Latest / Massive Agent Podcast / Why Interest Rates Shouldn't Matter to You w/ Todd Duncan

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Why Interest Rates Shouldn't Matter to You w/ Todd Duncan · Massive Agent Podcast

0:00
SPEAKER_05: On this episode, you're going to hear why the market conditions right now, interest rates going up, they don't matter.
0:05
SPEAKER_05: They shouldn't matter to you.
0:07
SPEAKER_05: They shouldn't matter to how successful you are or aren't.
0:11
SPEAKER_05: It it really shouldn't be a factor at all.
0:13
SPEAKER_05: Today we have Todd Duncan, the Todd Duncan, author of High Trust Selling, creator of Sales Mastery, Industry Legend, on the show to talk about why you shouldn't be caring about any of this.
0:52
SPEAKER_05: What is up, guys?
0:52
SPEAKER_05: Welcome to episode 225 of the Massive Agent Podcast.
0:56
SPEAKER_05: I am your host, Dustin Brome.
0:58
SPEAKER_05: I am a realtor in Salt Lake City, Utah, founder of the Massive Agent Society, and your host.
1:04
SPEAKER_05: Welcome.
1:04
SPEAKER_05: Guys, we have a hell of a show today, hell of a podcast.
1:08
SPEAKER_05: We're bringing Todd Duncan back on the show for the second time.
1:11
SPEAKER_05: He was on the show previously.
1:13
SPEAKER_05: I had a ton of really impactful, like really detailed feedback from the last episode based on what he shared, some stories he told.
1:23
SPEAKER_05: He made some some pretty deep impact on a lot of you guys listening.
1:27
SPEAKER_05: So I'm glad to have it back for a second time, especially now.
1:30
SPEAKER_05: If you haven't noticed, interest rates have gone up dramatically.
1:34
SPEAKER_05: Like they've gone up over a point, I think point and a quarter, point and a half over like the last four to five weeks.
1:40
SPEAKER_05: Insanity.
1:41
SPEAKER_05: And prices are going up.
1:43
SPEAKER_05: It's one of the craziest markets I've ever seen.
1:45
SPEAKER_05: There's just a lot going on.
1:46
SPEAKER_05: Now, Todd is going to be here to share with you, among many other things.
1:51
SPEAKER_05: Okay, today's episode is so broad and far reaching, and I promise you, no matter what you think you're here to get out of this episode, you will get that plus something else.
2:02
SPEAKER_05: We talk about so much.
2:03
SPEAKER_05: But he's here to share why none of the market conditions should mean shit to you.
2:09
SPEAKER_05: Okay.
2:09
SPEAKER_05: They're just market conditions.
2:11
SPEAKER_05: What you personally do in this market matters.
2:14
SPEAKER_05: What you decide you're going to do in this market matters.
2:17
SPEAKER_05: Who you become, the action you take or don't take.
2:20
SPEAKER_05: Okay, you're going to realize pretty quickly that the market conditions are just that.
2:25
SPEAKER_05: Then everything else is completely up to you, and you can thrive.
2:28
SPEAKER_05: You can have your best year ever.
2:30
SPEAKER_05: You can sell more homes, you can do all of that while other agents are throwing in the towel.
2:36
SPEAKER_05: Why?
2:37
SPEAKER_05: A lot of other agents.
2:39
SPEAKER_05: There's a lot of other agents today who are quitting, and you could be laying the groundwork for your best year ever.
2:46
SPEAKER_05: It's true.
2:47
SPEAKER_05: Whether you choose whatever you choose is gonna happen.
2:51
SPEAKER_05: Okay?
2:52
SPEAKER_05: It it really is that simple.
2:54
SPEAKER_05: But it's also not that simple.
2:56
SPEAKER_05: And that's what we're gonna get into, is is the nuances of this, all right?
2:59
SPEAKER_05: But I I would just need you to believe right now that you can absolutely have the best year of your career in the midst of all this insanity.
3:10
SPEAKER_05: You can, there's agents doing it.
3:11
SPEAKER_05: We have agents on our team who are doing it.
3:13
SPEAKER_05: I see agents and talk to them every single day who are doing it.
3:17
SPEAKER_05: Why can't you?
3:18
SPEAKER_05: Todd's gonna help break down some of those mental barriers you have.
3:21
SPEAKER_05: We'll talk some mindset.
3:23
SPEAKER_05: We'll talk uh this is where it got really interesting.
3:26
SPEAKER_05: Todd gives us the specific questions, one question that if you could just ask one question, you'd never have to close anyone ever again in your career.
3:36
SPEAKER_05: They would close themselves, they would just hire you on the spot, they would move forward with the process by asking one simple question.
3:43
SPEAKER_05: So he shares in this episode one question to ask sellers, one question to ask buyers that just gets them on board.
3:51
SPEAKER_05: But you need to listen.
3:52
SPEAKER_05: It's not as simple as a question, it's then what you do after you ask the question that matters.
3:57
SPEAKER_05: So get ready for this.
3:59
SPEAKER_05: Guys, let's get into the episode right now with the author of High Trust Selling, the creator of Sales Mastery.
4:06
SPEAKER_05: With Sales Mastery, the conference, the event has been going on for 30 years.
4:10
SPEAKER_05: Okay, Todd Duncan is an absolute industry legend, and I'm honored to have him back on the show today.
4:16
SPEAKER_05: No more of me yapping.
4:17
SPEAKER_05: Let's hear from Todd.
4:18
SPEAKER_05: All right, guys, I'm here with the Todd Duncan, the creator of Sales Mastery, High Trust Selling, Todd Duncan Podcast, industry legend.
4:27
SPEAKER_05: Todd, welcome back to the Massive Agent Podcast, my friend.
4:29
SPEAKER_05: How's it going?
4:30
SPEAKER_01: Awesome to be with you again, Dustin, and uh appreciate all that you do, and uh, we always have great conversation.
4:35
SPEAKER_01: So I'm thrilled.
4:36
SPEAKER_01: Thank you.
4:37
SPEAKER_05: Absolutely.
4:37
SPEAKER_05: Well, and and I'm I'm honored.
4:39
SPEAKER_05: I was honored to have you the first time, super honored and humbled to have you back the second time.
4:43
SPEAKER_05: And it is really timely because there's there's a lot of changes happening economically within the market.
4:49
SPEAKER_05: There's a lot of fear that's popping up among agents and loan officers, a lot of uncertainty, even like what do we do in this climate when there are no homes to for our buyers, but then there are people actually getting those homes.
5:02
SPEAKER_05: So uh there's it's just craziness.
5:04
SPEAKER_05: Like, I don't know if I've ever seen such a I don't know a better word, crazy market than right now.
5:10
SPEAKER_05: And you know, you've been around the block, you've seen, you've seen markets, you've you've participated in many different ones, and you coach and train a lot of very high-level producers through all these different markets.
5:21
SPEAKER_05: So uh I think it's perfect timing to have you on.
5:24
SPEAKER_05: So welcome.
5:26
SPEAKER_02: Thank you.
5:27
SPEAKER_05: Absolutely, Todd.
5:29
SPEAKER_05: Um, what are you seeing right now economically?
5:32
SPEAKER_05: Let's start there.
5:32
SPEAKER_05: Let's kind of set the table with what's happening with interest rates, with uh with demand, with macroeconomic stuff.
5:40
SPEAKER_05: You know, what's happening that the average agent or loan officer really needs to know?
5:44
SPEAKER_01: Yeah.
5:45
SPEAKER_01: So I I think the first thing is you've got to choose how you want to be in the market you're in.
5:52
SPEAKER_01: And I'm telling people right now that your identity should not be where is the market?
5:59
SPEAKER_01: Your identity should be what do you do in any market that is a best practice, and then how do you accelerate a best practice in a market to use your word, which is crazy.
6:09
SPEAKER_01: And so we're telling people right now, first of all, it is about mindset.
6:13
SPEAKER_01: So you watch interest rates going up a full point, point and a quarter in the last four or five weeks.
6:18
SPEAKER_01: You watch what's happened to the 10-year treasury over the last couple of days, you look at the economic data, you have all these people saying that this is the worst it's been in 40 years.
6:30
SPEAKER_01: And what people don't know that listen to me or watch me unless they've followed me for a long time, is 40 years ago, I was in the market.
6:36
SPEAKER_01: They're comparing the market to now, right?
6:39
SPEAKER_01: So I was I was selling loans when Prime was 20%, government financing was 17, 18%, three or four points.
6:46
SPEAKER_01: Uh a first and second piggyback was 18.5%, unemployment was 13%, consumer confidence was in the tank, lowest it had been since it began getting recorded.
6:58
SPEAKER_01: And everybody thought that the market was getting bad.
7:02
SPEAKER_01: And you saw that come through in their behavior and their fear and their actions.
7:08
SPEAKER_01: When in fact, if you really, really understand this, markets like this cleanse the riffraff.
7:14
SPEAKER_01: They cleanse the agent and cleanse the lender that doesn't have the value prop in a market like this to do business.
7:22
SPEAKER_01: And so the good news is you don't have as much competition.
7:25
SPEAKER_01: Um, the the the great news is is people buy and sell no matter what the market is doing.
7:30
SPEAKER_01: And it always it always turns left or turns right, particularly if you understand the the the time horizon that a seller has or a buyer has or a borrower has, right?
7:41
SPEAKER_01: I was talking to you, talking to you previously that you know last year in America, if we look at the entire country, um real estate appreciated at about 18% across coast to coast, right?
7:52
SPEAKER_01: Some of the markets that are more coastal, obviously higher.
7:55
SPEAKER_01: This year it's forecasted at somewhere between four and five percent.
7:58
SPEAKER_01: So we're still gonna watch the asset grow, but we're not gonna watch the prices be able to sustain, I don't believe, except in some of the most probably crazy markets.
8:08
SPEAKER_01: And I think that this is going to change buyer behavior, it's gonna change seller expectations.
8:14
SPEAKER_01: And whenever a market goes hard in the tough side, prices soften, right?
8:20
SPEAKER_01: And then buyers come back.
8:22
SPEAKER_01: And so when it's out of reach and I've made 10 offers and none of them have gotten accepted, I got to sit on the sidelines for just a little bit, but that doesn't mean I'm not gonna be able to get a deal, especially if agents start to go off the competitive mode.
8:37
SPEAKER_01: What I mean by that is um, do you want to be one offer of 30 or do you want to be one offer of one?
8:43
SPEAKER_01: And the only way you get one offer of one right now is you take what 30 offers are doing and you say, okay, what is that floor plan?
8:53
SPEAKER_01: What is that house?
8:54
SPEAKER_01: What is, and I'm gonna hit every owner, you know, in my in my my farm, if you will.
8:59
SPEAKER_01: We still talk farms, right?
9:00
SPEAKER_01: And I'm gonna even, I talked to an agent last week that he sold three properties in the last two weeks by door knocking when he couldn't get an offer accepted on a standard you know property that uh had 30 offers on it.
9:14
SPEAKER_01: And so we can we can be creative and we can be unique.
9:17
SPEAKER_01: So what I'm telling people right now is the market doesn't matter.
9:22
SPEAKER_01: What matters is your mindset in the market, and what matters is the value you bring in the market.
9:29
SPEAKER_01: And then of course, um whatever goes up comes down, or whatever goes down comes up, and you've got to have a long-term horizon.
9:36
SPEAKER_01: So creativity and innovation is a pretty big deal right now, today, too.
9:41
SPEAKER_01: Um and the innovation piece, we could go off on this, but you know, I sold three properties in the last year, and all three of them, I accepted offers that were not the highest price, but they were the best offer based on what was important to me as a seller and agents that aren't asking sellers what's really important to you today about the buyer that ultimately buys this home or the deal, um, they're missing out because I want offers coming in that match what I want as a seller.
10:08
SPEAKER_01: I don't want to go through 30 offers if 28 of them, you know, don't match what I'm actually looking for.
10:13
SPEAKER_01: And it was amazing to see how all three of the offers, I could have gotten more, but I sold all three properties because I liked the profile of the buyer.
10:22
SPEAKER_01: I liked what they wanted.
10:23
SPEAKER_01: They got creative.
10:24
SPEAKER_01: I got a letter and a video from one, I got a picture um album from another one about family memories in a place that I was selling at a different state.
10:32
SPEAKER_01: And it just, you know, I mean, the one that I got the most money from without going for the absolute best offer was because the husband and wife had two sons, 14 and 12, and they wanted to have this mountain chalet.
10:48
SPEAKER_01: And I, my boys are now 25 and 24, and that's where we grew up.
10:53
SPEAKER_01: And that was the memory maker for me, and now I see it as being a memory maker for another husband and wife and their kids.
10:59
SPEAKER_01: And so, you know, I could have got an extra 25 grand, but I chose not to.
11:03
SPEAKER_01: I chose to know for the rest of my life that I've got a family that's gonna love the home that my family loved.
11:08
SPEAKER_01: And so, you know, there's all kinds of ways to get creative.
11:12
SPEAKER_05: It really rubs me the wrong way, or it drives me out of my mind, if I'm being honest, when you hear agents say that, well, price is price is everything.
11:22
SPEAKER_05: It's only everything to those that it's everything for.
11:25
SPEAKER_05: You know, it wasn't everything for you.
11:27
SPEAKER_05: And I just sold my house.
11:28
SPEAKER_05: We closed a few weeks ago on my house.
11:30
SPEAKER_05: I accepted an offer 20k less because they gave me the terms that we needed.
11:34
SPEAKER_05: We needed a lease back, we needed some flexibility so we could buy the next place.
11:38
SPEAKER_05: Right.
11:38
SPEAKER_05: And which is a very, very common situation right now.
11:42
SPEAKER_01: And it was 10-day approvals, uh leave.
11:47
SPEAKER_01: Sorry.
11:48
SPEAKER_05: Oh, go ahead, go ahead.
11:49
SPEAKER_01: Right?
11:50
SPEAKER_01: No, no, no, but that's the missing link.
11:52
SPEAKER_01: Let's give the seller what they're looking for, you know.
11:54
SPEAKER_01: And if you can do uh a pre-underwritten file, if you can do a 10-day close, you can do a rent back with the seller, and you can have no contingencies, no appraisal, no inspection, you know, no lender contingency, and it's a clean deal, that's what needs to happen.
12:14
SPEAKER_01: And I'm just um I look at offers that just look like they're from 10 years ago, you know, and and they're just nickel and diming and this, that, and the other thing.
12:23
SPEAKER_01: And, you know, you only get one chance to make a good first impression.
12:27
SPEAKER_01: And I think that holds true in the offer environment that we're in today.
12:31
SPEAKER_01: Make your offer seller friendly, make the offer seller, you know, kind of lovable that you really and but agents don't, you know, you'd be surprised how many agents you ask.
12:41
SPEAKER_01: So what's the number one thing to this that's important to the seller in selling the home?
12:45
SPEAKER_01: And most don't know the answer concretely.
12:48
SPEAKER_01: They may guess at it and they may take a stab at it, but you know, if a buying agent can say to a listing agent, listen, I know that you told me the seller wanted these three things, I've got a buyer that's ready to go on all three of those.
12:58
SPEAKER_01: They're fully approved, there's no contingencies, nothing.
13:00
SPEAKER_01: It's the plainest deal in the world, and it's 20 grand, you know, below you know the current highest offer or whatever they've inteled, um, but it's the right thing, then the seller's gonna take it.
13:13
SPEAKER_01: I, you know, if the thing I'll tell you right now, if cash to me was the most important, I would have taken a different offer that would have given me all the cash.
13:22
SPEAKER_01: But that doesn't mean that doesn't mean that's bad if a seller wants that.
13:26
SPEAKER_01: It's just every seller, like every buyer, like every borrower, has a different need profile.
13:32
SPEAKER_01: And we just do a crappy job in this industry understanding what people need.
13:36
SPEAKER_01: We think it's just buy it, close, and on to the next deal.
13:39
SPEAKER_01: It's not that at all.
13:40
SPEAKER_05: Right.
13:40
SPEAKER_05: There's some shitty mentors and trainers out there that I mean these newer agents, they just look up to their team leader, their mentor, and they just do what they do.
13:49
SPEAKER_05: So there's some poor training and modeling there.
13:52
SPEAKER_05: But you st you mentioned that, and I really want to dive deep on this, but your success or lack thereof in this market really comes down to your mindset.
14:03
SPEAKER_05: What is happening when so when I sold my house, Todd, we had 12 or 13 offers.
14:09
SPEAKER_05: I got a call from three.
14:12
SPEAKER_05: Three of the agents actually reached out to ask what our needs were, and one of the three got the house.
14:17
SPEAKER_05: So, what what is happening there?
14:19
SPEAKER_05: Like what it's in the mindset, but why are these basic things?
14:23
SPEAKER_05: Like you need to know what the seller's needs are, but they're not asking.
14:26
SPEAKER_05: What is happening?
14:28
SPEAKER_01: So it gets back to um a very, very concrete decision that everybody needs to rethink, no matter what market you're ever in.
14:36
SPEAKER_01: And I'm just gonna give this up to you.
14:37
SPEAKER_01: You know, we're celebrating the 20th year of uh my New York Times bestseller, High Trust, selling how to make more money and less time with less stress.
14:44
SPEAKER_01: And I'm really proud of that, Dustin, because there's not very many business books that make it past a year or two, let alone two decades, right?
14:51
SPEAKER_01: And what it tells me is that the laws within this book still work today just like they worked when the book was released in February of 2002.
15:00
SPEAKER_01: And so you start to think about this and you start to think about a pivotal decision that everybody needs to make.
15:05
SPEAKER_01: I made this decision when I was brand new out of college as a loan officer.
15:09
SPEAKER_01: And my mentor told me before you do anything, you've got to make a decision.
15:13
SPEAKER_01: And the decision is you got to either pursue transactions or you got to pursue relationships.
15:19
SPEAKER_01: And I was new enough to know that I'm not sure what the difference is, but I think transactions have to happen, right?
15:26
SPEAKER_01: And then I could maybe draw a dotted line to relationships, but I had it backwards.
15:31
SPEAKER_01: And I said, so what does that really mean?
15:33
SPEAKER_01: And he looked at me and he said, Transactions will make you a living, relationships will make you a fortune.
15:39
SPEAKER_01: And that was like, wow, super clarifying for me.
15:43
SPEAKER_01: And I chose relationship.
15:45
SPEAKER_01: And basically the theme there is relationship is about connection.
15:50
SPEAKER_01: It's about a buyer's agent connecting with a listing agent and a listing agent having connected with a seller so that there is a commonality of understanding what the thread to success is there.
16:01
SPEAKER_01: And it is the lender having the aptitude and the kind of ability to build an offer that looks and feels professional and really, really dots the I's and crosses the T's.
16:18
SPEAKER_01: And it could be backed by a beautiful video, it could be backed by a letter with some family pictures, it could be backed uh with a phone call.
16:27
SPEAKER_01: And you know what's interesting, Dustin, is shoot, 39 years ago, my mentor said every transaction you do, think about the people first, and you'll get more transactions.
16:38
SPEAKER_01: And then every person that you do a loan for, when they go into contract, call the listing agent and start to build a relationship, even though you're on the lender side helping the buyer buy the property.
16:49
SPEAKER_01: And cross-selling the listing agent, the fact that you only have three in 12 offers tells me today that lenders still aren't making those phone calls.
16:56
SPEAKER_01: And it befuddles me because if I personally call you, frame the offer, tell you what it looks like, and you get the picture and you can take that to your seller, then that's what this is all about.
17:08
SPEAKER_01: And then let the listing agent know an offer is being delivered.
17:11
SPEAKER_01: Do something special, like you know, have a package taken to the listing, or whatever you can do, you only get one chance to make a good first impression.
17:19
SPEAKER_01: So the specific answer beyond that is you got to understand people's needs.
17:25
SPEAKER_01: It's like selling 101.
17:27
SPEAKER_01: If you don't understand people's needs and you let the freneticness of the market dictate the speed with which you try to operate, you will default into transaction management.
17:37
SPEAKER_01: And that doesn't get the deal then.
17:38
SPEAKER_01: So, relation, unless you're just a pure bottom line net sheet, you know, seller investor, there's other things that matter a lot more than just the best price.
17:48
SPEAKER_01: The best price with the wrong terms is deadly.
17:52
SPEAKER_05: Yeah, it's a worthless offer.
17:54
SPEAKER_05: Yeah, yeah.
17:55
SPEAKER_05: And we had some of those, like you know, great price, but they're still going out right now.
17:59
SPEAKER_05: Yeah, yeah, absolutely.
18:02
SPEAKER_05: Um now that you mentioned it, zero of those three calls were from lenders.
18:06
SPEAKER_05: We had zero calls from lenders.
18:08
SPEAKER_05: It was uh three great agents that were finding out what our needs were, and well, that's because yeah, you're the seller, yeah.
18:15
SPEAKER_05: Exactly.
18:16
SPEAKER_05: So you've probably opened some eyes, I'm sure hopefully you you've opened some eyes, you've stepped on some toes in a in a very um very helpful way.
18:26
SPEAKER_05: So those who are listening that are like, oh my gosh, you're right.
18:30
SPEAKER_05: Like I've been looking at this all wrong, I've been half-assing it, or my priorities are all messed up, or whatever.
18:35
SPEAKER_05: Where do they go from here?
18:36
SPEAKER_05: You know, what what do they need to know to really um close the loop on this transformation, uh, you know, turning over a new leaf and really starting to do things the right way moving forward?
18:47
SPEAKER_05: What would you tell them?
18:49
SPEAKER_01: Well, the the the answer that you and I did not discuss before we went live um is the answer that fits the question asked.
18:58
SPEAKER_01: And the answer is um you've got to understand high trust interviewing.
19:02
SPEAKER_01: Whether you're a listening agent, a buyer's agent, a lender, doesn't matter.
19:06
SPEAKER_01: You've got to understand high trust interviewing.
19:08
SPEAKER_01: And we happen to have a high trust interview guide for agents and for uh lenders that anybody in your tribe, Dustin, can download for free.
19:18
SPEAKER_01: There's no strings attached.
19:19
SPEAKER_01: It's the holy grail of influence.
19:21
SPEAKER_01: And let me tell you what it means if we can really get everybody's attention in just this moment.
19:27
SPEAKER_01: Um, have you ever evaluated as an agent or have you ever evaluated as a lender actually how much time you talk versus how much time you listen?
19:37
SPEAKER_01: And when we do a profile on that and we do a deep diagnostic on that, we have 32,000 agents and buyers that have replied to a survey and arguably and measurably over nine out of 10 think that they talk too much.
19:53
SPEAKER_01: Okay, now if that is true, here's what ends up happening.
19:58
SPEAKER_01: If you think you talk too much, you do.
20:00
SPEAKER_01: And the more you talk, you need to understand, the less likely you are to build relationship, and the more price-centric the conversations and negotiations are going to be.
20:10
SPEAKER_01: So when we back off of that a little bit and we say, um, so 10% doesn't think that, but there's 90%, probably half of that wants to get quickly to a point where would it be possible to ask a seller, or would it be possible to ask a borrower one question and have that one question be so profound that that's all it took to engage you as a professional.
20:37
SPEAKER_01: And people go, that's impossible.
20:39
SPEAKER_01: And I say to them, that's impossible if you think it's impossible.
20:42
SPEAKER_01: But here's what the data says the data says that in an average sales dialogue, if you use a hundred words and you're the seller, that doesn't mean the seller of the property.
20:53
SPEAKER_01: It would mean I'm the seller of a listing service, I'm the seller of a buying service as an agent, or I'm a seller of financing as a lender.
21:02
SPEAKER_01: If I use a hundred words, what we are starting to watch is let's peel that back by just 20.
21:09
SPEAKER_01: So let's take the 100 words down to 80.
21:11
SPEAKER_01: When we measure conversion, which is a conversation to contract, assuming that 95% of the contracts you engage close, when we look at that, the conversion rate is 17%.
21:22
SPEAKER_01: So if we take it from 100 down to 80, we can get 17% yes, which is horrible in the opportunity category, right?
21:31
SPEAKER_01: So then we kept taking it down from 80 words to 70 words to 50 words to 40 words to 30 words to 20 words.
21:38
SPEAKER_01: And we found at 25 words that conversion, yes to contracts of close, is 72%.
21:47
SPEAKER_01: And so you look at that and you go, so conversational productivity is what I'm telling everybody in any market, but particularly now, because you need people to say yes.
21:59
SPEAKER_01: Okay.
22:00
SPEAKER_01: You don't need a bunch of people to line up and throw a bunch of offers at the deal.
22:03
SPEAKER_01: You need people to say yes.
22:04
SPEAKER_01: And you can only get people to say yes when you've asked a question that is the only question that matters to them.
22:11
SPEAKER_01: Because all the rest is filler.
22:12
SPEAKER_01: So I'll give you two examples.
22:14
SPEAKER_01: So we had uh we had a group of people in January of this year, just three months ago, four months ago, that we put to a task and we taught them the talk less, sell more philosophy.
22:24
SPEAKER_01: And we asked them to go out and use it with five buyers or five agents or five sellers, okay?
22:34
SPEAKER_01: And then we wanted them to come back in in 30 days and report back.
22:37
SPEAKER_01: So here's what a lender did with a husband and wife borrower.
22:40
SPEAKER_01: Okay, so they're in Anchorage, Alaska, they're moving to Portland, Oregon.
22:44
SPEAKER_01: We had the whole thing set up.
22:45
SPEAKER_01: The lender gets the husband and wife on a Zoom call and thanks them for the referral from his real estate agent.
22:51
SPEAKER_01: And he says, I'm different than most lenders in that I really want to find out what's important to you guys before we even begin this journey together.
23:00
SPEAKER_01: So I know that you're moving.
23:02
SPEAKER_01: I know that this is going to be the first home that you have ever bought.
23:05
SPEAKER_01: And I want to ask you one question: what would it mean to you to own a home?
23:11
SPEAKER_01: And he just paused.
23:13
SPEAKER_01: And within about 10 seconds, the wife is crying.
23:15
SPEAKER_01: About 20 seconds later, the husband's tearing up, and they finally muster this answer.
23:20
SPEAKER_01: And the wife is kind of shaken as she says it.
23:23
SPEAKER_01: Um, if we could buy a home, we would be the first couple in the entire lineage of our family to own real estate.
23:31
SPEAKER_01: Now, if you just pause there for a sec, the lender doesn't need to do anything else.
23:38
SPEAKER_01: All he has to say is, you know what?
23:41
SPEAKER_01: I'm gonna make that happen for you.
23:43
SPEAKER_01: And here's how we get started.
23:45
SPEAKER_01: That's it.
23:46
SPEAKER_01: He ends up doing exactly that.
23:48
SPEAKER_01: The deal closes in 27 days, and the husband and wife are now the first couple in the history of their family.
23:53
SPEAKER_01: I'm not talking about like in the last generation or two or three, I'm talking about forever.
23:59
SPEAKER_01: And now they own a home.
24:00
SPEAKER_01: Now you think about the referrability of that relationship, you think about how engaged you're going to be to tell people the story between you and between them and the lender, and it's mind-boggling.
24:10
SPEAKER_01: And we we we we sit here and we think we have to we have to ask 20 questions.
24:15
SPEAKER_01: You know, for a listening agent to be able to send something in advance to the seller and and just affirm how much she or he is looking forward to the time with the seller, and they can sit down and they're not thinking about presenting, they're not thinking about you know, pitching, none of that.
24:30
SPEAKER_01: They're going, you know what, I'm different than most agents.
24:33
SPEAKER_01: There's a lot of people that could list your property, and there's a lot of people that could help you sell it.
24:38
SPEAKER_01: But I believe in relationship.
24:40
SPEAKER_01: I know this is the first time you've sold a home, and I know you're gonna buy more homes, and you're probably gonna sell more homes, but in order to facilitate the best experience for you from the offers we're gonna get, what's the most important thing to you?
24:54
SPEAKER_01: In selling this home when it's all said and done, and then just pause.
24:58
SPEAKER_01: And 90% of agents don't know the answer to that question of the seller because they don't engage and ask that.
25:04
SPEAKER_01: We're so busy, you know, just talking.
25:09
SPEAKER_01: And so, my advice to people there's so much power dusting in asking a question and then just leaning back and letting it develop and letting it happen.
25:19
SPEAKER_01: And then the other thing we say to people is and this is for everybody, listen, any agent watching, listening, any lender, any manager, any broker owner, anybody.
25:30
SPEAKER_01: Conversational productivity in real estate is when 80% of the conversation is about emotional goals and needs, and only 20% is about the economics.
25:40
SPEAKER_01: Most people have that backwards.
25:41
SPEAKER_01: They make the economics 80% of the conversation, and then only 20% is the personal connection.
25:47
SPEAKER_01: And I think if people flip-flop that, they have power.
25:50
SPEAKER_01: They have personal power, they have professional power.
25:53
SPEAKER_01: Um, he who talks too much loses.
25:55
SPEAKER_01: The person that asks the best questions wins, period.
25:59
SPEAKER_05: This is so great.
26:01
SPEAKER_05: This is so great.
26:02
SPEAKER_05: Um, I mean, you got me fired up and taking taking notes for my own selfish, selfish use.
26:07
SPEAKER_05: Uh Todd, I want to take this in a different direction because I think that principle applies to the conversations we have to ourselves as well.
26:14
SPEAKER_05: You know, that there I work with a lot of agents and talk to a lot of agents, and you know, you have for many, many years at such a high level.
26:24
SPEAKER_05: We get in our own way.
26:25
SPEAKER_05: You know, we have limiting beliefs that hold us back.
26:27
SPEAKER_05: We don't feel like we deserve the goal that we set for ourselves, or whatever.
26:31
SPEAKER_05: That there's all there's all sorts of bullshit that we put in our own way.
26:35
SPEAKER_05: What are some of those powerful questions that we could could and should be asking of ourselves to really start to see a positive transformation?
26:47
SPEAKER_01: Well, the the obvious bridge that I can just throw out immediately is if you don't know the answer to the same question, you're asking sellers and buyers and borrowers, that'd be a great place to start.
26:59
SPEAKER_01: Like if I don't have a conversation with myself, what's the most important thing to me about succeeding as a real estate agent?
27:08
SPEAKER_01: Why am I really doing this in the first place?
27:10
SPEAKER_01: And when you start to answer that question and you start to find out what your real deep and unique motives are, then you can unleash the same power in your persona and your personhood deep down here in the heart as you're actually engaged, actually engaging with clients.
27:28
SPEAKER_01: And so when you when you think about that and you think about um, do you actually know that?
27:32
SPEAKER_01: And do you actually understand that?
27:35
SPEAKER_01: You don't have the motivation to do what is required because you're not clear on your motive.
27:42
SPEAKER_01: And that's why that question is so powerful.
27:45
SPEAKER_01: The the thing that that that kind of comes right alongside of that is what do you say to yourself?
27:52
SPEAKER_01: You know, when we think about personal innovation, there's four things that happen.
27:55
SPEAKER_01: One is a trigger, and a trigger is like, this is like the fifth time this has happened.
28:00
SPEAKER_01: I wonder if I could do something differently about this so that negative result doesn't happen.
28:04
SPEAKER_01: Okay, that creates a little bit of tension over here because the tension is if I don't change, I'm gonna get the same thing, and that trigger is gonna continue to hit, right?
28:12
SPEAKER_01: And so the tension has to be managed in such a way as to why would I change what's happening up here to manage that tension, because only through managing the tension am I able to assess the risk of change.
28:24
SPEAKER_01: And there's two risks, right?
28:25
SPEAKER_01: There's the risk of changing, there's also the risk of not changing.
28:29
SPEAKER_01: One not changing produces regret, and the other changing produces joy and excitement.
28:37
SPEAKER_01: And then the final thing is the narrative.
28:39
SPEAKER_01: And the narrative is what do we say to ourselves?
28:42
SPEAKER_01: What do we say to ourselves?
28:43
SPEAKER_01: In the midst of having to do something differently and uniquely, what do we say to ourselves?
28:48
SPEAKER_01: I did this exercise with these guys in Dallas, you know, just three days ago, uh, Dustin, from this this time together with you.
28:54
SPEAKER_01: And uh I told them a story about Brian Tracy.
28:57
SPEAKER_01: And Brian Tracy, you know, he's in his 80s, good friend of mine.
29:00
SPEAKER_01: But but before I ever became his friend, he was my mentor when I was a loan originator and a real estate broker.
29:06
SPEAKER_01: And I remember one of the exercises he taught you to do is the I love you exercise.
29:12
SPEAKER_01: And it's kind of like, you know, how do you give yourself a hug?
29:15
SPEAKER_01: And the way that he taught us was wherever you are, particularly before you pick up the phone and dial, or before you, you know, pick up the phone and text or whatever it might be, go through this exercise.
29:30
SPEAKER_01: I love myself, I love myself, I love myself, I am worthy of this moment.
29:37
SPEAKER_01: I'm here for a reason.
29:40
SPEAKER_01: You know, I got this, God's got me.
29:42
SPEAKER_01: I love myself, I love myself, I love myself.
29:45
SPEAKER_01: And it was like the the the most foreign thing I'd ever heard.
29:49
SPEAKER_01: And I remember standing in front of a uh my my bathroom mirror the first day I tried it, and it felt really, really weird.
29:55
SPEAKER_01: But I kept trusting it.
29:57
SPEAKER_01: You know, I love myself, I love myself.
29:59
SPEAKER_01: So I have personal pride without being prideful, I have personal joy without you know having to manifest it.
30:05
SPEAKER_01: It happens, but I love myself.
30:07
SPEAKER_01: I'm worth it.
30:08
SPEAKER_01: I am worthy, I'm enough, right?
30:11
SPEAKER_01: And um, and it was profound because I showed up on the phone with a smile and energy.
30:16
SPEAKER_01: If it was a face-to-face meeting, I showed up that same way.
30:19
SPEAKER_01: I even remember one day I got out of my car at a real estate office.
30:23
SPEAKER_01: I was gonna go in to have an appointment with an agent that I had targeted, and I was halfway between my car and the front door of the real estate office, and I hadn't done my I love you exercise, which I always did as a routine before I got out of my car.
30:35
SPEAKER_01: But to save time, I didn't get back in my car.
30:37
SPEAKER_01: I kneeled down in the parking lot uh and adjusted the right passenger mirror.
30:42
SPEAKER_01: And I looked in the mirror and I did, I love myself, I love myself.
30:46
SPEAKER_01: They could see me doing this out of the front window of the office, but they couldn't hear me.
30:50
SPEAKER_01: I get to the front door and there's like 35 agents standing there just smiling, and they go, What did you just do?
30:57
SPEAKER_01: And I said, It's called the I love myself exercise.
31:01
SPEAKER_01: Have you ever not loved yourself?
31:02
SPEAKER_01: Have you ever felt like a failure?
31:04
SPEAKER_01: Have you ever, you know, have you ever experienced something that you know you have a little bit of self-critique?
31:08
SPEAKER_01: I did that in the lobby and everybody said yes.
31:10
SPEAKER_01: And I go, okay, count of three, I love myself, let's do it.
31:13
SPEAKER_01: Count of three, and those 35 agents of myself, I love myself, I love myself.
31:17
SPEAKER_01: It opened the door to like everything.
31:20
SPEAKER_01: Now, you can't just do that without skill.
31:23
SPEAKER_01: You can love yourself all day long, but if you don't have skill, you're not gonna get great results because you're not skillful.
31:31
SPEAKER_01: And the great results you're not gonna get, if you get them long enough, is I hate myself.
31:37
SPEAKER_01: I hate myself, I hate myself, right?
31:40
SPEAKER_01: So we always talk about competence and confidence, right?
31:43
SPEAKER_01: So you got to love yourself, you got to have that positive mindset, but you gotta be good.
31:48
SPEAKER_01: And so right now it's skill mastery.
31:50
SPEAKER_01: You know, we're gonna celebrate 30 years of sales mastery here in October of this year, and it's never changed, Dustin.
31:57
SPEAKER_01: From the day I launched that brand in October of 1992 until right now, the people that are great at skill with the right purpose and the right motive are the people that win.
32:09
SPEAKER_01: And, you know, don't keep doing the wrong things and because somebody said, you know, just keep doing it, it's just a matter of time.
32:17
SPEAKER_01: You know, there's a point in time where you got to change strategy if it's not working.
32:21
SPEAKER_01: And that time is now.
32:24
SPEAKER_01: We need to bring value back to the marketplace in ways we haven't done in the last couple of years because it's been so busy.
32:30
SPEAKER_05: I think Todd, how do you know if it's not working?
32:33
SPEAKER_05: Yeah, I mean, obviously, we can say, well, you need to be self-aware.
32:36
SPEAKER_05: How do you do that?
32:37
SPEAKER_05: You know, that that that's a skill that you kind of have to develop over time, isn't it?
32:42
SPEAKER_01: Well, there's there's a couple things that that really help that out.
32:45
SPEAKER_01: Number one is what are you most naturally gifted at, right?
32:48
SPEAKER_01: And so the the thing that you're most naturally gifted at is the thing that will improve the fastest.
32:54
SPEAKER_01: So then the the big idea is is is that one thing that I'm really, really good at?
32:58
SPEAKER_01: Can that marry up with what I've chosen professionally, right?
33:01
SPEAKER_01: I always try to tell the story of my dad who graduated from Stanford uh with a degree in finance and accounting, and he became an accountant.
33:07
SPEAKER_01: And by the age of 29, he hated accounting.
33:10
SPEAKER_01: Can you imagine going to Stanford, getting a degree, becoming a CPA, and hating it?
33:14
SPEAKER_01: And at age 30, he decided to be a doctor, and it took him 10 years because he had to work and go to school.
33:20
SPEAKER_01: But when he was 40, he launched a medical practice and it was easy because he loved it.
33:25
SPEAKER_01: He was skilled at it, he had the right qualities to be a doctor.
33:29
SPEAKER_01: He had the personal appeal and he also had the intellectual capacity, and so he could look at any bone in the in the body and and he could tell you what was wrong with it, right?
33:38
SPEAKER_01: And he had joy doing that.
33:39
SPEAKER_01: And so I think I think you gotta you under you gotta understand that there's there's a limit on how much you should do and could do based on what you are really good at.
33:50
SPEAKER_01: And so the overall game plan for people is to understand that I can get better faster in the areas that I'm already gifted at.
33:59
SPEAKER_01: And there's a benefit to realizing what I'm not good at and saying that's the stuff that either has to get delegated or somehow through efficiency, I gotta, I gotta get rid of it, drop it, or something, right?
34:10
SPEAKER_01: So it's the repeat, why is this happening?
34:13
SPEAKER_01: Why is this happening?
34:14
SPEAKER_01: Why is this happening?
34:16
SPEAKER_01: And if you go like two or three times on the same thing, then it's a signal somebody on your team or you has to fix that.
34:23
SPEAKER_01: Because otherwise, to endure it is to not measure and improve, which is one of the greatest leadership philosophies there is by Peter Drucker.
34:31
SPEAKER_01: What gets measured gets improved.
34:33
SPEAKER_01: And if you're not good at something and you start to measure it, and then you let somebody else do it and you start to measure it, and they're better than you, it doesn't mean you're not the leader.
34:43
SPEAKER_01: It just means you got somebody in your team that can amplify how you succeed because they're naturally good at this.
34:49
SPEAKER_01: And I just think there's a massive need for agents to really understand the power of um role clarity.
34:57
SPEAKER_01: What are the, I mean, as an agent, I gotta be really good with people and I gotta be really good with negotiating, you know, and I don't negotiate with negotiation skills, I negotiate with emotional connection skills.
35:11
SPEAKER_01: Outside of that, I don't have to be good at lead gen, I don't have to be good at contractual obligations, I don't have to be good at writing marketing material, I don't have to be good at I gotta be good right here, I gotta be really great right here.
35:25
SPEAKER_01: And if I'm really great right here, we never have to worry about client aggregation ever.
35:30
SPEAKER_01: But for me to try to get good at 10 or 12 things, that's a fast track to poverty.
35:35
SPEAKER_01: And so, and by the way, two, then think about it.
35:38
SPEAKER_01: If you get to do what you really love to do, do you think you have a better mindset?
35:42
SPEAKER_03: Totally.
35:42
SPEAKER_01: And and the answer, the answer is totally, totally.
35:45
SPEAKER_01: I mean, you when you show up and you know that you've architected your time to do the thing that you are most gifted at and you get the most joy from, think about the culture that you can create on a team, no matter how big it is.
36:02
SPEAKER_01: And I think that's the problem.
36:03
SPEAKER_01: I just uh I think we try to get good at too many things and it's a fast track to poverty.
36:08
SPEAKER_05: Yes.
36:09
SPEAKER_01: Or average.
36:12
SPEAKER_05: Yeah, which which in this market is not surviving.
36:15
SPEAKER_05: You know, average is just not making ends meet at all.
36:18
SPEAKER_05: Um and it's it's it's sad, but it is what it is.
36:22
SPEAKER_05: The first time you were on the show, um, you you told a story about your dad um and would you about the x-rays.
36:30
SPEAKER_05: Uh you know, talking about let me back up because I I I don't want to ruin or spoil that story because it's so impactful.
36:39
SPEAKER_05: But there are agents that start out in this industry and by necessity they're doing everything.
36:44
SPEAKER_05: They're wearing all the hats.
36:46
SPEAKER_05: And I understand that in the beginning, but I believe it's so important that they begin with the end in mind and start moving towards something else.
36:53
SPEAKER_05: And would you would you go into what that what that looks like?
36:56
SPEAKER_05: You teased it just barely when you said all you really need to do is get great at you know, emotional connection, all the other stuff you don't have to do.
37:03
SPEAKER_05: There are people listening that are like, what are you talking about?
37:05
SPEAKER_05: I have to do all that stuff.
37:07
SPEAKER_05: What do you mean by that, Todd?
37:09
SPEAKER_01: Yeah.
37:10
SPEAKER_01: So, you know, we get we get into um some of the most measurable best practices that we know.
37:16
SPEAKER_01: And and one of the most measurable best practices is referred to commonly as the 80-20 rule.
37:23
SPEAKER_01: And about 100% of real estate agents have heard it.
37:27
SPEAKER_01: The challenge is do you apply it?
37:30
SPEAKER_01: And so I don't want to answer the question and have everybody think, well, I know that rule.
37:35
SPEAKER_01: That's great.
37:36
SPEAKER_01: Have you heard it or do you know it?
37:38
SPEAKER_01: Because you don't know it if you're not executing it.
37:40
SPEAKER_01: So here's what ends up happening.
37:42
SPEAKER_01: We take a look at in a very simple fashion.
37:45
SPEAKER_01: We take a look at I'm an agent and I do 10 things every day.
37:48
SPEAKER_01: And there's nothing wrong with that if you're starting off, there's nothing wrong with that if you know the the things you do give you joy.
37:55
SPEAKER_01: There's everything wrong with that, regardless of your joy level, if the thing you're doing isn't producing top revenue for the time.
38:02
SPEAKER_01: And so we tell people the most important exchange rate that as an agent you really think on is um time in, labor in, revenue out.
38:13
SPEAKER_01: And until you start measuring the level of income that you are making as honestly as you can, all in with everything you're doing per hour, you don't have a pay a baseline to grow from.
38:29
SPEAKER_01: And so we we look at we look at things as simple as email, right?
38:34
SPEAKER_01: And we know that email is a big anchor for people.
38:36
SPEAKER_01: And you know, I tell people, have you ever realized that the more email you send, the more you'll get?
38:42
SPEAKER_01: And people just kind of go like this because it's true, you know, the more we engage in sending things out, the more we're gonna get things back.
38:48
SPEAKER_01: Now, I'm not saying you just say no to email, although I have 33 people in my elite group that last year made 91 million dollars.
38:56
SPEAKER_01: They don't do email.
38:58
SPEAKER_01: And the reason they don't do email is because they're busy making an impact with a borrower, a seller, or a buyer.
39:06
SPEAKER_01: Okay, and they have somebody on their team that checks email all day long.
39:11
SPEAKER_01: Now, before they get to somebody on their team checking email, they say, you know what?
39:16
SPEAKER_01: I'm gonna block that.
39:17
SPEAKER_01: I'm gonna do email at nine, I'm gonna do it at 11, I'm gonna do it at one, I'm gonna do it at three, I'm gonna do it at five.
39:22
SPEAKER_01: And a month from now, I'm gonna do it at nine, noon, and three.
39:27
SPEAKER_01: And a month from now I'm gonna do it at 10 and 4, and then after that, somebody's gonna do it for me.
39:33
SPEAKER_01: The only emails you should be engaged in using the 80-20 rule is the two out of 10 that are gonna create a relationship with a seller or a buyer.
39:43
SPEAKER_01: And so then we look at like if I could create influence with a seller in an hour and I get a$12,500 commission, how much is that hour worth?
39:52
SPEAKER_01: Well, it's worth$12,500.
39:54
SPEAKER_01: But if I don't do anything else for the day and I divide the$12,500 by eight hours, then you can see what it's worth.
40:01
SPEAKER_01: But if I'm only able to connect and work with one seller a week, and then all the other hours are, you know, attributed to all the other things, then my hourly rate is way down here.
40:13
SPEAKER_01: So we have people that come into our coaching program at$50 an hour, and in 10 months, they're at$800 an hour.
40:20
SPEAKER_01: And then our goal is to get everybody within 15 months above$1,500 an hour.
40:25
SPEAKER_01: And there's not uh there's not a real estate agent listening or watching that doesn't get the math.
40:31
SPEAKER_01: How much would it cost for you to have somebody to just do email as you grow your practice?
40:38
SPEAKER_01: Or to look at the other things too that you're not good at.
40:41
SPEAKER_01: And I tell people all the time, I mean, you could get a kick-ass executive assistant for$50 an hour.
40:47
SPEAKER_01: And if and if an email, if emailing for an hour costs you$1,000 or$2,000 in revenue because you're doing the math, if it's$2,000 and you pay somebody$50, you make$19.50, who wouldn't make that investment all day long?
41:05
SPEAKER_01: So we tell people the best investment to ever make is the investment you make in you.
41:09
SPEAKER_01: You can you can earn more money by thinking of you buying stock in your own brand than you ever will by throwing money into the stock market.
41:17
SPEAKER_01: You have the greatest room for growth right here.
41:19
SPEAKER_01: This is the stock asset you should invest in.
41:21
SPEAKER_01: Because if you think about selling real estate for 35, 40 hours a week, and all you're doing in 30 to 40 hours is talking to buyers and sellers, think about that.
41:31
SPEAKER_01: Now, you don't have to go there, but you have to understand why would I do something with my gift of time, the only minute I'm gonna get, the only hour I'm gonna get, why would I give that to something that doesn't bring me joy, something that doesn't earn me top dollar, or something that somebody else on my team couldn't do and probably do even better?
41:54
SPEAKER_01: And Dustin, that thing's never gonna change.
41:56
SPEAKER_01: And then the the modern day play on the 80-20 rule is you just keep deepening and deepening and deepening that to the point you get to, you know, you get to one decision that this one thing produces 50% of my value, and it might be one person instead of 80-20.
42:11
SPEAKER_01: It could be not 20, it couldn't be 16, it couldn't be eight, it couldn't be four, it could be one percent of the things bring me half the half the and so we just tell people get get passionate about it.
42:21
SPEAKER_01: We measure every day.
42:22
SPEAKER_01: We measure calls made, database calls, inbound calls, new calls, um, contracts or applications taken and closings, and we measure that every single day with our coaching people because we know that what gets measured today can get managed tomorrow.
42:38
SPEAKER_01: And most people don't do that.
42:40
SPEAKER_05: No, they don't.
42:42
SPEAKER_05: Yeah.
42:42
SPEAKER_05: I fought it for years, Todd.
42:44
SPEAKER_05: I didn't understand I didn't understand that.
42:48
SPEAKER_05: Um I didn't understand that agents, those who are really profitable, really doing a crap load of business, they're selling hundreds of homes a year, but they still they're not working all the all the time.
42:59
SPEAKER_05: They have decent um, you know, I don't want to use say work-life balance, that's stupid.
43:03
SPEAKER_05: But they're they're not working all the time.
43:05
SPEAKER_05: They're still they have time for their family, time for their hobbies.
43:08
SPEAKER_05: They're specialists, right?
43:11
SPEAKER_05: They're they're specialists, and it took me a long time to get that.
43:15
SPEAKER_05: Um tell the story.
43:17
SPEAKER_05: We got to hear the x-ray story with your dad.
43:18
SPEAKER_05: I think it's so perfect.
43:21
SPEAKER_01: Well, he so he he he wanted to be a doctor, and so he decided at the age of 30 that he he would apply to medical school.
43:28
SPEAKER_01: Of course, he had his degree from Stanford, and he got accepted at six medical schools.
43:32
SPEAKER_01: The one he chose was the University of Cincinnati, and um and he started that journey.
43:37
SPEAKER_01: My mom became a laboratory aide and was doing special cancer research on mice.
43:42
SPEAKER_01: And um uh she was hired under the question, which you couldn't ask today from the doctor do you intend to get pregnant anytime soon?
43:50
SPEAKER_01: And she said, No.
43:51
SPEAKER_01: And within two months, she was pregnant, and so that kind of put a little pressure on the deal.
43:55
SPEAKER_01: Um, but she worked hard, and my dad did some side side work as an accountant.
44:00
SPEAKER_01: As he was building the practice.
44:01
SPEAKER_01: But the first goal was medical school.
44:03
SPEAKER_01: And then the second goal was specialty school.
44:06
SPEAKER_01: And then the third goal was an internship and a residency somewhere on the West Coast from Cincinnati.
44:12
SPEAKER_01: And so checkbox number one, you know, get a real estate license, right?
44:17
SPEAKER_01: Check box number two, become a specialist in what?
44:20
SPEAKER_01: Step number three, all right, decide where you're going to do it.
44:23
SPEAKER_01: And step number four is how big is your team to serve you.
44:26
SPEAKER_01: And so we had career day when I was 13, and my dad took me to his hospital, and he was showing me the entire X-ray facility.
44:33
SPEAKER_01: He had gone a step further and became a nuclear radiologist, not just a doctor, not just a doctor trained in radiology, but a doctor trained in nuclear radiology.
44:43
SPEAKER_01: And so he was using lots of dyes and lots of uh uh resonating images that kind of predate MRIs and CT scans and things like that.
44:53
SPEAKER_01: And um, and so on career day, he was taking me around, he was showing me uh the x-ray rooms, and he was introducing me to people.
45:00
SPEAKER_01: And the first time he introduced me to somebody, he said, This is John, and what John is is an X-ray tech.
45:08
SPEAKER_01: And so John takes the X-rays.
45:10
SPEAKER_01: All I had as a 13-year-old was my dad does x-ray stuff, right?
45:16
SPEAKER_01: And so we met three or four other technicians, and I remember at some point I looked at him and I asked my dad, I said, Dad, you've introducing me to all these x-ray technicians.
45:26
SPEAKER_01: How come you don't take the x-rays?
45:28
SPEAKER_01: And it was a very innocent, like 13-year-old question, like, Dad, how come you don't take the x-rays?
45:33
SPEAKER_01: And he looked at me and he said, Because I get paid the most to read them.
45:39
SPEAKER_01: And I go, read them.
45:40
SPEAKER_01: And he says, Yes, I get paid to tell the patient what the x-ray reveals.
45:46
SPEAKER_01: The guys that take the x-rays, they get paid to do that.
45:49
SPEAKER_01: But this is my specialty, and this is what I do, and I have to do it really well because it's life or death for the people oftentimes that I get the x-rays from.
45:58
SPEAKER_01: So I said, So, so so you have people that help you?
46:02
SPEAKER_01: And he goes, Yes.
46:04
SPEAKER_01: In fact, in fact, he goes, most successful doctors have teams.
46:08
SPEAKER_01: And I have a team, and he had a team of 11 people, and all he did was read the x-rays and and then diagnose it.
46:16
SPEAKER_01: And he didn't even have to talk to the patient because, as all of us know, you go to a specialist and you need an x-ray, they have a radiology group that does all their work for them, and then the radiologists report back to the doctors.
46:30
SPEAKER_01: And that's what my dad did.
46:31
SPEAKER_01: And uh, it was my first lesson in delegation.
46:34
SPEAKER_01: I got a friend today that makes about seven million dollars.
46:37
SPEAKER_01: He's an ophthalmologist, he specializes in retina surgery.
46:40
SPEAKER_01: That's the only thing he does, just retina surgery.
46:42
SPEAKER_01: He can do a whole bunch of eye stuff, including eye exams and this, that, and the other thing.
46:46
SPEAKER_01: But, you know, uh, he's got seven people on his operating team whenever he does a retina transplant or a retina surgery, cornea transplant or a retina surgery.
46:54
SPEAKER_01: He's got seven people in the room, and all he wants to focus on is the eyeball.
46:59
SPEAKER_01: Why?
46:59
SPEAKER_01: Right because he's the best at it and he gets and he gets paid the most to focus on the eyeball.
47:04
SPEAKER_05: That's it.
47:05
SPEAKER_05: Agents don't get paid to drive across town and put their signs up or to take their T boxes down or to cross the T's and dot the I's in the transaction paperwork.
47:13
SPEAKER_05: That's not what we get paid for.
47:14
SPEAKER_05: 100%.
47:15
SPEAKER_05: So thank you for telling that story.
47:17
SPEAKER_05: I I hope that that um you know the the parallel there is is just so clear in into what we've been discussing.
47:24
SPEAKER_05: And once agents get that, uh, it's off to the races.
47:27
SPEAKER_05: I've seen it with agents on my team that you know, a couple of them, they've sold 30, 40 homes their first year, they get a transaction coordinator, they get an assistant, and boom, they double, if not more, their sales just in the next year.
47:40
SPEAKER_05: Because you can do so much more money-making activities.
47:43
SPEAKER_05: It's crazy.
47:44
SPEAKER_01: Yeah.
47:44
SPEAKER_01: You know, the military has uh what's called the rule of three, and Steve Jobs fought followed the rule of three.
47:49
SPEAKER_01: And if you look at any Steve Jobs performance when they introduced a new product, all he did was talk about three things that this product would do for you.
47:56
SPEAKER_01: And I think that if I'm an agent, there's three things I need to do.
47:59
SPEAKER_01: I need to specialize in seller communication and conversation, I need to specialize in buyer communication and conversation, and I need to specialize in negotiating.
48:09
SPEAKER_01: And the interesting thing is if you specialize in the conversation, the negotiation gets easy.
48:14
SPEAKER_01: But if you don't know the conversation, the negotiation gets hard.
48:17
SPEAKER_01: And so, really, you only have to focus on one thing for two pools, right?
48:22
SPEAKER_01: The same thing for a seller and the same thing for a buyer.
48:25
SPEAKER_01: If I focus on that, the negotiation takes care of itself usually.
48:29
SPEAKER_01: It's a powerful idea, man.
48:31
SPEAKER_01: So powerful, yeah.
48:32
SPEAKER_05: It really is.
48:33
SPEAKER_05: So you've been doing sales mastery for 30 years.
48:37
SPEAKER_05: Your event for 30 years, is that what you said?
48:39
SPEAKER_05: Yeah.
48:40
SPEAKER_05: That's not possible because you're not a you don't look a day over 42.
48:43
SPEAKER_05: So I don't really believe that you started that at the age of 12, but I guess you did.
48:49
SPEAKER_05: And uh so anyone who doesn't know uh about sales mastery or about your book, you tell them a little bit about that.
48:58
SPEAKER_05: You know, why why should they plug in and and uh and see what that's all about?
49:02
SPEAKER_01: Well, the first thing I would say is I I care deeply about making a difference in people's lives, and I've I've believed that from the day I started this company, and I believed it as an LO working with my real estate agent partners, that you know, we're on this earth to make a difference.
49:15
SPEAKER_01: And if we can do that with whatever our gifts are, then life is joyful.
49:18
SPEAKER_01: It doesn't mean it's free of problems, but man, when you get to wake up every day and do what you love to do and you do it well, um, life is a whole bunch better than if you have to do something you don't like and you do it poorly, right?
49:30
SPEAKER_01: And um, and so in 1992, um I I answered a just an internal question and and I said, you know, if I had not met John Barnes um in 1980, if I had not met him, I don't know that I would have ever become as successful as I became as a as a loan originator.
49:47
SPEAKER_01: You know, my team and I uh financed almost 6,000 transactions in 12 years.
49:51
SPEAKER_01: And if you do the math really quick, that's I don't know, 500 transactions a year for a relationship.
49:57
SPEAKER_01: I only had 13 realtors over 12 years that I did business with.
50:01
SPEAKER_01: So that'll tell you how at scale that thing was.
50:04
SPEAKER_01: And um, and John poured into me.
50:06
SPEAKER_01: He's and I said, How come you're telling me all your secrets?
50:09
SPEAKER_01: And he goes, Because somebody told me all their secrets.
50:12
SPEAKER_01: And I said, So, and he says, So if he hadn't told me, I wouldn't have been where I'm at success-wise.
50:18
SPEAKER_01: And if I don't tell you, you're not gonna be where I'm at success-wise.
50:22
SPEAKER_01: And I love helping people win.
50:24
SPEAKER_01: And so he kind of laid it out for me and he talked about skill mastery.
50:28
SPEAKER_01: And he said, the best move I can ever teach you is get really, really good at a few things until you're absolutely an expert in those two or three things.
50:37
SPEAKER_01: And once you do that, you never have to worry about it again.
50:40
SPEAKER_01: So I chose skill mastery, and then because it was in selling, I started looking at this idea of sales mastery.
50:46
SPEAKER_01: And so in 1992, I said, I've got a vision.
50:49
SPEAKER_01: I want to get a gathering spot, a community where lenders and agents come together and they learn how to achieve mastery.
50:55
SPEAKER_01: Because if you look at the look at the word and look at the definition, when you achieve mastery, you have an unfair competitive advantage.
51:02
SPEAKER_01: Um, you don't have as much competition, you unleash the law of attraction.
51:07
SPEAKER_01: If you're really, really good, people come to you and you're worth waiting for.
51:11
SPEAKER_01: You don't have to be on demand, you don't have to do any of that, right?
51:14
SPEAKER_01: And so we built it and we built it and built it.
51:17
SPEAKER_01: And today we've sold over 175,000 tickets to Sales Mastery in 30 years.
51:23
SPEAKER_01: But more importantly, we've impacted close to 50 million homeowners, sellers, and buyers.
51:29
SPEAKER_01: And you look at that and you go, why would I, why would I not do it, you know, forever if I if I can and we can sustain it, and 30 years later, here we are.
51:38
SPEAKER_01: And so October 11th through the 14th, we're gonna celebrate the 30-year anniversary.
51:42
SPEAKER_01: It's gonna be super powerful, and uh, it'll be good to get back live to, you know, finally to the big audience.
51:48
SPEAKER_01: But the I think the other thing too is um gosh, you you can go back as far as you want in history, and uh the people whose philosophies I think resound uh uh with the the truest measure are the philosophies of getting lined up with your gifts, getting lined up with what you're good at.
52:10
SPEAKER_01: And um everybody's got everybody's got one.
52:14
SPEAKER_01: So we we try to help people at mastery.
52:17
SPEAKER_01: What was it look like to have you know forward-thinking mindsets?
52:21
SPEAKER_01: What's it look like to innovate?
52:23
SPEAKER_01: Um, we have assistant panels that we're doing this year, we have transaction coordination panels, you know, what do you do and how do you do it, and this, that, and the other thing.
52:31
SPEAKER_01: I've got massively internationally known keynote speakers coming in, and uh it's gonna be it'll sell out like that, and uh we'll have to go to live stream, but we're gonna sell the room out first, which is 2,000 tickets, and then we'll go to live stream after that.
52:44
SPEAKER_01: But uh yeah, I'm grateful and pinching myself that I still get to wake up this October and and do this gig and do it at scale with people that I love.
52:53
SPEAKER_05: That's fun, man.
52:54
SPEAKER_05: And it is cool to watch, Todd.
52:55
SPEAKER_05: I mean, you're you're leading by example, and uh you know, you you just you just have so much experience and so much perspective that uh you know it's it's worth listening when when you speak.
53:07
SPEAKER_05: And so I'm grateful that you came on the show.
53:10
SPEAKER_05: Uh I learned a lot today.
53:11
SPEAKER_05: I know everyone listening did.
53:13
SPEAKER_05: And uh we have a couple more minutes.
53:15
SPEAKER_05: Something that I like to do with all the guests, Todd, is a rapid fire questions, these either ores.
53:20
SPEAKER_05: And oh boy.
53:21
SPEAKER_05: We'll we'll we'll blow through those and then at the end we'll let everyone know where they can find you, where they can learn more about you and sales mastery and your books and everything.
53:29
SPEAKER_05: Um so let's start it off.
53:31
SPEAKER_05: You don't need to elaborate unless you want to.
53:33
SPEAKER_05: Facebook or Instagram?
53:36
SPEAKER_03: Neither.
53:38
SPEAKER_01: Okay.
53:40
SPEAKER_01: No, I would choose Instagram.
53:42
SPEAKER_05: Instagram or LinkedIn?
53:45
SPEAKER_01: LinkedIn.
53:46
SPEAKER_05: Books or podcasts?
53:50
SPEAKER_03: Um books.
53:53
SPEAKER_05: Books or audiobooks?
53:57
SPEAKER_01: Um books.
53:58
SPEAKER_05: Okay.
53:59
SPEAKER_05: Uh rent.
54:00
SPEAKER_01: My elaboration on my my elaboration on no my elaboration on last two is um it's better now and it's easier now, but there's nothing more valuable than having a book reading system where you can aggregate your learning points, know where they are, and you can do that electronically with you know some of the the Kindles and and uh um what's the other one?
54:23
SPEAKER_01: Um I forget, but you can highlight and stuff like that.
54:27
SPEAKER_01: But I just I'm old school that way, even though I believe in technology.
54:31
SPEAKER_05: Yeah, I'm with you.
54:32
SPEAKER_05: I there's you just get a certain focus when you're reading a physical book that you don't have when you're listening to an audiobook or a podcast.
54:39
SPEAKER_05: It's too easy to get distracted.
54:41
SPEAKER_05: 100%.
54:41
SPEAKER_05: You're usually doing it while doing something else, which is also part of the value of it, but the focus you get from a physical book is you just can't replace.
54:50
SPEAKER_05: I agree with you.
54:51
SPEAKER_05: Yeah.
54:52
SPEAKER_05: Rental property or flipping?
54:59
SPEAKER_03: Rental property.
55:01
SPEAKER_03: Cash flow, yes.
55:03
SPEAKER_03: Burgers or pizza?
55:08
SPEAKER_03: Pizza.
55:11
SPEAKER_03: The next day.
55:13
SPEAKER_05: Yes.
55:14
SPEAKER_05: New York or LA?
55:16
SPEAKER_05: New York.
55:18
SPEAKER_05: Baseball or food.
55:19
SPEAKER_01: I say that.
55:20
SPEAKER_01: I say that without thinking because both cities are a little bit turmoiled in my mind, but yeah.
55:25
SPEAKER_01: But New York I think has some more magic for me since that's where I made out with my wife on our first date in Central Park.
55:31
SPEAKER_05: So Oh yes.
55:32
SPEAKER_01: Yeah, that's awesome.
55:34
SPEAKER_05: That's awesome.
55:34
SPEAKER_05: I l I love New York.
55:35
SPEAKER_05: Forget all the bull crap of the last few years and you know, politically, like they're very different cities, but uh I love New York.
55:43
SPEAKER_05: I just I love New York City.
55:44
unknown: Yep.
55:45
SPEAKER_05: Baseball or football?
55:49
SPEAKER_02: Um I loved as a baseball player through college.
55:55
SPEAKER_02: I loved playing baseball, but I love watching football.
55:57
SPEAKER_05: Yeah.
55:58
SPEAKER_05: Mountains or beach?
56:02
SPEAKER_02: Beach, since I live in it.
56:03
SPEAKER_05: Yep.
56:04
SPEAKER_05: You're in Orange County?
56:06
SPEAKER_02: Yeah, beach.
56:08
SPEAKER_05: Nice.
56:09
SPEAKER_05: Um YouTube or Facebook Live?
56:12
SPEAKER_02: Uh YouTube.
56:14
SPEAKER_02: YouTube Live, YouTube.
56:16
SPEAKER_05: Cool.
56:18
SPEAKER_02: YouTube TV, YouTube.
56:20
SPEAKER_01: It's the biggest search engine in the world.
56:21
SPEAKER_05: It really is.
56:23
SPEAKER_05: Uh Rich Dad, poor dad, or millionaire real estate agent.
56:30
SPEAKER_02: Rich dad, poor dad.
56:32
SPEAKER_05: Yeah, that that's that changed everything for me.
56:34
SPEAKER_05: That changed my life.
56:35
SPEAKER_01: Yeah, me too.
56:36
SPEAKER_01: Me too.
56:37
SPEAKER_05: Uber or Lyft.
56:42
SPEAKER_02: Private.
56:44
SPEAKER_05: I think last time you were on the show you said helicopter.
56:47
SPEAKER_05: I love it.
56:49
SPEAKER_05: Last one, Gary V or Grant Cardone.
56:53
SPEAKER_03: Oh boy.
56:58
SPEAKER_02: What did I say last time?
57:00
SPEAKER_05: I don't remember.
57:01
SPEAKER_05: I I think you might have been diplomatic and said something nice about both of them or something like that.
57:09
SPEAKER_01: I probably align more with Gary V because I've been talking about value, value, value uh long before he wrote jab, you know, hook or uh jab, jab jab hook.
57:20
SPEAKER_01: But I like that parallel.
57:21
SPEAKER_01: I love the content and the value parallel.
57:24
SPEAKER_01: Um, I know Grant really well, but I I think Gary V for me would be more aligned with kind of what I do in business, which is create value.
57:32
SPEAKER_05: That makes a lot of sense.
57:33
SPEAKER_05: That does.
57:34
SPEAKER_05: Yeah.
57:34
unknown: Yeah.
57:35
SPEAKER_05: Todd, where is the best place to find you?
57:38
SPEAKER_05: Where can people find you?
57:39
SPEAKER_05: Learn more about your events, your books, your, you know, all your stuff, all your offerings.
57:45
SPEAKER_01: Yeah, I would say the best place is just uh Google.
57:47
SPEAKER_01: Just go to my name and you'll get everything you need right there.
57:50
SPEAKER_01: My social handle on everything is Todd Duncan Official.
57:53
SPEAKER_01: And if you want to check out the website and download these these free documents on Talk Less Sell More and the High Trust Interview, it's at toddlin.com.
58:01
SPEAKER_01: No strings attached, just uh name and email and uh you can download these documents and go to town on them.
58:07
SPEAKER_05: Fantastic.
58:07
SPEAKER_05: When we'll link to all of that in the show notes or if you're watching on YouTube, the description.
58:12
SPEAKER_05: Todd, thank you so much for your time.
58:13
SPEAKER_05: Enjoyed the crap out of this.
58:15
SPEAKER_05: Uh good talking to you as always.
58:17
SPEAKER_01: It's always fun.
58:18
SPEAKER_01: You're the best, and I appreciate our friendship and can't wait to see you and do some more stuff together.
58:21
SPEAKER_05: Thanks, Todd.
58:22
SPEAKER_01: You bet.
58:23
SPEAKER_05: Like I said, guys, no matter what you came here for, whatever you thought you'd get out of this episode, I bet you got something else out of it because we covered so much.
58:31
SPEAKER_05: Something I really wanted to talk to Todd about the mindset stuff.
58:36
SPEAKER_05: Mindset is absolutely key.
58:39
SPEAKER_05: Okay, and that what you choose, the decisions you make, who you decide to be, all of that can change literally right now.
58:46
SPEAKER_05: One of those decisions you need to make, one of the mindset shifts you need to make, is to quit dicking around with tools, with platforms, with software, with systems that are just not gonna get you to the next level.
58:57
SPEAKER_05: Okay, there's systems that you have set up that got you here, but they're not gonna get you there.
59:03
SPEAKER_05: You you have to stop clinging to some of the old ways that are incomplete, they just don't work, or they're not sufficient for you to grow and reach the goals that you want to that you want to reach.
59:16
SPEAKER_05: You need new systems.
59:18
SPEAKER_05: So if you want to be a top producer, if you want to be in the top 1% of your market, then you simply do what those in the top 1% of your market are doing.
59:26
SPEAKER_05: And I bet you the vast majority of them, 80-90% of them, are using Follow Up Boss.
59:32
SPEAKER_05: You need to be checking out Follow Up Boss today.
59:35
SPEAKER_05: Thankfully, follow up boss is awesome.
59:37
SPEAKER_05: They are a partner of the show.
59:38
SPEAKER_05: They are hooking you guys up as Massive Agent Listeners with a free, a 30-day free trial, no credit card required.
59:46
SPEAKER_05: Put your cards away, put your wallet away, just go to MassiveAnPodcast.com slash follow up boss.
59:53
SPEAKER_05: MassiveAgentPodcast.com slash follow up boss.
59:56
SPEAKER_05: Get the 30-day trial.
59:58
SPEAKER_05: After that, once you've used it and implemented it and checked out all the check out their mobile app, check out their drip campaigns, check out all the stuff, all the really easy to use user interface.
1:00:09
SPEAKER_05: And then you start to see okay, maybe this is why all the top producers use it.
1:00:13
SPEAKER_05: Then you can decide to pay for it.
1:00:15
SPEAKER_05: Okay, but decide if you're gonna use it first.
1:00:18
SPEAKER_05: MassiveAgentPodcast.com slash follow up boss.
1:00:21
SPEAKER_05: Guys, thank you so much for listening to this episode.
1:00:23
SPEAKER_05: If you got value from it, if you learned something that you know one of your agent friends or team members or somebody that you're connected with on social would also get value from and learn from, please share it with them.
1:00:35
SPEAKER_05: Send them a link to the episode, send them a screenshot and say, hey, you need to listen to this episode.
1:00:39
SPEAKER_05: They can look it up themselves, put it in, you know, put the screenshot in your story, let your team know about it, let your broker know about it.
1:00:46
SPEAKER_05: That's all we ask.
1:00:46
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1:00:49
SPEAKER_05: We just ask that you help to share and spread the word and help us grow our audience, and we'll keep coming with great episodes every week.
1:00:56
SPEAKER_05: We'll be back next week with another one.
1:00:58
SPEAKER_05: Thank you guys.
1:00:59
SPEAKER_05: Take care.