Latest / This Week in DFW Real Estate / The Herd is Thinning: Leveraging AI and Proactive Prospecting in a Dormant Market

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The Herd is Thinning: Leveraging AI and Proactive Prospecting in a Dormant Market · This Week in DFW Real Estate

• 0:00
  Speaker 1: I paid twelve thousand dollars a year and a half
• 0:02
  Speaker 1: ago to get a similar website.
• 0:04
  Speaker 2: Built twelve thousand dollars and three months, probably piled months,
• 0:08
  Speaker 2: and you spent how much a month a month? Right,
• 0:13
  Speaker 2: twenty dollars a month because he's too cheap to buy
• 0:15
  Speaker 2: the extra tokens right now.
• 0:16
  Speaker 1: I got timed out of Claude the other day and
• 0:18
  Speaker 1: I just stopped working.
• 0:19
  Speaker 2: I just didn't know what to do anymore.
• 0:23
  Speaker 1: It's weird, right, It's almost like, how did we do
• 0:26
  Speaker 1: stuff before this? He shined me out for like three hours,
• 0:29
  Speaker 1: and I just like, I just made some food, buy
• 0:31
  Speaker 1: new credits, more credits. I'm not doing that.
• 0:34
  Speaker 2: That's yeah, I can get yeah, no more credits and
• 0:36
  Speaker 2: then you get more work done.
• 0:37
  Speaker 1: Agents out there that are sort of quiet quitting right
• 0:39
  Speaker 1: now because they just feel like there's no opportunity. There
• 0:42
  Speaker 1: is a massive opportunity to be prospecting every single day
• 0:47
  Speaker 1: right now. You could sell fifty homes a year just
• 0:49
  Speaker 1: with expireds and cancels right now. I swear you could.
• 0:52
  Speaker 1: And am I the only one that feels like? Agents
• 0:55
  Speaker 1: aren't talking about that at all? Like where did the
• 0:57
  Speaker 1: prospecting go? Like where did the habit of getting up
• 1:00
  Speaker 1: and spending two hours a day calling expireds every morning,
• 1:02
  Speaker 1: Like where did that GoF churn it up?
• 1:10
  Speaker 2: This week a df Your Real Estate Now weekly podcast
• 1:17
  Speaker 2: too for.
• 1:17
  Speaker 1: Agents who actually get paid, Parket Move listening Heat could.
• 1:21
  Speaker 2: The streets d A. Let's all right, welcome back to
• 1:33
  Speaker 2: another great episode. Last week's show was awesome. If you
• 1:37
  Speaker 2: did not get a chance to watch that, make sure
• 1:38
  Speaker 2: to go watch last week's show, leave a comment, join
• 1:42
  Speaker 2: our Facebook group, the DFW real or Facebook group. A
• 1:46
  Speaker 2: lot of great comments in there. And this week's show,
• 1:49
  Speaker 2: it's going to be another It's going to be a
• 1:51
  Speaker 2: banger episode. That's what they say for that's what the
• 1:54
  Speaker 2: kids say. That's what they say. Thirteen.
• 1:56
  Speaker 1: I just realized we have an assistant that we use
• 1:58
  Speaker 1: every week, and we could just be asking him keep
• 2:00
  Speaker 1: track and we try to do this manually. I got
• 2:02
  Speaker 1: timed out of Claude the other day and I just
• 2:04
  Speaker 1: stopped working. I just didn't know what to do anymore.
• 2:09
  Speaker 1: It's weird, right, It's almost like, how did we do
• 2:11
  Speaker 1: stuff before this? He shouted me out for like three hours,
• 2:14
  Speaker 1: and I just like I just made some food, buy
• 2:17
  Speaker 1: new credits more credits. I'm not doing that.
• 2:20
  Speaker 2: That's yeah, I get yeah, no more credits and then
• 2:22
  Speaker 2: you get more work done. Fable five, by the way,
• 2:24
  Speaker 2: with Claude is amazing. Yeah, but it was fabble. That's
• 2:29
  Speaker 2: the new that's the new release.
• 2:30
  Speaker 1: Oh I thought I'm still on four point eight Fable five.
• 2:34
  Speaker 2: This is the new kind of open it today, I'll say,
• 2:35
  Speaker 2: do you want to go to Fable five? Okay, yeah,
• 2:38
  Speaker 2: Able five, by the way, a lot of great things
• 2:41
  Speaker 2: coming out. By the time you hear this show, we
• 2:44
  Speaker 2: would have already done our AI summit that Brian is
• 2:47
  Speaker 2: speaking at. I'm hosting it with Wayne Salmon's and you'll
• 2:51
  Speaker 2: want to just make sure to always go to DFW
• 2:53
  Speaker 2: Reelers Facebook group where we share all the events that
• 2:55
  Speaker 2: are going on. You can rs VP there, and we're
• 2:58
  Speaker 2: doing a lot of great things with a right now.
• 3:00
  Speaker 2: We're really we're no longer using it to just say, hey,
• 3:05
  Speaker 2: what's the weather today, what's you know? Write this email?
• 3:07
  Speaker 2: Make it better, you know, make it sound more like me.
• 3:10
  Speaker 1: I'm really excited to share next week, which will have
• 3:13
  Speaker 1: already happened by the time this goes live.
• 3:15
  Speaker 2: So thank you for coming yesterday.
• 3:17
  Speaker 1: On a lot of the stuff that we're doing to
• 3:19
  Speaker 1: provide real utility in our businesses using AI, like we
• 3:22
  Speaker 1: are getting way more productivity per person. A lot of
• 3:25
  Speaker 1: the stuff that's patternistic has been automated, and a lot
• 3:28
  Speaker 1: of the stuff that we were never getting to because
• 3:31
  Speaker 1: it took so much manpower we can do with a
• 3:34
  Speaker 1: fraction of the inputs that we used to.
• 3:36
  Speaker 2: And it's like it's opened up so many doors. I
• 3:38
  Speaker 2: want to I want to expand on that, but today's show,
• 3:40
  Speaker 2: here's what we're talking about today. By the way, the
• 3:42
  Speaker 2: show is brought to you. Thank you for our amazing sponsor,
• 3:45
  Speaker 2: Farren Smith over at Armadillo Home Warranty. Go to Armadillo
• 3:49
  Speaker 2: Dot one, click on that and then if you're on
• 3:52
  Speaker 2: Facebook and in our Facebook group, you can connect with
• 3:54
  Speaker 2: Farren Smith there. They are an amazing home warranty company.
• 3:57
  Speaker 2: By the way, I was at I was at dinner
• 3:59
  Speaker 2: last night after our baseball game. We know some of
• 4:01
  Speaker 2: the parents all got together and two of the parents
• 4:06
  Speaker 2: have Armadillo and one of them was just raving He's like,
• 4:09
  Speaker 2: thank you so much for Armadillo. The other the others
• 4:12
  Speaker 2: is having some air conditioning problems right now. Right that's
• 4:14
  Speaker 2: getting hot and Armadillo has been great. They just were
• 4:18
  Speaker 2: running they were running into a contractor problem, not an
• 4:20
  Speaker 2: Armadillo problem. So I texted there and I said, hey,
• 4:22
  Speaker 2: can you get with them and help them out. This
• 4:24
  Speaker 2: was at nine pm last night. He responded back, He's like,
• 4:26
  Speaker 2: let me get with my director and they're already getting
• 4:28
  Speaker 2: it taken care of. So Armadillo Homewarnting Armadillo dot one,
• 4:32
  Speaker 2: just go over there and say that the guy's over
• 4:33
  Speaker 2: at the This week in DFW real Estate Centshire. But
• 4:37
  Speaker 2: let's the show we're going to talk about today is
• 4:40
  Speaker 2: really the There was a Wall Street Journal article about
• 4:43
  Speaker 2: some local agents and it's really about the the the
• 4:46
  Speaker 2: mass exodus of real estate agents and how tough this
• 4:49
  Speaker 2: market is. So we're going to dive on that. But
• 4:52
  Speaker 2: with Ai, what you're doing, Brian, and what we're doing
• 4:55
  Speaker 2: in our businesses over at Homewards, So Homeward Property Management,
• 4:58
  Speaker 2: just go to Homeward DFW dot com if you have
• 5:00
  Speaker 2: any management needs, if you need to get your refer
• 5:03
  Speaker 2: clients over there to get at least out whatever data
• 5:05
  Speaker 2: and Dunk can do a great job. But I was
• 5:08
  Speaker 2: telling Heather, you're rebuilding Homewards website right done.
• 5:12
  Speaker 1: Just need the feedback on some of the from some
• 5:14
  Speaker 1: of the verbiage, but fully optimized, streamlined like it's It
• 5:19
  Speaker 1: was an amazing project.
• 5:20
  Speaker 2: And I was sharing this with with Heather and she's like,
• 5:23
  Speaker 2: this is amazing. She's like, let me ask how much
• 5:25
  Speaker 2: would that? How much would a new website would have
• 5:27
  Speaker 2: cost design wise and getting it up and running? How
• 5:32
  Speaker 2: much do you think that we would have spent a month? Right?
• 5:35
  Speaker 2: Twenty dollars a month because he's too cheap to buy
• 5:36
  Speaker 2: the extra tokens right now, even if he had to
• 5:38
  Speaker 2: go to one hundred dollars, it still worth it. And
• 5:42
  Speaker 2: when did you start building out that website? Maybe a
• 5:45
  Speaker 2: week and a half ago, week and half go, and
• 5:46
  Speaker 2: it probably would have been done sooner.
• 5:48
  Speaker 1: It would have been done sooner if we have you know,
• 5:49
  Speaker 1: other things going on. Yeah, I mean, if it was
• 5:51
  Speaker 1: just deep focus, we could have had it done in
• 5:52
  Speaker 1: four or five days.
• 5:54
  Speaker 2: So four or five days probably even maybe fashion that,
• 5:57
  Speaker 2: but four or five days if you were just truly
• 5:59
  Speaker 2: focused on cost you twenty bucks a month for Claude
• 6:03
  Speaker 2: yep versus a year and a half ago it cost
• 6:05
  Speaker 2: twelve thousand dollars and eight and a half months.
• 6:07
  Speaker 1: And I just I think this one is you know,
• 6:09
  Speaker 1: even the one that I paid for. You know, back then,
• 6:13
  Speaker 1: I don't have this skill set. I didn't have the
• 6:15
  Speaker 1: skill set back then to understand is the schema right,
• 6:19
  Speaker 1: is it optimized properly? Is it is it ranking for
• 6:21
  Speaker 1: the right keywords? Like I was really heavily dependent on
• 6:25
  Speaker 1: the developer to know those things and to show me everything,
• 6:29
  Speaker 1: being able to work with AI to say this is
• 6:32
  Speaker 1: what I want. Can you show me everything that I
• 6:35
  Speaker 1: need to do, what I'm doing wrong? And then can
• 6:37
  Speaker 1: you go back and recheck your work and make sure
• 6:39
  Speaker 1: that we're aligned. There are parts of the website that
• 6:42
  Speaker 1: we're building this to replace our old website. There are
• 6:44
  Speaker 1: parts of our old website that I didn't even really know.
• 6:46
  Speaker 1: We're like totally out of whack, yep, when it came
• 6:48
  Speaker 1: to our rankings and our optimization, our speed, everything. Like
• 6:52
  Speaker 1: I learned so much through this process. And that's what's
• 6:54
  Speaker 1: incredible about this is it's not just a hack. It's
• 6:57
  Speaker 1: a learning tool. And I really want to harp on
• 7:00
  Speaker 1: that point. AI should not only be helping you streamline
• 7:05
  Speaker 1: and optimize your business.
• 7:06
  Speaker 2: You should be.
• 7:07
  Speaker 1: Learning along the way, a lot of new skills that
• 7:09
  Speaker 1: you didn't have the patchy to learn before.
• 7:11
  Speaker 2: So because as I've been talking to a lot of agents,
• 7:16
  Speaker 2: I'm actually shocked that there's a lot of them not
• 7:19
  Speaker 2: even actually using aha yet they're not even paying for it.
• 7:23
  Speaker 2: They've tested it out, maybe the free version, and they've
• 7:26
  Speaker 2: just never touched it. And then the others that are
• 7:29
  Speaker 2: using it, you know, I'll give an example. She's not
• 7:32
  Speaker 2: an agent. My mom My mom texted me this morning.
• 7:34
  Speaker 2: She's like, let me just tell you nick chat GBT.
• 7:37
  Speaker 2: It is scary good. It just it's so weird how
• 7:40
  Speaker 2: just knows me and and has it feels like it
• 7:44
  Speaker 2: has feelings. And I was like, yeah, that's the scary part, right,
• 7:47
  Speaker 2: that's what's the design. But like the agents that are
• 7:51
  Speaker 2: using it, they're the mass majority, are not using it
• 7:55
  Speaker 2: to actually enhance or be more efficient. What they're doing
• 7:59
  Speaker 2: is is maybe they're having it review inspection reports, and
• 8:02
  Speaker 2: they're having it review just emails or make this text
• 8:05
  Speaker 2: message better, and and well that's great. That is that
• 8:10
  Speaker 2: is just like you know, that's just like having a
• 8:13
  Speaker 2: a you know, a Ferrari sure and just getting in
• 8:16
  Speaker 2: and starting it up. You don't even you're not even
• 8:18
  Speaker 2: getting out and driving it, right, you're just sitting it.
• 8:21
  Speaker 2: You know how to start it up, but you know
• 8:22
  Speaker 2: how to drive it yet. And you know, what I've
• 8:26
  Speaker 2: learned is that this is a whole new skill set.
• 8:30
  Speaker 2: I mean, I'm you know, I've sent you some of
• 8:32
  Speaker 2: the groups that I'm in that I'm paying money to
• 8:34
  Speaker 2: go learn from, and I will tell you this is
• 8:37
  Speaker 2: a whole it's a whole different language. It seems easy,
• 8:42
  Speaker 2: and you have this big vision of what you believe
• 8:45
  Speaker 2: AI can do, but you don't know how to connect
• 8:47
  Speaker 2: the pieces yet, or it's you start to try to
• 8:51
  Speaker 2: connect the pieces and then it needs it needs this
• 8:54
  Speaker 2: piece over here, it needs this, or you realize, holy crap,
• 8:57
  Speaker 2: like the computer I'm using is not strong enough or
• 9:00
  Speaker 2: fast enough to actually do it. Now I got to
• 9:02
  Speaker 2: go get a mac MANI Now I got to go
• 9:04
  Speaker 2: get this or how to you know that run my
• 9:06
  Speaker 2: own server in my own house versus you know, you know,
• 9:09
  Speaker 2: using a you know host, you know, another server, an
• 9:12
  Speaker 2: online server, and then that run slower on a VPSP
• 9:15
  Speaker 2: and and then you then you just get so blurried
• 9:19
  Speaker 2: eyed that you just shut it all down one hundred.
• 9:22
  Speaker 1: Well, yes, that that it is a deep rabbit hole
• 9:25
  Speaker 1: you can get down. One of the things that I'm
• 9:26
  Speaker 1: going to talk about this at our event is AI
• 9:31
  Speaker 1: is not going to help your business if it if
• 9:33
  Speaker 1: you don't help it execute on your core focus. So,
• 9:36
  Speaker 1: and this is where I will continue to say that
• 9:40
  Speaker 1: I see a lot of people in the future struggling
• 9:44
  Speaker 1: with the benefits of AI because they're focused on the
• 9:47
  Speaker 1: wrong things. AI is not going to change the fundamentals.
• 9:50
  Speaker 1: You have a few very you have a very short
• 9:53
  Speaker 1: list of things that actually move your business forward, and
• 9:55
  Speaker 1: then you have all this other noisy stuff in your
• 9:57
  Speaker 1: business that pulls your your attention away, right, and that
• 10:00
  Speaker 1: could be the fun stuff, that could be the shiny
• 10:02
  Speaker 1: object stuff, that could be the tinkering stuff, that could
• 10:04
  Speaker 1: be the stuff that seems like more fun than doing
• 10:05
  Speaker 1: the real work. And where I see a lot of
• 10:07
  Speaker 1: people using AI right is tinkering with those things.
• 10:12
  Speaker 2: Right.
• 10:13
  Speaker 1: So, for example, you just mentioned inspection reports. We use
• 10:17
  Speaker 1: a lot of AI at our transaction management company, and
• 10:23
  Speaker 1: we have guiding principles on every day you need to
• 10:25
  Speaker 1: be figuring out just how to execute, how to just
• 10:28
  Speaker 1: don't ever stop executing right, How do you want to
• 10:30
  Speaker 1: grow a business? Just execute? You're gonna do a lot
• 10:32
  Speaker 1: of things wrong. But if you just keep executing every
• 10:35
  Speaker 1: day on what moves your business forward, eventually it doesn't
• 10:38
  Speaker 1: matter how many things you get wrong, you're gonna get
• 10:39
  Speaker 1: enough things right that your business is going to grow.
• 10:42
  Speaker 1: In our transaction management company, doing patternistic things over and
• 10:46
  Speaker 1: over and over is part of executing because we have
• 10:49
  Speaker 1: to do them a hundred times a month. Whereas so,
• 10:52
  Speaker 1: for example, we've built out AI agents that do some
• 10:56
  Speaker 1: amazing things with taking a contract and going boom boom boom,
• 11:00
  Speaker 1: here's what happens next, Here's what happens next, here's what
• 11:02
  Speaker 1: apps next, and then actually going and doing that right.
• 11:04
  Speaker 1: Things that used to take someone fifteen minutes to do
• 11:06
  Speaker 1: now take five seconds to do. But if you add
• 11:09
  Speaker 1: that up overall one hundred contracts a month, it's a
• 11:12
  Speaker 1: meaningful amount of time That doesn't make sense for an
• 11:15
  Speaker 1: individual agent who's doing three contracts a month, though, you're
• 11:18
  Speaker 1: not getting enough of your time back to be spending
• 11:21
  Speaker 1: your time. So the same thing goes for like an
• 11:23
  Speaker 1: inspection report. Right, if I'm building out like some complicated
• 11:25
  Speaker 1: AI project that can scrape an inspection report and you know,
• 11:28
  Speaker 1: break it down or whatever. Like, if I'm only doing
• 11:30
  Speaker 1: that a couple of times a month, that's not actually
• 11:32
  Speaker 1: helping me grow my real estate business. Everything you do
• 11:35
  Speaker 1: with AI right now should be in the name of
• 11:37
  Speaker 1: how do I grow my business? And so for an agent,
• 11:40
  Speaker 1: what grows your business? Your database, so everything you should
• 11:43
  Speaker 1: be doing should be in the name of how do
• 11:45
  Speaker 1: I drive more people into my database? Am I building funnels?
• 11:49
  Speaker 1: Am I building content? How am I getting in front?
• 11:52
  Speaker 1: How am I using my time every day to do
• 11:56
  Speaker 1: more dollar productive activities better with the help of AI,
• 12:00
  Speaker 1: rather than trying to automate all these fringe things that
• 12:03
  Speaker 1: I really only get a few reps in every single month.
• 12:05
  Speaker 1: I agree, If you do that, you're spending way more
• 12:07
  Speaker 1: time running the wrong direction.
• 12:08
  Speaker 2: Well, I think, and you you know, what you just
• 12:11
  Speaker 2: said is very powerful because if you, I think where
• 12:14
  Speaker 2: most people are using it, they're using it as a
• 12:16
  Speaker 2: personal assistant or an executive assistant, which is or an
• 12:20
  Speaker 2: office manager. And again, like you said, if you're not
• 12:23
  Speaker 2: if you're not selling more than four or five six
• 12:26
  Speaker 2: houses a month, you don't need that right now. You
• 12:28
  Speaker 2: actually don't need the operational systems just yet, because those one,
• 12:33
  Speaker 2: those three or less contracts are not that you're negotiating
• 12:37
  Speaker 2: or that you're having to deal with. It's not taking
• 12:39
  Speaker 2: up that much time. You know, we think it is
• 12:42
  Speaker 2: because we don't want to lead generate, right, so we
• 12:45
  Speaker 2: do it. We we put off you know, negotiating repair
• 12:47
  Speaker 2: contractor we overanalyze it, or we say we got to
• 12:51
  Speaker 2: go get contractors out there, whatever that may be. But
• 12:54
  Speaker 2: one hundred percent, the first the first agents are the
• 12:58
  Speaker 2: first way that I would deploy any type of a
• 13:00
  Speaker 2: I is one database cleanup. Sure, most people have a CRM,
• 13:04
  Speaker 2: that is it's it looks like a hoarder's house if
• 13:06
  Speaker 2: we were to visualize it, and they don't know where
• 13:08
  Speaker 2: to start. So I would be going in there and
• 13:10
  Speaker 2: having it you know, you know, connecting and finding ways
• 13:12
  Speaker 2: of pointing out who's actually hot, who's not, who is
• 13:16
  Speaker 2: who is taking who has clicked on something, who's taking
• 13:18
  Speaker 2: an action item, clicked on something. I would also start
• 13:20
  Speaker 2: going and working on how do I build out a
• 13:23
  Speaker 2: communications system so that everyone remembers nick good? That's what
• 13:27
  Speaker 2: I wanted, That's what I wanted to be used for.
• 13:29
  Speaker 2: How do I make sure that everyone knows Nick good
• 13:31
  Speaker 2: on this and and to to really build this up.
• 13:35
  Speaker 2: And then and that's the branding as system right, that's
• 13:37
  Speaker 2: still a lead generation because it's not going to cost
• 13:40
  Speaker 2: you that much, you know. And then I would work
• 13:42
  Speaker 2: on all right, should we work on a weekly newsletter
• 13:45
  Speaker 2: or is there some type of daily newsletter that I
• 13:47
  Speaker 2: could that I could come out with a with a
• 13:49
  Speaker 2: brief you know? Can I make it like a almost
• 13:52
  Speaker 2: like a blip of a social media headline and bring
• 13:56
  Speaker 2: it back? Can it? Can? I mean we've been we've
• 13:59
  Speaker 2: been kind of toying around and looking at making AI
• 14:01
  Speaker 2: clones and using that. You know, I will say that
• 14:05
  Speaker 2: that can get expensive, and it can take it actually
• 14:07
  Speaker 2: takes a lot of work to actually understand how to
• 14:09
  Speaker 2: build out the clones. And you gotta have a plan
• 14:11
  Speaker 2: for what you're gonna do with it correct And that's
• 14:13
  Speaker 2: that's where I've found that most people they have an idea,
• 14:17
  Speaker 2: but they don't know how to connect it. It's just
• 14:19
  Speaker 2: like you know, you you spoke at you went to
• 14:22
  Speaker 2: Danny Bee's luxury panel yesterday and saw a lot of
• 14:27
  Speaker 2: great agents and and Danny Bee has you know, his
• 14:30
  Speaker 2: Virtual Assistant company and our good friend, who's Who's who
• 14:35
  Speaker 2: is that's powered by sphere Rocket Justin Nelson, And Justin
• 14:38
  Speaker 2: Nelson has always told us he's like the problem that
• 14:40
  Speaker 2: most agents have when they look at getting a virtual
• 14:42
  Speaker 2: assistance and a leverage piece is they're they're trying to
• 14:45
  Speaker 2: leverage out something that they've never even tried to do,
• 14:48
  Speaker 2: and they don't know how to train up on it.
• 14:50
  Speaker 2: And so you know, they're like, oh, I need to
• 14:52
  Speaker 2: get an I S A. And they're going to get
• 14:53
  Speaker 2: a v A who's from a foreign company, you know,
• 14:55
  Speaker 2: a foreign a foreign country who doesn't speak English very well,
• 14:58
  Speaker 2: doesn't know us real estate or of that sort, and
• 15:00
  Speaker 2: then they're going to start making phone calls on their
• 15:02
  Speaker 2: behalf and they don't even know how to train it on.
• 15:04
  Speaker 2: Then they get mad when they get zero results or
• 15:06
  Speaker 2: they start getting people bad mouthing them. And so it's
• 15:09
  Speaker 2: the same thing with ai AI. While it seems smart,
• 15:12
  Speaker 2: it's not. It's only based on what it's trained and
• 15:14
  Speaker 2: what you've learned it on, and so we just don't
• 15:18
  Speaker 2: know how to train it, how to prompt it, how
• 15:20
  Speaker 2: to control it, and how to keep it going, and
• 15:21
  Speaker 2: how to build it. Because that's a whole different. That's
• 15:24
  Speaker 2: a whole different learning that we have to have.
• 15:26
  Speaker 1: One hundred percent. It's garbage in, garbage out, right, And
• 15:28
  Speaker 1: in one of the best ways, maybe using AI to
• 15:31
  Speaker 1: actually build useful things is actually using AI to help
• 15:35
  Speaker 1: you conceptualize what things you need to build. So, for example,
• 15:38
  Speaker 1: let's just do like a quick thought exercise. Is it
• 15:40
  Speaker 1: a great time to buy a house.
• 15:42
  Speaker 2: In twenty twenty six? Who knows?
• 15:45
  Speaker 1: Right, depends on your situation. But what if we used
• 15:49
  Speaker 1: AI to build a completely immersive, sort of interactive funnel
• 15:53
  Speaker 1: experience that helped us add people to data to our
• 15:55
  Speaker 1: database based on that question? Right, who's got thousands of
• 15:59
  Speaker 1: friends on face Book and Instagram and LinkedIn and all
• 16:02
  Speaker 1: these different places. And how easy would it be for
• 16:04
  Speaker 1: me to go, Hey, I'm doing a research project. I'm
• 16:07
  Speaker 1: doing a feedback experiment. Do you think it's a great
• 16:09
  Speaker 1: time to buy a house in twenty twenty six?
• 16:12
  Speaker 2: Visit this?
• 16:12
  Speaker 1: You know, go here, and I want you to go
• 16:14
  Speaker 1: through this experience I'm I'm building, I'm building a knowledge base,
• 16:18
  Speaker 1: I'm building feedback.
• 16:19
  Speaker 2: Right, you could literally have AI build out that entire funnel.
• 16:23
  Speaker 1: Right, people basically just put in their name and their
• 16:25
  Speaker 1: email they go into your database, by the way, and
• 16:27
  Speaker 1: they go through a completely interactive experience. Do you think
• 16:30
  Speaker 1: it's a good time to buy a house in twenty
• 16:32
  Speaker 1: twenty six? Yes?
• 16:33
  Speaker 2: Or no?
• 16:33
  Speaker 1: And here's why. And as you click through every question,
• 16:35
  Speaker 1: it gives you a little bit more information. For example,
• 16:37
  Speaker 1: it asks you to think about different things or whatever.
• 16:39
  Speaker 2: Right, by the way, I.
• 16:40
  Speaker 1: Don't know exactly what the experience is going to look
• 16:42
  Speaker 1: like just right, you know why because I haven't asked
• 16:43
  Speaker 1: A to help me build it yet. Right, But at
• 16:45
  Speaker 1: the end of it, you're gonna feel like you like,
• 16:47
  Speaker 1: that was cool, like and thank you for participating all
• 16:50
  Speaker 1: this type of stuff. They're gonna act like they're gonna
• 16:52
  Speaker 1: feel like they got a pretty cool experience out of
• 16:54
  Speaker 1: something that you build. Also, they are now in your database.
• 16:56
  Speaker 1: You're gonna have thousands more people in your database than
• 16:58
  Speaker 1: you had before. They're gonna go on your or weekly newsletter. Right,
• 17:01
  Speaker 1: You're gonna hit them with all other sorts of stuff.
• 17:03
  Speaker 1: They're going to see more and more of your content
• 17:05
  Speaker 1: that AI helps you build, and they're going to think
• 17:07
  Speaker 1: about you when they think about real estate.
• 17:08
  Speaker 2: That's a way more meaningful use of AI.
• 17:11
  Speaker 1: By the way, and I got a million other ideas
• 17:12
  Speaker 1: like that that agents should be working on every day.
• 17:15
  Speaker 1: It's the stuff that if you had to build it
• 17:17
  Speaker 1: from the ground up on your own, you'd never get to.
• 17:19
  Speaker 1: AI can help you build that, but it's it's got
• 17:21
  Speaker 1: to move your business forward, not just be stuff on
• 17:24
  Speaker 1: the fringes.
• 17:24
  Speaker 2: So let's let's talk about I mean, we have all
• 17:26
  Speaker 2: these tools in our in our pocket in front of us,
• 17:30
  Speaker 2: have access to it's relatively affordable. But since twenty twenty two, right,
• 17:37
  Speaker 2: we've lost two hundred thousand agents. Is that since twenty
• 17:39
  Speaker 2: twenty two, So basically NAR has hit one point four
• 17:43
  Speaker 2: million members, down from one point six at the peak,
• 17:47
  Speaker 2: and we're now in the slowest home sales pace since
• 17:50
  Speaker 2: nineteen eighty two. And just in just in the fort Worth,
• 17:54
  Speaker 2: you know, there was a there was a Wall Street
• 17:56
  Speaker 2: Journal article that came out and it was about a
• 17:59
  Speaker 2: Fort Worth broker that they were talking about how I
• 18:01
  Speaker 2: think she's been in the business a long time, and
• 18:05
  Speaker 2: you know, she's saying how this is one of the
• 18:07
  Speaker 2: hardest markets to she's ever experienced. And if I remember correctly,
• 18:12
  Speaker 2: because now it's behind a paywall when I when I
• 18:14
  Speaker 2: read it, if I remember correctly, she's now, I think
• 18:17
  Speaker 2: working a full time job and doing this as a
• 18:19
  Speaker 2: dual career.
• 18:20
  Speaker 1: Yeah, and I think that that's probably speaks for a
• 18:22
  Speaker 1: lot of people's stories, you know, being in the businesses
• 18:24
  Speaker 1: that we are, and in the coaching business, I can
• 18:26
  Speaker 1: tell you that's that's become much more than norm.
• 18:30
  Speaker 2: And we see here seventy the stats are seventy one
• 18:33
  Speaker 2: percent of agents now say real estate is or seventy
• 18:37
  Speaker 2: one percent of ages now say real estate is their
• 18:39
  Speaker 2: only job. That's the lowest share since tracking beginning in
• 18:42
  Speaker 2: two thousand and five. So you know, one in three agents,
• 18:46
  Speaker 2: you know, one in three agents right now has a
• 18:48
  Speaker 2: side hustle just to survive.
• 18:50
  Speaker 1: Yeah. And so I mean, look, we've talked about this
• 18:53
  Speaker 1: ad nauseam. The market is slower. It's going to give
• 18:55
  Speaker 1: us fewer transaction sides now than it did in you know,
• 18:58
  Speaker 1: a few years ago, especially in twenty twenty one and
• 19:00
  Speaker 1: twenty twenty two. What's an interesting point to make is
• 19:03
  Speaker 1: that two hundred thousand agents that have left their NAR
• 19:10
  Speaker 1: membership behind, whether they left the business entirely, the herd
• 19:13
  Speaker 1: is thinning a little bit. Those people all have a
• 19:16
  Speaker 1: database that they took with them, and so there's competition
• 19:20
  Speaker 1: out there that is removing themselves from the race. I
• 19:24
  Speaker 1: will also tell you being in the transaction management business
• 19:27
  Speaker 1: as well, there are agents out there that are thriving
• 19:30
  Speaker 1: right now on taking available market share that used to
• 19:33
  Speaker 1: belong to someone else.
• 19:35
  Speaker 2: Well, think about it, so you just said, you know,
• 19:37
  Speaker 2: we've just said two hundred thousand agents are gone. Let's
• 19:40
  Speaker 2: assume they're gone, because because now you don't necessarily have
• 19:43
  Speaker 2: to be part of NAR to still be part of
• 19:46
  Speaker 2: the board right or be part of the MLS. But
• 19:48
  Speaker 2: if there's two hundred thousand agents gone, let's just say
• 19:50
  Speaker 2: that one hundred and fifty thousand or on hundred and
• 19:53
  Speaker 2: seventy five thousand are gone. The other twenty five to
• 19:55
  Speaker 2: fifty are still in it. Every agent who quit took
• 20:00
  Speaker 2: their sphere of influence with them, right, So if you
• 20:02
  Speaker 2: think about it, that sphere now is unrepresented per se.
• 20:09
  Speaker 2: And you know, the past clients are going to need someone,
• 20:12
  Speaker 2: so anybody that they've been talking to. So the agents
• 20:16
  Speaker 2: that are still standing, and this is something that I
• 20:18
  Speaker 2: always I remember to seven and o eight and when
• 20:20
  Speaker 2: I when I first joined Keller Williams and we were
• 20:24
  Speaker 2: going to the Red Book, the MRIA book, the Millionaire
• 20:27
  Speaker 2: Real Estation Book, and you know, Gary Keller had talked
• 20:29
  Speaker 2: about and we as a brokerage that was that was
• 20:33
  Speaker 2: how they grew during that time. And recruit is like
• 20:37
  Speaker 2: the agents that withstand this downturn, the slowest sales pace
• 20:42
  Speaker 2: since nineteen eighty two, they're going to come out the
• 20:45
  Speaker 2: other side with huge, huge opportunities and results money making.
• 20:53
  Speaker 2: And you know, I was talking to an agent on
• 20:56
  Speaker 2: the way here and he was telling me he's got
• 20:58
  Speaker 2: nine listings and you know, and he's like, this is
• 21:01
  Speaker 2: the most I've ever carried, and it's tough because it's
• 21:04
  Speaker 2: not selling, and I need to go get more. And
• 21:06
  Speaker 2: I said, well, you also have nine people that have agreed,
• 21:09
  Speaker 2: that had already agreed and hired you. So let's also
• 21:12
  Speaker 2: focus on these nine and go through the how do
• 21:16
  Speaker 2: we get how do we at least get seventy five
• 21:17
  Speaker 2: percent of these nine soul? Right, you may lose out
• 21:20
  Speaker 2: on two of them, but let's sell seven out of nine.
• 21:24
  Speaker 2: And what ends up happening. And I want to go
• 21:28
  Speaker 2: over a little bit of language of real estate here.
• 21:29
  Speaker 2: In a little bit is that agents still aren't telling
• 21:34
  Speaker 2: their clients what they need to hear. They're telling them
• 21:38
  Speaker 2: what they believe that those clients want to hear versus
• 21:43
  Speaker 2: in this market. And just like in the OA crash,
• 21:48
  Speaker 2: the agents that were coming in prescribing reality to them
• 21:52
  Speaker 2: and they were saying, hey, Brian, like, look I understand.
• 21:54
  Speaker 2: Like I'll give you a real life example. I had
• 21:56
  Speaker 2: a client or I had a homeowner canceled their appointment
• 22:00
  Speaker 2: on me this week. They reached out to me on Facebook.
• 22:04
  Speaker 2: They said, hey, I need you. I need you to
• 22:05
  Speaker 2: come out really asap. And I said, okay. Person gave
• 22:09
  Speaker 2: me her husband's number. I called and I said, what's
• 22:11
  Speaker 2: going on? They said, we are. You know, we're behind
• 22:14
  Speaker 2: on our mortgage, so we need to move quick. And
• 22:17
  Speaker 2: they just bought the house in twenty twenty two. They
• 22:19
  Speaker 2: did it at one hundred percent financing. And that area,
• 22:24
  Speaker 2: in this particular city they're that particular portion of their
• 22:28
  Speaker 2: area has dropped by almost thirty thousand dollars. And so
• 22:32
  Speaker 2: I said, you know you're a month behind. You know,
• 22:36
  Speaker 2: let's talk about looking at maybe a short cell option
• 22:38
  Speaker 2: and we can get that because it's going to be
• 22:39
  Speaker 2: a long while, especially in that part of town or
• 22:41
  Speaker 2: that part of the county. It's going to be a
• 22:43
  Speaker 2: long while before they make up a thirty thousand dollars swing. Sure,
• 22:46
  Speaker 2: And so we said it. You know, this was last
• 22:49
  Speaker 2: week actually when we recorded this show. I said it
• 22:51
  Speaker 2: here while we recorded this show last week, and it
• 22:54
  Speaker 2: was supposed to be for this week. And that morning
• 22:57
  Speaker 2: the husband called me and canceled. And as I you know,
• 23:00
  Speaker 2: as we were kind of corn spoting back and forth,
• 23:02
  Speaker 2: he said, you know, his wife didn't agree with the
• 23:05
  Speaker 2: short cell process. They were going to bring it current
• 23:07
  Speaker 2: and then try to sell the traditional one. I was like,
• 23:09
  Speaker 2: you know, they haven't responded back yet, but I was like, guys,
• 23:13
  Speaker 2: it's going to be a while before that thirty thousand
• 23:15
  Speaker 2: dollars swing. This person's driving an hour and a half
• 23:17
  Speaker 2: each way to work. Oh so there's a three hour
• 23:19
  Speaker 2: commute round trip. They're upside down by thirty thousand, they're
• 23:25
  Speaker 2: they're behind a month, month and a half behind. He's
• 23:29
  Speaker 2: making less money now. And so I said, look, you're
• 23:32
  Speaker 2: not going to like what I have to tell you,
• 23:34
  Speaker 2: but this is probably your best option. And so you know,
• 23:38
  Speaker 2: there's going to be agents out there that will take
• 23:41
  Speaker 2: a listing.
• 23:41
  Speaker 1: Oh one hundred percent and and you know, to that point,
• 23:44
  Speaker 1: that's a great story, because it's not a great story,
• 23:46
  Speaker 1: but that is a relevant story because so many of
• 23:51
  Speaker 1: the agents that I coached for you know, we talked
• 23:54
  Speaker 1: about short sales and and and and those types of
• 23:57
  Speaker 1: things a lot on this show. Now, Like there they're
• 23:59
  Speaker 1: still small of the market, but it does feel like
• 24:02
  Speaker 1: just about every higher producing agent that I coach has
• 24:05
  Speaker 1: come across this situation now, and a couple of them
• 24:07
  Speaker 1: several times now.
• 24:10
  Speaker 2: Going back a little.
• 24:11
  Speaker 1: Bit to the AI conversation, one of the things that
• 24:13
  Speaker 1: I think that we are missing out on as an
• 24:16
  Speaker 1: opportunity in this business because we are getting so obsessed
• 24:20
  Speaker 1: with technology, Like we love using technology in our business
• 24:23
  Speaker 1: to make things more efficient, but we still try to
• 24:25
  Speaker 1: focus on the fundamentals. Agents out there that are sort
• 24:28
  Speaker 1: of quiet quitting right now because they just feel like
• 24:30
  Speaker 1: there's no opportunity. There is a massive opportunity to be
• 24:35
  Speaker 1: prospecting every single day right now. You could sell fifty
• 24:38
  Speaker 1: homes a year just with expireds and cancels right now.
• 24:40
  Speaker 1: I swear you could. And am I the only one
• 24:44
  Speaker 1: that feels like agents aren't talking about that at all? Like,
• 24:46
  Speaker 1: where did the prospecting go, Like where did the habit
• 24:49
  Speaker 1: of getting up and spending two hours a day calling
• 24:51
  Speaker 1: expireds every morning? Like where did that go? Because that
• 24:54
  Speaker 1: was what I did in production my entire career. And
• 24:59
  Speaker 1: I feel like we should be just chomping at the
• 25:01
  Speaker 1: bit right now to be that second agent that's telling
• 25:03
  Speaker 1: you the thing that your first agent probably told you
• 25:05
  Speaker 1: after they signed the listing and not before. And it
• 25:08
  Speaker 1: just feels like we should be cleaning up on expireds
• 25:11
  Speaker 1: and canceled right now.
• 25:12
  Speaker 2: And I just don't see a lot of agents doing it.
• 25:15
  Speaker 1: Why that I mean this too busy using AI to
• 25:18
  Speaker 1: build inspectual report robots or whatever.
• 25:20
  Speaker 2: I think that unfortunately, this is this is the fault
• 25:24
  Speaker 2: of the industry, right We are now in a we
• 25:28
  Speaker 2: are now so much in a social media TikTok. You know,
• 25:34
  Speaker 2: Reels building this brand and we talked about it even
• 25:39
  Speaker 2: last week. Is like you know about brand and about
• 25:42
  Speaker 2: feelings and how this is a business business doesn't have
• 25:45
  Speaker 2: feelings and that's how you built your business. In two
• 25:49
  Speaker 2: thousand and seven, I joined At the end of two
• 25:53
  Speaker 2: thousand and seven, I joined Keller Williams. The crash happened
• 25:55
  Speaker 2: in OA I was. I actually got a lot of
• 25:57
  Speaker 2: business off of blogging, off of active brain. Yeah, I
• 26:00
  Speaker 2: remember acting. I reacted the rain and then that all died.
• 26:05
  Speaker 2: That started to die down because guess what, the financial
• 26:07
  Speaker 2: collapse happened, and so those incoming traffic wasn't there anymore.
• 26:12
  Speaker 2: And so you know what what did I do? Well?
• 26:14
  Speaker 2: I was like, well, crap, my business fell apart, and
• 26:16
  Speaker 2: so I did like what everyone else was doing, just
• 26:18
  Speaker 2: like right now is what they're saying, is like the
• 26:21
  Speaker 2: side hustles. I started to go look for jobs and
• 26:23
  Speaker 2: then I got a job offer for sixty sixty five
• 26:25
  Speaker 2: thousand dollars a year. I was twenty four to twenty
• 26:27
  Speaker 2: five years old, and on the way home, instead of
• 26:30
  Speaker 2: taking it right out there, I said I needed to
• 26:31
  Speaker 2: think about it. On the way home, it hit me.
• 26:34
  Speaker 2: It smacked me so hard in the face. I was like, well,
• 26:37
  Speaker 2: if they're going to they're going to make me work,
• 26:39
  Speaker 2: you know, five six days a week in this in
• 26:42
  Speaker 2: this business at over more than forty or forty to
• 26:45
  Speaker 2: forty five hours a week for six year, sixty five thousand.
• 26:48
  Speaker 2: If I worked that same amount actually looking for buyers
• 26:51
  Speaker 2: and sellers, I can at least make sixty or sixty
• 26:54
  Speaker 2: five thousand dollars. Yes, right, And so that lat light
• 26:58
  Speaker 2: bulb moment went off that I was like, all right,
• 27:00
  Speaker 2: you've heard this story before, Brian, and so have you Jesse,
• 27:02
  Speaker 2: Like again, we all we're all expecting to make full
• 27:05
  Speaker 2: time income on part time effort one hundred freak. So
• 27:08
  Speaker 2: it's like, why are we not treating this as a
• 27:10
  Speaker 2: full time freaking job where every single day, eight hours
• 27:14
  Speaker 2: a day, if I don't have any clients eight ers
• 27:15
  Speaker 2: a day, I need to be looking for clients. I
• 27:18
  Speaker 2: need to be calling my sphere and guilty them. I
• 27:20
  Speaker 2: don't care someone on our shorts commonist, so you would
• 27:22
  Speaker 2: call the guilt your sphere apps of freaking lily. Yes,
• 27:25
  Speaker 2: my friends should be supporting my business. If I support yours,
• 27:28
  Speaker 2: you should support mine, you know. And if not, we
• 27:31
  Speaker 2: need to have a different conversation. Or maybe I'm not
• 27:33
  Speaker 2: that great of an agent and they need to tell
• 27:35
  Speaker 2: me that, and so I need to improve or I
• 27:37
  Speaker 2: need to go and find ways to to lead generate.
• 27:40
  Speaker 2: I need to go do open houses. Right, why are
• 27:42
  Speaker 2: we shitting on open houses? Why we whatever? Like bleep
• 27:45
  Speaker 2: that out, Jesse, so YouTube and all our other YouTube channels. Okay, yeah,
• 27:49
  Speaker 2: now we don't need to, but that was their other show.
• 27:51
  Speaker 1: You're you're one hundred percent right, this is you know,
• 27:53
  Speaker 1: we we we get a front row seat to this
• 27:56
  Speaker 1: because we're blessed to be in the in the in
• 27:58
  Speaker 1: the coaching space that.
• 28:01
  Speaker 2: You know.
• 28:01
  Speaker 1: I had a great coaching conversation this morning with it
• 28:04
  Speaker 1: with an agent about increasing your goals because we're coming
• 28:07
  Speaker 1: up on halfway through the year and we probably need
• 28:10
  Speaker 1: to up her unit count for our goals because she's
• 28:12
  Speaker 1: going to surpass it.
• 28:13
  Speaker 2: Right.
• 28:15
  Speaker 1: The agents that I work with that have established businesses,
• 28:18
  Speaker 1: they're really doing well right now. And the conversations still
• 28:22
  Speaker 1: remain the same. How many past clients are we asking
• 28:25
  Speaker 1: for referrals from, how many how many conversations have we
• 28:27
  Speaker 1: had with our database this week? And what are we
• 28:29
  Speaker 1: doing prospecting wise to close the gap?
• 28:31
  Speaker 2: Right?
• 28:32
  Speaker 1: That's where we start every coaching conversation. Then we work
• 28:34
  Speaker 1: through the minutia, what's working, what's not working, We strategize,
• 28:36
  Speaker 1: we make tinker, and we make tweaks to the plan.
• 28:40
  Speaker 1: But every one of those agents, this is what they
• 28:42
  Speaker 1: do as a full time job. And then we have
• 28:45
  Speaker 1: to have coaching conversations around how we bring in the
• 28:47
  Speaker 1: leverage right. So I had a great part of the
• 28:49
  Speaker 1: coaching conversation today was around how to position the showing
• 28:53
  Speaker 1: agent that we just brought on as part of the
• 28:56
  Speaker 1: team so that buyers understand whenever we're whenever we're doing
• 28:59
  Speaker 1: the buyer consultation, that I may not be the person
• 29:02
  Speaker 1: showing you houses. I set the standard. You're gonna have
• 29:04
  Speaker 1: a great experience.
• 29:05
  Speaker 2: Right.
• 29:05
  Speaker 1: Agents have a lot of limiting beliefs around bringing on
• 29:07
  Speaker 1: that type of leverage, so on and so forth. But
• 29:08
  Speaker 1: I say that because that's all of those conversations start
• 29:11
  Speaker 1: from what are we doing to generate more business this week?
• 29:14
  Speaker 1: That is your job as the owner and leader of
• 29:17
  Speaker 1: this organization is to bring in the business. And so
• 29:20
  Speaker 1: it doesn't matter what level we're at. When we were
• 29:24
  Speaker 1: selling four hundred homes a year as a sales team,
• 29:26
  Speaker 1: every conversation with my coach is still around what are
• 29:28
  Speaker 1: we doing to set more appointments to bring in more business.
• 29:30
  Speaker 1: That was my job as the leader of the organization
• 29:33
  Speaker 1: is to make sure that we were bringing in business.
• 29:35
  Speaker 1: I also find that the majority of the age. I mean,
• 29:38
  Speaker 1: you could just look at the statistics, right, It's like,
• 29:39
  Speaker 1: how many agents have a haven't sold a home this year?
• 29:41
  Speaker 1: How many agencies you know they don't say this is
• 29:44
  Speaker 1: their full time source of incompany more I would venture
• 29:47
  Speaker 1: to guess that more an overwhelming majority of real estate
• 29:52
  Speaker 1: agents in America do not view generating business as their
• 29:56
  Speaker 1: full time job and it's their only job. If we
• 30:00
  Speaker 1: get up and we've got eight hours a day, I
• 30:03
  Speaker 1: either need two things. I need appointments or I need
• 30:06
  Speaker 1: to be setting appointments. I have nothing else matters.
• 30:09
  Speaker 2: Yesterday, you know, part of our or we're with the
• 30:12
  Speaker 2: place organization, and yesterday we as a as an organization
• 30:16
  Speaker 2: and company, we did a thousand dial day nice and
• 30:20
  Speaker 2: you know, everyone hears that, by the way, even my team,
• 30:22
  Speaker 2: and I was like, guys, when you hear a thousand dollars,
• 30:24
  Speaker 2: I know that what your gut starts to turn over
• 30:27
  Speaker 2: and it tightens up and you're like, oh, I'm not
• 30:28
  Speaker 2: doing that. I'm not doing that. And you know, we
• 30:32
  Speaker 2: had a great turnout. You know, we brought in food,
• 30:34
  Speaker 2: we brought in snacks, we you know, you know, just
• 30:36
  Speaker 2: cheerleaded on and no one hit a thousand dollars. By
• 30:40
  Speaker 2: the way, but I will tell you that the effort
• 30:43
  Speaker 2: as we were making efforts about the effort in that
• 30:45
  Speaker 2: ties is that seven appointments that I know of were set.
• 30:50
  Speaker 2: That's when I left at three pm. Seven appointments were
• 30:53
  Speaker 2: set that day, right, And as we look at that,
• 30:57
  Speaker 2: I had new agents coming in and like, I made
• 30:59
  Speaker 2: fifty dials And I said, I just made fifty dollars.
• 31:01
  Speaker 2: I said, first off, hold up, you didn't just make
• 31:03
  Speaker 2: fifty dollars. You freaking made fifty. Yeah, I said, so tomorrow,
• 31:08
  Speaker 2: make fifty dollars, right, you know you can make fifty
• 31:11
  Speaker 2: Did you die? Did anybody cursh you out? Are you hurt? No?
• 31:14
  Speaker 2: Fifty dollars tomorrow. Another and she's twenty two, She's like,
• 31:17
  Speaker 2: I made three hundred calls. I said, great, three hundred tomorrow, right,
• 31:20
  Speaker 2: Because what we have to realize we still have to
• 31:23
  Speaker 2: pick up the darn phone. And as we're going through it,
• 31:26
  Speaker 2: the silver lining Jesse, as we as you scroll down
• 31:28
  Speaker 2: on this, like you know, if we talk about everything stalling,
• 31:31
  Speaker 2: I mean closed sales and DFW are up.
• 31:34
  Speaker 1: They're actually yeah, eight percent year over year.
• 31:37
  Speaker 2: Yeah, it's fantastic on closed sales. That's good. The rest
• 31:40
  Speaker 2: of the area, the rest of the industry is flat
• 31:42
  Speaker 2: to stalling out. Yep. But you know when we go
• 31:46
  Speaker 2: look at that, all right, closed sales are up a.
• 31:48
  Speaker 1: Little bit, yep. Home sales and DFW are up. That's
• 31:51
  Speaker 1: this is a big opportunity, right, you know. Trying not
• 31:55
  Speaker 1: to get like crossover my thoughts here too much. But
• 31:57
  Speaker 1: I love what you just said about a thousand doins
• 31:59
  Speaker 1: a day because I just haven't heard of like dial
• 32:01
  Speaker 1: parties and so long. I just love this man like
• 32:04
  Speaker 1: that gets me excited. I love being in the room
• 32:06
  Speaker 1: making the dials. Like it's just this is what makes
• 32:09
  Speaker 1: this industry fun. And we talk about AI a lot
• 32:12
  Speaker 1: and all the things that we're doing every day. If
• 32:15
  Speaker 1: I don't have, if I don't have, if my business
• 32:17
  Speaker 1: isn't where I want it to be, and even if
• 32:19
  Speaker 1: it is, I have a future, I have to continue
• 32:21
  Speaker 1: to drive business. I should be waking up every day
• 32:23
  Speaker 1: and making dials. You want to sell fifty homes a year,
• 32:26
  Speaker 1: this is how you do it. In twenty twenty six,
• 32:29
  Speaker 1: wake up and call expireds and canceled for two hours.
• 32:34
  Speaker 1: You should set an appointment every day. You just will
• 32:36
  Speaker 1: because there are so many expireds and cancels out there
• 32:39
  Speaker 1: right now, and the script around it is their agent
• 32:42
  Speaker 1: probably didn't have the hard conversation with them upfront around pricing.
• 32:45
  Speaker 1: They're probably overpriced right now, okay, And during that listing experience,
• 32:50
  Speaker 1: their agent probably tried to get them to drop the
• 32:52
  Speaker 1: price a whole bunch of times, but they didn't set
• 32:54
  Speaker 1: the right expectation up front, so the client felt like
• 32:56
  Speaker 1: it was a takeaway. Now you're saying the same thing
• 32:59
  Speaker 1: there were last agent did, except you're being upfront about it.
• 33:01
  Speaker 1: You're going to set at least one appointment a day
• 33:03
  Speaker 1: from doing that. Right after that, the people that are
• 33:06
  Speaker 1: in your world that already know, like and trust you,
• 33:09
  Speaker 1: you need to be calling at least ten of them
• 33:10
  Speaker 1: a day, sharing your goals with them and asking them
• 33:13
  Speaker 1: for referral. Right, it's going to take you another hour.
• 33:15
  Speaker 2: Let's I want people to stay to the end of
• 33:17
  Speaker 2: the show. We're going to share a thirty day plan, okay,
• 33:21
  Speaker 2: to go get business right now. Let's do that right,
• 33:23
  Speaker 2: so love, don't give it always the show, make a comment,
• 33:26
  Speaker 2: go join our Facebook group, the DFW Reelers Facebook group.
• 33:29
  Speaker 2: Also make sure to love on our sponsors. Tharren Smith
• 33:33
  Speaker 2: O we're at Armadillo Home Warranty Armadillo dot one as
• 33:36
  Speaker 2: well as Dana Whenning Duncan O'Donnell the property best property
• 33:39
  Speaker 2: Managers over at Homeward at DFW. Just go to Homeward
• 33:41
  Speaker 2: DFW dot com. But as we talk about it, you know,
• 33:45
  Speaker 2: you really see these these two realities going on. And
• 33:48
  Speaker 2: what we got to look at B is the language
• 33:52
  Speaker 2: of real estate needs to start happening. We you know,
• 33:54
  Speaker 2: we talked about we talked about understanding AI. That's a
• 33:57
  Speaker 2: different language, right, we talked about when you talk about
• 34:00
  Speaker 2: real estate investing, it's a different language. And when you
• 34:02
  Speaker 2: just talk with realtors in general, they use different language.
• 34:05
  Speaker 2: And we want to start using the language of real
• 34:08
  Speaker 2: estate to understand all right, you know what you just shared,
• 34:10
  Speaker 2: what we just shared is you know, close home sales
• 34:13
  Speaker 2: are up eight percent year over year. But when we
• 34:15
  Speaker 2: when we start looking at we need to understand, you know,
• 34:18
  Speaker 2: what is your days on market? What's the absorption rate?
• 34:20
  Speaker 2: What is it an absorption rate? Even freaking mean hope
• 34:23
  Speaker 2: you guys know, right, So that as we start to
• 34:25
  Speaker 2: explain this is because your clients have the same access.
• 34:29
  Speaker 2: Now they're googling, they're AI ing, they're chat gpting, they're clouding,
• 34:33
  Speaker 2: they're doing all this stuff that's true, and you know
• 34:37
  Speaker 2: what they think. They think they are now more of
• 34:39
  Speaker 2: an expert than they've ever had. And for the most part,
• 34:43
  Speaker 2: they're getting bombarded with information that may not be correct. Yes,
• 34:47
  Speaker 2: and so because a lot of this information is pulling
• 34:51
  Speaker 2: straight from your mols that you have access to, that
• 34:55
  Speaker 2: that the AIS don't, they're pulling data, they're pulling the
• 34:59
  Speaker 2: national data, they're pulling off of articles. So THEIRS is
• 35:03
  Speaker 2: going to be skewed. It could be skewed negative or positive,
• 35:05
  Speaker 2: depending on how that person's wanting to look at it.
• 35:08
  Speaker 1: And it's a it's inherently affirmative, right, so you won't
• 35:10
  Speaker 1: ever find AI normally challenging its own assumptions, right, you
• 35:14
  Speaker 1: have to do that for it. So if you just
• 35:15
  Speaker 1: take everything at face value, you might end up with
• 35:17
  Speaker 1: some misinformation.
• 35:18
  Speaker 2: There, right.
• 35:20
  Speaker 1: DFW absorption rate though is four point one months right now,
• 35:24
  Speaker 1: so we're up eight percent year over year.
• 35:25
  Speaker 2: What does absorption rate main though?
• 35:27
  Speaker 1: Bro The absorption rate is basically, if I were to
• 35:29
  Speaker 1: stop putting homes on the market today, how long would
• 35:32
  Speaker 1: it take for every home that is currently on the
• 35:34
  Speaker 1: market to sell given the velocity of sales.
• 35:37
  Speaker 2: Now, if we actually if we take it, you know,
• 35:39
  Speaker 2: Jesse's got it pulled up on the MLS. If we
• 35:41
  Speaker 2: just do residential, right, you know, again you look at
• 35:45
  Speaker 2: we just do residential, the absorption rate is five point
• 35:49
  Speaker 2: two months. So we're actually higher than that four point
• 35:51
  Speaker 2: two and that's at the end of May. Now that's
• 35:55
  Speaker 2: down eight point eight percent. Now, Jesse, as you as
• 35:58
  Speaker 2: you open up, go go do the life history of
• 36:01
  Speaker 2: this of this graph, go to the max. So when
• 36:04
  Speaker 2: we look at it right now, we're at five point
• 36:07
  Speaker 2: two months. We peaked, So we peat first off, you
• 36:11
  Speaker 2: know two thousand and three January two thousand and three,
• 36:13
  Speaker 2: we were right under ten months. We were at nine
• 36:15
  Speaker 2: point five months. And so we I'm going to tell
• 36:18
  Speaker 2: you that most real estate agents doesn't matter how long
• 36:21
  Speaker 2: that Like I wasn't in the industry in O three. Yep,
• 36:24
  Speaker 2: I got in at at five, really started selling at
• 36:26
  Speaker 2: the you know, I kind of was selling at the
• 36:28
  Speaker 2: end of O six, but really is two thousand and seven.
• 36:31
  Speaker 2: But Jesse, go to twenty eleven, Go to that, go
• 36:33
  Speaker 2: to that spike in twenty eleven, three point six months
• 36:39
  Speaker 2: this is residential, all property types pre owned, so three
• 36:43
  Speaker 2: point six months. And this was as we were still
• 36:47
  Speaker 2: a little bit. Now we are towards the tail end
• 36:48
  Speaker 2: of this Great recession. That is still a seller's market, folks. Yeah, right,
• 36:54
  Speaker 2: So we have never most agents, even though we talk
• 36:57
  Speaker 2: about the Great Recession, we actually never expect experience anything
• 37:01
  Speaker 2: of a true buyer's market. Now there's some you know,
• 37:04
  Speaker 2: and I'm going to do a little astroson that we
• 37:06
  Speaker 2: did have some sub markets within the Dallas Fort Worth
• 37:09
  Speaker 2: area that had six to twelve months of inventory. Like
• 37:11
  Speaker 2: you got into the luxury market back in the day. Sure,
• 37:14
  Speaker 2: you know the million dollar price point before before every
• 37:17
  Speaker 2: home and DFW was a million or more. That we
• 37:20
  Speaker 2: were looking at twelve plus months of inventory, sure, which
• 37:22
  Speaker 2: would take you know, which means that if no other
• 37:25
  Speaker 2: home still came on the market, it would still take
• 37:27
  Speaker 2: roughly a year on average to sell. So, Jesse, if
• 37:30
  Speaker 2: we go back, go back to absorption rate, we're at
• 37:33
  Speaker 2: that five point two months mark, which were down eight
• 37:35
  Speaker 2: point eight percent year every year. We spiked back in
• 37:39
  Speaker 2: twenty twenty five. July of twenty twenty five, we hit
• 37:43
  Speaker 2: that balance market of six months, but.
• 37:45
  Speaker 1: It's the first time we ever have yes, so since
• 37:48
  Speaker 1: this has started getting tracked in late twenty two or
• 37:51
  Speaker 1: twenty two thousand and three and late two thousand and three.
• 37:53
  Speaker 2: So what that means? And hopefully Jesse, we can have
• 37:56
  Speaker 2: this on the screen for the video if we can. Ever,
• 37:58
  Speaker 2: if you can just screenshot it, maybe I'm going to
• 38:02
  Speaker 2: speaking into existence if some dubbed it. So what I
• 38:05
  Speaker 2: would like to see and share? This could scare you,
• 38:09
  Speaker 2: right this we think of it as a stalling out.
• 38:11
  Speaker 2: We think of it as a slow real estate market.
• 38:13
  Speaker 2: Do you know what I see here? I see here
• 38:15
  Speaker 2: homeowners who are frustrated that their house isn't selling. I
• 38:19
  Speaker 2: see homeowners who are taking their homes off the market.
• 38:21
  Speaker 2: They're canceling expired and really they need to sell. They're
• 38:25
  Speaker 2: actually motivated. But we didn't ask the right questions.
• 38:30
  Speaker 1: Where man, we didn't ask the right questions. This is look,
• 38:34
  Speaker 1: we are finally headed towards a balanced market.
• 38:36
  Speaker 2: Here.
• 38:36
  Speaker 1: We have a lot of people that have a lot
• 38:38
  Speaker 1: of equity because of the COVID run up. Now their
• 38:40
  Speaker 1: prices have probably come down a little bit, right around
• 38:42
  Speaker 1: twelve percent on average over the last three.
• 38:45
  Speaker 2: Years or so. Home values have dropping the dollars forward area.
• 38:48
  Speaker 1: But if I'm selling, if I'm trying to sell my
• 38:50
  Speaker 1: home right now, more often than not, I'm going to
• 38:54
  Speaker 1: be a buyer on the other side, or I'm going
• 38:56
  Speaker 1: to be in some way a buyer again in the future,
• 38:59
  Speaker 1: so to unlock my equity and then take advantage of
• 39:03
  Speaker 1: the buying opportunity right now. This is what is keeping
• 39:06
  Speaker 1: agents from doing deals right now. They're not helping there,
• 39:10
  Speaker 1: They're not helping their clients understand the full scope, they're
• 39:14
  Speaker 1: not asking the right questions, they're not solving the right
• 39:16
  Speaker 1: problems right This is again why I think you should
• 39:19
  Speaker 1: be getting up and prospecting every single day, because there
• 39:21
  Speaker 1: are tons of people out there right now frustrated with
• 39:24
  Speaker 1: their home selling experience. We are also going to be
• 39:27
  Speaker 1: home buyers right now and are not able to take
• 39:30
  Speaker 1: advantage of the fact that we are almost officially in
• 39:33
  Speaker 1: what you would consider a buyer's market right now. Rates aside,
• 39:36
  Speaker 1: and rates need to be a side because I can
• 39:38
  Speaker 1: get concessions for buy downs and things like that. There's
• 39:40
  Speaker 1: ways to work around the rate issue right and those
• 39:43
  Speaker 1: people are out there looking for an expert to come
• 39:45
  Speaker 1: in and have the right conversation with them, which is,
• 39:47
  Speaker 1: we need to position you well so we find that
• 39:50
  Speaker 1: right buyer, and that's going to be from a pricing
• 39:52
  Speaker 1: and marketing and exposure standpoint. And also understand, if your
• 39:57
  Speaker 1: home does not fetch what you thought it would during
• 39:59
  Speaker 1: maybe the COVID years, you're still going to get the
• 40:02
  Speaker 1: benefit of being a buyer in this market most of
• 40:04
  Speaker 1: the time. And I can more than likely make up
• 40:07
  Speaker 1: anything you think you're losing on the seller side on
• 40:09
  Speaker 1: the buying opportunity. We're just not having those conversations. We're
• 40:14
  Speaker 1: not having enough conversations period. Right We're coaching or coaching
• 40:18
  Speaker 1: our agents just to go out and create content every
• 40:20
  Speaker 1: single day, which is nothing wrong with that, but it's
• 40:22
  Speaker 1: not leading to enough appointment. It's not leading to enough conversations.
• 40:25
  Speaker 1: Agents should be selling thirty to fifty homes a year
• 40:27
  Speaker 1: in this market right now. If they just wake up,
• 40:29
  Speaker 1: prospect talk to their sphere, and then go and do
• 40:32
  Speaker 1: open houses every single weekend, it's totally available for you
• 40:35
  Speaker 1: out there.
• 40:36
  Speaker 2: I hope you're actually up a percent. I would be
• 40:38
  Speaker 2: doing open houses in the evening time. There you go,
• 40:40
  Speaker 2: if you want your weekends free, Let's say, hey, let's
• 40:43
  Speaker 2: say you want your weekends free, I'd be doing evening
• 40:45
  Speaker 2: open houses then, especially just having.
• 40:46
  Speaker 1: If people work from a home. Now people can go
• 40:48
  Speaker 1: to open houses.
• 40:48
  Speaker 2: On a weekendy, no test it out, you know, But
• 40:51
  Speaker 2: again that's our prospecting. That is you are you are
• 40:55
  Speaker 2: a sales person. You're a licensed salesperson according to the
• 40:58
  Speaker 2: Texas Real Estate Commission. Sell yourself, get out there. You
• 41:02
  Speaker 2: understand language of real estate. There's so much more on here,
• 41:05
  Speaker 2: but you know, as we I don't want to butt
• 41:07
  Speaker 2: up against all of our time, you know, I want
• 41:09
  Speaker 2: to talk about a little bit of the changes that
• 41:11
  Speaker 2: are happening. So July first, July first, there's some new
• 41:14
  Speaker 2: contract changes that are that are coming in. And what
• 41:19
  Speaker 2: we're seeing is there's a change to paragraph twelve the
• 41:22
  Speaker 2: broker compensation language. Right, so paragraph twelve revision changes broker
• 41:29
  Speaker 2: compensation and expense contribution language across multiple contract types. So
• 41:33
  Speaker 2: this is that POSTNAR settlement cleanup. So if you if
• 41:37
  Speaker 2: you haven't updated how you're writing a compensation in your
• 41:40
  Speaker 2: contracts life versus the hard deadline. So we're going to
• 41:42
  Speaker 2: start seeing now where in that paragraph twelve portion it
• 41:47
  Speaker 2: is saying that the seller right, this seller is paying
• 41:51
  Speaker 2: that broke like when you request it and write it
• 41:53
  Speaker 2: in your offer, the seller is going to be paying
• 41:55
  Speaker 2: that broker compensation fee.
• 41:57
  Speaker 1: I think this is good, right, Like I get hazy
• 42:01
  Speaker 1: on these things if I can't and don't see it
• 42:02
  Speaker 1: right in front of me. Sometimes I can't like synthesize
• 42:04
  Speaker 1: these things. But this smooths over some of the confusion.
• 42:07
  Speaker 2: Correct. I think this is a good thing. Should I mean,
• 42:10
  Speaker 2: you still have agents that you still have some agents
• 42:12
  Speaker 2: that haven't sold in a while, who are still under
• 42:15
  Speaker 2: still thinking that there's broker to broker comp you know,
• 42:19
  Speaker 2: you know that on that last page of the contract
• 42:21
  Speaker 2: where you write in three percent, and that's really for
• 42:23
  Speaker 2: the title company. This look in reality, the commission was
• 42:28
  Speaker 2: coming from somewhere. It wasn't actually coming from us, like
• 42:32
  Speaker 2: the money had to form from the client exactly right.
• 42:35
  Speaker 2: So this just this just makes it easier, right this,
• 42:38
  Speaker 2: You know you write it in there, the seller is it.
• 42:40
  Speaker 2: And what I think is very cool about this is
• 42:43
  Speaker 2: overall this truly adds value to our industry because now
• 42:48
  Speaker 2: we're negotiating for what we believe that we are worth. Yes,
• 42:51
  Speaker 2: and if you've got a seller, if you're if you're
• 42:53
  Speaker 2: representing a buyer and you've got a you've got a
• 42:56
  Speaker 2: listing agent and a seller who's trying to cut that
• 42:58
  Speaker 2: comp down. Let's say that you're asking for I'm going
• 43:00
  Speaker 2: to make up a number, so it's and we're not
• 43:01
  Speaker 2: saying a standard. We're gonna say, let's say you put
• 43:03
  Speaker 2: five percent in there, and they're like, no, one percent. Well,
• 43:06
  Speaker 2: let's justify, Like, let's look like, let's look at days
• 43:09
  Speaker 2: on market. Let's go to the language of real estate.
• 43:11
  Speaker 2: Let's look at all right, what what you know houses
• 43:15
  Speaker 2: in this in this area on average are selling. You know,
• 43:18
  Speaker 2: at one hundred and twenty days, you've been on the
• 43:19
  Speaker 2: market for fifteen days. We've got a great buyer here,
• 43:21
  Speaker 2: it's a great price. So I believe that, you know,
• 43:24
  Speaker 2: we should have the seller pay X amount.
• 43:26
  Speaker 1: Yeah, agreed, Like no, it becomes a real negotiation. Commercial
• 43:29
  Speaker 1: has been doing it this way forever, by the way.
• 43:30
  Speaker 2: Yes, yes, and so so I think from these changes,
• 43:34
  Speaker 2: you know, you know, I think that's one will clear
• 43:37
  Speaker 2: up a lot of confusions, especially with agents. You know,
• 43:40
  Speaker 2: it becomes a sticking point because they're like my broker
• 43:42
  Speaker 2: said this, No, we need to have the uniformity. There
• 43:45
  Speaker 2: some new disclosure requirements cover now insurance history, conservation, he's
• 43:51
  Speaker 2: mints private roads, storage tanks, and water rights. Right, this
• 43:55
  Speaker 2: was this was a missing missing required disclosure is a
• 43:58
  Speaker 2: liability event. Yeah.
• 43:59
  Speaker 1: The rights thing is something I think has been a
• 44:01
  Speaker 1: sticking point for a long time. It's a whole different yap. Yeah,
• 44:05
  Speaker 1: now it's just going to be included, I think. Is
• 44:07
  Speaker 1: that Is that what we're saying all in one?
• 44:09
  Speaker 2: Yeah? Smart? Yeah, And then we already covered it. Broker
• 44:12
  Speaker 2: to broker conversation is being removed from from several Texas
• 44:16
  Speaker 2: real estate forms, realtor forms, and listing agreements. So this
• 44:19
  Speaker 2: aligns with the post GNAR settlement landscape, so you know
• 44:23
  Speaker 2: that way, you know what's gone and what it replaces
• 44:26
  Speaker 2: it with new notice delivery methods now include overnight carrier,
• 44:30
  Speaker 2: carrier options, reorganize adendas, and notice sections for improved clarity. Right,
• 44:37
  Speaker 2: these sound minor, but if you're doing business the old way,
• 44:39
  Speaker 2: you're creating confusion. So it's just like how are you
• 44:41
  Speaker 2: going to how are you delivering deadlines? And then new
• 44:44
  Speaker 2: water related forms and disclosures giving given that the water
• 44:47
  Speaker 2: infrastructure story that we're that was covered in segment five.
• 44:51
  Speaker 2: This is double important. So knowing water rights, water quality
• 44:54
  Speaker 2: storage tanks, this is this is kind of obviously it's
• 44:57
  Speaker 2: it's kind of a big deal in the DFW area
• 45:00
  Speaker 2: if we're adding this, or just in Texas. You know
• 45:03
  Speaker 2: the water water is a transactional disclosure issue now, yeah.
• 45:06
  Speaker 1: Definitely more so in like rural areas where you're not
• 45:09
  Speaker 1: on city, right.
• 45:10
  Speaker 2: I think that's super important. So I would also, this
• 45:14
  Speaker 2: is something I've not done, and I want to make
• 45:16
  Speaker 2: this part of the show, especially because this is for
• 45:18
  Speaker 2: DFW Real Estate Agents, is go to Metro Techs like
• 45:22
  Speaker 2: our trainings that again the next week, the AI training
• 45:24
  Speaker 2: and some of the others has been at the metro
• 45:26
  Speaker 2: Text building and irving that facility. Do they do a
• 45:29
  Speaker 2: great job. It really is super cool. Yeah. And so
• 45:33
  Speaker 2: they've got some free trainings June twenty second session, which
• 45:36
  Speaker 2: by the time this goes out, I don't know if
• 45:38
  Speaker 2: they will be on there. So just go to metro
• 45:39
  Speaker 2: Text look at all the free training events that way.
• 45:42
  Speaker 2: That way you don't have to always go and pay,
• 45:44
  Speaker 2: and then just look at anything any of the events
• 45:46
  Speaker 2: we invite you too, because they're always great.
• 45:48
  Speaker 1: Thirty days, Yeah, what's the goal in the thirty day
• 45:51
  Speaker 1: plan thirty days.
• 45:52
  Speaker 2: To what thirty days of getting business? Thirty days I
• 45:55
  Speaker 2: will take. I think I take five listings in thirty days.
• 45:59
  Speaker 2: I do this every single day.
• 46:03
  Speaker 1: I get up and I'm going to spend nine o'clock
• 46:06
  Speaker 1: to eleven o'clock just calling expireds and cancels like it's
• 46:11
  Speaker 1: my job, Like I had a boss and this was
• 46:13
  Speaker 1: my job, you know, like when you go take a
• 46:16
  Speaker 1: job and you get a job.
• 46:18
  Speaker 2: Right, If you do that.
• 46:19
  Speaker 1: The conversation you're having is most of the people that
• 46:21
  Speaker 1: you're talking to they were overpriced probably and they didn't
• 46:24
  Speaker 1: have an agent that set the right expectations. All right,
• 46:28
  Speaker 1: you should be setting an appointment a week. I'm sorry,
• 46:31
  Speaker 1: you should be setting an appointment a day from that,
• 46:33
  Speaker 1: but you should probably at the very least, you should
• 46:35
  Speaker 1: be just setting two appointments a week, two very solid
• 46:37
  Speaker 1: appointments a week. If you do that every single day,
• 46:40
  Speaker 1: and then you're going to close one of those appointments
• 46:42
  Speaker 1: most likely, let's just say you close it a fifty
• 46:45
  Speaker 1: percent rate. If you're sitting down with cold expires or
• 46:49
  Speaker 1: cancels that you've never met before for a listing presentation,
• 46:51
  Speaker 1: you should be closing fifty percent. So I've already got
• 46:54
  Speaker 1: basically one listing a week, just taking care of that
• 46:57
  Speaker 1: from there. Every single day, I need to be talking
• 47:00
  Speaker 1: to somebody in my sphere of influence ten different times.
• 47:05
  Speaker 1: I need to be a human catching up with them,
• 47:08
  Speaker 1: how are they right? And also, I know I do
• 47:12
  Speaker 1: this a lot, I'm going to do it again because
• 47:13
  Speaker 1: I want to hit my goals. My goal is to
• 47:15
  Speaker 1: serve fifty families this year, and the way that I
• 47:18
  Speaker 1: serve them is by helping them buy or sell real estate.
• 47:20
  Speaker 1: So who do you know that you can connect me
• 47:22
  Speaker 1: with that I could serve this year. You do that
• 47:27
  Speaker 1: just in the first thirty days, you're going to get
• 47:28
  Speaker 1: some referrals. But here's the thing. If you do that
• 47:30
  Speaker 1: for your entire career, it's going to be your entire business.
• 47:32
  Speaker 1: Your job is just to continue to have that conversation
• 47:35
  Speaker 1: over and over and over. I tell stories of my
• 47:37
  Speaker 1: life insurance agent, who does this probably better than anybody
• 47:40
  Speaker 1: I know. But this is the law of reciprocity and
• 47:43
  Speaker 1: your appealing to their basic human need for contribution. People
• 47:46
  Speaker 1: will send you referrals if you're ask for them. Agents
• 47:48
  Speaker 1: are notoriously terrible at asking for the business. Do that
• 47:50
  Speaker 1: ten times a day, and then I should be holding
• 47:54
  Speaker 1: three open houses every week Thursday, Friday, Saturday. If you
• 47:57
  Speaker 1: don't want to do Saturday or Thursday, I'm sorry, Friday, Saturday, Sunday,
• 48:00
  Speaker 1: or really Thursday, Saturday, Sunday doing evening one. And then
• 48:02
  Speaker 1: do the weekends. If you don't want to do weekends,
• 48:04
  Speaker 1: do three during the week. People work from home nowadays,
• 48:07
  Speaker 1: so they could come to an early evening time open house.
• 48:10
  Speaker 1: It wouldn't be an issue whatsoever. Every single one of
• 48:11
  Speaker 1: those people goes in my database, they could followed up
• 48:13
  Speaker 1: with immediately and relentlessly until I send an actual buyers
• 48:17
  Speaker 1: consultation or listing consultation with them. If I do that
• 48:21
  Speaker 1: religiously daily and weekly for thirty days, I don't think
• 48:25
  Speaker 1: there's not I don't think there's a chance. In heck,
• 48:27
  Speaker 1: I don't take five listings. But I would just say
• 48:29
  Speaker 1: five clients. Do you think if I prospected for two
• 48:31
  Speaker 1: hours a day, made ten sphere phone calls where I
• 48:33
  Speaker 1: actually asked for referral, and hold three open house a
• 48:35
  Speaker 1: week and follow up religiously with those people that I'm
• 48:37
  Speaker 1: not taking five clients a month.
• 48:39
  Speaker 2: No, you're one hundred percent. Yeah, five at minimum. I
• 48:42
  Speaker 2: mean your first off, your follow up game in the next,
• 48:46
  Speaker 2: with your over the next ninety days alone sets it
• 48:50
  Speaker 2: off for an avalanche of business. I mean, you know,
• 48:53
  Speaker 2: I was just kind of looking at at as we
• 48:56
  Speaker 2: were going through the segment of this. You know, of
• 48:59
  Speaker 2: course we have we have our show notes AI enhanced
• 49:03
  Speaker 2: as any sane person would and on here it talks
• 49:06
  Speaker 2: about talk about the cost per lead hitting five hundred
• 49:09
  Speaker 2: and three dollars this year. Now, I went to fact
• 49:11
  Speaker 2: check this. There's nothing to fact check on that. There's
• 49:13
  Speaker 2: not a lot of sources on them. One source of true.
• 49:16
  Speaker 2: But as I'm as I'm trying to fact check it,
• 49:18
  Speaker 2: what I do know is that the average agents there's
• 49:22
  Speaker 2: two things. The average agent, you know, converts Internet leads
• 49:25
  Speaker 2: at less than one percent, right, you know do most
• 49:29
  Speaker 2: people say that it you know, it's good to convert
• 49:31
  Speaker 2: at one to three percent. And so there's people that
• 49:34
  Speaker 2: are like, I just need to get Internet leads, I
• 49:36
  Speaker 2: just need to get this. But you know, the the
• 49:38
  Speaker 2: biggest problem that we see here is that the average
• 49:43
  Speaker 2: agent takes nine hundred and seventeen minutes to respond to a.
• 49:48
  Speaker 1: Lead nine hundred and seventeen.
• 49:50
  Speaker 2: Nine hundred and seventeen minutes to respond to lead. Seventy
• 49:52
  Speaker 2: eight percent of buyers work with the first agent three days, yeah, right,
• 49:57
  Speaker 2: or something like that. It's a time. Seventy eight percent
• 49:59
  Speaker 2: of buyers work with the first agent who responds. An
• 50:01
  Speaker 2: agent who responds within five minutes, it's twenty one times
• 50:04
  Speaker 2: more likely to qualify that lead than one who waits
• 50:07
  Speaker 2: thirty minutes. Right. The simple fix is speed lead. We've
• 50:09
  Speaker 2: talked about the speed lead, but we still don't do it.
• 50:11
  Speaker 2: We have AI, we still don't figure out how to
• 50:13
  Speaker 2: automate even a little bit of a simple text like hey,
• 50:15
  Speaker 2: thank you for inquiring. You know, I'm with a client
• 50:18
  Speaker 2: right now. Can I call you in five to ten minutes?
• 50:19
  Speaker 2: Actually call right? There's ways to actually do this, you know,
• 50:22
  Speaker 2: I run a home buying webinar, and on the home
• 50:25
  Speaker 2: buying webinar, people people get on a call to request
• 50:28
  Speaker 2: a call so we can do a discovery call. And
• 50:31
  Speaker 2: you know what my sequence is. It reminds them, hey,
• 50:34
  Speaker 2: I'm about to call you in fifteen minutes, right. You
• 50:36
  Speaker 2: know how many people you know once that thanks for
• 50:39
  Speaker 2: that fifteen minute reminder and when I actually called or
• 50:41
  Speaker 2: if I was five minutes late, they were like, oh,
• 50:43
  Speaker 2: I thought you were going to call me at this time.
• 50:44
  Speaker 2: So people expect this to happen. You got to train it.
• 50:48
  Speaker 2: And so when we go through this and say, all right,
• 50:50
  Speaker 2: you hit the nail on the head. But like, let's
• 50:52
  Speaker 2: just say like some of the things that let's say
• 50:54
  Speaker 2: you didn't want one hundred percent, always do expirers and cancels,
• 50:56
  Speaker 2: you know, to ReVibe an old database or maybe you're
• 51:00
  Speaker 2: brand new, you still have a database that you just
• 51:02
  Speaker 2: need to actually bring to life. And you know, as
• 51:06
  Speaker 2: we shared about it is is ninety percent of past
• 51:09
  Speaker 2: clients list or ninety three percent of past clients or
• 51:12
  Speaker 2: just individuals in general list their home with a different agent, right,
• 51:18
  Speaker 2: so seven percent of the time they go back to
• 51:20
  Speaker 2: their original agent who sold them that house. Yeah, ninety
• 51:23
  Speaker 2: three percent of the time they don't. They don't. And
• 51:25
  Speaker 2: so you know, if you think about it, that's just
• 51:28
  Speaker 2: as just nationally, that's two point five seven billion loss
• 51:31
  Speaker 2: listening annually. So you're you know, what we look at
• 51:33
  Speaker 2: is your database is just dormant and it's waiting for
• 51:37
  Speaker 2: you to bring it to life, to shock it back
• 51:39
  Speaker 2: into life and you could do some some some touch sequences.
• 51:43
  Speaker 2: Like you know, we have a program part of our
• 51:47
  Speaker 2: residual agent network that it's it's a utility concierge company.
• 51:52
  Speaker 2: It's called Utility Direct. And one of the value adds
• 51:55
  Speaker 2: that we wanted to bring to agents is not just
• 51:57
  Speaker 2: be another utility concierge style opportunity, was that we wanted
• 52:03
  Speaker 2: to say, hey, agents, do you struggle with providing value
• 52:06
  Speaker 2: to your to your database, to your friends and families
• 52:09
  Speaker 2: and and sphere. Most people say yes, they don't know
• 52:12
  Speaker 2: what to send out there? Am I just going to
• 52:13
  Speaker 2: send a random market report? Like you know, like hey Brian,
• 52:16
  Speaker 2: would you be interested in learning about your home? I
• 52:18
  Speaker 2: just pulled the stats and people want me send it
• 52:19
  Speaker 2: to you. Some might say yes, but that's not one
• 52:21
  Speaker 2: hundred percent valuable. But if I could say, hey Brian,
• 52:24
  Speaker 2: I just I'm testing this new service to bring to
• 52:26
  Speaker 2: life in my world where I could where we could
• 52:30
  Speaker 2: help you save money on potentially save money on your
• 52:33
  Speaker 2: your electricity. Electricity bills are sky high right now and
• 52:36
  Speaker 2: this is just a free service that I'm adding to
• 52:38
  Speaker 2: my friends and family, my work. They also can reshop
• 52:42
  Speaker 2: your Internet. Most a lot of people are overpaying for
• 52:44
  Speaker 2: their most people are paying So what I would love
• 52:47
  Speaker 2: to do, would you go ahead and could I get
• 52:49
  Speaker 2: a call schedule with our utility direct concierge team. It's free,
• 52:53
  Speaker 2: doesn't cost you anything. That what they're going to do
• 52:55
  Speaker 2: is they're going to see if they could save you
• 52:56
  Speaker 2: a little bit of money on your electricity and on
• 52:58
  Speaker 2: your on your internet. If you have an alarm system,
• 53:01
  Speaker 2: they can. They can do alarm systems as well, and
• 53:04
  Speaker 2: many other home based services. And so what we wanted
• 53:07
  Speaker 2: to do is you got to provide value. There's got
• 53:09
  Speaker 2: to be a reason to reach out. Then you can
• 53:11
  Speaker 2: look at the local events going on in your area
• 53:13
  Speaker 2: and say, hey, Brian, by the way, while I have
• 53:15
  Speaker 2: you on the phone or you hopefully you say yes
• 53:17
  Speaker 2: to that, I'm going to call you back in a
• 53:19
  Speaker 2: week just to see how that went. Yep. And then
• 53:23
  Speaker 2: I'm going to call it back in a week or
• 53:24
  Speaker 2: three to five days. I'm going to call back and
• 53:26
  Speaker 2: say how did that go. I also wanted to let
• 53:28
  Speaker 2: you know I just looked up there's a there's an
• 53:30
  Speaker 2: awesome community event down at McKinney Square. Are you going?
• 53:33
  Speaker 2: I think I think we're going to take the kids
• 53:34
  Speaker 2: and the family. I would love to see you there. Yep,
• 53:36
  Speaker 2: Like we have to revive the database.
• 53:40
  Speaker 1: And by the way, if that call went well and
• 53:42
  Speaker 1: we were able to help you out, who else in
• 53:44
  Speaker 1: your world do you think that you could hook me
• 53:45
  Speaker 1: up with that, I might be able to save some
• 53:47
  Speaker 1: money for yes, right, yeah, my database referra us.
• 53:50
  Speaker 2: Right, yes, so simple. So there's a couple of things.
• 53:52
  Speaker 2: Just go to residual agent dot com. Right, is that
• 53:55
  Speaker 2: the website resilience. I think it's residual agent dot com.
• 53:57
  Speaker 2: Gets Yeah, get residualation. You're so good at Get residual
• 54:01
  Speaker 2: agent dot com. Sign up and get on that and
• 54:04
  Speaker 2: we can show you how to build out this. This
• 54:07
  Speaker 2: utility direct value add to your database as well as
• 54:10
  Speaker 2: your current clients that are under contract, your buyers, because
• 54:13
  Speaker 2: guess what, they got to turn on electricity together, they
• 54:14
  Speaker 2: got to turn on services. They got to get internet.
• 54:17
  Speaker 2: Everybody gets electricity and internet at their house percent of
• 54:20
  Speaker 2: the time. Everyone Jesse has anybody not got internet at
• 54:23
  Speaker 2: their house? No, everybody does. Everyone gets electricity, everyone gets internet.
• 54:28
  Speaker 2: Those are the two must have. Now a day is
• 54:30
  Speaker 2: to get into a home. So start providing value. Let's
• 54:34
  Speaker 2: revive that that dormant, that sleepy database and start turning
• 54:38
  Speaker 2: into a cash money ATM machine so that you know, hey,
• 54:43
  Speaker 2: I'm not part of the two hundred thousand agents that
• 54:45
  Speaker 2: are going out of business over the last since twenty
• 54:48
  Speaker 2: twenty two. I only part that's over here capturing and
• 54:51
  Speaker 2: making sure I'm out the other side, because when when
• 54:54
  Speaker 2: rates do drop, when we get out of this Iran
• 54:57
  Speaker 2: war and everything gets back to you know, the economy
• 55:01
  Speaker 2: ripping and roaring again for the real estate market, I
• 55:04
  Speaker 2: want to be on that other side because I want
• 55:06
  Speaker 2: to catch that win and I want to be able
• 55:07
  Speaker 2: to make a ton of money and continue providing value
• 55:11
  Speaker 2: to my clients. One hundred freaking.
• 55:15
  Speaker 1: I do hope you guys got some takeaways there, because
• 55:17
  Speaker 1: there's a lot of opportunity in this market right now.
• 55:19
  Speaker 1: Don't let the stats get you down. In fact, they
• 55:20
  Speaker 1: should excite you. Go out and build your flipping business.
• 55:24
  Speaker 2: Guys.
• 55:24
  Speaker 1: It is out there for the taking right now. We
• 55:27
  Speaker 1: should turn this into a webinar. We should turn this
• 55:29
  Speaker 1: into a webinar.
• 55:30
  Speaker 2: Thirty days to get in. Thirty days of reviving your
• 55:33
  Speaker 2: dormant database and adding value, all.
• 55:36
  Speaker 1: Right, so by now there should be a sign up
• 55:38
  Speaker 1: link in the DFW reltors groups. Even if I haven't
• 55:40
  Speaker 1: joined DFW reltors yet, join the group and go sign
• 55:43
  Speaker 1: up for the webinar that we're going to put out
• 55:45
  Speaker 1: on the thirty days I love it.
• 55:47
  Speaker 2: Go support our sponsors Darren Smith over at Armadilla Home Warranty,
• 55:51
  Speaker 2: Armadela dot one and Homeward at a Homeward Property Management
• 55:55
  Speaker 2: to go to Homeward at DFW dot com. Give them
• 55:57
  Speaker 2: some love, give them a shout out. Don't don't do
• 56:00
  Speaker 2: the leases, guys, you're screwing it up. Stop screwing up
• 56:03
  Speaker 2: the leases. You're you're hurting your clients worse, worse than
• 56:06
  Speaker 2: helping them. So send them over, get the referral fee,
• 56:09
  Speaker 2: Let let Homeward management, and then when they're ready to sell,
• 56:12
  Speaker 2: it's going to go back to you. Stop trying to
• 56:14
  Speaker 2: do everything. Stop being a generalist. Let's make sure that
• 56:16
  Speaker 2: you become a specialist. And then we'll see on the
• 56:18
  Speaker 2: next show.
• 56:19
  Speaker 1: Jesse Mahikos, Don Orgondo and Corento Minutos, we gotta go.
• 56:25
  Speaker 1: All right, thank you guys for watching. Talk to you
• 56:27
  Speaker 1: next time.
• 56:30
  Speaker 2: Turn it up this week. Your real Estate. A weekly
• 56:40
  Speaker 2: podcast for agent to actually give pay market moves. Listening, heat,
• 56:45
  Speaker 2: clothing streets, d Age, Let's see represent the
• 57:03
  Speaker 1: US after the most to Las