Latest / Massive Agent Podcast / 115: How Realtors Can Protect Their Business From the Coronavirus

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115: How Realtors Can Protect Their Business From the Coronavirus · Massive Agent Podcast

• 0:00
  SPEAKER_00: Obviously, since every other human on the planet is talking about the coronavirus right now, we're gonna talk about it.
• 0:06
  SPEAKER_00: On this episode, we're gonna talk about how agents should prepare for the coronavirus, but not about the illness, not about the disease, but the disruption that the coronavirus will bring to your business if you're not prepared.
• 0:19
  SPEAKER_01: The massive agent podcast.
• 0:22
  SPEAKER_01: We need generation tips and strategies to give you more leads and sell more bones.
• 0:27
  SPEAKER_00: I love to buy houses, I like to sell houses.
• 0:36
  SPEAKER_01: I've got better and better.
• 0:38
  SPEAKER_01: Oh, I got your attention now.
• 0:41
  SPEAKER_01: Here's your host, Dustin Brown.
• 0:45
  SPEAKER_00: What is up, everybody?
• 0:46
  SPEAKER_00: Welcome to the Massive Agent Podcast, episode 115, the coronavirus episode.
• 0:52
  SPEAKER_00: Dun dun dun.
• 0:54
  SPEAKER_00: Now look, I'm gonna give a disclaimer right off the right off the top, okay?
• 0:58
  SPEAKER_00: The vast majority of this, while I have researched it, while I have looked into things, I may not have the exact stats or or I may have them off slightly, this is opinion, okay?
• 1:08
  SPEAKER_00: If you're if you're gonna take any kind of health directive or health advice or or decide how you and your family should react to the coronavirus outbreak, if you're gonna listen to a frickin' podcast host, if you're gonna listen to me specifically, you have mental problems.
• 1:25
  SPEAKER_00: As Brick Tamlin so eloquently put on on Anchorman, yeah, you have mental problems, man.
• 1:32
  SPEAKER_00: So if you listen to me and you you take this as health advice, that's on you.
• 1:37
  SPEAKER_00: You're dumb.
• 1:38
  SPEAKER_00: This is this is an opinion, okay?
• 1:41
  SPEAKER_00: But I think it's extremely important that real estate agents and loan officers prepare for some pretty serious disruption that's about to come to their business caused by the coronavirus.
• 1:52
  SPEAKER_00: Now, I will go out on the limb and say that I think the the fear of this virus is dramatically overblown.
• 2:01
  SPEAKER_00: That's opinion, okay?
• 2:02
  SPEAKER_00: Now, I think there's a lot of fact to to back up that this is this is not Ebola.
• 2:07
  SPEAKER_00: This is not something that is gonna kill 70% of people that get it.
• 2:10
  SPEAKER_00: It's it's what, 2% globally uh that we know of, uh, you know?
• 2:15
  SPEAKER_00: Um so but here's the thing: the fear is causing certain things to happen economically that started in China, and what happens in China now affects the rest of the world, which now affects us as real estate agents in our business.
• 2:31
  SPEAKER_00: So we're gonna talk about those things so that you're not blindsided, like, oh, wait a minute, I didn't think I really needed to be worried, and now what the hell do I do now?
• 2:40
  SPEAKER_00: We don't want that to happen.
• 2:41
  SPEAKER_00: So we're gonna talk about how to how to prepare yourself for the coronavirus in your business.
• 2:47
  SPEAKER_00: Welcome to the Massive Agent Podcast, guys.
• 2:49
  SPEAKER_00: If you are new to the show, my name is Dustin Brohm, your host.
• 2:52
  SPEAKER_00: I am a real estate agent in Salt Lake City, Utah with EXP Realty.
• 2:56
  SPEAKER_00: I am the co-founder of the Industry Syndicate Podcast Network for the real estate and mortgage industry.
• 3:02
  SPEAKER_00: This show is a proud industry syndicate production, and I'm a national speaker on all things real estate marketing and podcasting and the founder of the Massive Agent Society.
• 3:12
  SPEAKER_00: Go to MassiveAgen Society.com right now to see if your market is available.
• 3:17
  SPEAKER_00: It's our one agent per market lead gen training and coaching program.
• 3:22
  SPEAKER_00: And if you if you want to take control over your ability to get your own leads and to get your own clients in the door, it's not just about Facebook ads, even though that's a major component of what we do.
• 3:33
  SPEAKER_00: We teach you how to be a master lead generator by giving you the tools that are proven to work and holding your hand through the process of learning.
• 3:41
  SPEAKER_00: But we only let one agent, we only accept one agent per market.
• 3:45
  SPEAKER_00: See if your market is even available over at MassivAgenSociety.com, along with pricing options for getting involved in claiming your market.
• 3:53
  SPEAKER_00: All right, guys, you guys have actually helped out a lot over these last few weeks since I started asking you to subscribe to the show on Apple Podcasts specifically, and then share this podcast with a colleague.
• 4:05
  SPEAKER_00: Share it with your broker or a team member or another agent you're friends with on social media or share it in an industry Facebook group.
• 4:12
  SPEAKER_00: If you like this show, if you've received value from this show at all, please share it with other agents.
• 4:17
  SPEAKER_00: I think that what we're doing and what we're talking about is relevant to agents everywhere.
• 4:22
  SPEAKER_00: And if you've if you think it's valuable and if it's helped you in any way, why not pass that along and help others?
• 4:30
  SPEAKER_00: In doing so, you're gonna be helping me, helping the show to grow our audience.
• 4:34
  SPEAKER_00: And one of the one of the ways to do that, of course, is to subscribe.
• 4:38
  SPEAKER_00: And what I've been saying is if you're already subscribed, thank you, but unsubscribe and then resubscribe.
• 4:44
  SPEAKER_00: Because from my understanding, that actually shows up as a new subscriber, which helps our our what's wow, tongue tied, which helps our show show up in the top 10 or or the you know in the top 200 charts, which helps us uh grow a big audience and attract big name guests.
• 5:01
  SPEAKER_00: And and we definitely have some that I'm that I'm gunning for, and being a top 10 show would absolutely help do that.
• 5:08
  SPEAKER_00: And also leaving reviews helps a lot too.
• 5:11
  SPEAKER_00: So I want to I want to show some love to you guys who have taken the time to write a review on Apple Podcasts because those do help us out a lot.
• 5:18
  SPEAKER_00: So just recently, Jared says it's funny because his review, it's a five-star review, but he says decent.
• 5:25
  SPEAKER_00: Hey, I'll take it.
• 5:26
  SPEAKER_00: It's decent.
• 5:27
  SPEAKER_00: In addition to Dustin's ability to ramble on and on, which again, I'll take it, he has great guests from which I have learned a great deal, much of much of which I'm using to make my wife a YouTube star, Carpe Diem, Jared.
• 5:40
  SPEAKER_00: Jared, thank you so much.
• 5:42
  SPEAKER_00: I don't know whether that's like a compliment or or not.
• 5:45
  SPEAKER_00: I'll take it, I'll take it as one.
• 5:47
  SPEAKER_00: I'll keep telling myself that because that's what I need to get through the day.
• 5:50
  SPEAKER_00: But the five stars, uh, thank you.
• 5:53
  SPEAKER_00: Thank you very much.
• 5:54
  SPEAKER_00: Appreciate the time you took to do that.
• 5:56
  SPEAKER_00: Everyone else, if you guys would leave a review, it's greatly appreciated.
• 6:00
  SPEAKER_00: But even more so, subscribe to the show so you don't have to remember that there's a new episode every Thursday morning.
• 6:05
  SPEAKER_00: It just shows up and you get notified, and it helps us uh show up in the charts to help us grow our audience as well.
• 6:12
  SPEAKER_00: That's all we ask.
• 6:14
  SPEAKER_00: So, what do you say we talk about the coronavirus or COVID 19 as they they now call it to sound so much more official?
• 6:22
  SPEAKER_00: I don't know why the hell they like it's the coronavirus.
• 6:25
  SPEAKER_00: I think uh I think COVID-19 is just more official, like uh or or not not more official, but more um specific.
• 6:34
  SPEAKER_00: So they know exactly which str which strand it is and all that stuff.
• 6:38
  SPEAKER_00: Again, guys, if you're tuning in to get any kind of medical advice or health advice, you're in the wrong frickin' place.
• 6:44
  SPEAKER_00: And if you continue to take this as medical advice, you're an idiot.
• 6:48
  SPEAKER_00: But you know, listening to the show in the first place, you know, it's not a surprise.
• 6:53
  SPEAKER_00: It's not a surprise.
• 6:55
  SPEAKER_00: Kidding.
• 6:56
  SPEAKER_00: Kidding.
• 6:56
  SPEAKER_00: Thank you.
• 6:57
  SPEAKER_00: Let's talk for a second about whether or not this is really the big, the big one, all right?
• 7:03
  SPEAKER_00: Now it it very well could be, but the fact of the matter is, as of the time of recording, there's less than a hundred thousand cases worldwide.
• 7:10
  SPEAKER_00: Okay, there's less than a hundred thousand, there's been thousands of deaths, but it it equates to about a ten perc or sorry, a two percent uh lethality rate or uh what what do they call it, a mortality rate.
• 7:22
  SPEAKER_00: About two percent of people who who have come down with it um uh end up dying from it.
• 7:28
  SPEAKER_00: Now, look, I I know we're talking about human beings here.
• 7:32
  SPEAKER_00: Each one is I mean, you know, you know what I'm saying.
• 7:37
  SPEAKER_00: But we have to talk about these numbers conceptually, otherwise, you know, we have to put these into into into the proper uh wow, I'm struggling.
• 7:47
  SPEAKER_00: Maybe I've got maybe I've already got it.
• 7:49
  SPEAKER_00: See, that was flippant.
• 7:50
  SPEAKER_00: See, for for you guys that that are gonna message me afterwards and say that I have a flippant attitude towards it, there you go.
• 7:56
  SPEAKER_00: I just gave you all the ammunition you need.
• 7:58
  SPEAKER_00: I'm very flippant about it.
• 8:00
  SPEAKER_00: Look, here's the thing.
• 8:01
  SPEAKER_00: I while I'm doing my best to to protect myself and my family from it, we are washing our hands more, we are we're conscious about touching our face or you know, trying not to.
• 8:13
  SPEAKER_00: We when I go to the gym or public places, I'll you know, I'll sanitize more and all that stuff.
• 8:18
  SPEAKER_00: So I'm just I'm trying to prevent germs from from getting us.
• 8:23
  SPEAKER_00: To a certain extent, there's not a whole lot we can do to prevent it.
• 8:27
  SPEAKER_00: Supposedly for for two to three weeks, we could actually have it in our system and not even know.
• 8:32
  SPEAKER_00: So a lot of us right now could already have it.
• 8:35
  SPEAKER_00: We have no frickin' clue.
• 8:37
  SPEAKER_00: Here's why I'm not so concerned about the disease itself.
• 8:41
  SPEAKER_00: I am concerned about the economic impact it's going to have.
• 8:43
  SPEAKER_00: I'm actually very concerned, and that's what the majority of the show is going to be about.
• 8:47
  SPEAKER_00: But the the illness itself, it's similar to the flu, okay?
• 8:52
  SPEAKER_00: Similar to the flu.
• 8:54
  SPEAKER_00: Uh, it seems to be those who have compromised immune systems, elderly, the very, very young, uh, those who have had transplants, uh, you know, compromised immune systems, they are the ones who are dying from this.
• 9:06
  SPEAKER_00: In fact, I even read a story or or heard one on a podcast about kids, a lot of kids, not newborns, but you know, kids from age one and older, they a lot of them have it and never show symptoms.
• 9:21
  SPEAKER_00: They think that kids could actually be quote unquote secret carriers, which is what the media tells us.
• 9:26
  SPEAKER_00: Now, guys, remember, the reason why this is getting so out of hand in the media with the fear and everything, and everyone running to Costco and buying up all the water and the frickin' toilet paper.
• 9:37
  SPEAKER_00: And by the way, why why water?
• 9:39
  SPEAKER_00: Why toilet paper?
• 9:40
  SPEAKER_00: Are they gonna turn the water off?
• 9:42
  SPEAKER_00: Like, are you gonna maybe if you get sick you're gonna you're gonna ship more?
• 9:46
  SPEAKER_00: So so maybe that makes sense, but I don't quite understand like if there's gonna be a big quarantine, wouldn't you want a bunch of food?
• 9:52
  SPEAKER_00: So you don't have to go buy food somewhere where it's being prepared by someone who may or may not be infected?
• 9:59
  SPEAKER_00: I don't I don't understand this whole food and water thing, like this in this context.
• 10:04
  SPEAKER_00: Anyways, uh so kids may be secret carriers and and then pass it on to those who are more susceptible to get it.
• 10:13
  SPEAKER_00: Here's why it and because that's happening, like we don't know.
• 10:17
  SPEAKER_00: We only know if somebody has it if we test them for it.
• 10:20
  SPEAKER_00: If they have it or and don't show symptoms, or they have it and the symptoms are just super mild, they may think, oh, I have a runny nose or a cough or a slight temperature, but you know, I'm not sick, so you know what the hell.
• 10:33
  SPEAKER_00: And that's what I do.
• 10:34
  SPEAKER_00: I just like I deal with it and then get my ass back to work, you know.
• 10:38
  SPEAKER_00: Uh so there's probably a lot of people that have had it that just don't know.
• 10:42
  SPEAKER_00: We're gonna see a lot more cases out there because of that.
• 10:44
  SPEAKER_00: But also, I read that they've only tested like 500 people, okay, as of as of a couple days ago.
• 10:51
  SPEAKER_00: So they've only tested 500 people and there's a hundred something cases in the US.
• 10:56
  SPEAKER_00: So you know that there's a hell of a lot more than that.
• 11:00
  SPEAKER_00: If they've tested everyone and then there's only 100 cases, okay, but we've only tested 500 people.
• 11:06
  SPEAKER_00: So there's there's gonna be so many more cases that have that come from this, and because of that, I think that the mortality rate is a lot less than 2%.
• 11:15
  SPEAKER_00: A lot of experts think that it's not just Dustin, the real estate agent podcast host, coming to that conclusion.
• 11:20
  SPEAKER_00: I'm listening to the expertise of others, the Surgeon General of the United States, for one, and who's also saying quit buying the masks, stop buying the masks.
• 11:30
  SPEAKER_00: We need the masks for our surgeons and for healthcare professionals.
• 11:34
  SPEAKER_00: Stop it.
• 11:34
  SPEAKER_00: The masks don't do a damn thing.
• 11:36
  SPEAKER_00: Everyone take a chill pill.
• 11:37
  SPEAKER_00: It's the media, and remember, media now, they make more money when they get more clicks.
• 11:45
  SPEAKER_00: CPM.
• 11:46
  SPEAKER_00: Okay, the cost per thousand impression model.
• 11:49
  SPEAKER_00: They get if they create a hysteria and people are constantly like what you know, reading one article after another after another about the coronavirus because they're afraid or because it's sexy or because it's interesting or whatever, they make more money.
• 12:03
  SPEAKER_00: Their page views go through the roof, and now they can go to advertisers and get a lot more money from them because of that.
• 12:09
  SPEAKER_00: That's their game.
• 12:10
  SPEAKER_00: Okay?
• 12:11
  SPEAKER_00: This is it's just not a big deal.
• 12:14
  SPEAKER_00: Now, look, if a few weeks from now all of a sudden it becomes this big scary deal, I'll admit it, like I I can only see what I can see, and I I can only project into the future based on what I see right now.
• 12:27
  SPEAKER_00: It when you have the Surgeon General of the United States and a lot of healthcare professionals and a lot of medical experts saying, look, this is this media hysteria is so overblown to the point that it's irresponsible, I listen to that as like, hmm, I wonder which one's telling the truth.
• 12:43
  SPEAKER_00: I want I wonder who's being real here.
• 12:45
  SPEAKER_00: It's probably not the frickin' media.
• 12:48
  SPEAKER_00: So, enough about the enough about my opinions and pontificating about the illness itself, but let's talk about how it's going to affect the economy.
• 12:58
  SPEAKER_00: Now, most of you already, as of the, you know, the day that this podcast comes out, March 5th of 2020, you're seeing interest rates at the lowest they've ever been.
• 13:08
  SPEAKER_00: Mortgage rates, the lowest they've ever been.
• 13:11
  SPEAKER_00: The Federal Reserve yesterday cut rates half a point, and the stock market didn't give a shit.
• 13:16
  SPEAKER_00: The stock market still dropped a thousand something points and it did nothing.
• 13:21
  SPEAKER_00: I don't know what uh like I don't understand what the cutting the interest rate's gonna do, you know, like unless the Federal Reserve can come up with a cure or a vaccine or something.
• 13:31
  SPEAKER_00: I don't, you know, and and apparently the stock market was like, wait a minute, that does nothing.
• 13:36
  SPEAKER_00: Now we're even more scared because you cut rates randomly out of the blue a full uh 50 basis points, half a point, and should we be concerned?
• 13:46
  SPEAKER_00: Do you know something we don't?
• 13:48
  SPEAKER_00: It made the market more nervous.
• 13:50
  SPEAKER_00: But guys, it's China.
• 13:53
  SPEAKER_00: We're such a we're such a global economy now.
• 13:57
  SPEAKER_00: We're such a uh all of our economies are so intertwined, and so many supply chains start in China.
• 14:03
  SPEAKER_00: How many of our businesses, whether that's medicine, chemicals, uh consumer goods, you name it, uh, you know, electronics, technology, and the and the parts that go into computers and mainframes and all that, they're all made in China.
• 14:17
  SPEAKER_00: Rare earth elements, a lot of them come from China.
• 14:20
  SPEAKER_00: And I heard that like 80% of our medicine is manufactured in China somewhere along the way.
• 14:26
  SPEAKER_00: That's crazy.
• 14:27
  SPEAKER_00: So you have all these factories that are that are now shut down because of concerns over the coronavirus.
• 14:33
  SPEAKER_00: That is going to trickle down everywhere and ripple across the entire globe.
• 14:38
  SPEAKER_00: Apple has taken a huge hit.
• 14:40
  SPEAKER_00: They've lost over 20% of their value just since this whole thing started because factory factories have closed.
• 14:47
  SPEAKER_00: And they're like, wait, we're not gonna be able to meet demand and we're gonna sell a hell of a lot less because you know, because factories are closed.
• 14:55
  SPEAKER_00: Well, how many other thousands and thousands of businesses, major ones, are gonna have disruptions like that?
• 15:01
  SPEAKER_00: Most of them.
• 15:02
  SPEAKER_00: So this, even though interest rates are extremely low right now, uh, mortgage rates are extremely low, and uh Barry Habib, who is he's he's probably the one I listen to most when it comes to economics that affect housing.
• 15:17
  SPEAKER_00: He's the founder of MBS Highway.
• 15:20
  SPEAKER_00: And in fact, go to MassiveAgent Podcast.com slash episodes, find this, find the show notes for this episode on MassiveAgent Podcast.com.
• 15:29
  SPEAKER_00: I will embed a video with him where he's talking about coronavirus and the economic impact in interest rates and what it's gonna lead to and all that stuff.
• 15:38
  SPEAKER_00: Super interesting.
• 15:39
  SPEAKER_00: And so if you want to dive deeper on this and hear it really from the expert, go to the go to our website, MassiveAgentPodcast.com, and watch that video, and it's uh it's really enlightening.
• 15:52
  SPEAKER_00: But all the these disruptions of the supply chain will probably lead to layoffs.
• 15:57
  SPEAKER_00: I mean, if there's a company that can't make their product or they sell a hell of a lot less of it, uh people are gonna be laid off.
• 16:04
  SPEAKER_00: Not to mention, overall, when you have people scared to leave their house, if they don't want to go out to eat, if they're gonna choose not to go to a movie, if they're gonna choose not to go to a sporting event, if they're gonna choose not to go spend money in the community, that's gonna have a negative economic impact on the community.
• 16:23
  SPEAKER_00: It has to.
• 16:24
  SPEAKER_00: And the companies that rely on those dollars, all of a sudden nobody's going out to eat, or very few of them, nobody's going to movies, no one's going out on Friday night to do stuff, that's gonna negatively affect stuff.
• 16:36
  SPEAKER_00: So people are gonna lose jobs.
• 16:38
  SPEAKER_00: And when people lose jobs, you know, some of your buyers might lose jobs.
• 16:42
  SPEAKER_00: Have you been staying in touch with not just your current clients, but those who are in the process of qualifying or in the process of, you know, they're they're waiting for the right timing.
• 16:52
  SPEAKER_00: You know, what do they do for a living?
• 16:54
  SPEAKER_00: What have their companies been telling them about their employment future?
• 16:59
  SPEAKER_00: Uh, you know, what kind of guidance have they been getting?
• 17:01
  SPEAKER_00: Have the conversations with your clients.
• 17:03
  SPEAKER_00: The very first thing that I recommend you do is have the conversations with your clients, not in this fearful tabloid type of way, but just say, hey, what are you doing and what is your employer doing to prepare?
• 17:16
  SPEAKER_00: You know, just I just curious, like, you know, if you can't get your financing, let's, you know, maybe let's prepare a plan B.
• 17:25
  SPEAKER_00: Or maybe go with a different loan program that that's a little easier to qualify for, or, or something like that.
• 17:30
  SPEAKER_00: You're gonna have clients that are afraid to uh, or maybe they'll be afraid to put a bunch of money out of pocket.
• 17:38
  SPEAKER_00: So maybe you need to help find them a financing option that they can keep more of their money and and just uh put less down.
• 17:45
  SPEAKER_00: Start having those conversations.
• 17:47
  SPEAKER_00: Find out what they're afraid of and and figure out how you can help that.
• 17:51
  SPEAKER_00: Now we can't help with all of that.
• 17:53
  SPEAKER_00: You know, we're real estate agents.
• 17:55
  SPEAKER_00: We we we do a lot, but we we can't do anything outside of the context of helping them buy or sell and the decisions surrounding that.
• 18:04
  SPEAKER_00: So if there's anything you can do, once they enlighten you on what they're afraid of and what they're thinking about, what they're preparing for, or how they're doing it, figure out how you can fit in, if at all.
• 18:17
  SPEAKER_00: Do they need a different loan program that they can put less money down so they can hold on to more money as an emergency fund type of thing?
• 18:23
  SPEAKER_00: I think a lot of people will do that.
• 18:25
  SPEAKER_00: Here's something else you need to you need to think about.
• 18:28
  SPEAKER_00: I believe that nationwide we are about to see the craziest seller's market ever.
• 18:35
  SPEAKER_00: The the hardest time to buy a home possibly ever.
• 18:39
  SPEAKER_00: Prices have gone through the roof, okay?
• 18:42
  SPEAKER_00: But now you have this environment where rates are the lowest they've ever been.
• 18:47
  SPEAKER_00: So you have a lot of people being like, hmm, maybe I should buy right now.
• 18:51
  SPEAKER_00: Wow.
• 18:51
  SPEAKER_00: I because of the coronavirus and because of the the Fed cutting rates and all this stuff, maybe I should be buying right now.
• 18:59
  SPEAKER_00: So you have a bunch of more buyers, you have more buyers jumping in that than would have otherwise.
• 19:06
  SPEAKER_00: While at the very same time, these sellers, you're gonna have sellers who are now they've they were planning on selling their home, but for concerns about strangers coming into their house, they're gonna decide to wait.
• 19:18
  SPEAKER_00: They're not gonna sell their home now until this thing blows over if they don't have to.
• 19:22
  SPEAKER_00: There's gonna be a lot of buyers also who maybe don't want to go in, go out there looking at homes uh in person.
• 19:28
  SPEAKER_00: Maybe they want to do it more virtually, maybe they uh want you know, VR walkthroughs, they want to see Matterport tours, they want you to send them uh YouTube walkthroughs, you know, video walkthroughs of different properties.
• 19:42
  SPEAKER_00: Maybe they just want to submit offers based on stuff they've seen online and put a contingency in there that they need to see the home first.
• 19:49
  SPEAKER_00: Whatever it is, you're gonna have to make some changes.
• 19:52
  SPEAKER_00: Just anticipate them.
• 19:53
  SPEAKER_00: Guys, the whole point of this episode is for you to anticipate the changes that that are coming.
• 20:00
  SPEAKER_00: And most of them won't be major.
• 20:02
  SPEAKER_00: Most of them will be these little behavioral things that are caused by fear, caused by concern of uh you know, coming in contact with with other people's germs and illnesses and stuff going into their homes, or sellers don't want strangers coming into their house.
• 20:16
  SPEAKER_00: I understand that.
• 20:18
  SPEAKER_00: You're gonna have less people selling their homes because of the coronavirus, but also when when sellers who don't need to move, they're just they think it'd be a good idea, they're going to decide now's not the time.
• 20:31
  SPEAKER_00: Or they're gonna see these interest rates that are crazy frickin' low, interest rates that start with a two, and which is just nuts.
• 20:40
  SPEAKER_00: It's just it's nuts.
• 20:41
  SPEAKER_00: Did you ever think that you'd be that you'd have a client buying a house with an interest rate that started with a two?
• 20:46
  SPEAKER_00: It's just it's crazy.
• 20:48
  SPEAKER_00: It's fantastic if you're buying, it's crazy.
• 20:50
  SPEAKER_00: You're gonna have sellers be like, wait a minute, with rates this low, I should just refinance instead.
• 20:56
  SPEAKER_00: I've I've seen this firsthand.
• 20:58
  SPEAKER_00: I've had clients or potential clients tell me that they were going to sell their house, but now they're just gonna refinance and stick it out and build more equity.
• 21:07
  SPEAKER_00: And I've heard other agents talking about this in Facebook groups locally and nationally.
• 21:12
  SPEAKER_00: You're gonna have a lot more sellers to decide not to sell right now.
• 21:17
  SPEAKER_00: While at the same time you have all these buyers jumping in to take advantage of low rates, it's going to become the hardest time to buy a home possibly ever.
• 21:26
  SPEAKER_00: So be prepared for that.
• 21:28
  SPEAKER_00: What you need to do in your marketing is start trying to get more listings.
• 21:32
  SPEAKER_00: You know, how do you get more listings?
• 21:34
  SPEAKER_00: Branding is a huge component of that.
• 21:36
  SPEAKER_00: If you're if you have not been doing any video, if you have not been branding yourself and letting your name, your face, your logo be seen all over the community in different ways, you're missing out.
• 21:47
  SPEAKER_00: Like this is this the branding is something that you should have been doing.
• 21:52
  SPEAKER_00: Those of you who have, now's the time to pour the gas on the fire.
• 21:56
  SPEAKER_00: Start doing more video, spend a little bit more on Facebook ads.
• 22:00
  SPEAKER_00: Uh, if you have uh some emergency reserves, make sure you hang on to it.
• 22:05
  SPEAKER_00: I'm not saying spend it all, but a lot of times, because look, ultimately this will pass.
• 22:11
  SPEAKER_00: Okay, this is not this is not going to wipe out humanity.
• 22:14
  SPEAKER_00: Okay, this is going to wipe out some, but nothing like the seasonal flu.
• 22:20
  SPEAKER_00: Nothing like the seasonal flu.
• 22:22
  SPEAKER_00: Nothing like the swine flu did back in uh what was that?
• 22:25
  SPEAKER_00: Uh 2010 or something like that.
• 22:27
  SPEAKER_00: Was it was that swine flu or is that uh Zika?
• 22:30
  SPEAKER_00: I forget.
• 22:31
  SPEAKER_00: But you know, there were thousands that died in the United States from that.
• 22:35
  SPEAKER_00: Uh that that's what we're dealing with here.
• 22:38
  SPEAKER_00: And look, they're gonna find a vaccine.
• 22:40
  SPEAKER_00: They're going to find a vaccine.
• 22:41
  SPEAKER_00: That's what no one in the media is talking about unless you're paying attention.
• 22:45
  SPEAKER_00: Is uh that there's a couple companies out there that already in just three months, they've already brought a vaccine, a potential vaccine, to the point where they're ready for human trials.
• 22:57
  SPEAKER_00: I believe it's Gilead Sciences or Moderna.
• 23:02
  SPEAKER_00: They both have vaccines that look promising that are uh they've been able to develop extremely quickly.
• 23:07
  SPEAKER_00: I believe it's Moderna who's ready to start human testing on their coronavirus vaccine April 1st.
• 23:13
  SPEAKER_00: That's crazy.
• 23:15
  SPEAKER_00: So at some point between now and summer, likely we're going to have a vaccine for this, which is good.
• 23:21
  SPEAKER_00: So I say all that because this will pass.
• 23:24
  SPEAKER_00: This will pass, you just need to prepare a little bit.
• 23:27
  SPEAKER_00: And because it will pass, be okay spending a little bit more than normal as long as you you have some reserves to take care of yourself.
• 23:35
  SPEAKER_00: If you cannot sleep at night worrying about paying your bills, make sure that you get to that point first.
• 23:40
  SPEAKER_00: Okay, not being able to pay your bills sucks.
• 23:43
  SPEAKER_00: I promise.
• 23:44
  SPEAKER_00: I've been there, I know what it's like to be an agent who is trying to make ends meet.
• 23:48
  SPEAKER_00: It's rough.
• 23:50
  SPEAKER_00: It's it's not it's not fun, it's not good for you, it's not good for your family.
• 23:54
  SPEAKER_00: It it definitely develops gray hair.
• 23:58
  SPEAKER_00: It certainly develops gray hair, that's for sure.
• 24:01
  SPEAKER_00: Uh so avoid that.
• 24:03
  SPEAKER_00: But if you can spend some extra marketing dollars, do it during this freak out period.
• 24:09
  SPEAKER_00: Do it when others are scared because you're gonna have less competition, and those dollars will go further if you're doing things the right way.
• 24:15
  SPEAKER_00: Facebook ads are fantastic.
• 24:17
  SPEAKER_00: Do more video, brand yourself.
• 24:19
  SPEAKER_00: If you have a podcast, spend some money to get it in front of more people.
• 24:23
  SPEAKER_00: You're gonna have less competition doing so because a lot of people will be holding money back during this time.
• 24:29
  SPEAKER_00: This concept here is actually one of the biggest takeaways I got from the Grant Cardone's 10x book.
• 24:34
  SPEAKER_00: You you know I'm not a huge fan of Grant Cardone personally.
• 24:38
  SPEAKER_00: I just don't his his voice, his personality, I just don't like.
• 24:42
  SPEAKER_00: The content that he talks about is fantastic for the most part.
• 24:46
  SPEAKER_00: And he, back when the the crash happened, he spent more money.
• 24:51
  SPEAKER_00: He doubled down, he tripled down when everyone else was pulling back and he was able to really take over.
• 24:57
  SPEAKER_00: The same thing applies here.
• 24:58
  SPEAKER_00: Let's say this only lasts a month.
• 25:01
  SPEAKER_00: Well, during that month, you could really take a big leap forward by spending some of your marketing dollars in a targeted way to let the community see you and know you exist.
• 25:10
  SPEAKER_00: Take the content you've been doing, do more of it, and get more people to see it.
• 25:14
  SPEAKER_00: If you can do that right now, that's going to help you.
• 25:17
  SPEAKER_00: And you should be going for listings because if it is the way I believe it is, or believe the way I believe it's going to be, if it's going to be one of the toughest times ever to buy, you want to be representing the listings.
• 25:30
  SPEAKER_00: You don't want to have buyers when you can't find homes for the buyers.
• 25:34
  SPEAKER_00: That sucks.
• 25:35
  SPEAKER_00: It sucks.
• 25:37
  SPEAKER_00: Obviously, a great buyer's agent will still be able to get deals under contract.
• 25:41
  SPEAKER_00: It just makes it a lot more difficult.
• 25:43
  SPEAKER_00: So go for listings and it takes branding.
• 25:45
  SPEAKER_00: They need to know, they need to know of you.
• 25:48
  SPEAKER_00: They need to see you, they need to have name recognition and brand recognition.
• 25:52
  SPEAKER_00: Uh, otherwise, they're gonna go with cousin Bobby that got his license last week.
• 25:56
  SPEAKER_00: That sucks.
• 25:56
  SPEAKER_00: Uh isn't that weird?
• 25:58
  SPEAKER_00: That you'd think that when you're buying a place, you'd go with cousin Bobby, because there's no marketing involved.
• 26:03
  SPEAKER_00: There's there's not a whole lot involved with buying a house other than the home search and negotiating an offer.
• 26:10
  SPEAKER_00: When you're listing, you have to negotiate and all that.
• 26:13
  SPEAKER_00: Uh you have to prepare the home, you have to deal with curb appeal, you have to market, and that takes some serious expertise.
• 26:21
  SPEAKER_00: Why don't people have their cousin Bobby, that got their license last week, help him with the buy and then hire a real professional to sell?
• 26:28
  SPEAKER_00: It seems that that happens in reverse.
• 26:30
  SPEAKER_00: People let their family members uh and random, random people that really sh have no business doing it, they let them have their listings.
• 26:39
  SPEAKER_00: I don't get it.
• 26:40
  SPEAKER_00: But it is what it is.
• 26:41
  SPEAKER_00: So to combat that, you have to be known.
• 26:44
  SPEAKER_00: Right now is a great opportunity if you have some money put aside to spend it on Facebook ads, spend it uh locally with digital billboards, with uh with with door hangers, with whatever it is, do all of it ideally.
• 27:00
  SPEAKER_00: But the best bang for your buck is Facebook ads because you can pick the person that you want to see it in the area you want them to see it in.
• 27:08
  SPEAKER_00: And video is so cheap to deliver to people, and it's one of the best ways to grow your brand and to let people see your face, see your name, see your logo, all of that.
• 27:19
  SPEAKER_00: Spend that money if you have it set aside.
• 27:21
  SPEAKER_00: Now is the time, it's a great opportunity to do so.
• 27:25
  SPEAKER_00: And beyond that, in your marketing, in your posting online, don't feed into the hysteria.
• 27:31
  SPEAKER_00: Most people that I speak with are kind of rolling their eyes because the media is so obviously trying to get more clicks, they're so obviously just you know drumming all this up or or making more out of it than it should be at this point.
• 27:46
  SPEAKER_00: Because it look, there's still there's still so few people that have contracted it and and even fewer who have died.
• 27:55
  SPEAKER_00: It's not, it's nothing like the seasonal flu, it's nothing like Zika or the West Nile virus or swine flu or any of that stuff.
• 28:03
  SPEAKER_00: Not even close.
• 28:04
  SPEAKER_00: It has the potential to be, but at this point, there's no evidence of that at all.
• 28:10
  SPEAKER_00: And when you factor in the likelihood of a vaccine sometime between now and summer, it's overblown.
• 28:16
  SPEAKER_00: So be the voice of reason, be the adult in the room.
• 28:20
  SPEAKER_00: Okay, ease concerns, talk about some of the stuff that I just talked about, but but speak directly to the client and let them know what they need to know.
• 28:29
  SPEAKER_00: Look, it if you can educate them in a very straightforward, common sense, honest way, they're gonna appreciate you for that.
• 28:38
  SPEAKER_00: You people look, there's a lot of agents right now that are it's the best time ever to buy a house.
• 28:44
  SPEAKER_00: But you said that last month, you said it three weeks before that, you'll probably say it again a month from now.
• 28:50
  SPEAKER_00: They see through that.
• 28:51
  SPEAKER_00: But if you explain, like I said, how interest rates are so low and what that means, and but also be honest that it's gonna be tougher to find a home.
• 29:00
  SPEAKER_00: That's why you need an experienced agent to negotiate offers and get creative with escalation clauses and and and other terms of the offer outside of just the purchase price.
• 29:12
  SPEAKER_00: If you educate them on that, they're going to trust you.
• 29:15
  SPEAKER_00: Be the adult in the room, be the voice of reason, and you will actually stick out in a very positive way and gain the trust and the respect of the community.
• 29:24
  SPEAKER_00: It's a huge opportunity right now for those of you who do these things in this way when everyone else is freaking out, there's all this it's it's just nuts.
• 29:35
  SPEAKER_00: It's just nuts.
• 29:38
  SPEAKER_00: The last thing I'll say is this if you if you're lucky enough to have closings continue uh you know through this period, put some of that money aside more than you normally would.
• 29:48
  SPEAKER_00: And I if you can put some aside and spend more on marketing, spend more on advertising than you than you normally would when your competitors are fearful and spending less.
• 29:58
  SPEAKER_00: It's a great thing to do.
• 29:59
  SPEAKER_00: This is also a great time to think about how you can build more revenue streams into your business model.
• 30:06
  SPEAKER_00: Guys, this is not let's not even talk about the brokerage I've chosen to align with, okay?
• 30:12
  SPEAKER_00: Let's just talk conceptually.
• 30:15
  SPEAKER_00: If you are 100% reliant on one income source, commission checks from closing uh the sale of a home, you're vulnerable when all of a sudden fewer homes are selling, or the clients that you normally have aren't there, you make less money, you have less income.
• 30:32
  SPEAKER_00: If you have other revenue streams, maybe you've created a local media company, you have sponsorships on there, you have advertising, you have uh some affiliate marketing going on, you have other income streams from your real estate activities, that helps to even things out.
• 30:49
  SPEAKER_00: Okay, and when times are good, they're really good.
• 30:51
  SPEAKER_00: You have like why just have one income stream where you could, you know, when you can have six, why you this this right here, if you're afraid, if you're worried about where your next deal is coming from, this should be a time of reflection.
• 31:06
  SPEAKER_00: Have you been so closed-minded that you just haven't looked at at other things, at other ways to monetize what you already do?
• 31:15
  SPEAKER_00: If so, that could be corrected.
• 31:18
  SPEAKER_00: The good news is you can correct that.
• 31:20
  SPEAKER_00: You can now open your mind and start looking at what some other agents are doing.
• 31:26
  SPEAKER_00: I the brokerage I chose, I chose because it provides extra revenue streams that aren't reliant on me personally selling homes.
• 31:35
  SPEAKER_00: So I can have an extra cushion.
• 31:37
  SPEAKER_00: Okay, I can have an extra check every single month on the 21st that happens every single month based on activity other agents do.
• 31:46
  SPEAKER_00: That to me was important, but I had to open my mind and open my eyes to see that first.
• 31:51
  SPEAKER_00: Hopefully, this, if if you're fearful right now about where your next check is coming from, do some soul searching and and at the very least, just open open your mind and be like, you know what, how else can I have money come into my real estate business without completely starting a separate business?
• 32:10
  SPEAKER_00: I'm not saying go start a separate business, figure out other revenue streams that are parallel to what you're already doing, that are that will supplement uh what you're already doing and the efforts that you're already doing on a daily basis.
• 32:23
  SPEAKER_00: It just all works together.
• 32:25
  SPEAKER_00: That's what I'm talking about.
• 32:26
  SPEAKER_00: Look at what other agents are doing successfully and do those things.
• 32:31
  SPEAKER_00: If you want to see why I chose my brokerage, EXP Realty, and why I believe they are the best solution in our industry for agents who want more revenue streams and want more of a safety net each month, go to massiveagentpodcast.com slash exp.
• 32:47
  SPEAKER_00: There's a brand new video that I put up there that I think best illustrates and explains how it all works, the numbers, the the nuts and bolts, uh everything you need to know to fully understand why so many agents are joining EXP Realty.
• 33:02
  SPEAKER_00: Go click play.
• 33:03
  SPEAKER_00: And if you want to schedule a Zoom call with me to talk about it or to get questions answered or whatever, or to find out what I provide to my agents who who join me with EXP.
• 33:14
  SPEAKER_00: And by the way, I do provide uh free lifetime membership to the Massive Agent Society for those who join me at EXP.
• 33:20
  SPEAKER_00: You can do that right on that page as well.
• 33:22
  SPEAKER_00: One more time, MassiveAgent Podcast.com slash exp, and just click play.
• 33:27
  SPEAKER_00: That's all you need to do.
• 33:28
  SPEAKER_00: Guys, ultimately, I want you to thrive.
• 33:30
  SPEAKER_00: I don't want you to be worried, I don't want you to uh to freak out and have undue stress.
• 33:37
  SPEAKER_00: Be an adult.
• 33:38
  SPEAKER_00: Okay.
• 33:38
  SPEAKER_00: Whenever you see a certain headline, you should always think, I wonder who benefits from that, or I wonder, you know, I wonder what the other side is, or I wonder what the details of that are, or I wonder if that's really true.
• 33:52
  SPEAKER_00: It doesn't mean that it's not, but you've got to start thinking for yourself.
• 33:56
  SPEAKER_00: Now most of you do, okay?
• 33:57
  SPEAKER_00: I'm not I'm not trying to say you don't, but if you're somebody who's run to Costco and filled the back of your car with toilet paper and water, why?
• 34:08
  SPEAKER_00: You may not well, because of the because of the outbreak.
• 34:11
  SPEAKER_00: Okay, well, how does that help?
• 34:13
  SPEAKER_00: If you if you tend to fall into that herd mentality, it's a problem.
• 34:18
  SPEAKER_00: But we all do it to a certain extent in certain areas of our lives.
• 34:22
  SPEAKER_00: So just think more critically, start asking critical questions, start questioning what you're seeing in the media.
• 34:29
  SPEAKER_00: And when you do that, you'll start to get down to the truth and the facts.
• 34:33
  SPEAKER_00: And when you see the facts, you'll know there's not a whole like it at this point, it's not anything to be gravely concerned about, something to keep your eye on, absolutely, and wash your hands more.
• 34:45
  SPEAKER_00: But you also, once you wrap your head around how this is going to affect us in our business economically, and we accept that that's happening, we can start being productive with the decisions we make and the things that we do.
• 35:00
  SPEAKER_00: I want you guys to be the adult in the room, and you have a real opportunity right now to show your clients and potential clients that you are that reasonable voice.
• 35:09
  SPEAKER_00: You are that that lighthouse, so to speak, that you stand there and you just sharing your light, guiding people with the right information, you're not trying to chase people down, you're not trying to be hysterical, you're not trying to use certain tactics to get more deals, you're not being you're not trying to use the crisis to get more deals.
• 35:29
  SPEAKER_00: If you just educate people in a in a very adult-like way that's fact-based, and and give them the context that they need as industry outsiders, you can actually thrive in this environment.
• 35:41
  SPEAKER_00: I wish you guys the best, stay safe, wash your hands, take care of your families, and remember, the disclaimer one more time: do not take any of this as medical advice.
• 35:51
  SPEAKER_00: I was paraphrasing the vast majority of the stats and the figures that I've read or heard over the last few weeks.
• 35:58
  SPEAKER_00: Uh, some of them may be maybe way off, maybe I didn't get the context right, but ultimately you know what I'm trying to say, so don't take this as medical advice.
• 36:07
  SPEAKER_00: If you do, what the hell?
• 36:08
  SPEAKER_00: This is Dustin Brome.
• 36:10
  SPEAKER_00: Thank you for joining the Massive Agent Podcast.
• 36:12
  SPEAKER_00: I'll see you guys next week.
• 36:13
  SPEAKER_00: Take care.