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MAP 081: How to Become a Luxury Real Estate Agent w/ Michael Lafido · Massive Agent Podcast

0:00
SPEAKER_02: On this episode of the Massive Agent Podcast, you're going to learn how to become a luxury real estate agent, how you can start selling luxury homes.
0:07
SPEAKER_02: What does it take to sell luxury homes?
0:09
SPEAKER_02: And we're bringing on Michael Lafito, who he's the founder and creator of the luxury listing specialist certification and podcast by the same name.
0:18
SPEAKER_02: He's going to teach us the roadmap so we too can become luxury real estate agents and start selling million dollar listings.
0:25
SPEAKER_01: The massive agent podcast.
0:32
SPEAKER_00: I love to buy houses.
0:34
SPEAKER_00: I like to sell houses.
0:41
SPEAKER_01: I've said better.
0:43
SPEAKER_01: Oh have I got your attention now?
0:47
SPEAKER_01: Here's your host, Dustin Brohm.
0:51
SPEAKER_02: What is up, Massive Agents?
0:53
SPEAKER_02: Welcome to episode number 81 of the Massive Agent Podcast.
0:56
SPEAKER_02: I am your host, Dustin Brohm.
0:58
SPEAKER_02: This is, of course, the number one podcast on the planet hosted by me, and the number one podcast that starts with the word massive.
1:05
SPEAKER_02: It's just science, it's a fact, and uh, we're just gonna have to live with that.
1:08
SPEAKER_02: I'm very proud of it.
1:09
SPEAKER_02: So uh if you if you're new to the show, uh my name is Dustin Brohm.
1:12
SPEAKER_02: I'm an agent, a real estate agent in Salt Lake City, Utah with EXP Realty.
1:16
SPEAKER_02: I am a national speaker, trainer, and real estate marketing coach, host of another podcast called Industry Connected.
1:24
SPEAKER_02: It's more real estate industry, news, discussion stuff, so go check that out wherever wherever you're listening to this show, find Industry Connected, which is produced by the Industry Syndicate.
1:34
SPEAKER_02: I'm also a co-founder of real estate's first media network called Industry Syndicate, and you could check out all of our shows at industry syndicate.com.
1:42
SPEAKER_02: And I'm also the founder of the Massive Agent Society.
1:45
SPEAKER_02: That's our Facebook ads lead generation program where we give you proven Facebook ads to run.
1:51
SPEAKER_02: Only one agent per market's allowed.
1:52
SPEAKER_02: So if you want to learn, if you if you want to learn more about it, see how it works, and see if your market is still available to claim, go over to Massive Agent Pot sorry, Massive Agent Society.com.
2:03
SPEAKER_02: When you're there, make sure you check out our lifetime membership options, which for life that includes everything that I do is still less than three months of coaching with Tom Ferry or with one of his people, because of course you're not going to get him for that price.
2:17
SPEAKER_02: Uh go check it out, MassiveAgen Society.com.
2:20
SPEAKER_02: Um Luxury Real Estate, this is something that ever since I got into the business, I've been an agent for about nine years now.
2:27
SPEAKER_02: Uh I always thought, I I had this like all of us, we have these misconceptions that if if you're a luxury agent that you like you're a different kind of agent, you do different things, uh, which that part's true, you do different things, but we somehow talk ourselves out of uh being worthy or or able to sell luxury homes.
2:48
SPEAKER_02: We see these homes listed for you know 4,000 uh 4,000,$4 million, you know,$12 million, and we're like, wow, that'd be nice to sell one of those, but we never do anything different, and then we just stay selling$250,000 homes.
3:02
SPEAKER_02: Well, what if we could learn how to become a luxury agent?
3:06
SPEAKER_02: How we too could start selling million-dollar listings.
3:10
SPEAKER_02: And and so this week we have Michael Lafito on the show.
3:13
SPEAKER_02: Michael is the the creator and founder of the luxury listing specialist certification, and he is one of the one of the foremost leading experts on luxury real estate and and teaching other agents how they can do it in our industry.
3:28
SPEAKER_02: Uh it's funny because during the interview, uh he he actually had to cut it short because he had to run to do a showing on a a$3.75 million home in the Chicago area that he's listing.
3:37
SPEAKER_02: Right now he's listing the the mansion that is used in the uh the Fox show Empire.
3:44
SPEAKER_02: Uh l what's his name?
3:46
SPEAKER_02: Lion.
3:47
SPEAKER_02: I I haven't watched the show, but I'm I'm familiar with it.
3:49
SPEAKER_02: Uh the main guy, Terrence Howard, that's his home in the show, and Michael Lafito is the current listing agent of that home.
3:56
SPEAKER_02: So he knows what he's talking about.
3:58
SPEAKER_02: And um and even better, Michael is so down-to-earth.
4:02
SPEAKER_02: I've always had misconceptions, not just about uh myself being a luxury agent, but uh part of the reason why I didn't part of the reason why most of us don't put much thought into it is we're like, well, luxury agents are douchebags, right?
4:17
SPEAKER_02: There's a lot of ego, a lot of arrogance going around.
4:20
SPEAKER_02: Excuse me, for sure.
4:22
SPEAKER_02: But I met Michael at Inman Connect in New York earlier this year.
4:26
SPEAKER_02: He is such a nice guy, so down-to-earth, so humble.
4:30
SPEAKER_02: He's he's just a normal guy that happens to crush it selling multimillion dollar listings as a matter of habit.
4:36
SPEAKER_02: So he's the I I thought he was the perfect fit to talk about this topic.
4:40
SPEAKER_02: So if you've ever wondered how you two can get a multimillion dollar listing, uh first off, we're gonna talk about what the definition of luxury real estate is, because uh luxury real estate, luxury homes, that's that varies by market.
4:54
SPEAKER_02: A one million dollar listing might be luxury in your market, but in the San Francisco Bay Area, that's below median.
5:01
SPEAKER_02: You know, San Jose is what, 1.2 median home price?
5:05
SPEAKER_02: So a million dollar listing there is below median.
5:08
SPEAKER_02: It's all relative, so we'll dive into that.
5:10
SPEAKER_02: And then Michael's Michael's gonna give us the roadmap of how you can st how you can break into that market, how you can go from selling, let's say your average price point is 300 right now, how you can go to s to sell luxury homes?
5:23
SPEAKER_02: Like, what do you need to do?
5:24
SPEAKER_02: How do you start doing that?
5:26
SPEAKER_02: What are the things, like what are the differences uh between a luxury home and and a median priced home?
5:32
SPEAKER_02: What are some of the misconceptions that we all have, myself included?
5:35
SPEAKER_02: This was such an awesome interview.
5:37
SPEAKER_02: Uh before we jump into that, I want to thank today's sponsor of the show, Postcard Mania.
5:43
SPEAKER_02: These guys, ever since ever since we had their founder Joy Jandusa on the show for episode 70, go back to episode 70 and give that a listen.
5:51
SPEAKER_02: I've been uh I've been so impressed with Postcard Mania, and and we're so super honored and stoked that they are uh that they're now a sponsor of the show.
5:59
SPEAKER_02: They are a direct mail company, right?
6:02
SPEAKER_02: They started sending postcards and then that expanded to all kinds of direct mail.
6:06
SPEAKER_02: But what they do, and the reason why I'm so frickin' stoked about them and why it's so cool hearing you guys that have um that have since hired them to do your marketing, they are the they're a direct mail uh agency, that they're a direct mail company that does digital marketing too.
6:24
SPEAKER_02: So they are a turnkey solution.
6:26
SPEAKER_02: If you're one of those people that you're like, you know what, I need to I need to have an all-inclusive marketing solution.
6:31
SPEAKER_02: I need direct mail, I need Facebook ads, I need Google ads, I need retargeting, I need all of that stuff, and I need trackability.
6:39
SPEAKER_02: And of course, you could always do it yourself, but they are a turns turnkey solution that includes all of that.
6:45
SPEAKER_02: So they marry the best of digital marketing with Facebook ads and retargeting and everything with direct mail because as we mentioned on a previous show, it all works together powerfully.
6:55
SPEAKER_02: So check out Postcard Mania, super stoked with what they are doing and very proud to have them as an official sponsor of the show.
7:02
SPEAKER_02: They are doing a special deal for Massive Agent Podcast listeners.
7:06
SPEAKER_02: Uh, they have a special phone number set up so they know that you guys are Massive Agent listeners when you call.
7:12
SPEAKER_02: 855 980 5492.
7:15
SPEAKER_02: That's 855-980-5492.
7:19
SPEAKER_02: That number will also be in the show notes over at MassiveAnPodcast.com, as with every episode.
7:24
SPEAKER_02: All the show notes are always over at the website.
7:26
SPEAKER_02: Uh you could also go to MassiveAgent Podcast.com slash postcard mania to check out what they are offering, and I cannot recommend them highly enough.
7:36
SPEAKER_02: All right, let's jump into it.
7:37
SPEAKER_02: Michael Lafito, uh, like I said, I can't imagine a better um representative, or that's not the word, a better someone someone better to to learn from because he's so approachable, so relatable.
7:52
SPEAKER_02: He's a normal guy that just happens to sell ridiculously expensive homes and does it very well.
7:59
SPEAKER_02: And he has a uh a great podcast.
8:01
SPEAKER_02: He's the host of the luxury listing specialist podcast.
8:05
SPEAKER_02: We're proud to have them as our luxury, uh as our first and only luxury podcast on uh the Industry Syndicate Media Network, so go check out his podcast.
8:14
SPEAKER_02: Let's jump into the interview so you can learn how you can become a luxury real estate agent as well and start selling those million dollar listings.
8:21
SPEAKER_02: Hey, what's up, guys?
8:22
SPEAKER_02: I am sitting here with Michael Lafito, the founder and creator of the luxury listing specialist certification and podcast by the same name.
8:30
SPEAKER_02: We're lucky enough to have his podcast as a member show of the industry syndicate, the real estate's first media network.
8:37
SPEAKER_02: Michael, you're in the Chicago area, correct?
8:39
SPEAKER_02: Yeah, I'm based in uh the Chicagolan market, correct.
8:42
SPEAKER_02: Awesome.
8:43
SPEAKER_02: Hey, welcome to the Massive Agent Podcast.
8:45
SPEAKER_02: I'm I'm stoked to learn from you today.
8:47
SPEAKER_02: You are definitely the luxury guy out there, and and you're approachable.
8:52
SPEAKER_02: Um you know I think I think a lot of us who aren't in the luxury market, and and I think a lot of us who are, have a problem with this stereotype of douchhiness and stuffiness and um you know arrogance that some luxury agents have.
9:09
SPEAKER_02: And when I first met you at Inman Connect in New York back in January, you were completely the opposite.
9:16
SPEAKER_02: You are so you were so approachable, you're just you're just a nice laid-back guy who happens to be very, very good at selling luxury real estate and training others to do it.
9:26
SPEAKER_02: And so I cannot think of anyone better to speak on the subject of how to become a luxury agent or an agent who sells luxury homes than you.
9:34
SPEAKER_02: So welcome, my friend, to the Massive Agent Podcast.
9:37
SPEAKER_03: I appreciate it.
9:38
SPEAKER_03: Thanks for the compliment.
9:39
SPEAKER_02: Absolutely.
9:40
SPEAKER_02: So so bring us up to speed real quick.
9:42
SPEAKER_02: Who are you?
9:43
SPEAKER_02: How long have you been in the business?
9:44
SPEAKER_02: How long have you have you been selling homes?
9:46
SPEAKER_02: And maybe even because it's relevant, like very relevant, how did you first get into luxury real estate?
9:51
SPEAKER_02: Let's let's bring the audience up to speed.
9:53
SPEAKER_03: Yeah, so I'll give you kind of a background.
9:56
SPEAKER_03: So, yeah, I I graduated college in 98 as a high school, 1998 as a high school health and PE teacher, and got my real estate license as in 2000 as a part-time real estate agent.
10:08
SPEAKER_03: Won't bore you with the details, but got my license thinking, hey, if I could sell one or two homes a year, that's the equivalency of me coaching one or two sports.
10:16
SPEAKER_03: I'd I was happy with that.
10:18
SPEAKER_03: And um became really good at it as a part-time agent.
10:22
SPEAKER_03: In 2007, I was the second leading producer for the entire Midwest for a large franchise called Realty Executives.
10:30
SPEAKER_03: And I naturally had a lot of full-time agents pick my brain and say, hey, let me take you to lunch, take you to coffee, how are you doing this, etc.?
10:38
SPEAKER_03: Because the economy wasn't great back then.
10:40
SPEAKER_03: And you know, we were you know making well over$250,000 a year, uh, working probably 12 to 14 hours a week as a part-time real estate agent, full-time gym teacher.
10:51
SPEAKER_03: And uh and so I created a product for real estate agents called the Ultimate Listing Blueprint.
10:58
SPEAKER_03: It was basically your DVD CD set.
11:01
SPEAKER_03: And uh long story short, Dustin, we had uh someone buy my product, it was$597 down in Jacksonville, who happened to be uh one of the um he worked with the top producing agents and teams with a national franchise called ERA, which you've probably heard of.
11:21
SPEAKER_03: And he uh ended up referring me to several folks, um including some luxury agents, and um I basically made the shift from consulting and coaching agents general to luxury, and I basically picked up and moved my home selling business because I'm one of these trainers and speakers that practices what they preach.
11:42
SPEAKER_03: I'm still in the trenches, unlike many of these others.
11:45
SPEAKER_03: Right.
11:45
SPEAKER_03: And um I moved my book of business to uh an area that I hadn't selled anything before that was about 35, 45 minutes away from home, that was a luxury market, and I knew nobody.
11:57
SPEAKER_03: And so basically within the six first six months to a year, I mean, I had agents from all over town and saying, hey, who is this guy?
12:07
SPEAKER_03: Where'd this guy come from?
12:08
SPEAKER_03: I joined the Chamber of Commerce, I got involved, I did some prospecting, lead generation, and my luxury inventory skyrocketed um personally, and uh and as I mentioned, I started focusing my consulting and coaching in the luxury space.
12:26
SPEAKER_02: So, uh, what were you doing then that where you were able to just like build your business that fast, that quickly, that all these other agents took notice and were probably some of them were probably kind of pissed.
12:36
SPEAKER_02: Oh, yeah.
12:36
SPEAKER_02: Yeah, how were you able to do that?
12:38
SPEAKER_02: What did that look like?
12:39
SPEAKER_03: So uh it was a multi approach.
12:42
SPEAKER_03: Um, so first off, right, growing your knowledge of the market, growing your confidence, and it those work hand in hand.
12:48
SPEAKER_03: I tell agents all the time, grow your knowledge and your confidence will grow.
12:52
SPEAKER_03: So picking the brain of top luxury agents, being ingrained, going to the broker opens, you know, working some of the buyer luxury clients, and and starting to grow my knowledge and my confidence, um, and being involved in the local chamber, although I knew nobody.
13:11
SPEAKER_03: I got involved in that local luxury chamber.
13:13
SPEAKER_03: This was a town called Hinsdale, Illinois.
13:16
SPEAKER_03: There were more million-dollar sales, single-family homes in the town of Hinsdale at the time than any other suburb.
13:22
SPEAKER_03: You know, the Chicago Bulls head coach lived there, the Chicago Blackhawks head coach.
13:27
SPEAKER_03: And so it's kind of like the 90210 of the Chicaguan market, if you will.
13:31
SPEAKER_03: And so I basically knew nobody, you know, drove commuted 45 minutes to get to work each day, and um got involved in the chamber, started networking with other business owners, and getting involved.
13:46
SPEAKER_03: Um, and so that's one of the things I I always recommend to agents is step out of their comfort zone.
13:53
SPEAKER_03: That's where the magic happens, Dustin, and that's exactly what we did.
13:57
SPEAKER_02: So it sounds like sounds like there might actually be some work required uh in order to start selling luxury homes.
14:04
SPEAKER_02: That it's not just like running a single Facebook ad and boom, you're a luxury agent, correct?
14:10
SPEAKER_03: It takes time, right?
14:11
SPEAKER_03: Um like uh Robert De Niro in the movie uh Meet the Parents, right?
14:16
SPEAKER_03: It's very difficult to penetrate the circle of trust when you're dealing with high net worth individuals and luxury clients, you know, they're a little bit more closely guarded.
14:25
SPEAKER_03: And so sometimes you have to get in with them through their circle of trust, through their influencers.
14:30
SPEAKER_03: And so joining a chamber, uh starting a luxury networking group, catering to people that indirectly have these relationships.
14:40
SPEAKER_03: I mean, just today I was having a conversation with a gentleman who is like the personal driver for the Chicago Cubs, I mean, and the and the Chicago Bears.
14:51
SPEAKER_03: So when they have a high net worth, you know, VIP type uh trade, like the the Cubs just signed this for this closer that was with the Boston Red Sox, this guy was driving him around.
15:02
SPEAKER_03: And and I'm selling a vineyard right now in the Chicagoland marketplace, it's about two mile, two, two hours west, and so I already, my wheels were thinking.
15:11
SPEAKER_03: So I said, hey George, uh, would it be value to you while you're driving these people around to give them a complimentary bottle of wine as you're taking them to their hotel or whatever?
15:21
SPEAKER_03: And um, so I'm already thinking, how can I get my product?
15:25
SPEAKER_03: I'm selling a vineyard that they've produced 60,000 bottles of wine a year, and how can I get that in front of more people where it's a win-win?
15:34
SPEAKER_03: It's win for the driver, it's a win for the professional athlete.
15:37
SPEAKER_03: Like, oh, that was cool.
15:38
SPEAKER_03: Everybody likes gifts.
15:40
SPEAKER_03: Make it a win-win.
15:41
SPEAKER_03: And I tell agents all the time, you have to understand the most listened to radio station, Dustin, that your listeners listen to, as well as prospective clients listen to, as well as buyers and sellers.
15:53
SPEAKER_03: And that is W I I F M.
15:55
SPEAKER_03: And that stands for what's in it for me.
15:58
SPEAKER_03: So as soon as an agent, a lender, a broker understands the most listened to radio station, they their conversion will skyrocket.
16:07
SPEAKER_03: If I'm a broker owner or team leader and I'm trying to recruit an agent, okay, what keeps that prospect, that prospective team member awake at night?
16:14
SPEAKER_03: What what's in it for them?
16:16
SPEAKER_03: That's all they care about.
16:17
SPEAKER_03: And so if I'm recruiting them, I'm not gonna talk about all these features, features, features.
16:23
SPEAKER_03: I'm gonna talk about how the benefits, how it, what benefits them, what benefits them, how they're gonna get more clients.
16:29
SPEAKER_03: And uh if I'm talking to a prospective seller, I'm not gonna talk about all my awards and I'm on this titanium club and I'm here.
16:37
SPEAKER_03: I'm gonna talk about what how our marketing plan will get more eyeball traffic, which more eyeball traffic increases the likelihood to get their home sold, especially in a buyer's market.
16:46
SPEAKER_03: So again, understanding the most listened to radio station when you're creating a Facebook ad, when you're doing a video, when you're on a listing appointment, is gonna help convert big time.
16:57
SPEAKER_02: Oh, a hundred percent.
16:58
SPEAKER_02: And listen luxury or not, like that's just how you become a more successful real estate salesperson or more successful doing anything.
17:07
SPEAKER_02: Like, if you're a dentist, you need to understand like your marketing should not be what you want to tell people, it should be what they want to hear.
17:15
SPEAKER_02: As an agent, it's amazing how many other agents and loan officers put out marketing pieces that is about it's just what they want people to hear.
17:26
SPEAKER_02: Like a market update about rates.
17:28
SPEAKER_02: Consumers don't give a shit.
17:30
SPEAKER_02: No, they really don't.
17:32
SPEAKER_02: No.
17:32
SPEAKER_02: And so uh so going back to something you said in the beginning, I thought was that.
17:36
SPEAKER_03: It's no different with the time zone.
17:38
SPEAKER_03: Yeah, right?
17:39
SPEAKER_03: You get 50,000 emails from other agents.
17:41
SPEAKER_03: Oh, clocks ahead, clocks behind.
17:43
SPEAKER_03: It's like breaking up.
17:44
SPEAKER_02: Oh, the daylight savings.
17:45
SPEAKER_03: Yes.
17:46
SPEAKER_03: Yeah, exactly.
17:49
SPEAKER_03: You know, that that you know people are gonna throw out.
17:53
SPEAKER_03: Uh 100%.
17:54
SPEAKER_02: You said something a little while ago, how um one of the keys when you were first starting out to you know, rocketing to success, so to speak, is you just studied and you learned the market.
18:05
SPEAKER_02: And when you learn the market, you gain confidence.
18:07
SPEAKER_02: That's how it's been for me.
18:09
SPEAKER_02: I used to not really study the market locally much, but once I really started diving into the absorption rate and you know, uh just all that stuff, like median home price in this neighborhood and this one and average days on market, once you start wrapping your head around that stuff, you get confidence because then you go into any situation, any meeting, any presentation, and if they ask you a question, boom, you've got it.
18:32
SPEAKER_02: And when you know you've got the answers, you're more confident and they can feel it.
18:36
SPEAKER_02: So so you think confidence was a big, big, big part of you uh launching your business.
18:42
SPEAKER_02: I assume it's continued to be a huge part of it.
18:45
SPEAKER_02: How does somebody aside from just studying the market, what are some other ways that that agents can build their confidence to be like, you know what?
18:52
SPEAKER_02: Damn it, I can be a luxury agent.
18:54
SPEAKER_02: I can sell a$4 million home.
18:55
SPEAKER_03: Why not?
18:56
SPEAKER_03: Yeah, grow your knowledge and your confidence will grow.
18:58
SPEAKER_03: So, how do you grow your knowledge?
19:00
SPEAKER_03: I e uh, you know, some great free resources out there.
19:04
SPEAKER_03: As you mentioned in the intro, I have a podcast.
19:07
SPEAKER_03: We launched, we have over 60 episodes.
19:09
SPEAKER_03: Our last episode had Brad Inman on, and we got 60 episodes out there.
19:14
SPEAKER_03: I get notes all the time from agents, random agents.
19:17
SPEAKER_03: I got one last night, just totally Facebook private message uh just saying, hey, really appreciate your podcast.
19:24
SPEAKER_03: Thanks for what you're doing.
19:26
SPEAKER_03: Um, you know, love the nuggets.
19:28
SPEAKER_03: You know, these are all things, you know, that we try to give some great free content.
19:32
SPEAKER_03: So there's tons of great free information.
19:34
SPEAKER_03: Again, go to iTunes or Stitcher, it's a luxury listing specialist on those, or just go to luxury listingpodcast.com.
19:41
SPEAKER_03: So, Dustin, that's one way.
19:43
SPEAKER_03: Uh, the other thing I would do is if I were an agent, I would go through some of the broker tours of the high-end and luxury homes in your market, walk through the homes, get authorization from the listing agent to maybe take some photos or Facebook lives.
19:58
SPEAKER_03: And you know how it is, people they thumb through their Facebook on their phone.
20:01
SPEAKER_03: Many times those videos are on mute, and all of a sudden, oh, look at Dustin, he's at that lakefront property.
20:07
SPEAKER_03: Wow, that's cool.
20:08
SPEAKER_03: Oh, that's right.
20:08
SPEAKER_03: I forgot Dustin's was in real estate.
20:10
SPEAKER_03: I thought he only worked with buyers, or I thought he only did small homes.
20:14
SPEAKER_03: Now I'm seeing them all at these luxury homes.
20:16
SPEAKER_03: It's social proof.
20:18
SPEAKER_03: And and don't mislead, don't say it's your listing.
20:21
SPEAKER_03: But naturally, people don't read anyways, or they won't listen to the video, and they just see you at this home and associate that's your listing.
20:28
SPEAKER_03: So side benefits.
20:30
SPEAKER_03: So you grow your your your knowledge and your confidence will grow as you go through these homes.
20:35
SPEAKER_03: There's so many limiting beliefs that real estate agents, team leaders have.
20:39
SPEAKER_03: I gotta be licensed for X amount of years, I gotta be with a certain brokerage, I gotta drive a certain car.
20:44
SPEAKER_03: Uh, I have to have sold X amount of these properties before I can do it.
20:49
SPEAKER_03: For example, I'm selling a home right now that's 9.5 million.
20:53
SPEAKER_03: It's the uh architectural die just named it the most beautiful home for sale in Illinois.
20:58
SPEAKER_03: It's the the backdrop for the controversial show right now, unfortunately.
21:03
SPEAKER_03: Empire.
21:04
SPEAKER_03: Empire is going into its sixth year, and the main character is Terrence Howard.
21:09
SPEAKER_03: It's his house on the TV show.
21:11
SPEAKER_03: It's not his real house on real life, but in the TV show, and unfortunately, Empire's got a lot of bad press this year because of um the uh Jesse Smollett uh case.
21:20
SPEAKER_03: But yeah, but where am I going with this?
21:23
SPEAKER_03: Is that literally has been uh on Manchin Global, it's been on the news, it's been on all these publications, and that's the power of social media.
21:32
SPEAKER_03: I got this listing three plus years ago because a girl that I went to high school with, she was two years younger than me, Dustin.
21:39
SPEAKER_03: She would have never been on my physical newsletter list, right?
21:42
SPEAKER_03: Like, you know, I send out newsletters, probably I I wouldn't even know where to reach Jenny.
21:47
SPEAKER_03: She wasn't even on my radar, but to social media, we were friends on social media, and she saw some of the creative marketing I was doing, some of the videos I was putting out there, and she referred me to her aunt and uncle, and I I went on this listing appointment, and what did he ask me?
22:03
SPEAKER_03: It was 10 million at the time, it was 12.5 million dollars.
22:06
SPEAKER_03: He asked me how many homes have I sold at this price point and how many homes have I sold locally?
22:12
SPEAKER_03: And I told him, I was I said, Listen, if you want the local agent, the rock star local agent, I'm not your guy, but your last two agents were local and they didn't get your home sold.
22:21
SPEAKER_03: So if you're looking for someone that's aggressive, that thinks outside the box, that's gonna position your home better than the competition, that is well connected, that's gonna negotiate for your money like it's like it's my own, you're talking to the right guy.
22:33
SPEAKER_03: Then he said, Well, what do you charge?
22:34
SPEAKER_03: My last agent charged me 4%.
22:37
SPEAKER_03: I said, I I guarantee I'm by far going to be the most expensive agent you interview, but I'm gonna share with you how you're gonna net more money.
22:44
SPEAKER_03: And so at the end of the day, the guy ended up hiring me at a couple percent higher than the previous person because he saw the value, but too many agents try to compete by discounting their fee, and they will actually detract from potential high net worth individuals who are used to paying a premium for their dining experience, their clothing, their cars, etc.
23:08
SPEAKER_03: You will actually turn them off by competing in most cases by lowering your fee.
23:14
SPEAKER_02: That is great advice.
23:15
SPEAKER_02: And that's been my experience too.
23:17
SPEAKER_02: And I haven't really sold any quote unquote luxury homes, but I've sold some homes that that are creeping up on that on that level.
23:24
SPEAKER_02: And you can tell it like you have to remember who these people are.
23:27
SPEAKER_02: The reason they have a$12 million home or a$2 million home or whatever is they understand value.
23:34
SPEAKER_02: That's that's a big reason that's helped them become successful financially and everything else.
23:40
SPEAKER_02: So, you know, show your value, and I think it's even more uh I think confidence and portray and uh your value are absolutely uh absolutely crucial, even more so with the luxury sellers than you know the rest of the market.
23:58
SPEAKER_03: Is that fair?
23:59
SPEAKER_03: Yeah, no, it's very fair, but I I you brought me to a point where I want to make sure we talk about uh luxury is all relative.
24:06
SPEAKER_03: So um there's a lot of brands, like leading real estate companies of the world, uh their luxury division is called luxury portfolio.
24:14
SPEAKER_03: Like they define luxury as a million dollars.
24:17
SPEAKER_03: In other words, if your listing is not a million bucks or more, it can't be on their website.
24:22
SPEAKER_03: I want to tell you that that's not the case in all markets.
24:25
SPEAKER_03: I believe I we define it, our certification, which is known as luxury listing specialist, Justin, we define luxury as home prices that are three times the average sale price for that given market.
24:38
SPEAKER_03: So I was doing a training in St.
24:40
SPEAKER_03: Louis in May of this year.
24:42
SPEAKER_03: The average sale price was$160,000.
24:46
SPEAKER_03: So the average sale price for luxury times three is about$480 and above.
24:53
SPEAKER_03: So it's all relative, is my point.
24:56
SPEAKER_03: And so I look at the I I tell agents there's four primary price points in in most markets.
25:02
SPEAKER_03: You have entry-level priced homes, you have average priced homes, you have high-end, which we define as two times the average sale price for that given market, and then we have luxury homes, which I've already defined for you as three times the average sale price for that given market.
25:18
SPEAKER_03: So I tell agents to diversify your portfolio.
25:22
SPEAKER_03: We're not telling you to quit selling entry-level and average priced homes if that's what's selling in your in your market or if that's what you specialize in.
25:31
SPEAKER_03: But we are saying add some more sales to your high-end buckets and your luxury buckets, and that I think is the lowest hanging fruit where agents could A break into, but B, agents can work smarter, not harder, and sell more some more volume selling the same number of homes by increasing your average sale price.
25:53
SPEAKER_03: I think that's the lowest hanging fruit.
25:56
SPEAKER_02: I love it.
25:56
SPEAKER_02: And I think your definition of what luxury real estate is is spot on.
26:01
SPEAKER_02: That makes so much sense.
26:02
SPEAKER_02: So in Salt Lake City, median home price is around 400, 1.2 being you know, your definition of luxury.
26:10
SPEAKER_02: That feels right to me.
26:12
SPEAKER_02: And and I've I've heard on your podcast, I've heard you talk to other guests about their markets, and and I think that's a great definition.
26:20
SPEAKER_02: So, and thank you for bringing that up too, because uh we all take for granted, you know, oh, luxury, and it means something different everywhere.
26:28
SPEAKER_02: Miami is different from Salt Lake, is different from Sioux Falls, you know, it's so I appreciate you bringing that up.
26:34
SPEAKER_02: Good point.
26:35
SPEAKER_03: Yeah, no, it really does.
26:37
SPEAKER_03: So um, no problem, you're welcome.
26:38
SPEAKER_03: So, yeah, so that is something because I you know had someone in that St.
26:44
SPEAKER_03: Louis training come up to me afterward and say, Thank you, A, for coming, but thanks for defining that because I was hesitant to come today because we don't have a lot of million-dollar listings in the markets I serve, but based on your definition, we definitely have a lot of 450s and 500s and 600s and and even 350s, which are in the high-end market.
27:03
SPEAKER_03: So again, it's all relative.
27:06
SPEAKER_02: Absolutely.
27:07
SPEAKER_02: What are some of the biggest misconceptions that agents who don't sell luxury homes, the average agent, what are some of the biggest misconceptions that they have of what you do or what a luxury agent does?
27:20
SPEAKER_03: Well, some of the misconceptions could be um, and let me step back.
27:25
SPEAKER_03: Some of the fears or some reasons that some agents won't go into the luxury um is because luxury homes do take typically longer to sell, which require more time and energy, and marketing dollars.
27:40
SPEAKER_03: But that's not always the case.
27:42
SPEAKER_03: Um sometimes, you know, homes sell right away.
27:45
SPEAKER_03: You you know, it's the high-end and luxury homes are gonna either sell right away or they could take a long time.
27:51
SPEAKER_03: So some agents, I had one, I did one training recently, and this gentleman um had told me he has never had a listing not sell or get expired or get canceled.
28:04
SPEAKER_03: And his this was in Toronto, and his biggest fear of going after luxury is his batting average, or his statistics would be uh not as impressive if he listed luxury homes.
28:15
SPEAKER_03: And that was his biggest reason that he didn't want to go into that marketplace.
28:20
SPEAKER_03: And so I said I said, just like anything else, the do the pros outweigh the cons.
28:26
SPEAKER_03: Like I don't know what you know what's holding some agents back, but I would tell you, I think the fastest way for any agent that's listening right now to get instant credibility from their database, their sphere, people that know them, like them, or and trust them, or for that matter, people that don't even like you or trust you, is land that first trophy listing in your given market.
28:49
SPEAKER_03: There's instant credibility.
28:51
SPEAKER_03: Instant.
28:52
SPEAKER_03: There's an agent who was associated with the sale of Michael Jordan's home a few years ago, and oh, by the way, he didn't get it sold, and it's still listed.
28:59
SPEAKER_03: He's not with that firm anymore, he's not even the co-listing agent, but he still gets interviews and requests and asked about it, and he didn't even get the darn thing sold.
29:10
SPEAKER_03: So I believe if you can get the listing and of course get it sold, you can leverage it even more.
29:16
SPEAKER_02: Absolutely.
29:16
SPEAKER_02: Great advice.
29:17
SPEAKER_02: Uh what when somebody comes to take your certification and they are trying to break into the luxury market, what what are some of the biggest uh aside from like the fears and and and everything, what what's holding people back?
29:35
SPEAKER_03: You know, um I I not to be sound redundant, but some of the things holding them back is you know the the things they're telling themselves in between their ears, right?
29:44
SPEAKER_03: A lot of times people are their worst enemies, right?
29:47
SPEAKER_03: Michael Jackson saying, I'm looking at the man in the mirror.
29:50
SPEAKER_03: Most of the time the man in the mirror is their worst enemy.
29:53
SPEAKER_03: And so, you know, I teach my certification, just you know, is a 16 module certification, and the first seven modules are all what I call before the signed listing agreement.
30:06
SPEAKER_03: So working on the mindset, the marketing, the conversion, best practices of use of video, best pre-listing packages, how to get to sell or pre-sold about you before the appointment, and then best practices on the actual listing appointment.
30:20
SPEAKER_03: But it's really the mindset is I think the core foundation.
30:24
SPEAKER_03: That's module two.
30:25
SPEAKER_03: The foundation of a home, if it's weak, it's gonna crumble, and the rest of the house will have have problems, right?
30:32
SPEAKER_03: And so the most agents have a poor foundation, their mindset.
30:37
SPEAKER_03: I tell agents garbage in, garbage, garbage out.
30:41
SPEAKER_03: Absolutely.
30:42
SPEAKER_03: No, it's garbage in, garbage stays.
30:44
SPEAKER_03: Think about it the doom and gloom, the media, it's negative, negative, negative.
30:48
SPEAKER_03: And so who are you surrounding yourself with?
30:50
SPEAKER_03: Are you surrounding yourself with negative Nancy and negative Nick?
30:54
SPEAKER_03: Or are you surrounding yourself with positive, like-minded people?
30:57
SPEAKER_03: If you hang out with nine top producers, Dustin, you're bound to be the tenth.
31:02
SPEAKER_03: Okay?
31:03
SPEAKER_03: And so surround yourself with people that are hungrier than you, that have a skill set.
31:08
SPEAKER_03: Again, if you're the smartest person in the room, you're in the wrong room.
31:14
SPEAKER_02: Absolutely.
31:15
SPEAKER_02: So where can agents go to hang out with other other top producers?
31:20
SPEAKER_02: Where can they meet him?
31:21
SPEAKER_02: Where can they become friends with them?
31:22
SPEAKER_03: Yeah, so there's um there's great luxury conferences out there.
31:26
SPEAKER_03: I'm a big proponent.
31:27
SPEAKER_03: Inman's got a it's called Luxury Connect.
31:29
SPEAKER_03: It's in it's in the fall.
31:31
SPEAKER_03: Um, you know, if they use the promo code Lux L-U-X-E, they'll get 250 bucks off.
31:36
SPEAKER_03: That's an annual event where top luxury agents go.
31:39
SPEAKER_03: You can be a fly in the wall.
31:41
SPEAKER_03: You can join a team in your marketplace where there's top luxury agents, or maybe a team that specializes in luxury and be a fly in the wall and work their open houses and just be a sponge and absorb.
31:53
SPEAKER_03: They can invest in, you know, we have a certification, it's not cheap.
31:56
SPEAKER_03: We don't have any sales requirement.
31:58
SPEAKER_03: If an agent's hungry and they're willing to invest in themselves, we will train them.
32:02
SPEAKER_03: It's an online platform.
32:04
SPEAKER_03: They get a username and password, and they get access to over 10 hours of content, over hundreds of documents.
32:10
SPEAKER_03: There, that's another resource they can get.
32:12
SPEAKER_03: I mean, there's there's plenty of different resources out there.
32:16
SPEAKER_03: But uh Tony Robbins once said, success leaves clues.
32:21
SPEAKER_03: Go figure out what someone else is doing great, model it, tweak it, and make it your own.
32:28
SPEAKER_02: What would you say is let's talk about the way you dress.
32:32
SPEAKER_02: Uh, because uh I think a lot of people think that to be a luxury agent you must wear suits.
32:37
SPEAKER_02: You must be dressed super fancy all the time, like you see on million-dollar listing or something.
32:43
SPEAKER_02: Is that accurate or is that st is that just a misconception?
32:48
SPEAKER_03: Misconception.
32:49
SPEAKER_03: I mean, some of the multimillionaires I know, you know, they wear t-shirts and jeans most of the time.
32:55
SPEAKER_03: Uh now that now now again, they're the owners of the home.
32:58
SPEAKER_03: I'll tell an agent, until you have a huge portfolio and a following, uh, yeah, you're gonna have to dress a little bit nicer, wear that suit and tie, and look the part.
33:08
SPEAKER_03: But when you have a book of business and you are tracting business, you get referrals.
33:12
SPEAKER_03: Uh, when the Chicago Bears traded for uh Khalil Mack, who and they signed him to the richest NFL contract for a defensive player in NFL history, that was Saturday, September 1st of 2018.
33:24
SPEAKER_03: That afternoon, evening, I got a call from his agent in Florida.
33:28
SPEAKER_03: They found me online.
33:30
SPEAKER_03: There's so much information out there.
33:32
SPEAKER_03: Okay, when you start attracting opportunities, you know, you know, I I wear a sport coat and a collared shirt.
33:38
SPEAKER_03: I don't wear a tie on those appointments, but I built my business there.
33:43
SPEAKER_03: Now, so those are some misconceptions.
33:46
SPEAKER_03: But again, until you have that book of business, you might have to fake it till you make it.
33:50
SPEAKER_03: I'd recommend agents listening to this podcast work luxury agents open houses, yeah, and and start working those buyers.
33:58
SPEAKER_03: Go to Broker Opens, you know, join the chamber, start a luxury networking group, digest and absorb great content through the luxury listing specialist podcast or other great resources out there for free.
34:14
SPEAKER_03: Invest in a coach, a mentor, a certification.
34:16
SPEAKER_03: Join a luxury team.
34:18
SPEAKER_03: These are all great ideas for agents to streamline and to cut in front of the line, so to speak, and take that that easy button.
34:28
SPEAKER_03: It's not going to be easy, but it's going to be easier.
34:32
SPEAKER_02: Michael, I know that you're you're running up on time.
34:35
SPEAKER_02: Uh, Michael told me beforehand he's got to run to a showing for a what a three and a half million dollar home?
34:40
SPEAKER_03: Yeah, 3.75 million.
34:42
SPEAKER_03: We have a second showing.
34:44
SPEAKER_03: Um, this home, uh, they kind I'm I'm the third agent.
34:48
SPEAKER_03: They contacted me.
34:49
SPEAKER_03: You know, I showed up the day of the photos, we gave him a laundry list of things to do.
34:54
SPEAKER_03: He didn't want to invest in the stager.
34:56
SPEAKER_03: Of course, he didn't do anything to even though we told him, we gave him the list.
35:00
SPEAKER_03: Oh, yeah, we'll do it, we'll do it.
35:01
SPEAKER_03: So Dust said it took us took me about three hours, me and a partner moving things around to make sure it was photographic and the way it should be.
35:11
SPEAKER_03: Because again, you have one time to make a first impression.
35:14
SPEAKER_03: So, yeah, I had a collared shirt on and I was sweating, but again, I'm willing to do the things my competition isn't.
35:21
SPEAKER_03: And that's what your listeners need to be doing if they want to be a rock star luxury agent for their given market.
35:27
SPEAKER_02: Before we jump into the rapid fire questions that we have for each guest, what are some of those things that you do when you get a listing?
35:34
SPEAKER_02: What are some of the things you do to sell the home?
35:36
SPEAKER_02: You mentioned staging.
35:37
SPEAKER_02: What are some of the other things that you do that that help separate you?
35:40
SPEAKER_03: Well, there's three reasons why a home, let alone a luxury home, won't sell.
35:46
SPEAKER_03: Number one, price.
35:47
SPEAKER_03: Number two, the exposure or the marketing.
35:50
SPEAKER_03: And number three is the positioning of the home.
35:53
SPEAKER_03: The positioning of the home is key, it's vital.
35:56
SPEAKER_03: You don't hit that launch button.
35:58
SPEAKER_03: I call it a property launch, like Steve Jobs said, the product launch.
36:02
SPEAKER_03: You know, I I won't hit live on the multiple listing servers or send my photographer over there until we've done the things that it takes to get the home sold.
36:13
SPEAKER_03: You got a first one time to make a first impression.
36:16
SPEAKER_03: So you as an agent have to do a good job articulating to the seller why they need to do X, why they need to do this.
36:23
SPEAKER_03: I was just on a listing appointment this morning for a home.
36:27
SPEAKER_03: It was an entry-level home in my market,$475,000.
36:32
SPEAKER_03: And it was an elderly client.
36:34
SPEAKER_03: He had orange kitchen uh painted, his uh walls were orange, and his dining room was like a dark brown.
36:40
SPEAKER_03: I I didn't tell him what he wanted to hear.
36:43
SPEAKER_03: I built rapport, I built rapport, built rapport.
36:46
SPEAKER_03: You know, Theodore Roosevelt once said, nobody cares how much you know until they know you care.
36:50
SPEAKER_03: So a good 45 minutes to an hour into the appointment, I asked him, hey, are you open to some suggestions that will increase your buyer pool, that will increase your likelihood to get your your sale price that you desire?
37:03
SPEAKER_03: And he said, Absolutely.
37:05
SPEAKER_03: And so articulating to an owner in a way that they're not threatened, they're not offended, but they trust you.
37:15
SPEAKER_03: And if you tell them to jump, they'd say how high.
37:18
SPEAKER_03: They give you the keys to the house, so to speak, and say, what do I need to do to get the home sold?
37:23
SPEAKER_03: That is huge, and most agents are terrible at it, unfortunately.
37:29
SPEAKER_02: Uh, you're right, and not just in the luxury market, but all across the board, 100%.
37:33
SPEAKER_02: That's why you know 80% of the 80% of the business is done by 20% of the agents, or it might even be a smaller percentage than that.
37:41
SPEAKER_02: I don't know, but uh that's the way it is.
37:44
SPEAKER_02: It's human nature, it's not just our business, but uh by doing the things Michael's talking about, you can absolutely be one of those doing, you know, selling the majority of the business out there, selling the majority of the homes.
37:56
SPEAKER_02: Excuse me.
37:57
SPEAKER_02: So, real quick, uh, so you can head to your head to your showing and get get an offer written and all that good stuff.
38:02
SPEAKER_02: Uh, we for every guest we have on, we have some rapid fire questions just to help us get to know you a little bit better, just either or, and then uh we'll wrap it up with uh letting letting everyone know where they can find you and follow you and learn more from you.
38:15
SPEAKER_02: So, Michael, Facebook or Instagram?
38:18
SPEAKER_03: I'm more of a Facebook guy.
38:20
SPEAKER_03: There's great information out there.
38:22
SPEAKER_03: We have a free uh group out there.
38:25
SPEAKER_03: It's um on Facebook, it's just luxury listing specialist.
38:29
SPEAKER_03: If you look it up, we post great content there.
38:32
SPEAKER_03: Um and uh so check it out.
38:35
SPEAKER_03: So I'm more of a Facebook guy, although we do have Instagram, but check out Luxury Listing Specialist on Facebook.
38:42
SPEAKER_02: There's an awesome free resource for anyone wanting to you know get up to speed on the luxury world and what you need to know and learn from some other top producers.
38:49
SPEAKER_02: That's cool.
38:50
SPEAKER_02: Uh uh Instagram or Snapchat?
38:54
SPEAKER_03: Instagram.
38:55
SPEAKER_03: Um I don't have a Snapchat account, and I'm not proud of that, but I tell real estate agents you really need to have three, maybe four social media platforms that you really are dialed in, you're comfortable with.
39:07
SPEAKER_00: Yes.
39:07
SPEAKER_03: Um, even if you're not a LinkedIn guy, but you're going after high net worth individuals, CEOs, that kind of stuff, they probably are LinkedIn guys.
39:15
SPEAKER_03: So you should have a LinkedIn profile that's optimized, it's updated, your photos are consistent throughout your social media platforms.
39:22
SPEAKER_03: People are gonna Google you, they're gonna do their due diligence.
39:26
SPEAKER_03: So I don't have a snapshot, so I'm gonna say Instagram.
39:30
SPEAKER_03: Cool.
39:31
SPEAKER_03: Book or podcast?
39:33
SPEAKER_03: Book or podcast as far as whatever that means to you.
39:38
SPEAKER_02: Are you preferring books or podcasts?
39:40
SPEAKER_03: Uh so I am a reader, I'm not a podcast listener, although I'm a podcast producer.
39:45
SPEAKER_03: So so I'm gonna say book, but if there's an agent out there looking to position themselves as a leading authority, I tell people the fastest way to become an expert is public is authorship and public speaking.
39:59
SPEAKER_03: So if you're an agent listening and you speak at your women's council realtor or the chamber, or you give a real estate update somewhere in your community, you know, make sure you leverage it and get it on video.
40:12
SPEAKER_03: Love it.
40:13
SPEAKER_03: iPhone or Android?
40:15
SPEAKER_03: I'm an Android guy.
40:16
SPEAKER_03: Uh so yep, I'm a I'm a Samsung Galaxy Note guy.
40:20
SPEAKER_03: Oh, jeez.
40:21
SPEAKER_02: Um you're doing so well, Michael, and then you went off the rails.
40:26
SPEAKER_02: I didn't say Blackberry.
40:28
SPEAKER_02: That's right.
40:29
SPEAKER_02: That's right.
40:30
SPEAKER_02: Unlike our uh former president with this freaking BlackBerry.
40:33
SPEAKER_02: Um Alexa or Google Home?
40:36
SPEAKER_03: Uh we have Alexa at our house.
40:39
SPEAKER_02: And I forgot to turn mine off, as usual.
40:41
SPEAKER_02: Oh, yeah, it's talking here.
40:42
SPEAKER_02: I see her.
40:43
SPEAKER_02: Yeah, always listening, always listening.
40:46
SPEAKER_03: Burgers or pizza?
40:49
SPEAKER_03: I'm Italian, so I do like my Italian food, but I am more of a burger guy.
40:53
SPEAKER_03: Nice, nice.
40:54
SPEAKER_03: I'm with you on that.
40:55
SPEAKER_03: New York or LA?
40:59
SPEAKER_03: That's a great question.
41:00
SPEAKER_03: Um I would say LA just because of the luxury market, but uh, I do like New York, but LA.
41:08
SPEAKER_02: Okay, I'm gonna get a little bit more specific then for you, Mr.
41:12
SPEAKER_02: Luxury Real Estate.
41:13
SPEAKER_02: Beverly Hills or Manhattan?
41:19
SPEAKER_03: Um Beverly Hills is more my style.
41:22
SPEAKER_03: I got a lot of luxury real estate friends out there, so I'm gonna say Beverly Hills.
41:26
SPEAKER_03: Cool.
41:27
SPEAKER_03: White Sox or Cubs?
41:29
SPEAKER_03: Oh, Cubs all day.
41:32
SPEAKER_02: See, I don't I I don't know.
41:34
SPEAKER_02: I I haven't been to Chicago.
41:35
SPEAKER_02: I it seems like no one likes the White Sox, so why the hell do they even have the team?
41:40
SPEAKER_02: Who who likes the White Sox?
41:41
SPEAKER_03: No, you know what?
41:42
SPEAKER_03: They won the uh World Series in 2005, and I was very excited uh for them.
41:47
SPEAKER_03: So I'm a Cubs guy, but I'm a Chicago fan, so I do root for them, just not against the Cubs.
41:53
SPEAKER_02: Okay.
41:54
SPEAKER_02: I'm being serious though, like who who does like the White Sox?
41:57
SPEAKER_03: It's actually a good contingency.
41:59
SPEAKER_03: Even though they don't ever sell out their home games, it seems like, but they they do have a decent fan base, but I'd say they have a third um amount of fans versus two-thirds the Cubs fans.
42:12
SPEAKER_02: Okay.
42:13
SPEAKER_02: That's kind of what it seems like from the outside looking in.
42:16
SPEAKER_02: Baseball or basketball?
42:19
SPEAKER_03: I'm gonna say basketball.
42:20
SPEAKER_03: I like playing basketball more too, and I like the NBA finals, but uh I do watch it the playoffs.
42:26
SPEAKER_03: My Cubs finally won the World Series a couple years ago.
42:29
SPEAKER_03: That was pretty cool.
42:30
SPEAKER_03: That was cool.
42:31
SPEAKER_02: Even me, the not baseball fan, watched that.
42:35
SPEAKER_02: That was a hundred and eight years, right?
42:36
SPEAKER_02: I think anybody was pulling for the underdog.
42:39
SPEAKER_02: Oh, hell yeah.
42:40
SPEAKER_02: That was that was awesome.
42:41
SPEAKER_02: Mountains or beach?
42:44
SPEAKER_02: Beach.
42:46
SPEAKER_02: Are we in a real estate bubble or not in a real estate bubble?
42:51
SPEAKER_03: Well, um, I I'm gonna say we're in a bubble.
42:54
SPEAKER_03: See, if the Chicagoland market is an anomaly, we've been a buyer's market for a decade, right?
42:59
SPEAKER_03: There's three to four years of inventory in most suburbs for million-dollar plus properties.
43:04
SPEAKER_03: So we're but overall as a country, I'm gonna say we're gonna be in a bubble, and all indications and everyone I'm talking to says 2020 is gonna be like a recession.
43:14
SPEAKER_03: It's gonna be a slower real estate year.
43:17
SPEAKER_03: Interesting.
43:18
SPEAKER_03: Cool.
43:19
SPEAKER_03: Podcasting or vlogging?
43:22
SPEAKER_03: Uh I'm gonna say vlogging.
43:24
SPEAKER_03: Video is here to stay.
43:25
SPEAKER_03: It's not a fad.
43:26
SPEAKER_03: Um, we have a we have a video blog, a vlog, if you will.
43:30
SPEAKER_03: Go to Lux Redefined, that's L-U-X-E-Redefined.com where we release educational videos for real estate agents.
43:38
SPEAKER_03: Uh about one every other week, uh, but there's some great content out there.
43:42
SPEAKER_03: So vlogging.
43:43
SPEAKER_03: Awesome.
43:44
SPEAKER_03: YouTube or Facebook Live?
43:49
SPEAKER_03: Both, but I would say YouTube.
43:52
SPEAKER_03: Because they're evergreens, they're there.
43:55
SPEAKER_03: We're on Facebook Live, as you know.
43:57
SPEAKER_03: Uh you can't leverage them as much.
43:59
SPEAKER_03: Correct.
44:00
SPEAKER_03: Great point.
44:00
SPEAKER_03: Great point.
44:01
SPEAKER_03: Uber or Lyft?
44:03
SPEAKER_03: I'm an Uber guy.
44:05
SPEAKER_03: And Gary V or Grant Cardone.
44:08
SPEAKER_03: I don't know much about either, to be honest with you.
44:11
SPEAKER_03: When I say that, I don't follow either.
44:13
SPEAKER_03: Okay.
44:13
SPEAKER_03: I know both, if you will.
44:15
SPEAKER_03: Sure.
44:16
SPEAKER_03: I I I do have uh Cardone's 10X book, so I'm gonna say Cardone.
44:20
SPEAKER_03: Okay.
44:21
SPEAKER_03: And that's a great book.
44:22
SPEAKER_02: I'm very outspoken that I'm not a Grant Cardone fan, but his books are fantastic.
44:28
SPEAKER_02: I just don't like hearing his voice is ultimately ultimately my issue with him.
44:33
SPEAKER_02: All right, so real quick to wrap it up, uh give us uh one app recommendation that you cannot live without, and then where can where can the listeners find you and uh consume more of your content?
44:45
SPEAKER_03: Yeah, so uh great question.
44:48
SPEAKER_03: So um one app I can't live without yes.
44:53
SPEAKER_03: Um that's a great uh great question.
44:58
SPEAKER_03: So I uh you know I I am I do like inmin news from the standpoint, there's just a lot of different controversial stuff out there.
45:06
SPEAKER_03: So um I guess I'll say um I guess I'll say inmin news, but um uh you know where can they find me?
45:16
SPEAKER_03: You know, you you can A send me an email at any questions you guys have, Michael at MarketingLuxury Group.com, Michael at Marketing Luxury Group.
45:23
SPEAKER_03: As I mentioned, we have some great free content out there.
45:26
SPEAKER_03: I gave you Lux Redefined, which is my blog.
45:29
SPEAKER_03: I gave you our podcast, uh, it's on iTunes, Luxury Listing Specialist.
45:34
SPEAKER_03: And if they want more information, like hey, they're dead serious, they want to increase their average sale price, work smarter, not harder, uh, they can invest in our certification.
45:43
SPEAKER_03: We have so many case studies.
45:45
SPEAKER_03: I have one agent out of Dallas within 60 days of my course, she went on a$5.1 million canceled and expired listing appointment.
45:53
SPEAKER_03: She told me before my course she would not have even gone on a million dollar listing appointment because of fear, limiting beliefs.
46:00
SPEAKER_03: What if they asked me this?
46:01
SPEAKER_03: What if, what if, what if?
46:03
SPEAKER_03: And so I encourage agents if they want to step outside their comfort zone, if they want to differentiate themselves, they should check out luxury listingspecials.com.
46:12
SPEAKER_02: I love it.
46:13
SPEAKER_02: Michael, thank you so much, man.
46:14
SPEAKER_02: Good luck on your showing today at your$3.75 million listing.
46:19
SPEAKER_02: Appreciate you being on the Massive Agent Podcast.
46:21
SPEAKER_02: Guys, go follow Michael Lafito.
46:23
SPEAKER_02: And if you're going to be at Inman Connect in Vegas here in a what a couple weeks, a week or so, uh, he'll be there.
46:29
SPEAKER_02: I'll be there.
46:30
SPEAKER_02: And so uh would love to meet you guys in person.
46:32
SPEAKER_02: Thank you guys so much.
46:33
SPEAKER_02: Michael, thanks again.
46:34
SPEAKER_02: You're welcome.
46:34
SPEAKER_02: Thanks, Dustin.
46:36
SPEAKER_02: You bet.
46:36
SPEAKER_02: I hope that that interview and that information from Michael really like switched some things in your mind because it really is like whether you can be a luxury agent or not is literally up to you.
46:50
SPEAKER_02: Like, if if we decide that we are going to sell luxury homes, we can do it.
46:55
SPEAKER_02: There's no difference between Michael and me.
46:58
SPEAKER_02: There's no difference between Michael and you.
47:00
SPEAKER_02: There's no difference between luxury agent A in your market and you.
47:04
SPEAKER_02: They just made they made the decision that, hey, I'm gonna do this, and they started doing certain things that Michael talked about, and they started getting luxury listings.
47:12
SPEAKER_02: So if you do those things, you could also do that.
47:16
SPEAKER_02: So I hope this was helpful.
47:17
SPEAKER_02: Michael, thank you so much for being on the podcast.
47:20
SPEAKER_02: Uh super helpful stuff, great topic as always, and we appreciate it.
47:24
SPEAKER_02: All right, guys, um, if you're doing any kind of lead generation, uh, what happens when a lead comes in at 3 a.m.?
47:31
SPEAKER_02: What happens if you are you know having dinner with the family and a lead comes in?
47:36
SPEAKER_02: Well, it's it's well known now, we talk about it till we're blue in the face, that if you don't respond within five minutes, maximum.
47:43
SPEAKER_02: Like ideally you need to be responding within the first minute or two, but if you don't respond to your leads within five minutes max, they may as well not even exist.
47:52
SPEAKER_02: The stats show that after five minutes, if you're if you haven't responded, they're gone.
47:56
SPEAKER_02: Like, it's a huge drop-off in the response rate if it's if it's uh after five minutes.
48:02
SPEAKER_02: So what's the solution?
48:03
SPEAKER_02: You can hire an inside sales agent, you could you know, but they're a human being.
48:06
SPEAKER_02: They have to sleep, they have to eat, they have family, and they're not gonna be available 24-7, 365.
48:12
SPEAKER_02: They're gonna take Christmas morning off, you know, as they should.
48:15
SPEAKER_02: So what's the solution then?
48:16
SPEAKER_02: Do you just put them on a drip campaign and and just blast, you know, canned videos and canned texts to everybody?
48:23
SPEAKER_02: Well, that's that's better than not responding, but the best possible solution is to hire someone who all they do is respond to leads all day long for agents and loan officers now all around the country.
48:37
SPEAKER_02: And and they're in Canada as well.
48:39
SPEAKER_02: So that's all they do.
48:41
SPEAKER_02: They are the best at responding to leads.
48:43
SPEAKER_02: They are available 24-7, 365, and they're in San Diego.
48:47
SPEAKER_02: The company is called Agentology.
48:49
SPEAKER_02: I absolutely swear by Agentology, I've been with them for almost two years.
48:54
SPEAKER_02: Every single lead that that I have coming in, whether it's organic through my website or through a Facebook ad or a Google ad or something, I have Agentology respond to.
49:02
SPEAKER_02: I have Agentology respond to 100% of my leads because they drastically increase the response I get, which means more clients, more closings, more money.
49:14
SPEAKER_02: And it's a little bit, it can be a little bit of an investment.
49:16
SPEAKER_02: It ends up being like$6 a lead,$5 or$6 a lead, but it's so worth it.
49:21
SPEAKER_02: So guys, Agentology is giving$50 off the first month.
49:25
SPEAKER_02: If you if you want to try them out, if you're running any any kind of if you have leads coming in from any source at all, uh you've got to give Agentology a shot.
49:34
SPEAKER_02: They are absolute pros.
49:36
SPEAKER_02: Um I I just cannot speak highly enough of them.
49:39
SPEAKER_02: So age Massive Agent Podcast.com slash agentology, use that special link and they will give you fifty dollars off your first month.
49:46
SPEAKER_02: That's MassiveAgent Podcast.com slash agentology and uh give them a shot.
49:52
SPEAKER_02: Get get that, make sure you use the link, get the discount, get the fifty dollars off, and uh, you know, I highly recommend you give them a shot for at least a few months.
50:01
SPEAKER_02: One month is usually not enough to get a handle on it unless you have a bunch of leads coming in, but give them a chance, I'm telling you, by having someone respond pretty much instantly, 247, 365 to every single one of your leads, do you think you're going to close more deals?
50:17
SPEAKER_02: Do you think you're gonna convert more of those leads?
50:19
SPEAKER_02: Absolutely.
50:20
SPEAKER_02: Especially with the data that they spit out and give back to you showing where the majority of your better leads are coming from, then you can make adjustments that saves you even more money.
50:29
SPEAKER_02: So MassiveAgentPodcast.com slash agentology.
50:33
SPEAKER_02: They are the best in the business, I swear by them.
50:36
SPEAKER_02: Guys, uh, we are just about at episode 365 of the Massive Agent Minute Alexa flash briefing, which is so cool.
50:44
SPEAKER_02: We've been doing it for about a year, uh, every single day, seven days a week.
50:48
SPEAKER_02: So if you are using Alexa, they we have these things called flash briefings.
50:52
SPEAKER_02: They're like little mini podcasts, little uh news flashes or news updates every single day.
50:57
SPEAKER_02: Um I do one every day, not everyone does, but uh my show is called the Massive Agent Minute.
51:02
SPEAKER_02: It's a supplement or an extension of this podcast.
51:05
SPEAKER_02: So if you like this show, if you if you listen to this show, if you're listening to Industry Connected and you want more, but you want it in smaller doses, go enable on your Alexa device or your Alexa app, or even on Amazon's app.
51:19
SPEAKER_02: Okay, you can just go to the Amazon app, type in Massive Agent Minute, boom, find it, and then you can um play your flash briefings through the Alexa app if you don't, sorry, the Alexa or Amazon app if you don't have a device.
51:31
SPEAKER_02: Um but just say Alexa enable the Massive Agent Minute, enable it, and then every day just say Alexa, play my flash briefings, and our show, along with any other flash briefings you have enabled, will play.
51:43
SPEAKER_02: And there you go.
51:44
SPEAKER_02: We'd appreciate it.
51:45
SPEAKER_02: If you have been listening and if you've received any value, please leave us a review or a rating on the Alexa platform.
51:51
SPEAKER_02: And if you will like the show, if you've had any value from the show, please leave us a review or a rating.
51:56
SPEAKER_02: You have no idea how much it helps.
51:58
SPEAKER_02: It's a signal to the podcast platforms that this show is in demand and it helps us to grow our audience.
52:05
SPEAKER_02: By growing our audience, we can attract bigger and better guests over time.
52:09
SPEAKER_02: This is how we're gonna get Gary V on the show eventually.
52:11
SPEAKER_02: This is how we're gonna get Tom Ferry on the show.
52:13
SPEAKER_02: This is how we're gonna get Gary Keller on the show.
52:16
SPEAKER_02: This is how we're gonna get Glenn Sanford on the show, is by growing a bigger audience.
52:20
SPEAKER_02: So by just doing something as simple as giving us a review or a rating on iTunes specifically, it helps us out tremendously.
52:27
SPEAKER_02: And then share it with a colleague.
52:29
SPEAKER_02: If you like this show, share it with someone in your office.
52:32
SPEAKER_02: Share it with a colleague, uh uh, you know, another realtor or loan officer Facebook friend.
52:37
SPEAKER_02: Share it with them.
52:38
SPEAKER_02: Just share MassiveAgentPodcast.com or send a link to whatever particular episode you've been listening.
52:44
SPEAKER_02: I we cannot thank you enough for helping us to do that as a free podcast.
52:48
SPEAKER_02: You know, I feel like it's it's an equitable trade.
52:51
SPEAKER_02: You know, we give you weekly or daily with our flash briefing, we give you free weekly content.
52:57
SPEAKER_02: And if you're listening weekly, uh you must like it.
53:00
SPEAKER_02: You must get something from it.
53:01
SPEAKER_02: So I think it's fair to ask that you help to shit to spread the word.
53:06
SPEAKER_02: Um not a bad deal.
53:08
SPEAKER_02: Not a bad deal.
53:09
SPEAKER_02: All right, lastly, we just barely launched the Massive Agent Gear Store.
53:13
SPEAKER_02: So if you want a Massive Agent T-shirt, Massive Agent Podcast coffee mug, a massive agent iPhone case, a hoodie, a freaking sticker, whatever.
53:23
SPEAKER_02: We even have Massive Agent Podcast socks.
53:25
SPEAKER_02: So uh here's what's really cool.
53:28
SPEAKER_02: We have Massive Agent in Training onesies and clothes for kids.
53:31
SPEAKER_02: So you can get a pink one, a blue one, a white one, whatever for your kids.
53:35
SPEAKER_02: It says Massive Agent in Training.
53:37
SPEAKER_02: Go check out what we have over at Massive Agent Podcast.com slash store, Massive Agent Podcast dot com slash store, and we we you know we make a few dollars off of every purchase.
53:48
SPEAKER_02: It literally like a few dollars.
53:50
SPEAKER_02: It's not this big cash cow.
53:52
SPEAKER_02: Um, but every dollar that we do get, every every purchase you make um helps us out with us being able to reinvest it back into the show.
54:01
SPEAKER_02: We're gonna be doing a contest soon.
54:03
SPEAKER_02: So if you guys pick up a t-shirt or any kind of massive agent gear whatsoever, make sure, and I I haven't figured out the exact prize, but it's probably gonna be something along the lines of like a year's free membership to the Massive Agent Society.
54:17
SPEAKER_02: Hmm, not bad.
54:19
SPEAKER_02: Uh, you know, that's that's a$2,000 value right there.
54:23
SPEAKER_02: So uh, you know what?
54:25
SPEAKER_02: I I said it.
54:25
SPEAKER_02: Since I put it out there, there that's gonna be the prize.
54:28
SPEAKER_02: I don't know the exact uh deadline.
54:30
SPEAKER_02: I haven't put together any of the stuff yet for the contest, but if you do pick up a shirt or a sticker or a uh whatever it is from our gear store at massive agentpodcast.com/slash store, then make sure you take a picture of it, tag us on Instagram or Facebook, but Instagram stories is easier.
54:50
SPEAKER_02: Take a photo, tag Massive Agent on it so that we see it, and we will enter you in the contest.
54:56
SPEAKER_02: So the contest probably won't end for a couple weeks once I define what the contest is, but if you do it now, we're still gonna enter you.
55:03
SPEAKER_02: I have, I'll make a running list of everyone who's entered, and every single piece that you do purchase, let's say you get two different t-shirts and a pair of socks, Massive Agent Podcast socks, which are frickin' awesome.
55:14
SPEAKER_02: Um, that's three different entries.
55:16
SPEAKER_02: Make sure you take a photo of each one, tag us, and you'll be entered for each item.
55:21
SPEAKER_02: Cool guys, thank you so much.
55:23
SPEAKER_02: Hope you had a hope this was a valuable episode.
55:26
SPEAKER_02: I hope this helps you adjust your mindset a little bit to how you can start selling luxury homes.
55:31
SPEAKER_02: You don't have to be a superhuman.
55:33
SPEAKER_02: You don't have to be special to sell luxury real estate.
55:37
SPEAKER_02: You just have to switch your mindset and start doing some different activities.
55:41
SPEAKER_02: You have to put the intention out there and then go for it and act as if.
55:46
SPEAKER_02: Act as if, become the luxury agent.
55:49
SPEAKER_02: And guess what?
55:50
SPEAKER_02: You will, because what you focus on expands.
55:53
SPEAKER_02: That is, that is a universal truth just like gravity.
55:56
SPEAKER_02: What you focus on expands, focus on attracting million dollar listings.
56:01
SPEAKER_02: Enjoy it, guys, have fun with have fun with it.
56:04
SPEAKER_02: Um, I will see you next week for another episode, episode eighty-two of the Massive Agent Podcast.
56:09
SPEAKER_02: Have a great weekend.
56:10
SPEAKER_02: See ya.