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How Realtors can Survive the Coming Recession · Massive Agent Podcast

0:00
SPEAKER_00: What in the hell is going on with the housing market?
0:02
SPEAKER_00: What is going on with interest rates?
0:04
SPEAKER_00: Why do they keep going up?
0:05
SPEAKER_00: Does this mean that home prices will be coming down soon?
0:08
SPEAKER_00: Is the housing market going to crash?
0:10
SPEAKER_00: What do real estate agents need to know right now during this shift to protect their business?
0:15
SPEAKER_00: What do agents who want to grow and thrive in this upcoming recession, what do they need to be doing on a daily basis?
0:21
SPEAKER_00: Let's get into it right now.
0:23
SPEAKER_00: The massive agent podcast.
0:26
SPEAKER_00: We need generated different strategies to give you more leads and sell more homes.
0:31
SPEAKER_00: I love to buy houses.
0:32
SPEAKER_00: I like to sell houses.
0:40
SPEAKER_00: I've had better.
0:50
SPEAKER_00: What is up, everybody?
0:51
SPEAKER_00: Welcome to episode 234 of the Massive Agent Podcast.
0:55
SPEAKER_00: And this is one jam-packed, nerdy, hard-hitting episode today because there's a lot of stuff changing and it's happening very fast.
1:04
SPEAKER_00: And you guys have some shit that you need to know about.
1:08
SPEAKER_00: Real estate agents and loan officers, pay attention.
1:11
SPEAKER_00: The market is shifting now in a way we haven't seen in over a decade.
1:15
SPEAKER_00: A lot of us have haven't even been in the business since a market has shifted like this.
1:19
SPEAKER_00: There are certain things that you need to do today to protect your business, especially if you want to grow and take advantage of all the opportunities that are going to come from this shift.
1:28
SPEAKER_00: You need to start doing these specific things.
1:30
SPEAKER_00: Okay.
1:30
SPEAKER_00: So pay attention.
1:31
SPEAKER_00: We're also going to talk about interest rates.
1:34
SPEAKER_00: When the hell are they going to level off?
1:36
SPEAKER_00: When are they going to start coming down again?
1:38
SPEAKER_00: Well, I have some bad news, but you need to understand it.
1:42
SPEAKER_00: You mainly need to understand it so you can help educate your clients, educate sellers who are sitting on the fence, educate buyers who are sitting on the fence.
1:50
SPEAKER_00: You need to start communicating what I'm about to teach you, screaming it from a mountaintop.
1:55
SPEAKER_00: You need to be educating consumers in every possible way.
1:58
SPEAKER_00: Instagram stories, Facebook posts, YouTube, a freaking Pinterest pin.
2:03
SPEAKER_00: Whatever you need to do, you need to get the message out there because people now more than ever are wondering what the hell should I be doing when the market is doing what it's doing?
2:12
SPEAKER_00: A lot of you guys are saying the same thing.
2:14
SPEAKER_00: This is the episode for you.
2:15
SPEAKER_00: Okay.
2:16
SPEAKER_00: If you are new to the show, welcome.
2:17
SPEAKER_00: My name is Dustin Brome, your host.
2:19
SPEAKER_00: I am a real estate agent in Salt Lake City, Utah.
2:22
SPEAKER_00: I've been in for 11 years.
2:23
SPEAKER_00: All right.
2:24
SPEAKER_00: I got into real estate after the Great Recession.
2:26
SPEAKER_00: Okay.
2:27
SPEAKER_00: I got in when there were short sales and bank-owned properties everywhere.
2:30
SPEAKER_00: It was a crazy buyer's market.
2:32
SPEAKER_00: You could take your time, you could lowball offer.
2:36
SPEAKER_00: Um, there was no urgency to buy any particular home.
2:39
SPEAKER_00: It was completely opposite of what we've seen over the last few years.
2:43
SPEAKER_00: But we're seeing a shift, aren't we?
2:45
SPEAKER_00: We are absolutely seeing a shift.
2:46
SPEAKER_00: So we're going to talk about what we see today, what's actually happening.
2:52
SPEAKER_00: Our markets crashing, our home prices crashing.
2:54
SPEAKER_00: We're going to talk about that.
2:56
SPEAKER_00: We're going to talk next week with an agent that has been through a market shift before.
3:02
SPEAKER_00: And she has some great perspective, actually.
3:04
SPEAKER_00: Some great perspective on what agents should know.
3:09
SPEAKER_00: So here's the thing.
3:12
SPEAKER_00: You could choose to do one of two things.
3:13
SPEAKER_00: You could be scared and nervous and anxious and and kind of freak out about uh, oh my gosh, all my business is going to go away.
3:21
SPEAKER_00: I'm not going to be able to make ends meet.
3:22
SPEAKER_00: I'm not going to do well.
3:24
SPEAKER_00: That's unfortunate if you choose to go that route.
3:27
SPEAKER_00: There are agents right now that have already decided in their minds, and hopefully you will by the end of this episode.
3:32
SPEAKER_00: You've already decided you're going to understand what's happening.
3:36
SPEAKER_00: You're going, you're not going to put your head in the sand, you're going to remove your head from your ass, and you're going to look for the opportunities that come as a result of the shift.
3:47
SPEAKER_00: Whenever markets are in tumult, whenever there's shifting happening and changes, people freak out because they don't know what to do.
3:53
SPEAKER_00: Those who understand what's happening and then take action and skate to where the puck is going to be can profit wildly.
4:02
SPEAKER_00: Okay, you've probably heard this before.
4:04
SPEAKER_00: The greatest fortunes are made in recessions.
4:07
SPEAKER_00: The greatest fortunes are made in hard times.
4:10
SPEAKER_00: You don't make your fortune at all-time highs.
4:13
SPEAKER_00: You make it when everything has come down, there everything's on sale, uh, when everyone else is saying, Oh, it's a horrible time to be in business.
4:21
SPEAKER_00: That's when some of the world's greatest businesses are built.
4:24
SPEAKER_00: No different with the real estate agent.
4:26
SPEAKER_00: You can you can build your business right now, even if you're a brand new agent today or you're getting licensed next week, you can make the right choices now and have the right perspective and understanding now to thrive in what's about to happen.
4:40
SPEAKER_00: Okay.
4:41
SPEAKER_00: So um some breaking news though, some stuff that just came out a couple hours ago.
4:46
SPEAKER_00: Maybe you've already seen this, maybe you haven't, but you need to know about this.
4:49
SPEAKER_00: I believe this is a canary in the coal mine of things to come in the real estate industry, specifically with real estate brokerages.
4:58
SPEAKER_00: So just today, so uh you're hearing this on Thursday.
5:02
SPEAKER_00: This happened earlier in the week.
5:04
SPEAKER_00: Um, within just an hour or so of each other, Redfin has announced that they're laying off 8% of their workforce.
5:11
SPEAKER_00: It's about 470 employees, roughly 8% of its workforce, um, 6%, if including those employed by Rent Path and Mortgage Lending Arm Bay Equity, uh, according to an SEC report filed on Tuesday.
5:25
SPEAKER_00: The brokerage cited housing demand being 17% below Redfin's expectations in May as the main reason for the layoffs.
5:33
SPEAKER_00: Then, shortly thereafter, Compass came out.
5:37
SPEAKER_00: Compass is laying off 450 employees and they were briefly halted on the New York Stock Exchange.
5:43
SPEAKER_00: They had to actually push pause on the stock trading because they were worried about it absolutely crashing.
5:48
SPEAKER_00: So the company just shuttered its MODIS title arm.
5:52
SPEAKER_00: So Compass's title company, they just closed, shut it down.
5:56
SPEAKER_00: Um they're gonna look into reduced office to reduce office space and will pause expansion into new markets.
6:03
SPEAKER_00: Um, this is crazy.
6:04
SPEAKER_00: Okay.
6:05
SPEAKER_00: Now I'm gonna add some perspective.
6:07
SPEAKER_00: The headline shows Compass and Redfin are failing.
6:10
SPEAKER_00: That's not necessarily the case, okay?
6:12
SPEAKER_00: Compass and Redfin are very growth-oriented companies.
6:17
SPEAKER_00: They um they're entrepreneurial, okay, and and they were all about growth, growth through innovation, growth through you know, any means necessary.
6:27
SPEAKER_00: So when Compass comes out and says that they're laying off 10% of the company and Redfin's laying off 8%, that doesn't mean that the company's failing.
6:35
SPEAKER_00: What it means is, oh my gosh, things aren't growing as fast, things are slowing down, the environment has changed a little bit.
6:42
SPEAKER_00: So we had we had hired a bunch of people for growth in this one area.
6:46
SPEAKER_00: Now that things have changed, we realize we don't have a need for those extra people.
6:50
SPEAKER_00: So it doesn't necessarily mean that Compass or Redfin is in jeopardy of going out of business.
6:58
SPEAKER_00: Um, but they this could be a proactive thing to keep themselves healthy as things start to slow down.
7:04
SPEAKER_00: Okay, so we don't know yet.
7:06
SPEAKER_00: Time will tell.
7:07
SPEAKER_00: Um, you know, Compass has had their financial issues for sure.
7:11
SPEAKER_00: Uh, Redfin, I don't really know if they've had any or not, but uh they are certainly seeing less growth.
7:17
SPEAKER_00: And because of that, they need fewer people um to grow the company.
7:21
SPEAKER_00: So that's that's why the layoffs.
7:23
SPEAKER_00: We'll see if it means more than that later on, but there's some breaking news.
7:26
SPEAKER_00: I do believe there's going to be a lot more of this within our industry because there's a lot of companies, a lot of brokerages that they're just paying too damn much.
7:34
SPEAKER_00: Their expenses are through the roof because they pay so many different people throughout their pay structure.
7:39
SPEAKER_00: You know, the the regional manager, the manager, the all, you know, all the people, right?
7:44
SPEAKER_00: Uh, there's a lot of brokerages out there that are set up to extract money from the agent, to extract money from the transaction, to pay all these other people.
7:51
SPEAKER_00: Those brokerages are in trouble.
7:53
SPEAKER_00: Um, it it just is.
7:55
SPEAKER_00: When you have bloated expenses and things slow down and markets shift, you are in trouble.
8:02
SPEAKER_00: Okay, you are at risk.
8:03
SPEAKER_00: So we will see how this plays out.
8:05
SPEAKER_00: But I'm telling you, this is not the these are the beginning of the layoffs at brokerages, um, not the end.
8:12
SPEAKER_00: And but also, just to be fair, make sure that we're not thinking when we read these headlines, Compass is failing, all their agents are gonna leave, or Redfin's failing, all their agents are gonna leave.
8:22
SPEAKER_00: It it just means that at a minimum, okay, it just means they don't need all those extra people anymore.
8:29
SPEAKER_00: Okay, they can operate with fewer people, and it's smart to cut costs when things start to slow down.
8:36
SPEAKER_00: Okay, so there's the breaking news of the day.
8:38
SPEAKER_00: Let's talk about interest rates.
8:40
SPEAKER_00: Okay, this is this is what you guys need to understand about interest rates so that you can communicate it to all of your buyers, all of your sellers, all of your leads, all of your prospects, everybody within shouting distance.
8:51
SPEAKER_00: You need to be teaching them this shit as often as possible because they don't know, is especially if they're just listening to headlines and reading headlines, they're scared out of their minds.
9:01
SPEAKER_00: They're thinking, oh my god, the world is, you know, the sky is falling, world's coming to an end, my house that was worth 600 is about to be worth 200.
9:10
SPEAKER_00: And uh they just think carnage is about to happen.
9:13
SPEAKER_00: Okay, now we don't know how bad it's gonna get, but let's let's focus on interest rates, okay, because interest rates are a cause of a lot of this.
9:23
SPEAKER_00: But what caused the interest rates to go so high?
9:27
SPEAKER_00: Interest rates are going so high because of inflation.
9:30
SPEAKER_00: Okay, so in uh a few months ago the inflation number came out and it was over 8%.
9:35
SPEAKER_00: So at the time it was like, holy shit, inflation's got out of control.
9:38
SPEAKER_00: So what does the Federal Reserve have to do, which is one of their jobs?
9:42
SPEAKER_00: The Federal Reserve really has two jobs to combat inflation and to protect the US dollar.
9:48
SPEAKER_00: Um and sometimes it's one and the same.
9:50
SPEAKER_00: So they're like, oh my gosh, inflation's getting out of control, so they have to raise interest rates.
9:54
SPEAKER_00: Now they're not raising mortgage rates, they're raising the federal funds rate.
9:58
SPEAKER_00: Okay.
9:59
SPEAKER_00: Mortgage inter mortgage rates tend to follow those, but it's not a direct, it's not a direct thing.
10:05
SPEAKER_00: So just because the Fed raises rates does not necessarily mean mortgage rates go up.
10:09
SPEAKER_00: They often do follow, but just know they're not the exact same thing.
10:14
SPEAKER_00: So the Fed says, uh, we need to raise interest rates, and we need to do so aggressively to get this inflation under control.
10:20
SPEAKER_00: Okay, so that's why the prices, price of gas is out of control, price of food, the price of homes, cars, you name it.
10:26
SPEAKER_00: Anything out there, the price has gone through the frickin' roof.
10:30
SPEAKER_00: And that is a problem.
10:31
SPEAKER_00: And it affects and it hurts those who are the most vulnerable.
10:34
SPEAKER_00: Those who can handle those price increases the least is who it hurts the most.
10:38
SPEAKER_00: Inflation is inflation is an asshole.
10:42
SPEAKER_00: Inflation is a son of a bitch.
10:44
SPEAKER_00: So the Fed to the only tool they have in their in their tool belt is to raise interest rates.
10:50
SPEAKER_00: Okay.
10:50
SPEAKER_00: So they did that, they raised rates a little bit, mortgage rates um followed suit and got up into, you know, the the fives and and started to affect some of the demand out there.
11:01
SPEAKER_00: Some of the buyers started to not qualify for the homes that they wanted.
11:05
SPEAKER_00: They started to uh, or maybe they were they would only qualify for less home that didn't work for them, or they're just paying a hell of a lot more for the same house.
11:14
SPEAKER_00: Then um, and I think after those interest rates were raised, uh when the when the Fed raised rates um two or three times.
11:24
SPEAKER_00: Don't quote me on that.
11:25
SPEAKER_00: I'm not an economist, I'm just you know, I'm giving you my perspective from what I've read, what I've studied, what I've heard, and uh, you know, don't take it as gospel by any stretch.
11:35
SPEAKER_00: So the Fed raises rates.
11:37
SPEAKER_00: We I think most economists, most experts thought that it would have a positive effect on inflation, that that would at least slow inflate inflation and bring it down.
11:46
SPEAKER_00: Well, just on Friday, the latest inflation number came out, the core inflation number, and it was in the eights again, it was even higher.
11:53
SPEAKER_00: So it showed that all those interest rate increases didn't do jack shit.
11:57
SPEAKER_00: It didn't do anything.
11:58
SPEAKER_00: Now it probably slowed the inflation.
12:01
SPEAKER_00: Imagine what it would have been without those.
12:03
SPEAKER_00: But what that did Monday morning, mortgage rates went through the roof.
12:07
SPEAKER_00: I Googled this morning mortgage rates, and as of June 13th, as of June 13th, which was uh Monday, the average 30-year fixed rate was 6.8%.
12:23
SPEAKER_00: Dramatic increase.
12:24
SPEAKER_00: Okay.
12:25
SPEAKER_00: I believe interest rates will continue to go up to 7, 8, 9, maybe even 10% until inflation comes back down.
12:34
SPEAKER_00: Okay, interest rates will continue to go up until inflation starts to come back down.
12:39
SPEAKER_00: The Federal Reserve will continue to raise interest rates until they crush inflation.
12:44
SPEAKER_00: When they do that, they crush the rest of the economy as well.
12:47
SPEAKER_00: They cause the economy to go into recession, they cause it to get hurt, because if all of a sudden money costs 9% instead of 3%, that that really affects everything.
12:59
SPEAKER_00: It affects everybody in all industries.
13:02
SPEAKER_00: So interest rates will continue to rise until inflation gets under control and starts to come back down.
13:10
SPEAKER_00: There's a lot of experts that I look up to, economists.
13:13
SPEAKER_00: Uh I I was lucky enough to go to this event this last weekend in Salt Lake with some billionaires, some hedge hedge fund managers, and a lot of really smart people, much smarter than me, who were talking about uh how they they believe interest rates could go as high as 10% over the next six, eight, nine months, because the Fed has to keep raising rates, it probably even more aggressively than they said they would, to get inflation under control.
13:40
SPEAKER_00: So interest rates will continue to go up.
13:42
SPEAKER_00: If you have buyers sitting on the fence and they're like, oh, waiting for the right time, waiting for prices to go down.
13:49
SPEAKER_00: Even if at this point, guys, with interest rates at 6.8% today, and who the hell knows what they're gonna be next week, next month, let's say they're at 7.5, 8.5%, 9%.
13:59
SPEAKER_00: Even if home prices came down a little bit, they're gonna be paying so much more for the house.
14:05
SPEAKER_00: So much more.
14:06
SPEAKER_00: We are in an environment right now that you get absolutely fucked if you wait.
14:11
SPEAKER_00: The longer you wait to sell, the longer you wait to buy, the the harder you get fucked.
14:17
SPEAKER_00: Interest rates will crush you, they crush the affordability.
14:20
SPEAKER_00: If you're a seller, as the market slows down, more inventories come on.
14:24
SPEAKER_00: We've seen three times the inventory come on the market in Salt Lake over the last month or so.
14:30
SPEAKER_00: Three times as many homes on the market today as there were uh one to two months ago.
14:34
SPEAKER_00: That's dramatic.
14:35
SPEAKER_00: And I've heard a lot of other agents talking about their markets all across the country.
14:39
SPEAKER_00: Very similar things have happened.
14:41
SPEAKER_00: Double the inventory, triple the inventory in in just weeks.
14:44
SPEAKER_00: So sellers have all of a sudden a lot more competition, and there's fewer buyers wanting those homes because interest rates are getting them out of the market.
14:54
SPEAKER_00: So the longer you wait to sell, you may be forced to get a lot less for your home than you would today.
15:01
SPEAKER_00: If you are buying, you're gonna be paying a hell of a lot more for your house through the interest, not necessarily for the price of the home.
15:07
SPEAKER_00: It's not necessarily going into the seller's pockets, it's going to the damn banks.
15:12
SPEAKER_00: Okay, the mortgage company, they're gonna get all that money.
15:16
SPEAKER_00: Now they're borrowing it at higher, at higher uh interest rates.
15:20
SPEAKER_00: So it's not like it's not like they get money at 1% and they're loaning at eight and keeping the 7% spread.
15:26
SPEAKER_00: No, they're they make a certain spread on top of whatever the hell they have to borrow the money at.
15:31
SPEAKER_00: So the rising interest rates helps nobody.
15:36
SPEAKER_00: It helps no one.
15:37
SPEAKER_00: No one profits from that shit.
15:39
SPEAKER_00: It just hurts everybody.
15:40
SPEAKER_00: So interest rates are the real killer.
15:42
SPEAKER_00: Home prices, whether they go up or down, I think that is a secondary conversation.
15:47
SPEAKER_00: So make sure that you guys are doing as much content as possible.
15:51
SPEAKER_00: Send emails to your clients, do webinars, set up webinars to explain you know what buyers need to know in this market, what they need to prepare for, how to navigate it, what they should be doing, which decisions and moves should they be making in this current environment.
16:06
SPEAKER_00: Do that for buyers, do it for sellers, do separate webinars, make it free, and just educate.
16:10
SPEAKER_00: And you're gonna get a lot of business and a lot of interest from that.
16:13
SPEAKER_00: Send it out to your email list, put it out on social media, promote it through ads, put do put it in your stories, get the word out.
16:22
SPEAKER_00: Right now, you guys probably clicked.
16:26
SPEAKER_00: If you guys are not regular listen listeners of this show, you probably clicked on this episode because you saw the title, and you're like, oh, you know, what agents need to know about interest rates or when are interest rates going to come down.
16:37
SPEAKER_00: I haven't quite decided what I'm gonna title it, but something about it got your attention because you want to know, which means you don't know the answer.
16:44
SPEAKER_00: You need to know the answer.
16:45
SPEAKER_00: Well, that's you as a real estate professional not understanding the shit.
16:48
SPEAKER_00: Imagine what consumers think.
16:51
SPEAKER_00: They need a lighthouse, they need someone to stand there and shine the light and guide them and advise them.
16:58
SPEAKER_00: I had this talk with my team earlier today on our on our weekly team call.
17:02
SPEAKER_00: We went a little bit more in detail, but I had a completely different topic planned for for uh this week's episode.
17:09
SPEAKER_00: And I just thought, you know what, this is so timely.
17:12
SPEAKER_00: This every agent needs to know this shit.
17:14
SPEAKER_00: So even though we talked about it on the team call, I'm diving into it now for you guys.
17:19
SPEAKER_00: So important.
17:20
SPEAKER_00: Um consumers need someone to advise them, okay?
17:25
SPEAKER_00: We as real estate salespeople, we're not salesmen.
17:29
SPEAKER_00: We're not, we don't have to convince people hey, you should buy a house.
17:33
SPEAKER_00: Here's why.
17:33
SPEAKER_00: Oh, you're ready to go, come to my office, let's buy a house.
17:37
SPEAKER_00: They already know what they want to do.
17:39
SPEAKER_00: You're just guiding them, you're advising them.
17:41
SPEAKER_00: We are service providers, we are advisors, we are not salespeople.
17:46
SPEAKER_00: Okay, remember that.
17:48
SPEAKER_00: Our value to consumers is in the guidance and advice and providing service.
17:54
SPEAKER_00: So right now, when they don't know what the fuck is going on, isn't there a huge value in a real estate pro like yourself who can educate them, who can walk them through it, who can give them some perspective, some guidance on what to do right now for their particular situation?
18:15
SPEAKER_00: There's a ton of value in that.
18:16
SPEAKER_00: So if you are the lighthouse versus the tugboat, okay, you need to on social media, everywhere you possibly can, share that message.
18:25
SPEAKER_00: Share it with anyone that will listen.
18:27
SPEAKER_00: Okay, be the lighthouse, and you will attract people who need it.
18:31
SPEAKER_00: You will attract people who find you to be helpful, who like your delivery, that uh feel that you have the heart of a teacher, to take words out of Dave Ramsey's mouth with his ELPs.
18:42
SPEAKER_00: The heart of a teacher.
18:45
SPEAKER_00: If you show that you have that and you are a true advisor, you will get more business today than before.
18:53
SPEAKER_00: Earlier with our team, we did a little informal poll.
18:58
SPEAKER_00: A little informal poll about um are listings easier to get right now or harder?
19:05
SPEAKER_00: And there were a lot of people that said, Hey, listing, I'm getting a lot of listings right now because sellers are jumping off the fence.
19:10
SPEAKER_00: They're understanding that if the market does go the other direction, they want to sell now versus six months from now.
19:18
SPEAKER_00: So if you're in a position where you're struggling, you might just have the wrong perspective.
19:22
SPEAKER_00: You might have convinced yourself it's so hard.
19:25
SPEAKER_00: It's so hard right now.
19:26
SPEAKER_00: Oh, I'm struggling so bad.
19:28
SPEAKER_00: Well, what if you decided that you weren't struggling?
19:32
SPEAKER_00: When did you decide that it's so hard?
19:34
SPEAKER_00: When did you decide it's impossible to get listings when there's other agents getting listings every single day right now?
19:42
SPEAKER_00: Understand that this could be the best time for you as an agent.
19:46
SPEAKER_00: Decide that that's true for yourself, and then go frickin' act like it.
19:50
SPEAKER_00: Go act like it.
19:53
SPEAKER_00: I bel I believe right now could be the best time that real estate and real estate agents have had.
20:00
SPEAKER_00: Let me start over.
20:02
SPEAKER_00: I believe right now could be the best time that realtors have had in years for not just getting new business, but for putting themselves in a position where you can be more profitable as an agent, where you can pay less and receive more and have better mentorship, better partners, put yourself in a better situation, a better placement, put your butt in a better seat than you were before.
20:24
SPEAKER_00: These these times where things slow down are great as long as you're an action taker.
20:30
SPEAKER_00: Fortune favors the action takers.
20:32
SPEAKER_00: So if you look at where you're at and you realize, oh my God, I'm paying way too much to my brokerage, or my fees are this much, or I'm spending way too much on this lead gen platform that doesn't really do shit.
20:41
SPEAKER_00: And then you cut back on those things and you put yourself in a better position to where you're partnered with people who are already a few steps ahead of where you're at, and people who have already been through a market shift and who can just hold your hand and guide you through it, that is worth its weight in gold.
20:56
SPEAKER_00: Those who choose to make a move and take action right now are the ones who are going to thrive.
21:04
SPEAKER_00: Those that sit around, they think, oh, business as usual, I'm gonna do the same old shit, things are gonna be fine, I'll be fine.
21:10
SPEAKER_00: I really like my broker, so I'm not going anywhere, even though they charge you 40% or whatever the hell.
21:16
SPEAKER_00: Whatever extra bullshit fees you have, your$1,000 a month desk fee just to sit in a cubicle.
21:21
SPEAKER_00: That's fine.
21:22
SPEAKER_00: That's fine.
21:23
SPEAKER_00: Because there's more to it than just the fees, of course.
21:26
SPEAKER_00: But if you're unhappy with that stuff, maybe now is the time you're looking for to make a shift.
21:31
SPEAKER_00: While everything else is shifting, maybe you should.
21:34
SPEAKER_00: Now is the chance for you to put yourself in a better position to win and get around people and have mentors and partners who will help you and want to see you win.
21:47
SPEAKER_00: Great opportunity right now.
21:48
SPEAKER_00: When everything's good, when everything's great, and everyone's just making money and selling homes hand over fist, it's very easy to be comfortable.
21:54
SPEAKER_00: Well, a lot of us are getting very uncomfortable right now.
21:58
SPEAKER_00: I'm excited about all the opportunities.
22:00
SPEAKER_00: Opportunities that are going to come.
22:02
SPEAKER_00: I understand there's a lot of agents, maybe you, that have no idea how you're going to survive the next few months, no idea how you're going to survive the rest of the year.
22:10
SPEAKER_00: I want you to know there are teams, there are brokerages, there are um other agents, there are other models that you could you could partner with, that you can join, that you can move to, that will give you all the support, all the training, all the mentorship and guidance that you've ever wanted.
22:29
SPEAKER_00: But it starts with seeking it out and getting details and really taking off your team jersey for once.
22:36
SPEAKER_00: I'm not look, this isn't just some veiled attempt to tell you about my team.
22:41
SPEAKER_00: Our team kicks ass.
22:44
SPEAKER_00: We have very high retention, people grow like crazy when they come to our team, but we're not the only shop in town.
22:50
SPEAKER_00: It doesn't matter.
22:52
SPEAKER_00: Okay, I would love to work with you, of course.
22:54
SPEAKER_00: I'd love to have you as a partner in whichever market you're in, of course.
22:58
SPEAKER_00: But this this is more than that.
23:00
SPEAKER_00: You need to make a decision to put yourself in the best possible spot.
23:05
SPEAKER_00: I cannot think of a better excuse than a shifting market.
23:09
SPEAKER_00: Cannot think of a better time than a shifting market.
23:11
SPEAKER_00: Just don't be caught with your pants down because you think everything's gonna be fine, all this business as usual.
23:16
SPEAKER_00: Um these fees that I'm paying, they're fine.
23:18
SPEAKER_00: You know, it's fine, it's fine, it's fine.
23:20
SPEAKER_00: Because uh changing brokerages is a pain in the ass, or changing business models is a pain in the ass.
23:25
SPEAKER_00: Being broke and not having any business is a pain in the ass.
23:28
SPEAKER_00: That's that's a pain in the ass.
23:31
SPEAKER_00: So pick your pain in the ass.
23:33
SPEAKER_00: I mean, I don't know what else to say about that.
23:36
SPEAKER_00: I I just don't want to I s I really don't do well when I hear people bitch and complain about their situation, yet they haven't done a goddamn thing to improve it.
23:48
SPEAKER_00: They haven't made any effort at all, they haven't made any moves at all to put themselves into a better situation.
23:53
SPEAKER_00: They're unhappy with this, but they're gonna stay there and deal with it when they don't have to.
23:58
SPEAKER_00: It's just it's wild to me.
24:00
SPEAKER_00: It's unfortunate.
24:02
SPEAKER_00: Um, luckily, you guys listening are action takers, you guys are doers, you guys are not afraid to make a bold move that will dramatically affect your future in this business, positively, by the way.
24:16
SPEAKER_00: If you guys have had thoughts of improving your situation, putting yourself in a better vehicle, and I don't mean literally, I don't mean like going from a Toyota Camry to a BMW, that's not what I'm talking about.
24:29
SPEAKER_00: If you need to do that, cool.
24:30
SPEAKER_00: Who am I to judge?
24:31
SPEAKER_00: But I'd recommend the Tesla.
24:33
SPEAKER_00: I definitely recommend the Tesla if you're gonna do that.
24:35
SPEAKER_00: They're spaceships, they're not even cars, they're spaceships.
24:38
SPEAKER_00: They sound like it, they feel like it.
24:40
SPEAKER_00: Anyways.
24:42
SPEAKER_00: This is a gut check time for a lot of you guys.
24:47
SPEAKER_00: Just don't be caught with your pants down, understand what's happening in the industry, keep an keep an eye on what's going on.
24:53
SPEAKER_00: Home prices may come down.
24:55
SPEAKER_00: You may see this flip to a buyer's market.
24:58
SPEAKER_00: Uh, over on HousingWire, there's a great, like extremely detailed article by the I think he's the chief economist, the head economist over at Housing Wire, Logan.
25:09
SPEAKER_00: I'm gonna butcher his last name, Logan Mode Motoshami.
25:13
SPEAKER_00: Extremely detailed article called Our Home Prices About to Fall.
25:17
SPEAKER_00: We'll link to this article in the show notes, okay?
25:20
SPEAKER_00: Um, over on HousingWire.
25:21
SPEAKER_00: Our home price is about to fall.
25:23
SPEAKER_00: And at the very end, spoiler alert, okay, you're gonna wanna go look at the data, but uh the spoiler alert here is they may, but right now there's we still don't have inventory.
25:36
SPEAKER_00: There's still so much demand, there's still so many people that need homes, and that demand has to be filled first before home prices can start to slide in the wrong direction.
25:45
SPEAKER_00: We're just seeing home prices going up slower.
25:49
SPEAKER_00: Okay, the the the rate of growth has slowed a little bit.
25:53
SPEAKER_00: If you're watching on YouTube, you can see my hands.
25:54
SPEAKER_00: So instead of this, now we're now we're just doing this.
25:58
SPEAKER_00: Okay.
25:59
SPEAKER_00: Or it doesn't mean prices are going down, they're just going up less fast.
26:03
SPEAKER_00: There's a big difference.
26:04
SPEAKER_00: Educate your consumers on that, educate your sellers on that.
26:08
SPEAKER_00: The more you educate yourselves and the more you share that education in a way people can understand, for God's sakes, don't talk over their heads with a bunch of gobbledygook industry lingo bullshit.
26:20
SPEAKER_00: The more you can do that, the more you will thrive in this economy.
26:25
SPEAKER_00: The more you will thrive.
26:27
SPEAKER_00: I want nothing more for you guys, nothing less for you guys than absolute financial abundance, abundance of clients, abundance of business, abundance of happiness and fulfillment.
26:37
SPEAKER_00: It's out there, it's doable.
26:40
SPEAKER_00: There's agents doing it every day.
26:41
SPEAKER_00: There are agents who are currently building the structure to do it, that are making decisions right now, listening to the same goddamn episode that you're listening to, who will be wildly successful a year from now.
26:52
SPEAKER_00: And there's others who are gonna listen to this and do nothing different.
26:57
SPEAKER_00: It's unfortunate if you're the if you're the latter.
27:01
SPEAKER_00: But not everyone's meant to be a realtor, not everyone's meant to be a successful agent.
27:07
SPEAKER_00: That's a lot, guys.
27:08
SPEAKER_00: I uh I hope this has been helpful today.
27:10
SPEAKER_00: Next week we're gonna have some more um actionable tips on how to weather a shifting market and why you should actually be excited, why you should actually be excited to be a realtor in this market.
27:23
SPEAKER_00: Um, there are certain broker, I'm just I'm gonna be blunt.
27:26
SPEAKER_00: There's certain business models, certain brokerages that are built for a market shift that will absolutely thrive.
27:32
SPEAKER_00: Agents will flock to them because there's some brokerages built to give back and give value and and help lift up agents, while most brokerages are built to extract money from agents.
27:44
SPEAKER_00: It's just true.
27:45
SPEAKER_00: You can be pissed about that, you can argue with me.
27:48
SPEAKER_00: I don't really give a shit, but the facts are the facts.
27:50
SPEAKER_00: There's brokerages built to extract money, other brokerages built to give back and build up.
27:57
SPEAKER_00: Hopefully, you're with the latter.
27:59
SPEAKER_00: If you're not, you can be.
28:01
SPEAKER_00: Do something about it.
28:03
SPEAKER_00: Go do the shit that you know you need to do.
28:05
SPEAKER_00: If you're not doing the things you know you need to do, you need to ask yourself why.
28:09
SPEAKER_00: Why aren't you doing the things you know you should be doing right now?
28:13
SPEAKER_00: And hopefully there's a gut check in there, and hopefully that moves you in the right direction.
28:16
SPEAKER_00: Guys, I appreciate you listening.
28:18
SPEAKER_00: As always, if you plan to grow this year, you're gonna need the right tools, you're gonna need the right um the right help, you're need you're gonna need to or organize shit the right way.
28:29
SPEAKER_00: I highly recommend you go check out Follow Up Boss.
28:32
SPEAKER_00: They are the platform that the vast majority of top producers in the industry use, top brokerages in the industry use follow-up boss, and they use them for a reason.
28:40
SPEAKER_00: It's not a surprise, it's not a uh, you know, just a coincidence.
28:45
SPEAKER_00: But don't take it from me, your your uh your favorite podcast host.
28:50
SPEAKER_00: Don't take it from me, or your least favorite podcast host, don't take it from me.
28:53
SPEAKER_00: You need to go check out Follow Up Boss, use it free for 30 days because you listen to the Massive Agent Podcast, they're gonna hook you up with a 30-day free trial of follow-up boss, no credit card required, keep your wallet in your pocket.
29:05
SPEAKER_00: All you need to do to take advantage is go to MassiveAgent Podcast.com slash follow up boss, and then dig in there, start using it, set up some drip campaigns, run some some traffic and leads through it, start organizing your business through it, and find out if it's for you.
29:21
SPEAKER_00: Hopefully it is.
29:23
SPEAKER_00: Hopefully uh that is it could be the missing link for you.
29:26
SPEAKER_00: It could be the tool that you've been missing in your tool belt that will help you grow from wherever you're at to two times the sales by next year.
29:34
SPEAKER_00: More important sales, profitability.
29:36
SPEAKER_00: I don't know any agent that would rather sell more homes versus making more money.
29:42
SPEAKER_00: Let's just be honest about it.
29:45
SPEAKER_00: Go get to work, guys.
29:46
SPEAKER_00: Take care, thank you for listening.
29:48
SPEAKER_00: If you found this valuable, please share it with an agent or a broker or a somebody that you respect in the industry.
29:54
SPEAKER_00: Share it with them, please help us to grow the show, and in turn pay it forward by helping those agents to get the same information that just helped you.
30:02
SPEAKER_00: Appreciate you guys, we'll see you next week.
30:04
SPEAKER_00: I'll have another great follow-up episode with uh with an agent that has been through a shift before who says that this should be the time you're excited and stoked as hell.
30:14
SPEAKER_00: Um you're gonna love it next week.
30:16
SPEAKER_00: Take out the city.