WEBVTT
00:00:03.919 --> 00:00:09.119
Before we jump into today's episode, I interview dozens of top producing agents every month.
00:00:09.199 --> 00:00:12.960
And I know you probably don't have the time to listen to every single conversation.
00:00:13.199 --> 00:00:15.519
So we do the listening and note taking for you.
00:00:15.679 --> 00:00:21.679
We pull out the best ideas and strategies we're hearing and regularly send you the ones we're putting to work in your business.
00:00:21.839 --> 00:00:22.879
It's completely free.
00:00:23.039 --> 00:00:25.280
Just go to undercontractnotes.com.
00:00:25.440 --> 00:00:27.679
That's undercontractnotes.com.
00:00:27.760 --> 00:00:29.920
Now let's get into today's conversation.
00:00:30.239 --> 00:00:34.960
Hey there and welcome back to another exciting episode of Undercontract.
00:00:35.119 --> 00:00:39.600
Today's guest is Patrick Southern of Properties by Southern in New Jersey.
00:00:39.759 --> 00:00:46.479
Now Patrick's career spans entrepreneurship, traditional real estate, new development, and investment properties.
00:00:46.640 --> 00:00:53.759
He's built his business around something that's become increasingly rare consistent disciplined prospecting.
00:00:53.920 --> 00:01:07.519
And while he's spent decades building relationships the old-fashioned way, he's also experimenting with some fascinating new technology, including an AI version of himself that's reportedly generating hundreds of thousands of video views.
00:01:07.680 --> 00:01:15.920
Today I want to dig into how he built his business, what's actually driving transactions, and where he sees the biggest opportunities ahead.
00:01:16.159 --> 00:01:17.760
Patrick, welcome to Under Contract.
00:01:18.000 --> 00:01:23.519
Thanks so much for asking me to be on, and uh we'll do my best to serve you as well as I can on this.
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I have no doubt you're gonna bring it.
00:01:25.359 --> 00:01:26.879
We I got some exciting questions for you.
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So take me back.
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Uh you know, your biography says you started a site acquisition company at 19 and later sold it.
00:01:33.519 --> 00:01:38.239
What were you actually doing and what did running that business teach you that you maybe you still use today?
00:01:38.560 --> 00:01:41.519
Listen, I've been I've been working since literally I've been seven years old.
00:01:41.599 --> 00:01:47.760
So I've had a job every year since, and it just hustles been part of my uh DNA.
00:01:48.000 --> 00:01:54.000
And uh I had started a company um when I was younger, probably 19 years old or so.
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And it would find property to house equipment, like sell antennas and all that good stuff that was happening.
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I'm I'm gonna be 48 years old in January.
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So um, this was a long time ago.
00:02:02.719 --> 00:02:13.840
And um after 9-11, the telecommunications business changed tremendously and um fees got cut for site acquisition guys uh by turnkey operations.
00:00:03.919 --> 00:00:09.119
Before we jump into today's episode, I interview dozens of top producing agents every month.
00:00:09.199 --> 00:00:12.960
And I know you probably don't have the time to listen to every single conversation.
00:00:13.199 --> 00:00:15.519
So we do the listening and note taking for you.
00:00:15.679 --> 00:00:21.679
We pull out the best ideas and strategies we're hearing and regularly send you the ones we're putting to work in your business.
00:00:21.839 --> 00:00:22.879
It's completely free.
00:00:23.039 --> 00:00:25.280
Just go to undercontractnotes.com.
00:00:25.440 --> 00:00:27.679
That's undercontractnotes.com.
00:00:27.760 --> 00:00:29.920
Now let's get into today's conversation.
00:00:30.239 --> 00:00:34.960
Hey there and welcome back to another exciting episode of Undercontract.
00:00:35.119 --> 00:00:39.600
Today's guest is Patrick Southern of Properties by Southern in New Jersey.
00:00:39.759 --> 00:00:46.479
Now Patrick's career spans entrepreneurship, traditional real estate, new development, and investment properties.
00:00:46.640 --> 00:00:53.759
He's built his business around something that's become increasingly rare consistent disciplined prospecting.
00:00:53.920 --> 00:01:07.519
And while he's spent decades building relationships the old-fashioned way, he's also experimenting with some fascinating new technology, including an AI version of himself that's reportedly generating hundreds of thousands of video views.
00:01:07.680 --> 00:01:15.920
Today I want to dig into how he built his business, what's actually driving transactions, and where he sees the biggest opportunities ahead.
00:01:16.159 --> 00:01:17.760
Patrick, welcome to Under Contract.
00:01:18.000 --> 00:01:23.519
Thanks so much for asking me to be on, and uh we'll do my best to serve you as well as I can on this.
00:01:24.079 --> 00:01:25.280
I have no doubt you're gonna bring it.
00:01:25.359 --> 00:01:26.879
We I got some exciting questions for you.
00:01:27.040 --> 00:01:28.480
So take me back.
00:01:28.560 --> 00:01:33.359
Uh you know, your biography says you started a site acquisition company at 19 and later sold it.
00:01:33.519 --> 00:01:38.239
What were you actually doing and what did running that business teach you that you maybe you still use today?
00:01:38.560 --> 00:01:41.519
Listen, I've been I've been working since literally I've been seven years old.
00:01:41.599 --> 00:01:47.760
So I've had a job every year since, and it just hustles been part of my uh DNA.
00:01:48.000 --> 00:01:54.000
And uh I had started a company um when I was younger, probably 19 years old or so.
00:01:54.159 --> 00:01:58.400
And it would find property to house equipment, like sell antennas and all that good stuff that was happening.
00:01:58.480 --> 00:02:00.400
I'm I'm gonna be 48 years old in January.
00:02:00.480 --> 00:02:02.400
So um, this was a long time ago.
00:02:02.719 --> 00:02:13.840
And um after 9-11, the telecommunications business changed tremendously and um fees got cut for site acquisition guys uh by turnkey operations.
00:02:13.919 --> 00:02:16.240
So I ended up getting rid of my part of the company.
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And at that point, I was able to, you know, understand and taste the eat what you kill um kind of opportunities out there.
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I liked it.
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I said, well, what's kind of like this?
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I said, Oh, I bet real estate's like this.
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So I was 22 when I got into um residential sales, and I've been doing it ever since.
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I gotta ask you though, what was that first business at seven years old?
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I worked for Rutherford Sporting Goods.
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I had to get a note from my mom to do it.
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I started cleaning the place, and by fifth grade, I was selling sneakers for them and ordering from the catalog of what they should be bringing into the store.
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So they they said it was the cleanest shop from four feet down.
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So I love it.
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Yeah, I actually started uh at seven as well.
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I was selling Nintendo tips to my classmates.
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Uh so uh yeah, I love that you you started early.
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I've I learned a valuable lesson though.
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What's it which was which was my first paycheck I got.
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I uh took it directly to uh this place called Big Riches Um Records and Tapes, and I bought Run DMC, Raising Hell on Vinyl, and a bag of smoke bombs.
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And I spent my entire week's pay on this.
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And very quickly, I had already listened to the album, blew off the smoke bombs, and I said, Whoa, I've got to do something a little bit different with money and pay a little more attention to uh see how we hold on to this stuff because this was not how I intended for things to go down.
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So that's a valuable lesson.
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Yeah, I was just saying, I love it at seven that you picked up on that.
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Uh, so that's that's amazing.
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So when you were getting started in real estate, how did you begin building relationships with people who could bring you meaningful business?
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Well, I got very, very lucky.
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My first year in the business, um, I did real well.
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I mean, I worked a thousand hours a day, it felt like, um, and I made money my first year, did considerably well, but I just didn't know like what I was doing.
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There was no plan, no organization.
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So I had got a call from Remax at the time, and they wanted to poach me because I was doing well my first year in.
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And they brought me in, and one of the guys there was a big Mike Ferry agent.
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And he was talking to me about all these systems and everything that they did and everything else.
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And it was the first time that something sounded right to me, which was if you work really hard, you put a lot of time in, you learn skills, you do all those things that you can build a business.
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And, you know, at the time I was young, and it wasn't about like, oh, I want to make money.
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Like that, that of course was like something I wanted to do, but really was I have to get good at something.
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I was like, I'm just not good at anything.
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Like everything was average.
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I was like, I need to like get good at something, and no one would tell you how to get good.
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Um, so that sounded like it made a lot of sense.
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So, right leaving that meeting, I had no money.
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I walked outside, opened up my StarTech flip phone called 411, asked for the Mike Ferry organization, and I paid for a year of coaching on my credit card right then and there.
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And I said, Well, if I paid for a year, I'll have to do it, right?
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Because I spent the money.
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So I have like I know how I'm wired and how I need to keep myself engaged.
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So I paid for a year of coaching.
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And from that point on, I'm still in uh their coaching program today.
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And they've taught me everything I need to know from goal setting to skill work to phone work to writing business plans to dreaming and thinking big and all the essential tools that any mentorship program, with uh action being the number one prime thing to take away from it, um, taught me how to do.
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So I at a very young age got very good habits and a very good discipline about how the real world works and learned very quickly um to stay away from realtors.
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So I love it.
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Yeah.
00:06:08.399 --> 00:06:12.639
So fast forward to now or late October 2026.
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What does the business look like now uh as far as um the team, production, whatever you're comfortable sharing?
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I'd love to hear what it looks like right now.
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Yeah, I mean, um, last year my final numbers was I saw I put 376 properties into contract last year for um just shy of 400 million.
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I don't really have a team.
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Um it's myself, some staff, my sister Shay works for me, and I brought on another person to help with new construction.
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Um, this woman, Amanda Eng.
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It's a very um small, tight, focused group on efficiency and providing super service to our clients.
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It's a major focus for us.
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We think about it all the time, is how to best serve them.
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Um, this year I'd have to give you specific numbers, but we're you know, well into the 200 um transaction number.
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So we're probably approaching three at this point.
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Um it's pretty, pretty straightforward.
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We've we outproduce uh pretty much everyone in the state.
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I believe it.
00:07:10.160 --> 00:07:15.839
Now I've got to ask you because I read that you've you spent like three hours a day prospecting for something like 20 years.
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That's an incredible level of consistency.
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Uh, do you mind walking me through what those three hours actually look like today?
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Is that something you're still doing?
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Yeah, of course.
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Well, there's a reason why we're taking this call after 12 noon today, right?
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So I wouldn't let you in and break up my day.
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Uh I appreciate that.
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I respect being on it, but you're not worth it.
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You can't, you got to keep the discipline for for what it is.
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That's how this whole thing, whole thing works.
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Um, let me ask you the question.
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You say, you say, like, can you walk me through like the discipline?
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Like, what is the real question about this?
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Because people seem to be um shocked by this, and I still can't understand the shock because yeah, we're we're salespeople, and you get prospects by reaching out.
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Like, how did you get me?
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Yeah, we reached out, yeah.
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Oh, you prospected me.
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That's weird.
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Did it work?
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Yeah, well, here we are.
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So how do you get most of your desks?
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Same, same way.
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Oh, you don't put a Facebook ad out there and they call you?
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No.
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Weird, and you're in sales.
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So it's it's one of those things where this is this is the job, right?
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Like the job is in client acquisition, that's what you're supposed to do.
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The job is to effectively move your client's property and to um do everything you can to promote and actively get things sold for them.
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And the only way to do that is we're in a communications business.
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You need to be speaking, speaking to people.
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I mean, there's other things to do for sure, but you know, sure.
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But the the the main thing is you've got to be out there and providing a service and a value, you know?
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Yeah, and I love that.
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I love that you flipped it back on me.
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That was uh fantastic.
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So I I gotta ask uh, because I'm a numbers guy.
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Um, and maybe this was something you learned uh in uh your mentorships that you've been under.
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Like why why three hours?
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Uh why not four?
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Why not two?
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I was is there a sort of magic number, or is that just the number we landed on?
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It's the it's the easiest way to for first of all, anything that I do doesn't mean it works for other people.
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Sure, 100%.
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And I've gone through different iterations of myself.
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Like I've had like money Mondays where I'll call the entire Monday.
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And in fact, in um 2027, I'm starting a new structure.
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I've thrown additional coaching onto what I do, uh, which is called Strategic Coach, which is Dan Sullivan.
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Oh, yeah, the author of the book.
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Yeah.
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So I'm in, I've been in strategic coach now for 18 months.
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So they're like rocking my world about things that I need to do.
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Um, so I'm going to be switching up my schedule.
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So I'll still get the same hours in.
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It just won't be uh per day.
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And mainly because, you know, what I did when I was in my 20s and 30s don't really apply to what I'm doing right now on many levels.
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But it's hard to break the pacifier habits that got you here, even though they're good habits.
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But as you grow and progress and change, you've got to get other things or at least take a look under the hood of other things that need to change with you.
00:10:02.960 --> 00:10:07.519
So I am going to be restructuring that, but I just know that there's a certain amount of time.
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Like I just need to get at least 15 hours.
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That works for my numbers.
00:10:11.200 --> 00:10:16.879
And, you know, really the calling or prospecting, whatever is, it's always a numbers game, right?
00:10:17.039 --> 00:10:23.200
So I know how many clients that I need to reach out to get a certain amount of appointments and how many appointments I or should let me rephrase that.
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I know how many clients I need to reach out to get a certain amount of leads, a certain amount of leads to get a certain amount of appointments, certain amount of appointments that I'll pre-qualify that will say yes because they're good for me to go on and something that I want.
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My statistic ratio of landing those appointments to what ones will actually sell.
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So then I'll know here what my closed are.
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So in order to get those closed, I could back into how many of those contacts I need to make to be able to do that.
00:10:46.799 --> 00:10:52.320
And three hours tends to be what works for me because I have a couple different buckets to answer your first question.
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You know, I'll of course touch past client center of influence, my database, people that I've worked with in the past.
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Um, I have a very um strong new development business.
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So I'll spend time in that as well.
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And then I'll obviously go hunting for new prospects.
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Um, and uh that could be a menagerie of things of just less adjust solds or you know, whatever, whatever, whatever a high um conversion rate would be based on what activities I'm doing or what I could catapult on in order to provide a service to that forum, right?
00:11:24.000 --> 00:11:25.679
So to like what that group is.
00:11:26.000 --> 00:11:28.559
Because we're we're here to provide provide service for it.
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So the calls have to be impactful.
00:11:31.759 --> 00:11:43.919
And you know, when I started out years ago, it would take 90 calls to get someone to want to talk, you know, as skill improves and everything else improves, that number shrinks and shrinks and shrinks and shrinks and shrinks.
00:11:44.159 --> 00:11:48.639
So you could do it on l on less calls with more impact.
00:11:48.879 --> 00:11:52.000
Those calls take a little bit longer, so they still fill the time, right?
00:11:52.080 --> 00:11:54.399
Yeah, but but like that's what the balance is.
00:11:54.639 --> 00:11:59.919
Yeah, and I I love that, you know, like I said, I'm a numbers guy, so I love that there's no ambiguity.
00:12:00.080 --> 00:12:10.559
You know you're trying to get to over here with your skill set where it is right now, with how many calls it takes, you just know you got to do those calls and and the result will will take care of itself.
00:12:10.720 --> 00:12:11.519
No, let me ask you this.
00:12:11.679 --> 00:12:14.159
It's really the it's really the major part of our job.
00:12:14.320 --> 00:12:14.960
Yep, right.
00:12:15.039 --> 00:12:18.720
Like we if without lead flow, we're out of business.
00:12:19.840 --> 00:12:20.159
Right?
00:12:20.240 --> 00:12:22.399
So, like that is a necessary step.
00:12:22.720 --> 00:12:24.559
So yeah, no, I love it.
00:12:24.799 --> 00:12:29.679
So as far as the business today, how much is traditional buyers and sellers?
00:12:29.759 --> 00:12:31.120
How much is new development?
00:12:31.200 --> 00:12:32.799
How much is investment work?
00:12:34.080 --> 00:12:37.120
So I work always seller side, like personally.
00:12:37.360 --> 00:12:37.840
Got it.
00:12:38.000 --> 00:12:38.159
Okay.
00:12:38.559 --> 00:12:40.799
Um, my sister Shay and Amanda.
00:12:40.960 --> 00:12:44.960
Um, Shay does all buyer lead side that comes in, and Amanda handles new dev.
00:12:45.919 --> 00:12:48.720
And it's probably like a third, a third, a third.
00:12:48.879 --> 00:12:49.120
Okay.
00:12:49.279 --> 00:13:07.600
And that's probably a third new dev, third traditional, and then a third like larger institutional clients, which is people with multiple um that do things often and transact in a space often, whether that be family office type stuff, um, hedge fund, uh, individual owners with you know bigger landlord stuff that buys and sells frequently.
00:13:07.759 --> 00:13:09.440
And then there's a a third of that.
00:13:09.519 --> 00:13:13.279
So it's it's pretty much broken fairly evenly in that space.
00:13:13.440 --> 00:13:23.120
But I am leaning more and more into um new construction, which produces past client center of influence of regular stock, right?
00:13:23.519 --> 00:13:30.559
So when people look at the new construction business, yes, it's great to be able to um sell new product and everything else.
00:13:30.639 --> 00:13:41.600
But as a salesperson, when you work your database correctly, that also fills the funnel for past client center of influence in your sphere of those people who buy those properties as well, because you're the expert in that space.
00:13:41.759 --> 00:13:44.960
So it does help make the door revolve, you know?
00:13:45.200 --> 00:13:45.840
Yeah.
00:13:46.559 --> 00:13:53.919
So when you look at the transactions that you guys are closing today, where does most of that business originally come from?
00:13:54.080 --> 00:13:58.480
I know you talked about, you know, obviously a database and whatnot, but do you have specific lead sources?
00:13:58.720 --> 00:14:01.679
Like I said, I'm a lead gen guy, so I kind of nerd out on on this stuff.
00:14:01.759 --> 00:14:05.679
I'm just curious, where is the business originating from these days?
00:14:06.080 --> 00:14:08.320
Oh, I don't pay for any uh lead source.
00:14:08.559 --> 00:14:08.960
Yeah.
00:14:10.080 --> 00:14:13.519
So it's just all connections, past connections, and calling.
00:14:13.759 --> 00:14:14.480
And calling, yep.
00:14:14.639 --> 00:14:15.039
Got it.
00:14:15.200 --> 00:14:15.600
Love it.
00:14:16.080 --> 00:14:19.200
Yeah, so it's it's it's strictly sourcing work.
00:14:20.399 --> 00:14:23.919
And then obviously, product breeds product, right?
00:14:24.320 --> 00:14:29.279
So when you like there's no better advertising tool than putting points on the board.
00:14:29.600 --> 00:14:35.840
So when you have listings for sale and you list as much as I do, you have a lot of things for sale.
00:14:35.919 --> 00:14:37.440
Your name is very visible.
00:14:38.159 --> 00:14:42.240
That that's where you get buyer leads come from the product.
00:14:42.480 --> 00:14:42.799
Yep.
00:14:43.039 --> 00:14:44.960
And the public sees the product.
00:14:45.039 --> 00:14:52.960
And if you run your business appropriately, they see it go to market, they're aware of it, they see it go to under contract, they're aware of it, and they see it sold, they're aware of it.
00:14:53.120 --> 00:15:04.879
If I'm doing my job correctly, the audience that I'm trying to capture is aware of those landmarks so that you become the professional resource in that space, the advisor in that space.
00:15:05.360 --> 00:15:06.080
Yeah, I love it.
00:15:06.720 --> 00:15:10.480
I would say, yeah, deals beget more deals, obviously, good deals.
00:15:10.639 --> 00:15:12.559
So uh that's that makes a lot of sense.
00:15:12.799 --> 00:15:15.840
Listen, at the end of the day, you want to the I I'm very fortunate.
00:15:15.919 --> 00:15:24.720
They one of the best things that I could um contribute this this career to is I've got the best past clients ever.
00:15:24.879 --> 00:15:26.159
Like they're just great.
00:15:26.320 --> 00:15:29.120
I work really hard to service the client.
00:15:29.279 --> 00:15:31.200
I really, really do when they're on market.
00:15:31.279 --> 00:15:35.440
I try to think about them, you know, more than most people.
00:15:35.840 --> 00:15:39.840
And I want them to be happy, I want them to do well.
00:15:40.080 --> 00:15:45.679
I really care about their result, not for my earning, but for their satisfaction.
00:15:46.000 --> 00:15:49.919
And I'm I'm I believe, I hope that they could feel that too.
00:15:50.080 --> 00:15:53.120
And they've been wildly supportive of my career.
00:15:53.360 --> 00:16:01.440
So that's a big portion of the work that we get also is the you know, the the the referrals from past clients.
00:16:02.639 --> 00:16:10.159
Patrick, when a new buyer or seller expresses interest, what happens actually between that first conversation and getting them into an appointment?
00:16:10.240 --> 00:16:13.120
I'd love to hear kind of what your your flow looks like.
00:16:13.360 --> 00:16:14.240
Yeah, sure.
00:16:14.559 --> 00:16:26.399
So really anytime a new prospect either I capture uh through calling or that comes in, I mean, at the end of the day, the whole thing is about them, right?
00:16:26.960 --> 00:16:31.440
What their goals are, what they're trying to accomplish, what their needs are.
00:16:31.759 --> 00:16:43.600
And it's really just a question-based approach to find out A, what their goals are, B, what their motivation is, and then C, can can do those things align into reality where they can be helped?
00:16:44.080 --> 00:16:53.519
And as long as you're asking a lot of questions, you care about the answer, and you can provide them truthful response, you could help those people.
00:16:53.759 --> 00:17:00.159
A lot of people can't be helped, their goals are not realistic or their motivation is not really there.
00:17:00.320 --> 00:17:02.639
And a lot of agents try to like create motivation.
00:17:02.799 --> 00:17:09.119
Like one of the most cringe things I hear from agents all the time is they're like, Oh, let me convince my client.
00:17:09.200 --> 00:17:11.279
I'm like, convince your client.
00:17:11.839 --> 00:17:25.359
You know, like I don't know about anyone else that if whoever watches this or your experience, but my clients are smart, they're capable, they can make their own decisions, they're nice, they're they're wonderful people.
00:17:25.680 --> 00:17:31.759
And what they're looking for is some guidance in a space that they don't know about.
00:17:32.240 --> 00:17:37.279
And that sometimes are, you know, has to do with hard conversations, right?
00:17:37.599 --> 00:17:45.200
Because they're gonna you're gonna have to tell them the truth about what can and cannot happen, but that's what they deserve in order to make a decision on the asset.
00:17:45.359 --> 00:17:45.759
Yep.
00:17:46.000 --> 00:17:54.480
And what happens too much in our marketplace, I've joked a little about a little bit before, but I always say that I have the greatest business ever if I could get rid of the realtors.
00:17:54.880 --> 00:18:00.160
What happens in our business a lot of times is that you know, people yes, yes, yes, yes, yes, to get people into contract.
00:18:00.240 --> 00:18:04.799
And then once they get them in the contract, that's when they start to put their hands around their neck and strangle them.
00:18:05.119 --> 00:18:07.200
And you know, we take a very different approach.
00:18:07.279 --> 00:18:10.559
Like, you know, sure, I've lost deals because I was too honest.
00:18:10.799 --> 00:18:11.839
And guess what?
00:18:12.000 --> 00:18:17.279
They do something with someone else, but guess who gets all the referrals from that person moving forward?
00:18:17.759 --> 00:18:21.359
After that transaction happens, they'll call me and say, You were right.
00:18:21.519 --> 00:18:22.799
That's exactly what happened.
00:18:22.880 --> 00:18:23.920
I was like, Well, that's okay.
00:18:24.079 --> 00:18:27.039
You know, they're like, but my friend Billy down the block needs to sell.
00:18:27.200 --> 00:18:28.319
I told him that you're the right guy.
00:18:28.400 --> 00:18:28.799
You know what I mean?
00:18:29.039 --> 00:18:36.960
Yeah, at the end of the day, if you're playing the business long and not playing for the sale, um, you can't lose.
00:18:37.200 --> 00:18:37.440
Yeah.
00:18:37.599 --> 00:18:38.079
It's impossible.
00:18:38.319 --> 00:18:39.599
Well, I think you make a good point.
00:18:39.680 --> 00:18:46.720
That that whole convincing thing, that if you're truly acting like a fiduciary, that is not what you're gonna be doing.
00:18:46.799 --> 00:19:00.079
Uh, and even if it even if it is walk away from the deal or or tell someone not to do the deal, I mean, I think there's probably so little of that in the industry that I think that's probably quite refreshing when someone it's it's a constant for us.
00:19:00.240 --> 00:19:07.759
Yeah, no, because at the end of the day, like I mean this in a nice and not arrogant way, but I don't care if they buy or sell.
00:19:08.000 --> 00:19:10.000
I only care if they want to buy or sell.
00:19:10.400 --> 00:19:11.920
Then we could then we could do something great.
00:19:12.000 --> 00:19:18.000
But like if they're like, oh, it just doesn't work, our motivation's not there, I wish them the best and maybe we'll do it, maybe we'll do it another time.
00:19:18.160 --> 00:19:18.799
You know what I mean?
00:19:18.880 --> 00:19:28.720
But like, and that that's the beauty of sourcing of sourcing business is that you don't have to hang on every ad that like comes your way because you don't know when the next one's gonna come.
00:19:28.799 --> 00:19:30.319
Like, I know when the next one's coming.
00:19:30.400 --> 00:19:30.720
Yeah.
00:19:30.880 --> 00:19:32.240
Numbers, you know what I mean?
00:19:32.400 --> 00:19:33.200
Yeah, it's interesting.
00:19:33.279 --> 00:19:45.920
When I talk to really high performers like yourself, I there's a common thread, which is you're doing so much business that you're never going to obsess over any individual transaction deal conversation.
00:19:46.160 --> 00:19:52.480
And therefore, you actually end up doing more business because you are behaving and showing up that way.
00:19:52.640 --> 00:20:04.799
And it's like, how do you install that into maybe an agent that's newer and like having that sort of abundance mentality that you sometimes it's hard to have when you aren't actually doing the type of deals that you're doing?
00:20:05.039 --> 00:20:08.960
I think the answer is you need proper coaching and mentorship.
00:20:09.759 --> 00:20:14.799
Like you need to be like, I got very fortunate being in the Mike Ferry um world.
00:20:14.960 --> 00:20:18.960
Like that guy is number one, like no one better.
00:20:19.039 --> 00:20:22.319
And don't misunderstand the ferry, Mike Ferry.
00:20:22.640 --> 00:20:25.039
Yes, yeah, Tom's Tom's father.
00:20:25.200 --> 00:20:25.519
Yes.
00:20:25.680 --> 00:20:26.160
Yeah.
00:20:26.319 --> 00:20:28.079
Um, he's he's the man.
00:20:28.319 --> 00:20:35.359
And you know, one thing that he always said early on in my career was you have to detach yourself from the outcome.
00:20:35.519 --> 00:20:41.359
If you don't detach yourself from the outcome of the transaction, you can't service the client the way they need to be serviced.
00:20:42.240 --> 00:20:49.680
You know, and that means you can't be just, you know, smelling like commission breath, as they say all the time, and just trying to do stuff to make sure that it closes.
00:20:49.839 --> 00:20:51.359
You got to tell the client the truth.
00:20:51.519 --> 00:20:56.960
And sometimes that ends up in like a deal not working, but that does build a client for life.
00:20:57.359 --> 00:21:02.240
And if you want to build a long-term sustainable business, it's all about the service that we provide.
00:21:02.400 --> 00:21:06.319
I mean, your income is a direct reflection of the service that you provide, period.
00:21:06.480 --> 00:21:06.880
100%.
00:21:07.200 --> 00:21:08.240
That's how that's how it works.
00:21:08.400 --> 00:21:09.359
You know what I mean?
00:21:09.599 --> 00:21:12.319
And that is a deeper conversation.
00:21:12.559 --> 00:21:17.359
The service you provide has to also do with the systems that are in place to provide that service.
00:21:17.440 --> 00:21:21.279
So, like there's so much more to that, but that is the general formula, you know?
00:21:21.440 --> 00:21:22.480
Yeah, yep.
00:21:22.799 --> 00:21:24.720
Now you've talked about service a lot.
00:21:24.799 --> 00:21:27.279
We've heard this word a handful of times at least.
00:21:27.519 --> 00:21:36.000
So when you what do you do after a closing to make sure that the relationship eventually turns into you know another transaction or referral?
00:21:36.240 --> 00:21:38.720
You know, when you do it right, you don't have to do anything after the closing.
00:21:38.799 --> 00:21:39.440
Yeah.
00:21:40.079 --> 00:21:42.559
The service is during the transaction, not after.
00:21:42.799 --> 00:21:43.200
Yeah.
00:21:43.440 --> 00:21:44.640
I love that answer, by the way.
00:21:44.799 --> 00:21:56.319
Because I by the way, I asked this to uh a lot of people, and the they have some really clever things they do between and they throw these big elaborate parties and ridiculous.
00:21:56.480 --> 00:21:56.880
Yeah.
00:21:57.039 --> 00:21:59.759
But I love there's uh that the the half half.
00:22:00.240 --> 00:22:03.440
Of those have good intention, and half of those have huge egos.
00:22:03.599 --> 00:22:04.400
That's what's going on.
00:22:04.640 --> 00:22:05.279
Sure, sure.
00:22:05.440 --> 00:22:06.720
So that that's the reality.
00:22:06.960 --> 00:22:12.960
Listen, these clients that we all have, they want service.
00:22:14.240 --> 00:22:15.440
They want guidance.
00:22:15.599 --> 00:22:17.440
They want you to be there along the way.
00:22:17.599 --> 00:22:23.680
They want a plan that they could sign on to that actually is accountable and happens with a result that's there to follow.
00:22:24.720 --> 00:22:27.920
So the idea is not what do you do after.
00:22:28.319 --> 00:22:31.440
The idea is what you do before enduring.
00:22:32.240 --> 00:22:33.440
After it's over.
00:22:34.880 --> 00:22:37.440
Like that's just that's just check-ins.
00:22:38.160 --> 00:22:43.039
Like if I have to go for a surgery, I don't give a fuck what the doctor does after the operation.
00:22:43.200 --> 00:22:43.759
That's fair.
00:22:43.920 --> 00:22:45.039
I care about the operation.
00:22:45.519 --> 00:22:48.400
If I have to go to court, I don't care about after court.
00:22:48.559 --> 00:22:51.359
I care about leading up to court and court.
00:22:51.599 --> 00:22:52.240
Yep.
00:22:52.720 --> 00:22:54.480
Like it's about the process.
00:22:54.720 --> 00:22:54.960
Yes.
00:22:55.200 --> 00:22:55.920
You know what I'm saying?
00:22:56.000 --> 00:23:00.000
So like that is where you're remembered, and that's where the service is.
00:23:00.160 --> 00:23:10.799
Of course, I check in with clients afterwards, make sure it's okay, make sure that they're, you know, whatever their next path is, that they're getting, you know, the same treatment that we did leading up to the sale or the listing or whatever it is.
00:23:10.960 --> 00:23:14.720
But it's about during the process, is where the service is.
00:23:14.880 --> 00:23:17.759
And I think that agents make a huge mistake about that.
00:23:17.920 --> 00:23:23.519
I mean, maybe I'm misspeaking, but like my clients don't hire me because they want another friend.
00:23:23.759 --> 00:23:31.440
No, my clients don't hire me because they want another, like, you know, bowling meet and greet with like, you know, with their realtor.
00:23:32.400 --> 00:23:39.200
Like, listen, on my downtime, the last thing I want to go do with respect to my professionals is go hang out with them.
00:23:39.359 --> 00:23:39.759
Sure.
00:23:40.160 --> 00:23:42.640
I don't want to, I don't want to night out with my accountant.
00:23:42.799 --> 00:23:44.480
He doesn't want to go out with me either.
00:23:44.640 --> 00:23:45.119
Yep.
00:23:45.359 --> 00:23:49.839
But I want him to service me when I need him to service me, and that's why I sent him referrals.
00:23:50.160 --> 00:23:50.720
I love it.
00:23:50.880 --> 00:23:52.799
That was that was a golden response.
00:23:52.960 --> 00:23:53.759
I love that.
00:23:54.000 --> 00:24:05.200
Um, all right, we're gonna talk about Pat AI for a second because you know I came across that you you're doing uh something called Pat AI where where you've created an AI version of yourself delivering local news, which I think is genius, by the way.
00:24:05.359 --> 00:24:08.799
I read that some of these uh videos are getting 100,000, 200,000 views.
00:24:08.960 --> 00:24:11.680
Like, what's the how'd that idea come about?
00:24:11.920 --> 00:24:14.799
I'd love to hear uh kind of how this all played out.
00:24:15.039 --> 00:24:18.640
I was prospected by um the company that does it.
00:24:18.720 --> 00:24:21.279
Um, and it's a real smart kid off the West Coast.
00:24:21.440 --> 00:24:27.039
And I get I get reached out to by because of the volume of work I do by a lot of different vendors and stuff like that.
00:24:27.119 --> 00:24:30.880
And sometimes um it's a good idea, sometimes it's a bad idea.
00:24:31.039 --> 00:24:32.400
And it does go back again.
00:24:32.480 --> 00:24:34.240
You said I brought the name, the word up a lot.
00:24:34.400 --> 00:24:35.920
It is a service situation.
00:24:36.160 --> 00:24:38.480
And, you know, realtors are funny.
00:24:38.640 --> 00:24:44.640
Um, we find a really good way to mess things up, and soon Pat AI will be messed up by the realtor community.
00:24:44.799 --> 00:24:49.279
So um, right now it's great, but soon every realtor will mess this up.
00:24:49.440 --> 00:24:55.680
Um, which is, you know, at first, you know, mass faxing was a good idea until every realtor max fast.
00:24:56.079 --> 00:25:00.880
Then mass emails were a good idea until mass email happened, then mass video happened, and then that happened.
00:25:00.960 --> 00:25:03.519
Like it just, it's an over show always, right?
00:25:03.759 --> 00:25:24.079
So the pad AI that I had, I thought was a really good way to bring super informative, you know, um, local news and topics about real estate and things that were happening that was just like an an email blast on steroids or like, you know, something I couldn't produce for someone to like click and see in their inbox that would be that valuable.
00:25:24.240 --> 00:25:31.279
I thought that it would be such a great way to bring resourceful information to people to quickly see if they were interested.
00:25:31.440 --> 00:25:34.559
And this way, if there were topics they didn't like, they would flip on right through.
00:25:34.640 --> 00:25:36.559
If they did like, they would take a look at it.
00:25:36.799 --> 00:25:38.880
So this company does a really great job of it.
00:25:38.960 --> 00:25:41.920
And they, you know, were able to pull some really great informative stuff.
00:25:42.079 --> 00:25:52.319
And really at the heart of it was just to bring the client as much detailed information as humanly possible about the marketplace and where they live and everything that goes on with it.
00:25:52.480 --> 00:25:55.039
And it actually ended up being like a real big hit.
00:25:55.200 --> 00:26:02.160
Where I say it would be ruined at some point is I already see the copycat happening within my industry and in my marketplace and everywhere else.
00:26:02.319 --> 00:26:06.079
So soon, I think it's gonna be uh not as impactful.
00:26:06.160 --> 00:26:15.359
Yeah, but but it's uh it's been really great uh at this time, and we'll have to just you know keep thinking about what the next thing is to serve the folks that uh that want to know about the area.
00:26:15.680 --> 00:26:21.599
It's so funny you said that because when I was reading about, I thought this is a great idea for now.
00:26:21.759 --> 00:26:25.599
Yeah, because I've seen these cycles too, and it's like yeah, and that's what you gotta do.
00:26:25.680 --> 00:26:31.279
You you gotta take advantage of the until everybody else catches up, but and then waters it uh down.
00:26:31.359 --> 00:26:32.400
But uh I love that.
00:26:32.640 --> 00:26:34.880
Um don't and don't worry, I'm on to the next.
00:26:35.039 --> 00:26:37.519
So we'll I already know what's cut what's coming next.
00:26:38.000 --> 00:26:38.640
I like I like it.
00:26:38.880 --> 00:26:44.799
All right, well, we're not gonna put that out out in the universe, but um that's uh I love it.
00:26:44.880 --> 00:26:51.279
So does I mean, are you able to track some significant business from Pat AI specifically?
00:26:51.440 --> 00:26:52.400
Or no.
00:26:52.640 --> 00:26:59.039
Um I mean what what that really does, well, you're able to track and see like what the lead flow is on those things for sure.
00:26:59.200 --> 00:27:03.440
Yeah, but what it really does is it just gets more eyes on my Instagram account, right?
00:27:03.680 --> 00:27:12.720
And it's such a powerful format to promote listings and people to see things and you know, people to call in to want to or to message in on um properties they want to see.
00:27:12.880 --> 00:27:18.559
Um so Instagram's become a very big forum of direct messaging for appointments and properties that people like.
00:27:18.720 --> 00:27:24.079
I mean, it's a very big um avenue for lead flow when you own the listing, right?
00:27:24.240 --> 00:27:27.680
When you are servicing that listing, you could promote it the right way.
00:27:27.839 --> 00:27:35.359
And if you notice from you know, from my instant Instagram account, and hopefully you could um agree to this, it's not the Patrick Southern show on there.
00:27:35.759 --> 00:27:40.960
You know, it is all about the property, it is you know, all about the developer, if it's a development.
00:27:41.119 --> 00:27:47.759
I mean, it is strictly trying to highlight what deserves the highlight, which is the product and the customer.
00:27:47.839 --> 00:27:50.799
And it's you know, it's not not highlighting me.
00:27:50.880 --> 00:27:58.480
Yeah, you know, so I really try to make a conscious effort to make sure that the property is the star, that the client is the star, that the development's the star.
00:27:58.799 --> 00:28:01.920
Um, so through that, you get more eyes onto the Instagram account.
00:28:02.079 --> 00:28:10.640
Through that, my standard seller and new developer gets more eyes on their stuff when we put that out in hopes that we start to get more lead flow that comes through it.
00:28:10.720 --> 00:28:15.359
So it's just a it's a building environment, you know, if that's if if I'm explaining that clearly.
00:28:15.599 --> 00:28:16.079
No, absolutely.
00:28:16.160 --> 00:28:21.039
It sounds like it's it's kind of like an amplifier to uh better way to put it.
00:28:21.200 --> 00:28:21.839
Yep, yep.
00:28:21.920 --> 00:28:22.720
I love that.
00:28:23.039 --> 00:28:28.319
So when you look at your business today, what would make the biggest difference in in taking to the next level?
00:28:28.400 --> 00:28:35.680
Is it getting more, you know, selling opportunities in front of your team, you and the team, or or doing a better job converting the opportunities you already have?
00:28:35.759 --> 00:28:38.240
Because I know you're you're hitting the lines every day.
00:28:38.400 --> 00:28:43.039
Is it more blood or is it converting more of the of the people that you already have?
00:28:43.279 --> 00:28:46.400
I'll try to give you a um quick answer on this.
00:28:46.559 --> 00:28:49.279
Okay, but it's there's a bigger answer to it.
00:28:49.440 --> 00:28:50.319
Oh, I love it.
00:28:50.480 --> 00:28:56.079
You know, when when you put together a business plan of things you want to do, it takes a long time for it to work.
00:28:56.640 --> 00:28:56.960
Okay.
00:28:57.200 --> 00:29:00.720
So it's not an immediate thing where like, hey, I'm gonna do this and tomorrow you feel it.
00:29:00.880 --> 00:29:01.839
It just doesn't work that way.
00:29:02.000 --> 00:29:04.640
And if it does, that means that fat, it's gonna be gone anyway.
00:29:04.960 --> 00:29:05.119
Okay.
00:29:05.920 --> 00:29:07.119
So everything takes a long time.
00:29:07.279 --> 00:29:12.720
Knowing that everything takes a long time, you got to figure out where you want to be when it's actually mature.
00:29:13.200 --> 00:29:21.839
So, how I conceptualize the plans that I build is the idea of how long it's gonna take versus where I'm gonna be at that stage.
00:29:21.920 --> 00:29:29.200
How old I be, where my kids be, where would I be in life, what kind of work do I want to do, what part of the industry do I want to still be part of, all that stuff, right?
00:29:29.440 --> 00:29:31.039
And I'll build a plan off that.
00:29:31.200 --> 00:29:40.480
So, right now, um, over the past uh nine years or so, I've been building the new development business for a long time, and I've still got a long way to go.
00:29:40.640 --> 00:29:49.680
Um, I partnered a couple of years ago with Ryan Sirhant, um, who is in the market next to me in Manhattan, and he's all over the country, but him himself is in Manhattan as New Dev is.
00:29:49.759 --> 00:29:52.079
I'm on the Jersey City side, which is across from the river.
00:29:52.240 --> 00:29:55.599
So I run uh all the new dev stuff that's in my marketplace.
00:29:55.759 --> 00:30:02.720
We do um an extreme volume in that, and that's a very different role than um listing a house for sale.
00:30:02.799 --> 00:30:05.279
I mean, you're involved from dirt to completion.
00:30:05.359 --> 00:30:09.279
Um, so it's unit optimization and everything you can imagine to get that place built.
00:30:09.359 --> 00:30:13.839
The selling starts in the design and then all the way through until the final product.
00:30:14.000 --> 00:30:17.599
So that's really what I've been leaning into the most over the past decade.
00:30:17.759 --> 00:30:24.400
And with my new relationship over the past couple of years with Ryan, um, there's more and more of that that's happening.
00:30:24.640 --> 00:30:25.039
Yeah.
00:30:25.200 --> 00:30:25.519
Yeah.
00:30:26.079 --> 00:30:26.400
I love that.
00:30:26.480 --> 00:30:27.279
That's exciting.
00:30:27.519 --> 00:30:39.839
Now, um, I'm curious when you're evaluating new ways to grow the business, how do you decide maybe what to build internally versus bringing in outside expertise?
00:30:40.000 --> 00:30:44.880
Like uh what what does that balance look like on your can you give me an example so I can answer your question the correct way?
00:30:45.119 --> 00:30:48.000
Yeah, well, I mean, for I'll give you a perfect example, actually.
00:30:48.079 --> 00:31:01.759
Uh, is that a lot of high producers I've talked to in recent uh time over the last year, they had an idea that they wanted to build with AI, so they they built it so themselves internally.
00:31:02.079 --> 00:31:09.359
And then now they're they're 90% of them say, well, I just found some out of the box thing that already works better now.
00:31:09.519 --> 00:31:21.440
Like as far as I I know that you don't do paid lead gen, but are there are there things that uh that you could do, I guess, that you're um outsourcing anyways?
00:31:21.759 --> 00:31:27.279
Listen, at the end of the day, at this stage of AI, I'm still the superhero.
00:31:28.400 --> 00:31:30.160
AI is just my utility belt.
00:31:30.480 --> 00:31:30.799
Yeah.
00:31:31.119 --> 00:31:31.440
Okay.
00:31:32.000 --> 00:31:35.519
So AI can't be the superhero yet.
00:31:36.480 --> 00:32:00.160
So what AI outsources for me, and I think I'm understanding your question, is just to be able to simplify the tasks that humans don't need in time, it's getting time back so that the superhero can do what he's supposed to do, yeah, which is talk to more people, be involved in more conversations, be more service oriented, more forward in the business itself, and less on the operational stuff.
00:32:00.400 --> 00:32:03.200
That's how you get time back to do more selling.
00:32:03.440 --> 00:32:10.720
Like if I could get rid of every operational thing and it all was just selling, my business would produce more naturally.
00:32:11.119 --> 00:32:18.880
But that production of business will create more workflow, and that workflow has to either be handled by staff or by AI type stuff.
00:32:19.039 --> 00:32:28.400
So I typically find that I need to build the structure of the business with forward on lead gen working from here.
00:32:29.599 --> 00:32:38.160
The third party and this and people that you bring in to help you, like a lot of people bring buyers' agents in before they have the work to handle it.
00:32:38.319 --> 00:32:46.400
So then they find themselves in a position where they buy leads, they sign up for Zillow Flex, they do all this stuff because they have this team they need to feed.
00:32:46.640 --> 00:32:58.400
It's an in it's an improper and unsustainable structure over time where either those buyer agents are going to get fed up and leave, or they're so crummy they never leave and they just sit there waiting to be fed all the time, right?
00:32:58.880 --> 00:33:10.319
So the whole team dynamic and build, in my view, has to come from like a source of a rainmaker of workflow and an overflow of work that needs to be serviced.
00:33:10.960 --> 00:33:21.200
So for me, it's it's really spending more time figuring out how do we take care of the back office ancillary stuff with AI and things of that nature that could speed things up.
00:33:21.359 --> 00:33:27.599
You know, sellers that are on market for sale that I update with certain reports on a weekly basis that used to take me a long time.
00:33:27.839 --> 00:33:35.039
AI has those produced right away, which allows me to be more involved with the client at that point, which that allows them to have a better experience.
00:33:35.200 --> 00:33:37.759
That allows them to turn me on to their neighbors and friends.
00:33:37.920 --> 00:33:39.519
Um, same thing with the developer.
00:33:39.680 --> 00:33:58.559
So it's it's really for me more about getting as involved and more involved time-wise as I can in the money generating activities of the business and having the ancillary support really um fix and do the things that are not money generating but necessary to move it along.
00:33:58.720 --> 00:33:59.359
You know what I mean?
00:33:59.680 --> 00:34:00.880
Yeah, absolutely.
00:34:01.200 --> 00:34:04.319
Patrick, this has been a 30-minute masterclass.
00:34:04.400 --> 00:34:12.079
Um, but I want to ask you what's something I haven't asked you that you think would help people understand what it really takes to build a successful real estate business?
00:34:12.480 --> 00:34:30.639
Well, I don't know what the question that you should ask me to be able to get that prompt, but I think that the answer um for a lot of people that are are struggling is you have to be incredibly honest with yourself about why things are happening or not happening.
00:34:31.599 --> 00:34:43.280
And if you look in the mirror, it's your fault because there's enough business out there, there's enough for everyone in every market for those who want to go take it.
00:34:43.599 --> 00:34:53.119
And typically they fall behind or fail because they blame everything else but their discipline and commitment to the process.
00:34:53.519 --> 00:35:01.039
And a lot of times people just aren't willing to do what it takes to put together a big business, but they want the result of it, and that doesn't mesh.
00:35:01.440 --> 00:35:11.119
And once they realize that they are not truthful to themselves, they'll either do something about it, fix it, or they'll be happier because they realize they don't really want to do it.
00:35:11.360 --> 00:35:35.039
So I would say evaluate, you know, what your actions and results are and how you improve and be very honest with yourself, will get you where you need to be, which brings up like coaching and things of that nature, which at that point, if you find you have flaws and service and production, everything else, and you need help, you'll go find the people you need to surround yourself with to fix those things to be able to improve and get better.
00:35:35.519 --> 00:35:36.079
I love it.
00:35:37.039 --> 00:35:37.920
And think big.
00:35:38.239 --> 00:35:39.199
Think big.
00:35:40.079 --> 00:35:41.199
Where can people find you?
00:35:41.280 --> 00:35:42.480
Uh, check you out online.
00:35:42.719 --> 00:35:43.280
Yeah, sure.
00:35:43.440 --> 00:35:50.800
Um, so uh my website is uh uh properties by southern.com and then Instagram is at properties by southern.
00:35:50.960 --> 00:35:52.320
So uh I appreciate it.
00:35:52.719 --> 00:35:53.920
Uh Patrick, you're the man.
00:35:54.079 --> 00:35:54.480
I appreciate the time.
00:35:54.719 --> 00:35:55.119
Thanks, dude.
00:35:55.199 --> 00:35:56.000
Appreciate you having me on.
00:35:56.320 --> 00:35:57.840
Thanks for listening to Undercontract.
00:35:58.079 --> 00:36:02.639
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00:36:02.800 --> 00:36:11.280
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00:36:11.840 --> 00:36:15.920
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00:36:16.159 --> 00:36:18.239
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00:36:18.320 --> 00:36:19.920
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