Latest / Massive Agent Podcast / Top 5 Money Mistakes Realtors Make, and How to Avoid Them

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Top 5 Money Mistakes Realtors Make, and How to Avoid Them · Massive Agent Podcast

0:00
SPEAKER_00: On this episode, we're going to talk about the top five money mistakes that realtors make and how you can avoid them.
0:07
SPEAKER_00: Okay, this is super important because the failure rate for realtors is insane.
0:12
SPEAKER_00: Like 80% of real estate agents end up quitting within the first 12 months.
0:17
SPEAKER_00: 80%.
0:18
SPEAKER_00: And then 90% of agents quit within the first two years.
0:21
SPEAKER_00: I believe that a lot of that can be avoided if you just know a few things going into it.
0:27
SPEAKER_00: And if you're already well into your career, there's probably some of these mistakes you're still making that may be costing you millions of dollars down the road, millions of dollars compounded over time.
0:38
SPEAKER_00: Okay.
0:38
SPEAKER_00: Millions of dollars in missed opportunity.
0:40
SPEAKER_00: We're going to talk about that stuff today so that you are not one of those 90%.
0:47
SPEAKER_01: The massive agent podcast.
0:49
SPEAKER_01: We need generation tips and strategies to give you more leads and sell more homes.
0:55
SPEAKER_00: I love to buy houses.
0:56
SPEAKER_00: I like to sell houses.
1:00
SPEAKER_01: Wait a minute.
1:01
SPEAKER_01: Leads a week.
1:04
SPEAKER_01: That's better.
1:06
SPEAKER_01: Am I gonna get attention now?
1:09
SPEAKER_01: Here's your host, Dustin Brohm.
1:13
SPEAKER_00: What is up, everybody?
1:14
SPEAKER_00: Welcome to episode 177 of the Massive Agent Podcast.
1:18
SPEAKER_00: I am your host, Dustin Brome.
1:20
SPEAKER_00: I'm a realtor in Salt Lake City, Utah, and the co-founder of the Industry Syndicate Podcast Network.
1:25
SPEAKER_00: This podcast is a proud founding member of the Industry Syndicate Podcast Network.
1:29
SPEAKER_00: Go check out our other shows, our other amazing shows for realtors, for mortgage, mortgage loan officers, for uh real estate marketing over at industry syndicate.com.
1:40
SPEAKER_00: And there's new shows being added every single month and uh a new podcast player app coming sometime this year, which is going to be super cool.
1:49
SPEAKER_00: Um, all right.
1:50
SPEAKER_00: So why do agents fail?
1:53
SPEAKER_00: Or why do agents um end up struggling and and shooting themselves in the foot financially?
1:59
SPEAKER_00: And there's so many different reasons for this.
2:01
SPEAKER_00: And let me pull up my notes here so I have them.
2:03
SPEAKER_00: Um I I broke it down to, and by the way, you know that I'm serious here, like if I have notes for the show, because normally I'm just like I wing it, maybe I have a couple of bullet points to hit.
2:14
SPEAKER_00: Today I have some serious notes because I want to make sure I hit this shit.
2:18
SPEAKER_00: Um I I came up with the five biggest mistakes that realtors make that's killing them financially.
2:24
SPEAKER_00: All right, and then how you can avoid them.
2:27
SPEAKER_00: Um I guarantee you that you watching right now or listening, listening or watching if you're on YouTube, you're making at least one of these mistakes.
2:36
SPEAKER_00: I mean, I am, and and I I try not to, um, I'm aware of them, but sometimes I need a you know a swift kick, a swift kick in the balls, to be totally frank.
2:49
SPEAKER_00: Um let's get into it with starting at the very beginning.
2:53
SPEAKER_00: Okay, if you are not yet in real estate or you have recently become an agent, you're probably gonna be nodding your head to this.
3:00
SPEAKER_00: Okay, if if you made the same mistake I did.
3:03
SPEAKER_00: Guys, every single one of these mistakes I made.
3:06
SPEAKER_00: I know, I know how important it is to avoid these.
3:10
SPEAKER_00: And and thank God you guys are listening.
3:14
SPEAKER_00: So even if you are making these mistakes, now you can be conscious of them, flip it around.
3:18
SPEAKER_00: And we're not just gonna talk about the mistakes, we're gonna talk about solutions, what you guys should be doing to fix it, what what you guys should be doing to reverse the trend of you know, the what these mistakes are costing you financially and you know, emotionally, because if you if you're making some of these mistakes, it's draining you and draining your family, not just financially, but but spiritually, emotionally, mentally, all that stuff.
3:44
SPEAKER_00: And I speak from experience.
3:46
SPEAKER_00: When I got into this industry 11 years ago now, um, I made mistake number one.
3:53
SPEAKER_00: I got into real estate with zero savings.
3:56
SPEAKER_00: I had no runway whatsoever.
3:58
SPEAKER_00: I got into real estate not knowing any better.
4:01
SPEAKER_00: And I'm sure a lot of you guys, same thing.
4:03
SPEAKER_00: Like you got in and you're like, all right, I have my real estate license, let's go sell some homes, it's time to make some freaking money.
4:08
SPEAKER_00: Well, for me, that money didn't come for six months.
4:11
SPEAKER_00: Or was it seven months?
4:12
SPEAKER_00: Six or seven months.
4:14
SPEAKER_00: That's a long time.
4:15
SPEAKER_00: I didn't have any savings.
4:17
SPEAKER_00: And then once I did get my first commission check, it was like$1,700 because I I had to split it with the team.
4:23
SPEAKER_00: I had some other expenses to pay for.
4:26
SPEAKER_00: You guys know how that is.
4:27
SPEAKER_00: You know, as soon as you get a deal under contract, you're like, ooh, how much money do I have coming in?
4:32
SPEAKER_00: And you start counting your money before it's your money, right?
4:36
SPEAKER_00: So that that's like that's like a bonus mistake.
4:39
SPEAKER_00: Counting your money before you actually have it deposited into your account, before you actually have the check in hand.
4:45
SPEAKER_00: That's another big mistake.
4:46
SPEAKER_00: Let's call that number six.
4:48
SPEAKER_00: Okay, we just jumped right to the end.
4:50
SPEAKER_00: There's number six is counting your money before it's actually your money.
4:54
SPEAKER_00: Because shit happens all the time that delays transactions, uh, causes transactions not to happen.
5:00
SPEAKER_00: And if you spend that money on paper or in your mind before it's there, you can get yourself into deep, deep, deep shit.
5:06
SPEAKER_00: Yeah, like I did.
5:08
SPEAKER_00: So, number one, not having savings when you get into real estate is a huge deal.
5:13
SPEAKER_00: If you can, and I know not everyone can do this, but if you can, if you can, if you have the ability, like maybe you have another income in your household, which is fantastic.
5:24
SPEAKER_00: Like if your spouse has an income that can support and pay the bills and everything, that's fantastic.
5:30
SPEAKER_00: If not, if it's just you, try to build up six to 12 months worth of expenses before you get in.
5:36
SPEAKER_00: Okay.
5:37
SPEAKER_00: Because how nice is it?
5:39
SPEAKER_00: No, like if you get started and you're like, look, even if it takes me a year to get my first sale, which is a long time, how nice is that knowing that you're not super stressed about it?
5:49
SPEAKER_00: You that weight is taken off your shoulders right from the get-go.
5:52
SPEAKER_00: And then you then you can focus on growth.
5:55
SPEAKER_00: You can focus on getting better, you can focus on getting new clients, you can focus on the shit that actually matters, serving others, helping them accomplish their goals, getting them their house, helping them sell their house for a crap load of money.
6:10
SPEAKER_00: That's what you should be focused on, not your own paycheck.
6:13
SPEAKER_00: Bad shit happens when you're too focused on your own commission.
6:17
SPEAKER_00: And because you can't, if you need money, if you're in a position where you're like, I need to close this deal, you subconsciously might start advising the client in a way that maybe isn't the best for them.
6:31
SPEAKER_00: You can't help it because your your needs, your financial needs are there.
6:36
SPEAKER_00: And you it's very difficult to just shut those off completely.
6:40
SPEAKER_00: They're gonna seep into your communications and your advice and guidance for your clients.
6:45
SPEAKER_00: How amazing is that if you can just not have that stress.
6:49
SPEAKER_00: So save six to 12 months worth of expenses if you can.
6:53
SPEAKER_00: That will help you out dramatically because I have no idea how long it's gonna take to close your first house.
6:58
SPEAKER_00: It might be uh it might be 90 days, it might be, it might be nine months.
7:04
SPEAKER_00: I have no idea.
7:04
SPEAKER_00: It took me six months.
7:06
SPEAKER_00: Number two, not setting aside money from every check to pay taxes.
7:13
SPEAKER_00: I did this for so many years, and it's still something I have to be conscious of.
7:17
SPEAKER_00: And so I hired somebody to, you know, to take that off my plate so that they just handle it for me because it's not natural to me.
7:24
SPEAKER_00: Let's say you get a$10,000 commission check.
7:27
SPEAKER_00: How easy is it to think I have$10,000 in income?
7:30
SPEAKER_00: I have$10,000.
7:32
SPEAKER_00: Well, no, you don't because you have taxes to pay, right?
7:37
SPEAKER_00: Um, now we're number three has has a little bit to do with taxes, but um, or how to reduce your tax burden.
7:45
SPEAKER_00: But whatever your tax burden is, and talk to your tax professional, talk to your CPA, whoever it is doing your taxes, for the love of God, hire a professional to do your taxes, please.
7:56
SPEAKER_00: Um, it's an investment, it's not an expense.
7:58
SPEAKER_00: It's like hiring a coach.
8:00
SPEAKER_00: It's not an expense, it's an investment that will help you save more.
8:05
SPEAKER_00: But ask them, say, hey, how much, like for every$1,000 that I earn, how much should I set aside?
8:09
SPEAKER_00: Maybe it's$300, maybe it's$150, maybe it's$400, whatever.
8:14
SPEAKER_00: Whatever it is, be conservative with it.
8:16
SPEAKER_00: So for for if you have a$10,000 check coming in, don't for the love of God do what I did and just say, I have$10,000 in income.
8:25
SPEAKER_00: There we go.
8:26
SPEAKER_00: No, you have$6,000 in income.
8:28
SPEAKER_00: You put$4,000 aside for taxes if you're if you're putting 40% aside.
8:33
SPEAKER_00: I think that if you guys are running it through a business and you, you know, you have business expenses coming off, uh coming out of the business, I think 40% is probably high, a little bit too conservative, but just a nice round number.
8:45
SPEAKER_00: So, no, you don't have a 10, you don't have$10,000 in income or in revenue.
8:49
SPEAKER_00: You have$6,000 because you put it off to the side, you put it in a savings account, you put it somewhere that isn't super rip risky.
8:57
SPEAKER_00: Don't put it into Dogecoin, all right, if it's set aside for taxes.
9:01
SPEAKER_00: Now, I'll get into this later because I I made a shitload of money off Dogecoin as well.
9:06
SPEAKER_00: And cryptocurrency, we're going to talk about crypto in a little bit because there's a time and a place for that, absolutely.
9:12
SPEAKER_00: But the money you set aside for taxes, let's say you have 30 grand set aside, you don't want that to turn into 2,000.
9:18
SPEAKER_00: Okay.
9:19
SPEAKER_00: If you put it into some risky shit, it could go down.
9:21
SPEAKER_00: Now, yes, I understand it could triple or double or 10x.
9:24
SPEAKER_00: And the 30,000 you set aside turns into 100,000.
9:28
SPEAKER_00: Yes, I know.
9:29
SPEAKER_00: But is it worth the risk to you?
9:31
SPEAKER_00: That's not something I can answer for you.
9:33
SPEAKER_00: I personally would rather have it in something that's making some return, but is relatively safe, can be liquidated fairly quickly so I can get after it, or rather, so I can get at it.
9:45
SPEAKER_00: So don't have your money set aside for taxes and be super responsible and then put it in some risky investment that just goes to zero or cuts it in half and you're like, oh shit.
9:55
SPEAKER_00: So don't turn being super responsible into being a child or being irresponsible, because I've done that too.
10:02
SPEAKER_00: Number three, another big mistake agents make, maybe you, is doing business in your own name, doing business as you, doing business as a sole proprietor in the eyes of the IRS, versus having an LLC or an S Corp that you do business under.
10:21
SPEAKER_00: There are huge tax advantages to having a business entity.
10:25
SPEAKER_00: There's a huge liability um liable, what the hell?
10:31
SPEAKER_00: There's huge liability uh I want I can't I want to say concerns.
10:36
SPEAKER_00: There's liability concerns if you don't have a business that you're doing business in.
10:41
SPEAKER_00: Um it it reduces liability dramatically.
10:45
SPEAKER_00: So let's say if it's just you, if it's like, you know, Dustin Brome, the realtor, in my personal name, if something happened that I was personally liable for, that I screwed up in the job, I, you know, didn't put rock salt or ice melt on the steps of one of my listings and somebody fell and then they wanted to sue me.
11:06
SPEAKER_00: Well, if it's me, like there's no asset protection, there's no liability protection, they can sue me for everything, everything, right?
11:13
SPEAKER_00: All my personal assets, all my shit, my properties, they can come after me.
11:17
SPEAKER_00: If it's the business, then you're protected a little bit there.
11:20
SPEAKER_00: Again, I'm not a tax professional, I'm not uh, you know, a liability and asset protection professional.
11:28
SPEAKER_00: I'm just a realtor.
11:29
SPEAKER_00: This is from my experience, and some of this is opinion.
11:32
SPEAKER_00: So make sure you check with your CPA on the specifics of it in your state.
11:37
SPEAKER_00: But I highly recommend that you guys, if you're not yet, create an LLC or an S-corp.
11:43
SPEAKER_00: That's why you need to talk to your CPA and find out which one's best for you, so that then you can do business as you know, Dust and the Realtor under your company, like Dust and the Realtor LLC or you know, Patriot Realty LLC or whatever, whatever the hell, right?
12:00
SPEAKER_00: Um the tax advantages there are huge because then you can create a separate business bank account.
12:06
SPEAKER_00: And this is a big deal.
12:07
SPEAKER_00: Like if you don't have a separate bank account for your real estate business, you are doing it wrong.
12:12
SPEAKER_00: You are screwing up royally.
12:14
SPEAKER_00: It's so much easier for your bookkeeping, for for just looking at it, knowing, you know, how much money do you actually have, how much, you know, what's where if you're paying for your website, paying for if there's a monthly fee for your brokerage, if there's this and that, where does that come from?
12:29
SPEAKER_00: If it's all just in your personal account, that's a shit show.
12:32
SPEAKER_00: Let's avoid shit shows.
12:34
SPEAKER_00: How we could sum this whole episode up with this avoiding financial shit shows is a great way to stay in business.
12:40
SPEAKER_00: It's a great way to have longevity as a realtor.
12:43
SPEAKER_00: So let's avoid that financial shit show, shall we?
12:46
SPEAKER_00: That was a tongue twister, but I freaking nailed it.
12:48
SPEAKER_00: All right.
12:49
SPEAKER_00: Um, LLC or S Corp.
12:51
SPEAKER_00: Okay, you can have a separate business bank account.
12:54
SPEAKER_00: You can run all your expenses through there, you can have your income come in through there.
12:58
SPEAKER_00: Your brokerage can pay your entity, it can pay your business instead of paying you.
13:03
SPEAKER_00: So then that income, uh, a commission check, for example, a revenue share, a profit share, or you know, wherever the income is coming from goes to the company, and then you pay expenses, you know, gas, closing gifts, marketing expenses, blah, blah, blah.
13:20
SPEAKER_00: Your, you know, the lease for your car, whatever, all that stuff as business expenses.
13:24
SPEAKER_00: So if you make$100,000, no, we're gonna raise the bar here.
13:28
SPEAKER_00: You make a million dollars in gross that year after expenses, you're only taxed on$400K.
13:35
SPEAKER_00: Right?
13:35
SPEAKER_00: So that's where having an entity makes so much sense for liability protection.
13:40
SPEAKER_00: That's it, not liability concerns, even though that's true.
13:42
SPEAKER_00: Liability protection and tax advantages.
13:46
SPEAKER_00: So talk to your CPA for the love of God.
13:49
SPEAKER_00: I am not a tax professional, I'm just a real estate agent who stayed in a holiday inn five years ago.
13:55
SPEAKER_00: I think.
13:56
SPEAKER_00: I don't think I've ever stayed.
13:57
SPEAKER_00: How weird is that?
13:57
SPEAKER_00: I don't think I've ever stayed at a holiday in.
14:00
SPEAKER_00: Maybe one time in San Diego, I think it was a holiday in.
14:02
SPEAKER_00: Other than that, no, I'm too fancy, too fancy for holiday in.
14:06
SPEAKER_00: Too fancy.
14:07
SPEAKER_00: Kidding.
14:08
SPEAKER_00: Number four.
14:10
SPEAKER_00: Number four, not reinvesting into your business, not reinvesting to grow.
14:17
SPEAKER_00: Uh like I was talking about, if you have a$10,000 commission check coming in, if you mentally look at that and say, I have$10,000.
14:26
SPEAKER_00: Now, like I can go buy this, I can go pay for this, and it's all just spent, you're not reinvesting to grow.
14:32
SPEAKER_00: Okay, you need what about marketing?
14:35
SPEAKER_00: What about lead generation?
14:37
SPEAKER_00: What about investing into client appreciation events?
14:41
SPEAKER_00: What about closing gifts?
14:44
SPEAKER_00: What about Christmas gifts?
14:46
SPEAKER_00: What about you know, take hiring a coach, taking a course, whatever it is?
14:52
SPEAKER_00: You guys need to do that shit.
14:54
SPEAKER_00: If you it's something that it took me so long to do because I was struggling and I was I wasn't even having enough coming in to have extra.
15:05
SPEAKER_00: In my eyes, I was looking at it as I needed extra because I was looking at it wrong.
15:10
SPEAKER_00: I needed some extra before I could actually go launch a website, you know, hire someone to do some videos, do some Facebook ads, hire a coach, all that stuff.
15:21
SPEAKER_00: And so I didn't.
15:22
SPEAKER_00: And guess what?
15:23
SPEAKER_00: I struggled dramatically for a long time, like barely making ends meet, if they even met.
15:29
SPEAKER_00: Sometimes the ends did not meet, they just didn't.
15:33
SPEAKER_00: And that caused some serious shit within my family, with my wife and I.
15:37
SPEAKER_00: Uh, it was not fun for uh for quite a few years there.
15:41
SPEAKER_00: Um, but being on the other side, I learned a hell of a lot.
15:46
SPEAKER_00: Um, that's why I'm able to, on the other side of that, I can talk to you guys about this.
15:51
SPEAKER_00: I know what it feels like to go to the grocery store to get$40 worth of groceries and you cringe when they run your card because you're like, please don't decline.
16:00
SPEAKER_00: Please, for the love of God, don't decline.
16:02
SPEAKER_00: I know that feeling.
16:04
SPEAKER_00: It's avoidable.
16:06
SPEAKER_00: It's avoidable.
16:07
SPEAKER_00: You guys don't have to be living like that.
16:11
SPEAKER_00: So you have to reinvest into your business.
16:13
SPEAKER_00: And and as I'm gonna go over some specific things you should be reinvesting into.
16:19
SPEAKER_00: So not just marketing, but you've got to invest in yourself.
16:23
SPEAKER_00: You have to reinvest into your mind.
16:27
SPEAKER_00: Investing in yourself is one of the best investments you could ever make.
16:31
SPEAKER_00: There's a bunch of quotes that I've heard from people much smarter than me that I can't remember exactly, but basically, what there's what those quotes from very smart people are saying is that the best investment you can make is in yourself.
16:44
SPEAKER_00: So do you have a coach?
16:46
SPEAKER_00: Have you taken a course?
16:48
SPEAKER_00: Have you invested in learning?
16:50
SPEAKER_00: Have you invested in in speeding up the process of doing whatever?
16:55
SPEAKER_00: Like, if you if you're like, I'm gonna start a YouTube channel, I'm gonna launch YouTube and do it, but you're like, I don't have$400 or I don't have$2,000, whatever it is to hire this coach or to take this course, I'm just gonna do it all myself.
17:09
SPEAKER_00: It's gonna take you a lot longer.
17:10
SPEAKER_00: You're gonna make a lot more mistakes, and that's gonna cost you a lot of money, not just in money making mistakes and trial and error, but the opportunity cost.
17:19
SPEAKER_00: If you're not factoring in the opportunity cost, that's a problem.
17:24
SPEAKER_00: If you if you're not factoring in how many deals you could have closed if you had just shortened down the learning curve, and you know, rather than taking six months to learn something, you you learned it in 90 days and were able to start selling homes quicker, that's that's an expense.
17:40
SPEAKER_00: That that opportunity cost is an expense.
17:44
SPEAKER_00: I hope you start looking at it that way.
17:46
SPEAKER_00: Okay, I when I first started learning how to do Facebook ads, I did it all myself.
17:52
SPEAKER_00: And it took me a while, six, nine months, something like that.
17:55
SPEAKER_00: I spent well over 10 grand in trial and error.
17:57
SPEAKER_00: I got pretty damn good at it.
18:00
SPEAKER_00: But now that I look back, I'm like, I was telling myself that if only I had an extra$500 or$1,000 or$3,000 to hire a coach or take a course or go to a training, I could have taken that nine months and cut it down dramatically and just started doing what they told me to do right from the get and started selling a crap load of homes.
18:21
SPEAKER_00: So it was a very expensive decision to save money in the short term.
18:27
SPEAKER_00: I'm like, oh, I can't afford to take that course.
18:30
SPEAKER_00: I can't afford to go to that conference or training, I can't afford to hire that coach.
18:35
SPEAKER_00: When I look back, I think, wow, that was an expensive mistake.
18:40
SPEAKER_00: I could, even though I couldn't think of how I could come up with the money to pay for it, I should have been more resourceful.
18:47
SPEAKER_00: I should have been better at allocating where my money went.
18:51
SPEAKER_00: I should have been better at prioritizing my money.
18:54
SPEAKER_00: Because in hindsight, I couldn't afford not to do those things.
18:58
SPEAKER_00: And so, yeah, I learned it, but it took me so much longer.
19:01
SPEAKER_00: And I don't know how many hundreds of thousands of dollars in commission I lost by going it alone and trying it, trying to do it myself.
19:09
SPEAKER_00: That's why we started the Massive Agent Society.
19:11
SPEAKER_00: That's why I started it.
19:12
SPEAKER_00: The way that we did Massive Agent Society is is like it's what I wish existed back then.
19:20
SPEAKER_00: Um for the because there was stuff that was like five grand a month, two grand a month.
19:25
SPEAKER_00: I couldn't afford that shit, but 300 bucks a month, I absolutely could have made that work and had the blueprint right from the get-go.
19:32
SPEAKER_00: So that's why we created it.
19:34
SPEAKER_00: Um reinvesting into yourself is huge.
19:37
SPEAKER_00: And then just reinvesting in general, investing the money that comes in is so key.
19:43
SPEAKER_00: So I'm gonna talk about real estate, I'm gonna talk about stocks, I'm gonna talk about crypto a little bit.
19:47
SPEAKER_00: And so um, I'm not gonna go crazy into the weeds.
19:50
SPEAKER_00: So if you're like, I do not understand crypto, I do not understand Bitcoin, cool.
19:55
SPEAKER_00: I don't understand how electricity works.
19:58
SPEAKER_00: I just know that when I flip that freaking switch over there, it turns on the lights.
20:02
SPEAKER_00: So that's kind of where you need to have that 30,000-foot view of these investments and just know that they're a real thing.
20:09
SPEAKER_00: And whether you understand them or not, whether you're willing to wrap your head around them or not, they're still very real.
20:15
SPEAKER_00: And there's there's there's still opportunities that people are making a lot of money in.
20:21
SPEAKER_00: Just because you don't understand them doesn't mean that it's not, you know, an opportunity cost attached to it.
20:29
SPEAKER_00: Real estate, guys, as realtors, we're in the best possible position to find homes to flip, homes to rent or to buy and rent as rentals, homes to wholesale to another investor.
20:43
SPEAKER_00: Okay, wholesaling is huge.
20:45
SPEAKER_00: You basically get a house under contract for$100,000 and you know, flip the contract, you're selling the contract to another investor for$130,000, and then they close on it, and you, you know, that$30,000 difference is yours.
20:58
SPEAKER_00: That's your wholesale fee.
20:59
SPEAKER_00: So check with your broker on that.
21:02
SPEAKER_00: Some brokerages don't allow it, some states don't allow it.
21:04
SPEAKER_00: Um, most states do.
21:06
SPEAKER_00: There's just a right and a wrong way to do wholesaling.
21:08
SPEAKER_00: But we're out there looking at properties all the time.
21:11
SPEAKER_00: Like we're out there talking with buyers and sellers.
21:14
SPEAKER_00: And if we're just coming at buyers and sellers with one option, and that that one option is, you know, I must, I'm here to list your house.
21:23
SPEAKER_00: That's all I can do for you.
21:25
SPEAKER_00: You're screwing up.
21:26
SPEAKER_00: What if they don't what if they don't want to fix up the house to list it for top dollar?
21:30
SPEAKER_00: What if they would just want to sell it as is with all the shit in it?
21:34
SPEAKER_00: What that never happens?
21:36
SPEAKER_00: Of course it happens, it happens all the time.
21:39
SPEAKER_00: We think that every single seller has the same wants, desires, and goals.
21:44
SPEAKER_00: Well, yeah, ideally they want top dollar, but sometimes they'd rather sell it in a week, as is, with all the shit in the house without the repairs done, make a little bit less money, but have it done now.
21:58
SPEAKER_00: When the house sells.
22:01
SPEAKER_00: Let me rephrase it.
22:03
SPEAKER_00: Sometimes that is the most important thing.
22:06
SPEAKER_00: You know, how fast it can be done and how painless it can be done.
22:09
SPEAKER_00: Sometimes that's much more important than how much money this seller is going to net.
22:13
SPEAKER_00: So giving them different options is great.
22:16
SPEAKER_00: If you work with investors, if you have investor partners, well, what something I started doing early in my career is I'd show up to listing presentations and I'd tell them, hey, we'll list it.
22:26
SPEAKER_00: You need to do a few things.
22:27
SPEAKER_00: We'll list it.
22:28
SPEAKER_00: Here's how much we can get for it.
22:30
SPEAKER_00: Here's how much you'll net.
22:31
SPEAKER_00: Or another option is I have an investor that'll make you an offer today.
22:36
SPEAKER_00: In fact, I'd come with an offer sometimes and I'd say, here's an offer in hand for the home as is.
22:42
SPEAKER_00: You'd net a little bit less, but this is a done deal.
22:46
SPEAKER_00: And every once in a while, they'd be like, you know what?
22:48
SPEAKER_00: That sounds so nice.
22:50
SPEAKER_00: I'm willing to make a little bit less to just have it done now.
22:53
SPEAKER_00: How incredible is that.
22:55
SPEAKER_00: So if you have investor partners, awesome.
22:58
SPEAKER_00: Talk to them about how they can play a part in your offering to sellers.
23:03
SPEAKER_00: If you have a brokerage that has an iBuyer program, EXP Realty, for example, um, I think Compass does too.
23:10
SPEAKER_00: EXP, who else?
23:12
SPEAKER_00: Keller Williams doesn't, Keller Williams partnered with OfferPad, or at least they did in the past.
23:16
SPEAKER_00: I don't even know if that's still a thing anymore.
23:20
SPEAKER_00: Um, I know EXP has express offers.
23:23
SPEAKER_00: So EXP agents, once they get certified with it, um, they have to go through a little training.
23:28
SPEAKER_00: Um, so they learn all the ins and outs.
23:29
SPEAKER_00: But they can show up at a listing presentation and say, hey, here's an investor offer.
23:34
SPEAKER_00: They'll just buy it, cash.
23:36
SPEAKER_00: And so then the company, the brokerage, has this extra tool for you.
23:41
SPEAKER_00: It's not competing with you like Open Door or OfferPad or Zillow offers.
23:46
SPEAKER_00: Those are competitors of agents.
23:47
SPEAKER_00: Okay, that they're competing to just buy it directly from the seller.
23:50
SPEAKER_00: Whereas you, if your brokerage has an iBuyer program, it's another tool in your tool belt to offer that option to sellers.
23:59
SPEAKER_00: Pretty cool.
24:00
SPEAKER_00: Um, but then also looking for rentals and flips and wholesales for yourself.
24:05
SPEAKER_00: I mean, sometimes you're like, hmm, this house is great.
24:08
SPEAKER_00: Like I want this as a rental.
24:09
SPEAKER_00: Um, how about I just buy it?
24:10
SPEAKER_00: You know, I'll list it or I'll buy it.
24:12
SPEAKER_00: You give them options, let them decide, you know, make sure you disclose everything so it's all ethical and good.
24:17
SPEAKER_00: But you can pick up a lot of rental real estate or flips because you're out there in the trenches every single day.
24:24
SPEAKER_00: So keep your eyes open for that stuff.
24:27
SPEAKER_00: Um, stocks.
24:28
SPEAKER_00: If you don't understand stocks or you're not investing in them, you're making a big mistake.
24:33
SPEAKER_00: Now, one of the best things I ever did for my own education had nothing to do with college.
24:39
SPEAKER_00: It was I went to the county library and I got stock investing for dummies.
24:45
SPEAKER_00: And I read stock investing for dummies and I learned about market cap and PE ratio and how stocks work and all that, the basics, right?
24:53
SPEAKER_00: And that has served me so much over the course of my life, just understanding stocks.
24:59
SPEAKER_00: Now, this was before YouTube.
25:01
SPEAKER_00: This was before the social networks, this was before YouTube.
25:03
SPEAKER_00: There's probably a bunch of stuff on YouTube that will teach you better and faster than reading stock investing for dummies.
25:10
SPEAKER_00: But that's what I did back in the early 2000s.
25:12
SPEAKER_00: And it changed my life because now I understand this stuff.
25:16
SPEAKER_00: I know not everyone does, and that's totally fine.
25:19
SPEAKER_00: Uh, but stocks are a great option to take some of the proceeds.
25:24
SPEAKER_00: Like if you have commission coming in and you're like, okay, what should I do with this?
25:29
SPEAKER_00: You've got to start putting some of the money that you earn aside.
25:33
SPEAKER_00: And let me rephrase that.
25:34
SPEAKER_00: Don't put it aside to just sit there and lose money because of inflation.
25:38
SPEAKER_00: I mean put it to work for you.
25:40
SPEAKER_00: Take it aside, put it to work in the stock market.
25:43
unknown: Okay.
25:43
SPEAKER_00: Now, if you're playing individual stocks, that's riskier because individual stocks go up and down, some of them quite dramatically, um, some not dramatically.
25:53
SPEAKER_00: If you don't know what you're doing, if you don't have time to research companies, if you just don't want to deal with with uh the ups and downs and the volatility, just go with like an index fund or something.
26:04
SPEAKER_00: So you can invest in the Dow or invest in the SP 500.
26:07
SPEAKER_00: Just boom, here you go.
26:08
SPEAKER_00: So whatever the stock market as a whole does, that's where that's what your investment does.
26:12
SPEAKER_00: And over time, if you really zoom out, the stock market has done very well.
26:18
SPEAKER_00: Very, very well.
26:19
SPEAKER_00: Uh, this is why you hear a lot of people say that saving money is for is for dummies.
26:24
SPEAKER_00: Saving money is for people who saving money is not the best use of your money, usually.
26:32
SPEAKER_00: Okay.
26:32
SPEAKER_00: When you can put your money to work for you and turn a thousand dollars into ten thousand over time or turn a hundred thousand into one point five million over time.
26:42
SPEAKER_00: If you just saved a hundred grand and it's just sitting there, guys, have you heard of inflation?
26:46
SPEAKER_00: Savings accounts aren't paying shit.
26:48
SPEAKER_00: So if you have money saved that's not working for you, you are literally losing money.
26:53
SPEAKER_00: If you have a hundred grand sitting in a savings account or in cash or whatever, that is losing money every day.
27:00
SPEAKER_00: Did you see the inflation numbers that just came out?
27:02
SPEAKER_00: It was like what, four percent inflation for the last month?
27:05
SPEAKER_00: Or was it the quarter?
27:07
SPEAKER_00: I forget.
27:08
SPEAKER_00: But inflation is the highest that it's been since the late 2000s.
27:11
SPEAKER_00: Inflation kills your dollar.
27:15
SPEAKER_00: So the cost of goods going up, inflation, if you have money just sitting there, it's losing value because everything else is going up.
27:24
SPEAKER_00: If you put your money to work for you in real estate, in stocks, in cryptocurrency, in some hard asset, you know, uh precious metals, collectibles, art, any of that stuff that goes up in value, you can actually profit and benefit from inflation.
27:40
SPEAKER_00: If you guys own a home, you know what I'm talking about.
27:43
SPEAKER_00: And you guys that are selling homes to people that buy it today for 400 and then next year it's worth 570, inflation helped them, right?
27:52
SPEAKER_00: It's the renters that are getting crushed by inflation.
27:55
SPEAKER_00: It's it's those who aren't homeowners, that don't have hard assets, that don't have real property, that are getting crushed by inflation.
28:03
SPEAKER_00: Those with money in a savings account, they're getting crushed by inflation.
28:07
SPEAKER_00: Put your money to work for you.
28:09
SPEAKER_00: So do what you need to do with stocks.
28:11
SPEAKER_00: And look, guys, one of the reasons why I chose EXP Realty is they give me stock.
28:17
SPEAKER_00: There's six different ways that EXP agents get stock.
28:20
SPEAKER_00: And only one of those ways is buying it on the open market.
28:23
SPEAKER_00: Okay.
28:24
SPEAKER_00: Of course, you can buy EXPI on the open market today, end of May 2020 or middle of May 2020, it's extremely low.
28:32
SPEAKER_00: It's taken a huge dip, which is on sale.
28:35
SPEAKER_00: So I'm I'm putting thousands of dollars into buying more exp stock because I know where the company's growing.
28:41
SPEAKER_00: But if you don't want to pay out of pocket for that stock, how cool is it that whenever you close a home, they give you a chunk of it?
28:48
SPEAKER_00: Or you can buy it at a 10% discount, you know, right out of your closing check.
28:54
SPEAKER_00: Then there's certain, you know, you close your first deal of the year, they give you a chunk of stock.
28:58
SPEAKER_00: You bring agents over to EXP and help them to close their first deal, you get a chunk of stock.
29:03
SPEAKER_00: You hit your cap, they give you a chunk of stock.
29:05
SPEAKER_00: We're talking like, you know, two or four hundred dollars worth of stock, not just like, you know, a little bit.
29:10
SPEAKER_00: And that over time, it gets crazy.
29:13
SPEAKER_00: So there's agents on our team, there's agents within the company that just by doing what they were doing anyways as realtors, got millions of dollars worth of stock because they just got it so damn cheap.
29:25
SPEAKER_00: And then the company, uh, the value of the stock went through the roof.
29:28
SPEAKER_00: And yes, it's come down a bit since the stock split.
29:31
SPEAKER_00: But even still, there's agents on my team that without buying them, without really buying those shares on the open market, they have hundreds of thousands of dollars worth of stock.
29:42
SPEAKER_00: If they were at brokerage A, brokerage B, brokerage C, who didn't have that stock incentive plan, they'd have nothing except for the commission they earned.
29:50
SPEAKER_00: And maybe a plaque or a trophy for, you know, winning some award or hitting their cap or whatever.
29:55
SPEAKER_00: So just the brokerage you choose can literally put you and your family on the fast track for wealth long term.
30:03
SPEAKER_00: Not in the not in the next month, not maybe not even this year, but over the next three years, five years.
30:09
SPEAKER_00: That's why it's one of the main reasons why I'm with EXP.
30:12
SPEAKER_00: It's a very big deal.
30:13
SPEAKER_00: I know they're not the only publicly traded company, but I believe they have the best stock incentive plan for realtors who just want to sell homes, and they give you a bunch of stock for doing what you're gonna do, anyways.
30:23
SPEAKER_00: Cryptocurrency.
30:24
SPEAKER_00: Let's talk about crypto for a second.
30:27
SPEAKER_00: Bitcoin is what most people think of.
30:29
SPEAKER_00: Bitcoin, then there's Ethereum, there's Dogecoin, which because of Elon Musk and and the crazy run-up, everyone's been talking about Dogecoin, which is hilarious.
30:38
SPEAKER_00: Um, it's based on absolutely nothing.
30:41
SPEAKER_00: I'm not gonna get into each little one, but um, I also want to, you know, have some story time for you.
30:47
SPEAKER_00: Dogecoin, when I I bought it at six cents, and it was pure gambling.
30:52
SPEAKER_00: It was just like, hmm, I think there's some momentum behind this thing.
30:55
SPEAKER_00: Uh Elon Musk keeps talking about it.
30:57
SPEAKER_00: I think, I think there's gonna be a big push to get this thing up in value.
31:01
SPEAKER_00: So I bought how much they put into it.
31:03
SPEAKER_00: I forget two or two or five thousand bucks I put into it when it was at six cents.
31:09
SPEAKER_00: Well, then it went up to 70 cents.
31:11
SPEAKER_00: Now it went up, it went down.
31:12
SPEAKER_00: When and I sold a little bit along the way because I'm like, if it crashes down to nothing, which it's really not worth, like there's there's no basis to it, it's just whatever people are willing to pay.
31:22
SPEAKER_00: It's it's it's funny money.
31:24
SPEAKER_00: Dogecoin is Bitcoin, another story altogether.
31:27
SPEAKER_00: It's actually based in real shit.
31:29
SPEAKER_00: But um I start, I started selling on the way up to take profits.
31:36
SPEAKER_00: Because, guys, when you are investing in something, you don't make money.
31:39
SPEAKER_00: You you're not actually profiting if if it hasn't been sold yet.
31:44
SPEAKER_00: You have to sell the investment to realize the profit.
31:48
SPEAKER_00: You have to actually sell it.
31:50
SPEAKER_00: So if you buy something at five cents and it goes to a dollar, that's great.
31:54
SPEAKER_00: But if you don't sell it, it hasn't you haven't really profited.
31:58
SPEAKER_00: Now, I understand you may not want to just sell everything, you might want to hold long term.
32:02
SPEAKER_00: Cool.
32:03
SPEAKER_00: Um, but understand it's only a profit, it's only a realized profit when you actually sell it.
32:09
SPEAKER_00: So I started taking some profits on the way up, and then I sold all of it at 66 cents, and then it kind of crashed after that, went down into the 40s.
32:17
SPEAKER_00: Um, so I did fairly well on Dogecoin.
32:20
SPEAKER_00: It's fun.
32:20
SPEAKER_00: I enjoy that stuff.
32:22
SPEAKER_00: Um, and just know there's not a whole lot to get with with Dogecoin.
32:26
SPEAKER_00: Bitcoin's another story.
32:27
SPEAKER_00: Bitcoin is kind of like the the gold standard of cryptocurrency.
32:31
SPEAKER_00: Um there's Ethereum, which is more like a an operating system, if you will, that that companies and and platforms can be built on top of.
32:42
SPEAKER_00: And Ethereum currency is just the currency that helps to fund it and is used to make all that happen and to facilitate all the shit.
32:51
SPEAKER_00: Um, I'm not gonna get into it much more than that, but crypto, you could I've bought some really obscure cryptocurrencies lately, like um FEG, PIG, PIG, G Doge, um, what the hell else?
33:06
SPEAKER_00: Um, Shiba, Shiba Inu, uh, a few others.
33:09
SPEAKER_00: And it's it's gambling.
33:10
SPEAKER_00: Like it's straight up gambling.
33:11
SPEAKER_00: I think there's gonna be a big movement behind these things to run them up in value, but it's gambling.
33:17
SPEAKER_00: I enjoy that.
33:18
SPEAKER_00: It's kind of fun for me, but I'm it's also money that I can afford to lose.
33:22
SPEAKER_00: So if you're gonna get into cryptocurrency, unless it's Bitcoin or Ethereum, like those I would put money in.
33:28
SPEAKER_00: Again, talk to your CPA.
33:30
SPEAKER_00: You know, I'm not a financial advisor, blah, blah, blah.
33:32
SPEAKER_00: Insert disclaimer here.
33:34
SPEAKER_00: Um, Bitcoin, I'm absolutely putting money into every now and then, um, because I believe over time it's just gonna keep going up in value and stay there.
33:44
SPEAKER_00: Uh, I believe we'll see a million dollar per a million dollar bitcoins at some time in the future.
33:49
SPEAKER_00: Maybe it's two years from now, maybe it's 15 years from now.
33:52
SPEAKER_00: I don't know, but I think that's where Bitcoin's going, along with a couple others.
33:56
SPEAKER_00: And know this about cryptocurrency.
33:58
SPEAKER_00: If you're like, wait, but how do you how do you put money into Bitcoin if it's$60,000 per coin?
34:03
SPEAKER_00: You can buy fractional pieces of it.
34:06
SPEAKER_00: You can you can put just a hundred dollars into Bitcoin, you just get like 0.004 Bitcoin or whatever that comes out to, right?
34:14
SPEAKER_00: So you can buy pieces of it.
34:16
SPEAKER_00: Whatever amount of money you have, you can put into a cryptocurrency.
34:20
SPEAKER_00: You don't have to have, you don't have to buy one full coin or however many full coins, you can buy a fractional piece of it, which makes it super easy, super cool.
34:29
SPEAKER_00: Stocks aren't that way.
34:30
SPEAKER_00: Like if you want a share of Amazon stock, what's Amazon?
34:34
SPEAKER_00: Let's see.
34:35
SPEAKER_00: I think Amazon is, I'm checking right now on my iPhone.
34:41
SPEAKER_00: Amazon's$3,151 per share.
34:45
SPEAKER_00: So you can't buy a quarter of an Amazon share.
34:49
SPEAKER_00: Like you've got to buy the whole share.
34:50
SPEAKER_00: So if you don't have$3,100, you can't buy that share.
34:53
SPEAKER_00: With cryptocurrency, if you only have a hundred bucks or$500 and you want to get into Bitcoin, you can.
34:58
SPEAKER_00: I highly recommend using Coinbase or Crypto.com.
35:02
SPEAKER_00: They're very, very easy to use.
35:04
SPEAKER_00: Uh they can have high fees, but um, it's super user-friendly.
35:09
SPEAKER_00: So if you're just beginning with cryptocurrency and want to just start following them and see how it works and put a few hundred bucks to work for you, um, I highly recommend Coinbase and Crypto.com.
35:18
SPEAKER_00: Click into the show notes and I'll have links for you guys, the referral links that will give you free crypto if you use it.
35:24
SPEAKER_00: If you're brand new to Coinbase or brand new to crypto.com, both mobile apps, by the way.
35:29
SPEAKER_00: You don't need to do this on your computer.
35:30
SPEAKER_00: It could all be on your phone.
35:31
SPEAKER_00: Um, that's the easiest way to do it.
35:34
SPEAKER_00: But uh by using those links, they will actually give you free crypto.
35:38
SPEAKER_00: Maybe it's 20 bucks worth or so.
35:40
SPEAKER_00: It depends on which one you use, but they'll give you free crypto as a new user just to go through that link.
35:45
SPEAKER_00: So check that out in the show notes, on the podcast player, in the description on YouTube and uh and check that out.
35:52
SPEAKER_00: I use both and I use a few other exchanges uh for cryptocurrency because I I dabble in the more obscure.
35:58
SPEAKER_00: I'm looking for the you know the 10,000 X gains on some things, which is insane, but um it happens.
36:06
SPEAKER_00: So I'm willing to take a small chunk of my investment money and and play with it and gamble with it a little bit.
36:14
SPEAKER_00: Um, it's fun to me.
36:15
SPEAKER_00: I I enjoy the shit out of it.
36:17
SPEAKER_00: But uh I do think if you're just getting started, just get into Bitcoin, just get into Ethereum, put some money to work for you and make sure that um that you are reinvesting into your business.
36:29
SPEAKER_00: Okay, reinvest.
36:31
SPEAKER_00: Take the money that you're earning from selling homes, put some aside and put it to work for you.
36:36
SPEAKER_00: It's a huge mistake.
36:38
SPEAKER_00: Agents are not doing it, and it just sucks.
36:43
SPEAKER_00: It just sucks.
36:44
SPEAKER_00: Um, I totally got off my my five my five tips, and I think I combined four and five.
36:50
SPEAKER_00: I I was gonna call an Audible, but then I didn't write it down, and I totally forgot what number five was going to be.
36:55
SPEAKER_00: So, number five on my list here is not reinvesting into yourself, is a huge mistake.
37:01
SPEAKER_00: Take, you know, take the course, go to that conference.
37:05
SPEAKER_00: Uh every time I go to a conference or a training, on its face, it's like, yeah, maybe it costs$1,500 to get there with the hotel, the ticket to the event, the flight, all you know, food, Ubers, all the stuff.
37:18
SPEAKER_00: Maybe it costs$1,500 or$3,000.
37:21
SPEAKER_00: Way too many of you guys are thinking that's an expense that I just can't do.
37:24
SPEAKER_00: I can't do that.
37:26
SPEAKER_00: But literally every time I've gone to a conference, I sometimes I'll get some actual information or I'll get re-energized or or um refocused and I'll learn some tactical stuff.
37:37
SPEAKER_00: But a lot of times it's who you meet out in the hall, who you meet at dinner or by the bar or in line for coffee, you know, before the event, and you run into somebody that's selling 700 homes a year and you become friends with them, and they start saying, Hey, well, if you want to grow a team, you should hire this person and this person, and here's how you should compensate them.
37:55
SPEAKER_00: And here's what you should do for the culture of your group, and here's some considerations for taxes, and they start laying out all this stuff, and you're like, oh my God, I just learned that while in line for coffee just because I went to this conference.
38:07
SPEAKER_00: It has nothing to do with the conference, but that just paid for my whole trip.
38:12
SPEAKER_00: That's what happens at trainings and conferences.
38:14
SPEAKER_00: So make sure you guys are going to events.
38:16
SPEAKER_00: If your company, if your brokerage has them, go to them.
38:19
SPEAKER_00: Okay, I'm going to every single one I possibly can.
38:22
SPEAKER_00: I'm going to an I was just in Cabo for an EXP thing last week, no, two weeks ago, and I'm going to Scottsdale tomorrow morning for another one.
38:32
SPEAKER_00: And then I'm going, I'm going to be in Scottsdale, by the way, three different times over the next uh 30 days.
38:38
SPEAKER_00: Um coming from, you know, 55, 60 degrees Salt Lake.
38:42
SPEAKER_00: It's going to be twice as hot there.
38:44
SPEAKER_00: Fantastic.
38:44
SPEAKER_00: 100 degrees.
38:45
SPEAKER_00: Love it.
38:46
SPEAKER_00: I don't know how you guys in Arizona do that, but I'm going to be in Scottsdale this weekend, um, 24th, no, let's see, 26th, 27th.
38:54
SPEAKER_00: And then um second week of June, I'll be there as well for a mindset coaching experience that uh I wrote a very large check to be part of.
39:04
SPEAKER_00: Um, but that's something that I'm reinvesting into myself.
39:07
SPEAKER_00: What I've learned, guys.
39:11
SPEAKER_00: How do I put this?
39:13
SPEAKER_00: When you start to reinvest into yourself, it may feel like it's just an expense and that you know, it's like, oh, that's money that now I don't have.
39:21
SPEAKER_00: But when you invest into building an abundant mindset and getting rid of a scarcity mindset, and you start to think in different ways.
39:30
SPEAKER_00: You start to think bigger, you start to attract business to you, you start to attract money to you, you start to find opportunities that weren't there before, or rather, you see them where you didn't see them before.
39:41
SPEAKER_00: They were there, you just weren't the right person with the right mindset for them.
39:45
SPEAKER_00: And that stuff that makes you so much more money.
39:48
SPEAKER_00: That that changes your life so much more than just, you know, oh, I got one new listing because I, you know, I did Facebook ads, I got a hundred leads, one of them closed, and I got, you know, turned that into 10 grand in commission.
40:01
SPEAKER_00: Like that's great, but the real crazy returns come from investing in yourself.
40:07
SPEAKER_00: Um, so I'm doing a mindset training experience in Scottsdale in about a month.
40:14
SPEAKER_00: Um that's gonna be really intense.
40:17
SPEAKER_00: And I'm really excited to share with you guys how it works and some of the stuff I've learned.
40:22
SPEAKER_00: Um, one thing that I will share with you from the mindset uh program that I've already been doing, the what you think about matters a great deal.
40:32
SPEAKER_00: If you are pinching pennies, if you're worried about, oh, you know, I'm gonna buy this thing for for$5, but the one I really want is$10.
40:40
SPEAKER_00: And you start to, you're telling yourself that there's not enough money, that you can't make more, that you know, it's scarce.
40:46
SPEAKER_00: It's something that you need to protect, but you really want the$10 thing, but you're like, no, I'm gonna do the$5 thing because, you know, it's less money.
40:55
SPEAKER_00: You're training your mind to to have a to think that money is scarce.
41:00
SPEAKER_00: You're training your mind to think that it's scarce.
41:02
SPEAKER_00: And then scarcity mindset does not bring abundance.
41:06
SPEAKER_00: You have to have an abundant mindset that, hey, I'm gonna get that thing I want.
41:09
SPEAKER_00: It's it's 10 bucks, it's$5 more, or it's uh it's a hundred dollars instead of$50.
41:14
SPEAKER_00: But I want it.
41:15
SPEAKER_00: I want that thing.
41:16
SPEAKER_00: I'm gonna do it because I can always make more money.
41:18
SPEAKER_00: That's an abundant mindset.
41:20
SPEAKER_00: And and as you start to do that responsibly, you start to train your mind that, hey, I deserve this.
41:29
SPEAKER_00: I deserve that more expensive thing that I want.
41:32
SPEAKER_00: And guess what?
41:33
SPEAKER_00: I'm gonna make up for it.
41:34
SPEAKER_00: I'm just gonna, I'm just gonna make another sale.
41:36
SPEAKER_00: I'm just gonna get another client.
41:37
SPEAKER_00: I'm just gonna do X, Y, or Z.
41:39
SPEAKER_00: And it absolutely changes everything.
41:41
SPEAKER_00: Um, I've seen some pretty magical stuff happen um just since I started that mindset training.
41:46
SPEAKER_00: Um, it was a three-week, it was a 21-day challenge that I did.
41:49
SPEAKER_00: Uh, it was like 50 bucks, and it was incredible.
41:53
SPEAKER_00: The thing I'm going to in Scottsdale called Upgrade X, um, it's uh considerably more than$50, uh, like a lot, but it's it's it's a giant check that I'm writing because I know first off, I'm gonna get what I need out of it, and then some.
42:12
SPEAKER_00: But when you write a big check, when you commit to a$3,000 online course or hiring a coach for$1,500 a month or whatever, or going to an event that costs you two grand, you take it seriously.
42:25
SPEAKER_00: You take it very, very seriously when you write a big check for it.
42:30
SPEAKER_00: If it's free, it's very hard to get value from free.
42:34
SPEAKER_00: It's very hard to get value because you're not taking it as seriously as if it cost you$30,000.
42:39
SPEAKER_00: If, if, if that course costs you$30,000, you better believe you're gonna, you're gonna give it all you've got.
42:46
SPEAKER_00: You're gonna give it all the energy and attention you've got.
42:49
SPEAKER_00: So make sure that when you are reinvesting into yourself, that you look at, you know, are you are you just going for cheap or are you going for what you really need or want?
43:00
SPEAKER_00: My uh, I talked about this before, John Madsen, my uh my fitness coach.
43:05
SPEAKER_00: Uh, we had him on the podcast a few months ago, and it cost$7,000 for uh for his training.
43:13
SPEAKER_00: Well, most fitness coaches and and nutrition coaches are like, you know, a couple hundred bucks a month.
43:19
SPEAKER_00: So when I I was like, wait a minute, like it's$7,000.
43:23
SPEAKER_00: Are you freaking kidding me?
43:24
SPEAKER_00: And then I'm like, wait a minute.
43:26
SPEAKER_00: I want that.
43:27
SPEAKER_00: I want to learn how to live the lifestyle.
43:28
SPEAKER_00: I want to learn how to keep a six-pack for the rest of my life.
43:32
SPEAKER_00: I want to learn how to still eat ice cream and pizza and enjoy myself, but yet be ripped as shit and feel amazing with natural energy.
43:39
SPEAKER_00: I want to learn how to do that.
43:40
SPEAKER_00: And so if that cost me seven grand, so be it.
43:43
SPEAKER_00: And guys, it's been one of the best investments I've ever made.
43:47
SPEAKER_00: Because, and literally, like I was investing in myself, and my wife and I both did it.
43:52
SPEAKER_00: We are completely different people.
43:54
SPEAKER_00: Um, we were healthier, we're we're in the best shape of our Lives and we enjoy, like we know how to go to brunch and have a bunch of sausage and bacon and not have it derail us forever.
44:08
SPEAKER_00: Okay.
44:09
SPEAKER_00: Like we've learned how our body works.
44:11
SPEAKER_00: And all those little like two or three hundred dollar a month coaches, they just weren't doing that.
44:16
SPEAKER_00: You know, if you can just YouTube the information for free rather than writing a big check to have a real pro hold your hand through it, why haven't you?
44:27
SPEAKER_00: Right?
44:27
SPEAKER_00: If you yes, you can YouTube it.
44:29
SPEAKER_00: The information is out there, but you're paying for implementation.
44:33
SPEAKER_00: The information's free.
44:34
SPEAKER_00: The information can be found.
44:36
SPEAKER_00: You're paying for someone to help you implement it.
44:39
SPEAKER_00: And that that is where it's worth the investment.
44:42
SPEAKER_00: So I know I'm kind of ranting a little bit here and sharing some of my experience, but that it's just something that I've learned that uh a lot of times, guys, it's not the information, it's not, it's not the things, it's implementing it and accountability, right?
44:59
SPEAKER_00: So please, agents, reinvest into yourselves, reinvest in your business, put money aside for taxes, do business in an entity, not in your name.
45:08
SPEAKER_00: Make sure you talk to a CPA uh about whether an LLC or an S Corp or something else is the best for you.
45:14
SPEAKER_00: Um, if you're going to get into real estate or um or you're brand new, try put aside six to 12 months of expenses.
45:21
SPEAKER_00: That's gonna help you out so much.
45:23
SPEAKER_00: Put aside six to 12 months of expenses so it takes all the pressure off uh because we don't know how long it's gonna take you to close your first deal.
45:30
SPEAKER_00: And then um set aside money from each check for taxes.
45:34
SPEAKER_00: Make sure you do that so that all of a sudden at the end of the year, they're not like, hey, uh, we need 20 grand.
45:38
SPEAKER_00: And you're like, oh shit, I don't have that.
45:41
SPEAKER_00: Um, then that's a problem.
45:42
SPEAKER_00: A lot of agents do that.
45:44
SPEAKER_00: Guys, I hope that this was helpful.
45:46
SPEAKER_00: Um, I got a lot of great feedback after last week's episode um uh with Neil Mathweg about how you can have a different your how can you can structure your real estate business in a different way to live the lifestyle you want.
46:00
SPEAKER_00: This money conversation, I believe, is an extension of that.
46:03
SPEAKER_00: Uh, there's far too many agents that have told themselves a story of why they have to just stay with their team or stay with their brokerage or stay doing what they're doing on a day-to-day basis because they're busy and they're like, well, I just need to do more.
46:20
SPEAKER_00: I just need to do more.
46:21
SPEAKER_00: Well, if that's if that's literally what you want is just to be busier, cool.
46:26
SPEAKER_00: But I really don't think you guys want to be busy.
46:28
SPEAKER_00: I think you want the the income that comes from being busy.
46:33
SPEAKER_00: Well, there's other ways to get it.
46:35
SPEAKER_00: So I challenge you, if you haven't yet, go back to episode 176, listen to that.
46:40
SPEAKER_00: Um, by changing things around and making a decision that I don't want to build a sales team, that I would rather build a group of agents all around the world that I'm a mentor and a coach to, that they're partners of mine, and that I can just support them.
46:54
SPEAKER_00: That's actually what I want.
46:56
SPEAKER_00: And I don't have to manage any of them.
46:57
SPEAKER_00: They're fully independent, but I'm always here if they need me.
47:01
SPEAKER_00: My team, they all have my personal cell phone.
47:03
SPEAKER_00: We have a coaching call every Monday with Clayton Gitz and his overall group, um, very high level.
47:09
SPEAKER_00: Then I have, you know, for my team, Tuesdays, we have another coaching call.
47:13
SPEAKER_00: Thursdays, the Massive Agent Society coaching call.
47:15
SPEAKER_00: Um, and then everybody has my personal sell.
47:18
SPEAKER_00: And if and I help them build their business.
47:22
SPEAKER_00: If you want to sell a bunch of homes, I'm there to help.
47:25
SPEAKER_00: If you want to get your social media game on point, I'm there to help because I'm financially incentivized to be there for them.
47:33
SPEAKER_00: So I can, I can, I'm a I'm able to devote more time to those who are on my team just because of the the business model.
47:40
SPEAKER_00: The revenue share model makes it possible so that I can take an hour out of my day to help so-and-so figure out their Facebook page or to run a Facebook ad or whatever.
47:49
SPEAKER_00: I can't just do that for everybody.
47:51
SPEAKER_00: So financial or um incentivized mentorship is something that my brokerage makes possible.
47:59
SPEAKER_00: That's a very, very big deal.
48:01
SPEAKER_00: So that model works for me and it's allowed me to have the income that I desire, the the income growth that I desire, have the freedom and flexibility of my schedule that I desire, and not have to manage anybody.
48:14
SPEAKER_00: It's been a great thing, and I'm helping agents do that all around the country.
48:19
SPEAKER_00: Some of you guys, some of you guys are so much better than me, and it's cool to watch.
48:25
SPEAKER_00: Um it's cool to watch, but you you guys know that I'm always there to help if you need me to.
48:30
SPEAKER_00: Uh, that's what I do for my team.
48:31
SPEAKER_00: Um I say all that to encourage you to keep your mind open to other business models, other ways of structuring your day and your business, other ways of marketing.
48:44
SPEAKER_00: Because if you're if what you're doing is working, you'd be happy as hell, right?
48:49
SPEAKER_00: And maybe it's working and you are happy, but you're like, well, how do where do I go from here?
48:54
SPEAKER_00: Like, if I just keep getting busier and busier, at some point I'm gonna burn out and I'm not gonna be able to sustain it.
48:59
SPEAKER_00: I've got to make some changes.
49:00
SPEAKER_00: Yes, start thinking about those changes now.
49:03
SPEAKER_00: What are they?
49:04
SPEAKER_00: There's other ways of doing it.
49:05
SPEAKER_00: You just have to find the people who are doing those things and find out how they did it and ideally get them as a mentor, get them as a partner.
49:12
SPEAKER_00: So if you guys are, if if I'm speaking to you, if you're somebody that that resonates with, let's have a conversation.
49:19
SPEAKER_00: I'll explain more about what joining my team will do for you and how being part of it can help you build what I'm talking about and build a similar business structure to what I've built.
49:30
SPEAKER_00: It's gonna take work, it's gonna take getting out of your comfort zone, no doubt.
49:33
SPEAKER_00: But I believe the upside for agents is more it's more.
49:41
SPEAKER_00: I'm looking for another fancy word.
49:42
SPEAKER_00: Can't find it.
49:43
SPEAKER_00: I can never find the fancy word.
49:44
SPEAKER_00: So I'll just stick with my little pea-brained vocabulary.
49:47
SPEAKER_00: Um, I can't even do that because I lose my train of thought.
49:52
SPEAKER_00: When I just want to encourage you one last time, open your mind to doing something different.
49:59
SPEAKER_00: Okay, open your mind to someone else might have the answer that you're looking for.
50:05
SPEAKER_00: A lot of time our pride gets in the way, or we have our team jerseys on too tight and it affects our ability to think.
50:11
SPEAKER_00: You need to have an open mind.
50:13
SPEAKER_00: You need to um, you need to be more curious about what else is out there.
50:17
SPEAKER_00: If you're more curious and you're willing to listen and learn and and maybe accept the fact that, huh, maybe I maybe my butt is in the wrong seat.
50:25
SPEAKER_00: Maybe I'm not in the right place.
50:27
SPEAKER_00: Maybe I need to move over here or move here and do this differently or add this.
50:32
SPEAKER_00: But if you're just so stuck in your ways, you're just gonna keep getting more of the same.
50:37
SPEAKER_00: You're just gonna keep getting more of the same.
50:39
SPEAKER_00: You know, what got you here is probably not gonna get you there if you want to dramatically change your lifestyle.
50:45
SPEAKER_00: So um I'm here to help if you want to talk about how we can make that happen for you as part of our overall massive agent team.
50:54
SPEAKER_00: Let me know.
50:55
SPEAKER_00: Um you can go to massive agentpodcast.com slash exp and watch the video there for more information about the business model, but then all the extra stuff I'm talking about, we need to have a Zoom conversation and you can schedule that right below that video player as well.
51:09
SPEAKER_00: Um, so we can talk about how our team, how you'd fit into it and how we can help you reach the goals that you're trying to reach.
51:16
SPEAKER_00: Guys, I hope that this was helpful.
51:18
SPEAKER_00: Um, I went a hell of a lot longer today than I than I was planning on, but I think this is a super important conversation.
51:26
SPEAKER_00: And uh, you know, we can't just be talking about marketing and lead gen all the time.
51:31
SPEAKER_00: At some point, you've got to get your foundation right, your foundation strong, because if if you don't have a strong foundation or you have a crap load of money coming in, but then it's going out just as fast.
51:42
SPEAKER_00: What the hell is the point?
51:43
SPEAKER_00: Right?
51:44
SPEAKER_00: That's not smart.
51:45
SPEAKER_00: You've got to have a plan.
51:47
SPEAKER_00: And if you're there's a lot of you guys that are leaving a lot of money on the table by not getting everything that could be coming to you.
51:55
SPEAKER_00: I'm gonna leave it at that.
51:58
SPEAKER_00: I appreciate you guys listening.
51:59
SPEAKER_00: Thank you so much.
52:00
SPEAKER_00: Um, check out MassiveAgent Podcast.com for more info.
52:04
SPEAKER_00: Uh, Massive Agent Society is our Legion and Business Organic Growth Platform training program, MassiveAgent Society.com.
52:15
SPEAKER_00: Yeah, I know that that's vague, but um, paid and organic strategies, how to use social media the right way to get deals, how to use Facebook ads to get deals.
52:25
SPEAKER_00: We combined it into the Massive Agent Society.
52:27
SPEAKER_00: Um, and then just shoot me a DM on Instagram at MassiveAgent if I can be helpful or clarify anything, or if you have any questions you want to uh you want to run by me.
52:36
SPEAKER_00: Appreciate you guys listening so much.
52:37
SPEAKER_00: We'll be back next week with another episode.
52:39
SPEAKER_00: I am off to pack my bag, going to Scottsdale tomorrow.
52:43
SPEAKER_00: Um, you can kind of follow that and what I'm up to there uh on Instagram, at MassiveAgent.
52:49
SPEAKER_00: I'll be sharing what I'm doing in Scottsdale and what's happening there uh for anyone interested.
52:53
SPEAKER_00: Appreciate you guys go sell some homes, go close some loans, have a great, great, great weekend.
52:58
SPEAKER_00: Talk to you soon, and I'm gonna do it.