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015 - The Real Estate Business Exit Strategy (with Frederick Warburg Peters) · The Loan Daddy Podcast

• 0:00
  SPEAKER_00: That's the ultimate goal.
• 0:01
  SPEAKER_00: Help that client, whether it's selling a home or buying a home, help them with what they need.
• 0:06
  SPEAKER_00: That is first and foremost.
• 0:08
  SPEAKER_00: Everything else is secondary.
• 0:10
  SPEAKER_00: What's up, everybody?
• 0:11
  SPEAKER_00: Welcome to the Lone Daddy Podcast, episode 15.
• 0:14
  SPEAKER_00: Last week I had the great pleasure of sitting down with a real estate legend, a legend of the game, and that is Frederick Warburg Peters.
• 0:22
  SPEAKER_00: For those of you who don't know, Frederick was the former founder and CEO of Warburg Real Estate, which was a mid-sized firm in New York City.
• 0:31
  SPEAKER_00: They probably had a, I think, 150 agents, and they were a powerhouse in New York City.
• 0:36
  SPEAKER_00: Everyone knew who Warburg was, and Frederick is the founder.
• 0:40
  SPEAKER_00: There's very few people in New York City real estate who don't know who Frederick is.
• 0:44
  SPEAKER_00: We'd met one time, I want to say a decade ago, and it was not memorable for him in any way.
• 0:50
  SPEAKER_00: And there was nothing great about the meeting from my perspective, but meeting the CEO of a company in my industry, it's gonna be memorable.
• 0:56
  SPEAKER_00: Our paths crossed when I went to his office and I was talking to different agents within his office, and we spoke for maybe 30 seconds, and that was it.
• 1:04
  SPEAKER_00: We've not seen or spoken to each other since.
• 1:06
  SPEAKER_00: And then a few weeks ago, I did a webinar with an agent that was Luis Phillips Forbes.
• 1:12
  SPEAKER_00: For those of you who didn't watch that episode, we can link it here.
• 1:16
  SPEAKER_00: But it was a great engaging conversation about the market and about her business.
• 1:20
  SPEAKER_00: And Frederick watched that and he sent me an email and we had some back and forth over email about the conversation that we had, and he really enjoyed it.
• 1:28
  SPEAKER_00: Then I just said, Would you want to sit down and have a conversation like that?
• 1:31
  SPEAKER_00: Maybe kind of learn more about you and your business and things that you've done, and maybe you can add some value to other agents who are watching this.
• 1:38
  SPEAKER_00: And he was fully on board and was excited about that.
• 1:41
  SPEAKER_00: So just goes to show you if you don't ask, you don't get.
• 1:44
  SPEAKER_00: So I asked him, he agreed, and last week we sat down.
• 1:48
  SPEAKER_00: And I gotta say, it was it was a really amazing conversation.
• 1:52
  SPEAKER_00: It was really great.
• 1:53
  SPEAKER_00: And I think it's one of those conversations that I'm going to save and watch at least once a year, maybe twice a year, and I'd encourage agents to do the same.
• 2:01
  SPEAKER_00: Whether it's for yourself or for your team, there are so many good nuggets in there that you can take away that will help you grow your business.
• 2:09
  SPEAKER_00: From someone who has done it for the last 40 plus years and someone who's seen every kind of market that you could possibly be in, and he knows how to navigate it.
• 2:20
  SPEAKER_00: Even off-camera, we were talking about AI and the differences between the dot-com era and what's happening now.
• 2:26
  SPEAKER_00: We'll probably have to do a follow-up episode at some point as well because again, he's so bright and has so much experience and is still in the game now.
• 2:34
  SPEAKER_00: This is someone who does not need to work.
• 2:36
  SPEAKER_00: He should be retired right now, but he loves it and he continues to do it.
• 2:41
  SPEAKER_00: I will link the entire episode here so you can watch my conversation with Frederick in full.
• 2:47
  SPEAKER_00: But from my perspective, there were three main takeaways that I came away with after this conversation.
• 2:55
  SPEAKER_00: Number one, sitting by the phone is not a strategy.
• 2:59
  SPEAKER_00: You need a little bit of type A.
• 3:01
  SPEAKER_00: So again, I think this is one of those things that we know, you know, we've heard from many people.
• 3:05
  SPEAKER_00: You need to pick up the phone, you need to set up meetings.
• 3:08
  SPEAKER_00: But I think the way in which he said it and ending with, you need a little bit of type A.
• 3:14
  SPEAKER_00: This industry is not for everyone.
• 3:16
  SPEAKER_00: And if you don't have that itch that my pipeline is getting smaller, I need to get more transactions in, or I wanna close more transactions.
• 3:26
  SPEAKER_00: I have this goal that I want to hit, I'm currently not meeting it, or I am surpassing it.
• 3:30
  SPEAKER_00: Now I want to get to that next level.
• 3:32
  SPEAKER_00: Having that competitiveness and that little bit of type A is what you need in this industry.
• 3:38
  SPEAKER_00: And most of the agents that we interact with have it.
• 3:41
  SPEAKER_00: They are on top of their game, they are working tirelessly to help and serve more people.
• 3:48
  SPEAKER_00: But then you do have a cohort of real estate agents, you have people in my industry also, who want to do more, they want to earn more, they want to help more people, but they don't do the necessary things that you need to do in order to get to whatever that next level is.
• 4:02
  SPEAKER_00: And I think just sitting by a phone is not a strategy.
• 4:06
  SPEAKER_00: Pick that phone up, make phone calls.
• 4:08
  SPEAKER_00: And I think just throwing in again that type A is what you want to tap into.
• 4:12
  SPEAKER_00: So that was the my first biggest takeaway from him.
• 4:15
  SPEAKER_00: Number two, shut up.
• 4:16
  SPEAKER_00: That was his advice.
• 4:17
  SPEAKER_00: He said real estate agents have a tendency to talk too much.
• 4:21
  SPEAKER_00: Let your client talk.
• 4:23
  SPEAKER_00: Give them the space to say what they're thinking and what they need to say.
• 4:28
  SPEAKER_00: And oftentimes you will pick up on things that aren't in the words that they're saying.
• 4:35
  SPEAKER_00: From their tone and their attitude.
• 4:38
  SPEAKER_00: You can pick things up that ultimately will help you help them.
• 4:43
  SPEAKER_00: And I think that's great advice for anyone who's in sales, but again, you know, obviously we're speaking about real estate agents right now.
• 4:49
  SPEAKER_00: As a whole, though, we do have a tendency to just talk too much, to say more than we have to say.
• 4:55
  SPEAKER_00: Be confident in your pitch and move on.
• 4:58
  SPEAKER_00: Give your client the space to breathe and say what it is that they have to say.
• 5:02
  SPEAKER_00: And oftentimes, again, I think that will open up opportunities.
• 5:06
  SPEAKER_00: Number three, and I think this is my favorite thing, and I had a reaction to it during the interview itself, because we had this conversation about TV shows and real estate TV shows specifically.
• 5:18
  SPEAKER_00: He said one of his biggest gripes with these reality shows about real estate is that they make the agent the star.
• 5:25
  SPEAKER_00: As a real estate agent, you are not the star.
• 5:28
  SPEAKER_00: Your client is the star.
• 5:30
  SPEAKER_00: That's what Frederick said.
• 5:32
  SPEAKER_00: And I've never heard someone say that before.
• 5:33
  SPEAKER_00: And I thought it was a really interesting point that he was making that we put so much on ourselves.
• 5:40
  SPEAKER_00: And I think when you put it on yourself and you're so focused on the social media that you're doing, and don't get me wrong, I mean, as someone that is heavily active on social media and I'm doing this podcast right now, I mean, I think this type of stuff is super valuable, and if you're not doing it, you should be doing it.
• 5:57
  SPEAKER_00: But at the same time, I think there are so many people that will go to an open house or do a pitch for a seller, and they're so focused on the content that they're creating that they lose focus on serving that client.
• 6:12
  SPEAKER_00: That's the ultimate goal.
• 6:14
  SPEAKER_00: Help that client, whether it's selling a home or buying a home, help them with what they need.
• 6:18
  SPEAKER_00: That is first and foremost, everything else is secondary.
• 6:22
  SPEAKER_00: Always.
• 6:23
  SPEAKER_00: That has to be the mentality.
• 6:24
  SPEAKER_00: On a side note, it got me thinking because I do see a lot of these real estate shows that are out there.
• 6:29
  SPEAKER_00: You know, I gotta be honest, I've seen a bunch of them and they are entertaining.
• 6:33
  SPEAKER_00: They're highly entertaining, but they are really all about the agent.
• 6:36
  SPEAKER_00: Years ago, I had an idea that I think it'd be so fun and cool and a great concept to have a TV show around people who are buying and selling homes.
• 6:46
  SPEAKER_00: I remember years ago, I did a first-time homebuyer seminar.
• 6:48
  SPEAKER_00: There were probably 20 people there.
• 6:49
  SPEAKER_00: And there was a woman there who was a bus driver for over 30 years.
• 6:53
  SPEAKER_00: And the home that she bought when she originally bought the home was valued at$125,000.
• 6:59
  SPEAKER_00: Today, that home that that woman is sitting in is worth$3 million.
• 7:03
  SPEAKER_00: And I think telling this woman's story would be an incredible story to tell for the success of real estate agents and what real estate agents are able to do and the value of owning real estate.
• 7:13
  SPEAKER_00: I have another story of a woman who had gone through a horrible divorce and was able to purchase a home by herself and broke down at the closing to thank her real estate agent.
• 7:27
  SPEAKER_00: She thanked me, she thanked the attorney, and she had tears of joy that she was able to get this done to have her new home to start her new life after a horrible divorce.
• 7:36
  SPEAKER_00: I remember another transaction that I worked on where a woman's water broke at the closing table.
• 7:42
  SPEAKER_00: Like she started her new life with her family, and her water broke and she had to get rushed to the hospital.
• 7:46
  SPEAKER_00: So all of us in the real estate space have these stories.
• 7:51
  SPEAKER_00: And when you think about that, it's more about them than it is about you.
• 7:55
  SPEAKER_00: Or I should say more about us, me included.
• 7:58
  SPEAKER_00: And I think going back to what Frederick was saying, focusing on and remembering how important it is to remember who we're serving and how these clients should be put in front.
• 8:09
  SPEAKER_00: They are the start.
• 8:10
  SPEAKER_00: So again, I think this is one of those conversations that you should save, you should bookmark, and you should watch, you know, uh often by yourself or with your team, because there are all these little points that, if reinforced multiple times, will just be ingrained in you and it will lead to more business for you.
• 8:31
  SPEAKER_00: All right.
• 8:32
  SPEAKER_00: That's all that I have for today.
• 8:33
  SPEAKER_00: I appreciate everyone who has subscribed and I want to hear your feedback after watching my conversation with Frederick.
• 8:42
  SPEAKER_00: What do you agree with?
• 8:43
  SPEAKER_00: What do you disagree with?
• 8:44
  SPEAKER_00: What are some of your biggest takeaways?
• 8:47
  SPEAKER_00: Please put them into the comments.
• 8:48
  SPEAKER_00: Thank you so much.
• 8:49
  SPEAKER_00: We'll see you on the next episode.
• 8:50
  SPEAKER_00: Take care.
• 8:50
  SPEAKER_00: Bye.