions which will get you out of desperation and

15:56

that that's a tough thing to do you've got

15:58

to make yourself do it So what

16:01

I would say is first, go

16:03

to your existing leads. Most of you are

16:05

sitting on buyer leads that are not in

16:07

contract because you have not found them something

16:09

to buy. And

16:11

or they're struggling with what they're going to do

16:13

with their mortgage. There's different reasons. But

16:16

I would go to the ones who are

16:18

either prequalified, preapproved, loan committed, or all cash.

16:20

And if the only reason they're not in contract is

16:22

because you haven't found them something, then that leads to

16:24

one of the other questions, which is how do I

16:26

find inventory? We've had a lot

16:29

of podcasts about that. Go to New

16:31

Construction. We have a podcast talking about

16:33

how to mine your MLS creatively so

16:35

that you're finding more opportunities. And you

16:38

can certainly do a wanted door hanger

16:40

flyer door knocking campaign to a specific

16:42

neighborhood. We have two. Well, I mean, on

16:44

iTunes, we have 2000 past podcasts, but we've

16:46

been doing this podcast since I don't

16:48

even know how long at this point since 2000 and

16:51

probably 12. And we are

16:53

doing webinars even before podcasting became popular.

16:55

So we've been doing podcasts realistically since

16:57

2002. But

16:59

as far as how many you can find out on the internet,

17:01

still there's over 5000. So

17:04

when we say past podcasts, you have a

17:06

lot of past podcasting delicious. We have a

17:08

library full. And we've done several

17:10

versions of that question, how

17:12

to find inventory, how to use your MLS better, how

17:15

to work New Construction. So you

17:17

should if I was an agent who

17:19

had, let's say even two buyer leads

17:21

that were anxious to buy something and

17:23

qualified and motivated, especially if they have

17:25

nothing to sell, right? I

17:27

would not be able to sleep at night

17:29

if I wasn't working to find that for

17:32

them. So your answer was you'd find a motivated buyer that

17:34

was ready to buy and I'm going to take the

17:36

opposite side of that. And I'll tell you why. Because

17:39

when you and I started in real estate, everyone

17:41

told us to chase the buyers. We had people

17:43

set us down being helpful, giving us information, just

17:45

go after buyers. You guys are young. You know,

17:47

we're in our early 20s, we sold over 100

17:49

homes our first year. And they're like, obviously, you

17:51

guys aren't gonna be ever taking any listings because

17:53

you look like you're 12. So

17:55

just focus on the first time buyers. Well

17:57

fortunately, Julie and I didn't listen. we

18:00

realized were the sellers were the frankly the ones to

18:02

go after because when you take a listing, not only

18:04

does that seller, you know, you're going to sell that

18:06

listing, but that seller probably has to buy something. There's

18:08

two transactions and you're going to be able to do

18:11

open houses and a lot of other things to generate

18:13

a lot of other buyers and so on and so

18:15

on. So my suggestion would

18:17

be absolutely 100% go after for

18:19

sale by owner and 100% owner or

18:22

an expired. That's what I personally would do. I

18:24

agree. I will put a little

18:26

frosting on that, which is if you're going to

18:29

do that, you probably need to

18:31

be polishing some of your skills, but at the

18:33

same time, don't feel like you have to be

18:35

100% perfect at it to start doing that. You're

18:37

going to learn so much more by being in

18:40

front of actual for sale by owners and actual

18:42

expireds. So don't live in fear of

18:44

the unknown. If you're saying, gosh, that seems so advanced. I

18:46

don't know what to say. I don't know how to say

18:48

it. Well, that's why we have coaching, but excuse

18:51

me. So you're going to figure out what to say

18:53

and how to say it through more and

18:55

more appointments. What Julie just said, the bottom line,

18:57

don't wait to, you know, perfect your skills and

18:59

get all your stuff done and all the rest

19:01

of it. You know,

19:03

just go out there and you'll be surprised how

19:06

frequently, especially with the for sale by owner, they'll

19:08

list with you, even if

19:10

your brand new licensee never sold a

19:12

house, let alone listed one before. There's

19:14

a lot of great other options, other

19:16

experienced agents that particular market that

19:19

they, you know, could be considering all of these things that you're going

19:21

to be telling yourself. And yet they list with

19:23

you. Why? Because you knocked on the door

19:25

because you called them because you were nice because you did maybe only

19:27

30% of what we suggest you

19:29

do when you're going after an unrepresented owner, AKA for

19:31

sale by owner. You just barely skim the surface of

19:34

what we teach you to do in the coaching program

19:36

because you just joined or something like that. You guys

19:38

get what I'm saying? But you showed up

19:40

right in front of them. I can't remember.

19:42

It might've been our original broker that said

19:45

80% of winning in real estate is being

19:47

there. Well, 80% is

19:50

being there with energy and enthusiasm. Yes. Well,

19:52

some of these guys have nervous energy. It's okay

19:55

to turn that into nervous energy and enthusiasm. I

19:57

remember some of our first listing appointments. That's how

19:59

we felt. and we still took the listing. Why?

20:02

Because the seller said you were the only one that seemed excited

20:04

about selling the house. 100% and

20:06

that's what you'll experience too. That's the unfair

20:08

advantage that newness and nervous energy

20:10

gives you, especially if you're competing against old

20:13

grizzled veterans. And some of them are old

20:15

and some of them are literally grizzled. Some

20:17

more than others, yeah. So when you, they

20:19

don't call on time. They kind of sloth

20:21

around. They're just sort of like, assumptive that

20:23

they're gonna get the business. In

20:25

those markets, when you have competitors like that, it

20:27

does not matter if you're older or if you're

20:29

young, if you have energy and enthusiasm and you're

20:32

following a somewhat scripted approach like we teach here

20:34

in Premier coaching, you will win even

20:36

with lack of experience more often than

20:38

you're not. And if you are an

20:40

old grizzled veteran agent and you don't

20:42

wanna become irrelevant and you don't, you

20:44

wanna frankly stay transactional for many years

20:47

to come, you gotta make it so

20:49

that you're not being easily beaten by

20:51

the younger generation of people just because

20:53

they have energy and enthusiasm. Just because

20:55

they're acting a little bit more modern

20:57

than you are. You gotta update your

20:59

skillset, otherwise the market's gonna pass you

21:01

by. And it is an interesting

21:04

phenomenon. I think all of you over 40

21:06

will agree. It used to be that trends,

21:08

let's call them, would last maybe a decade.

21:10

But have you all noticed that now it's

21:12

generally speaking less than six months? And

21:15

I'm talking about business trends. I'm talking

21:17

about just the different vernacular words people

21:19

use. Everything, it changes so fast.

21:21

It's because we're all interconnected from the internet. I mean,

21:23

Julie and I are from Ohio and the old joke

21:25

is if the world ever comes to an end, you

21:28

wanna be in Ohio because you at least have another

21:30

two or three years left. Exactly. And you know what?

21:32

We kind of took that offensively the first few times

21:35

we heard it. But then we started

21:37

to travel and we realized that

21:39

joke was funny because it was true. I

21:41

mean, everything that happened on the coast, for

21:44

example, happened way before it

21:46

would happen in Ohio. Now, of course,

21:48

as we've gotten a little bit older, we appreciate the fact

21:50

that things were a little bit slower and we sort of

21:52

missed that slower pace of life. I would agree with that.

21:54

But that's kind of funny, isn't it? Yeah, absolutely. But in

21:56

any event, just keep all these things in mind. You wanna

21:58

go on to the next question? We just started

22:00

a minute ago. How can I find inventory

22:02

for all of these buyers? That's the next

22:05

question. Yes, And so here's the thing

22:07

I read or to reports: one from

22:09

list reports, one from Housing Wire this

22:11

morning about inventory continuing to climb. This

22:13

is one of the most exciting story

22:15

I think about our industry this year,

22:17

and I think it's the probably the

22:19

most important thing that's going on. We.

22:21

Have more inventory. Think we're just about to

22:23

seven hundred thousand and acted not counting on

22:26

new construction to put that in perspective, We've

22:28

been struggling with this low inventory for years

22:30

now, and at the lowest point about a

22:32

year and a half ago, it was only

22:34

like two hundred and forty thousand. Well I

22:37

mean the fact is is what that prediction show

22:39

where I wasn't a prediction show The reason that

22:41

you and I believe that this is the definitive

22:43

start of a long term housing boom and we

22:46

did a podcast the other day about that. Hoping

22:48

these agents are listening and not letting this the

22:50

opportunity to be part of the new or boom

22:52

gets by them because unfortunately guys what's gonna happen?

22:54

Yes like why did you guys are mentally and

22:57

emotionally in Ohio and two or three years and

22:59

now you're gonna be looking back wishing you would

23:01

have been paying more attention now because Jewish giving

23:03

you as you know statistical facts about what's happening,

23:06

the markets. And all this look, Ignore

23:08

all the others. The blimp ram that's coming

23:10

out and from politics. from interest rates, from

23:12

the economy or whatever the fact is is

23:15

real, States operates is almost like an island

23:17

that these other things don't seem to

23:19

have much effect on. If you're wondering why,

23:21

it's because everyone is a house. Everyone

23:24

was the replace. the web and the

23:26

demographics are the wind at the industry's

23:28

back. that's gonna be there for the

23:30

next ten or twenty years. We talked

23:32

about this incessantly on the spot yes

23:34

of course and premier coaching. So yes

23:36

you guys are all part of what's

23:38

going to be one of the biggest

23:40

longs as sustainable and sustaining roast a

23:42

booms in the history of the world.

23:44

And and I really I think.the feels

23:46

like it's starting. I. Mean, maybe three

23:49

or four months ago with him as

23:51

story employ started. But I'll tell you

23:53

the big. The big thing that changed

23:55

with that was people's attachment to super

23:57

low interest rates. I one hundred percent agree and

23:59

I can tell. Straight off of coaching cause

24:01

yesterday because I ask coaching points about this:

24:03

what is the here? What's the collective unconscious

24:06

and your market? How do people feel? what

24:08

are they saying to you And I heard

24:10

many times. They. Would say something

24:12

like it seems like people are now

24:14

accepting. That. Rates are gonna settle and

24:16

rider in the Southern High sixes, low Southern's they

24:19

don't I'm not hearing the freak out that I

24:21

did before and what it's done is it's made

24:23

the buyers who want to buy very serious

24:25

and very qualified as they know that they can

24:27

swing the payments. At when combined with

24:30

larger down payments especially when somebody selling

24:32

a house and then buying. You.

24:34

Know the payments not that bad and if they can

24:36

hack it you don't argue with them you don't say

24:38

are are you sure you're comfortable with that? Know you

24:40

to sell them a house vote. Literally the whole

24:42

conversation about waiting for rates Depaul is

24:45

washing out that his know how I

24:47

wash our people. Are accepting the new

24:49

normal. The so you and I were describing it

24:51

in this was back when you know rates went

24:53

up and all this is is years ago now.

24:55

Scrum Amazing big about We're talking about crossing this

24:58

rickety bridge you know how to Indiana Jones? scary

25:00

as really isn't right. That was the transition were

25:02

trying to give you guys and visualizations with us

25:04

and you. The bridge was so long you couldn't

25:06

even see was on those. I was as you

25:08

know matches long road bridge and blowing in the

25:11

way I bought him who were alligators below or

25:13

the way way below but you can get are

25:15

you rather down there and you can't see the

25:17

the other side the bridge because it's. A So

25:19

densely covered with board rights. We all have to cross

25:22

this damn thing. We all have to get to the

25:24

other side. You don't what? The other side's good. Me

25:26

like her. Well guess what? Most. People

25:28

are on the other side and it turns

25:30

out it's just fine though and is great

25:32

that you know the views are wonderful. There's

25:34

no savages over there at all points so

25:36

most of our most people that you're gonna

25:39

run across a have already cross that bridge.

25:41

A lot of people will never crossed the

25:43

bridge. We saw that happening after this o

25:45

seven or eight housing crisis people to state

25:47

but they just essentially wrote themselves off and

25:49

of course in the future they are They

25:51

came to regret it. To this day we

25:53

have people that show up in our wives

25:55

who a knew back you know during or

25:57

seven. Or eight or nine who said they wish they.

26:00

You know, not done so conservative. What

26:02

Some of the thoughts that they had

26:04

not been so fearful they wish they

26:06

would about Round Properties Done it edited

26:08

out. Long list of regrets and why

26:10

are they in that match or Mosul

26:12

now? Financials: A state of get out

26:15

This it disrepair almost. It's because they

26:17

stayed in complacency and fear too long.

26:19

so don't do that. We are here

26:21

to officially tell you as we have

26:23

during the past three similar housing setbacks.

26:25

Since doing I've been coaching that this

26:27

market is doubling and to come roaring

26:29

back. Please. Be part of what's going to be

26:31

get your ass and the other side a bridge.

26:33

If you're only halfway through, the others are on

26:36

that bridge. Keep cross and. I. Promise you

26:38

the other side of it's exactly even looking

26:40

for that pertains to interest rates. People are

26:42

talking about rates anymore if rates go down

26:45

great. But. Nobody's expecting the goal less

26:47

than three percent. Again, that's just not

26:49

gonna happen and people are figuring out

26:51

just as humans always do. were varied

26:53

optimal mean you're sorry. see all kinds

26:55

of hybrid mortgages come around built We

26:57

talk about this incessantly and the podcasts.

26:59

You're starting to see people with low

27:01

rates. Hope low rate six rate mortgages

27:03

are now. Guess what? Offering owner financing

27:06

or not or fancy but assume ago

27:08

mortgages. And. We talk about this and

27:10

Premier Coaching We talk about the Sun's podcasts assume

27:12

of all mortgages are idiots depending on your price

27:14

point or can be a big part of the

27:16

markets because you can essentially say i have your

27:19

seller lists their house a pseudo and let's say

27:21

they have two hundred thousand dollars equity in the

27:23

house with they have a fixed rate mortgage of

27:25

two point seven five percent with release. In other

27:28

words the buyer as to qualify for the buyer

27:30

gives that two hundred thousand dollars to that a

27:32

seller and then basically they assume that so as

27:34

existing mortgage based on that low interest rates that's

27:37

a suitable with release in if you're. Listening

27:39

Real Estate and you're not asking the nature

27:41

of the sellers mortgage. All mortgages are suitable

27:43

with release. I don't have any that arts

27:45

and so if there aren't one officers please

27:47

let me know. But the moral? the story

27:50

is that to be questioned number one, you're

27:52

always asking when you go enlisting appointments. I

27:54

want you to imagine you're talking with the

27:56

seller. Do. You ask that question

27:58

and then you excited. with energy

28:00

and enthusiasm, tell them why you're asking

28:02

the question. That in itself will get

28:04

you the listing because they love how

28:06

creative and dialed into the market you

28:08

actually are. And knowledgeable, remembering that knowledge

28:10

equals confidence and ignorance equals fear. Think

28:13

about how powerful that is. And you

28:15

know you mentioned that the assembles, that's

28:17

a great tool in the toolkit. Remember

28:19

too that 33% of transactions right now

28:21

are all cash. And here's what's

28:23

amazing. I was talking to Patrick Murphy in Columbus, Ohio

28:26

two days ago and we were talking about

28:28

some of these stats and he said you know I don't know

28:30

if people pay cash in Columbus. Let me think about that. He's

28:33

had a whole bunch of closings so far this year. Go Patrick.

28:35

And then we looked at him he said you know what it

28:37

does seem like about 30% of them even in Columbus,

28:40

Ohio are all cash. So don't be

28:42

so attached to the interest rate story.

28:45

Alright so next question, this one's easy to answer

28:47

I think, can I do an open house if

28:49

it's not my listing? We talk about open houses

28:51

all the time, podcasts, we talk about how to

28:53

utilize those to create business. Let me

28:56

expand that because we had different versions of

28:58

that one and I'm gonna make it harder

29:00

and have you answer it. Can I do

29:03

an open house if it's not my listing

29:05

and if it's another broker's

29:07

listing? Yes you can. Okay you have to ask

29:09

though, get permission. Don't just show up right.

29:11

You have to ask and I always coach

29:13

agents to lead with the house more

29:15

than the brand or the agent or whatever.

29:18

We should say that we're not speaking

29:20

on behalf of your state or your

29:22

broker. I know there's some arcane rules,

29:24

regulations, guidelines, laws out there that might

29:26

prevent you from doing out of broker

29:28

open houses but do inquire about it

29:31

because those are you know for

29:33

the most part you can. You just have to

29:35

get everyone consenting. Some people are gonna have be

29:37

nervous and ill is over errors and admissions insurance

29:39

and the rest of it but the moral of

29:41

the story is do not use your lack of

29:44

personal inventory as your excuse not to do open

29:46

houses. That's right so you can certainly start

29:48

with your own brokerage then you can you

29:50

know really the only universal rule is you're

29:52

licensed in your state so you're going to

29:54

be some of you guys are dual licensed

29:56

in Maryland and Virginia or something like that

29:58

but you are literally licensed to sell

30:00

any kind of real estate in your state

30:02

with a few little twists like commercial and

30:04

things like that. Now that said, you also

30:06

can go to builders and do some open

30:08

houses for them in their model homes or their

30:10

spec homes. That's what I was going to say. That's

30:12

the gold mine idea right there. Because there's baked in

30:15

traffic. Well, so think about this.

30:17

So for the most part, you're going to

30:19

have, let's just assume it's a large track

30:21

builder. You are going to have three

30:23

or four of these large track builders, and sometimes

30:25

they even have their models next door to each

30:27

other. Well, there's going to be one employee build

30:29

rep that's going to be in that, you know, that

30:32

home. And they're going to be sitting there waiting around

30:34

for buyers to show up, maybe agents to show up

30:36

with their buyers. They want to have their nights and

30:38

weekends back. They want to go to Sally's baseball game.

30:40

They don't want to have to, well, how about this?

30:43

Maybe they have to go out and show lots. And

30:45

then what happens is they lock the door, they put

30:47

a little sign in the door saying, I'll be back

30:49

in 10 minutes or whatever. You guys, this is an

30:51

opportunity for you to become their unpaid

30:53

assistant. I'm not asking you to go in there and ask for

30:56

money, unless of course they're going to offer it. And

30:58

then be there to help them with any prospective

31:00

buyers that come in. At the very least, you're

31:03

going to have a cursory understanding of the process

31:05

of working as a build rep. And that buyer,

31:07

when they walk in, will be registered with you.

31:09

So if they decide to build with that builder,

31:11

you're going to get a commission on that sale.

31:14

Now, more importantly, what you're going to do

31:16

is build a relationship with that new build

31:18

rep. Well, they'll start feeling comfortable to refer

31:20

to you, maybe buyers that don't

31:23

want to buy one of their new construction

31:25

homes, but also those buyers who have homes

31:27

to sell. This is a killer

31:29

way to get listings. In the marketplace right now,

31:32

this wasn't true five years ago, let alone 10

31:34

years ago, what we're sharing with you now. But

31:36

in the marketplace right now, for the most part,

31:39

new construction is going to dominate most of the,

31:41

I would say, normal price markets

31:43

in the country. You know, the DR Hortons

31:45

and the rest of it, they're going to dominate. They

31:47

just are. So make, and if you don't

31:49

believe me, go and read their quarterly filings

31:51

from the new construction builders and read about

31:53

how many freaking lots they're developing and how

31:56

much new construction they're planning on doing. They are incredibly ambitious, because they're

31:58

going to be able to get a lot of money. because they

32:00

know that the market is definitely coming their

32:02

way. So yes, befriend as many of these

32:04

new build reps as you can. And

32:07

again, lots of coaching, lots of training. We

32:10

talk about the successfully in the podcast, but

32:12

get into great detail at premiercoaching.com, which you

32:14

can join for free. And

32:17

definitely learn how to become a new build

32:19

rep's best friend, if not all of the

32:21

new build reps in your marketplace's best friends.

32:23

And you'll be surprised how frequently they send

32:25

you business. Absolutely great coaching on

32:27

that. Of course, this is a podcast, so

32:29

we're giving you ideas. We're answering your questions.

32:32

We're not doing the drill down that you get

32:34

in PremierCoaching or certainly in Elite Coaching. So if

32:36

you like what you're hearing here, then you know

32:38

what to do. Get over to Premier Coaching. Get

32:41

signed up so that you can have

32:43

even more in-depth coaching, literally on a

32:45

daily basis. So if you like today's

32:47

podcast, it's a little, I think, unscripted. You,

32:49

Julian, I usually follow an outline. But if

32:51

you like today's Ask Me Anything format and

32:54

you want to participate, please do send your

32:56

questions. Text them directly to me, 512-758-0206, 512-758-0206.

33:05

If it's a personal question that you don't

33:07

want to be, you know, mass distributed to

33:09

all of our podcast listeners, I understand. I'll

33:11

just answer those questions on a one-on-one basis

33:13

directly with you. But if I think

33:15

the question will benefit as many listeners as

33:17

we have on a regular basis, tens of

33:20

thousands, then I'm going to obviously read it

33:22

on the podcast. So in the meantime, thank

33:24

you for keeping this number one listen to

33:27

daily podcast real estate agents. And

33:29

at least the United States is truly our pleasure and honor

33:31

to be of service to all of you. Now,

33:33

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33:57

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34:00

all over the world. Have a fantastic day. We'll

34:02

talk with you on the show tomorrow.