Latest / This Week in DFW Real Estate / The MOVE Act, Commission Surges, & The Team Evolution

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The MOVE Act, Commission Surges, & The Team Evolution · This Week in DFW Real Estate

• 0:00
  Speaker 1: The solo individual real estate practitioner is debt. It's gone away,
• 0:05
  Speaker 1: and it's going away and it will continue to happen
• 0:06
  Speaker 1: that way.
• 0:07
  Speaker 2: Did you not hear the rumor about Zillo? Oh what's
• 0:11
  Speaker 2: the rumor? Zillo buying kW and it there is.
• 0:18
  Speaker 1: There was a lot of steam and momentum behind it
• 0:21
  Speaker 1: because the CFO resigned and just put it on LinkedIn.
• 0:26
  Speaker 1: Is like I'm no longer part of Zillo. That's all
• 0:28
  Speaker 1: I got to say about that. Two years ago August seventeen,
• 0:31
  Speaker 1: twenty twenty four, is when we were saying, when everyone
• 0:36
  Speaker 1: thought the traditional commission models were dead. Do you know
• 0:41
  Speaker 1: what happened to the commission since then?
• 0:45
  Speaker 2: Average commission from what I hear, because there is no
• 0:48
  Speaker 2: standard commission.
• 0:49
  Speaker 1: But there's an average once there is an average after
• 0:51
  Speaker 1: it sold, so you can start collecting that.
• 0:53
  Speaker 2: So that is I efferd the average commission. It's climbed
• 0:56
  Speaker 2: since then. Yeah, so when we when we look at it.
• 1:00
  Speaker 2: According to a February.
• 1:01
  Speaker 1: Twenty twenty six survey by Clever real Estate, it interviewed
• 1:09
  Speaker 1: quite a bit of agents nationally and the average commission
• 1:12
  Speaker 1: at that time in twenty twenty sixth of February, when
• 1:15
  Speaker 1: they did this survey was five point seven percent. Okay,
• 1:18
  Speaker 1: before the settlement five point four to nine.
• 1:21
  Speaker 2: Oh, everybody got a raise, GFF. Churn it up.
• 1:30
  Speaker 3: This week at DFILM Your real Estate, a weekly podcast
• 1:36
  Speaker 3: Hooper Agent who actually Campaign, Party Moves, Listing, Heat Cold
• 1:40
  Speaker 3: the Streets, Dflay, let's.
• 1:48
  Speaker 1: See all right, Welcome back to this week in DFW
• 1:52
  Speaker 1: real Estate. It's been a hot minutes. It's been a
• 1:54
  Speaker 1: hot It's good to be back checking.
• 1:55
  Speaker 2: Coffee at three in the afternoon with my best friends. Dude,
• 2:00
  Speaker 2: it's feels like home. It feels like home. Yeah, it
• 2:03
  Speaker 2: feels like home. We're back.
• 2:05
  Speaker 1: Look, there's been a lot of things that have happened
• 2:07
  Speaker 1: since our last show. It's been about a month and
• 2:09
  Speaker 1: a half. You know, Summer happened, life has happened, real
• 2:12
  Speaker 1: estate has happened, a lot of real estates.
• 2:14
  Speaker 2: It's been interesting. A lot of really good stories. The
• 2:18
  Speaker 2: mergers and acquisitions stories have died down. I think we've
• 2:20
  Speaker 2: pretty much covered them all, which is great, so we
• 2:22
  Speaker 2: can now pivot and there's other good things that are happening,
• 2:24
  Speaker 2: or there's other interesting things that are on the horizon
• 2:26
  Speaker 2: that are happening, and we're excited to dive into them
• 2:29
  Speaker 2: all today. Wait, wait real quick, on that note, did
• 2:32
  Speaker 2: you not hear the rumor about Zillo? Oh what's the
• 2:36
  Speaker 2: rumor Zillo buying kW and it there is.
• 2:42
  Speaker 1: There was a lot of steam and momentum behind it
• 2:45
  Speaker 1: because the CFO resigned and just put it on LinkedIn.
• 2:50
  Speaker 2: Is like, I'm no longer part of Zillo. That's all
• 2:52
  Speaker 2: I got to say about that. That's all I've got
• 2:54
  Speaker 2: to say about that. Okay, Well, there's a Facebook post
• 2:57
  Speaker 2: and then there's this. This is a I don't know,
• 3:01
  Speaker 2: I feel like that. That'd be interesting, that would be interesting.
• 3:07
  Speaker 2: But why Look.
• 3:08
  Speaker 1: Stone Capital, they're you know, private equities company. Their job
• 3:13
  Speaker 1: is to either sell it or bring on more. So
• 3:16
  Speaker 1: something will happen with Keller Williams. Probably is not Zillo,
• 3:19
  Speaker 1: but I did see that, And there's a lot of
• 3:22
  Speaker 1: just chatter going on in those in the Facebook groups.
• 3:24
  Speaker 1: If you're not part of our Facebook group, it's DFW
• 3:27
  Speaker 1: Wheeler's network and collaborate. Just go over there and join
• 3:31
  Speaker 1: us and share and collaborate and network. I mean, it's
• 3:33
  Speaker 1: a great place to be as well as supporter sponsors,
• 3:36
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• 3:39
  Speaker 2: Farren Smith over.
• 3:39
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• 5:25
  Speaker 2: Who it's a lot we should start a rumor. I
• 5:28
  Speaker 2: feel like we have the power to do it. The
• 5:30
  Speaker 2: CFO of Real just got indicted for insider trading. I
• 5:33
  Speaker 2: don't think you can say that. No, no, we're not
• 5:35
  Speaker 2: sure that's really no. No, We're not nowt Yeah, that's yeah, nope, no, no.
• 5:44
  Speaker 2: But you know what is not a rumor is how
• 5:46
  Speaker 2: would how would you like it? Right now?
• 5:48
  Speaker 1: As a real estate agent, if you could go to
• 5:50
  Speaker 1: your your sellers or your home owners you're talking to
• 5:52
  Speaker 1: and they're.
• 5:53
  Speaker 2: Like, Brian, why should I move when I have a
• 5:55
  Speaker 2: three percent rate? Right? Everyone sounds like they're smokers when
• 5:58
  Speaker 2: they say that that every time you do it a
• 6:00
  Speaker 2: depression to somebody, they just smoked, ye heart and of Marlboroughs.
• 6:03
  Speaker 2: That's very true. That is the conversation that ages are
• 6:06
  Speaker 2: facing right now. I had three different coaching calls just
• 6:08
  Speaker 2: this morning and we had some some conversation around this. Yeah. Right,
• 6:14
  Speaker 2: and so we're seeing that.
• 6:16
  Speaker 1: A few days ago, about ten days ago, there was
• 6:19
  Speaker 1: a bill that it was introduced called the Move Act,
• 6:22
  Speaker 1: and Congress has introduced this bill.
• 6:25
  Speaker 2: It's got to pass first.
• 6:27
  Speaker 1: And what what it is is basically making home ownership
• 6:32
  Speaker 1: viable for everyone that's move making home, you know, making
• 6:35
  Speaker 1: ownership viable for everyone.
• 6:37
  Speaker 2: I don't know how this is going to be for everyone.
• 6:40
  Speaker 2: I just think that if you don't make it an acronym,
• 6:42
  Speaker 2: then it's not a real bill. Yes, that is an
• 6:46
  Speaker 2: official law in Congress. It has to spell something yeah. Oh,
• 6:49
  Speaker 2: I mean it makes it easy and you can get
• 6:51
  Speaker 2: you get a movement behind it.
• 6:52
  Speaker 1: Yes, yes, And so what this is is essentially, the
• 6:56
  Speaker 1: Move Act will allow homeowners to transfer their exist mortgage,
• 7:01
  Speaker 1: including its interest rate, remaining balance in terms to a
• 7:05
  Speaker 1: new property right. The bill does require government sponsored enterprises
• 7:10
  Speaker 1: enterprises Fanny May and Freddy to purchase and securitize this
• 7:15
  Speaker 1: portable mortgage.
• 7:17
  Speaker 2: Now, so the spread between rates that people had that
• 7:21
  Speaker 2: refinance and current rates is a massive problem. That's keeping
• 7:24
  Speaker 2: the market from really unlocking. We're learning a little bit
• 7:27
  Speaker 2: on the fly here today because I will be the
• 7:28
  Speaker 2: first to admit I haven't necessarily taken the Move Act
• 7:32
  Speaker 2: all that seriously until now. It has a long way ago.
• 7:35
  Speaker 2: It is a long way to go, thank you. But
• 7:39
  Speaker 2: so we really haven't dove too deep into I haven't
• 7:42
  Speaker 2: dove too deep into this, but I would love to
• 7:44
  Speaker 2: kind of flesh this out. I have questions on it
• 7:46
  Speaker 2: right just just kind of the fundamental premise it is.
• 7:49
  Speaker 2: In theory, it's a very interesting idea. I haven't thought
• 7:52
  Speaker 2: deeply enough about it to think about whether or not
• 7:54
  Speaker 2: I think it's a good or bad idea. What the
• 7:55
  Speaker 2: downstream effects could be. My first question would just be like,
• 7:59
  Speaker 2: if we could try to flush this out, is it
• 8:01
  Speaker 2: the same mortgage, meaning like if I move, we're talking
• 8:04
  Speaker 2: about they're basically calling them portable mortgages. I think it's
• 8:08
  Speaker 2: an important thing to understand in this act. Are they
• 8:11
  Speaker 2: saying that you get to keep your existing rate or
• 8:14
  Speaker 2: the same mortgage. Those are two different things because you
• 8:17
  Speaker 2: would have the same mortgage on a different asset, which
• 8:20
  Speaker 2: then I think like that's an interesting process type thing,
• 8:23
  Speaker 2: like are we reunderwriting the asset appraisals all that type
• 8:27
  Speaker 2: of stuff or is it just if you do alone
• 8:30
  Speaker 2: with the same company or same whatever, you get to
• 8:33
  Speaker 2: keep the same rate on a new mortgage. Those I
• 8:37
  Speaker 2: think are interesting, Like I want to know more about that,
• 8:40
  Speaker 2: Like how do we execute on this? I guess is
• 8:41
  Speaker 2: what I'm trying.
• 8:42
  Speaker 1: I mean, here's the overall breakdown that basically, here's how
• 8:45
  Speaker 1: it works in sixty seconds. Right, So, right now, you
• 8:48
  Speaker 1: sell your Homebrian, your mortgage dies right right, You've got
• 8:52
  Speaker 1: whatever your rate is, you sell it, it's paid off.
• 8:56
  Speaker 2: That interest rate's gone. You're not getting it back, right
• 9:00
  Speaker 2: three percent rate?
• 9:00
  Speaker 1: If you got one of those, or if you're lucky
• 9:02
  Speaker 1: to still have that, your three percent rate is gone forever.
• 9:04
  Speaker 1: And when you buy your next home, you get a
• 9:06
  Speaker 1: brand new loan. Congratulations, got a brand new loan and
• 9:09
  Speaker 1: it's at a six point five seven percent whatever it
• 9:11
  Speaker 1: is right now, right, So the goal is the move
• 9:13
  Speaker 1: back is to change this.
• 9:15
  Speaker 2: The rate will travel with you. So you sell your home.
• 9:19
  Speaker 1: Then essentially what they're they're suggesting right now and trying
• 9:23
  Speaker 1: to put in this build and is you have ninety
• 9:25
  Speaker 1: days to buy your next home and you're going to
• 9:28
  Speaker 1: take that existing rate.
• 9:30
  Speaker 2: Here's what I don't understand on this part your remaining balance.
• 9:34
  Speaker 2: So that that's what I'm trying to understand. How would
• 9:36
  Speaker 2: there be a remaining balance home?
• 9:38
  Speaker 1: And it says your remaining balance and your remaining term
• 9:41
  Speaker 1: and then you're going to apply them to your new property.
• 9:44
  Speaker 2: So if you're a new guest that would be in
• 9:45
  Speaker 2: a situation where you don't sell, you can still do this,
• 9:47
  Speaker 2: like if you can afford both mortgages. But I don't know,
• 9:52
  Speaker 2: maybe if you come up short.
• 9:54
  Speaker 1: You want to sell, because the goal here is to
• 9:55
  Speaker 1: unlock that trapped, this trap, right, you know, housing shortage, right,
• 9:59
  Speaker 1: we're trying to get this inventory that we're trying to
• 10:02
  Speaker 1: get more inventory, even though we are starting to see
• 10:04
  Speaker 1: inventory go up. So let's say, you know again, hypothetically
• 10:09
  Speaker 1: your new home costs more than what you owe, right, Okay,
• 10:14
  Speaker 1: so then it's going to you're going to blend it.
• 10:15
  Speaker 1: You're going to carry your low rate on the old balance.
• 10:17
  Speaker 1: You're going to finance the gap. At today's rate, the
• 10:21
  Speaker 1: blended rate is still dramatically lower than starting fresh.
• 10:26
  Speaker 2: Okay, I'm trying to man and Jesse's getting Gemini and
• 10:29
  Speaker 2: going over here. I'm really trying to understand this. I'm
• 10:31
  Speaker 2: going to carry the old rate on my existing balance,
• 10:36
  Speaker 2: blend it with the gap, but the difference between my
• 10:39
  Speaker 2: balance and then the sales price of my new house
• 10:41
  Speaker 2: or the my new mortgage, and then I'll have a
• 10:44
  Speaker 2: blended rate. But what if I sold my home? Why
• 10:47
  Speaker 2: would I have an existing balance?
• 10:50
  Speaker 1: It's a great question. Does that mean that are we
• 10:52
  Speaker 1: allowed to sell our home that and carry over.
• 10:54
  Speaker 2: The negative equity? That's I feel like this is like
• 10:58
  Speaker 2: some aha moment I'm not having right now, Like I
• 11:00
  Speaker 2: feel like somebody's looking at me like you're so stupid,
• 11:02
  Speaker 2: you don't get it, but I don't get it. I
• 11:04
  Speaker 2: don't know why I would have a balance if I
• 11:06
  Speaker 2: sold my home.
• 11:06
  Speaker 1: So let's say again, you bought a home in twenty
• 11:08
  Speaker 1: twenty one, three hundred and fifty thousand dollars at a
• 11:10
  Speaker 1: three hundred quarter percent interest rate. Right, you want to
• 11:13
  Speaker 1: buy a five one hundred thousand dollars home today, right
• 11:16
  Speaker 1: without the Move Act, your new payment is going to
• 11:19
  Speaker 1: be much higher than what than what it would have
• 11:21
  Speaker 1: been at the with the three and a quarter percent rate?
• 11:23
  Speaker 2: Correct?
• 11:24
  Speaker 1: Right, So with the Move Act, you're going to port
• 11:28
  Speaker 1: you know, you're going to port the two hundred and
• 11:31
  Speaker 1: eighty thousand dollars ballance that you have left that you
• 11:33
  Speaker 1: currently have left from that three hundred and fifty thousand
• 11:35
  Speaker 1: dollars purchase that you did in twenty twenty one, and
• 11:39
  Speaker 1: then you're going to still finance the other two hundred
• 11:41
  Speaker 1: and twenty thousand dollars. So you know, because you're buying
• 11:44
  Speaker 1: a five hundred thousand dollars property.
• 11:45
  Speaker 2: Okay, So is it saying you're not not your balance?
• 11:47
  Speaker 2: Are you're saying like the equity you make from the sale.
• 11:50
  Speaker 2: Now they're saying it's saying balance.
• 11:51
  Speaker 4: So I think what I gather from it is like
• 11:57
  Speaker 4: we'll talk through this even swap right here. Okay, So
• 12:00
  Speaker 4: you essentially, and I don't know if this is actually
• 12:03
  Speaker 4: correct or not, but essentially it sounds like you take
• 12:07
  Speaker 4: the terms of your current mortgage and just move it
• 12:09
  Speaker 4: to another the sale. The proceeds go where it's supposed
• 12:14
  Speaker 4: to go on the sale of the property, but the
• 12:17
  Speaker 4: terms all stay in place and move to your current property.
• 12:22
  Speaker 2: So that that that's what I thought, But that makes sense.
• 12:26
  Speaker 2: So it's a new mortgage, same rate, and you're taking
• 12:28
  Speaker 2: the rate that's different than the blended rate thing that
• 12:31
  Speaker 2: you were saying.
• 12:32
  Speaker 1: This is still a blended rate of what they're saying
• 12:35
  Speaker 1: is you're taking whatever your remaining balance is. Maybe it's
• 12:38
  Speaker 1: maybe it's because it's a remaining balance of what that
• 12:42
  Speaker 1: of what that it's almost keeping that you have. Let's
• 12:45
  Speaker 1: say you have two hundred eighty thousand dollars left on
• 12:46
  Speaker 1: your loan, right and you still have twenty years left
• 12:50
  Speaker 1: right right, then you go and and and that is
• 12:53
  Speaker 1: even though you're painted off, it's two hundred and eighty
• 12:55
  Speaker 1: thousand dollars balance.
• 12:56
  Speaker 2: Okay, you're going, Okay, I see it. So you basically
• 12:59
  Speaker 2: just get like, Okay, no, I get it. So basically,
• 13:02
  Speaker 2: they take a snapshot of what your balance was when
• 13:04
  Speaker 2: you sold and say, for this term and balance, that's
• 13:11
  Speaker 2: what we're going to do your rate on, and then
• 13:14
  Speaker 2: we do the higher rate on whatever the difference is
• 13:17
  Speaker 2: for the home you're buying. So balance meeting, like, you
• 13:20
  Speaker 2: don't still have a balance, you still sold the property, yes, right,
• 13:23
  Speaker 2: but whatever you had on your mortgage when you sold it,
• 13:27
  Speaker 2: that's what we're going to count. That's the aha moment
• 13:29
  Speaker 2: I was looking for. Gosh, now I feel so much smarter.
• 13:32
  Speaker 1: Because then you're looking at right, you're taking the new
• 13:34
  Speaker 1: the two hundred, the new loan, the two hundred and
• 13:36
  Speaker 1: twenty thousand dollars, the gap basically within at a six
• 13:39
  Speaker 1: point five, six point seventy five, whatever it is, and
• 13:41
  Speaker 1: when you blend it in with your three and a quarter,
• 13:44
  Speaker 1: you're still at a less than five percent rate. Your
• 13:46
  Speaker 1: payment comes is significantly less. And I mean we may
• 13:51
  Speaker 1: be behind because it sounds like Canada, when when the
• 13:54
  Speaker 1: research I've done on this, Canada and the UK already
• 13:56
  Speaker 1: have something like.
• 13:57
  Speaker 2: This man poutine and portable mortgages. Those guys are doing
• 14:00
  Speaker 2: something right up there. The PMP. I guess that's a
• 14:06
  Speaker 2: really interesting idea. I wonder why people haven't done that
• 14:08
  Speaker 2: already without some bill being passed it because it kind
• 14:10
  Speaker 2: of makes kind of makes sense. Like, let's say I'm
• 14:14
  Speaker 2: just like a mortgage company and I want to get
• 14:17
  Speaker 2: more business. I could say, Hey, if you sell right now,
• 14:19
  Speaker 2: I'll honor the balance and rate you have on this house,
• 14:22
  Speaker 2: and then we'll blend the rate on the purchase you're making,
• 14:25
  Speaker 2: do basically a new mortgage for that portion. It would
• 14:28
  Speaker 2: be a fully new mortgage, right but we'll honor the
• 14:31
  Speaker 2: rate that you have here for the balance you had,
• 14:33
  Speaker 2: and then we'll charge a higher market rate for the difference,
• 14:37
  Speaker 2: and we'll give you a blended rate and it's a
• 14:38
  Speaker 2: new mortgage. And what well, I guess that would have
• 14:41
  Speaker 2: been good business already, could have been good business.
• 14:44
  Speaker 1: But then because of the way that it's always been,
• 14:46
  Speaker 1: is they you just getting rid of that low rate?
• 14:48
  Speaker 1: You know, people are going to buy and sell typically
• 14:51
  Speaker 1: not because of rates. To me, even though they have
• 14:54
  Speaker 1: a three and a quarter percent, there's I don't believe
• 14:58
  Speaker 1: that there's a large, large number that's being held in
• 15:01
  Speaker 1: that's being held hostas by their rate, by saying I
• 15:04
  Speaker 1: would move because you know X, y Z. Most people
• 15:06
  Speaker 1: are moving. Most people are moving because they need to
• 15:10
  Speaker 1: move right now. COVID, there's always the exception of the rule.
• 15:14
  Speaker 1: During COVID, you had some people like, hey, I could
• 15:16
  Speaker 1: make a ton more. It would be stupid not to
• 15:18
  Speaker 1: take advantage of this, right, you know, you know it's
• 15:20
  Speaker 1: always the people. Those are always the people that seem
• 15:22
  Speaker 1: to always sell at the height and never at the bottom. Right,
• 15:25
  Speaker 1: most people sell while it's following and not while it's
• 15:28
  Speaker 1: going up. And you know, I just don't I personally
• 15:33
  Speaker 1: don't believe that it's going to unlock that much more
• 15:36
  Speaker 1: properties to sell.
• 15:37
  Speaker 2: I think there will be a few.
• 15:39
  Speaker 1: Now I have heard rumors before midterm elections come about,
• 15:44
  Speaker 1: is that they have talked about eliminating capital gains. I
• 15:48
  Speaker 1: think that that would be probably a bigger needle mover.
• 15:51
  Speaker 1: I think there's two needle movers that should happen. Versus
• 15:54
  Speaker 1: a portable mortgage, is that first time home buyers should
• 15:57
  Speaker 1: have a low special interest rate that they get from
• 15:59
  Speaker 1: the permit that that they have to stay in their
• 16:02
  Speaker 1: house a certain amount of years. If they sell beforehand,
• 16:05
  Speaker 1: they pay It's.
• 16:07
  Speaker 2: Like when it's like when you you don't pay the
• 16:10
  Speaker 2: interest only on the couch that you got from rooms
• 16:12
  Speaker 2: to get yes, and then it accelerates.
• 16:14
  Speaker 1: Right, So I believe that we we should be incentivizing
• 16:18
  Speaker 1: first time home buyers that way, not people that have
• 16:20
  Speaker 1: already owned a home to move up.
• 16:22
  Speaker 2: As well as if you eliminate capital gains.
• 16:25
  Speaker 1: I'm going to tell you, I am one of these
• 16:26
  Speaker 1: people that if capital games was eliminated, there's a there's
• 16:29
  Speaker 1: quite a bit of product that I would go out
• 16:31
  Speaker 1: and sell.
• 16:31
  Speaker 2: Oh yeah, agreed. I don't think people take that. We
• 16:34
  Speaker 2: don't have that conversation enough. I just don't think people
• 16:36
  Speaker 2: are think deeply enough about their taxes. So I guess
• 16:42
  Speaker 2: my question on this the Move Act, then is what
• 16:45
  Speaker 2: is the act? Because as we're describing it, it seems
• 16:49
  Speaker 2: to me like something that could just happen already. What
• 16:51
  Speaker 2: is the bill? What is the bill? Well, I guess
• 16:53
  Speaker 2: it's this.
• 16:54
  Speaker 1: The bill is making it to where Fanny and Freddy
• 16:57
  Speaker 1: will securitize it. Okay, it's making it to where they
• 17:00
  Speaker 1: have to securitize this. That makes more sense.
• 17:02
  Speaker 2: Okay, So those that's gonna be a Freddie and fannybacked thing,
• 17:06
  Speaker 2: because right, now it would be like a non conforming
• 17:08
  Speaker 2: it wouldn't correct. Okay, yeah, cool, I think it's cool.
• 17:12
  Speaker 1: Look, I think anything helps again, you know, go back
• 17:15
  Speaker 1: to I still think that we should be creating first
• 17:18
  Speaker 1: time home buyer better programs for that rather than the
• 17:21
  Speaker 1: the the unlocking of the three percent equities to take
• 17:25
  Speaker 1: the three percent interest rate to take with you, because
• 17:27
  Speaker 1: I still don't how does that help the every day
• 17:28
  Speaker 1: homeowner or the every day first time.
• 17:32
  Speaker 2: Home buyer, not the first time home buyer. I mean really,
• 17:34
  Speaker 2: if you look at the stats, that's that's the demographic
• 17:37
  Speaker 2: that's locked out of the market right now. So if
• 17:38
  Speaker 2: you're gonna if you're gonna spur the market forward in
• 17:41
  Speaker 2: a meaningful way, that would be the demographic to go after.
• 17:45
  Speaker 2: That makes a lot of sense. Whether there's some very
• 17:48
  Speaker 2: terrible statistic around people under the age of thirty and
• 17:50
  Speaker 2: the percentage of them that live with their parents. Still
• 17:53
  Speaker 2: I didn't like it. I heard something, I read something. Yeah,
• 17:56
  Speaker 2: it's not because they're bums. It's just so hard to
• 17:58
  Speaker 2: get a house. I think they also don't have good
• 18:01
  Speaker 2: money management. But well, nobody's teaching that.
• 18:04
  Speaker 1: Oh there's no financial money management, Like that's again, that's
• 18:07
  Speaker 1: an education that's that is an education problem where I
• 18:10
  Speaker 1: personally believe it's designed to keep people renters.
• 18:13
  Speaker 2: You think, so are you? Are you the what is
• 18:15
  Speaker 2: it the like that you own nothing? And yeah, the
• 18:18
  Speaker 2: one world order thing, you'll own nothing And I'm not
• 18:20
  Speaker 2: part of that. I believe that there is a I
• 18:22
  Speaker 2: believe that there's part of that is out there. I
• 18:24
  Speaker 2: think it's definitely really you know, you see that to
• 18:26
  Speaker 2: where the obstacles to home ownership. You know, if if
• 18:32
  Speaker 2: this is it, if we're going to be creating something
• 18:34
  Speaker 2: like this again, the first time home buyer is what
• 18:37
  Speaker 2: drives this market. If there is a good first.
• 18:41
  Speaker 1: Time home buyer demand, number one, we'd need to go
• 18:43
  Speaker 1: out and build affordable housing. But that would also give
• 18:46
  Speaker 1: builders the incentive to go out and build more first
• 18:49
  Speaker 1: time home buyer products. Maybe first time home buyers may
• 18:54
  Speaker 1: be willing to compromise a little bit more and live
• 18:57
  Speaker 1: out in the rural more commute time. Sure, and then
• 19:00
  Speaker 1: that will then you know, eventually those first time home
• 19:02
  Speaker 1: buyers will eventually be move up buyers. Like we've got
• 19:05
  Speaker 1: to create in my opinion, you got to create the bottom.
• 19:07
  Speaker 1: We're not why are we trying to go after the
• 19:09
  Speaker 1: middle because if you don't have the first those move
• 19:12
  Speaker 1: up buyers and unlocking the three and a quarter percent
• 19:15
  Speaker 1: interest rates, if you don't have a first time home buyer,
• 19:19
  Speaker 1: we don't have that group.
• 19:20
  Speaker 2: Yeah, a hundred percent.
• 19:21
  Speaker 3: Yeah.
• 19:21
  Speaker 2: It's a really good book called A Rival City, if
• 19:23
  Speaker 2: you ever get a chance to read it. It's kind
• 19:25
  Speaker 2: of about exactly what you're talking about right now, the
• 19:27
  Speaker 2: development of the outskirts of major metropolitan areas and if
• 19:30
  Speaker 2: you basically bridge the gap between them, how much economic
• 19:33
  Speaker 2: upside there is. It's really interesting. It doesn't focus on
• 19:35
  Speaker 2: America as much as a focus on Asian countries. Yeah,
• 19:38
  Speaker 2: but really really interesting book. Wow, that is forty nine
• 19:44
  Speaker 2: percent of people under thirty that are adults, but I
• 19:46
  Speaker 2: think that's that's probably higher than I would have expected.
• 19:50
  Speaker 2: But that also includes like eighteen year olds, but twelve
• 19:54
  Speaker 2: zero point seven percent of people under the age or
• 19:58
  Speaker 2: between the ages of thirty and three. That's a lot
• 20:02
  Speaker 2: more than I thought it was. That's the demographic that
• 20:06
  Speaker 2: if we don't find a way to make entering the
• 20:10
  Speaker 2: market more affordable or more accessible in this country, it
• 20:14
  Speaker 2: really doesn't matter what other problems you solve. For existing homeowners,
• 20:18
  Speaker 2: the market will still continue to stumble forward because you're
• 20:22
  Speaker 2: just not injecting new homeowners into the conversation. You just
• 20:26
  Speaker 2: there will be no lifeblood. Right, Eventually people will sell
• 20:30
  Speaker 2: their final home. But if you don't have accessibility to
• 20:34
  Speaker 2: the market for first time home buyers, you're just not
• 20:37
  Speaker 2: feeding the machine and eventually it fizzles out. Like that's
• 20:41
  Speaker 2: a problem that we have to solve. I don't know
• 20:43
  Speaker 2: how much regulation could do for that. I mean, you can,
• 20:45
  Speaker 2: you can do special first time home buyer loans, insured
• 20:49
  Speaker 2: and and all that type of stuff. It's also just
• 20:52
  Speaker 2: got to be affordable, man, Home's got to be affordable. Well,
• 20:57
  Speaker 2: I'd met with an apartment broker, multi family broker. And
• 21:02
  Speaker 2: what we also have to see is is we've got
• 21:04
  Speaker 2: to see the job market rebound. I mean, yes, you know,
• 21:08
  Speaker 2: the Dallas Fed reported, you know for the first time
• 21:11
  Speaker 2: in years that we've lost jobs. We're not seeing the
• 21:14
  Speaker 2: wage growth happen. And so what you don't what we're seeing.
• 21:18
  Speaker 1: Here, even with the struggle with first time home biden,
• 21:22
  Speaker 1: you know, home ownership, is that we're seeing even the
• 21:26
  Speaker 1: working class workers struggle with paying their rent or good
• 21:31
  Speaker 1: quality tenants paying rent and so there it's a it's
• 21:34
  Speaker 1: kind of a ripple effect all across.
• 21:37
  Speaker 2: We keep talking about, you know, we have a housing
• 21:40
  Speaker 2: shortage in America, and I've always thought that was an
• 21:42
  Speaker 2: interesting conversation because I don't really know how you quantify
• 21:45
  Speaker 2: that right now, and the multi family space rental rates
• 21:48
  Speaker 2: are down, and they're down big, and I mean, as
• 21:51
  Speaker 2: multi family operators, all the people in our circles that
• 21:54
  Speaker 2: we talked to, we're not really forecasting a lot of
• 21:57
  Speaker 2: rental rate growth for probably the next several years. There's
• 22:00
  Speaker 2: just saturation of this mentor massive sassuration. And so it's
• 22:04
  Speaker 2: it's kind of like, do we have a housing shortage
• 22:07
  Speaker 2: or more people just occupy apartments for much longer, Like
• 22:11
  Speaker 2: there's there's a lot of apartments supply right now. So
• 22:14
  Speaker 2: it's like when when people I just think that's a
• 22:17
  Speaker 2: very generic thing to say, when people talk about having
• 22:19
  Speaker 2: a housing shortage in America, I don't really understand what
• 22:22
  Speaker 2: that means specifically.
• 22:23
  Speaker 4: I really think I think we're saying it incorrectly. I
• 22:27
  Speaker 4: think that instead of being a housing shortage, I think
• 22:29
  Speaker 4: it's an affordable housing shortage. Sure that especially, I mean
• 22:33
  Speaker 4: we see that statistic, you know, eighteen to twenty nine,
• 22:37
  Speaker 4: forty nine percent live with their parents.
• 22:39
  Speaker 2: Yeah, we don't have enough affordable housing that would keep
• 22:42
  Speaker 2: that would We don't have enough affordable housing that would
• 22:44
  Speaker 2: make it more economically feasible or financially feasible for someone
• 22:48
  Speaker 2: to purchase a home rather than rent an apartment. Yeah,
• 22:50
  Speaker 2: that's what we don't have. And we overbuilt in most
• 22:54
  Speaker 2: metropolitan areas, especially Class A apartments over the last several years,
• 22:58
  Speaker 2: that their rental rates are dropping like a rock. So
• 23:00
  Speaker 2: it's actually working against the home buying market. When rental
• 23:04
  Speaker 2: rates continue to drop, homes have to become much more
• 23:07
  Speaker 2: affordable for it make for it to make more sense
• 23:09
  Speaker 2: for someone to buy. Agreed. I mean, it was what
• 23:12
  Speaker 2: was it, What year was it. I can't remember where
• 23:14
  Speaker 2: we finally like kind of had that little thing of
• 23:15
  Speaker 2: like the rent first buying things sort of flip flopped
• 23:19
  Speaker 2: on a on a on a certain time of ownership.
• 23:22
  Speaker 2: I can't remember. I'm like butchering that, but it was
• 23:25
  Speaker 2: always like more affordable to buy for the longest time,
• 23:29
  Speaker 2: over a certain time horizon, and then that's sort of
• 23:31
  Speaker 2: that sort of flip flop. Now, I just I don't
• 23:34
  Speaker 2: know how how much more affordable housing needs to get
• 23:37
  Speaker 2: to be able to get first time home buyers to
• 23:39
  Speaker 2: be able to buy a home that over maybe let's
• 23:43
  Speaker 2: say a five to ten year time horizon, it's going
• 23:45
  Speaker 2: to be more affordable than them renting because rental rates
• 23:48
  Speaker 2: are down, well, you start having so when you when
• 23:51
  Speaker 2: you look at this again twenty twenty two and twenty
• 23:54
  Speaker 2: three twenty four, to.
• 23:56
  Speaker 1: Be twenty twenty two to twenty twenty four is when
• 23:59
  Speaker 1: it accelerated that it became more affordable to rent than
• 24:01
  Speaker 1: the buy right, and we're now seeing if we want
• 24:05
  Speaker 1: to like to look at the correction of this market, right,
• 24:11
  Speaker 1: is that we have seen foreclosures hit their six year
• 24:14
  Speaker 1: high and it's up twenty one percent in the first
• 24:18
  Speaker 1: half of twenty twenty six compared to the first half
• 24:20
  Speaker 1: of twenty twenty five. You know, and we always the
• 24:26
  Speaker 1: only problem that when we talk when we start talking
• 24:28
  Speaker 1: about this this is Colton Lindsay actually did a great
• 24:31
  Speaker 1: Instagram video on this. He's like, you know, it was
• 24:34
  Speaker 1: kind of it was kind of a making fun of
• 24:37
  Speaker 1: the buyers or like I'm going to wait for prices
• 24:39
  Speaker 1: to come down, and he's sitting there with his arms crossed,
• 24:42
  Speaker 1: and it's twenty one. Prices keep going up, right, Then
• 24:45
  Speaker 1: finally twenty six happens. The prices dropped, but it's still higher.
• 24:52
  Speaker 1: The price drop in twenty six is still higher than
• 24:55
  Speaker 1: them and buying in twenty twenty one. And also interest
• 24:59
  Speaker 1: rates are.
• 24:59
  Speaker 2: Higher, justs are higher. And what I tend to find
• 25:02
  Speaker 2: is those same people are like, oh, I don't want
• 25:03
  Speaker 2: to buy that. Now, it's a bad time. Prices are dropping,
• 25:06
  Speaker 2: like kak, you know what I mean.
• 25:08
  Speaker 1: Yeah, it's well, that's why I've always said, when buyer's
• 25:10
  Speaker 1: sentiment is bad, it's the time to buy, which and
• 25:13
  Speaker 1: that's what it is. And so you know, when we
• 25:15
  Speaker 1: talk about foreclosures, everyone goes back to the eight the
• 25:18
  Speaker 1: Great financial collapse, and and this is not what that is, like,
• 25:21
  Speaker 1: even when we talked about it in the past, Like,
• 25:23
  Speaker 1: this is not this is like you know, during eight,
• 25:26
  Speaker 1: at the peak of the foreclosure crisis, one in every
• 25:29
  Speaker 1: fifty four UH housing units in America had a foreclosure
• 25:33
  Speaker 1: flying filing, right, one in fifty every for every one
• 25:36
  Speaker 1: in fifty four, now it's everyone in.
• 25:38
  Speaker 2: Six hundred and thirty two.
• 25:39
  Speaker 1: Yeah, right, So like what we're seeing is is we're
• 25:44
  Speaker 1: now getting back to that corrective normalization, which is what
• 25:49
  Speaker 1: we've talked about. I was talking to an agent today
• 25:52
  Speaker 1: that that we we used to do another podcast on
• 25:55
  Speaker 1: and he was mentioning how he's like scarily, how scared
• 26:00
  Speaker 1: it was that or the show that we did about stackflation.
• 26:03
  Speaker 1: It's seeming like it's come true or coming true. You
• 26:05
  Speaker 1: said that in like twenty two, twenty two to twenty
• 26:08
  Speaker 1: three something like that, and we had mentioned about this,
• 26:11
  Speaker 1: this stackflationary market, and almost feels like that's where it is.
• 26:16
  Speaker 2: Yeah, we talked about this on that show that the
• 26:19
  Speaker 2: most realistic outcome is not some cataclysm failure of the system.
• 26:23
  Speaker 2: It's just a long term, slow moving market until the
• 26:28
  Speaker 2: natural economic variables figure themselves out. Wages, prices, and interest rates,
• 26:33
  Speaker 2: it's all that matters. When they're out of whack, you're
• 26:36
  Speaker 2: just not going to trade that much. You've got to
• 26:38
  Speaker 2: get them back into whack.
• 26:39
  Speaker 1: We never like to I think as salespeople, we don't
• 26:42
  Speaker 1: like to look at the stats and the funnels, right,
• 26:46
  Speaker 1: because what do we We just like, I just want
• 26:47
  Speaker 1: to make I just want to meet people.
• 26:49
  Speaker 2: I just want to make money.
• 26:50
  Speaker 1: But when we look at the stats and when we
• 26:52
  Speaker 1: get to go back and play armchair quarterback to all this,
• 26:55
  Speaker 1: forty five percent of the q of Q two twenty
• 26:59
  Speaker 1: twenty six four closure auctions involved the loans originated in
• 27:03
  Speaker 1: the year twenty twenty two or later. Okay, yeah, that
• 27:05
  Speaker 1: makes a lot of right, So forty five percent of
• 27:07
  Speaker 1: those filings those loans originated in twenty two or or sooner.
• 27:12
  Speaker 2: Okay, right.
• 27:13
  Speaker 1: And when we think about that, that back then and
• 27:16
  Speaker 1: even now, a lot of those people were buying when
• 27:18
  Speaker 1: rates were climbing, they were going up fast.
• 27:21
  Speaker 2: Many of them were FAHA loans.
• 27:23
  Speaker 1: Yep, right, And twenty nine percent of the FAHA loans
• 27:27
  Speaker 1: originally originated since twenty twenty two has had a debt
• 27:30
  Speaker 1: to income ratio above fifty percent.
• 27:31
  Speaker 2: That's just wild, But that was that is a cultural
• 27:35
  Speaker 2: moment where everyone was trying to buy a house and
• 27:37
  Speaker 2: would do whatever they could to get it happened.
• 27:39
  Speaker 1: Well, you do that, and then let's factor in what
• 27:41
  Speaker 1: we've have felt and we talked about this on the
• 27:44
  Speaker 1: Apartment of multifamily side, is that you buy a house,
• 27:47
  Speaker 1: be you're happy. You're like, all right, my debt end
• 27:51
  Speaker 1: comes a little bit high, but I can afford this
• 27:53
  Speaker 1: because it's a fixed rate. Well it's not because what
• 27:56
  Speaker 1: you're not factoring is insurance premiums have gone up fifty
• 27:58
  Speaker 1: eight percent in Texas over five years wiled and then
• 28:03
  Speaker 1: property taxes that didn't stop going up yep.
• 28:06
  Speaker 2: So it's not a fix your mortgage payment. Your p
• 28:08
  Speaker 2: I TI is not fixed, is gonna go up every sing.
• 28:10
  Speaker 1: No, So you're already at over fifty percent debt to
• 28:12
  Speaker 1: income ratio. And now the struggle is now insurance has
• 28:18
  Speaker 1: gone up so much, taxes has gone up so much yep,
• 28:22
  Speaker 1: and now you're getting squeezed because groceries cost more, gas
• 28:25
  Speaker 1: costs more, electric costs more.
• 28:27
  Speaker 2: And now it's all now it's all crumbling. Well, you
• 28:30
  Speaker 2: can't you don't really have any equity. If you bought
• 28:33
  Speaker 2: back then there's no equitdil So it's really different. You
• 28:35
  Speaker 2: can't just sell, no, And so that's that's where the
• 28:38
  Speaker 2: foreclosures from that that particular time period of people buying
• 28:43
  Speaker 2: on loans that are high debt to income. I mean,
• 28:47
  Speaker 2: that's it's it's pretty basic math, right, the rest of
• 28:50
  Speaker 2: your expenses increase, your wages don't go up, and you
• 28:54
  Speaker 2: don't really in the value for houses likely decreased a
• 28:57
  Speaker 2: bit since you bought it in twenty twenty two. Unfortunately,
• 29:00
  Speaker 2: that's a recipe for a disaster. Well, who who's to blame? Right?
• 29:10
  Speaker 1: I see, I've seen a lot of and I've also
• 29:14
  Speaker 1: seen a lot of agents distancing themselves and saying I'm
• 29:16
  Speaker 1: not one.
• 29:16
  Speaker 2: Of these that said this is they would say, you know,
• 29:19
  Speaker 2: date the rate, marry the house. Right. I think we
• 29:23
  Speaker 2: made fun of it on the shows. We've made fun
• 29:25
  Speaker 2: of it several times. Real estate agents should not play
• 29:29
  Speaker 2: economic advisor. You should purchase a house with the rate
• 29:33
  Speaker 2: that you could afford for the duration of the loan.
• 29:37
  Speaker 2: I hope that realtors hear what I just said, and
• 29:39
  Speaker 2: don't ever say that again. Every one of the buyers
• 29:42
  Speaker 2: that you represent should be purchasing a home with a
• 29:45
  Speaker 2: rate and a payment that they feel they could afford
• 29:47
  Speaker 2: for thirty years if nothing changed, I marry the home.
• 29:51
  Speaker 2: Date the rate. Thing is really really, really dangerous and
• 29:53
  Speaker 2: bad advice. Yeah. I mean, you know, when we look
• 29:57
  Speaker 2: at all this, where where's our opportunity? Now? Is real estate?
• 30:00
  Speaker 1: Since this is a you know, real estate you know
• 30:02
  Speaker 1: related show, is that I would brush up and understand
• 30:07
  Speaker 1: short sales because you're going to start talking.
• 30:11
  Speaker 2: To more and more and more homeowners who.
• 30:15
  Speaker 1: We either will tell you upfront or as you take
• 30:17
  Speaker 1: on the listing, or as you get further involved in conversation,
• 30:20
  Speaker 1: you're going to find out that they're close to or
• 30:23
  Speaker 1: behind on their mortgage, and then you go to find
• 30:26
  Speaker 1: out that they have a government back loan in faha
• 30:29
  Speaker 1: VA and there are certain guidelines that you have to follow.
• 30:32
  Speaker 1: We should have Don Lawrence on the show talk about this.
• 30:35
  Speaker 1: Is that you can't just go in lower the price
• 30:38
  Speaker 1: or you know it's subject to short sell approval, but
• 30:41
  Speaker 1: you know, lend to approval. But at the same time
• 30:43
  Speaker 1: those lenders have government guidelines like to follow since it's
• 30:46
  Speaker 1: an FHA ensured loan.
• 30:48
  Speaker 2: Yeah. Yeah, A very high percentage of the agent that
• 30:53
  Speaker 2: I work with on the coaching side now haven't done
• 30:55
  Speaker 2: at least one short sale this year, which is surprising,
• 30:57
  Speaker 2: not surprising, but it's it's obviously a big change from
• 31:01
  Speaker 2: years past when it comes like we talk about like
• 31:04
  Speaker 2: we like talking about the market because I think it's
• 31:06
  Speaker 2: really important. It doesn't change the opportunity that the agent has.
• 31:08
  Speaker 2: Just understand like the other statistics are still very very
• 31:11
  Speaker 2: valid as well. Most agents are not out there working
• 31:14
  Speaker 2: right now. If they're not out there working their database,
• 31:16
  Speaker 2: they're not trying to do deals, they're not trying to
• 31:18
  Speaker 2: take market share. We are involved enough in this business
• 31:21
  Speaker 2: on a local level to tell you with one hundred
• 31:23
  Speaker 2: percent certainty that the agents that are getting up every
• 31:25
  Speaker 2: day trying to grow their business are succeeding at a
• 31:27
  Speaker 2: high level. Right now. Your competition is getting out of
• 31:29
  Speaker 2: the way. Like, don't let anything that we're saying on
• 31:32
  Speaker 2: this show make it seem like it's doom and gloom
• 31:33
  Speaker 2: and it's a bad time to be in real estate.
• 31:35
  Speaker 2: It's actually a great time if you just buckle down
• 31:37
  Speaker 2: and do the work. There's a lot of people that
• 31:39
  Speaker 2: need your help right now. I was looking at the
• 31:43
  Speaker 2: just the stats, just a little hot sheet this morning,
• 31:45
  Speaker 2: Like in the rolling seven days on the MLS, seventy
• 31:49
  Speaker 2: five or so, one hundred new listings came on. In
• 31:51
  Speaker 2: the NETRASMLS, we've had about thirty eight hundred cancels expires
• 31:57
  Speaker 2: and which are thirty five hundred cancels expireds and straws,
• 32:00
  Speaker 2: and then thirty eight hundred closed. So if you take
• 32:03
  Speaker 2: this is not a perfect science, because the listings that
• 32:06
  Speaker 2: came on this week are not the same as the
• 32:07
  Speaker 2: ones that closed. But if you think seventy five hundred
• 32:10
  Speaker 2: new listings, thirty five hundred came off the market without selling,
• 32:14
  Speaker 2: and then thirty eight hundred sold, all in the same
• 32:16
  Speaker 2: seven day period. It's like, right now, a listing that
• 32:20
  Speaker 2: goes on the market has like a fifty percent chance
• 32:22
  Speaker 2: of not selling. And that is mostly I think because
• 32:25
  Speaker 2: of the unreasonable expectations that sellers have set for themselves
• 32:28
  Speaker 2: and agents that aren't really great at making deals happen
• 32:31
  Speaker 2: and solving their agents problem or solving their clients' problems.
• 32:34
  Speaker 2: It's like Nick says, all the time money changes hands
• 32:36
  Speaker 2: when problems are solved. There are agents out there that
• 32:40
  Speaker 2: are really, really, really helping their clients navigate difficult situations
• 32:44
  Speaker 2: right now, and there are agents that are sitting back
• 32:47
  Speaker 2: and just kind of hanging on and hoping that this
• 32:49
  Speaker 2: all passes, which is not going to. But I mean,
• 32:52
  Speaker 2: I just tell you, like, there are there are a
• 32:54
  Speaker 2: lot of agents out there that are growing their businesses.
• 32:57
  Speaker 2: We see it every day on the front lines of
• 32:59
  Speaker 2: being in this industry. There's just a massive amount of
• 33:02
  Speaker 2: opportunity to take market share right now, because I think
• 33:04
  Speaker 2: a lot of people are getting out of the way.
• 33:06
  Speaker 1: Well, when you hear things that sound doom and gloom,
• 33:09
  Speaker 1: like even when I do my weekly team meeting, like
• 33:12
  Speaker 1: I have to be careful because it makes it seem
• 33:15
  Speaker 1: like that this is the bad time or everything the
• 33:18
  Speaker 1: sky's falling. And when we look at this in general,
• 33:21
  Speaker 1: is doom and gloom means that there's massive opportunity. And
• 33:26
  Speaker 1: the best thing about doom and gloom is that everyone
• 33:29
  Speaker 1: else thinks it's bad. If you can see through that
• 33:32
  Speaker 1: fog and know what direction you want to go in,
• 33:35
  Speaker 1: we can think about it. You know, investors are picking
• 33:40
  Speaker 1: up the activity, and investors are picking back up. For
• 33:43
  Speaker 1: the last couple of years, you couldn't you couldn't really
• 33:45
  Speaker 1: help an investor because the numbers didn't make sense. And
• 33:48
  Speaker 1: we're going to start running back into that if you
• 33:51
  Speaker 1: keep if you track the market and you're tracking your
• 33:53
  Speaker 1: local your local areas and neighborhoods correctly, and you're starting
• 33:57
  Speaker 1: to build your investor list. Now you got your pulse
• 34:00
  Speaker 1: to on on the finger there and it's like, well,
• 34:04
  Speaker 1: I'm going to call Brian because Brian buys in this
• 34:06
  Speaker 1: area and I know Brian is only looking for rentals.
• 34:08
  Speaker 1: I know that he can pay a little bit more
• 34:10
  Speaker 1: than Jim over here, who's looking for uh fix and
• 34:13
  Speaker 1: flips and mixing flips. He's got to have a certain amount.
• 34:16
  Speaker 1: And so I'm going to start building my investor list.
• 34:17
  Speaker 1: I'm going to start talking to homeowners who are distressed,
• 34:19
  Speaker 1: who need a cash offer. I'm walking to property tomorrow
• 34:23
  Speaker 1: that was sent to me by an agent, and I
• 34:26
  Speaker 1: mean it's in bad shape, and you know the expectator
• 34:30
  Speaker 1: they wanted two hundred thousand.
• 34:31
  Speaker 2: I said, there's absolutely no way in how I could
• 34:33
  Speaker 2: pay two.
• 34:34
  Speaker 1: Hundred thousand, started walking through what my numbers are before seen,
• 34:37
  Speaker 1: and they said, all right, let's go ahead and look
• 34:38
  Speaker 1: at it. And that I haven't been sent as many
• 34:42
  Speaker 1: opportunities as I have in the last couple of weeks
• 34:45
  Speaker 1: in all of last year.
• 34:46
  Speaker 2: Yeah it's started happening again.
• 34:47
  Speaker 1: Yeah, yes, And this is I believe that this this
• 34:52
  Speaker 1: is a reset to get your prices back down to normal.
• 34:55
  Speaker 1: And understand, if you're buying a buy and hold market,
• 34:58
  Speaker 1: you need to know, especially as if you're an agent
• 35:01
  Speaker 1: investor specialist, you need to understand the buy and hold
• 35:03
  Speaker 1: numbers because those numbers are lower than what it used
• 35:06
  Speaker 1: to be. It's no longer the one percent rule is
• 35:09
  Speaker 1: not working. You need to be about a one and
• 35:11
  Speaker 1: a quarter to one and.
• 35:12
  Speaker 2: A half percent to factor in property taxes and property
• 35:16
  Speaker 2: insurance to offset that or decline in maybe a lower
• 35:21
  Speaker 2: range of expectations of rent increase. Yeah, we haven't talked
• 35:23
  Speaker 2: about that enough. Like we've talked a lot on the
• 35:25
  Speaker 2: show about expireds, cancels, phiz bos like places where I
• 35:30
  Speaker 2: think there's a lot of opportunity for agents right now.
• 35:33
  Speaker 2: If you're just like willing to get old school and
• 35:35
  Speaker 2: just go out and have tons of conversations, I think
• 35:37
  Speaker 2: that's a really great way to be growing your business
• 35:39
  Speaker 2: right now. But we see this on the management side.
• 35:43
  Speaker 2: There's a ton of investors in the marketplace right now
• 35:45
  Speaker 2: that have had cash flonging properties for a long time,
• 35:48
  Speaker 2: have a lot of equity in them. They're really no
• 35:50
  Speaker 2: longer cash flowing because rental rates have not picked up,
• 35:53
  Speaker 2: but insurance and taxes have. They've built a ton of
• 35:56
  Speaker 2: equity and now they're cashing out these properties. Well, because
• 35:59
  Speaker 2: they're just cashing out if they've made good cash flow
• 36:01
  Speaker 2: for years, they have a lot of equity and the
• 36:04
  Speaker 2: properties probably need some work because they've been inhabited with
• 36:07
  Speaker 2: tenants and who knows what the conditions are, and they're
• 36:10
  Speaker 2: liquidating at a discount because they just want to get
• 36:13
  Speaker 2: out and they've made great money, and I would say
• 36:15
  Speaker 2: they just want to get out, But it's expensive to
• 36:18
  Speaker 2: carry a non cash flowing property for an extended period
• 36:21
  Speaker 2: of time. And if that's your natural cycle and you
• 36:24
  Speaker 2: don't want to wait another potentially five years for this
• 36:27
  Speaker 2: property to start cash flowing again, you're going to liquidate.
• 36:30
  Speaker 2: And so that is a big section of the market
• 36:33
  Speaker 2: that's reopening up is essentially investors trading out and other
• 36:38
  Speaker 2: investors being able to come in, purchase out a discount,
• 36:40
  Speaker 2: put their own money into it, and potentially cash flow
• 36:43
  Speaker 2: those properties. Like we've not seen that opportunity for a
• 36:46
  Speaker 2: few years now. And if I was an agent looking
• 36:49
  Speaker 2: for where can I go and build a list, where
• 36:52
  Speaker 2: can I get some market share? That is a section
• 36:55
  Speaker 2: of the market that I would be trying to get
• 36:58
  Speaker 2: as learned on as I can right now, because I
• 37:00
  Speaker 2: think over the next few years you're going to start
• 37:02
  Speaker 2: to see a wave of available investment opportunities come back
• 37:04
  Speaker 2: into the market. B What does August seventeenth, twenty twenty
• 37:09
  Speaker 2: four mean to you. I'm just trying to think of
• 37:14
  Speaker 2: something smart to say. There nothing nothing smart, nothing, nothing good.
• 37:17
  Speaker 2: It wasn't memorable. It wasn't memorable. Maybe it was when
• 37:20
  Speaker 2: memorable to a lot of people in the industry. That's
• 37:22
  Speaker 2: when the nar settlement took an effect. Oh, okay, right,
• 37:27
  Speaker 2: two years ago. Two years ago, August seventeen, twenty twenty
• 37:31
  Speaker 2: four is when we were saying, when everyone thought the
• 37:36
  Speaker 2: traditional commission models were dead. Do you know what happened
• 37:41
  Speaker 2: to the commission since then? Average commission from what I hear,
• 37:47
  Speaker 2: because there is no standard commission, but.
• 37:49
  Speaker 1: There's an average once there is an average after it sold,
• 37:51
  Speaker 1: so you start collecting that.
• 37:53
  Speaker 2: So that is I eferd the average commission. It's climbed
• 37:55
  Speaker 2: since then. Yeah, I've heard, so when we when we
• 37:59
  Speaker 2: look at it.
• 37:59
  Speaker 1: According to a February twenty twenty six survey by Clever
• 38:04
  Speaker 1: Real Estate, it interviewed quite a bit of agents nationally,
• 38:09
  Speaker 1: and the average commission at that time in twenty twenty
• 38:14
  Speaker 1: six of February when they did this survey was five
• 38:16
  Speaker 1: point seven percent.
• 38:17
  Speaker 2: Okay, before the settlement five point four to nine woo,
• 38:21
  Speaker 2: everybody got a raise. Ninety nine percent of our fears
• 38:25
  Speaker 2: are never realized, but we spend an enormous amount of
• 38:28
  Speaker 2: brain power worrying about what if they are. By the way,
• 38:32
  Speaker 2: buyers fees.
• 38:35
  Speaker 1: Nationally went from two point five eight to two point
• 38:38
  Speaker 1: eight two percent.
• 38:40
  Speaker 2: Really even though some buyers were paying them themselves. Yep.
• 38:46
  Speaker 1: Here in Texas, our buyer's agent average is two point
• 38:50
  Speaker 1: nine five percent higher than NASH average. Were great higher
• 38:54
  Speaker 1: than before the settlement. And so you know, we talk
• 38:56
  Speaker 1: about all this, right, and when we think about this,
• 38:59
  Speaker 1: if you this in dollar terms, like a median DFW
• 39:03
  Speaker 1: price of three eighty five, a two point ninety five
• 39:04
  Speaker 1: percent buyer's agent commission is eleven three hundred and fifty
• 39:07
  Speaker 1: seven dollars. If this were prior to this, it was
• 39:13
  Speaker 1: pre twenty twenty four, August seventeenth, you would have been
• 39:18
  Speaker 1: at nine nine hundred and thirty three dollars out a
• 39:20
  Speaker 1: two point five eight percent average commission back then. So
• 39:24
  Speaker 1: you know, agents are making on average fourteen hundred dollars
• 39:27
  Speaker 1: more per transaction than.
• 39:29
  Speaker 2: Two years ago.
• 39:29
  Speaker 1: And when we look at this, this is again you
• 39:33
  Speaker 1: said that is that we I'm going to use the
• 39:36
  Speaker 1: word catastrophize, right. We we we in our minds build
• 39:40
  Speaker 1: up the worst, the worst, the worst, the worst case
• 39:44
  Speaker 1: scenario that could happen. And when we start to do that,
• 39:49
  Speaker 1: we also I also look at it as fear continues
• 39:53
  Speaker 1: to breed other fear. Yes, and this is the this
• 39:58
  Speaker 1: is the part where I'm going to push one. We
• 40:02
  Speaker 1: can't talk about real estate commissions, but why you should
• 40:04
  Speaker 1: be even in our real estate group, the DFW Realtors
• 40:07
  Speaker 1: Network and collaborate group, because when you start to only
• 40:12
  Speaker 1: surround yourself with people that have negative thoughts or the
• 40:15
  Speaker 1: fear based thoughts, even if you're strong mentally, there will
• 40:20
  Speaker 1: be at times when you're vulnerable and it will start
• 40:23
  Speaker 1: to erode away that positive or strong mental energy and
• 40:26
  Speaker 1: thought process.
• 40:27
  Speaker 2: Sure, your environment controls your physiology, your thought process. It's
• 40:31
  Speaker 2: a one hundred percent true. And you surround yourself with
• 40:34
  Speaker 2: people that are afraid of the dark, it's just going
• 40:36
  Speaker 2: to seep in. What's an interesting really quickly, Jesse, we
• 40:41
  Speaker 2: can just estimate the average home value in America between
• 40:45
  Speaker 2: twenty twenty four now I believe that's gone down, right,
• 40:49
  Speaker 2: or average sales price, So an increase in average commission
• 40:53
  Speaker 2: at a time when average sales prices are dropping is
• 40:56
  Speaker 2: very interesting because that shows the value of the agent
• 40:58
  Speaker 2: well people actually have. They're making a little bit less
• 41:01
  Speaker 2: on their sale proceeds wise, I would imagine, right, because
• 41:03
  Speaker 2: if you have sales prices that are dropping, you know,
• 41:06
  Speaker 2: it's like simple simple logic would say that people are
• 41:09
  Speaker 2: making a little bit less on the sale than they
• 41:10
  Speaker 2: were two years ago, but they're paying their agents more.
• 41:13
  Speaker 2: That's really really interesting. Well, I mean, if we think
• 41:17
  Speaker 2: about two point seven year over years, we can just
• 41:19
  Speaker 2: assume that between twenty twenty four and twenty twenty six,
• 41:22
  Speaker 2: average home sales prices have come down across the country slightly.
• 41:27
  Speaker 1: Even if they've stayed flat, they're still earning more, right,
• 41:30
  Speaker 1: like you know, and look, everything costs more, and so
• 41:33
  Speaker 1: seventy five to eighty two percent, this is a range
• 41:36
  Speaker 1: that of sellers in Texas that are still covering offering
• 41:40
  Speaker 1: to cover all of the buyer's agent commission through concessions. Again,
• 41:45
  Speaker 1: the feared shift when buyers suddenly had to pay their
• 41:47
  Speaker 1: agents out of pocket, and this hasn't materialized out of scale,
• 41:50
  Speaker 1: because look again it's the market now. If we ever
• 41:54
  Speaker 1: entered into a COVID style market Again, I'm going to
• 41:56
  Speaker 1: tell you right now, sellers will not everyone's opportunistic and
• 42:01
  Speaker 1: depending on the markets we're in, will shift where where
• 42:04
  Speaker 1: agents have to find their value or show their value
• 42:08
  Speaker 1: and expertise. And so you know, if we were in
• 42:10
  Speaker 1: a COVID style market, yeah, more than likely buyers would
• 42:13
  Speaker 1: have to be covering their buyer's agent commission and representation.
• 42:17
  Speaker 1: And I'm sure that the good agents would find ways
• 42:20
  Speaker 1: of still getting that built in or covered.
• 42:22
  Speaker 2: Man, what do you think is the future of I
• 42:27
  Speaker 2: don't know. We have this next thing on that which
• 42:29
  Speaker 2: could larking about pros and cons. Why are so many
• 42:32
  Speaker 2: agents struggling in this market? Is it just they're not
• 42:34
  Speaker 2: working hard enough? Is it just they don't see the opportunity?
• 42:37
  Speaker 2: And where do you think the industry goes from here?
• 42:40
  Speaker 2: I know you have a lot of thoughts around aligning
• 42:44
  Speaker 2: with teams, the evolution of brokerages. Do you feel like
• 42:50
  Speaker 2: the industry fundamentally changes just because so many agents are
• 42:53
  Speaker 2: just not making a living doing this right now? And
• 42:56
  Speaker 2: I think that affects the landscape of like the like brokerages, themes,
• 43:02
  Speaker 2: all the things. That's a great question and more of
• 43:06
  Speaker 2: an amusing and now the poorly post question. So I apologize.
• 43:10
  Speaker 1: That's a great question in general when we think about everything,
• 43:13
  Speaker 1: like if we think of it as a as a
• 43:15
  Speaker 1: high level view that just like the August seventeen, twenty
• 43:22
  Speaker 1: twenty four, we thought this was this it would have
• 43:25
  Speaker 1: been catastrophic in a commission based industry and how brokerages
• 43:29
  Speaker 1: and how agents earn their money. We thought it was
• 43:31
  Speaker 1: the end of traditional real estate. And you know, because
• 43:38
  Speaker 1: of the way the market was going, the market has
• 43:41
  Speaker 1: helped kind of still stabilize that or you.
• 43:44
  Speaker 2: Know, continue to show the value. And what we have
• 43:47
  Speaker 2: currently now is my belief.
• 43:49
  Speaker 1: And if you ask any big box in big brand brokerage,
• 43:53
  Speaker 1: if you're going to get the real truth behind it
• 43:55
  Speaker 1: is that my belief is that the real estate teams,
• 44:00
  Speaker 1: the enterprise real estate teams that are part of like
• 44:03
  Speaker 1: a place by the way, full transmitters.
• 44:05
  Speaker 2: I am part of place.
• 44:07
  Speaker 1: I'm not just a homer of it, but I see
• 44:09
  Speaker 1: what they are doing is that the large conglomerate real
• 44:13
  Speaker 1: estate teams is going to be the next movement that
• 44:16
  Speaker 1: is going to be able to support the real estate
• 44:18
  Speaker 1: industry at a high level. And here's the reason why. Right,
• 44:22
  Speaker 1: what we're seeing just like in just like in real life,
• 44:25
  Speaker 1: we're seeing the middle class do what die off, right,
• 44:29
  Speaker 1: it is shrinking contracting, right, we're seeing that same style
• 44:33
  Speaker 1: happen here in the real estate industry. The individual agent
• 44:36
  Speaker 1: is shrinking. It's going away. And when I say that,
• 44:38
  Speaker 1: everyone will always make there'll always everyone always throws out
• 44:42
  Speaker 1: the exception by the way. They're like, but this person
• 44:44
  Speaker 1: over here, and I'm like, you can only name a
• 44:46
  Speaker 1: few people doing.
• 44:47
  Speaker 2: Others at one point for a million of us. If
• 44:50
  Speaker 2: you can like y few people, then.
• 44:51
  Speaker 1: Yeah, right, there's always. What I'm saying is there will
• 44:53
  Speaker 1: always be exception to this rule. But the the solo
• 44:57
  Speaker 1: individual real estate practitioner is dead. It's gone away, and
• 45:01
  Speaker 1: it's going away, and it will continue to happen that way.
• 45:03
  Speaker 1: And the consumer, as they experience better service, better expertise,
• 45:09
  Speaker 1: quicker response times, more business like related services, they're only
• 45:16
  Speaker 1: going to want to experience that.
• 45:18
  Speaker 2: Right.
• 45:19
  Speaker 1: It's the whole reason when I talk about and this
• 45:22
  Speaker 1: is not taied on brokerages or anything else like that.
• 45:24
  Speaker 1: Why did bed bath and beyond? We made fun of it?
• 45:27
  Speaker 1: Why did bed Bath? Jesse's over here laughing. Why did
• 45:30
  Speaker 1: they want to get into the real estate business.
• 45:33
  Speaker 2: They want to do it. Its synergy across the home
• 45:36
  Speaker 2: ownership journey.
• 45:37
  Speaker 1: Marcus Lamonas has said, it's still the real estate industry.
• 45:40
  Speaker 1: The real buying of real estate is still fractured exactly.
• 45:44
  Speaker 1: And the companies that will figure out how to make
• 45:47
  Speaker 1: it a seamless experience are the ones that are going
• 45:51
  Speaker 1: to dominate. And we as real estate agents and real
• 45:54
  Speaker 1: estate brokerages and brokers, if we don't get aboard and
• 45:57
  Speaker 1: aligned with that, then we're going to be And so
• 46:02
  Speaker 1: companies like Place, if you look at you know what
• 46:05
  Speaker 1: what even Rocket Mortgage and Redfin and you know what
• 46:09
  Speaker 1: Compass is trying to do. They're trying to make seamless experiences.
• 46:13
  Speaker 1: You know, Sir Hand has come into the Dallas market
• 46:15
  Speaker 1: with with you know, momentum because it's Sir Han's But
• 46:20
  Speaker 1: that can only last, in my opinion, that can only
• 46:22
  Speaker 1: last so long of a celebrity like name can only
• 46:26
  Speaker 1: last so long before it fizzles out because every consumer
• 46:30
  Speaker 1: wants seamless, positive experiences and they want it at competitive pricing.
• 46:35
  Speaker 2: Yeah, I don't disagree. I think the individual the road
• 46:39
  Speaker 2: ahead for the individual agent most likely will be, it
• 46:43
  Speaker 2: will be evolving. The individual agent doesn't need to go
• 46:47
  Speaker 2: away right to hit my goals. For most agents, if
• 46:50
  Speaker 2: I sold twenty five to thirty homes a year, I'm
• 46:52
  Speaker 2: making a very good living. If the individual agent's business
• 46:56
  Speaker 2: goes away, it's it's it's going to be because they,
• 46:58
  Speaker 2: in a their own accord, were not able to build
• 47:01
  Speaker 2: that business that provided that seamless home ownership journey. It
• 47:06
  Speaker 2: is possible to do it on an individual level. Agents
• 47:08
  Speaker 2: just have to do it, and that is Yes, my
• 47:11
  Speaker 2: observation is that the majority of agents probably won't put
• 47:15
  Speaker 2: those pieces together. The ones that do, I think will
• 47:18
  Speaker 2: excel at a very high level, and the rest I
• 47:20
  Speaker 2: think will either lose to the industry or they may
• 47:23
  Speaker 2: be better off aligning with the team.
• 47:24
  Speaker 1: But yeah, I think that first off, every agent that
• 47:28
  Speaker 1: got into this industry and made this a career choice
• 47:31
  Speaker 1: had an opportunity to sell twenty thirty, forty fifty hundreds
• 47:34
  Speaker 1: of homes. Sure when they didn't, they chose not to.
• 47:38
  Speaker 1: Because what they're doing is they're choosing not to. You know,
• 47:41
  Speaker 1: I hate to use the word le generate every day
• 47:42
  Speaker 1: like I hate saying that, but they've chosen not to
• 47:46
  Speaker 1: put either themselves or mechanisms or systems in place to
• 47:50
  Speaker 1: find ways to attract motivated buyers and sellers. Every single day,
• 47:54
  Speaker 1: they've chosen not to continue to follow up or stay
• 47:58
  Speaker 1: in touch or to ask their sphere for business because
• 48:01
  Speaker 1: they're not salespeople. These are all choices that we make
• 48:04
  Speaker 1: when when I choose not to follow up, and then
• 48:07
  Speaker 1: I have a client which happened recently, use somebody else,
• 48:11
  Speaker 1: or make a different decision because it wasn't aligned within
• 48:14
  Speaker 1: their time frame and my timeframe, Well that's on me,
• 48:17
  Speaker 1: right and and so that is where the large teams.
• 48:23
  Speaker 1: What will end up happening is that you will have
• 48:25
  Speaker 1: these large teams that will become the brokerage. Like the
• 48:28
  Speaker 1: brokerages will then start supporting the will be more of
• 48:31
  Speaker 1: a supporting mechanisms for these these these large team conglomerates.
• 48:34
  Speaker 1: I mean, look place as a whole is buying up
• 48:37
  Speaker 1: everything they are buying. They just bought another title company,
• 48:41
  Speaker 1: they just bought they just I can't even tell.
• 48:44
  Speaker 2: You what they what they bought. They the data that
• 48:46
  Speaker 2: they own is freaking phenomenal.
• 48:49
  Speaker 1: And so we as if we were an individual agent,
• 48:53
  Speaker 1: what we're armed with we have AI and if we
• 48:56
  Speaker 1: use AI correctly, does that does that plug enough hole
• 49:00
  Speaker 1: to keep our boat floating long enough to build momentum
• 49:04
  Speaker 1: and keep it going for another five, ten, twenty years.
• 49:07
  Speaker 2: Maybe? Maybe, maybe it does.
• 49:08
  Speaker 1: But I'm telling you that these these large corporations that
• 49:11
  Speaker 1: are taking everyone's data and that they start using it correctly. Sure,
• 49:16
  Speaker 1: and they start giving bed bath and beyond coupons and
• 49:18
  Speaker 1: container store coupons.
• 49:20
  Speaker 2: People like getting coupons right, like truth think of it.
• 49:24
  Speaker 2: Why these aren't dumb people doing this? By the way, No,
• 49:28
  Speaker 2: these are probably the smartest people in the business that
• 49:31
  Speaker 2: could be doing these things. I agree one hundred percent.
• 49:33
  Speaker 2: It'll be interesting to see what happens over the next
• 49:35
  Speaker 2: five to ten years with the individual agent journey. I
• 49:39
  Speaker 2: maintain that there will always be spaced in the industry
• 49:41
  Speaker 2: for the individual agent, but the individual agent will need
• 49:46
  Speaker 2: to be providing the type of service and seamless journey
• 49:49
  Speaker 2: that the competition is going to be in that fractured
• 49:52
  Speaker 2: ecosystem is quickly coming together and creating a better product,
• 49:57
  Speaker 2: and the individual agent needs to figure out how to
• 49:58
  Speaker 2: do that themselves. Here here is what will end up happening,
• 50:02
  Speaker 2: is that the teams will be taking over. I've already
• 50:04
  Speaker 2: said that. But the agents.
• 50:06
  Speaker 1: What has taken so long is that the agents that
• 50:09
  Speaker 1: have gotten previously, we all have this entrepreneurial business owner
• 50:14
  Speaker 1: you know, CEO mindset. And the more that we see
• 50:17
  Speaker 1: the new agents, you know, agents coming in are filtering
• 50:20
  Speaker 1: back in. They're realizing that. Look, it's not that they
• 50:24
  Speaker 1: don't care to be the business owner anymore. Right, what
• 50:26
  Speaker 1: do they want to do. We want to make sales,
• 50:28
  Speaker 1: when we want to make our money. We want to
• 50:29
  Speaker 1: have leverage. We're here for some time freedom too. Yeah,
• 50:32
  Speaker 1: and the teams can build all that. So if you
• 50:35
  Speaker 1: can make two hundred twenty five hundred and fifty three
• 50:37
  Speaker 1: hundred thousand dollars a year and have time freedom.
• 50:39
  Speaker 2: Yeah, no, why would you not? Couldn't you know?
• 50:43
  Speaker 1: We still have the best opportunity in this industry, whether
• 50:47
  Speaker 1: you're a solo and agent, whether you're on a team,
• 50:50
  Speaker 1: we still we still have the best opportunity to make
• 50:54
  Speaker 1: six figures and to make an amazing living, better than
• 50:57
  Speaker 1: any other and my my bias and unbiased opinion, more
• 51:02
  Speaker 1: than any other industry out there, legal industry.
• 51:06
  Speaker 2: Yeah, I only think in legal time. I agree, I
• 51:09
  Speaker 2: cannot think of another business that you can start with
• 51:12
  Speaker 2: the amount of leverage you have from a financial standpoint,
• 51:17
  Speaker 2: meaning the return on your money that you're investing into
• 51:19
  Speaker 2: your business. I can't think of another one that gives
• 51:22
  Speaker 2: you the most up the upside that real estate, and
• 51:24
  Speaker 2: you just have to start thinking in terms of how
• 51:27
  Speaker 2: can you stay in front of your client and look.
• 51:29
  Speaker 2: One of the best ways to do this is through
• 51:32
  Speaker 2: utility Direct right. That is, if you meant you're listening
• 51:35
  Speaker 2: at the beginning of the show, it's one of the
• 51:36
  Speaker 2: sponsors utility dashdirect dot com. Just go there, take a
• 51:40
  Speaker 2: look at it. This is an opportunity not just for
• 51:43
  Speaker 2: your buyer clients that that is buying a home or
• 51:46
  Speaker 2: your renters right renters. Everyone needs a turn on electric,
• 51:49
  Speaker 2: everyone needs to turn on internet and alarm systems and services,
• 51:52
  Speaker 2: et cetera. But this is a great way to use
• 51:55
  Speaker 2: in your database where you say, hey, Brian, I just
• 51:57
  Speaker 2: launched I'm testing out a new service for for my business.
• 52:00
  Speaker 2: I would love for you to test it out for
• 52:02
  Speaker 2: me where we could put potentially help you save money
• 52:05
  Speaker 2: on your internet and electric. Would you be interested in
• 52:07
  Speaker 2: testing out and giving me feedback on the service. Every
• 52:10
  Speaker 2: one of those that I've tested out my database has
• 52:12
  Speaker 2: said yes to that. That is another touch, another service
• 52:15
  Speaker 2: that I'm adding, and again it becomes they come back
• 52:19
  Speaker 2: to me so that I can have that conversation.
• 52:21
  Speaker 1: And oh, by the way, do you happen to know
• 52:22
  Speaker 1: anybody thinking about buying, selling, or investing in real estate?
• 52:24
  Speaker 1: So my suggestion is you got to start thinking in
• 52:27
  Speaker 1: terms of how do you become more attractive, how do
• 52:29
  Speaker 1: you become that magnant to start pulling people in and
• 52:32
  Speaker 1: utility dash direct dot Com is one of the best
• 52:34
  Speaker 1: partners to go do that because it's free and you
• 52:36
  Speaker 1: make a little bit of money doing so, so it
• 52:38
  Speaker 1: doesn't cost anything. You can make money doing it, and
• 52:41
  Speaker 1: it gives your reason to be attractive to your database.
• 52:43
  Speaker 1: Sign me up huge yep, one hundred percent. So check
• 52:47
  Speaker 1: out utility Dash and direct dot Com.
• 52:49
  Speaker 2: Click that partner with us button I think is up
• 52:51
  Speaker 2: there as well, and it'll break down how you can
• 52:53
  Speaker 2: start utilizing that service in your business. Good show today.
• 52:56
  Speaker 2: It feels good to be back. It feels really good
• 52:58
  Speaker 2: to be back. We're going to do another one next week,
• 53:00
  Speaker 2: or we do another one next week before you leave. No,
• 53:03
  Speaker 2: I'm already gonna be gone but I'll do it. I'll
• 53:05
  Speaker 2: pipe in. I don't know if Jesse knows how to
• 53:07
  Speaker 2: do that anymore. We'll do it. We'll figure it out.
• 53:09
  Speaker 2: We can do it before I leave.
• 53:10
  Speaker 1: Look, you need a show like this, by the way,
• 53:12
  Speaker 1: go to tour Studios dot com. Jesse's over here is
• 53:14
  Speaker 1: he's banging out new shows and content. He told me
• 53:17
  Speaker 1: he signed like four new shows starting.
• 53:20
  Speaker 2: Here at Tour Studios. This wow. I think we're gonna
• 53:24
  Speaker 2: have to soon exercise our ownership and that I know.
• 53:26
  Speaker 2: We need to get an affiliate u URL landing page
• 53:29
  Speaker 2: on tours just to see where this traffic comes right right, Well,
• 53:32
  Speaker 2: check out t O r E Studios dot com, the
• 53:35
  Speaker 2: home of Jesse Tour Studios. That's awesome. Don't forget.
• 53:39
  Speaker 1: Don't forget about joining us on Facebook, DFW reeaters collaborate,
• 53:43
  Speaker 1: network and collaborates.
• 53:44
  Speaker 2: See us over there, and uh we'll see you on
• 53:47
  Speaker 2: next week's show. Definitely will thank you guys, talk to
• 53:50
  Speaker 2: you later. Churn it up this week. Adfil your Room Bay.
• 54:03
  Speaker 3: A weekly podcast troop for agents who actually give pay
• 54:06
  Speaker 3: parking moves.
• 54:07
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