Latest / Massive Agent Podcast / What NOT to Post About When Interest Rates Drop

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What NOT to Post About When Interest Rates Drop · Massive Agent Podcast

• 0:00
  SPEAKER_01: This has been a crazy week in the financial markets.
• 0:03
  SPEAKER_01: Interest rates dropped dramatically.
• 0:05
  SPEAKER_01: The stock market dropped dramatically.
• 0:07
  SPEAKER_01: But what should you, as a real estate agent, be posting about right now during all of this?
• 0:12
  SPEAKER_01: Let's talk about it right now.
• 0:14
  SPEAKER_00: The massive agent podcast.
• 0:16
  SPEAKER_00: We lead generation tips and strategies to give you more leads and sell more homes.
• 0:22
  SPEAKER_01: I love to buy houses.
• 0:23
  SPEAKER_01: I like to sell houses.
• 0:24
  SPEAKER_00: It takes brand balls to sell it.
• 0:27
  SPEAKER_00: Wait a minute.
• 0:28
  SPEAKER_00: Leads a week.
• 0:31
  SPEAKER_00: I've had better.
• 0:32
  SPEAKER_00: Oh am I got your attention now?
• 0:36
  SPEAKER_00: Here's your host, Dustin Brohm.
• 0:40
  SPEAKER_01: What is up, guys?
• 0:41
  SPEAKER_01: Welcome to episode 346 of the Massive Agent Podcast.
• 0:44
  SPEAKER_01: I am your host, Dustin Brohm, here in Salt Lake City, Utah.
• 0:47
  SPEAKER_01: And this week has been crazy.
• 0:50
  SPEAKER_01: So Monday we saw a stock market open and just drop, you know, a what, a thousand something points.
• 0:55
  SPEAKER_01: Even the NASDAQ had it, the NASDAQ, which is heavily tech focused, uh, had never been down that much ever before, right?
• 1:05
  SPEAKER_01: Even intraday, it had never seen that kind of a drop before.
• 1:08
  SPEAKER_01: So the week started off crazy.
• 1:10
  SPEAKER_01: Tuesday, the markets rebounded quite a bit.
• 1:12
  SPEAKER_01: But uh as a result of this, mortgage rates dropped through the floor.
• 1:16
  SPEAKER_01: I saw that the 30-year fix went down to like 6.3% or something, and then um crept up on Tuesday when I'm recording this, crept back up to 6.5 or something.
• 1:25
  SPEAKER_01: So we are seeing some improvement in the rates.
• 1:28
  SPEAKER_01: Here's what I want to talk to you about today.
• 1:30
  SPEAKER_01: Uh, there's I see a lot of agents that you you jump all over and celebrate and start creating a bunch of content around short-term little wins.
• 1:39
  SPEAKER_01: Look, I get it.
• 1:40
  SPEAKER_01: Rates are coming down, you're excited about it because your clients should be excited about it.
• 1:45
  SPEAKER_01: I mean, uh, wouldn't you rather have a 6.4% rate versus a 7.1?
• 1:50
  SPEAKER_01: Uh yes, of course.
• 1:51
  SPEAKER_01: And you want to educate them.
• 1:52
  SPEAKER_01: I get it.
• 1:53
  SPEAKER_01: However, I'm seeing a lot of agents do this in kind of a um you're being kind of a dick about it, right?
• 2:01
  SPEAKER_01: I don't know how else to say this.
• 2:03
  SPEAKER_01: You're being kind of a dick about it.
• 2:05
  SPEAKER_01: When on days like, and here's what I mean.
• 2:08
  SPEAKER_01: Let me let me even back up.
• 2:10
  SPEAKER_01: You're celebrating so much that rates are going down, and then your message is you gotta buy a house today.
• 2:15
  SPEAKER_01: Like it's time to jump into the market now.
• 2:17
  SPEAKER_01: It's time to get qualified for mortgage today, it's time to jump in today, take action, take action.
• 2:23
  SPEAKER_01: And the way that it comes across in a lot of your content, right?
• 2:27
  SPEAKER_01: Not all of yours, but a lot of you are creating content that just sounds very um advantageous and self-serving.
• 2:34
  SPEAKER_01: Like, hey, interest rates went down, so now it's time to hire me.
• 2:37
  SPEAKER_01: Rates dropped today, one day only.
• 2:40
  SPEAKER_01: So hire me now.
• 2:41
  SPEAKER_01: Time to hire me.
• 2:43
  SPEAKER_01: And if that's what consumers are getting out of your content, it's not going to do well.
• 2:48
  SPEAKER_01: Not to mention, if you're celebrating a short-term little drop, uh, your video may not even be shown on Instagram to the viewer for another four, five, six, you know, six days or two weeks or three weeks.
• 3:01
  SPEAKER_01: I mean, content is evergreen, not all content.
• 3:05
  SPEAKER_01: The algorithms are now showing content days, maybe even weeks later.
• 3:09
  SPEAKER_01: And so if you're creating a bunch of content and doing a bunch of posts about short-term little blips, whether they're up or down, rather than zooming out and talking about the trends and what's causing the dips, what's causing the rates to go down, what it means potentially, what they should be prepared for if rates go back up, right?
• 3:27
  SPEAKER_01: You've got to give more context and not these celebrate these little short-term wins.
• 3:31
  SPEAKER_01: In your stories and stuff, that's look, that's fine.
• 3:34
  SPEAKER_01: It's like, hey, today was a great day, rates went down, we're moving in the right direction.
• 3:38
  SPEAKER_01: But then just stop short of, so you need to hire me now, right?
• 3:43
  SPEAKER_01: The problem is this week, especially, when Monday the markets opened and stocks just dropped through the floor.
• 3:51
  SPEAKER_01: There's agents out there celebrating this, like, hey, rates are rates went down, but the people that are seeing them, they may have just lost 150,000 bucks in their portfolio that day.
• 4:00
  SPEAKER_01: They may have just lost six figures in their retirement account, in the in the account that they were going to take their down payment from.
• 4:09
  SPEAKER_01: So be a little bit more empathetic, if you will.
• 4:14
  SPEAKER_01: And I'm not saying you just make sure that you add more context and the tone of how you say things matters so much.
• 4:24
  SPEAKER_01: That's really the thing.
• 4:25
  SPEAKER_01: The tone that I've seen so many of you have in your content this week when rates were going down is giddy, right?
• 4:34
  SPEAKER_01: You're all excited and it's giddy because it's like, oh yes, like people are gonna hire me again.
• 4:39
  SPEAKER_01: When I get that impression from watching your shit, imagine how a consumer feels, right?
• 4:46
  SPEAKER_01: I someone who doesn't know you that's seeing your video for the first time, or maybe one of your non-real estate industry followers, right?
• 4:54
  SPEAKER_01: The people who you actually want to hire you, they're just going off their gut reaction.
• 5:00
  SPEAKER_01: And so the tone of how you say things matters so much.
• 5:03
  SPEAKER_01: In tumultuous, crazy times like this, where the stock market drops, rates are going through the floor, there's the potential for wars and major conflicts in the Middle East, there's um all this crap happening in Britain, that there's there's the election here in the in the states, it's just a bonkers time to be alive, right?
• 5:25
  SPEAKER_01: So when you create content, it's not in a vacuum.
• 5:27
  SPEAKER_01: There's all this other shit that's weighing on people.
• 5:31
  SPEAKER_01: So be a little bit empathetic to that.
• 5:32
  SPEAKER_01: And here's what consumers really want.
• 5:34
  SPEAKER_01: They don't, they're not the the people that you want to hire you, like the best clients out there, they're not gonna be swayed by or influenced by one witty little video you did where you're like, hey, rates dropped, you know, today.
• 5:48
  SPEAKER_01: It's time to buy a house.
• 5:49
  SPEAKER_01: There's never been a better time.
• 5:50
  SPEAKER_01: But they're not gonna be swayed by that.
• 5:52
  SPEAKER_01: What they want, what consumers in general are craving from real estate agents online, is for you to be a voice of reason, for you to be a lighthouse in the storm, when there's all this shit going crazy around them, when it feels like the world's burning down around them, they need someone to you know provide some positivity, some stability, right?
• 6:12
  SPEAKER_01: Some context about, hey, here's what this means.
• 6:15
  SPEAKER_01: I know this just happened, but here's what it could lead to.
• 6:18
  SPEAKER_01: You know, here's the overall trend.
• 6:20
  SPEAKER_01: You know, maybe don't worry about this particular thing because the trend says otherwise.
• 6:24
  SPEAKER_01: And if you just give more context and become that voice of reason, they're gonna see you as an advisor.
• 6:31
  SPEAKER_01: Agents should be striving to be seen as an advisor.
• 6:35
  SPEAKER_01: You should be advising and educating because people trust advisors.
• 6:39
  SPEAKER_01: They trust educators, they don't trust salespeople.
• 6:42
  SPEAKER_01: I don't know, I don't know anyone that just trusts a salesperson, right?
• 6:46
  SPEAKER_01: People want a real estate advisor.
• 6:49
  SPEAKER_01: So show them that you can advise them by giving them more context, giving them details, zooming out a little bit rather than, hey, rates dropped today for the fourth time in a row.
• 7:00
  SPEAKER_01: So ready to jump out there and buy yet?
• 7:02
  SPEAKER_01: You're ready to go yet?
• 7:03
  SPEAKER_01: And then the next, literally the next day, rates jump another, you know, 200, no, not 200 basis points, 20 basis points.
• 7:11
  SPEAKER_01: It's just not a good look when you're way too focused on the short term.
• 7:16
  SPEAKER_01: Celebrate them lightly in your stories.
• 7:19
  SPEAKER_01: Absolutely.
• 7:20
  SPEAKER_01: Let people know hey, this happened.
• 7:22
  SPEAKER_01: This is good.
• 7:22
  SPEAKER_01: If this continues, we're headed in the right direction.
• 7:25
  SPEAKER_01: But you know that there's other shit happening.
• 7:28
  SPEAKER_01: There's there's the Fed potentially cutting rates soon, right?
• 7:32
  SPEAKER_01: Because of the um the weakening of the job market, right?
• 7:36
  SPEAKER_01: The the jobs numbers.
• 7:38
  SPEAKER_01: Um in other words, unemployment has been creeping up.
• 7:42
  SPEAKER_01: Uh, we're seeing this weakness in the stock market.
• 7:44
  SPEAKER_01: There's all this uncertainty around the election.
• 7:46
  SPEAKER_01: It looks like there's a lot of experts who believe the Fed, the Federal Reserve, will be potentially cutting interest rates soon.
• 7:54
  SPEAKER_01: So if the Fed starts to actually cut rates, that is good for mortgage rates, of course.
• 7:59
  SPEAKER_01: And a reminder, uh, the Fed funds rate is not the same thing as the mortgage rate.
• 8:04
  SPEAKER_01: The mortgage rate will take the lead of the Fed funds rate eventually.
• 8:08
  SPEAKER_01: But just because the Fed drops rates does not mean mortgage rates drop by the same amount.
• 8:12
  SPEAKER_01: That they're uh they're related, but they're not directly tied.
• 8:16
  SPEAKER_01: So, I mean, that's something you need to understand yourself if you're going to be educating consumers on this too.
• 8:22
  SPEAKER_01: So as you're as you're sitting there, you have your phone, you have your camera, and you're like, all right, I'm excited, things are moving in the right direction.
• 8:31
  SPEAKER_01: Make sure you give context, right?
• 8:33
  SPEAKER_01: Teach people that, hey, this is rates are moving in the right direction.
• 8:38
  SPEAKER_01: It looks like they're expecting the Fed to cut rates.
• 8:41
  SPEAKER_01: And if that happens, here's what that could mean to interest rates for you know mortgage rates.
• 8:45
  SPEAKER_01: Um, you know, teach them, look for this.
• 8:48
  SPEAKER_01: Look for this signal.
• 8:49
  SPEAKER_01: If this happens, it will be a positive thing.
• 8:51
  SPEAKER_01: If this doesn't happen, it'll be a negative thing.
• 8:53
  SPEAKER_01: And here's what negative actually means.
• 8:55
  SPEAKER_01: That means that rates will go up, or you know, this, that.
• 8:58
  SPEAKER_01: And also educate them on home prices.
• 9:00
  SPEAKER_01: What's happening in your area?
• 9:02
  SPEAKER_01: Are prices going down?
• 9:04
  SPEAKER_01: Are they staying the same?
• 9:05
  SPEAKER_01: Is demand going up?
• 9:06
  SPEAKER_01: Is it going down?
• 9:07
  SPEAKER_01: It's it just depends on where you live right now, right?
• 9:10
  SPEAKER_01: There's all these average numbers, but what's happening in um in urban San Diego is very different than what's happening in rural Kentucky, right?
• 9:20
  SPEAKER_01: It's very, very different.
• 9:21
  SPEAKER_01: So you can't just take the average.
• 9:22
  SPEAKER_01: Average does not mean all.
• 9:25
  SPEAKER_01: In other words, do better.
• 9:27
  SPEAKER_01: In other words, take a little bit more time to think and prepare for the message you want to put out there and the tone that it sets, the tone that it carries.
• 9:40
  SPEAKER_01: If you are giddy about it because you're like, all right, it's time to get some business now, the people that watch that or the people that read that, they're gonna see right through it and feel that shit.
• 9:52
  SPEAKER_01: So you have to you have to start with the right spirit.
• 9:55
  SPEAKER_01: You have to come to the camera.
• 9:58
  SPEAKER_01: You need to come to the the conversation wanting to help and guide and educate and advise.
• 10:05
  SPEAKER_01: And if your goal is to bring some clarity and bring some stability to a really crazy situation, you're gonna accomplish it.
• 10:15
  SPEAKER_01: And that will accomplish the goal of getting you business eventually when their time is ready.
• 10:21
  SPEAKER_01: When their time is right, rather, when they are ready.
• 10:25
  SPEAKER_01: So, whoever needed to hear this, I'm glad you did.
• 10:28
  SPEAKER_01: Um, I also, whoever needs to hear this, I'm glad you did as well.
• 10:32
  SPEAKER_01: You guys that are planning on coming to the Ignite Team Builder Summit in Salt Lake City, prices go up.
• 10:38
  SPEAKER_01: The ticket prices are going up on Monday, August 12th.
• 10:41
  SPEAKER_01: So this is the last podcast you're going to hear before the ticket prices go up.
• 10:46
  SPEAKER_01: So if you've been on the fence, if you're waiting for whatever reason, uh jump in, get yourself your ticket.
• 10:52
  SPEAKER_01: If you are a team leader or you want to be, you want to start a team, or really any, as I've been thinking about this, I'm like, the Ignite Team Builder Summit that we're putting together October 9th and 10th, it's for any agent at any level who wants to build a big business.
• 11:10
  SPEAKER_01: And it's a chance for you to get around others who have built very large, successful, uh scalable, sustainable real estate businesses in a lot of different ways.
• 11:19
  SPEAKER_01: The way that I built my business is different than Michael Perry, who runs the number one team in Utah, the number one team at Real Broker.
• 11:26
  SPEAKER_01: They're on track for a thousand, a thousand transactions.
• 11:29
  SPEAKER_01: They have like a hundred and something agents.
• 11:31
  SPEAKER_01: Michael Perry's gonna be speaking at at Ignite and sharing how he's built his.
• 11:35
  SPEAKER_01: So you'll get insight on one way to do it here.
• 11:38
  SPEAKER_01: We're gonna have Neil Dingra come in.
• 11:40
  SPEAKER_01: Neil Dingra is speaking on how he's built a team on the mortgage side and the media side, like how he's been able to build this big media and education company forward and his mortgage company and how he's built teams for that.
• 11:54
  SPEAKER_01: I don't care what type of business you want to create for yourself in this industry.
• 11:59
  SPEAKER_01: Neil and Michael and Jonathan Campbell and Matt Kane and Paige Steckling and myself, we have the blueprints to give you the context.
• 12:08
  SPEAKER_01: You can pick and choose.
• 12:09
  SPEAKER_01: Oh, I'm gonna do this, I'm gonna follow that, the next step is this.
• 12:13
  SPEAKER_01: Oh, I love how he does that.
• 12:14
  SPEAKER_01: I'm gonna I'm gonna integrate that into my plan.
• 12:17
  SPEAKER_01: If you just learn from one person, you could have a super successful business for sure.
• 12:22
  SPEAKER_01: But if you learn from a bunch of great team builders, the best team builders in the industry for sure, then you're gonna set yourself up to win fast.
• 12:34
  SPEAKER_01: I invite you, I'm officially inviting you to come to Salt Lake City October 9th and 10th for the Ignite 24 Team Builder Summit.
• 12:43
  SPEAKER_01: It's for any agent who's a team leader or wants to be, any agent who wants to have a thriving business in real estate and you don't want to make all the mistakes, you don't want to go through the trial and error, you don't want to go through the years of trial and error.
• 12:57
  SPEAKER_01: You just want someone to tell you what to do, when to do it, how to do it from the get-go to dramatically minimize your mistakes.
• 13:04
  SPEAKER_01: If that's you, if you want to shorten the learning curve and have a massively productive, uh successful, profitable business as soon as humanly possible, I can't think of a better investment than to get to ignite the Team Builder Summit October 9th and 10th here in Salt Lake City.
• 13:22
  SPEAKER_01: Go to ignite slc.com and do it by August 12th while tickets are still half off.
• 13:30
  SPEAKER_01: Tickets will be going up after that.
• 13:32
  SPEAKER_01: Thank you for listening.
• 13:34
  SPEAKER_01: I'm glad I'm glad that you heard this today.
• 13:36
  SPEAKER_01: I hope it was helpful.
• 13:38
  SPEAKER_01: And speaking of helpful, when you have certain tools in your toolbox as an agent, you perform better, right?
• 13:46
  SPEAKER_01: We have to do so many things as an agent already.
• 13:48
  SPEAKER_01: We have to wear so many hats.
• 13:49
  SPEAKER_01: It's kind of ridiculous, really.
• 13:51
  SPEAKER_01: And it's very easy to just run your own job, right?
• 13:54
  SPEAKER_01: To own your own job where you're doing literally everything.
• 13:56
  SPEAKER_01: There's also, it's very, very difficult to have the lifestyle that you want and even the income that you want when you're doing literally everything in the business.
• 14:05
  SPEAKER_01: You need to outsource, you need the help of others.
• 14:07
  SPEAKER_01: And and part of that outsourcing that's possible is knowledge and expertise and knowing what the hell is happening economically and with rates and home prices.
• 14:16
  SPEAKER_01: So when you can just outsource to a team of experts through keeping current matters and have them in your back pocket, it's gonna help you be a much more effective advisor.
• 14:24
  SPEAKER_01: You're gonna sell more homes, you're gonna be much more knowledgeable, you're gonna show up with much more confidence to every appointment and every conversation.
• 14:32
  SPEAKER_01: So I highly recommend if you're trying to sharpen your skills and build out your team, you need to have KCM.
• 14:39
  SPEAKER_01: You need to have keeping current matters on your side.
• 14:41
  SPEAKER_01: To see what that looks like, to get a free trial of KCM, which most of the top producers are already using right now, and you can too, go to trykcm.com slash bam and try it out today.
• 14:53
  SPEAKER_01: Remember to go to igniteslc.com, grab yourself a ticket and get more details about the Ignite Team Builder Summit in October here in Salt Lake.
• 15:01
  SPEAKER_01: We have discounted hotel rooms available.
• 15:02
  SPEAKER_01: It's at a sick new renovated hotel right in the middle of downtown.
• 15:06
  SPEAKER_01: It's connected to the City Creek Center, which is a mall.
• 15:08
  SPEAKER_01: Like literally, the hotel has its own entrance to the City Creek Center Mall, uh, right next to the fountains and the food court and everything.
• 15:15
  SPEAKER_01: Incredible, uh, walkable outdoor outdoor mall in downtown Salt Lake City.
• 15:20
  SPEAKER_01: I'm so stoked.
• 15:21
  SPEAKER_01: And for everyone that's coming, I'm so excited.
• 15:24
  SPEAKER_01: You're going to get so much more than you even think you're gonna get out of it.
• 15:27
  SPEAKER_01: And those that are on the fence, get off the fence.
• 15:31
  SPEAKER_01: Let's go.
• 15:31
  SPEAKER_01: Igniteslc.com, grab the best price wallet wallet exists.
• 15:36
  SPEAKER_01: I'll see you there.
• 15:37
  SPEAKER_01: If if I can ever be helpful, hit me up on Instagram.
• 15:40
  SPEAKER_01: By the way, if you're not following me on Instagram yet, please do at Massive Agent.
• 15:44
  SPEAKER_01: If you if you're not following me, and you do because of this right here, add me, uh, send me a message and say, hey, I'm a new follower from your podcast.
• 15:53
  SPEAKER_01: Let me know.
• 15:54
  SPEAKER_01: I'd love to get to get to know you, message you back.
• 15:57
  SPEAKER_01: If there's any questions, anything I can help you with, anything I can guide you to or advise you on, please utilize me.
• 16:03
  SPEAKER_01: That's what I'm here for.
• 16:04
  SPEAKER_01: Appreciate you all listening so much.
• 16:06
  SPEAKER_01: I'll see you guys next week.
• 16:07
  SPEAKER_01: Take care.