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Welcome to the Hyper Fast Agent Growth Show.
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Get real strategies, real results, and real estate done differently.
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Lead generation, team building, AI, and more for billion dollar agents, best selling authors, international speakers, real estate posters.
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Alright, welcome back to the Hyper Fast Agent Growth Show.
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We are back with our panel.
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We've got a locked and loaded episode.
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Tons of interesting news and questions to go over with our panelists.
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So let me give you the rundown here.
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Big changes coming in condo lending.
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We'll go over that.
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Interesting article on AIs.
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Is AI actually misleading consumers on the search for qualified agents?
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We'll go over that.
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Then we're going to ask our panelists if you'd rather have a hundred thousand followers on social media or a thousand past clients, uh when you should fire a client.
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And if we have time and we may not be able to get to all these, uh, are open houses underrated in 2026?
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All right, let's kick it off with Carl.
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Uh, big news on the lending front when it with regards to condos.
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Uh, Carl, give us the update here and then we'll get quick reactions from everyone.
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Yeah, biggest update here for the condos is that there's no longer what we call limited review.
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When lenders do financing, we're gonna get a questionnaire filled out by the association.
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And what type of questionnaire we sent over to the association was based on the down payment from the borrower.
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And that down payment amount varied based on whether they were living in the home, it was a second home, investment property, etc.
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There were two different condo questionnaires that we would send over: a limited and a full.
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The full asked a bunch of other questions that the limited one didn't ask.
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Essentially, they've retired the limited questionnaire, and it's going to be a full review all the time now.
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So that can open the door for some challenges for potential items that would come up on the full that otherwise wouldn't have came up on the limited questionnaire.
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But for the most part, uh the biggest concern I think most people have is about the extra reserve requirements for the HOA, which I personally think long-term is a good thing because we've seen a lot of HOAs that have mismanaged the budgets had a lot of deferred maintenance that they did not keep up with.
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And I've seen some projects in the DMV area where that like one of them had to take out an$8 million bank loan to be able to do the deferred maintenance because they didn't have the reserves.
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Um, so I think it's gonna long term push associations to better manage funds.
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The most exciting part about these changes is there is one good one where they removed the investor concentration, which would essentially restrict certain projects from being eligible for conventional financing.
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Uh, if they're if it was over 50% investor occupied or investor-owned, then it wouldn't be eligible.
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And now they've removed that restriction.
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Now, the one asterisk there is I actually had another project that I looked into this on for one of my realtor friends.
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Uh, it does not remove the single investor ownership restriction.
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So, like if you have one entity that owns 75% of the units, that's that's not what they're talking about here.
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They're talking about just overall investor concentration, not if a single entity owns a large portion of the building.
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There's no longer a limit on how many can be owned by investors.
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That's totally gone.
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I mean, it used to be 50%.
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Yeah.
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Okay, but there is a limit on how much can one single investor own.
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What's that percentage?
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I don't know what that number is.
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Actually, we'll get back to you guys next week on that.
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Uh, rarely you you'd come up against that one, though.
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It was always like, you know, you'd be nervous if if it was in the 40s, and uh, you know, that would sometimes prevent buyers from buying a condo because they were worried in like five years they wouldn't be able to resell it if like another couple investors bought in there.
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So that's that's huge.
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I think the insurance part is uh insurance and deferred maintenance is interesting because like unless you unless the condo was new and they set all their budgets like in 2022, you know, they were they were using like the pre-COVID inflation numbers on how much it would cost to do maintenance and also the pre-COVID insurance numbers.
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So uh I'm sure uh that this is probably a good requirement and and hopefully will cause condos to take a look at the reserves they actually have.
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I think it's a great requirement.
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First, I like anything that um you know makes agents up their game and just be better, more skilled.
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So from a listing agent side, you know, I think strategically ordering the HOA or condo docs before um you go on market was always a great strategic move.
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So when you ratify, you can deliver those right away and that three-day um timeline starts.
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Um but now it's ordering is you know, really figuring out what the association situation is, you know, financially, so you don't run into a potential you know deal that needs to avoid weeks down the line.
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Um and for buyers, I think it's great.
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I mean, there's so many unwarrantable condos in DC.
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And I've sold a few where, I mean, I've I've had clients that sold this year where the you know the HOA went um you know behind on dues.
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And I'm like, you need to get out of here now because you're not gonna be able to sell this um, you know, in six months.
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And so I think it's also a protection for buyers, right?
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Because when we're talking to buyers about purchasing an asset, and a condo is oftentimes like a great first um purchase from any buyers, like easy entrance entry point, um, tons of tons of flexibility, right?
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It can become an investment property.
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You know, if you don't have an agent that's actually reviewing the financials and can walk you through um, you know, the reserve situation and how you might be in a bad situation in you know three to five years, your asset is kind of blown up, right?
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And so I think it's positive for the consumer.
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And I feel like this is the first thing that they've actually rolled out in a year and a half that's um you know consumer focused and not just like agent, you know, private exclusive focus.
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So I think it's good.
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The answer to your single entity ownership maximum is 25%, by the way.
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Okay.
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That's not that bad.
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So you don't have to wait till next week.
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Well, thank you for the quick uh lookup on that, Carl.
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Um yeah, always always on top of lending information, guys.
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If if you're a real estate agent listening to this, you need you need a great lender, Carl.
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How do they get in touch with you?
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Text me bridge at 804-665-4344.
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Oh, say say that one more time.
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Just give people some time and you know, if they're if they're driving to find their pen or whatever.
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Uh yeah, you're gonna text me bridge at 804-665-4344.
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I got the Richmond phone number because I grew up there, but I live in Arlington.
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I'm a DMV native now.
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You know, I think.
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You landed like everywhere, right?
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Or or or many places, not just DC, Maryland, Virginia.
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Like where where do you do loans now?
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Anywhere but New York.
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Uh it's yeah, Wall Street makes it tough for us to get up there, you know.
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Interesting.
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Um yeah, well, overall, I I I'm I'm I I'm positive on these changes.
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I I like that the investor uh restrictions gone, and um hopefully these rules will force associations to look at their budgets and make hard choices rather than just push it off.
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And I think it's a big opportunity for for agents as well, you know, on the listing and buy side, because you know, if if you come in there, you're knowledgeable about this and you're able to have the hard conversations uh with with sellers and not just sugarcoat things or or gloss over or or or worse, not know, you know, you'll you'll help them go down the road where like they list their home, they think it's gonna get sold, and they find out like you know, this this buyer can't get a regular loan on it.
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So better to know all that up front.
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So agents, you know, do your due diligence and protect your buyers and sellers.
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Uh let's let's move on to uh AI.
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Of course, AI is almost the topic every week.
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Uh interesting article from Inman here.
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Uh, is AI bad at answering the question, who is the best real estate agent?
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So this was an article on Inman and what they've been finding is that when you ask you know AI a question about like what agent you should use in a certain area, uh they don't they don't necessarily have access to the MLS.
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So you know, you would you would think when you're asking that question and they give a recommendation, they're gonna tell you people that are you know selling a lot of homes, right?
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That's that's what I would want to know.
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Like I, you know, I don't I don't want an agent if I'm selling my home that that's sold one home in the last year if there's another one that's sold a hundred.
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Well, AI isn't really finding that out.
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Uh they're typically going to blogs and reddits and other types of social media posts.
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And you know, let's uh the I think the article used an example in Tulsa.
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Uh you know, someone was coming up because they they wrote a lot of posts about best agents in Tulsa.
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So it's it's you know, looking at that stuff rather than who's actually selling homes.
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So if you know if you're listening to this, perhaps you've seen an opportunity in here.
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Uh but guys, what's what's your take on this?
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I think this is hilarious because every um, you know, comp real estate conversation about AI, I think in the last, you know, 90 days has been is AI gonna be the agent you that's recommended?
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Are you gonna be the agent AI recommends, right?
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That's like the hot topic at every real estate conference.
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And it's like, sure, it could be, but is that good for the consumers?
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Are you really the agent that should be recommended?
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Um, I think that it's great for someone to be able to do a Google search or a search in Cloud or Chat GPT, and you come up, you should be trying to rank for those things because that's where people are going to be searching.
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Um, but I think at the end of the day, uh this is just more proof that you should be, you know, prospecting consistently to get in front of people.
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And then when you finally get the opportunity to get in front of someone, you have the systems and process and knowledge of the market to be able to win um at an appointment.
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Because if you are up against an agent or an agent that has sold a hundred you know homes, or that agent has a team that's selling a few hundred homes, I mean, you have to be able to compete.
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And it's gonna come down to um how well you present in in that um appointment.
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And so I also think on the same, on the same token, since AI might not be pulling up accurate searches, the consumer should also be um interviewing agents and choosing based on you know market knowledge systems and you know process on how they're gonna get them to the finish line, whether they're buying or selling real estate.
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And I think it's super valuable to choose people that score points, right?
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So it does, it does um, you know, how many homes you sell does should factor into um the consumer's decision, but at some point everyone has only sold one home or 10 homes or 50 homes, and we're all you know, got it out the mud.
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And you know, when you're winning and at the early stages of your career, it's because you can show how you get it done.
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Yeah, James, what about you?
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Yeah, so um it's a pretty narrow question to answer AI, you know, who's the best real estate agent?
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Everyone's situation is different.
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So there are gonna be some real estate agents that are the best real estate agents for people that are PCSing, right?
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Military and and they're moving, right?
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Because they're specialized in military.
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Um, you're gonna have people that are the best agent for an investor.
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Uh, you're gonna have the the best agent uh for you know uh luxury property, which is very different from like a condo expert.
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Um so I think one of the challenges with AI is that people will ask a broad question like that and not give it really good instructions on how to answer or how to guide them.
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And then there's just some answer, right?
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Maybe it's the agent in Tulsa that sells one home a year.
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Um and we're still in this phase where people are thinking, oh, like whatever AI tells me, AI is so smart that that's gonna be the right answer.
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And um, you know, all it takes is a couple of horror stories uh or people saying their own experiences were, oh, AI told me this thing, but like the answers they gave me weren't right.
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I'm I'm I'm gonna go with this person uh who my friend recommended because they described their situation and their situation's like me, and I'm like them.
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So I'm gonna go with this person they recommended.
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Carl, have you come across this at all in the lending side of things?
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Or you know, have or has that been much talk in your industry about getting recommended as a lender by AI?
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I've personally already had two people reach out to me that they found me from some form of AI.
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Um, and one of them I remember distinctly, they they put in the AI, they're like, give me recommendations of the best lenders for people that have really poor credit.
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And and then I came up and they called me.
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Um but yeah, I mean, we had like I went to a coaching event with my mortgage company a couple weeks ago, and the they had like a top producer round table, and in that conversation was a lot of this AI and how we get found.
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And I, you know, so to piggyback off of James's point, I think we should really be uh looking at it from two lenses as far as like how do we get found from AI is like I would just group like the anybody of uh older than Gen Z probably not going to be great at prompting, and they're probably gonna talk to AI like we talk to Google.
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So how do we end up on those searches?
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But then for Gen Z, how do we end up on the searches where they give a good prompt and they explain who they are as a buyer and what they're looking to accomplish, and then ask it, hey, what would be the best agents for me to reach out to based on XYZ that I've already shared with you?
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Right.
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Um I think that those are the two different segments that we should really be looking at and seeing who, like, if I prompt that, am I one of the people that's coming up as the recommendations?
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And if not, you know, where can I make myself a little bit more visible to be able to end up on those searches?
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Yeah, I think I think these are all good points.
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I mean, the clearly the system has some flaws if it's giving recommendations without knowing actual statistics.
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I mean, it would it would be great if it was if it was connected to the MLS and it was, you know, you're you're looking to sell your home and it it it finds you an agent that's sold a lot of homes in that area, has a good list price to uh sold price ratio, you know, short days on market, all of that, but it's it's not there yet.
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And uh reminds me of um a talk Wendy Forsyth, our our chief marketing officer at EXP, uh gave at uh EXP Con in South Africa, uh which, you know, by the way, we're a global company in like 31 countries, which is cool.
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But uh, you know, we went to that.
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Wendy talked and uh part of the talk at least was on how to get found on AI, and it was saying like real estate agents, you know, you should be giving the different prompts, um, you know, maybe maybe different kinds, like Carl said, for different markets or or or groups of people, seeing what the answers are.
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And then if you're not in it, you know, I think I think the source data of how AI came up with that answer is either linked in the answer usually, or you can ask it an additional question, like how did you find that, right?
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And then it will tell you like, did it find uh questions answered on Reddit?
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Did it find blog articles, um different posts, right?
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So see what it says and then go out, go out and write those posts, right?
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Answer those questions on Reddit.
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Like um again, don't let that take away from from your prospecting, like like Nick mentioned.
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Um, you know, you can you can proactively get in front of people, which is a common theme on our show, but um you know, for that 10 to 20 percent of your time that you're spending on, you know, marketing and branding and social media, right?
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Had add AI to that.
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Um start putting out content that AI will, you know, will will find and and to get you into those lists.
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Because I've I've definitely been on listing appointments in the last six months where like they found us because of Chat GPT.
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So uh I think I think it's interesting, Dan.
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I think we're you know maybe even a year or two from the next conference, right?
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Because at every real estate conference you have the the the agent that does social media, you have the agent that does open houses, you have the agent that does expires, you have the agent that does sphere, right?
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And I haven't I think I haven't been to or seen the conference where you have the agent that's like, oh, we did 75 deals last year because of AI.
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And so the hack for that, um, you know, maybe you can get ahead of it, but the hack for that is probably coming out um in like a year, like next next year's next season's, you know, real estate conferences.
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Or or maybe maybe we'll see the stories at expon in Salt Lake City.
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That's that's coming up October 7th, 8th, and 9th.
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Um, so if you're an exp agent listening to this, you should be there.
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If you're not an exp agent, you should reach out to someone on the show here.
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We can get you a ticket.
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Uh, I know I'll be there.
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James will be there.
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Um, not sure about you, Nick, but um, in any case, anyone that that wants to come, we will get you in the room.
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Uh, you know, you'll get to hear from Gary V, and I'm sure we're gonna have a ton of AI speakers.
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I know Brink Gove is speaking, and you know, people that are selling solo agents that are selling hundreds of homes a year, teams that are selling thousands.
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So if you want to get to that conference, uh reach out to any of us.
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Um and yeah, we would we would love to to host you, meet you, and and you know, help you grow your business uh in the next 12 months.
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Whether that's with EXP or at your current brokerage, by the way, there's there's never any pressure to join us.
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Uh, I should mention though that you know when you join EXP Reality, you get to choose a sponsor, right?
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Uh if you are sponsored by myself or Nick or James, uh you don't just get all the benefits of what you get at EXP, right?
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You don't, you know, which just to summarize that that's gonna be amazing training, technology, super low caps, uh, stock awards, and and what can be the biggest game changer, of course, is revenue share, right?
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The ability to earn uh earn income that that can grow and compound and pay you monthly uh without you being involved, uh without you being involved in the transaction, right?
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Uh revenue share is a life changer.
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But you know, when you join with us, right, you're getting coaching programs from Tim and Julie Harris, myself and Carrie, uh weekly trainings, uh you know, just tons of extra value.
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Like we partner with you to help you build your own revenue share group.
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So uh Nick, if they want to reach you, what's the best way?
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Um you can uh Instagram might be one of the best ways.
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Uh it's Nick Bush, the realtor, or you can shoot me a text, 202-255-9560.
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All right.
00:19:51.519 --> 00:19:52.720
And what about you, James?
00:19:52.960 --> 00:19:59.839
Yeah, you can shoot me a text at 202-841-7815, and you can just text me EXP.
00:20:00.559 --> 00:20:00.720
All right.
00:20:01.440 --> 00:20:02.640
Text me exp also.
00:20:04.640 --> 00:20:09.039
My my cell phone is 703-638-4393.
00:20:09.359 --> 00:20:19.440
Uh, you know, again, if you if you want to know what it's like to partner with us at EXP Realty or come to EXPCon and and you know check it out in person, uh, please reach out.
00:20:19.519 --> 00:20:21.440
We'd be honored to have that conversation.
00:20:21.759 --> 00:20:25.680
All right, let's uh let's move on here to a couple different questions.
00:20:25.920 --> 00:20:27.519
Um, I like this one a lot.
00:20:27.680 --> 00:20:33.440
Would you rather have a hundred thousand followers on social media or a thousand past clients?
00:20:33.599 --> 00:20:35.279
We'll hear from you first, James.
00:20:35.599 --> 00:20:36.480
Yeah, awesome.
00:20:36.559 --> 00:20:37.440
I love this question.
00:20:37.599 --> 00:20:47.039
I would 10 times out of 10 uh choose a thousand past clients uh because there's no better testimonial than someone that has already worked with you.
00:20:47.279 --> 00:20:56.000
They already trust you, they already know the process, they're already, you know, so vetted that you've already done a deal with them, uh, and being able to market to them.
00:20:56.079 --> 00:21:00.559
And you can market them, you know, you can retarget that list on social media.
00:21:00.640 --> 00:21:02.559
So you can still hit them on social media.
00:21:02.640 --> 00:21:06.480
Um, you can send them handwritten note cards, emails, phone calls.
00:21:06.559 --> 00:21:12.960
Uh, I would 10 times out of 10 rather have a thousand past clients over 100,000 followers.
00:21:13.279 --> 00:21:14.559
What about you, Nick?
00:21:15.039 --> 00:21:17.039
I agree 100% with James.
00:21:17.200 --> 00:21:19.920
10 times out of 10, 1,000 past clients.
00:21:20.000 --> 00:21:26.319
Um, first of all, a thousand past clients means I've done a thousand transactions, which is overall good for my life and business.
00:21:26.559 --> 00:21:33.680
Um, I generally uh convert my database, you know, at an 8 to 10% rate, you know, annually.
00:21:33.759 --> 00:21:36.640
So that means 80 to 100 transactions every year.
00:21:36.799 --> 00:21:46.880
Um, I get a thousand people to call uh when I do uh events to have have them come out um and plus one, another thousand people potentially.
00:21:47.119 --> 00:21:50.160
Um, and there's a thousand people to ask for referrals.
00:21:50.400 --> 00:21:54.799
So uh I think a hundred thousand followers is great for being famous.
00:21:54.960 --> 00:21:59.519
And I think it's cool to be famous and it could lead to a ton of transactions.
00:22:00.079 --> 00:22:12.480
But having that built-in past client database of people that know you, like you, trust you, will refer you and will potentially become your Raven fan is way more valuable than the followers.
00:22:12.799 --> 00:22:13.759
What about you, Carl?
00:22:14.000 --> 00:22:20.240
You probably are close to a thousand past clients at this point, but I'd take a hundred past clients over a hundred thousand followers.
00:22:20.720 --> 00:22:21.200
How about that?
00:22:21.599 --> 00:22:22.480
How about that?
00:22:22.720 --> 00:22:25.440
Um, yeah, I mean, just like Nick and James said.
00:22:25.519 --> 00:22:32.559
I mean, you have raving fans, people that will refer you, average person knows what, four people that are gonna move every year.
00:22:32.799 --> 00:22:44.000
So, I mean, they're your database is your gold mine, and the the followers are are people that are not necessarily going to recommend you or transact with you.
00:22:44.240 --> 00:22:49.200
There's uh I look at it from guaranteed income versus not guaranteed income.
00:22:49.279 --> 00:22:53.519
Uh so yeah, I would I would definitely work the database and take the database.
00:22:54.319 --> 00:22:55.680
Yeah, I I agree.
00:22:55.759 --> 00:22:57.279
I think this is a slam dunk.
00:22:57.359 --> 00:23:02.799
Um, yeah, and I I probably would take a hundred past clients, actually over the hundred thousand as well.
00:23:03.440 --> 00:23:13.440
Um, yeah, I think a few years ago, the average person moved every seven years, maybe with interest rates and prices you know not being what they were five years ago.
00:23:13.599 --> 00:23:16.079
Maybe that that trend is gonna tick up.
00:23:16.319 --> 00:23:22.720
You know, even if it bumps up to 10 years, that's still a hundred of your past clients moving every year.
00:23:23.039 --> 00:23:24.559
Uh that's a huge number, right?
00:23:24.640 --> 00:23:27.359
We're not even accounting for referrals in that.
00:23:27.440 --> 00:23:32.240
And Carl said, you know, four they on average they know four people that move a year.
00:23:32.480 --> 00:23:36.240
Um, so I think the bigger opportunity is with the past clients.
00:23:36.319 --> 00:23:43.119
Um it doesn't necessarily have to be a thousand either, like you know, 50 to 100 probably could help you build a great business.
00:23:43.279 --> 00:23:45.839
Nick, how many are in your uh database?
00:23:45.920 --> 00:23:47.279
You know, you're converting it eight to two.
00:23:47.519 --> 00:23:55.279
I've scrubbed this over time, um, you know, and I shouldn't have scrubbed my database down so much, but um, I have 400 people in my database.
00:23:55.759 --> 00:23:56.400
Yeah, cool.
00:23:56.480 --> 00:23:59.119
So you're you're like halfway there, which is amazing.
00:23:59.359 --> 00:24:11.759
Um yeah, I mean, I think I think and and if you're if your database is younger, right, uh, and you've helped a lot of first-time buyers, uh, you know, those move numbers might be different.
00:24:11.920 --> 00:24:21.680
You might be people moving every like four to five years, uh, as opposed to seven or ten or whatever it is, um, you know, because they're in that upward trajectory of income or starting a family.
00:24:21.759 --> 00:24:27.440
So even imagine if if we had a thousand real estate conversations every year, you know, what that would look like.
00:24:28.000 --> 00:24:30.480
Oh, we'd we yeah, that would that would be amazing.
00:24:30.640 --> 00:24:40.480
So um, you know, I think the point of this question though is to get people to think like um a question that I always get from one of my mentors, Tim Harris, is like, would you rather be rich or famous?
00:24:40.799 --> 00:24:41.359
Right.
00:24:41.599 --> 00:24:54.240
And he it's kind of funny, he says most people almost everyone answers the question and says rich, but he he he he said a lot of them like their actions don't reflect that, right?
00:24:54.880 --> 00:24:58.960
They're just saying that because they feel bad about saying famous.
00:24:59.039 --> 00:25:02.000
Although he did say one time someone was actually honest and said famous.
00:25:02.079 --> 00:25:07.440
Um but you know, take the actions that will make you rich, don't worry about the fame, right?
00:25:07.519 --> 00:25:11.359
And I think I think sometimes people can get suckered into social media on that.
00:25:11.519 --> 00:25:12.880
Uh all right, so let's move on.
00:25:12.960 --> 00:25:14.319
This this one's kind of interesting.
00:25:14.720 --> 00:25:17.279
When should an agent fire a client?
00:25:17.599 --> 00:25:19.519
And have you ever fired a client?
00:25:22.160 --> 00:25:24.400
I can tackle this if you want, or you want to take a nick.
00:25:24.640 --> 00:25:26.480
No, I was gonna say I'll let James go first.
00:25:27.599 --> 00:25:34.480
Um unfortunately, usually it's when I look back, I think, man, I should have fired them.
00:25:34.640 --> 00:25:37.680
Uh or I should have fired them earlier.
00:25:37.920 --> 00:25:44.880
Um when you when you're a real estate agent, you're you're basically speculing your time, right?
00:25:45.119 --> 00:25:49.440
Um, you're you're giving them services before you get paid.
00:25:49.599 --> 00:25:51.279
And so it's a gamble, right?
00:25:51.440 --> 00:26:03.279
And you know, with every you should be thinking with every interaction, every time you uh ask them for documentation or uh tell them, hey, this is the path, and they take your advice or they don't.
00:26:03.519 --> 00:26:09.519
In my mind, I'm evaluating, like, all right, are are they wasting my time or are they not?
00:26:09.759 --> 00:26:19.359
I've got someone right now, uh, it's clear that the right list price for their home is$850, uh, but they want to list it significantly higher.
00:26:19.519 --> 00:26:26.240
Um, and I'm I'm walking them through like that's a bad idea for all these different reasons.
00:26:26.480 --> 00:26:41.920
And in my mind, as I'm going through that conversation with them, kind of preparing for it, I'm thinking to myself, all right, if they say no, if they don't follow that guidance, should I fire them gently and say, hey, this is I don't think this is the right fit for me.
00:26:42.319 --> 00:26:48.160
Um but uh I don't think there's a clear-cut way to determine.
00:26:48.240 --> 00:26:59.119
But if someone's not taking your advice and it means it's gonna hurt them and it's gonna hurt you, I think people should be really comfortable saying, I don't think this is a good fit.
00:27:02.319 --> 00:27:03.519
What about you, Nick?
00:27:05.599 --> 00:27:17.440
I think outside of someone, you know, completely disrespecting you or being, you know, like a um a person with like bad morals, I don't think you need to fire a client.
00:27:17.680 --> 00:27:26.640
Um I think that it's always a good day to make$15,000, which is what my average commission is at my price point.
00:27:27.039 --> 00:27:43.759
And I think that if you're in a situation where you have an like a client who is like annoying or difficult, or maybe you feel like you've showed them too many homes and you're you're exhausted, you have already learned the lesson.
00:27:44.000 --> 00:27:45.519
You might as well make the money.
00:27:45.680 --> 00:27:50.079
And I learned that from an agent named Andy Biggers early in my career.
00:27:50.240 --> 00:27:53.359
I wanted to fire a client and he said, What's the commission?
00:27:53.519 --> 00:27:54.640
I said, like$7,000.
00:27:54.799 --> 00:27:56.160
It's like the fourth deal I did.
00:27:56.240 --> 00:27:58.160
And he's like, Well, you already learned the lesson, didn't you?
00:27:58.240 --> 00:27:59.359
You wouldn't this won't happen again?
00:27:59.440 --> 00:28:01.680
I'm like, no, he goes, So make the money.
00:28:02.000 --> 00:28:02.480
Right?
00:28:02.720 --> 00:28:07.200
Um, and so I don't think you need to fire a client in James' example.
00:28:07.359 --> 00:28:12.480
Maybe you maybe you have a price reduction conversation continuously with the client, right?
00:28:12.640 --> 00:28:17.680
And eventually you you you you make the the commission that you were set out to make.
00:28:17.920 --> 00:28:24.000
Um, and if and and I've had buyers that I've showed houses to, you know, for three years, right?
00:28:24.079 --> 00:28:25.440
Like, oh, let's go see some houses.
00:28:25.519 --> 00:28:27.599
And we see six or seven, right?
00:28:27.759 --> 00:28:32.000
And then they pause, and then the next year they do the same thing, and then year three, they close.
00:28:32.079 --> 00:28:34.640
Well, it was a good day to make that$15,000, right?
00:28:34.720 --> 00:28:39.279
And it's not all about the money, but um, it is about just being patient, right?
00:28:39.359 --> 00:28:49.440
And understanding that um, you know, we are we can't make people make decisions, we can just advise them on the best decision to make, and they make those decisions when they're ready.
00:28:49.519 --> 00:28:53.440
And sometimes we have to convey it in a different way in different times, right?
00:28:53.519 --> 00:29:08.000
And so um outside of a physical altercation or some verbal abuse, like I don't really um see the reason to be to fire a client, like be frustrated and go take a shot and just like follow up next week, you know.
00:29:08.640 --> 00:29:09.279
Yeah.
00:29:10.079 --> 00:29:12.160
Um, I've I've come close.
00:29:12.319 --> 00:29:15.119
I recently had a situation where maybe I should have.
00:29:15.359 --> 00:29:21.440
Um, you know, and I think I I think there definitely are circumstances where you should.
00:29:21.599 --> 00:29:25.039
Um, you know, we've we have all men on this panel today.
00:29:25.279 --> 00:29:36.000
So obviously I think with with women there there could be different circumstances where you're uncomfortable or have fear or safety issues uh with a person, right?
00:29:36.160 --> 00:29:40.160
So I you know, I I think it's important to set boundaries up front with clients.
00:29:40.640 --> 00:29:46.400
And um, yeah, my my case, you know, recently, again, it was like a$40,000 commission.
00:29:46.720 --> 00:30:17.440
Uh the seller, she was she was very hard at every step of the process, like abusive to the contractors, and like, you know, if one little ten dollar thing was wrong, she'd like threatened to withhold like five thousand dollars of payment, and like so it was you know, it's kind of making my name look bad to the different contractors that that I would refer, and then you know, just really getting into the details of how the sausage is being made instead of letting me go out and make the sausage, right?
00:30:17.680 --> 00:30:29.359
Um and then on top of that, like she would be like, Dan, I'm I I I miss you and like I need to hug you, and just like you know, it was kind of kind of awkward.
00:30:29.519 --> 00:30:37.279
Uh and um and yeah, it was just it was just funny because like I I got her like almost a hundred thousand dollars over the list price.
00:30:37.759 --> 00:30:52.799
Um but you know, she's fighting me on every step, like showing up to the buyer walkthroughs when and creating issues there when it's like you know, they're paying you a hundred grand over to like just leave the keys in the lockbox, don't show up and and like ruin the deal.
00:30:52.880 --> 00:31:05.519
And um, but yeah, I'm I'm you know, I've I used to be in the Navy, was on submarines, like I I can put up with a lot and for 40 grand, um, you know, it's worth a couple weeks of interactions.
00:31:05.759 --> 00:31:23.039
I did decide though in the in the future, like she's got another place to sell, and I I'm not gonna be involved in that, um, you know, knowing what I know now, but it's it's different when you get like you know, when the when the end is near, and and so I think it it kind of also matters like how close are you to closing that as well.
00:31:23.119 --> 00:31:24.319
So a lot of different things.
00:31:24.799 --> 00:31:28.880
Well, Dan, don't all your clients tell you I miss you, I want to hug you?
00:31:30.319 --> 00:31:34.079
Um I I can't recall any others.
00:31:34.240 --> 00:31:37.200
Um you know, it was really, really awkward.
00:31:37.279 --> 00:31:42.160
I I can and I can see though, like, you know, I'm like a 200-pound dude.
00:31:42.240 --> 00:31:49.680
This is a much, much smaller lady, like I don't really have fear there, but if if it was reversed, right?
00:31:49.920 --> 00:31:53.359
Um you know, I definitely get that.
00:31:53.839 --> 00:31:57.839
So so yeah, I think I think it's important to set boundaries up front.
00:31:58.079 --> 00:32:12.079
Uh but you know, also evaluate like how much money you're gonna make from it and you know, um if you can if you can grid it out for a little bit and it doesn't take away from your other, you know, business, uh go for it.
00:32:12.240 --> 00:32:26.559
Now I think the better you get at proactively prospecting and generating leads, um you know, the less you'll find yourself in these situations because then you're gonna have the confidence to be more firm up front with boundaries, right?
00:32:26.720 --> 00:32:36.880
So um, you know, I think I think in all questions we answer address on this show, uh, the better you get at proactive lead generation, like the better everything is.
00:32:37.119 --> 00:32:39.599
Um, Carl, do you have anything to say on this topic?
00:32:39.680 --> 00:32:41.359
Have you ever had to fire a client?
00:32:41.680 --> 00:32:42.559
I mean, I got it.
00:32:42.640 --> 00:32:44.079
It reminds me of a couple stories.
00:32:44.160 --> 00:32:52.799
I mean, I I think it would be maybe sometimes it's like not hiring them, you know, so that way you don't even have to fire them.
00:32:53.039 --> 00:33:10.880
But like, I mean, I had an agent a couple years ago, you know, he met an eight uh a buyer in in the office and had me meet with them, and they like had already listed their house for sale and they were trying to buy, and their credit scores were like 500, but they were gonna net like 200,000 selling their house.
00:33:10.960 --> 00:33:19.920
And it's like, okay, well, when you get your money from selling your house, I told them what to pay off on their credit to boost their credit scores so they could qualify to buy another house.
00:33:20.160 --> 00:33:30.640
And every single month we talked to them and I looked at their credit every single month for three months, and they just never did anything that I was telling them to do.
00:33:30.799 --> 00:33:40.640
And so it's like that agent didn't waste any of his time because he didn't show them any properties because they he knew that they weren't ready to write an offer.
00:33:40.799 --> 00:33:47.359
Uh, but after like three months of them just not taking my advice, it's like, okay, look, like we're not going anywhere here, right?
00:33:47.440 --> 00:33:55.839
So, like, technically we never really hired them, but uh, if we did hire them, if you're thinking of it that way, then I guess we did fire them, right?
00:33:55.920 --> 00:34:00.880
It's like, I mean, we just you don't have the ability to transact because you're not taking my advice.
00:34:00.960 --> 00:34:07.680
Um, and then the other one was somebody who she needed to sell her place to be able to buy a new house.
00:34:07.920 --> 00:34:10.559
And her house was in terrible condition.
00:34:10.719 --> 00:34:15.599
I got her approved for a bridge loan, but she wasn't willing to actually sell her place.
00:34:16.000 --> 00:34:17.840
Like the willingness wasn't there.
00:34:18.000 --> 00:34:18.480
I don't know.
00:34:18.639 --> 00:34:23.360
It's like you gotta do step one to be able to actually do step two kind of thing.
00:34:23.519 --> 00:34:33.519
And um, the agent was taking her out and showing her houses, and it's like, look, hey, until she actually gives us the commitment that she's gonna sell her house, you're just spinning your wheels.
00:34:33.599 --> 00:34:36.719
You're taking her out and showing her houses for no reason, right?
00:34:37.039 --> 00:34:39.840
So I I think it's all about protecting your time, right?
00:34:39.920 --> 00:34:45.440
And if if the buyer's not taking your advice, or I guess, or for you guys or seller, right?
00:34:45.519 --> 00:34:55.280
If the buyer or seller is not taking your advice after a couple times, you got to realize, like, hey, nothing's gonna change and you're just wasting your time and move on to the next leap.
00:34:55.760 --> 00:34:56.239
Yeah.
00:34:56.480 --> 00:34:58.559
I think well, go ahead, James.
00:34:59.199 --> 00:34:59.920
Oh, sorry.
00:35:00.079 --> 00:35:17.840
Um, I I think the thread that ties all this together is if you have enough experience with bad clients, it puts you in a position to set expectations properly and set those boundaries um and to coach people through like, hey, don't do this uh because it's gonna cause a problem.
00:35:17.920 --> 00:35:30.639
And they might they might still ignore you anyway, but you can remove a lot of those negative experiences or clients that you wish you had fired uh by effective coaching and teaching and guidance.
00:35:31.199 --> 00:35:32.400
Yeah, I agree.
00:35:32.559 --> 00:35:36.719
Uh unfortunately, we don't have time to get to our open house question.
00:35:36.800 --> 00:35:38.239
We'll punt that to next week.
00:35:38.400 --> 00:35:43.119
But for all of our listeners and viewers out there, thank you so much for tuning in.
00:35:43.280 --> 00:35:48.960
If you have listened this far, I think it clearly means we've earned a five-star review.
00:35:49.119 --> 00:35:53.199
So if you're on Apple, tap the five stars, leave us a great comment.
00:35:53.360 --> 00:36:01.360
Uh, you can also put questions on there or Spotify or YouTube, wherever you're watching, uh, and we will read them and address them on the show.
00:36:01.599 --> 00:36:04.159
So thank you everyone for tuning in.
00:36:04.320 --> 00:36:06.480
We will see you next week.
00:00:00.239 --> 00:00:02.640
Welcome to the Hyper Fast Agent Growth Show.
00:00:02.879 --> 00:00:06.240
Get real strategies, real results, and real estate done differently.
00:00:06.559 --> 00:00:14.240
Lead generation, team building, AI, and more for billion dollar agents, best selling authors, international speakers, real estate posters.
00:00:20.079 --> 00:00:23.760
Alright, welcome back to the Hyper Fast Agent Growth Show.
00:00:24.000 --> 00:00:25.519
We are back with our panel.
00:00:25.600 --> 00:00:27.920
We've got a locked and loaded episode.
00:00:28.079 --> 00:00:32.159
Tons of interesting news and questions to go over with our panelists.
00:00:32.799 --> 00:00:34.640
So let me give you the rundown here.
00:00:34.880 --> 00:00:38.320
Big changes coming in condo lending.
00:00:46.320 --> 00:00:47.520
We'll go over that.
00:00:48.880 --> 00:00:51.039
Interesting article on AIs.
00:00:51.359 --> 00:00:56.560
Is AI actually misleading consumers on the search for qualified agents?
00:00:56.719 --> 00:00:57.840
We'll go over that.
00:00:58.159 --> 00:01:08.159
Then we're going to ask our panelists if you'd rather have a hundred thousand followers on social media or a thousand past clients, uh when you should fire a client.
00:01:08.239 --> 00:01:14.159
And if we have time and we may not be able to get to all these, uh, are open houses underrated in 2026?
00:01:14.239 --> 00:01:16.400
All right, let's kick it off with Carl.
00:01:16.640 --> 00:01:21.200
Uh, big news on the lending front when it with regards to condos.
00:01:21.439 --> 00:01:24.959
Uh, Carl, give us the update here and then we'll get quick reactions from everyone.
00:01:25.280 --> 00:01:30.319
Yeah, biggest update here for the condos is that there's no longer what we call limited review.
00:01:30.640 --> 00:01:36.879
When lenders do financing, we're gonna get a questionnaire filled out by the association.
00:01:37.120 --> 00:01:45.760
And what type of questionnaire we sent over to the association was based on the down payment from the borrower.
00:01:45.840 --> 00:01:52.159
And that down payment amount varied based on whether they were living in the home, it was a second home, investment property, etc.
00:01:52.480 --> 00:01:56.560
There were two different condo questionnaires that we would send over: a limited and a full.
00:01:56.799 --> 00:02:01.439
The full asked a bunch of other questions that the limited one didn't ask.
00:02:01.760 --> 00:02:07.599
Essentially, they've retired the limited questionnaire, and it's going to be a full review all the time now.
00:02:08.400 --> 00:02:17.199
So that can open the door for some challenges for potential items that would come up on the full that otherwise wouldn't have came up on the limited questionnaire.
00:02:17.439 --> 00:02:35.599
But for the most part, uh the biggest concern I think most people have is about the extra reserve requirements for the HOA, which I personally think long-term is a good thing because we've seen a lot of HOAs that have mismanaged the budgets had a lot of deferred maintenance that they did not keep up with.
00:02:35.759 --> 00:02:48.319
And I've seen some projects in the DMV area where that like one of them had to take out an$8 million bank loan to be able to do the deferred maintenance because they didn't have the reserves.
00:02:48.560 --> 00:02:53.520
Um, so I think it's gonna long term push associations to better manage funds.
00:02:53.759 --> 00:03:07.199
The most exciting part about these changes is there is one good one where they removed the investor concentration, which would essentially restrict certain projects from being eligible for conventional financing.
00:03:07.280 --> 00:03:14.719
Uh, if they're if it was over 50% investor occupied or investor-owned, then it wouldn't be eligible.
00:03:14.800 --> 00:03:16.560
And now they've removed that restriction.
00:03:16.719 --> 00:03:24.960
Now, the one asterisk there is I actually had another project that I looked into this on for one of my realtor friends.
00:03:25.039 --> 00:03:30.560
Uh, it does not remove the single investor ownership restriction.
00:03:30.719 --> 00:03:40.000
So, like if you have one entity that owns 75% of the units, that's that's not what they're talking about here.
00:03:40.080 --> 00:03:45.599
They're talking about just overall investor concentration, not if a single entity owns a large portion of the building.
00:03:46.080 --> 00:03:49.680
There's no longer a limit on how many can be owned by investors.
00:03:49.759 --> 00:03:50.400
That's totally gone.
00:03:50.479 --> 00:03:51.599
I mean, it used to be 50%.
00:03:52.319 --> 00:03:52.960
Yeah.
00:03:53.520 --> 00:03:57.520
Okay, but there is a limit on how much can one single investor own.
00:03:57.599 --> 00:03:59.039
What's that percentage?
00:04:00.400 --> 00:04:01.599
I don't know what that number is.
00:04:01.759 --> 00:04:03.919
Actually, we'll get back to you guys next week on that.
00:04:04.080 --> 00:04:06.240
Uh, rarely you you'd come up against that one, though.
00:04:06.319 --> 00:04:20.319
It was always like, you know, you'd be nervous if if it was in the 40s, and uh, you know, that would sometimes prevent buyers from buying a condo because they were worried in like five years they wouldn't be able to resell it if like another couple investors bought in there.
00:04:20.399 --> 00:04:21.439
So that's that's huge.
00:04:22.000 --> 00:04:42.079
I think the insurance part is uh insurance and deferred maintenance is interesting because like unless you unless the condo was new and they set all their budgets like in 2022, you know, they were they were using like the pre-COVID inflation numbers on how much it would cost to do maintenance and also the pre-COVID insurance numbers.
00:04:42.240 --> 00:04:51.439
So uh I'm sure uh that this is probably a good requirement and and hopefully will cause condos to take a look at the reserves they actually have.
00:04:51.759 --> 00:04:53.120
I think it's a great requirement.
00:04:53.360 --> 00:04:59.120
First, I like anything that um you know makes agents up their game and just be better, more skilled.
00:04:59.199 --> 00:05:07.920
So from a listing agent side, you know, I think strategically ordering the HOA or condo docs before um you go on market was always a great strategic move.
00:05:08.000 --> 00:05:13.519
So when you ratify, you can deliver those right away and that three-day um timeline starts.
00:05:13.680 --> 00:05:26.079
Um but now it's ordering is you know, really figuring out what the association situation is, you know, financially, so you don't run into a potential you know deal that needs to avoid weeks down the line.
00:05:26.240 --> 00:05:27.839
Um and for buyers, I think it's great.
00:05:27.920 --> 00:05:30.480
I mean, there's so many unwarrantable condos in DC.
00:05:30.560 --> 00:05:38.720
And I've sold a few where, I mean, I've I've had clients that sold this year where the you know the HOA went um you know behind on dues.
00:05:38.879 --> 00:05:44.240
And I'm like, you need to get out of here now because you're not gonna be able to sell this um, you know, in six months.
00:05:44.399 --> 00:05:47.759
And so I think it's also a protection for buyers, right?
00:05:47.839 --> 00:05:59.199
Because when we're talking to buyers about purchasing an asset, and a condo is oftentimes like a great first um purchase from any buyers, like easy entrance entry point, um, tons of tons of flexibility, right?
00:05:59.279 --> 00:06:00.959
It can become an investment property.
00:06:01.120 --> 00:06:14.160
You know, if you don't have an agent that's actually reviewing the financials and can walk you through um, you know, the reserve situation and how you might be in a bad situation in you know three to five years, your asset is kind of blown up, right?
00:06:14.319 --> 00:06:16.240
And so I think it's positive for the consumer.
00:06:16.399 --> 00:06:26.160
And I feel like this is the first thing that they've actually rolled out in a year and a half that's um you know consumer focused and not just like agent, you know, private exclusive focus.
00:06:26.240 --> 00:06:27.439
So I think it's good.
00:06:28.319 --> 00:06:32.560
The answer to your single entity ownership maximum is 25%, by the way.
00:06:33.040 --> 00:06:33.279
Okay.
00:06:33.439 --> 00:06:34.319
That's not that bad.
00:06:34.560 --> 00:06:35.920
So you don't have to wait till next week.
00:06:36.000 --> 00:06:38.560
Well, thank you for the quick uh lookup on that, Carl.
00:06:38.800 --> 00:06:42.240
Um yeah, always always on top of lending information, guys.
00:06:42.319 --> 00:06:46.800
If if you're a real estate agent listening to this, you need you need a great lender, Carl.
00:06:46.879 --> 00:06:48.399
How do they get in touch with you?
00:06:48.720 --> 00:06:52.639
Text me bridge at 804-665-4344.
00:06:53.120 --> 00:06:54.639
Oh, say say that one more time.
00:06:54.800 --> 00:07:00.160
Just give people some time and you know, if they're if they're driving to find their pen or whatever.
00:07:00.240 --> 00:07:06.000
Uh yeah, you're gonna text me bridge at 804-665-4344.
00:07:06.160 --> 00:07:09.759
I got the Richmond phone number because I grew up there, but I live in Arlington.
00:07:09.839 --> 00:07:11.600
I'm a DMV native now.
00:07:11.680 --> 00:07:12.160
You know, I think.
00:07:12.879 --> 00:07:14.319
You landed like everywhere, right?
00:07:14.399 --> 00:07:17.759
Or or or many places, not just DC, Maryland, Virginia.
00:07:17.839 --> 00:07:19.439
Like where where do you do loans now?
00:07:19.759 --> 00:07:21.040
Anywhere but New York.
00:07:21.199 --> 00:07:25.120
Uh it's yeah, Wall Street makes it tough for us to get up there, you know.
00:07:25.600 --> 00:07:26.399
Interesting.
00:07:26.639 --> 00:07:31.920
Um yeah, well, overall, I I I'm I'm I I'm positive on these changes.
00:07:32.000 --> 00:07:42.959
I I like that the investor uh restrictions gone, and um hopefully these rules will force associations to look at their budgets and make hard choices rather than just push it off.
00:07:43.120 --> 00:08:10.240
And I think it's a big opportunity for for agents as well, you know, on the listing and buy side, because you know, if if you come in there, you're knowledgeable about this and you're able to have the hard conversations uh with with sellers and not just sugarcoat things or or gloss over or or or worse, not know, you know, you'll you'll help them go down the road where like they list their home, they think it's gonna get sold, and they find out like you know, this this buyer can't get a regular loan on it.
00:08:10.319 --> 00:08:11.839
So better to know all that up front.
00:08:11.920 --> 00:08:15.519
So agents, you know, do your due diligence and protect your buyers and sellers.
00:08:16.000 --> 00:08:19.040
Uh let's let's move on to uh AI.
00:08:19.120 --> 00:08:21.600
Of course, AI is almost the topic every week.
00:08:21.839 --> 00:08:24.079
Uh interesting article from Inman here.
00:08:24.319 --> 00:08:29.120
Uh, is AI bad at answering the question, who is the best real estate agent?
00:08:29.279 --> 00:08:43.759
So this was an article on Inman and what they've been finding is that when you ask you know AI a question about like what agent you should use in a certain area, uh they don't they don't necessarily have access to the MLS.
00:08:44.000 --> 00:08:52.480
So you know, you would you would think when you're asking that question and they give a recommendation, they're gonna tell you people that are you know selling a lot of homes, right?
00:08:52.559 --> 00:08:53.759
That's that's what I would want to know.
00:08:53.840 --> 00:09:01.039
Like I, you know, I don't I don't want an agent if I'm selling my home that that's sold one home in the last year if there's another one that's sold a hundred.
00:09:01.279 --> 00:09:04.559
Well, AI isn't really finding that out.
00:09:05.039 --> 00:09:10.080
Uh they're typically going to blogs and reddits and other types of social media posts.
00:09:10.639 --> 00:09:15.279
And you know, let's uh the I think the article used an example in Tulsa.
00:09:15.759 --> 00:09:20.639
Uh you know, someone was coming up because they they wrote a lot of posts about best agents in Tulsa.
00:09:20.799 --> 00:09:27.519
So it's it's you know, looking at that stuff rather than who's actually selling homes.
00:09:27.600 --> 00:09:31.039
So if you know if you're listening to this, perhaps you've seen an opportunity in here.
00:09:31.279 --> 00:09:34.080
Uh but guys, what's what's your take on this?
00:09:34.399 --> 00:09:47.840
I think this is hilarious because every um, you know, comp real estate conversation about AI, I think in the last, you know, 90 days has been is AI gonna be the agent you that's recommended?
00:09:47.919 --> 00:09:50.399
Are you gonna be the agent AI recommends, right?
00:09:50.480 --> 00:09:52.960
That's like the hot topic at every real estate conference.
00:09:53.120 --> 00:09:56.159
And it's like, sure, it could be, but is that good for the consumers?
00:09:56.480 --> 00:09:59.120
Are you really the agent that should be recommended?
00:09:59.360 --> 00:10:10.879
Um, I think that it's great for someone to be able to do a Google search or a search in Cloud or Chat GPT, and you come up, you should be trying to rank for those things because that's where people are going to be searching.
00:10:11.120 --> 00:10:18.720
Um, but I think at the end of the day, uh this is just more proof that you should be, you know, prospecting consistently to get in front of people.
00:10:18.879 --> 00:10:28.799
And then when you finally get the opportunity to get in front of someone, you have the systems and process and knowledge of the market to be able to win um at an appointment.
00:10:28.960 --> 00:10:40.720
Because if you are up against an agent or an agent that has sold a hundred you know homes, or that agent has a team that's selling a few hundred homes, I mean, you have to be able to compete.
00:10:40.799 --> 00:10:46.799
And it's gonna come down to um how well you present in in that um appointment.
00:10:48.000 --> 00:11:08.559
And so I also think on the same, on the same token, since AI might not be pulling up accurate searches, the consumer should also be um interviewing agents and choosing based on you know market knowledge systems and you know process on how they're gonna get them to the finish line, whether they're buying or selling real estate.
00:11:08.879 --> 00:11:13.360
And I think it's super valuable to choose people that score points, right?
00:11:13.519 --> 00:11:29.840
So it does, it does um, you know, how many homes you sell does should factor into um the consumer's decision, but at some point everyone has only sold one home or 10 homes or 50 homes, and we're all you know, got it out the mud.
00:11:30.080 --> 00:11:37.120
And you know, when you're winning and at the early stages of your career, it's because you can show how you get it done.
00:11:39.840 --> 00:11:41.919
Yeah, James, what about you?
00:11:42.480 --> 00:11:52.399
Yeah, so um it's a pretty narrow question to answer AI, you know, who's the best real estate agent?
00:11:52.799 --> 00:11:54.000
Everyone's situation is different.
00:11:54.080 --> 00:11:59.919
So there are gonna be some real estate agents that are the best real estate agents for people that are PCSing, right?
00:12:00.080 --> 00:12:02.080
Military and and they're moving, right?
00:12:02.159 --> 00:12:04.399
Because they're specialized in military.
00:12:04.559 --> 00:12:08.879
Um, you're gonna have people that are the best agent for an investor.
00:12:09.120 --> 00:12:17.120
Uh, you're gonna have the the best agent uh for you know uh luxury property, which is very different from like a condo expert.
00:12:17.360 --> 00:12:28.559
Um so I think one of the challenges with AI is that people will ask a broad question like that and not give it really good instructions on how to answer or how to guide them.
00:12:28.720 --> 00:12:30.879
And then there's just some answer, right?
00:12:31.039 --> 00:12:34.480
Maybe it's the agent in Tulsa that sells one home a year.
00:12:34.720 --> 00:12:44.159
Um and we're still in this phase where people are thinking, oh, like whatever AI tells me, AI is so smart that that's gonna be the right answer.
00:12:44.399 --> 00:12:56.480
And um, you know, all it takes is a couple of horror stories uh or people saying their own experiences were, oh, AI told me this thing, but like the answers they gave me weren't right.
00:12:56.559 --> 00:13:04.960
I'm I'm I'm gonna go with this person uh who my friend recommended because they described their situation and their situation's like me, and I'm like them.
00:13:05.039 --> 00:13:07.519
So I'm gonna go with this person they recommended.
00:13:08.240 --> 00:13:11.759
Carl, have you come across this at all in the lending side of things?
00:13:12.000 --> 00:13:19.759
Or you know, have or has that been much talk in your industry about getting recommended as a lender by AI?
00:13:20.480 --> 00:13:28.080
I've personally already had two people reach out to me that they found me from some form of AI.
00:13:28.159 --> 00:13:37.279
Um, and one of them I remember distinctly, they they put in the AI, they're like, give me recommendations of the best lenders for people that have really poor credit.
00:13:37.440 --> 00:13:40.080
And and then I came up and they called me.
00:13:40.320 --> 00:13:57.759
Um but yeah, I mean, we had like I went to a coaching event with my mortgage company a couple weeks ago, and the they had like a top producer round table, and in that conversation was a lot of this AI and how we get found.
00:13:57.919 --> 00:14:21.759
And I, you know, so to piggyback off of James's point, I think we should really be uh looking at it from two lenses as far as like how do we get found from AI is like I would just group like the anybody of uh older than Gen Z probably not going to be great at prompting, and they're probably gonna talk to AI like we talk to Google.
00:14:22.000 --> 00:14:24.159
So how do we end up on those searches?
00:14:24.480 --> 00:14:42.879
But then for Gen Z, how do we end up on the searches where they give a good prompt and they explain who they are as a buyer and what they're looking to accomplish, and then ask it, hey, what would be the best agents for me to reach out to based on XYZ that I've already shared with you?
00:14:43.039 --> 00:14:43.279
Right.
00:14:43.440 --> 00:14:53.279
Um I think that those are the two different segments that we should really be looking at and seeing who, like, if I prompt that, am I one of the people that's coming up as the recommendations?
00:14:53.360 --> 00:14:59.679
And if not, you know, where can I make myself a little bit more visible to be able to end up on those searches?
00:15:00.080 --> 00:15:02.080
Yeah, I think I think these are all good points.
00:15:02.240 --> 00:15:08.720
I mean, the clearly the system has some flaws if it's giving recommendations without knowing actual statistics.
00:15:08.799 --> 00:15:25.919
I mean, it would it would be great if it was if it was connected to the MLS and it was, you know, you're you're looking to sell your home and it it it finds you an agent that's sold a lot of homes in that area, has a good list price to uh sold price ratio, you know, short days on market, all of that, but it's it's not there yet.
00:15:26.080 --> 00:15:42.480
And uh reminds me of um a talk Wendy Forsyth, our our chief marketing officer at EXP, uh gave at uh EXP Con in South Africa, uh which, you know, by the way, we're a global company in like 31 countries, which is cool.
00:15:42.639 --> 00:15:44.240
But uh, you know, we went to that.
00:15:44.320 --> 00:16:02.080
Wendy talked and uh part of the talk at least was on how to get found on AI, and it was saying like real estate agents, you know, you should be giving the different prompts, um, you know, maybe maybe different kinds, like Carl said, for different markets or or or groups of people, seeing what the answers are.
00:16:02.480 --> 00:16:13.200
And then if you're not in it, you know, I think I think the source data of how AI came up with that answer is either linked in the answer usually, or you can ask it an additional question, like how did you find that, right?
00:16:13.600 --> 00:16:17.759
And then it will tell you like, did it find uh questions answered on Reddit?
00:16:18.000 --> 00:16:22.080
Did it find blog articles, um different posts, right?
00:16:22.240 --> 00:16:27.679
So see what it says and then go out, go out and write those posts, right?
00:16:28.159 --> 00:16:29.600
Answer those questions on Reddit.
00:16:29.759 --> 00:16:35.440
Like um again, don't let that take away from from your prospecting, like like Nick mentioned.
00:16:35.600 --> 00:16:47.120
Um, you know, you can you can proactively get in front of people, which is a common theme on our show, but um you know, for that 10 to 20 percent of your time that you're spending on, you know, marketing and branding and social media, right?
00:16:48.399 --> 00:16:50.080
Had add AI to that.
00:16:50.159 --> 00:16:57.200
Um start putting out content that AI will, you know, will will find and and to get you into those lists.
00:16:57.279 --> 00:17:02.799
Because I've I've definitely been on listing appointments in the last six months where like they found us because of Chat GPT.
00:17:02.960 --> 00:17:05.599
So uh I think I think it's interesting, Dan.
00:17:05.680 --> 00:17:08.640
I think we're you know maybe even a year or two from the next conference, right?
00:17:08.880 --> 00:17:18.000
Because at every real estate conference you have the the the agent that does social media, you have the agent that does open houses, you have the agent that does expires, you have the agent that does sphere, right?
00:17:18.319 --> 00:17:27.519
And I haven't I think I haven't been to or seen the conference where you have the agent that's like, oh, we did 75 deals last year because of AI.
00:17:27.759 --> 00:17:39.839
And so the hack for that, um, you know, maybe you can get ahead of it, but the hack for that is probably coming out um in like a year, like next next year's next season's, you know, real estate conferences.
00:17:40.240 --> 00:17:44.799
Or or maybe maybe we'll see the stories at expon in Salt Lake City.
00:17:44.880 --> 00:17:48.319
That's that's coming up October 7th, 8th, and 9th.
00:17:48.559 --> 00:17:52.079
Um, so if you're an exp agent listening to this, you should be there.
00:17:52.319 --> 00:17:56.319
If you're not an exp agent, you should reach out to someone on the show here.
00:17:56.480 --> 00:17:57.599
We can get you a ticket.
00:17:57.759 --> 00:17:58.799
Uh, I know I'll be there.
00:17:58.960 --> 00:18:00.000
James will be there.
00:18:00.240 --> 00:18:06.640
Um, not sure about you, Nick, but um, in any case, anyone that that wants to come, we will get you in the room.
00:18:06.720 --> 00:18:11.279
Uh, you know, you'll get to hear from Gary V, and I'm sure we're gonna have a ton of AI speakers.
00:18:11.359 --> 00:18:19.200
I know Brink Gove is speaking, and you know, people that are selling solo agents that are selling hundreds of homes a year, teams that are selling thousands.
00:18:19.359 --> 00:18:24.960
So if you want to get to that conference, uh reach out to any of us.
00:18:25.119 --> 00:18:33.680
Um and yeah, we would we would love to to host you, meet you, and and you know, help you grow your business uh in the next 12 months.
00:18:34.000 --> 00:18:38.799
Whether that's with EXP or at your current brokerage, by the way, there's there's never any pressure to join us.
00:18:38.960 --> 00:18:45.440
Uh, I should mention though that you know when you join EXP Reality, you get to choose a sponsor, right?
00:18:46.000 --> 00:18:54.559
Uh if you are sponsored by myself or Nick or James, uh you don't just get all the benefits of what you get at EXP, right?
00:18:54.640 --> 00:19:06.960
You don't, you know, which just to summarize that that's gonna be amazing training, technology, super low caps, uh, stock awards, and and what can be the biggest game changer, of course, is revenue share, right?
00:19:07.039 --> 00:19:16.559
The ability to earn uh earn income that that can grow and compound and pay you monthly uh without you being involved, uh without you being involved in the transaction, right?
00:19:16.640 --> 00:19:18.240
Uh revenue share is a life changer.
00:19:18.400 --> 00:19:29.200
But you know, when you join with us, right, you're getting coaching programs from Tim and Julie Harris, myself and Carrie, uh weekly trainings, uh you know, just tons of extra value.
00:19:29.279 --> 00:19:32.240
Like we partner with you to help you build your own revenue share group.
00:19:32.400 --> 00:19:36.079
So uh Nick, if they want to reach you, what's the best way?
00:19:37.119 --> 00:19:41.279
Um you can uh Instagram might be one of the best ways.
00:19:41.440 --> 00:19:50.240
Uh it's Nick Bush, the realtor, or you can shoot me a text, 202-255-9560.
00:19:51.039 --> 00:19:51.440
All right.
00:19:51.519 --> 00:19:52.720
And what about you, James?
00:19:52.960 --> 00:19:59.839
Yeah, you can shoot me a text at 202-841-7815, and you can just text me EXP.
00:20:00.559 --> 00:20:00.720
All right.
00:20:01.440 --> 00:20:02.640
Text me exp also.
00:20:04.640 --> 00:20:09.039
My my cell phone is 703-638-4393.
00:20:09.359 --> 00:20:19.440
Uh, you know, again, if you if you want to know what it's like to partner with us at EXP Realty or come to EXPCon and and you know check it out in person, uh, please reach out.
00:20:19.519 --> 00:20:21.440
We'd be honored to have that conversation.
00:20:21.759 --> 00:20:25.680
All right, let's uh let's move on here to a couple different questions.
00:20:25.920 --> 00:20:27.519
Um, I like this one a lot.
00:20:27.680 --> 00:20:33.440
Would you rather have a hundred thousand followers on social media or a thousand past clients?
00:20:33.599 --> 00:20:35.279
We'll hear from you first, James.
00:20:35.599 --> 00:20:36.480
Yeah, awesome.
00:20:36.559 --> 00:20:37.440
I love this question.
00:20:37.599 --> 00:20:47.039
I would 10 times out of 10 uh choose a thousand past clients uh because there's no better testimonial than someone that has already worked with you.
00:20:47.279 --> 00:20:56.000
They already trust you, they already know the process, they're already, you know, so vetted that you've already done a deal with them, uh, and being able to market to them.
00:20:56.079 --> 00:21:00.559
And you can market them, you know, you can retarget that list on social media.
00:21:00.640 --> 00:21:02.559
So you can still hit them on social media.
00:21:02.640 --> 00:21:06.480
Um, you can send them handwritten note cards, emails, phone calls.
00:21:06.559 --> 00:21:12.960
Uh, I would 10 times out of 10 rather have a thousand past clients over 100,000 followers.
00:21:13.279 --> 00:21:14.559
What about you, Nick?
00:21:15.039 --> 00:21:17.039
I agree 100% with James.
00:21:17.200 --> 00:21:19.920
10 times out of 10, 1,000 past clients.
00:21:20.000 --> 00:21:26.319
Um, first of all, a thousand past clients means I've done a thousand transactions, which is overall good for my life and business.
00:21:26.559 --> 00:21:33.680
Um, I generally uh convert my database, you know, at an 8 to 10% rate, you know, annually.
00:21:33.759 --> 00:21:36.640
So that means 80 to 100 transactions every year.
00:21:36.799 --> 00:21:46.880
Um, I get a thousand people to call uh when I do uh events to have have them come out um and plus one, another thousand people potentially.
00:21:47.119 --> 00:21:50.160
Um, and there's a thousand people to ask for referrals.
00:21:50.400 --> 00:21:54.799
So uh I think a hundred thousand followers is great for being famous.
00:21:54.960 --> 00:21:59.519
And I think it's cool to be famous and it could lead to a ton of transactions.
00:22:00.079 --> 00:22:12.480
But having that built-in past client database of people that know you, like you, trust you, will refer you and will potentially become your Raven fan is way more valuable than the followers.
00:22:12.799 --> 00:22:13.759
What about you, Carl?
00:22:14.000 --> 00:22:20.240
You probably are close to a thousand past clients at this point, but I'd take a hundred past clients over a hundred thousand followers.
00:22:20.720 --> 00:22:21.200
How about that?
00:22:21.599 --> 00:22:22.480
How about that?
00:22:22.720 --> 00:22:25.440
Um, yeah, I mean, just like Nick and James said.
00:22:25.519 --> 00:22:32.559
I mean, you have raving fans, people that will refer you, average person knows what, four people that are gonna move every year.
00:22:32.799 --> 00:22:44.000
So, I mean, they're your database is your gold mine, and the the followers are are people that are not necessarily going to recommend you or transact with you.
00:22:44.240 --> 00:22:49.200
There's uh I look at it from guaranteed income versus not guaranteed income.
00:22:49.279 --> 00:22:53.519
Uh so yeah, I would I would definitely work the database and take the database.
00:22:54.319 --> 00:22:55.680
Yeah, I I agree.
00:22:55.759 --> 00:22:57.279
I think this is a slam dunk.
00:22:57.359 --> 00:23:02.799
Um, yeah, and I I probably would take a hundred past clients, actually over the hundred thousand as well.
00:23:03.440 --> 00:23:13.440
Um, yeah, I think a few years ago, the average person moved every seven years, maybe with interest rates and prices you know not being what they were five years ago.
00:23:13.599 --> 00:23:16.079
Maybe that that trend is gonna tick up.
00:23:16.319 --> 00:23:22.720
You know, even if it bumps up to 10 years, that's still a hundred of your past clients moving every year.
00:23:23.039 --> 00:23:24.559
Uh that's a huge number, right?
00:23:24.640 --> 00:23:27.359
We're not even accounting for referrals in that.
00:23:27.440 --> 00:23:32.240
And Carl said, you know, four they on average they know four people that move a year.
00:23:32.480 --> 00:23:36.240
Um, so I think the bigger opportunity is with the past clients.
00:23:36.319 --> 00:23:43.119
Um it doesn't necessarily have to be a thousand either, like you know, 50 to 100 probably could help you build a great business.
00:23:43.279 --> 00:23:45.839
Nick, how many are in your uh database?
00:23:45.920 --> 00:23:47.279
You know, you're converting it eight to two.
00:23:47.519 --> 00:23:55.279
I've scrubbed this over time, um, you know, and I shouldn't have scrubbed my database down so much, but um, I have 400 people in my database.
00:23:55.759 --> 00:23:56.400
Yeah, cool.
00:23:56.480 --> 00:23:59.119
So you're you're like halfway there, which is amazing.
00:23:59.359 --> 00:24:11.759
Um yeah, I mean, I think I think and and if you're if your database is younger, right, uh, and you've helped a lot of first-time buyers, uh, you know, those move numbers might be different.
00:24:11.920 --> 00:24:21.680
You might be people moving every like four to five years, uh, as opposed to seven or ten or whatever it is, um, you know, because they're in that upward trajectory of income or starting a family.
00:24:21.759 --> 00:24:27.440
So even imagine if if we had a thousand real estate conversations every year, you know, what that would look like.
00:24:28.000 --> 00:24:30.480
Oh, we'd we yeah, that would that would be amazing.
00:24:30.640 --> 00:24:40.480
So um, you know, I think the point of this question though is to get people to think like um a question that I always get from one of my mentors, Tim Harris, is like, would you rather be rich or famous?
00:24:40.799 --> 00:24:41.359
Right.
00:24:41.599 --> 00:24:54.240
And he it's kind of funny, he says most people almost everyone answers the question and says rich, but he he he he said a lot of them like their actions don't reflect that, right?
00:24:54.880 --> 00:24:58.960
They're just saying that because they feel bad about saying famous.
00:24:59.039 --> 00:25:02.000
Although he did say one time someone was actually honest and said famous.
00:25:02.079 --> 00:25:07.440
Um but you know, take the actions that will make you rich, don't worry about the fame, right?
00:25:07.519 --> 00:25:11.359
And I think I think sometimes people can get suckered into social media on that.
00:25:11.519 --> 00:25:12.880
Uh all right, so let's move on.
00:25:12.960 --> 00:25:14.319
This this one's kind of interesting.
00:25:14.720 --> 00:25:17.279
When should an agent fire a client?
00:25:17.599 --> 00:25:19.519
And have you ever fired a client?
00:25:22.160 --> 00:25:24.400
I can tackle this if you want, or you want to take a nick.
00:25:24.640 --> 00:25:26.480
No, I was gonna say I'll let James go first.
00:25:27.599 --> 00:25:34.480
Um unfortunately, usually it's when I look back, I think, man, I should have fired them.
00:25:34.640 --> 00:25:37.680
Uh or I should have fired them earlier.
00:25:37.920 --> 00:25:44.880
Um when you when you're a real estate agent, you're you're basically speculing your time, right?
00:25:45.119 --> 00:25:49.440
Um, you're you're giving them services before you get paid.
00:25:49.599 --> 00:25:51.279
And so it's a gamble, right?
00:25:51.440 --> 00:26:03.279
And you know, with every you should be thinking with every interaction, every time you uh ask them for documentation or uh tell them, hey, this is the path, and they take your advice or they don't.
00:26:03.519 --> 00:26:09.519
In my mind, I'm evaluating, like, all right, are are they wasting my time or are they not?
00:26:09.759 --> 00:26:19.359
I've got someone right now, uh, it's clear that the right list price for their home is$850, uh, but they want to list it significantly higher.
00:26:19.519 --> 00:26:26.240
Um, and I'm I'm walking them through like that's a bad idea for all these different reasons.
00:26:26.480 --> 00:26:41.920
And in my mind, as I'm going through that conversation with them, kind of preparing for it, I'm thinking to myself, all right, if they say no, if they don't follow that guidance, should I fire them gently and say, hey, this is I don't think this is the right fit for me.
00:26:42.319 --> 00:26:48.160
Um but uh I don't think there's a clear-cut way to determine.
00:26:48.240 --> 00:26:59.119
But if someone's not taking your advice and it means it's gonna hurt them and it's gonna hurt you, I think people should be really comfortable saying, I don't think this is a good fit.
00:27:02.319 --> 00:27:03.519
What about you, Nick?
00:27:05.599 --> 00:27:17.440
I think outside of someone, you know, completely disrespecting you or being, you know, like a um a person with like bad morals, I don't think you need to fire a client.
00:27:17.680 --> 00:27:26.640
Um I think that it's always a good day to make$15,000, which is what my average commission is at my price point.
00:27:27.039 --> 00:27:43.759
And I think that if you're in a situation where you have an like a client who is like annoying or difficult, or maybe you feel like you've showed them too many homes and you're you're exhausted, you have already learned the lesson.
00:27:44.000 --> 00:27:45.519
You might as well make the money.
00:27:45.680 --> 00:27:50.079
And I learned that from an agent named Andy Biggers early in my career.
00:27:50.240 --> 00:27:53.359
I wanted to fire a client and he said, What's the commission?
00:27:53.519 --> 00:27:54.640
I said, like$7,000.
00:27:54.799 --> 00:27:56.160
It's like the fourth deal I did.
00:27:56.240 --> 00:27:58.160
And he's like, Well, you already learned the lesson, didn't you?
00:27:58.240 --> 00:27:59.359
You wouldn't this won't happen again?
00:27:59.440 --> 00:28:01.680
I'm like, no, he goes, So make the money.
00:28:02.000 --> 00:28:02.480
Right?
00:28:02.720 --> 00:28:07.200
Um, and so I don't think you need to fire a client in James' example.
00:28:07.359 --> 00:28:12.480
Maybe you maybe you have a price reduction conversation continuously with the client, right?
00:28:12.640 --> 00:28:17.680
And eventually you you you you make the the commission that you were set out to make.
00:28:17.920 --> 00:28:24.000
Um, and if and and I've had buyers that I've showed houses to, you know, for three years, right?
00:28:24.079 --> 00:28:25.440
Like, oh, let's go see some houses.
00:28:25.519 --> 00:28:27.599
And we see six or seven, right?
00:28:27.759 --> 00:28:32.000
And then they pause, and then the next year they do the same thing, and then year three, they close.
00:28:32.079 --> 00:28:34.640
Well, it was a good day to make that$15,000, right?
00:28:34.720 --> 00:28:39.279
And it's not all about the money, but um, it is about just being patient, right?
00:28:39.359 --> 00:28:49.440
And understanding that um, you know, we are we can't make people make decisions, we can just advise them on the best decision to make, and they make those decisions when they're ready.
00:28:49.519 --> 00:28:53.440
And sometimes we have to convey it in a different way in different times, right?
00:28:53.519 --> 00:29:08.000
And so um outside of a physical altercation or some verbal abuse, like I don't really um see the reason to be to fire a client, like be frustrated and go take a shot and just like follow up next week, you know.
00:29:08.640 --> 00:29:09.279
Yeah.
00:29:10.079 --> 00:29:12.160
Um, I've I've come close.
00:29:12.319 --> 00:29:15.119
I recently had a situation where maybe I should have.
00:29:15.359 --> 00:29:21.440
Um, you know, and I think I I think there definitely are circumstances where you should.
00:29:21.599 --> 00:29:25.039
Um, you know, we've we have all men on this panel today.
00:29:25.279 --> 00:29:36.000
So obviously I think with with women there there could be different circumstances where you're uncomfortable or have fear or safety issues uh with a person, right?
00:29:36.160 --> 00:29:40.160
So I you know, I I think it's important to set boundaries up front with clients.
00:29:40.640 --> 00:29:46.400
And um, yeah, my my case, you know, recently, again, it was like a$40,000 commission.
00:29:46.720 --> 00:30:17.440
Uh the seller, she was she was very hard at every step of the process, like abusive to the contractors, and like, you know, if one little ten dollar thing was wrong, she'd like threatened to withhold like five thousand dollars of payment, and like so it was you know, it's kind of making my name look bad to the different contractors that that I would refer, and then you know, just really getting into the details of how the sausage is being made instead of letting me go out and make the sausage, right?
00:30:17.680 --> 00:30:29.359
Um and then on top of that, like she would be like, Dan, I'm I I I miss you and like I need to hug you, and just like you know, it was kind of kind of awkward.
00:30:29.519 --> 00:30:37.279
Uh and um and yeah, it was just it was just funny because like I I got her like almost a hundred thousand dollars over the list price.
00:30:37.759 --> 00:30:52.799
Um but you know, she's fighting me on every step, like showing up to the buyer walkthroughs when and creating issues there when it's like you know, they're paying you a hundred grand over to like just leave the keys in the lockbox, don't show up and and like ruin the deal.
00:30:52.880 --> 00:31:05.519
And um, but yeah, I'm I'm you know, I've I used to be in the Navy, was on submarines, like I I can put up with a lot and for 40 grand, um, you know, it's worth a couple weeks of interactions.
00:31:05.759 --> 00:31:23.039
I did decide though in the in the future, like she's got another place to sell, and I I'm not gonna be involved in that, um, you know, knowing what I know now, but it's it's different when you get like you know, when the when the end is near, and and so I think it it kind of also matters like how close are you to closing that as well.
00:31:23.119 --> 00:31:24.319
So a lot of different things.
00:31:24.799 --> 00:31:28.880
Well, Dan, don't all your clients tell you I miss you, I want to hug you?
00:31:30.319 --> 00:31:34.079
Um I I can't recall any others.
00:31:34.240 --> 00:31:37.200
Um you know, it was really, really awkward.
00:31:37.279 --> 00:31:42.160
I I can and I can see though, like, you know, I'm like a 200-pound dude.
00:31:42.240 --> 00:31:49.680
This is a much, much smaller lady, like I don't really have fear there, but if if it was reversed, right?
00:31:49.920 --> 00:31:53.359
Um you know, I definitely get that.
00:31:53.839 --> 00:31:57.839
So so yeah, I think I think it's important to set boundaries up front.
00:31:58.079 --> 00:32:12.079
Uh but you know, also evaluate like how much money you're gonna make from it and you know, um if you can if you can grid it out for a little bit and it doesn't take away from your other, you know, business, uh go for it.
00:32:12.240 --> 00:32:26.559
Now I think the better you get at proactively prospecting and generating leads, um you know, the less you'll find yourself in these situations because then you're gonna have the confidence to be more firm up front with boundaries, right?
00:32:26.720 --> 00:32:36.880
So um, you know, I think I think in all questions we answer address on this show, uh, the better you get at proactive lead generation, like the better everything is.
00:32:37.119 --> 00:32:39.599
Um, Carl, do you have anything to say on this topic?
00:32:39.680 --> 00:32:41.359
Have you ever had to fire a client?
00:32:41.680 --> 00:32:42.559
I mean, I got it.
00:32:42.640 --> 00:32:44.079
It reminds me of a couple stories.
00:32:44.160 --> 00:32:52.799
I mean, I I think it would be maybe sometimes it's like not hiring them, you know, so that way you don't even have to fire them.
00:32:53.039 --> 00:33:10.880
But like, I mean, I had an agent a couple years ago, you know, he met an eight uh a buyer in in the office and had me meet with them, and they like had already listed their house for sale and they were trying to buy, and their credit scores were like 500, but they were gonna net like 200,000 selling their house.
00:33:10.960 --> 00:33:19.920
And it's like, okay, well, when you get your money from selling your house, I told them what to pay off on their credit to boost their credit scores so they could qualify to buy another house.
00:33:20.160 --> 00:33:30.640
And every single month we talked to them and I looked at their credit every single month for three months, and they just never did anything that I was telling them to do.
00:33:30.799 --> 00:33:40.640
And so it's like that agent didn't waste any of his time because he didn't show them any properties because they he knew that they weren't ready to write an offer.
00:33:40.799 --> 00:33:47.359
Uh, but after like three months of them just not taking my advice, it's like, okay, look, like we're not going anywhere here, right?
00:33:47.440 --> 00:33:55.839
So, like, technically we never really hired them, but uh, if we did hire them, if you're thinking of it that way, then I guess we did fire them, right?
00:33:55.920 --> 00:34:00.880
It's like, I mean, we just you don't have the ability to transact because you're not taking my advice.
00:34:00.960 --> 00:34:07.680
Um, and then the other one was somebody who she needed to sell her place to be able to buy a new house.
00:34:07.920 --> 00:34:10.559
And her house was in terrible condition.
00:34:10.719 --> 00:34:15.599
I got her approved for a bridge loan, but she wasn't willing to actually sell her place.
00:34:16.000 --> 00:34:17.840
Like the willingness wasn't there.
00:34:18.000 --> 00:34:18.480
I don't know.
00:34:18.639 --> 00:34:23.360
It's like you gotta do step one to be able to actually do step two kind of thing.
00:34:23.519 --> 00:34:33.519
And um, the agent was taking her out and showing her houses, and it's like, look, hey, until she actually gives us the commitment that she's gonna sell her house, you're just spinning your wheels.
00:34:33.599 --> 00:34:36.719
You're taking her out and showing her houses for no reason, right?
00:34:37.039 --> 00:34:39.840
So I I think it's all about protecting your time, right?
00:34:39.920 --> 00:34:45.440
And if if the buyer's not taking your advice, or I guess, or for you guys or seller, right?
00:34:45.519 --> 00:34:55.280
If the buyer or seller is not taking your advice after a couple times, you got to realize, like, hey, nothing's gonna change and you're just wasting your time and move on to the next leap.
00:34:55.760 --> 00:34:56.239
Yeah.
00:34:56.480 --> 00:34:58.559
I think well, go ahead, James.
00:34:59.199 --> 00:34:59.920
Oh, sorry.
00:35:00.079 --> 00:35:17.840
Um, I I think the thread that ties all this together is if you have enough experience with bad clients, it puts you in a position to set expectations properly and set those boundaries um and to coach people through like, hey, don't do this uh because it's gonna cause a problem.
00:35:17.920 --> 00:35:30.639
And they might they might still ignore you anyway, but you can remove a lot of those negative experiences or clients that you wish you had fired uh by effective coaching and teaching and guidance.
00:35:31.199 --> 00:35:32.400
Yeah, I agree.
00:35:32.559 --> 00:35:36.719
Uh unfortunately, we don't have time to get to our open house question.
00:35:36.800 --> 00:35:38.239
We'll punt that to next week.
00:35:38.400 --> 00:35:43.119
But for all of our listeners and viewers out there, thank you so much for tuning in.
00:35:43.280 --> 00:35:48.960
If you have listened this far, I think it clearly means we've earned a five-star review.
00:35:49.119 --> 00:35:53.199
So if you're on Apple, tap the five stars, leave us a great comment.
00:35:53.360 --> 00:36:01.360
Uh, you can also put questions on there or Spotify or YouTube, wherever you're watching, uh, and we will read them and address them on the show.
00:36:01.599 --> 00:36:04.159
So thank you everyone for tuning in.
00:36:04.320 --> 00:36:06.480
We will see you next week.
