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Welcome to the hyper fast agent real strategies, real time, and real estate conference.
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Recent developments in AI are taking over real estate.
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It seems like every day we hear of a new thing being done by AI from writing contracts, virtual staging, marketing, uh pricing, doing seller analysis, replacing assistance.
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There's even talk about cybercars and robots reducing the work it takes to do showing.
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So on this episode of the Hyperfast Agent Growth Show, we've got our panel here to address AI changes, what you need to implement now, what you should be excited about, as well as some other topics that I think will be very entertaining.
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Welcome to our show.
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Let's kick it off, guys.
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What has excited you the most in AI recently?
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Grokbot, hands down, has excited me the most.
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And I haven't seen any other uh agencai platform that is versatile with uh with lots of different websites systems uh and tools like Grokbot.
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And it works even when your computer is shut off or sleeping, uh, which others don't have.
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And even if there's not an API or an MCP connector, it can literally just go in and do it like you and click the buttons that you click.
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And it has in the last three days replaced so much that I was doing and that I had a VA doing.
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What have what have you set up so far with it?
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Um yeah, I've set up uh marketing tasks.
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And so that's you know, weekly emails through MailChimp, um uh a handwritten note template uh that I'm using through follow-up offs and an integration.
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It's not just clicking the buttons to send those, but going in editing the name.
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Like if it's uh husband and wife, for example.
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Um, and uh let's see what else it's doing.
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It's coming through my emails and getting rid of junk email.
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Um, it's doing a home value analysis or CMA.
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Um, and I'm looking at my list here.
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What else is it doing?
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Um I've trained it on how to send buyer agency agreements uh and and listing agreements to clients.
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This is all just within the last 30 days, and I'm not at Tech Wizard.
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It's amazing.
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Carl, what about you?
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I'll pick it back off of James there, where he mentioned the like the CMAs.
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I mean, I I think like I've seen what what Carrie's done with using the AI to be able to build out the CMAs and and uh essentially something that would take hours of preparation, hours of research is condensed down into essentially the AI running it in 10 minutes, and then you can go in, you can make a phone call around lunchtime, go to an evening appointment, and have the most comprehensive presentation uh that's going to allow you to just stand out from all your competition while have a client and not only bring more value, but I mean ultimately just win at a higher rate.
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I I think that that's that's the most exciting part uh for real estate agents right now, in my opinion, because everybody wants to win.
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And if you're having more effective conversations, winning at a higher rate, then you're having a better use of your time.
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Nick, what about you?
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Um for me, it's still you know, simple things, you know, like Lofty has B, which is the AI that follows up with um, you know, contacts in the database and kind of briefs you on the last conversation and and what you should nudge um that uh particular client about.
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Um, but James just got really excited about um Grok, so I need to spend the weekend.
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Uh Nick, you gotta check it out.
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I can help you.
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I'll show you a screenshot of everything it's doing for me.
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It's gonna blow your mind.
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Yeah, I gotta get in there.
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Um are you getting the the the AI assistance on Lofty?
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Is that through the EXP Lofty version?
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So it's not the exp lofty version, it's the team's you know personal account.
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And so we have is your team because your your team is with exp are they?
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Yeah, team is with exp.
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So it's the team lofty account, yeah.
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Okay, which is I if uh correct me if I'm wrong, that's free to all team leaders at exp reality, correct?
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Yeah, yeah.
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So that's that's pretty amazing that that's included.
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Now, will that like scrape the contacts, tell you like, hey, these are the ones you should call today?
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Or for me, the most important thing is um figuring out who I need to call that day, right?
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And so what you can do inside Lofty um is you can just toggle lead score.
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And um, you know, it's green if it they feel like it's a good lead score, then it goes yellow and red.
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Um, I typically follow up with people that are 70 or higher on other platforms, you know, especially fellow, um the leads that are really moving are like 65, but really like 70 or higher.
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And so that's where my focus is.
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And so I can go in, you know, click one button, lead score.
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And then if I click into every lead, um as I click into every lead, uh, I get a brief on, hey, this is the last conversation.
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You send this email, they didn't respond, or they open this email.
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This is what I think you should talk to them about.
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Um, you can click send email and it'll it'll draft that for you.
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So it's really, it's really um, you know, intuitive, it's really smart, and it just saves it just saves a lot of time.
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And it's better than having a targeted lead end strategy in just sort of blasting a list with phone calls.
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I think there's a good time to mention that, you know, when a lot of people think about exp reality, they of course think about the low cap and the revenue share and the stock awards, but the the tech offerings, they've they've built it a lot differently than some of the other bigger places, right?
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They've you know they've got 80,000, 85,000 agents, and their strategy for several years has been let's go to the marketplace, see what's proven and tested, see what kind of free or super cheap deal we can get for our agents because we're giving access to these platforms to 80,000, 85,000 agents.
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So you've got like the marketplace competing to build products and services and companies that are like focused on that, and you've got to think there's like hundreds, if not thousands, of entrepreneurs trying to build CRMs and AI for real estate and other other things that will uh you know help help help agents, right?
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And you're not, you know, you're not like some other companies like taking your own capital and time and trying to be a tech company when really you're a real estate company, you're letting all these other people compete in the market and then you get the cherry pick, uh the best ones, and give it to the agents.
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And I've I've heard nothing but great things about Lofty.
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And um, so hearing about the AI, you know, just makes me even more excited to talk about it.
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And you know, by the way, if you know, everyone listening, if you're not at EXP Realty, uh, you do have an opportunity to partner with us.
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So when you know, when you join EXP, you can name a sponsor, and our group offers a ton of benefits above and beyond what you would get with EXP.
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You get access to Tim and Julie Harris's coaching, the coaching that Carrie and I uh offer through Hyperfast Agent.
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We do you know regular masterminds, we'll we'll partner with you, help you increase your sales.
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If you want to build revenue share and have recurring income, we we will help you do that.
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So if you you know if you're interested in getting around uh hopefully like-minded people, optimistic, that want to grow, want to build, uh, this is the group to associate with.
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Uh and you can reach out to any of us and have a conversation.
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Nick, how do they get in touch with you?
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Text get money to 202-255-9560.
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All right, and Carl.
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Text me, Bridge 804-665-4344.
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James.
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You can text me EXP at 202-841-7815.
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And you can reach me at 703-638-4393.
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Uh and reach out to any and and or or all of us.
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You know, we would love to have the chance to talk to you about what we could uh help you do on the exp platform with our group.
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Uh, you know, any of us would be honored to have that conversation.
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So um yeah, in terms of what has excited me most recently about AI, I'll give kind of a short-term and long-term answer.
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Um the long term is I you know, I talked to mention it last week.
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I'm I'm really excited about this idea of robots um that help get your listing ready for each showing, like greet the buyer, like you know, no more fumbling around with the lock boxes.
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Uh, maybe the robot can be a sign, even like it can turn on all the lights.
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Yeah, turn all turn all the lights.
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Then when it's done with that, it can go be the road sign or whatever.
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Um, hopefully they're weatherproof.
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Uh picture it on the side of the road with one of those boards, like twirling it around, like shaking it, shaking it.
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I'm I'm really excited about that.
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I I think you know, um that's maybe a little bit further down the road, not not like 10 years though, probably you know, sooner than that.
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Uh short term though, I think I think AI search for consumers replacing portals.
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I I think that is very likely.
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Um, I was on a seller appointment and she was considering moving to another city and didn't know how to search in that area.
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And I'm like, well, and this is an older older lady.
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Um like, well, the easiest way really is just to ask chat GPT, and she's like, Oh, what's that?
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So I like downloaded on her phone for her, and you know, I hit the voice um button on it and said, Okay, now tell it what kind of home you're looking for.
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And it was like two bedrooms, balcony near near the subway, near water, near shopping, and it boom, boom, boom, boom, boom.
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Within 10 seconds, it gave her like three options in three different areas with like links to see it.
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And um yeah, to me, that that just I think has the ability to replace portals, especially if we're gonna get to a more fragmented MLS where different companies have different websites and and it's less centralized than we've had the last you know several decades.
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Um you know, I'm sure the AI is gonna figure out how to like scrape all those different sites rather than the consumer going to multiple sites.
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So that's got me excited as well.
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All right, well, um let's let's move on to our next topic here.
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Uh, what is something that we were completely wrong about five years ago?
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Start with you, Carl.
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Five years ago.
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I mean, an easy one.
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Most people thought the mute the music would never stop, right?
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You know, with just just the the getting was good in 2020, 2021.
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So, I mean, I don't think anybody thought that we were gonna be seeing the market that we're in today.
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And everybody thought it was so easy to make money.
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Um, and I'm I'm not just talking about real estate agents, loan officers.
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I mean, look at the property flippers.
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I mean, I knew multiple property flippers that got bad flips, they got bad deals that they should have never got into, and they still made money because the you know, rising tide raises all boats.
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So the the higher home values, the higher property prices, you know, that saved a bunch of property flippers on bad deals.
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And then we I've personally seen people be left holding the bag over the last couple of years because they didn't learn how to properly calculate what a good margin is on a property flip.
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And they got into bad deals where the market's not gonna bail them out like we saw in 2020, 2021, and they had to learn the hard way.
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If you don't know how to calculate the margin on a flip, and you don't know how to properly advise property flippers and investors on deals, you should text me bridge.
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All right, Nick, what about you?
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The number one thing we got wrong five years ago, even four years ago, was marry the house, date the rate.
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Easily.
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Hey, rates just went up.
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Don't worry, two-one buy down program, marry the house, date the rate.
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You will be able to refinance.
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You know, every this was the pitch for a year.
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Um and it just was wrong.
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It wasn't great information.
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And some people were able to refinance from a seven to a six and a half, whatever.
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But what everyone assumed during that time is that rates would end up back in the five percents, and they are not anywhere close to the five percents.
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Now there's some programs you can buy a rate down, you can pay points, you can get there, right?
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In the high fives, but they didn't just land back in the fives like we all thought would happen, right?
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And I think that the reality is real estate agents waited for two to three years, um, you know, giving people that message.
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And now it's been, and the shift from away from that message has been, oh, well, the rates are the rates, right?
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And so I think everybody got married to house date the rate wrong.
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And the only saving grace um that makes that situation different from what happened in, you know, 06, 07, 08 is that lenders, you know, you still had to qualify at the higher rate.
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So although you were buying your rate um down two points, your your qualification came from the higher rate with the assumption that if you didn't refinance, if you weren't able to refinance, you still could qualify and pay your mortgage.
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Um, so I think that was completely wrong.
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I hate that saying so much, but I have to agree with you so much, Nick, because I had probably 75% of my clients that bought in 22 and 23, they're refinanced.
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They they got the lower rates in the in the fives or low sixes.
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Uh, because we saw like a one-week time frame in September of 24, February of this year, where people were able to pull the trigger.
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The people that didn't pull the trigger are the ones that are left holding the bag because they got it.
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I think that I think that it's irresponsible to to say, no, that's incorrect.
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If there was a week of you know, juice, right?
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It's like it's like you can't be like, oh, we won the game, you know, like winning the game in the last drive is not how you should be winning games, right?
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So yeah, on a micro level, right?
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If you know lenders like you were on top of their clients and clients were you know thinking high level and watching the rates on a regular basis, they were like, hey, this is the week.
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I have a seven, I'm gonna get into the five eights, or I'm gonna get in six two, yeah, sure, a week.
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I'm talking about the macro of people are still kind of like sitting in those pockets, right?
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And I'm not necessarily talking about um the rates, you know, for a week going down into the five percent.
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This isn't what I'm just not what I'm saying, right?
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What I'm saying is everyone assumed that the rates would land and sit in the fives for uh a long period of time, and that hasn't happened.
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And they assumed that it would be in the near term.
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What'd you say?
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It they assumed that it would be in the near term because you know the rates go up, the rates go down, and they're not gonna be what they are now for you know the next 30 years.
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But I think the assumption, either explicit or implicit, was that rates were gonna go down for a sustained period of time in the near term, and they definitely did not.
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Yeah, like what are rates today, Carl?
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30-year fix, conventional?
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Where are we at?
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Not on average, like seven and a half.
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Yeah, not five, right?
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We're not in the fives, right?
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And definitely not in the five.
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They haven't been in the fives for 30 days, three months, six months.
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It just hasn't happened, bro.
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And that's what everybody was pitching at that time, and that's why the two one buy down rate was so important because you're like, oh, you're at seven, we're at seven, two one to five, and you'll just refinance the five eventually, right?
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It hasn't sustained like that in in the last three, four years.
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And if you're being honest, you don't think that's that's gonna happen in the next year or two.
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So, and that's why we've had to settle on, hey guys, let's stop worrying about the refinance, you know, these are the rates now.
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We just gotta be honest with the people, you know.
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Yeah, well, that that kind of is a segue into like one of my next questions, right?
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Are agents failing at explaining the value of real estate in a high rate market?
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Like when money was cheap, it was easy.
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And I made a post about this on Twitter and Instagram yesterday.
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But you know, the you know, you you can complain about seven and a half all you want, but at the end of the day, we are all we all have a short position on the cost of living, right?
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We we have to we have to pay every month to live somewhere, right?
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You know, we have a short position, right?
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Because it's it's you know, it's nothing it's the same thing as shorting a stock, basically, right?
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So how do you balance that out?
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Well, you balance that out with a long position.
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And yeah, you might not like seven and a half, but guess what?
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The risk, the risk-free rate for long term is like in the five percent now, right?
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If you borrow from the government, you know, if the government borrows from you, which uh they say is risk-free, right?
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You know, they're they're paying you 5.2 on the 10 year.
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Um so you know, what is a mortgage?
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Well, it's it's a loan that's slightly above the risk-free rate that lets you take a long position against the devaluing dollar, which the dollar has been uh devalued for decades.
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There is no sign that that will like change ever.
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Like politicians just don't have the political uh will to do that, right?
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Because they all want to get re-elected and they know that hey, even if this is better for the country in 10 years or 20 years, like let's just uh keep having uh longer term pain to avoid some you know steep short-term pain.
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So the dollar is gonna continue to be devalued, and a natural hedge against that is owning real estate.
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So yeah, you might not like you know the 7.5%, but you are locking in most of your cost of living.
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Now I you know I know taxes are gonna go up, which is a certain part of that, and insurance and other other costs, but the the bulk of your uh cost of living is being locked in for 30 years, right?
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Um so if you don't like the 7.5, like go back 30 years ago, see what your house would would cost to rent.
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Right?
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It's it's probably a fraction of what it would be today.
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Uh and then and then do the same math going forward.
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Like, what do you think your rent would be in 30 years?
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So, you know, it's I think real estate agents need to be having more conversations like that rather than like date the rate, uh marry the house or whatever, right?
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In my mind, the interest rate right now is a proxy for for inflation.
00:19:36.799 --> 00:19:46.160
It's not always the case, but in most cases, uh the federal government and the federal reserve board is using the interest rates through monetary policy to tamp down inflation.
00:19:46.319 --> 00:19:49.279
And we're seeing high interest rates now because inflation is high.
00:19:49.440 --> 00:19:54.160
And the best way to protect yourself against inflation is through owning real estate.
00:19:54.319 --> 00:19:58.640
And so the higher the interest rate, the more important it is to own real estate.
00:20:00.000 --> 00:20:08.880
Yeah, and I mean you could really argue that uh real estate, like almost all the value of increase in the last hundred years is from inflation.
00:20:09.279 --> 00:20:09.519
Right?
00:20:09.680 --> 00:20:14.559
It's not like it's not like a stock or something that that grows, right?
00:20:14.640 --> 00:20:18.960
Like by and large, it's it's just growing because of inflation.
00:20:19.039 --> 00:20:20.880
It's keeping you ahead of in inflation.
00:20:21.759 --> 00:20:33.759
And you could argue that the reason one of the reasons there's been tremendous inflation or price appreciation in homes since the 80s is because interest rates were like 15%, 18% then.
00:20:34.000 --> 00:20:53.039
And homes became more affordable as rates went down, and homes becoming more affordable from an interest rate perspective and a monthly payment perspective, that pushes uh that pushes the the price up because people can afford more and they compete more and it pushes the price up.
00:20:53.359 --> 00:21:00.000
Yeah, I'm not I'm not I wasn't even necessarily picking on the rates, I was just answering the question of what if what did we get wrong, right?
00:21:00.240 --> 00:21:12.559
Yeah, you know, but I think that um you know when you're when you're talking about buying and owning real estate, um, you know, like you said, like you know, maybe it's not a good investment in the next five years.
00:21:12.640 --> 00:21:28.480
You can argue do that all day in, you know, Fredericksburg, Virginia or certain places in Vienna, you can argue that in Vienna, where it's like, okay, if I put is it does it make sense for me to put$200,000 down to spend to spend$200,000 on a million and pay$8,000 mortgage when I can rent that house for$5,000?
00:21:28.720 --> 00:21:29.440
Does that make sense?
00:21:29.599 --> 00:21:36.240
You know, who that like the price of um your home is gonna appreciate, especially in our market.
00:21:36.400 --> 00:21:46.000
And then there are different um, you know, tax advantages you could pay your mortgage off earlier to hit some of the interest um, you know, over the first you know, 10 or 15 years.
00:21:46.160 --> 00:21:54.079
I and I think that it's okay also to not always just look at it financially um and look at it, you know, emotionally in real life.
00:21:54.160 --> 00:21:55.200
Is this does it make your community?
00:21:55.359 --> 00:21:56.480
I 100% agree with you on that.
00:21:56.640 --> 00:21:58.960
Um, are your kids going into uh in the right school district?
00:21:59.039 --> 00:21:59.759
Do you want to be rude?
00:22:00.240 --> 00:22:03.519
Somewhere where you can, you know, upgrade your house um and renovate.
00:22:03.680 --> 00:22:12.160
I mean, if you rent, uh if you're renting in a you know uh property management community, like your rent's going up every year, maybe they don't repair things in your house.
00:22:12.240 --> 00:22:17.279
And if you're renting from a private landlord, your landlord can be like, hey, we're selling this thing and you have to move out.
00:22:17.440 --> 00:22:30.880
So I think that um what agents really need to be doing is you don't, you don't you your client doesn't always need you to like go down the rabbit hole of like, why is this a good investment rates, et cetera?
00:22:31.039 --> 00:22:33.359
They just need, you know, hey, here's my goal.
00:22:33.599 --> 00:22:34.799
This is my plan.
00:22:35.039 --> 00:22:40.559
And then you just are consulting them on how real estate fits into that plan, you know.
00:22:40.720 --> 00:22:44.240
Um, just to just to uh you know, I just want to add this.
00:22:44.400 --> 00:22:48.799
I was having uh a drink with a lender yesterday and he has a uh doctor program.
00:22:49.200 --> 00:22:53.279
Um and he's like, Well, who who can I, you know, how do we shop this thing around?
00:22:53.440 --> 00:23:03.680
I'm like, I think that that's a good product for a financial planner who is um doesn't want to pull their clients' money out of the market, right?
00:23:04.000 --> 00:23:19.599
But they can go zero down and say, hey, instead of spending quarter million, let's keep that invested in the market at, you know, 9% or 7% conservatively, and let's pencil out what no down payment looks like on your million dollar house and if that makes sense for you monthly, right?
00:23:19.680 --> 00:23:27.039
So I think there's just you just have to be a more intelligent, resourceful real estate agent right now for your clients and like empathetic.
00:23:27.200 --> 00:23:39.440
And I think Dan does a good job also of always mentioning the creative financing, um, like the assumable mortgage or the subject to um to really you know help the client win financially as well.
00:23:39.920 --> 00:23:48.079
Yeah, the I mean the the there is definitely a value in not having to put like a ton of your money into it.
00:23:48.160 --> 00:23:53.200
Like I had I had a doctor client, uh still a client and good friend, like 12 years ago.
00:23:54.000 --> 00:23:55.279
Maybe longer, actually.
00:23:55.519 --> 00:24:02.319
And I think the doctor program back then for the price he was buying at was like it was either 5% down or 10% down.
00:24:02.400 --> 00:24:08.160
It was one of those two, uh, and and and lower rates than what everyone would would give.
00:24:08.240 --> 00:24:09.279
And they're often through banks.
00:24:09.359 --> 00:24:10.960
Uh I know Carl offers it too, though.
00:24:11.200 --> 00:24:14.000
But um Carl, shoot me a flyer, my guy.
00:24:14.480 --> 00:24:19.200
He he actually chose FHA, which you wouldn't you wouldn't think.
00:24:19.279 --> 00:24:21.359
It's like a higher rate, there's PMI.
00:24:22.079 --> 00:24:27.680
Um and it's it's more known, and maybe this is a unnecessary stigma.
00:24:27.839 --> 00:24:30.960
I think it's more known for like uh people with bad credit.
00:24:31.039 --> 00:24:31.279
I don't know.
00:24:31.440 --> 00:24:33.039
Is that is that wrong, Carl?
00:24:34.079 --> 00:24:37.440
It's more common for people that have what we say less than perfect credit.
00:24:37.759 --> 00:24:39.119
Okay, yeah, fine.
00:24:39.279 --> 00:24:41.359
Um very PC, thank you.
00:24:41.599 --> 00:24:51.839
Um but but I asked him, like, oh, you don't you don't want the lower rate with like going to five percent and it was only like 1.5% more or something.
00:24:52.240 --> 00:25:02.960
And he was like, No, it would be better for me to like keep that money and like reinvest it in the the practice, and um and uh you know his practice has grown since then.
00:25:03.119 --> 00:25:07.599
And you could apply the same principle even to a 10 or 20 percent down, right?
00:25:07.680 --> 00:25:18.400
Like it's um it's uh giving you the value, like that example Nick said, you're you're getting the appreciation of a million dollars.
00:25:18.559 --> 00:25:25.279
Now I'm talking and and it could go up and down and uh who knows in in a five-year period, but let's let's fast forward 10 years, 20 years.
00:25:25.759 --> 00:25:37.920
Um you're getting uh you know you're getting that uh that position of a million dollars against the devaluing dollar um for the cost of only you know two hundred thousand dollars down.
00:25:38.000 --> 00:25:50.559
So um so you have less leverage or or excuse me, you you maybe if maybe it's not as good a return as investing in some stocks, but because of the leverage you have, right, you've got like a five to one leverage in that.
00:25:51.119 --> 00:25:58.640
Um you know, you have such an amazing hedge against inflation and uh the declining dollar.
00:25:59.359 --> 00:26:03.359
And I think I think a lot of people like miss out on that.
00:26:03.440 --> 00:26:08.240
Because in 10 years, 20 years, 30 years, you're still gonna have to like live somewhere, right?
00:26:08.720 --> 00:26:23.599
Um and and so you know what Nick said about yes, it has to be right emotionally, and and probably for most people that's why they buy the house in the first place for emotional reasons, and then they use all these things we're talking about to justify it, like logically.
00:26:23.759 --> 00:26:32.079
But um, and and the most important thing too, uh, beyond that is like they have to be able to afford it um and have a cushion and have contingencies.
00:26:32.160 --> 00:27:03.920
And I think that was another one of the dangers with the like you know, buy the house, date the rate kind of scenario, because um not everyone refinanced in that brief window we had, and if they were on vacation or not uh not watching the rates, or they didn't have Carl as their lender to remind them, um, or you know, God forbid they like had a change in income, or you know, they bought and then they had kids and the wife wanted to stay home for a while, or they got fired, relocated, who knows, right?
00:27:04.000 --> 00:27:08.240
Like it's not automatic that they would qualify to refinance in that window.
00:27:08.319 --> 00:27:24.000
So I think I think um even with the higher rates, like you know, we zoom out long term, it makes sense, but you still have to be able to like justify and be comfortable with the payment structure that you're gonna face today.
00:27:24.799 --> 00:27:26.960
And for oh, yeah.
00:27:27.279 --> 00:27:30.319
I don't think agents should focus on the interest rate.
00:27:30.640 --> 00:27:32.640
What you focus on expands.
00:27:32.799 --> 00:27:36.480
What you focus on as the agent is what your buyer is going to focus on.
00:27:36.640 --> 00:27:38.559
So focus on the monthly payment.
00:27:38.720 --> 00:27:41.920
You're ultimately selling a monthly payment, not an interest rate.
00:27:42.079 --> 00:27:48.319
You know, some agents will see a buyer's loan terms and say, oh, that interest rate seems a little bit high.
00:27:48.480 --> 00:27:52.160
Instead of saying that, ask them, are they comfortable with the monthly payment?
00:27:52.319 --> 00:27:56.960
Let's take the focus off of the interest rate, put the focus on the monthly payment.
00:27:57.119 --> 00:28:07.839
And then I think also like the best agents that I work with, they help educate consumers that their monthly mortgage payment is not equal to a rent payment of the same amount.
00:28:08.079 --> 00:28:17.519
If you take an average house of$500,000 right now, 5% down, average interest rate, you're gonna see average monthly payment around$3,700 a month.
00:28:17.759 --> 00:28:20.880
Now,$400 of that is gonna go towards principal.
00:28:21.279 --> 00:28:27.359
And then the average person, obviously, I'm not a CPA, but on it depends on your tax bracket, all that stuff.
00:28:27.440 --> 00:28:35.680
But on average, the mortgage interest is going to give you about$6,000 of tax benefits of increased refund.
00:28:35.759 --> 00:28:42.400
So if you're getting$6,000 more on your refund on average, that's you know, divide by 12, that's$500 a month.
00:28:42.480 --> 00:28:45.759
So you're getting$500 a month of tax benefits from the mortgage interest.
00:28:45.920 --> 00:28:58.799
You're paying, you're taking$400 a month and putting it into your house account, just convey like I've I've had plenty of agents that have conveyed the house being just another bank account for the client, right?
00:28:58.960 --> 00:29:04.400
So instead of you putting$400 into your savings account, you're putting$400 a month into your house account.
00:29:04.559 --> 00:29:09.839
So if we take the$500 of tax benefits, the$400 of principal, that's$900.
00:29:10.079 --> 00:29:15.680
So that$3,700 mortgage payment is really equal to a$2,900 rent payment.
00:29:15.839 --> 00:29:19.279
And if you can convey, right,$2,800 rent payment?
00:29:19.599 --> 00:29:26.799
If you can convey that to your clients, though, then you you help educate them on how it's not an apples to apples comparison.
00:29:26.880 --> 00:29:27.599
And guess what?
00:29:27.680 --> 00:29:29.920
That's based on what it is right now at closing.
00:29:30.160 --> 00:29:35.440
Fast forward five, 10 years, and you're paying way more towards principal, the numbers get better.
00:29:35.680 --> 00:29:45.039
So I the best agents I've worked with sell and educate on you know how the how the house is effectively a bank account.
00:29:45.279 --> 00:29:47.440
I I think one one other thing on that too.
00:29:47.519 --> 00:29:54.640
Even maybe even after you do all that math, it's it's cheaper to rent um by like$400,$500.
00:29:55.200 --> 00:30:06.720
Well, I think a lot of people then in that scenario should look at like, okay, what kind of house can I get with a$500 less payment, right?
00:30:07.200 --> 00:30:15.440
Um and maybe it's not as nice as what they could rent, you know, but that's that's like Carl said, that's short term.
00:30:15.599 --> 00:30:17.599
Those rents are gonna keep going up.
00:30:17.759 --> 00:30:28.160
And you know, if if you don't have this long position against the devaluing dollar, like it's only gonna get worse in the future, like unless you just have a dramatic increase in in income.
00:30:28.319 --> 00:30:46.559
But in in either case, like you know, I think the short-term sacrifice to have that that hedge and to have that um that tie to the community, if it's where you want to be, and know that your landlord can't just go sell it out from under you, or you have to get permission because you want to paint an accent wall.
00:30:46.720 --> 00:30:54.000
Like um, you know, there's there's just a lot of other ways that real estate agents could have these conversations, I think, with buyers.
00:30:54.400 --> 00:30:55.039
Agree.
00:30:56.400 --> 00:31:01.440
I want to close out or I gotta antagonize you a little bit to get get that out of you, bro.
00:31:02.160 --> 00:31:13.680
I want to close out what we got wrong uh a couple years ago, um, or what some people got wrong is that with the Sits Burnett uh and similar lawsuits that buyer agents wouldn't exist.
00:31:13.920 --> 00:31:14.720
Oh, that's a good one.
00:31:15.039 --> 00:31:23.279
Uh that, you know, and there were arguments on both sides, but whoever was arguing that buyer agents wouldn't exist were completely wrong.
00:31:23.440 --> 00:31:30.400
And I'd argue that buyer agents are more important now than ever with low inventory uh and actually finding homes off market.
00:31:30.880 --> 00:31:45.039
Uh and I I think you know, people saying that AI is gonna take over real estate agent roles are you know in the in the same position, um being wrong about agents or buyers' agents or any agents disappearing.
00:31:45.599 --> 00:31:48.559
Don't let the doom and gloom get to you, right?
00:31:48.720 --> 00:31:50.160
Optimize for optimism.
00:31:50.240 --> 00:31:51.839
That's that's what we're about here.
00:31:52.079 --> 00:31:58.240
Um and and to your point, James, buyer agent commissions have actually increased since then.
00:31:58.400 --> 00:32:09.519
Now you could argue that's because of changes in the market, and um when you go from more of a seller's market to more of a buyer's market, the buyer agent commissions typically go up.
00:32:09.759 --> 00:32:21.599
Um and maybe it's just a coincidence because those things kind of happened at the same time, but since that lawsuit, buyer agent commissions nationwide have actually gone up.
00:32:22.880 --> 00:32:25.119
Um all right, let's close out with this one.
00:32:25.279 --> 00:32:30.720
Why do good agents so often get stuck around a hundred thousand dollars of income?
00:32:31.039 --> 00:32:32.720
I want to go on this one actually.
00:32:32.880 --> 00:32:34.640
Um I have three things.
00:32:34.880 --> 00:32:35.599
Excuse me.
00:32:35.759 --> 00:32:40.880
I think the first one and the one that we you know typically lean on in the business is like scale, right?
00:32:40.960 --> 00:32:44.960
Like, oh, are you doing the 20%, are you doing the you know, 80%, right?
00:32:45.039 --> 00:32:49.119
And you know, shooting off the what is it, are you doing the 20% and shooting off the 80% to somebody else?
00:32:49.279 --> 00:32:53.200
So like admin work, showing houses, um writing contracts, etc.
00:32:53.440 --> 00:32:56.640
That's like something, you know, that people focus on all the time.
00:32:56.880 --> 00:33:01.599
But I think that uh the two other things that are important is one, your average price point, right?
00:33:01.680 --> 00:33:09.759
So if you're selling$500,000 a year uh homes and you're making a certain income, one of the easy and you, you know, you do 20 deals a year, right?
00:33:09.920 --> 00:33:15.839
One of the easiest ways to make more money is to start selling$700,000 homes or$800,000 homes.
00:33:16.000 --> 00:33:21.599
Um, and so finding a lead gen strategy um or a way to do that is is is uh valuable.
00:33:21.759 --> 00:33:27.839
Um I also think that, and I don't know if it's like legal to talk about like compensation percentage, right?
00:33:28.160 --> 00:33:35.680
But if you're if your average compensation is two and a half percent, right, how can you get that up to three percent or three and a half percent?
00:33:35.920 --> 00:33:48.880
Um, so I think that it's always it's great to talk about like all the admin help you may need to free up some time, but you know, sell more expensive houses and make more, you know, compensation compensation per deal.
00:33:49.119 --> 00:33:51.519
Um that's how you make more money.
00:33:52.000 --> 00:33:52.720
Agreed.
00:33:52.960 --> 00:34:05.759
I also think that when you have some sort of system or a group of systems that frees you up to talk to more opportunities, and the more you're talking to opportunities, the more you can pick and choose.
00:34:05.920 --> 00:34:12.719
You know, the person that wants to negotiate your commission down, uh, you can let them go or refer them out.
00:34:12.880 --> 00:34:18.559
Um and uh and it you're able to go after the higher price point.
00:34:18.960 --> 00:34:26.400
Um so I think that systems are critically important to give you time back to do the things that are gonna actually help you grow your business.
00:34:27.119 --> 00:34:28.880
And do the things that you just described.
00:34:29.119 --> 00:34:30.159
I think it's two things.
00:34:30.400 --> 00:34:37.199
Number one is what's your mindset when you're actively transacting and actively representing people?
00:34:37.360 --> 00:34:43.920
And what I mean is you should be looking at every single deal as not just that one deal.
00:34:44.159 --> 00:34:51.519
You should assume that there are other future deals on the line based on your performance on that deal.
00:34:51.760 --> 00:34:57.199
Because if you do a really good job, then you're going to get referrals from those clients.
00:34:57.360 --> 00:35:00.159
You're going to get other business from that business.
00:35:00.320 --> 00:35:08.800
And so if you treat every single transaction as multiple future transactions, it's going to change the way that you provide service to your people.
00:35:08.880 --> 00:35:16.559
You're going to be much more fired up about making sure that you deliver and get the absolute best situation for your buyers or sellers.
00:35:16.719 --> 00:35:22.320
And then the second thing is, I mean, most agents, in my opinion, just aren't actively working their database the way they should be.
00:35:22.639 --> 00:35:33.679
They aren't building really strong, sticky relationships with their clients that are going to make them the person that they think of when they're having a conversation with a friend about relocating to the area, right?
00:35:33.840 --> 00:35:40.719
If you're building really strong, sticky relationships and staying top of mind, sending how many emails a week do you send, Nick?
00:35:41.119 --> 00:35:42.239
Four to five.
00:35:42.880 --> 00:35:43.360
Yeah.
00:35:43.840 --> 00:35:50.159
Nick is working his database and he's doing it in a way where most agents aren't, right?
00:35:50.239 --> 00:36:00.480
So if you're actively working your database at a high level, then you're gonna you're gonna be able to grow your business because you I've seen it time and time again.
00:36:00.639 --> 00:36:03.199
A lot of people are just chasing leads.
00:36:03.280 --> 00:36:07.599
They're chasing leads and they're on that hamster wheel over and over and over again.
00:36:07.760 --> 00:36:10.880
And that's not a growth uh system.
00:36:12.000 --> 00:36:30.480
Yeah, I think a lot of agents stop or um refuse to implement things that would save them time, like hiring an assistant, paying for a transaction coordinator, even if it's just file by file, or implementing AI systems.
00:36:30.639 --> 00:36:50.000
I think I think some of them feel good about the busy kind of work that they can do, and they it makes them feel special and and they spend their time on that instead of having more conversations and working the database more, you know, like like you said, Carl.
00:36:50.159 --> 00:37:06.079
And um, you know, I I know like maybe maybe they just feel better and and like they accomplished something like when they prepared the entire CMA by hand or or whatever.
00:37:06.320 --> 00:37:12.639
Um they they you know uploaded their files, uh maybe maybe they just feel good about it, right?
00:37:12.719 --> 00:37:14.159
And these are just a couple examples.
00:37:14.559 --> 00:37:21.840
Uh but why why do you think it is, Carl, that they avoid having more conversations and and working the database more?
00:37:22.000 --> 00:37:26.239
Because it it seems like that's where that's where the money's at.
00:37:26.960 --> 00:37:29.920
Well, you know, there's only people make excuses, right?
00:37:30.159 --> 00:37:42.880
So I mean it and if you break it up into yeah, I I know a lot of people in coaching programs, they try to break up their days and assign you know certain days for certain things, right?
00:37:43.039 --> 00:37:50.000
So Monday, you're gonna touch base with all your active people that are you know either on market or under contract.
00:37:50.159 --> 00:37:58.800
Tuesday, you're gonna reach out to all the people that have already signed a buyer agreement with you, so you know, people that are already active in the system.
00:37:58.960 --> 00:38:04.800
And then, you know, Wednesdays and Thursdays are for you know the other prospects that you have and past clients, right?
00:38:04.880 --> 00:38:15.039
So if you if you create like a calendar that is going to give you the consistency of doing the same thing every week, which is it's boring.
00:38:15.199 --> 00:38:17.599
It's boring doing the same thing every week, right?
00:38:17.760 --> 00:38:34.159
But if you time block on your calendar and assign certain days to certain things, if I know that I'm calling everybody I can in my database on a Thursday, every single Thursday, then I know at the beginning of the day that that's that's what my task is.
00:38:34.320 --> 00:38:41.199
That's what my goal is, is to have at least 10 effective conversations with people in my database.
00:38:41.360 --> 00:38:50.079
But also, I think part of it is the especially newer agents, like they they don't know how to have those conversations without being weird, right?
00:38:50.239 --> 00:39:05.679
And so if you haven't done coaching, you definitely should try doing some form of a coaching program because the or if you're a good carl, I want me to cut you off there, or instead of going out and paying for one, you can just join our group at exp.
00:39:05.840 --> 00:39:06.800
Join our group at exp.
00:39:06.880 --> 00:39:10.960
You'll get Tim and Julie's scripts, our scripts, uh, you'll get on calls with us.
00:39:11.039 --> 00:39:13.840
We'll we can put you in classes that exp runs, fast cap.
00:39:14.079 --> 00:39:15.280
Like we, you know.
00:39:15.679 --> 00:39:19.760
So so reach out to us if you're looking for coaching on how to have those conversations.
00:39:21.039 --> 00:39:31.039
Um one last question, I think, because you guys all mentioned AI tools you're using earlier that are saving saving time, making you more productive.
00:39:31.440 --> 00:39:35.280
Uh, I'm curious, what are you doing with that extra time now?
00:39:35.519 --> 00:39:37.440
And it it doesn't have to be business, right?
00:39:37.679 --> 00:39:40.000
And maybe it's something personal or or more fulfilling.
00:39:40.079 --> 00:39:44.320
And um, but what are you guys doing with that time that that AI is creating for you?
00:39:44.719 --> 00:39:46.800
I'm recruiting agents to my team.
00:39:49.920 --> 00:39:50.800
All right, what about you?
00:39:50.960 --> 00:39:52.079
What about you, Nick?
00:39:52.719 --> 00:39:57.440
You know, I wish I had a good answer, but I I don't I don't really have like a a big time issue.
00:39:57.599 --> 00:40:01.599
So I'm just kind of, you know, I I'm I'm like a different type of guy.
00:40:01.679 --> 00:40:03.119
I'm just like floating through the day.
00:40:03.199 --> 00:40:05.199
I'm a to-do list guy, right?
00:40:05.519 --> 00:40:09.280
So I'm just like, who do I need to talk to today about what, etc.?
00:40:09.679 --> 00:40:13.920
And so because of that, I just have time all day, right?
00:40:14.079 --> 00:40:19.440
And so you're more relaxed, maybe, or get to have more time with the family, or yeah.
00:40:19.519 --> 00:40:22.000
Like I I, you know, I can drive my kids to school every day.
00:40:22.079 --> 00:40:23.519
I pick them up from school right now.
00:40:23.599 --> 00:40:27.360
I'm you know, taking my son to football practice, you know, three times a week.
00:40:27.440 --> 00:40:30.000
And I start, I I coach high school basketball as well.
00:40:30.159 --> 00:40:35.920
So I guess I have the time um in the day to you know have more family time.
00:40:36.239 --> 00:40:37.360
What about you, Carl?
00:40:37.599 --> 00:40:53.519
I'd say 20% more time away from work, and then 80% of that freed up time is spent coaching the loan officers in my group, coaching the new agents that I'm I'm working with, and making outbound cold calls, baby.
00:40:53.679 --> 00:40:54.159
Let's go.
00:40:54.239 --> 00:41:02.079
I mean, yeah, that's where the magic is is getting more opportunity to have more conversations.
00:41:02.639 --> 00:41:13.039
And if if if you you're listening and you say, I hate cold calls, I would guarantee you would feel a whole lot better about it if you had a really successful one.
00:41:13.280 --> 00:41:20.559
So you just gotta make enough of them to have one really successful one where you hang up and you're like, wow, I owned that phone call.
00:41:20.719 --> 00:41:21.679
I did great.
00:41:21.920 --> 00:41:26.400
Um so just just make enough calls until one of those things hits.
00:41:26.639 --> 00:41:38.000
And if you said, hey, I've made a bunch of calls, that's not happening, you need to to reach out to our group about how you know we can coach you to be able to have more effective conversations.
00:41:38.239 --> 00:41:44.000
Yeah, I've I've added cold calls with with uh a lot of what Tim has taught me and uh specifically expired.
00:41:44.239 --> 00:41:49.840
And guys, it's it's in your market, there's dozens, uh, if not more, every day.
00:41:50.000 --> 00:41:56.480
Um, and you know, I look at it as like every day there's 30 or 40 uh in my market.
00:41:56.960 --> 00:41:57.840
Um, guess what?
00:41:58.000 --> 00:42:01.119
Those are those are like free scratch off tickets, right?
00:42:01.280 --> 00:42:06.480
And it takes me you know half hour at most, usually to get through them on the dialer.
00:42:06.559 --> 00:42:12.400
And some of them are gonna hang up, some of them are gonna be wrong number, but some of them will and some will be mad, right?
00:42:12.559 --> 00:42:13.840
But some of them will convert.
00:42:14.079 --> 00:42:14.880
And guess what?
00:42:15.039 --> 00:42:21.440
Uh I spent 30 minutes scratching off tickets uh for 15,000, 20,000, 30,000, right?
00:42:21.519 --> 00:42:22.960
Even even higher ones.
00:42:23.119 --> 00:42:25.599
So um jump on those cold calls.
00:42:25.679 --> 00:42:29.599
Uh, that's something that yeah, I have more time for those as well now because of AI.
00:42:29.920 --> 00:42:35.440
Uh, and then it has allowed me to do more things with my family, with my kids.
00:42:35.519 --> 00:42:48.000
Like I'm I'm coaching fall baseball right now, uh doing uh two or three uh flag football drop-offs a week and and watching the practices in the game.
00:42:48.079 --> 00:43:05.039
So it's it's um you know, I I think for most people to be a combination of like, yeah, you can add some new elements to your business, increase your income, and have more time for family, personal stuff, things that are more uh spiritually fulfilling than you know, selling more houses.
00:43:05.199 --> 00:43:10.960
Um so hope you guys enjoyed the show today and and and learned a lot.
00:43:11.119 --> 00:43:21.280
If you've learned one thing, just one thing, and hopefully you learn more than that, please leave us a review wherever you are consuming this on Apple, Spotify, YouTube.
00:43:21.840 --> 00:43:25.679
Uh leave a comment as well or ask us a question.
00:43:25.840 --> 00:43:28.239
We'd love to address it on the next episode.
00:43:28.480 --> 00:43:30.559
We will see you guys next time.
00:00:00.239 --> 00:00:05.919
Welcome to the hyper fast agent real strategies, real time, and real estate conference.
00:00:20.480 --> 00:00:24.640
Recent developments in AI are taking over real estate.
00:00:24.719 --> 00:00:38.399
It seems like every day we hear of a new thing being done by AI from writing contracts, virtual staging, marketing, uh pricing, doing seller analysis, replacing assistance.
00:00:38.640 --> 00:00:44.880
There's even talk about cybercars and robots reducing the work it takes to do showing.
00:00:45.039 --> 00:00:59.119
So on this episode of the Hyperfast Agent Growth Show, we've got our panel here to address AI changes, what you need to implement now, what you should be excited about, as well as some other topics that I think will be very entertaining.
00:00:59.359 --> 00:01:00.640
Welcome to our show.
00:01:00.719 --> 00:01:02.000
Let's kick it off, guys.
00:01:02.159 --> 00:01:06.640
What has excited you the most in AI recently?
00:01:07.599 --> 00:01:11.040
Grokbot, hands down, has excited me the most.
00:01:11.120 --> 00:01:24.000
And I haven't seen any other uh agencai platform that is versatile with uh with lots of different websites systems uh and tools like Grokbot.
00:01:24.079 --> 00:01:30.000
And it works even when your computer is shut off or sleeping, uh, which others don't have.
00:01:30.239 --> 00:01:38.799
And even if there's not an API or an MCP connector, it can literally just go in and do it like you and click the buttons that you click.
00:01:38.879 --> 00:01:44.480
And it has in the last three days replaced so much that I was doing and that I had a VA doing.
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What have what have you set up so far with it?
00:01:47.920 --> 00:01:50.640
Um yeah, I've set up uh marketing tasks.
00:01:50.719 --> 00:02:01.519
And so that's you know, weekly emails through MailChimp, um uh a handwritten note template uh that I'm using through follow-up offs and an integration.
00:02:01.680 --> 00:02:06.000
It's not just clicking the buttons to send those, but going in editing the name.
00:02:06.239 --> 00:02:09.520
Like if it's uh husband and wife, for example.
00:02:09.759 --> 00:02:12.080
Um, and uh let's see what else it's doing.
00:02:12.159 --> 00:02:14.960
It's coming through my emails and getting rid of junk email.
00:02:15.039 --> 00:02:18.400
Um, it's doing a home value analysis or CMA.
00:02:18.800 --> 00:02:21.360
Um, and I'm looking at my list here.
00:02:21.439 --> 00:02:22.479
What else is it doing?
00:02:22.639 --> 00:02:28.719
Um I've trained it on how to send buyer agency agreements uh and and listing agreements to clients.
00:02:28.960 --> 00:02:31.840
This is all just within the last 30 days, and I'm not at Tech Wizard.
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It's amazing.
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Carl, what about you?
00:02:35.439 --> 00:02:40.240
I'll pick it back off of James there, where he mentioned the like the CMAs.
00:02:40.479 --> 00:03:17.919
I mean, I I think like I've seen what what Carrie's done with using the AI to be able to build out the CMAs and and uh essentially something that would take hours of preparation, hours of research is condensed down into essentially the AI running it in 10 minutes, and then you can go in, you can make a phone call around lunchtime, go to an evening appointment, and have the most comprehensive presentation uh that's going to allow you to just stand out from all your competition while have a client and not only bring more value, but I mean ultimately just win at a higher rate.
00:03:18.080 --> 00:03:27.039
I I think that that's that's the most exciting part uh for real estate agents right now, in my opinion, because everybody wants to win.
00:03:27.199 --> 00:03:32.319
And if you're having more effective conversations, winning at a higher rate, then you're having a better use of your time.
00:03:34.560 --> 00:03:35.599
Nick, what about you?
00:03:35.840 --> 00:03:50.560
Um for me, it's still you know, simple things, you know, like Lofty has B, which is the AI that follows up with um, you know, contacts in the database and kind of briefs you on the last conversation and and what you should nudge um that uh particular client about.
00:03:50.719 --> 00:03:56.479
Um, but James just got really excited about um Grok, so I need to spend the weekend.
00:03:56.560 --> 00:03:58.159
Uh Nick, you gotta check it out.
00:03:58.319 --> 00:03:58.879
I can help you.
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I'll show you a screenshot of everything it's doing for me.
00:04:01.120 --> 00:04:02.319
It's gonna blow your mind.
00:04:02.800 --> 00:04:04.319
Yeah, I gotta get in there.
00:04:04.400 --> 00:04:09.199
Um are you getting the the the AI assistance on Lofty?
00:04:09.280 --> 00:04:12.400
Is that through the EXP Lofty version?
00:04:12.719 --> 00:04:17.199
So it's not the exp lofty version, it's the team's you know personal account.
00:04:17.439 --> 00:04:21.199
And so we have is your team because your your team is with exp are they?
00:04:21.439 --> 00:04:22.720
Yeah, team is with exp.
00:04:22.879 --> 00:04:26.639
So it's the team lofty account, yeah.
00:04:26.959 --> 00:04:33.360
Okay, which is I if uh correct me if I'm wrong, that's free to all team leaders at exp reality, correct?
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Yeah, yeah.
00:04:35.759 --> 00:04:37.839
So that's that's pretty amazing that that's included.
00:04:37.920 --> 00:04:41.920
Now, will that like scrape the contacts, tell you like, hey, these are the ones you should call today?
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Or for me, the most important thing is um figuring out who I need to call that day, right?
00:04:47.759 --> 00:04:53.040
And so what you can do inside Lofty um is you can just toggle lead score.
00:04:53.279 --> 00:04:57.680
And um, you know, it's green if it they feel like it's a good lead score, then it goes yellow and red.
00:04:57.839 --> 00:05:09.199
Um, I typically follow up with people that are 70 or higher on other platforms, you know, especially fellow, um the leads that are really moving are like 65, but really like 70 or higher.
00:05:09.360 --> 00:05:10.639
And so that's where my focus is.
00:05:10.720 --> 00:05:14.000
And so I can go in, you know, click one button, lead score.
00:05:14.079 --> 00:05:22.079
And then if I click into every lead, um as I click into every lead, uh, I get a brief on, hey, this is the last conversation.
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You send this email, they didn't respond, or they open this email.
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This is what I think you should talk to them about.
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Um, you can click send email and it'll it'll draft that for you.
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So it's really, it's really um, you know, intuitive, it's really smart, and it just saves it just saves a lot of time.
00:05:37.279 --> 00:05:42.480
And it's better than having a targeted lead end strategy in just sort of blasting a list with phone calls.
00:05:42.639 --> 00:05:57.920
I think there's a good time to mention that, you know, when a lot of people think about exp reality, they of course think about the low cap and the revenue share and the stock awards, but the the tech offerings, they've they've built it a lot differently than some of the other bigger places, right?
00:05:58.079 --> 00:06:18.160
They've you know they've got 80,000, 85,000 agents, and their strategy for several years has been let's go to the marketplace, see what's proven and tested, see what kind of free or super cheap deal we can get for our agents because we're giving access to these platforms to 80,000, 85,000 agents.
00:06:18.480 --> 00:06:35.279
So you've got like the marketplace competing to build products and services and companies that are like focused on that, and you've got to think there's like hundreds, if not thousands, of entrepreneurs trying to build CRMs and AI for real estate and other other things that will uh you know help help help agents, right?
00:06:35.759 --> 00:06:50.480
And you're not, you know, you're not like some other companies like taking your own capital and time and trying to be a tech company when really you're a real estate company, you're letting all these other people compete in the market and then you get the cherry pick, uh the best ones, and give it to the agents.
00:06:50.639 --> 00:06:53.839
And I've I've heard nothing but great things about Lofty.
00:06:54.160 --> 00:06:58.319
And um, so hearing about the AI, you know, just makes me even more excited to talk about it.
00:06:58.399 --> 00:07:05.519
And you know, by the way, if you know, everyone listening, if you're not at EXP Realty, uh, you do have an opportunity to partner with us.
00:07:05.600 --> 00:07:14.240
So when you know, when you join EXP, you can name a sponsor, and our group offers a ton of benefits above and beyond what you would get with EXP.
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You get access to Tim and Julie Harris's coaching, the coaching that Carrie and I uh offer through Hyperfast Agent.
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We do you know regular masterminds, we'll we'll partner with you, help you increase your sales.
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If you want to build revenue share and have recurring income, we we will help you do that.
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So if you you know if you're interested in getting around uh hopefully like-minded people, optimistic, that want to grow, want to build, uh, this is the group to associate with.
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Uh and you can reach out to any of us and have a conversation.
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Nick, how do they get in touch with you?
00:07:47.120 --> 00:07:52.079
Text get money to 202-255-9560.
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All right, and Carl.
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Text me, Bridge 804-665-4344.
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James.
00:08:00.560 --> 00:08:05.199
You can text me EXP at 202-841-7815.
00:08:05.759 --> 00:08:10.639
And you can reach me at 703-638-4393.
00:08:10.720 --> 00:08:13.920
Uh and reach out to any and and or or all of us.
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You know, we would love to have the chance to talk to you about what we could uh help you do on the exp platform with our group.
00:08:21.600 --> 00:08:24.480
Uh, you know, any of us would be honored to have that conversation.
00:08:24.639 --> 00:08:32.320
So um yeah, in terms of what has excited me most recently about AI, I'll give kind of a short-term and long-term answer.
00:08:32.559 --> 00:08:36.879
Um the long term is I you know, I talked to mention it last week.
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I'm I'm really excited about this idea of robots um that help get your listing ready for each showing, like greet the buyer, like you know, no more fumbling around with the lock boxes.
00:08:48.639 --> 00:08:53.039
Uh, maybe the robot can be a sign, even like it can turn on all the lights.
00:08:53.200 --> 00:08:54.799
Yeah, turn all turn all the lights.
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Then when it's done with that, it can go be the road sign or whatever.
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Um, hopefully they're weatherproof.
00:09:00.720 --> 00:09:06.480
Uh picture it on the side of the road with one of those boards, like twirling it around, like shaking it, shaking it.
00:09:07.840 --> 00:09:09.519
I'm I'm really excited about that.
00:09:09.600 --> 00:09:18.000
I I think you know, um that's maybe a little bit further down the road, not not like 10 years though, probably you know, sooner than that.
00:09:18.240 --> 00:09:26.799
Uh short term though, I think I think AI search for consumers replacing portals.
00:09:26.879 --> 00:09:29.360
I I think that is very likely.
00:09:29.679 --> 00:09:36.399
Um, I was on a seller appointment and she was considering moving to another city and didn't know how to search in that area.
00:09:36.480 --> 00:09:39.360
And I'm like, well, and this is an older older lady.
00:09:39.519 --> 00:09:46.399
Um like, well, the easiest way really is just to ask chat GPT, and she's like, Oh, what's that?
00:09:46.720 --> 00:09:55.360
So I like downloaded on her phone for her, and you know, I hit the voice um button on it and said, Okay, now tell it what kind of home you're looking for.
00:09:55.440 --> 00:10:04.799
And it was like two bedrooms, balcony near near the subway, near water, near shopping, and it boom, boom, boom, boom, boom.
00:10:04.879 --> 00:10:09.519
Within 10 seconds, it gave her like three options in three different areas with like links to see it.
00:10:09.600 --> 00:10:29.120
And um yeah, to me, that that just I think has the ability to replace portals, especially if we're gonna get to a more fragmented MLS where different companies have different websites and and it's less centralized than we've had the last you know several decades.
00:10:29.279 --> 00:10:36.720
Um you know, I'm sure the AI is gonna figure out how to like scrape all those different sites rather than the consumer going to multiple sites.
00:10:36.799 --> 00:10:39.039
So that's got me excited as well.
00:10:41.440 --> 00:10:45.840
All right, well, um let's let's move on to our next topic here.
00:10:46.000 --> 00:10:51.200
Uh, what is something that we were completely wrong about five years ago?
00:10:52.080 --> 00:10:53.840
Start with you, Carl.
00:10:54.799 --> 00:10:56.320
Five years ago.
00:10:56.720 --> 00:10:58.799
I mean, an easy one.
00:10:59.919 --> 00:11:03.360
Most people thought the mute the music would never stop, right?
00:11:03.519 --> 00:11:09.919
You know, with just just the the getting was good in 2020, 2021.
00:11:10.240 --> 00:11:18.000
So, I mean, I don't think anybody thought that we were gonna be seeing the market that we're in today.
00:11:18.159 --> 00:11:20.879
And everybody thought it was so easy to make money.
00:11:21.120 --> 00:11:25.039
Um, and I'm I'm not just talking about real estate agents, loan officers.
00:11:25.120 --> 00:11:26.960
I mean, look at the property flippers.
00:11:27.120 --> 00:11:41.440
I mean, I knew multiple property flippers that got bad flips, they got bad deals that they should have never got into, and they still made money because the you know, rising tide raises all boats.
00:11:41.679 --> 00:11:49.279
So the the higher home values, the higher property prices, you know, that saved a bunch of property flippers on bad deals.
00:11:49.440 --> 00:12:02.080
And then we I've personally seen people be left holding the bag over the last couple of years because they didn't learn how to properly calculate what a good margin is on a property flip.
00:12:02.320 --> 00:12:10.240
And they got into bad deals where the market's not gonna bail them out like we saw in 2020, 2021, and they had to learn the hard way.
00:12:10.399 --> 00:12:23.279
If you don't know how to calculate the margin on a flip, and you don't know how to properly advise property flippers and investors on deals, you should text me bridge.
00:12:24.960 --> 00:12:26.720
All right, Nick, what about you?
00:12:27.039 --> 00:12:35.360
The number one thing we got wrong five years ago, even four years ago, was marry the house, date the rate.
00:12:36.480 --> 00:12:37.279
Easily.
00:12:37.519 --> 00:12:39.200
Hey, rates just went up.
00:12:39.360 --> 00:12:44.320
Don't worry, two-one buy down program, marry the house, date the rate.
00:12:44.480 --> 00:12:46.320
You will be able to refinance.
00:12:46.720 --> 00:12:50.799
You know, every this was the pitch for a year.
00:12:51.039 --> 00:12:54.080
Um and it just was wrong.
00:12:54.399 --> 00:12:55.840
It wasn't great information.
00:12:55.919 --> 00:13:00.879
And some people were able to refinance from a seven to a six and a half, whatever.
00:13:01.120 --> 00:13:10.639
But what everyone assumed during that time is that rates would end up back in the five percents, and they are not anywhere close to the five percents.
00:13:10.799 --> 00:13:14.559
Now there's some programs you can buy a rate down, you can pay points, you can get there, right?
00:13:14.639 --> 00:13:19.279
In the high fives, but they didn't just land back in the fives like we all thought would happen, right?
00:13:19.360 --> 00:13:28.000
And I think that the reality is real estate agents waited for two to three years, um, you know, giving people that message.
00:13:28.720 --> 00:13:35.440
And now it's been, and the shift from away from that message has been, oh, well, the rates are the rates, right?
00:13:35.519 --> 00:13:38.240
And so I think everybody got married to house date the rate wrong.
00:13:38.320 --> 00:13:50.720
And the only saving grace um that makes that situation different from what happened in, you know, 06, 07, 08 is that lenders, you know, you still had to qualify at the higher rate.
00:13:50.799 --> 00:14:03.759
So although you were buying your rate um down two points, your your qualification came from the higher rate with the assumption that if you didn't refinance, if you weren't able to refinance, you still could qualify and pay your mortgage.
00:14:03.840 --> 00:14:06.080
Um, so I think that was completely wrong.
00:14:06.399 --> 00:14:16.159
I hate that saying so much, but I have to agree with you so much, Nick, because I had probably 75% of my clients that bought in 22 and 23, they're refinanced.
00:14:16.320 --> 00:14:20.320
They they got the lower rates in the in the fives or low sixes.
00:14:20.399 --> 00:14:29.200
Uh, because we saw like a one-week time frame in September of 24, February of this year, where people were able to pull the trigger.
00:14:29.279 --> 00:14:32.639
The people that didn't pull the trigger are the ones that are left holding the bag because they got it.
00:14:32.799 --> 00:14:39.279
I think that I think that it's irresponsible to to say, no, that's incorrect.
00:14:39.519 --> 00:14:42.960
If there was a week of you know, juice, right?
00:14:43.039 --> 00:14:51.120
It's like it's like you can't be like, oh, we won the game, you know, like winning the game in the last drive is not how you should be winning games, right?
00:14:51.360 --> 00:14:53.759
So yeah, on a micro level, right?
00:14:53.919 --> 00:15:03.679
If you know lenders like you were on top of their clients and clients were you know thinking high level and watching the rates on a regular basis, they were like, hey, this is the week.
00:15:03.759 --> 00:15:08.159
I have a seven, I'm gonna get into the five eights, or I'm gonna get in six two, yeah, sure, a week.
00:15:08.240 --> 00:15:14.080
I'm talking about the macro of people are still kind of like sitting in those pockets, right?
00:15:14.320 --> 00:15:21.279
And I'm not necessarily talking about um the rates, you know, for a week going down into the five percent.
00:15:21.360 --> 00:15:23.039
This isn't what I'm just not what I'm saying, right?
00:15:23.200 --> 00:15:33.120
What I'm saying is everyone assumed that the rates would land and sit in the fives for uh a long period of time, and that hasn't happened.
00:15:33.360 --> 00:15:36.159
And they assumed that it would be in the near term.
00:15:36.559 --> 00:15:37.360
What'd you say?
00:15:37.519 --> 00:15:45.759
It they assumed that it would be in the near term because you know the rates go up, the rates go down, and they're not gonna be what they are now for you know the next 30 years.
00:15:45.919 --> 00:15:54.159
But I think the assumption, either explicit or implicit, was that rates were gonna go down for a sustained period of time in the near term, and they definitely did not.
00:15:54.399 --> 00:15:55.840
Yeah, like what are rates today, Carl?
00:15:56.000 --> 00:15:57.360
30-year fix, conventional?
00:15:57.519 --> 00:15:58.000
Where are we at?
00:15:58.240 --> 00:16:00.080
Not on average, like seven and a half.
00:16:00.159 --> 00:16:01.679
Yeah, not five, right?
00:16:01.759 --> 00:16:03.279
We're not in the fives, right?
00:16:03.440 --> 00:16:05.039
And definitely not in the five.
00:16:05.440 --> 00:16:09.519
They haven't been in the fives for 30 days, three months, six months.
00:16:09.600 --> 00:16:10.639
It just hasn't happened, bro.
00:16:10.720 --> 00:16:22.879
And that's what everybody was pitching at that time, and that's why the two one buy down rate was so important because you're like, oh, you're at seven, we're at seven, two one to five, and you'll just refinance the five eventually, right?
00:16:22.960 --> 00:16:26.799
It hasn't sustained like that in in the last three, four years.
00:16:26.960 --> 00:16:30.720
And if you're being honest, you don't think that's that's gonna happen in the next year or two.
00:16:30.879 --> 00:16:40.320
So, and that's why we've had to settle on, hey guys, let's stop worrying about the refinance, you know, these are the rates now.
00:16:40.480 --> 00:16:42.639
We just gotta be honest with the people, you know.
00:16:43.759 --> 00:16:48.639
Yeah, well, that that kind of is a segue into like one of my next questions, right?
00:16:48.720 --> 00:16:53.200
Are agents failing at explaining the value of real estate in a high rate market?
00:16:53.360 --> 00:16:55.360
Like when money was cheap, it was easy.
00:16:55.440 --> 00:16:58.159
And I made a post about this on Twitter and Instagram yesterday.
00:16:58.320 --> 00:17:10.720
But you know, the you know, you you can complain about seven and a half all you want, but at the end of the day, we are all we all have a short position on the cost of living, right?
00:17:11.200 --> 00:17:17.119
We we have to we have to pay every month to live somewhere, right?
00:17:17.680 --> 00:17:19.759
You know, we have a short position, right?
00:17:19.920 --> 00:17:25.440
Because it's it's you know, it's nothing it's the same thing as shorting a stock, basically, right?
00:17:25.920 --> 00:17:27.359
So how do you balance that out?
00:17:27.440 --> 00:17:29.839
Well, you balance that out with a long position.
00:17:30.720 --> 00:17:34.240
And yeah, you might not like seven and a half, but guess what?
00:17:34.319 --> 00:17:39.759
The risk, the risk-free rate for long term is like in the five percent now, right?
00:17:39.839 --> 00:17:47.200
If you borrow from the government, you know, if the government borrows from you, which uh they say is risk-free, right?
00:17:47.599 --> 00:17:50.799
You know, they're they're paying you 5.2 on the 10 year.
00:17:50.960 --> 00:17:55.200
Um so you know, what is a mortgage?
00:17:55.359 --> 00:18:06.480
Well, it's it's a loan that's slightly above the risk-free rate that lets you take a long position against the devaluing dollar, which the dollar has been uh devalued for decades.
00:18:06.640 --> 00:18:10.079
There is no sign that that will like change ever.
00:18:10.559 --> 00:18:17.279
Like politicians just don't have the political uh will to do that, right?
00:18:17.359 --> 00:18:30.160
Because they all want to get re-elected and they know that hey, even if this is better for the country in 10 years or 20 years, like let's just uh keep having uh longer term pain to avoid some you know steep short-term pain.
00:18:30.319 --> 00:18:36.720
So the dollar is gonna continue to be devalued, and a natural hedge against that is owning real estate.
00:18:36.960 --> 00:18:45.920
So yeah, you might not like you know the 7.5%, but you are locking in most of your cost of living.
00:18:46.000 --> 00:18:59.920
Now I you know I know taxes are gonna go up, which is a certain part of that, and insurance and other other costs, but the the bulk of your uh cost of living is being locked in for 30 years, right?
00:19:00.240 --> 00:19:09.279
Um so if you don't like the 7.5, like go back 30 years ago, see what your house would would cost to rent.
00:19:10.400 --> 00:19:10.799
Right?
00:19:10.880 --> 00:19:14.160
It's it's probably a fraction of what it would be today.
00:19:14.799 --> 00:19:18.559
Uh and then and then do the same math going forward.
00:19:18.880 --> 00:19:21.599
Like, what do you think your rent would be in 30 years?
00:19:21.759 --> 00:19:30.799
So, you know, it's I think real estate agents need to be having more conversations like that rather than like date the rate, uh marry the house or whatever, right?
00:19:31.119 --> 00:19:36.400
In my mind, the interest rate right now is a proxy for for inflation.
00:19:36.799 --> 00:19:46.160
It's not always the case, but in most cases, uh the federal government and the federal reserve board is using the interest rates through monetary policy to tamp down inflation.
00:19:46.319 --> 00:19:49.279
And we're seeing high interest rates now because inflation is high.
00:19:49.440 --> 00:19:54.160
And the best way to protect yourself against inflation is through owning real estate.
00:19:54.319 --> 00:19:58.640
And so the higher the interest rate, the more important it is to own real estate.
00:20:00.000 --> 00:20:08.880
Yeah, and I mean you could really argue that uh real estate, like almost all the value of increase in the last hundred years is from inflation.
00:20:09.279 --> 00:20:09.519
Right?
00:20:09.680 --> 00:20:14.559
It's not like it's not like a stock or something that that grows, right?
00:20:14.640 --> 00:20:18.960
Like by and large, it's it's just growing because of inflation.
00:20:19.039 --> 00:20:20.880
It's keeping you ahead of in inflation.
00:20:21.759 --> 00:20:33.759
And you could argue that the reason one of the reasons there's been tremendous inflation or price appreciation in homes since the 80s is because interest rates were like 15%, 18% then.
00:20:34.000 --> 00:20:53.039
And homes became more affordable as rates went down, and homes becoming more affordable from an interest rate perspective and a monthly payment perspective, that pushes uh that pushes the the price up because people can afford more and they compete more and it pushes the price up.
00:20:53.359 --> 00:21:00.000
Yeah, I'm not I'm not I wasn't even necessarily picking on the rates, I was just answering the question of what if what did we get wrong, right?
00:21:00.240 --> 00:21:12.559
Yeah, you know, but I think that um you know when you're when you're talking about buying and owning real estate, um, you know, like you said, like you know, maybe it's not a good investment in the next five years.
00:21:12.640 --> 00:21:28.480
You can argue do that all day in, you know, Fredericksburg, Virginia or certain places in Vienna, you can argue that in Vienna, where it's like, okay, if I put is it does it make sense for me to put$200,000 down to spend to spend$200,000 on a million and pay$8,000 mortgage when I can rent that house for$5,000?
00:21:28.720 --> 00:21:29.440
Does that make sense?
00:21:29.599 --> 00:21:36.240
You know, who that like the price of um your home is gonna appreciate, especially in our market.
00:21:36.400 --> 00:21:46.000
And then there are different um, you know, tax advantages you could pay your mortgage off earlier to hit some of the interest um, you know, over the first you know, 10 or 15 years.
00:21:46.160 --> 00:21:54.079
I and I think that it's okay also to not always just look at it financially um and look at it, you know, emotionally in real life.
00:21:54.160 --> 00:21:55.200
Is this does it make your community?
00:21:55.359 --> 00:21:56.480
I 100% agree with you on that.
00:21:56.640 --> 00:21:58.960
Um, are your kids going into uh in the right school district?
00:21:59.039 --> 00:21:59.759
Do you want to be rude?
00:22:00.240 --> 00:22:03.519
Somewhere where you can, you know, upgrade your house um and renovate.
00:22:03.680 --> 00:22:12.160
I mean, if you rent, uh if you're renting in a you know uh property management community, like your rent's going up every year, maybe they don't repair things in your house.
00:22:12.240 --> 00:22:17.279
And if you're renting from a private landlord, your landlord can be like, hey, we're selling this thing and you have to move out.
00:22:17.440 --> 00:22:30.880
So I think that um what agents really need to be doing is you don't, you don't you your client doesn't always need you to like go down the rabbit hole of like, why is this a good investment rates, et cetera?
00:22:31.039 --> 00:22:33.359
They just need, you know, hey, here's my goal.
00:22:33.599 --> 00:22:34.799
This is my plan.
00:22:35.039 --> 00:22:40.559
And then you just are consulting them on how real estate fits into that plan, you know.
00:22:40.720 --> 00:22:44.240
Um, just to just to uh you know, I just want to add this.
00:22:44.400 --> 00:22:48.799
I was having uh a drink with a lender yesterday and he has a uh doctor program.
00:22:49.200 --> 00:22:53.279
Um and he's like, Well, who who can I, you know, how do we shop this thing around?
00:22:53.440 --> 00:23:03.680
I'm like, I think that that's a good product for a financial planner who is um doesn't want to pull their clients' money out of the market, right?
00:23:04.000 --> 00:23:19.599
But they can go zero down and say, hey, instead of spending quarter million, let's keep that invested in the market at, you know, 9% or 7% conservatively, and let's pencil out what no down payment looks like on your million dollar house and if that makes sense for you monthly, right?
00:23:19.680 --> 00:23:27.039
So I think there's just you just have to be a more intelligent, resourceful real estate agent right now for your clients and like empathetic.
00:23:27.200 --> 00:23:39.440
And I think Dan does a good job also of always mentioning the creative financing, um, like the assumable mortgage or the subject to um to really you know help the client win financially as well.
00:23:39.920 --> 00:23:48.079
Yeah, the I mean the the there is definitely a value in not having to put like a ton of your money into it.
00:23:48.160 --> 00:23:53.200
Like I had I had a doctor client, uh still a client and good friend, like 12 years ago.
00:23:54.000 --> 00:23:55.279
Maybe longer, actually.
00:23:55.519 --> 00:24:02.319
And I think the doctor program back then for the price he was buying at was like it was either 5% down or 10% down.
00:24:02.400 --> 00:24:08.160
It was one of those two, uh, and and and lower rates than what everyone would would give.
00:24:08.240 --> 00:24:09.279
And they're often through banks.
00:24:09.359 --> 00:24:10.960
Uh I know Carl offers it too, though.
00:24:11.200 --> 00:24:14.000
But um Carl, shoot me a flyer, my guy.
00:24:14.480 --> 00:24:19.200
He he actually chose FHA, which you wouldn't you wouldn't think.
00:24:19.279 --> 00:24:21.359
It's like a higher rate, there's PMI.
00:24:22.079 --> 00:24:27.680
Um and it's it's more known, and maybe this is a unnecessary stigma.
00:24:27.839 --> 00:24:30.960
I think it's more known for like uh people with bad credit.
00:24:31.039 --> 00:24:31.279
I don't know.
00:24:31.440 --> 00:24:33.039
Is that is that wrong, Carl?
00:24:34.079 --> 00:24:37.440
It's more common for people that have what we say less than perfect credit.
00:24:37.759 --> 00:24:39.119
Okay, yeah, fine.
00:24:39.279 --> 00:24:41.359
Um very PC, thank you.
00:24:41.599 --> 00:24:51.839
Um but but I asked him, like, oh, you don't you don't want the lower rate with like going to five percent and it was only like 1.5% more or something.
00:24:52.240 --> 00:25:02.960
And he was like, No, it would be better for me to like keep that money and like reinvest it in the the practice, and um and uh you know his practice has grown since then.
00:25:03.119 --> 00:25:07.599
And you could apply the same principle even to a 10 or 20 percent down, right?
00:25:07.680 --> 00:25:18.400
Like it's um it's uh giving you the value, like that example Nick said, you're you're getting the appreciation of a million dollars.
00:25:18.559 --> 00:25:25.279
Now I'm talking and and it could go up and down and uh who knows in in a five-year period, but let's let's fast forward 10 years, 20 years.
00:25:25.759 --> 00:25:37.920
Um you're getting uh you know you're getting that uh that position of a million dollars against the devaluing dollar um for the cost of only you know two hundred thousand dollars down.
00:25:38.000 --> 00:25:50.559
So um so you have less leverage or or excuse me, you you maybe if maybe it's not as good a return as investing in some stocks, but because of the leverage you have, right, you've got like a five to one leverage in that.
00:25:51.119 --> 00:25:58.640
Um you know, you have such an amazing hedge against inflation and uh the declining dollar.
00:25:59.359 --> 00:26:03.359
And I think I think a lot of people like miss out on that.
00:26:03.440 --> 00:26:08.240
Because in 10 years, 20 years, 30 years, you're still gonna have to like live somewhere, right?
00:26:08.720 --> 00:26:23.599
Um and and so you know what Nick said about yes, it has to be right emotionally, and and probably for most people that's why they buy the house in the first place for emotional reasons, and then they use all these things we're talking about to justify it, like logically.
00:26:23.759 --> 00:26:32.079
But um, and and the most important thing too, uh, beyond that is like they have to be able to afford it um and have a cushion and have contingencies.
00:26:32.160 --> 00:27:03.920
And I think that was another one of the dangers with the like you know, buy the house, date the rate kind of scenario, because um not everyone refinanced in that brief window we had, and if they were on vacation or not uh not watching the rates, or they didn't have Carl as their lender to remind them, um, or you know, God forbid they like had a change in income, or you know, they bought and then they had kids and the wife wanted to stay home for a while, or they got fired, relocated, who knows, right?
00:27:04.000 --> 00:27:08.240
Like it's not automatic that they would qualify to refinance in that window.
00:27:08.319 --> 00:27:24.000
So I think I think um even with the higher rates, like you know, we zoom out long term, it makes sense, but you still have to be able to like justify and be comfortable with the payment structure that you're gonna face today.
00:27:24.799 --> 00:27:26.960
And for oh, yeah.
00:27:27.279 --> 00:27:30.319
I don't think agents should focus on the interest rate.
00:27:30.640 --> 00:27:32.640
What you focus on expands.
00:27:32.799 --> 00:27:36.480
What you focus on as the agent is what your buyer is going to focus on.
00:27:36.640 --> 00:27:38.559
So focus on the monthly payment.
00:27:38.720 --> 00:27:41.920
You're ultimately selling a monthly payment, not an interest rate.
00:27:42.079 --> 00:27:48.319
You know, some agents will see a buyer's loan terms and say, oh, that interest rate seems a little bit high.
00:27:48.480 --> 00:27:52.160
Instead of saying that, ask them, are they comfortable with the monthly payment?
00:27:52.319 --> 00:27:56.960
Let's take the focus off of the interest rate, put the focus on the monthly payment.
00:27:57.119 --> 00:28:07.839
And then I think also like the best agents that I work with, they help educate consumers that their monthly mortgage payment is not equal to a rent payment of the same amount.
00:28:08.079 --> 00:28:17.519
If you take an average house of$500,000 right now, 5% down, average interest rate, you're gonna see average monthly payment around$3,700 a month.
00:28:17.759 --> 00:28:20.880
Now,$400 of that is gonna go towards principal.
00:28:21.279 --> 00:28:27.359
And then the average person, obviously, I'm not a CPA, but on it depends on your tax bracket, all that stuff.
00:28:27.440 --> 00:28:35.680
But on average, the mortgage interest is going to give you about$6,000 of tax benefits of increased refund.
00:28:35.759 --> 00:28:42.400
So if you're getting$6,000 more on your refund on average, that's you know, divide by 12, that's$500 a month.
00:28:42.480 --> 00:28:45.759
So you're getting$500 a month of tax benefits from the mortgage interest.
00:28:45.920 --> 00:28:58.799
You're paying, you're taking$400 a month and putting it into your house account, just convey like I've I've had plenty of agents that have conveyed the house being just another bank account for the client, right?
00:28:58.960 --> 00:29:04.400
So instead of you putting$400 into your savings account, you're putting$400 a month into your house account.
00:29:04.559 --> 00:29:09.839
So if we take the$500 of tax benefits, the$400 of principal, that's$900.
00:29:10.079 --> 00:29:15.680
So that$3,700 mortgage payment is really equal to a$2,900 rent payment.
00:29:15.839 --> 00:29:19.279
And if you can convey, right,$2,800 rent payment?
00:29:19.599 --> 00:29:26.799
If you can convey that to your clients, though, then you you help educate them on how it's not an apples to apples comparison.
00:29:26.880 --> 00:29:27.599
And guess what?
00:29:27.680 --> 00:29:29.920
That's based on what it is right now at closing.
00:29:30.160 --> 00:29:35.440
Fast forward five, 10 years, and you're paying way more towards principal, the numbers get better.
00:29:35.680 --> 00:29:45.039
So I the best agents I've worked with sell and educate on you know how the how the house is effectively a bank account.
00:29:45.279 --> 00:29:47.440
I I think one one other thing on that too.
00:29:47.519 --> 00:29:54.640
Even maybe even after you do all that math, it's it's cheaper to rent um by like$400,$500.
00:29:55.200 --> 00:30:06.720
Well, I think a lot of people then in that scenario should look at like, okay, what kind of house can I get with a$500 less payment, right?
00:30:07.200 --> 00:30:15.440
Um and maybe it's not as nice as what they could rent, you know, but that's that's like Carl said, that's short term.
00:30:15.599 --> 00:30:17.599
Those rents are gonna keep going up.
00:30:17.759 --> 00:30:28.160
And you know, if if you don't have this long position against the devaluing dollar, like it's only gonna get worse in the future, like unless you just have a dramatic increase in in income.
00:30:28.319 --> 00:30:46.559
But in in either case, like you know, I think the short-term sacrifice to have that that hedge and to have that um that tie to the community, if it's where you want to be, and know that your landlord can't just go sell it out from under you, or you have to get permission because you want to paint an accent wall.
00:30:46.720 --> 00:30:54.000
Like um, you know, there's there's just a lot of other ways that real estate agents could have these conversations, I think, with buyers.
00:30:54.400 --> 00:30:55.039
Agree.
00:30:56.400 --> 00:31:01.440
I want to close out or I gotta antagonize you a little bit to get get that out of you, bro.
00:31:02.160 --> 00:31:13.680
I want to close out what we got wrong uh a couple years ago, um, or what some people got wrong is that with the Sits Burnett uh and similar lawsuits that buyer agents wouldn't exist.
00:31:13.920 --> 00:31:14.720
Oh, that's a good one.
00:31:15.039 --> 00:31:23.279
Uh that, you know, and there were arguments on both sides, but whoever was arguing that buyer agents wouldn't exist were completely wrong.
00:31:23.440 --> 00:31:30.400
And I'd argue that buyer agents are more important now than ever with low inventory uh and actually finding homes off market.
00:31:30.880 --> 00:31:45.039
Uh and I I think you know, people saying that AI is gonna take over real estate agent roles are you know in the in the same position, um being wrong about agents or buyers' agents or any agents disappearing.
00:31:45.599 --> 00:31:48.559
Don't let the doom and gloom get to you, right?
00:31:48.720 --> 00:31:50.160
Optimize for optimism.
00:31:50.240 --> 00:31:51.839
That's that's what we're about here.
00:31:52.079 --> 00:31:58.240
Um and and to your point, James, buyer agent commissions have actually increased since then.
00:31:58.400 --> 00:32:09.519
Now you could argue that's because of changes in the market, and um when you go from more of a seller's market to more of a buyer's market, the buyer agent commissions typically go up.
00:32:09.759 --> 00:32:21.599
Um and maybe it's just a coincidence because those things kind of happened at the same time, but since that lawsuit, buyer agent commissions nationwide have actually gone up.
00:32:22.880 --> 00:32:25.119
Um all right, let's close out with this one.
00:32:25.279 --> 00:32:30.720
Why do good agents so often get stuck around a hundred thousand dollars of income?
00:32:31.039 --> 00:32:32.720
I want to go on this one actually.
00:32:32.880 --> 00:32:34.640
Um I have three things.
00:32:34.880 --> 00:32:35.599
Excuse me.
00:32:35.759 --> 00:32:40.880
I think the first one and the one that we you know typically lean on in the business is like scale, right?
00:32:40.960 --> 00:32:44.960
Like, oh, are you doing the 20%, are you doing the you know, 80%, right?
00:32:45.039 --> 00:32:49.119
And you know, shooting off the what is it, are you doing the 20% and shooting off the 80% to somebody else?
00:32:49.279 --> 00:32:53.200
So like admin work, showing houses, um writing contracts, etc.
00:32:53.440 --> 00:32:56.640
That's like something, you know, that people focus on all the time.
00:32:56.880 --> 00:33:01.599
But I think that uh the two other things that are important is one, your average price point, right?
00:33:01.680 --> 00:33:09.759
So if you're selling$500,000 a year uh homes and you're making a certain income, one of the easy and you, you know, you do 20 deals a year, right?
00:33:09.920 --> 00:33:15.839
One of the easiest ways to make more money is to start selling$700,000 homes or$800,000 homes.
00:33:16.000 --> 00:33:21.599
Um, and so finding a lead gen strategy um or a way to do that is is is uh valuable.
00:33:21.759 --> 00:33:27.839
Um I also think that, and I don't know if it's like legal to talk about like compensation percentage, right?
00:33:28.160 --> 00:33:35.680
But if you're if your average compensation is two and a half percent, right, how can you get that up to three percent or three and a half percent?
00:33:35.920 --> 00:33:48.880
Um, so I think that it's always it's great to talk about like all the admin help you may need to free up some time, but you know, sell more expensive houses and make more, you know, compensation compensation per deal.
00:33:49.119 --> 00:33:51.519
Um that's how you make more money.
00:33:52.000 --> 00:33:52.720
Agreed.
00:33:52.960 --> 00:34:05.759
I also think that when you have some sort of system or a group of systems that frees you up to talk to more opportunities, and the more you're talking to opportunities, the more you can pick and choose.
00:34:05.920 --> 00:34:12.719
You know, the person that wants to negotiate your commission down, uh, you can let them go or refer them out.
00:34:12.880 --> 00:34:18.559
Um and uh and it you're able to go after the higher price point.
00:34:18.960 --> 00:34:26.400
Um so I think that systems are critically important to give you time back to do the things that are gonna actually help you grow your business.
00:34:27.119 --> 00:34:28.880
And do the things that you just described.
00:34:29.119 --> 00:34:30.159
I think it's two things.
00:34:30.400 --> 00:34:37.199
Number one is what's your mindset when you're actively transacting and actively representing people?
00:34:37.360 --> 00:34:43.920
And what I mean is you should be looking at every single deal as not just that one deal.
00:34:44.159 --> 00:34:51.519
You should assume that there are other future deals on the line based on your performance on that deal.
00:34:51.760 --> 00:34:57.199
Because if you do a really good job, then you're going to get referrals from those clients.
00:34:57.360 --> 00:35:00.159
You're going to get other business from that business.
00:35:00.320 --> 00:35:08.800
And so if you treat every single transaction as multiple future transactions, it's going to change the way that you provide service to your people.
00:35:08.880 --> 00:35:16.559
You're going to be much more fired up about making sure that you deliver and get the absolute best situation for your buyers or sellers.
00:35:16.719 --> 00:35:22.320
And then the second thing is, I mean, most agents, in my opinion, just aren't actively working their database the way they should be.
00:35:22.639 --> 00:35:33.679
They aren't building really strong, sticky relationships with their clients that are going to make them the person that they think of when they're having a conversation with a friend about relocating to the area, right?
00:35:33.840 --> 00:35:40.719
If you're building really strong, sticky relationships and staying top of mind, sending how many emails a week do you send, Nick?
00:35:41.119 --> 00:35:42.239
Four to five.
00:35:42.880 --> 00:35:43.360
Yeah.
00:35:43.840 --> 00:35:50.159
Nick is working his database and he's doing it in a way where most agents aren't, right?
00:35:50.239 --> 00:36:00.480
So if you're actively working your database at a high level, then you're gonna you're gonna be able to grow your business because you I've seen it time and time again.
00:36:00.639 --> 00:36:03.199
A lot of people are just chasing leads.
00:36:03.280 --> 00:36:07.599
They're chasing leads and they're on that hamster wheel over and over and over again.
00:36:07.760 --> 00:36:10.880
And that's not a growth uh system.
00:36:12.000 --> 00:36:30.480
Yeah, I think a lot of agents stop or um refuse to implement things that would save them time, like hiring an assistant, paying for a transaction coordinator, even if it's just file by file, or implementing AI systems.
00:36:30.639 --> 00:36:50.000
I think I think some of them feel good about the busy kind of work that they can do, and they it makes them feel special and and they spend their time on that instead of having more conversations and working the database more, you know, like like you said, Carl.
00:36:50.159 --> 00:37:06.079
And um, you know, I I know like maybe maybe they just feel better and and like they accomplished something like when they prepared the entire CMA by hand or or whatever.
00:37:06.320 --> 00:37:12.639
Um they they you know uploaded their files, uh maybe maybe they just feel good about it, right?
00:37:12.719 --> 00:37:14.159
And these are just a couple examples.
00:37:14.559 --> 00:37:21.840
Uh but why why do you think it is, Carl, that they avoid having more conversations and and working the database more?
00:37:22.000 --> 00:37:26.239
Because it it seems like that's where that's where the money's at.
00:37:26.960 --> 00:37:29.920
Well, you know, there's only people make excuses, right?
00:37:30.159 --> 00:37:42.880
So I mean it and if you break it up into yeah, I I know a lot of people in coaching programs, they try to break up their days and assign you know certain days for certain things, right?
00:37:43.039 --> 00:37:50.000
So Monday, you're gonna touch base with all your active people that are you know either on market or under contract.
00:37:50.159 --> 00:37:58.800
Tuesday, you're gonna reach out to all the people that have already signed a buyer agreement with you, so you know, people that are already active in the system.
00:37:58.960 --> 00:38:04.800
And then, you know, Wednesdays and Thursdays are for you know the other prospects that you have and past clients, right?
00:38:04.880 --> 00:38:15.039
So if you if you create like a calendar that is going to give you the consistency of doing the same thing every week, which is it's boring.
00:38:15.199 --> 00:38:17.599
It's boring doing the same thing every week, right?
00:38:17.760 --> 00:38:34.159
But if you time block on your calendar and assign certain days to certain things, if I know that I'm calling everybody I can in my database on a Thursday, every single Thursday, then I know at the beginning of the day that that's that's what my task is.
00:38:34.320 --> 00:38:41.199
That's what my goal is, is to have at least 10 effective conversations with people in my database.
00:38:41.360 --> 00:38:50.079
But also, I think part of it is the especially newer agents, like they they don't know how to have those conversations without being weird, right?
00:38:50.239 --> 00:39:05.679
And so if you haven't done coaching, you definitely should try doing some form of a coaching program because the or if you're a good carl, I want me to cut you off there, or instead of going out and paying for one, you can just join our group at exp.
00:39:05.840 --> 00:39:06.800
Join our group at exp.
00:39:06.880 --> 00:39:10.960
You'll get Tim and Julie's scripts, our scripts, uh, you'll get on calls with us.
00:39:11.039 --> 00:39:13.840
We'll we can put you in classes that exp runs, fast cap.
00:39:14.079 --> 00:39:15.280
Like we, you know.
00:39:15.679 --> 00:39:19.760
So so reach out to us if you're looking for coaching on how to have those conversations.
00:39:21.039 --> 00:39:31.039
Um one last question, I think, because you guys all mentioned AI tools you're using earlier that are saving saving time, making you more productive.
00:39:31.440 --> 00:39:35.280
Uh, I'm curious, what are you doing with that extra time now?
00:39:35.519 --> 00:39:37.440
And it it doesn't have to be business, right?
00:39:37.679 --> 00:39:40.000
And maybe it's something personal or or more fulfilling.
00:39:40.079 --> 00:39:44.320
And um, but what are you guys doing with that time that that AI is creating for you?
00:39:44.719 --> 00:39:46.800
I'm recruiting agents to my team.
00:39:49.920 --> 00:39:50.800
All right, what about you?
00:39:50.960 --> 00:39:52.079
What about you, Nick?
00:39:52.719 --> 00:39:57.440
You know, I wish I had a good answer, but I I don't I don't really have like a a big time issue.
00:39:57.599 --> 00:40:01.599
So I'm just kind of, you know, I I'm I'm like a different type of guy.
00:40:01.679 --> 00:40:03.119
I'm just like floating through the day.
00:40:03.199 --> 00:40:05.199
I'm a to-do list guy, right?
00:40:05.519 --> 00:40:09.280
So I'm just like, who do I need to talk to today about what, etc.?
00:40:09.679 --> 00:40:13.920
And so because of that, I just have time all day, right?
00:40:14.079 --> 00:40:19.440
And so you're more relaxed, maybe, or get to have more time with the family, or yeah.
00:40:19.519 --> 00:40:22.000
Like I I, you know, I can drive my kids to school every day.
00:40:22.079 --> 00:40:23.519
I pick them up from school right now.
00:40:23.599 --> 00:40:27.360
I'm you know, taking my son to football practice, you know, three times a week.
00:40:27.440 --> 00:40:30.000
And I start, I I coach high school basketball as well.
00:40:30.159 --> 00:40:35.920
So I guess I have the time um in the day to you know have more family time.
00:40:36.239 --> 00:40:37.360
What about you, Carl?
00:40:37.599 --> 00:40:53.519
I'd say 20% more time away from work, and then 80% of that freed up time is spent coaching the loan officers in my group, coaching the new agents that I'm I'm working with, and making outbound cold calls, baby.
00:40:53.679 --> 00:40:54.159
Let's go.
00:40:54.239 --> 00:41:02.079
I mean, yeah, that's where the magic is is getting more opportunity to have more conversations.
00:41:02.639 --> 00:41:13.039
And if if if you you're listening and you say, I hate cold calls, I would guarantee you would feel a whole lot better about it if you had a really successful one.
00:41:13.280 --> 00:41:20.559
So you just gotta make enough of them to have one really successful one where you hang up and you're like, wow, I owned that phone call.
00:41:20.719 --> 00:41:21.679
I did great.
00:41:21.920 --> 00:41:26.400
Um so just just make enough calls until one of those things hits.
00:41:26.639 --> 00:41:38.000
And if you said, hey, I've made a bunch of calls, that's not happening, you need to to reach out to our group about how you know we can coach you to be able to have more effective conversations.
00:41:38.239 --> 00:41:44.000
Yeah, I've I've added cold calls with with uh a lot of what Tim has taught me and uh specifically expired.
00:41:44.239 --> 00:41:49.840
And guys, it's it's in your market, there's dozens, uh, if not more, every day.
00:41:50.000 --> 00:41:56.480
Um, and you know, I look at it as like every day there's 30 or 40 uh in my market.
00:41:56.960 --> 00:41:57.840
Um, guess what?
00:41:58.000 --> 00:42:01.119
Those are those are like free scratch off tickets, right?
00:42:01.280 --> 00:42:06.480
And it takes me you know half hour at most, usually to get through them on the dialer.
00:42:06.559 --> 00:42:12.400
And some of them are gonna hang up, some of them are gonna be wrong number, but some of them will and some will be mad, right?
00:42:12.559 --> 00:42:13.840
But some of them will convert.
00:42:14.079 --> 00:42:14.880
And guess what?
00:42:15.039 --> 00:42:21.440
Uh I spent 30 minutes scratching off tickets uh for 15,000, 20,000, 30,000, right?
00:42:21.519 --> 00:42:22.960
Even even higher ones.
00:42:23.119 --> 00:42:25.599
So um jump on those cold calls.
00:42:25.679 --> 00:42:29.599
Uh, that's something that yeah, I have more time for those as well now because of AI.
00:42:29.920 --> 00:42:35.440
Uh, and then it has allowed me to do more things with my family, with my kids.
00:42:35.519 --> 00:42:48.000
Like I'm I'm coaching fall baseball right now, uh doing uh two or three uh flag football drop-offs a week and and watching the practices in the game.
00:42:48.079 --> 00:43:05.039
So it's it's um you know, I I think for most people to be a combination of like, yeah, you can add some new elements to your business, increase your income, and have more time for family, personal stuff, things that are more uh spiritually fulfilling than you know, selling more houses.
00:43:05.199 --> 00:43:10.960
Um so hope you guys enjoyed the show today and and and learned a lot.
00:43:11.119 --> 00:43:21.280
If you've learned one thing, just one thing, and hopefully you learn more than that, please leave us a review wherever you are consuming this on Apple, Spotify, YouTube.
00:43:21.840 --> 00:43:25.679
Uh leave a comment as well or ask us a question.
00:43:25.840 --> 00:43:28.239
We'd love to address it on the next episode.
00:43:28.480 --> 00:43:30.559
We will see you guys next time.
