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Many real estate agents are now recording their meetings with buyers and sellers.
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Is this a good thing, a bad thing?
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Is it something that you should be implementing?
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Are assumable mortgages going to be an opportunity for some agents, as big as the REO opportunity was in 2008?
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On this episode of the Hyper Fast Agent Growth Show, our panel is tackling these questions and more.
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Stay tuned for the latest show where we are going to help you grow your business.
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That is our goal of this show.
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We want you to be optimistic, enthusiastic, and energetically growing your business no matter what the market does.
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So we'll kick it off with our first question here to James.
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Are you recording your buyer and seller meetings?
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And should more agents be doing this?
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Yeah, more agents should definitely be doing this.
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I mean, it's like having an assistant there with you that's taking notes and is able to pass it on to another assistant that's able to do action items for you automatically.
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As an example, on a recent listing appointment I went to, I asked permission.
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I said, Hey, I've got my AI note taker.
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I'm about to turn it on to help me take notes.
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Is that okay?
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They said, Yeah, sure, no problem.
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And uh I had Grokbot upload those notes from my Field D and it put all those notes into that contact and follow-up boss for me.
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And it said, Hey, saw you sign the listing agreement.
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Do you want us to order a sign?
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It proactively made a suggestion.
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So if you're recording uh your appointments, it makes you even more capable and it bridges the gap so that your AI setup can then take it to the next step.
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And the other thing that's important about it is if you lose the listing opportunity, you can go back and see what didn't I do right?
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It's hugely important.
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And are you using you're using Fieldie, I believe, correct?
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A wearable device?
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Yeah, I'm using Fieldy.
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I haven't tried any of the others, uh, but Fieldie works great.
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Yeah, so Fieldie, uh, you can wear it as a necklace.
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I think you can wear it as you wear it like as a watch, right?
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That's right.
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Uh there's other apps out there too.
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Like some, you know, don't need a separate device.
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Like granola, I think you just, you know, you get an app on your phone and get an account.
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And it's it's not just recording either, right?
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It's using AI.
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So you're gonna get meeting summaries, you'll you'll have like, you know, it'll tell you like any action items that came from it.
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Uh Carl, are are you using any fieldie or granola or AI type recording devices when you're talking to buyers?
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I haven't implemented it yet.
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I've had some of my buyers record the calls so that way they can go back through the information that we covered.
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Uh in a loan officer mastermind that I went to earlier this year, some loan officers are already using Pocket, which is just a small device that you can put on the back of your phone.
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You can take it anywhere, and then the AI just summarizes the whole conversation.
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I think that it's it's going to allow you to be able to capture better notes.
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I mean, ultimately, that was the feedback that we got from the the other the people that have been using it.
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Because every phone call that I do, I'll take maybe like five lines of notes, put it in my CRM for my team to have that information when the buyer moves through the process.
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And I'm sure that there's way more information that I could gather if I was using the AI note taker.
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So I'm actually you you inspired me.
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I'm gonna order mine today.
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Awesome.
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I've I've used Fieldie before on listing appointments, you know, and I think these tools are great because they allow you to focus in the moment on the client, you know, on the seller, on the buyer.
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Like um, you know, if you're taking the tour of the house and you you don't have something like this, how are you on earth gonna remember like the age of the roof, when the hot water heater was replaced, what maintenance they've done?
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Like there's a lot of little things that come up.
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And if you're if you're continually like stopping and writing on a notepad, you're you're breaking eye contact, you're breaking rapport.
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So I I think you know, this may creep agents out, some may not feel comfortable, but it gives you the ability to stay connected with them.
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Like if you're showing five houses, are you really gonna remember like the three things that they liked and didn't like about each of those houses?
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Like that's 30 different things right there, right?
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I've had a homeowner say to me when I asked, Hey, is it okay if if my AI uh like note taker uh reports and takes takes notes?
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And they said, No, I don't know if I feel comfortable with that.
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And so I said, Okay, no problem.
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Yeah, so I think up front, you know, offer it as a benefit, like, hey, just so you know when we're touring houses or when I'm looking at your house and during this meeting, we're gonna be discussing a lot of things, and I don't want to forget anything and want to make sure I'm I'm best serving you.
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So in order to do that, I use a uh wearable AI recording device.
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Is that okay with you?
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Right?
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Or or you know, can you see the benefit of that?
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Is that something that you're okay with?
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And yeah, maybe you'll get some people that say no, but um and then okay, break out your your notes section or your your pen and paper, right?
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Take some good notes, but most of the people are gonna say yes, and then you're gonna be able to provide better follow-up and better follow-through, I think.
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So, you know, I I would encourage all agents to use it.
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And like James said too, if you go on a listing appointment and you end up losing it, right?
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Well, now you can have AI give you feedback on what you could have done better.
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Like, were you pre-closing?
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Were you asking for objections?
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Uh all these different things.
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So I think it's a it's a huge benefit that'll help you grow your business and help you connect better with your clients.
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Um, all right, let's continue on on AI here.
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What's the biggest AI tool you have recently implemented in your business?
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Carl, we'll start with you this time.
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I haven't done it yet, but I was just asking Dan and James here at the beginning of the uh before starting the podcast, what AI they were using for their newsletters.
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Because that I found that putting together content for my newsletters to bring value, not just to the agents I work with, but to my database of past clients, is taking a good amount of time.
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So my next goal is to duplicate what you guys are doing there and be able to cut down that time.
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Uh and yes, I but uh the my biggest fear with that is putting out content that has less value.
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So um here's what I would say, Carl, is you like every basically every other thing you say, it has enormous value, right?
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So if you wear your fieldie throughout the day, then what you can you can like tie it into GroffBot, for example, and you can or ChatGPT, you can say, hey, review my Fieldie notes uh from the last seven days and give me five ideas for a newsletter, sanitize it so it's not sharing any personal confidential information, but give me five ideas for a newsletter that's really gonna hook people in.
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That's brilliant.
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And you can just pick and choose what you like.
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It goes back to like the frequently asked questions.
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It's like as soon as you're trying to think of them, it's really hard to come up with them, but uh we answer them every single day.
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100%.
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James, what have you used recently?
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Biggest AI thing you've implemented.
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Man, GrockBy has just been life-changing.
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Absolutely life-changing.
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And I've, you know, maybe like two weeks ago, I set it up.
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And uh it there's so many one of the one of the amazing things about EXP Realty is you can get so many great ideas and grow your business in so many ways.
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One of the challenges is that your time is limited, right?
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You only have 24 hours a day, seven days a week.
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But when you have a tool like Grokbot, it can help you automate all of those things that were eating up your time.
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And either you had to make a decision whether to not do other things or whether to do this.
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Um, but now Grokbot just extends your time, and basically there's almost no extra cost to it.
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And so if you do one of those things once uh and you teach Grokbot how to do it, and then maybe do like one extra like refinement, it's gonna do that thing that you want to be doing basically with with like 90% less effort.
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Yeah, and we we recently had you come on, you taught our exp group and other agents how you set up Grokbot.
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Uh, that was on one of our Tuesday masterminds that we do.
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So, like in our exp group, um, you know, you're not just coming over to exp and getting all of the amazing exp benefits.
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When you pick, you know, James or I or or or call up Carl like and and work with us and you know become a part of our group, you are going to get tons, probably forty or fifty thousand dollars a year in extra coaching and benefits from you know myself and Carrie Scholl, Tim and Julie Harris.
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And then we bring other people into the group.
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We do regular masterminds, and and James showed everyone in under an hour how to set up Grokbot, like how to make it your TC, how to make it your marketing manager, do your newsletters, manage your email.
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And it was super easy to do.
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Like I think anybody could do it.
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You know, if you want a recording of that, shoot me a message, I'll send it to you just for free, just for just for reaching out.
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But you know, if if that's the kind of training, you know, these are the kind of people you want to be around to help you elevate your real estate business and not just sell more homes, by the way.
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Like we can show you how to build revenue share, how to, how to earn non, you know, per how to earn revenue from income from from from deals that you're not closing, right?
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You're you're earning this revenue because you're helping other agents, you're building others, and you know, it it bec be comes a thing at EXP where you know, let's say you bring on like 10 or 15 agents your first couple of years.
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Well, that will grow because of the revenue share platform.
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That will grow to hundreds of agents and can you know there's people at EXP making 5K, 10K, 25K, even over 100K per month from deals they're not involved in, right?
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Talk about freedom, right?
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It's not just time freedom, it's just it's not just financial freedom, it's geographic freedom.
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Like our our group now has people in 21 different states.
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So if you want to learn more about that and what it would be like to partner with us at EXP Realty, uh James, how should they contact you?
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You can text me EXP at 202-841-7815.
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All right, and Carl, text me bridge 804-665-4344.
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And you can reach me at 703-638-4393.
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All right, so uh in the last couple of weeks, I have connected many of my exp systems to the AI programs that I already use.
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So that that allows me to do amazing things, like just with my revenue share group, right?
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Like 455 agents.
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Uh, I can go into to chat now and and grok and ask it like who recently joined?
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Like who's who's you know, who who capped this month, who hit the icon level?
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Um, who's who has sponsored, you know, an agent in the last 90 days?
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And just that alone is amazing because it allows me to you know communicate to the agents that need to be recognized, or you know, I can ask it like, hey, who who hasn't closed a home in their first 90 days at EXP?
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And then I can reach out and see what kind of help they need.
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So uh and it can connect to your your CRM.
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You know, EXP gives you three different CRMs to choose from, it can connect to that, Canva, so it can um you know do all your marketing for you.
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And what I like about what exp has done compared to most brokerages is rather than build their own AI system, which let's face it, a real estate company with a market cap of a few billion is not going to build a better AI tool than Chat GPT, Claude, or Grok, right?
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They those companies have like 50 to 100 times uh more market value, and they're focused 100% on that.
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So EXP said, hey, we're not gonna force you to use our thing, which is really like you know, most brokers just face it, let's face it, they do that to capture the data or keep you trapped.
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Um you know, instead of that, we're gonna let you use the best systems in the world and just connect to anything at EXP that will help you.
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And and I love that.
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So um, and and grok, by the way, is the next thing on my list.
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Um, because I I was at the presentation James did, and so there are several applications uh of grok bot that I am excited to implement soon.
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All right, with all of the AI, you know, we talk a lot about AI that we are using.
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Uh, there's been a lot of chatter on Reddit and other threads about consumers going out and using AI and using AI for negotiations.
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And, you know, I I read a Reddit comment the other day.
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It said uh this guy saved$150,000 on a million-dollar home by not going with an agent by using Chat GPT.
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I found that interesting, right?
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Because the agents, you know, no agent is getting a 15% commission, right?
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So I don't know how they saved 150 grand.
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Most likely they knew a lot of realtors were on that thread and were just maybe rage baiting.
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Um and you know, I'll tell you this like you go out, you use you use like a free or a low-cost AI platform.
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Like, does it have good memory?
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Does it does it check all the records, right?
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Um because there's there's issues, right?
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Like AI is not perfect.
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When I when I've tested it for doing like CMAs, it'll it'll come up with up relevant data, but but sometimes if there was a recent closing that isn't in the tax records, yeah, they miss it.
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Um so you could use it and think you got a good deal because AI told you because it always wants you to feel good.
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Um, but if if you don't know how to use it, if you don't have like the experience an agent has, I think, I think it could end up being very costly.
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So uh I'll ask our panelists though, like do you think there is a threat from AI that will cause consumers to use agents less?
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I think the biggest threat is is that myth uh and that misinformation that now you know the regular consumer can uh can do this incredibly complex thing and just leave up leave up to you know whatever AI they're using or bad information they're using uh and you know risk tens or hundreds of thousands of dollars.
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Like that person that claimed that they saved$150,000.
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Um, they they don't know because no one would tell them the opportunities that they missed or uh the mistakes that they made.
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Sometimes the mistakes don't show up until a couple of years later.
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Hmm.
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Carl, what about you?
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All right, do you think you think consumers are gonna use this to get better loan rates and skip out officers, skip out agents?
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Is that is that a concern?
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I don't think it's gonna change how the percentage of people that do like a for sale by owner or a private real estate sale.
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It's I found that it's hard enough for experienced buyers to navigate through the process without an agent because I've seen it firsthand.
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When people are financing and they skip an agent, you know, I'm I'm I'm essentially wearing the realtor hat and I'm advising them on the things that a good agent would normally be advising them on and walking them through.
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Because I can't if it's a purchase transaction, I can't close a loan unless I have a purchase contract.
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Right.
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And so somebody's got to write up that purchase contract.
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If it's not the agent, you know, they're either writing one up themselves or they're going to a real estate attorney.
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Um and they're asking me all the questions that go into the contract, right?
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Because even if you even if they go to a real estate attorney, the real estate attorney doesn't know what terms the buyer and the seller will exactly want to put into the contract.
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Like it's it's extremely rare that if they're skipping the agent and they're not hiring an agent, that they are able to effectively write up a comprehensive contract between both parties without coming to me with questions.
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That's extremely rare.
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So the and that that's even for experienced you know investors or you know, repeat buyers, not you know, not not even talking about first-timers.
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So I don't think it's gonna change the percentage of people that do private deals without agents.
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Uh, because I mean the Chat GPT and the other AI platforms are not going to be able to give you all that information, anyways.
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It's only as good as how you prompt it, and even if they prompt it really well, there's still gonna be missing pieces there.
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I uh I'm I'm very skeptical.
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Well, and so much of the the information that could make or break a real estate deal, help you get a better deal, like a lot of that's not public record.
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It might be just a conversation you had with the listing agent or the seller, and and so there's there's just so much that is not publicly available, and and and these these programs don't perfectly search all of them, you know, counties update their their land records at different paces.
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So there's there's a lot of information that a good agent has access to that you know these large AI programs just don't have yet.
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And you know, I I I think what we're seeing here is the people that would normally skip the agents and go out and do a large, infrequent purchase or sale on their own will still do that, but now they just have some more tools to help them.
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And sometimes it'll it might help them and other times it might not.
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Um I do think that agents need to know going in the meetings, uh consumers can ask questions, you know, and and they can do their own research on comps and their own uh you know, research on the process.
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So I think it's an opportunity for real estate agents to get better educated on the data, to get better educated on the process and communicate that.
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So you need to improve those skills because you know the average consumers that are going to use an agent are going to be armed with more data.
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So it's an opportunity for us to level up.
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It also creates exposure.
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Um, sorry, Dan, like it creates exposure for people to get even more incorrect information.
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A perfect example that I had this last week was on a loan assumption deal where we were providing secondary gap financing.
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We were offering it to the buyer as a line of credit, and they wanted to be able to pay off the loan on a 30-year term and not just pay the interest-only payments.
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The interest portion of the payment was$800.
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And I told him, hey, for you to pay it off in 30 years, you're gonna want to pay$1,200 a month.
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You pay$1,200 a month, it'll be paid off in 30 years.
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And he asked Chat GPT, uh, how long will it take me to pay off a line of credit if I pay an extra$400 a month?
00:20:07.200 --> 00:20:18.240
Well, paying an extra$400 a month would actually take 20, like, or it was on that was on a 15-year, excuse me, a 15-year plan, 400 extra, uh,$1,200 total per month.
00:20:18.400 --> 00:20:23.440
And so he asked, hey, if I pay$400 extra per month, how long is it gonna take me to pay it off?
00:20:23.599 --> 00:20:44.000
And Chad GPT said 22 years, but that's because it didn't know he didn't ask the right question, because if it's a fully amortizing payment, then you're gonna be paying more than 400 with each subsequent payment because you're gonna be paying less interest with the way that the amortization works.
00:20:44.160 --> 00:20:49.759
Um, so, anyways, it gave me an opportunity to help educate him and give him the right information.
00:20:50.000 --> 00:20:55.920
But if he was just doing it on his own, he he he wasn't going, he wasn't prompting it the right question.
00:20:56.000 --> 00:21:02.880
And then it was going to essentially put him in a position where he thought it will it didn't make financial sense, and then he was not going to transact at all.
00:21:05.119 --> 00:21:06.799
Carl, you saved that guy.
00:21:07.039 --> 00:21:08.480
Did he save banks?
00:21:10.640 --> 00:21:20.240
Uh well, it actually the deal didn't work out because they did a home inspection and they realized the house had a lot more work that needed to be done than they expected.
00:21:20.480 --> 00:21:22.720
But um, I think he was grateful.
00:21:22.799 --> 00:21:28.400
And you know, they're they're gonna try to find another loan assumption deal that uh that's gonna make financial sense.
00:21:31.759 --> 00:21:36.559
All right, let's move on to what I think could be a massive opportunity.
00:21:36.799 --> 00:21:44.000
So in 2008 through 2011, there were some agents that really learned REOs and short sales, right?
00:21:44.160 --> 00:21:50.799
I think I think most agents cringe at the idea of that because it's like a skill they haven't done or they think it's gonna take a long time.
00:21:50.960 --> 00:21:59.759
But then other agents went out, learned it, mastered it, got channel accounts, and closed hundreds of deals, uh, including CEO of EXP Realty, Leo Pereira.
00:22:00.319 --> 00:22:09.759
Who you know sold hundreds of homes during that time uh per year became like the youngest person ever, Keller Williams, to become the number one agent at KW.
00:22:10.319 --> 00:22:15.759
Uh and I think we have another opportunity like that right now, uh, with assumable mortgages.
00:22:15.920 --> 00:22:23.920
There are millions of homes that have rates in the two, three, four percent level um that are assumable by law.
00:22:24.079 --> 00:22:27.759
So FHA, VA, and what's the other one?
00:22:28.000 --> 00:22:29.039
USDA?
00:22:30.799 --> 00:22:31.440
You got it right.
00:22:31.839 --> 00:22:32.480
I got it right.
00:22:32.640 --> 00:22:37.279
Um anyway, those are all by law, right?
00:22:38.319 --> 00:22:41.279
Mortgages that that that anyone can assume.
00:22:42.400 --> 00:22:45.599
And we've done a few of those kind of deals already.
00:22:45.680 --> 00:22:54.400
I I think we're gonna do a lot more uh because now we have access through exp reality to the largest platform that lists homes for sale.
00:22:54.480 --> 00:23:07.440
Your your clients can actually go on the platform and search you know for for rates under a certain number or ones that have uh you know a certain equity gap in them, you know, different criteria, right?
00:23:07.519 --> 00:23:08.880
And it's just an amazing platform.
00:23:09.039 --> 00:23:13.200
I've already had people reach out to me when I start start, you know, since I've started talking about it.
00:23:13.359 --> 00:23:19.519
But I think for some for some agents, this could become you know as big as REO did for others.
00:23:19.680 --> 00:23:20.640
What do you guys think?
00:23:23.039 --> 00:23:24.319
Yeah, I think absolutely.
00:23:24.480 --> 00:23:32.160
Uh, you know, people can get these awesome rights and they can have a process and a system that is predictable.
00:23:32.319 --> 00:23:38.880
So it's not just, you know, uh shooting for a hole-in-one or a Hail Mary kind of thing.
00:23:38.960 --> 00:23:41.839
Um, I think it could absolutely change the industry.
00:23:41.920 --> 00:23:45.440
And the people that have access to it are gonna benefit greatly.
00:23:45.839 --> 00:23:48.880
I think it's gonna be there's gonna be some similarities, right?
00:23:48.960 --> 00:23:55.680
I I think about how small of a percentage the agents were that were doing REOs.
00:23:56.079 --> 00:23:57.839
I think that's gonna be very similar.
00:23:58.000 --> 00:24:02.960
It's gonna be a small percentage of agents that are doing the loan assumption deals.
00:24:03.759 --> 00:24:20.960
Now is the time to get into them, not just because of where interest rates are, but because we probably only really have like four or five years of value with these, assuming rates stay where they are on new mortgages, because these people are paying down the mortgages, right?
00:24:21.039 --> 00:24:30.400
So as more time goes on, the lower the loan balance goes on those low rate mortgages, which means it has less value over time.
00:24:30.559 --> 00:24:39.119
But also the like the either your buyer is gonna have to come up with more cash to cover the difference, or they're gonna need larger gap financing.
00:24:39.279 --> 00:25:00.799
And when you're doing an assumable deal, if you need gap financing to cover the difference, you know, let's say it's a$500,000 house, current loan balance is$300,000, buyer doesn't have$200,000 to put down, but let's say they got$50,000 to put down, we can give them a gap loan for$150,000, but we need to calculate, okay, what's the blended interest rate?
00:25:00.960 --> 00:25:07.440
If those two loans were one mortgage, what's the effective blended interest rate between the two?
00:25:07.839 --> 00:25:22.960
And as time goes on, that first mortgage that they're going to assume is going to go down and be lower, which means that second loan, that gap financing, is going to be higher, which is going to raise up the effective blended interest rate.
00:25:23.279 --> 00:25:29.279
And at some point in time, you know, a few years from now or what have you, depends on each individual deal, right?
00:25:29.440 --> 00:25:33.519
But most of these assumable mortgages are between five to seven years in.
00:25:33.680 --> 00:25:37.759
You know, so the further along we go, the less value they're going to have.
00:25:38.160 --> 00:25:44.720
So I think if people are going to try to make more deals happen in their marketplace, now's the time to get into it.
00:25:45.119 --> 00:25:58.559
Yeah, like the next year or two or so could be like the window where it just more and more of them make sense compared to like five years down the road when those those loan balances get smaller.
00:25:58.720 --> 00:26:03.359
And yeah, so so this is something I would not sit on, right?
00:26:03.440 --> 00:26:08.400
If I were an agent, this could this could be like a one, two, three year window of opportunity.
00:26:08.880 --> 00:26:17.519
Uh we don't know, but it's super easy to to learn and and do, and you just have to I don't know, a lot of agents avoid it, I think.
00:26:17.680 --> 00:26:18.960
I don't I don't know why.
00:26:19.279 --> 00:26:23.359
I I I saw a stat that 99% of agents have never done in Assumable.
00:26:23.680 --> 00:26:30.319
Um, you know, some of them think you you have to bring all the cash, they don't know about the different ways, like Carl mentioned, to fill the equity gap.
00:26:30.640 --> 00:26:34.079
I I think some of them think they take a really, really long time.
00:26:34.400 --> 00:26:46.400
And you know, they're longer than a than a normal closing, but like the company that you know that we have access through, they have to this platform, they have a transaction team that's getting them done in like 50 to 55 days on average.
00:26:46.480 --> 00:26:56.319
So um, you know, that 25-day extra waiting period for most buyers would be worth it if they're saving thousands of dollars or more per year.
00:26:56.880 --> 00:26:59.039
Um so huge opportunity.
00:26:59.119 --> 00:27:01.759
I think more agents should should be taking advantage of this.
00:27:01.920 --> 00:27:07.359
If you want to learn how to use the platform that we have access to, dxp reality, reach out to any of us.
00:27:07.440 --> 00:27:08.480
We'd love to show you.
00:27:08.640 --> 00:27:09.200
Uh all right.
00:27:09.359 --> 00:27:13.519
Last question where are your next three deals coming from?
00:27:16.480 --> 00:27:20.880
Yeah, my next three deals are coming from talking about assumable mortgages.
00:27:21.440 --> 00:27:30.079
Um, there have been significant changes in the market, uh, significant changes in interest rates.
00:27:30.240 --> 00:27:32.240
And that has everybody's attention right now.
00:27:32.400 --> 00:27:36.319
So my next deals, three deals are coming from talking about assumable mortgages.
00:27:36.480 --> 00:27:44.960
For the people that uh, you know, instead of being able to pay like 800 uh for a home, now they're able to pay like 700.
00:27:45.039 --> 00:27:49.839
Uh, a conversation about assumable mortgages and this dream home that they just lost.
00:27:50.079 --> 00:27:54.799
Um, a conversation about assumable mortgages, which increases your purchasing power.
00:27:54.960 --> 00:27:57.519
I don't know if people understand that it translates into that.
00:27:57.680 --> 00:28:03.119
Um, means that more people are gonna buy the home that they want to buy instead of sitting on the sidelines.
00:28:04.880 --> 00:28:05.920
My next three deals.
00:28:06.240 --> 00:28:10.880
I think Carl has a stat on the average purchasing power increase, don't you?
00:28:11.119 --> 00:28:15.279
Yeah, average is about 20%, even including gap financing.
00:28:15.599 --> 00:28:20.640
So if you have somebody that's approved for$500,000, let's make it$600.
00:28:21.279 --> 00:28:22.240
Yeah, that's amazing.
00:28:22.319 --> 00:28:23.599
All right, Carl, next three deals.
00:28:23.759 --> 00:28:24.559
Next three deals.
00:28:24.640 --> 00:28:31.359
I talked to an investor that I worked with in the past yesterday, and all three of my next deals are coming from him.
00:28:31.519 --> 00:28:35.039
We're gonna we're doing a line of credit on one of his rental properties.
00:28:35.200 --> 00:28:42.160
He's gonna purchase another uh townhouse that he's gonna rent out right next to the other townhouse that he has.
00:28:42.480 --> 00:28:49.440
And we did uh his primary residence, we refinanced it for him when rates dipped down last year.
00:28:49.680 --> 00:28:57.440
Uh, but we also gave him an equity line on that house uh at some point in the last year for him to be able to buy his last rental.
00:28:57.680 --> 00:29:10.079
And so we're going to bundle those two mortgages into one and refinance him into a seven-year adjustable rate mortgage and get the rate down on both of those mortgages and save him significant money there.
00:29:10.240 --> 00:29:12.960
So there's three deals with one investor.
00:29:13.279 --> 00:29:21.200
And the only reason I knew how to call him was because of a platform called Homebot that we pay for.
00:29:21.440 --> 00:29:28.559
And if you haven't used Homebot, you don't have access to Homebot, I will give you free access to Homebot as an agent.
00:29:28.880 --> 00:29:31.039
I can just send you an invite to use it.
00:29:31.200 --> 00:29:33.359
You can invite all your database to it.
00:29:33.440 --> 00:29:49.039
And the value of Homebot is that it's going to give market updates to your database about their potential home value, other sales in their neighborhood, you know, what's the opportunity for them to, you know, do do things with their equity.
00:29:49.200 --> 00:29:52.720
It's it's very comprehensive, it gives great data.
00:29:53.039 --> 00:30:00.400
And it's just something that people love to get the monthly emails on that give them stats and data.
00:30:00.640 --> 00:30:05.680
And I mean, obviously it depends on the personality of the buyer on how engaged they're going to be with it.
00:30:05.920 --> 00:30:14.559
But the only reason I knew that it was the right time to call that investor is because he clicked something in home bot, and I'm like, oh man, I haven't talked to this guy in a year.
00:30:14.720 --> 00:30:17.359
Gave him a call, boom, three deals right there.
00:30:17.519 --> 00:30:26.240
But if I didn't have those three deals, I would be getting my next three by talking to people about how much they can save on a set in the seven-year time frame.
00:30:27.359 --> 00:30:28.240
I was getting it.
00:30:29.680 --> 00:30:32.960
All right, my next three deals are all right.
00:30:33.039 --> 00:30:36.799
One is coming from a past client that I've stayed in touch with.
00:30:36.960 --> 00:30:44.799
Uh, second one is going to come from having the ability to market and offer cash offers.
00:30:45.200 --> 00:30:45.519
Right.
00:30:45.599 --> 00:30:48.079
This is a program we have at EXP.
00:30:48.400 --> 00:30:56.799
Uh, it's also something I've built out with a network of private investors, but you know, being able to give people more than one choice, right?
00:30:56.880 --> 00:31:01.759
I think the typical agent walks in and is like, yep, here's what I could list and market your home for if it's in top shape.
00:31:02.000 --> 00:31:12.079
And they don't have a solution to offer for people that don't want to get their home into top shape, or they have something going on their lifestyle that just makes them want to get out quickly.
00:31:12.160 --> 00:31:16.319
And um, so having that ability to offer cash offers, right?
00:31:16.400 --> 00:31:19.920
That's gonna get me um for sure one of my next three deals.
00:31:20.000 --> 00:31:26.000
And the third one is going to come from the assumable mortgage platform from just from talking about that, marketing it.
00:31:26.240 --> 00:31:31.599
Um, I already have someone that reached out to me looking for eight, nine hundred K.
00:31:31.680 --> 00:31:38.480
Their past agent never mentioned that assumables were, you know, even a possibility.
00:31:38.799 --> 00:31:40.880
And they may not go that route, right?
00:31:40.960 --> 00:31:50.960
They might not find the house that they want, but you know, we found in the market he was looking in just in five minutes on the platform, we found 12 houses with assumable mortgages.
00:31:51.039 --> 00:31:54.079
So uh those are where my next three deals are coming from.
00:31:54.319 --> 00:32:02.000
Guys, if you've listened to our show this long today, clearly it means we have earned a five-star review.
00:32:02.079 --> 00:32:08.640
And if you took one thing, one thing of value from it, please let us know in the comments or write it in the review.
00:32:08.720 --> 00:32:11.359
We would love you to share that with us.
00:32:11.599 --> 00:32:18.640
You can also ask us any questions in the comments, uh, you know, especially if you're on YouTube, we'd love to answer them on the next show.
00:32:18.880 --> 00:32:20.160
Thank you for tuning in.
00:32:20.240 --> 00:32:21.599
We will see you next time.
00:32:26.319 --> 00:32:36.880
Real strategies, real estate, and we're gonna go to the world.
00:00:20.000 --> 00:00:25.359
Many real estate agents are now recording their meetings with buyers and sellers.
00:00:25.519 --> 00:00:27.199
Is this a good thing, a bad thing?
00:00:27.359 --> 00:00:29.760
Is it something that you should be implementing?
00:00:30.079 --> 00:00:38.640
Are assumable mortgages going to be an opportunity for some agents, as big as the REO opportunity was in 2008?
00:00:38.799 --> 00:00:44.320
On this episode of the Hyper Fast Agent Growth Show, our panel is tackling these questions and more.
00:00:45.200 --> 00:00:51.840
Stay tuned for the latest show where we are going to help you grow your business.
00:00:52.000 --> 00:00:53.359
That is our goal of this show.
00:00:53.520 --> 00:00:59.600
We want you to be optimistic, enthusiastic, and energetically growing your business no matter what the market does.
00:00:59.759 --> 00:01:03.359
So we'll kick it off with our first question here to James.
00:01:03.679 --> 00:01:06.400
Are you recording your buyer and seller meetings?
00:01:06.640 --> 00:01:08.879
And should more agents be doing this?
00:01:09.200 --> 00:01:11.280
Yeah, more agents should definitely be doing this.
00:01:11.439 --> 00:01:21.840
I mean, it's like having an assistant there with you that's taking notes and is able to pass it on to another assistant that's able to do action items for you automatically.
00:01:22.159 --> 00:01:26.640
As an example, on a recent listing appointment I went to, I asked permission.
00:01:26.719 --> 00:01:28.799
I said, Hey, I've got my AI note taker.
00:01:28.959 --> 00:01:31.439
I'm about to turn it on to help me take notes.
00:01:31.519 --> 00:01:31.920
Is that okay?
00:01:32.000 --> 00:01:33.439
They said, Yeah, sure, no problem.
00:01:33.760 --> 00:01:44.560
And uh I had Grokbot upload those notes from my Field D and it put all those notes into that contact and follow-up boss for me.
00:01:44.640 --> 00:01:48.239
And it said, Hey, saw you sign the listing agreement.
00:01:48.400 --> 00:01:49.920
Do you want us to order a sign?
00:01:50.159 --> 00:01:51.840
It proactively made a suggestion.
00:01:52.000 --> 00:02:02.640
So if you're recording uh your appointments, it makes you even more capable and it bridges the gap so that your AI setup can then take it to the next step.
00:02:02.719 --> 00:02:10.960
And the other thing that's important about it is if you lose the listing opportunity, you can go back and see what didn't I do right?
00:02:11.439 --> 00:02:13.039
It's hugely important.
00:02:13.840 --> 00:02:17.759
And are you using you're using Fieldie, I believe, correct?
00:02:17.919 --> 00:02:18.719
A wearable device?
00:02:19.039 --> 00:02:20.319
Yeah, I'm using Fieldy.
00:02:20.479 --> 00:02:23.520
I haven't tried any of the others, uh, but Fieldie works great.
00:02:23.759 --> 00:02:26.159
Yeah, so Fieldie, uh, you can wear it as a necklace.
00:02:26.240 --> 00:02:28.400
I think you can wear it as you wear it like as a watch, right?
00:02:28.639 --> 00:02:29.360
That's right.
00:02:29.680 --> 00:02:32.159
Uh there's other apps out there too.
00:02:32.400 --> 00:02:35.120
Like some, you know, don't need a separate device.
00:02:35.280 --> 00:02:40.960
Like granola, I think you just, you know, you get an app on your phone and get an account.
00:02:41.120 --> 00:02:43.439
And it's it's not just recording either, right?
00:02:43.520 --> 00:02:44.240
It's using AI.
00:02:44.319 --> 00:02:49.840
So you're gonna get meeting summaries, you'll you'll have like, you know, it'll tell you like any action items that came from it.
00:02:50.000 --> 00:02:58.319
Uh Carl, are are you using any fieldie or granola or AI type recording devices when you're talking to buyers?
00:02:58.719 --> 00:03:00.080
I haven't implemented it yet.
00:03:00.159 --> 00:03:06.080
I've had some of my buyers record the calls so that way they can go back through the information that we covered.
00:03:06.240 --> 00:03:17.919
Uh in a loan officer mastermind that I went to earlier this year, some loan officers are already using Pocket, which is just a small device that you can put on the back of your phone.
00:03:18.159 --> 00:03:23.120
You can take it anywhere, and then the AI just summarizes the whole conversation.
00:03:23.840 --> 00:03:27.919
I think that it's it's going to allow you to be able to capture better notes.
00:03:28.159 --> 00:03:34.400
I mean, ultimately, that was the feedback that we got from the the other the people that have been using it.
00:03:34.719 --> 00:03:47.759
Because every phone call that I do, I'll take maybe like five lines of notes, put it in my CRM for my team to have that information when the buyer moves through the process.
00:03:48.000 --> 00:03:53.120
And I'm sure that there's way more information that I could gather if I was using the AI note taker.
00:03:53.199 --> 00:03:55.439
So I'm actually you you inspired me.
00:03:55.520 --> 00:03:56.960
I'm gonna order mine today.
00:03:57.199 --> 00:03:57.680
Awesome.
00:03:57.759 --> 00:04:07.120
I've I've used Fieldie before on listing appointments, you know, and I think these tools are great because they allow you to focus in the moment on the client, you know, on the seller, on the buyer.
00:04:07.280 --> 00:04:18.959
Like um, you know, if you're taking the tour of the house and you you don't have something like this, how are you on earth gonna remember like the age of the roof, when the hot water heater was replaced, what maintenance they've done?
00:04:19.120 --> 00:04:20.560
Like there's a lot of little things that come up.
00:04:20.639 --> 00:04:27.920
And if you're if you're continually like stopping and writing on a notepad, you're you're breaking eye contact, you're breaking rapport.
00:04:28.240 --> 00:04:36.720
So I I think you know, this may creep agents out, some may not feel comfortable, but it gives you the ability to stay connected with them.
00:04:36.800 --> 00:04:45.120
Like if you're showing five houses, are you really gonna remember like the three things that they liked and didn't like about each of those houses?
00:04:45.199 --> 00:04:47.120
Like that's 30 different things right there, right?
00:04:47.360 --> 00:04:55.680
I've had a homeowner say to me when I asked, Hey, is it okay if if my AI uh like note taker uh reports and takes takes notes?
00:04:55.839 --> 00:04:58.399
And they said, No, I don't know if I feel comfortable with that.
00:04:58.639 --> 00:05:00.319
And so I said, Okay, no problem.
00:05:00.800 --> 00:05:16.240
Yeah, so I think up front, you know, offer it as a benefit, like, hey, just so you know when we're touring houses or when I'm looking at your house and during this meeting, we're gonna be discussing a lot of things, and I don't want to forget anything and want to make sure I'm I'm best serving you.
00:05:16.319 --> 00:05:20.959
So in order to do that, I use a uh wearable AI recording device.
00:05:21.120 --> 00:05:22.160
Is that okay with you?
00:05:22.399 --> 00:05:22.720
Right?
00:05:22.800 --> 00:05:24.639
Or or you know, can you see the benefit of that?
00:05:24.720 --> 00:05:26.560
Is that something that you're okay with?
00:05:26.879 --> 00:05:37.519
And yeah, maybe you'll get some people that say no, but um and then okay, break out your your notes section or your your pen and paper, right?
00:05:37.680 --> 00:05:44.959
Take some good notes, but most of the people are gonna say yes, and then you're gonna be able to provide better follow-up and better follow-through, I think.
00:05:45.199 --> 00:05:48.639
So, you know, I I would encourage all agents to use it.
00:05:48.800 --> 00:05:54.480
And like James said too, if you go on a listing appointment and you end up losing it, right?
00:05:54.720 --> 00:05:59.600
Well, now you can have AI give you feedback on what you could have done better.
00:05:59.680 --> 00:06:01.360
Like, were you pre-closing?
00:06:01.519 --> 00:06:03.199
Were you asking for objections?
00:06:03.360 --> 00:06:04.560
Uh all these different things.
00:06:04.720 --> 00:06:10.560
So I think it's a it's a huge benefit that'll help you grow your business and help you connect better with your clients.
00:06:10.800 --> 00:06:13.600
Um, all right, let's continue on on AI here.
00:06:13.680 --> 00:06:17.600
What's the biggest AI tool you have recently implemented in your business?
00:06:17.839 --> 00:06:19.519
Carl, we'll start with you this time.
00:06:19.839 --> 00:06:30.560
I haven't done it yet, but I was just asking Dan and James here at the beginning of the uh before starting the podcast, what AI they were using for their newsletters.
00:06:30.800 --> 00:06:43.600
Because that I found that putting together content for my newsletters to bring value, not just to the agents I work with, but to my database of past clients, is taking a good amount of time.
00:06:43.839 --> 00:06:51.920
So my next goal is to duplicate what you guys are doing there and be able to cut down that time.
00:06:52.319 --> 00:06:59.519
Uh and yes, I but uh the my biggest fear with that is putting out content that has less value.
00:06:59.759 --> 00:07:09.680
So um here's what I would say, Carl, is you like every basically every other thing you say, it has enormous value, right?
00:07:09.839 --> 00:07:33.199
So if you wear your fieldie throughout the day, then what you can you can like tie it into GroffBot, for example, and you can or ChatGPT, you can say, hey, review my Fieldie notes uh from the last seven days and give me five ideas for a newsletter, sanitize it so it's not sharing any personal confidential information, but give me five ideas for a newsletter that's really gonna hook people in.
00:07:34.160 --> 00:07:34.800
That's brilliant.
00:07:35.120 --> 00:07:37.439
And you can just pick and choose what you like.
00:07:39.839 --> 00:07:42.399
It goes back to like the frequently asked questions.
00:07:42.560 --> 00:07:49.600
It's like as soon as you're trying to think of them, it's really hard to come up with them, but uh we answer them every single day.
00:07:49.920 --> 00:07:50.399
100%.
00:07:51.360 --> 00:07:53.680
James, what have you used recently?
00:07:53.920 --> 00:07:56.000
Biggest AI thing you've implemented.
00:07:56.319 --> 00:07:59.439
Man, GrockBy has just been life-changing.
00:07:59.680 --> 00:08:00.879
Absolutely life-changing.
00:08:00.959 --> 00:08:04.639
And I've, you know, maybe like two weeks ago, I set it up.
00:08:04.959 --> 00:08:14.560
And uh it there's so many one of the one of the amazing things about EXP Realty is you can get so many great ideas and grow your business in so many ways.
00:08:14.720 --> 00:08:17.120
One of the challenges is that your time is limited, right?
00:08:17.199 --> 00:08:20.000
You only have 24 hours a day, seven days a week.
00:08:20.160 --> 00:08:26.160
But when you have a tool like Grokbot, it can help you automate all of those things that were eating up your time.
00:08:26.319 --> 00:08:30.879
And either you had to make a decision whether to not do other things or whether to do this.
00:08:30.959 --> 00:08:36.799
Um, but now Grokbot just extends your time, and basically there's almost no extra cost to it.
00:08:36.960 --> 00:08:52.240
And so if you do one of those things once uh and you teach Grokbot how to do it, and then maybe do like one extra like refinement, it's gonna do that thing that you want to be doing basically with with like 90% less effort.
00:08:53.120 --> 00:09:00.720
Yeah, and we we recently had you come on, you taught our exp group and other agents how you set up Grokbot.
00:09:00.799 --> 00:09:03.440
Uh, that was on one of our Tuesday masterminds that we do.
00:09:03.519 --> 00:09:10.399
So, like in our exp group, um, you know, you're not just coming over to exp and getting all of the amazing exp benefits.
00:09:10.639 --> 00:09:27.679
When you pick, you know, James or I or or or call up Carl like and and work with us and you know become a part of our group, you are going to get tons, probably forty or fifty thousand dollars a year in extra coaching and benefits from you know myself and Carrie Scholl, Tim and Julie Harris.
00:09:27.759 --> 00:09:29.360
And then we bring other people into the group.
00:09:29.440 --> 00:09:40.480
We do regular masterminds, and and James showed everyone in under an hour how to set up Grokbot, like how to make it your TC, how to make it your marketing manager, do your newsletters, manage your email.
00:09:40.559 --> 00:09:44.320
And it was super easy to do.
00:09:44.399 --> 00:09:46.720
Like I think anybody could do it.
00:09:46.799 --> 00:09:53.120
You know, if you want a recording of that, shoot me a message, I'll send it to you just for free, just for just for reaching out.
00:09:53.279 --> 00:10:02.159
But you know, if if that's the kind of training, you know, these are the kind of people you want to be around to help you elevate your real estate business and not just sell more homes, by the way.
00:10:02.240 --> 00:10:13.519
Like we can show you how to build revenue share, how to, how to earn non, you know, per how to earn revenue from income from from from deals that you're not closing, right?
00:10:13.840 --> 00:10:23.919
You're you're earning this revenue because you're helping other agents, you're building others, and you know, it it bec be comes a thing at EXP where you know, let's say you bring on like 10 or 15 agents your first couple of years.
00:10:24.080 --> 00:10:27.440
Well, that will grow because of the revenue share platform.
00:10:27.519 --> 00:10:38.399
That will grow to hundreds of agents and can you know there's people at EXP making 5K, 10K, 25K, even over 100K per month from deals they're not involved in, right?
00:10:38.720 --> 00:10:40.799
Talk about freedom, right?
00:10:40.879 --> 00:10:45.759
It's not just time freedom, it's just it's not just financial freedom, it's geographic freedom.
00:10:46.159 --> 00:10:48.879
Like our our group now has people in 21 different states.
00:10:48.960 --> 00:10:56.159
So if you want to learn more about that and what it would be like to partner with us at EXP Realty, uh James, how should they contact you?
00:10:57.279 --> 00:11:03.679
You can text me EXP at 202-841-7815.
00:11:04.559 --> 00:11:11.519
All right, and Carl, text me bridge 804-665-4344.
00:11:12.480 --> 00:11:16.960
And you can reach me at 703-638-4393.
00:11:17.519 --> 00:11:29.039
All right, so uh in the last couple of weeks, I have connected many of my exp systems to the AI programs that I already use.
00:11:29.279 --> 00:11:34.480
So that that allows me to do amazing things, like just with my revenue share group, right?
00:11:34.720 --> 00:11:36.240
Like 455 agents.
00:11:36.480 --> 00:11:42.080
Uh, I can go into to chat now and and grok and ask it like who recently joined?
00:11:42.159 --> 00:11:47.200
Like who's who's you know, who who capped this month, who hit the icon level?
00:11:47.360 --> 00:11:51.679
Um, who's who has sponsored, you know, an agent in the last 90 days?
00:11:51.840 --> 00:12:05.600
And just that alone is amazing because it allows me to you know communicate to the agents that need to be recognized, or you know, I can ask it like, hey, who who hasn't closed a home in their first 90 days at EXP?
00:12:05.679 --> 00:12:07.840
And then I can reach out and see what kind of help they need.
00:12:08.000 --> 00:12:10.799
So uh and it can connect to your your CRM.
00:12:10.960 --> 00:12:19.120
You know, EXP gives you three different CRMs to choose from, it can connect to that, Canva, so it can um you know do all your marketing for you.
00:12:19.279 --> 00:12:37.120
And what I like about what exp has done compared to most brokerages is rather than build their own AI system, which let's face it, a real estate company with a market cap of a few billion is not going to build a better AI tool than Chat GPT, Claude, or Grok, right?
00:12:37.200 --> 00:12:44.240
They those companies have like 50 to 100 times uh more market value, and they're focused 100% on that.
00:12:44.399 --> 00:12:54.480
So EXP said, hey, we're not gonna force you to use our thing, which is really like you know, most brokers just face it, let's face it, they do that to capture the data or keep you trapped.
00:12:54.639 --> 00:13:01.360
Um you know, instead of that, we're gonna let you use the best systems in the world and just connect to anything at EXP that will help you.
00:13:01.440 --> 00:13:02.320
And and I love that.
00:13:02.480 --> 00:13:07.840
So um, and and grok, by the way, is the next thing on my list.
00:13:08.559 --> 00:13:19.519
Um, because I I was at the presentation James did, and so there are several applications uh of grok bot that I am excited to implement soon.
00:13:19.840 --> 00:13:23.840
All right, with all of the AI, you know, we talk a lot about AI that we are using.
00:13:23.919 --> 00:13:31.759
Uh, there's been a lot of chatter on Reddit and other threads about consumers going out and using AI and using AI for negotiations.
00:13:31.919 --> 00:13:34.799
And, you know, I I read a Reddit comment the other day.
00:13:34.879 --> 00:13:47.519
It said uh this guy saved$150,000 on a million-dollar home by not going with an agent by using Chat GPT.
00:13:48.399 --> 00:13:49.679
I found that interesting, right?
00:13:49.759 --> 00:13:53.919
Because the agents, you know, no agent is getting a 15% commission, right?
00:13:54.000 --> 00:13:55.919
So I don't know how they saved 150 grand.
00:13:56.399 --> 00:14:00.480
Most likely they knew a lot of realtors were on that thread and were just maybe rage baiting.
00:14:00.720 --> 00:14:09.919
Um and you know, I'll tell you this like you go out, you use you use like a free or a low-cost AI platform.
00:14:10.000 --> 00:14:11.679
Like, does it have good memory?
00:14:11.759 --> 00:14:14.799
Does it does it check all the records, right?
00:14:15.039 --> 00:14:17.279
Um because there's there's issues, right?
00:14:17.360 --> 00:14:18.720
Like AI is not perfect.
00:14:18.879 --> 00:14:30.720
When I when I've tested it for doing like CMAs, it'll it'll come up with up relevant data, but but sometimes if there was a recent closing that isn't in the tax records, yeah, they miss it.
00:14:30.960 --> 00:14:36.960
Um so you could use it and think you got a good deal because AI told you because it always wants you to feel good.
00:14:37.120 --> 00:14:45.279
Um, but if if you don't know how to use it, if you don't have like the experience an agent has, I think, I think it could end up being very costly.
00:14:45.440 --> 00:14:56.159
So uh I'll ask our panelists though, like do you think there is a threat from AI that will cause consumers to use agents less?
00:14:57.279 --> 00:15:19.360
I think the biggest threat is is that myth uh and that misinformation that now you know the regular consumer can uh can do this incredibly complex thing and just leave up leave up to you know whatever AI they're using or bad information they're using uh and you know risk tens or hundreds of thousands of dollars.
00:15:19.519 --> 00:15:22.799
Like that person that claimed that they saved$150,000.
00:15:23.440 --> 00:15:32.159
Um, they they don't know because no one would tell them the opportunities that they missed or uh the mistakes that they made.
00:15:32.320 --> 00:15:35.360
Sometimes the mistakes don't show up until a couple of years later.
00:15:36.159 --> 00:15:36.799
Hmm.
00:15:37.120 --> 00:15:38.159
Carl, what about you?
00:15:38.320 --> 00:15:43.919
All right, do you think you think consumers are gonna use this to get better loan rates and skip out officers, skip out agents?
00:15:44.159 --> 00:15:45.360
Is that is that a concern?
00:15:45.759 --> 00:15:54.480
I don't think it's gonna change how the percentage of people that do like a for sale by owner or a private real estate sale.
00:15:55.120 --> 00:16:05.039
It's I found that it's hard enough for experienced buyers to navigate through the process without an agent because I've seen it firsthand.
00:16:05.360 --> 00:16:20.480
When people are financing and they skip an agent, you know, I'm I'm I'm essentially wearing the realtor hat and I'm advising them on the things that a good agent would normally be advising them on and walking them through.
00:16:20.720 --> 00:16:26.080
Because I can't if it's a purchase transaction, I can't close a loan unless I have a purchase contract.
00:16:26.320 --> 00:16:26.559
Right.
00:16:26.720 --> 00:16:28.960
And so somebody's got to write up that purchase contract.
00:16:29.120 --> 00:16:35.840
If it's not the agent, you know, they're either writing one up themselves or they're going to a real estate attorney.
00:16:36.000 --> 00:16:42.720
Um and they're asking me all the questions that go into the contract, right?
00:16:42.799 --> 00:16:53.679
Because even if you even if they go to a real estate attorney, the real estate attorney doesn't know what terms the buyer and the seller will exactly want to put into the contract.
00:16:53.840 --> 00:17:09.599
Like it's it's extremely rare that if they're skipping the agent and they're not hiring an agent, that they are able to effectively write up a comprehensive contract between both parties without coming to me with questions.
00:17:09.759 --> 00:17:11.599
That's extremely rare.
00:17:11.920 --> 00:17:23.279
So the and that that's even for experienced you know investors or you know, repeat buyers, not you know, not not even talking about first-timers.
00:17:23.519 --> 00:17:29.119
So I don't think it's gonna change the percentage of people that do private deals without agents.
00:17:29.440 --> 00:17:37.680
Uh, because I mean the Chat GPT and the other AI platforms are not going to be able to give you all that information, anyways.
00:17:37.839 --> 00:17:44.799
It's only as good as how you prompt it, and even if they prompt it really well, there's still gonna be missing pieces there.
00:17:44.880 --> 00:17:47.119
I uh I'm I'm very skeptical.
00:17:47.440 --> 00:17:54.720
Well, and so much of the the information that could make or break a real estate deal, help you get a better deal, like a lot of that's not public record.
00:17:54.960 --> 00:18:15.200
It might be just a conversation you had with the listing agent or the seller, and and so there's there's just so much that is not publicly available, and and and these these programs don't perfectly search all of them, you know, counties update their their land records at different paces.
00:18:15.279 --> 00:18:24.799
So there's there's a lot of information that a good agent has access to that you know these large AI programs just don't have yet.
00:18:24.960 --> 00:18:41.680
And you know, I I I think what we're seeing here is the people that would normally skip the agents and go out and do a large, infrequent purchase or sale on their own will still do that, but now they just have some more tools to help them.
00:18:41.759 --> 00:18:46.160
And sometimes it'll it might help them and other times it might not.
00:18:46.400 --> 00:19:02.160
Um I do think that agents need to know going in the meetings, uh consumers can ask questions, you know, and and they can do their own research on comps and their own uh you know, research on the process.
00:19:02.319 --> 00:19:12.880
So I think it's an opportunity for real estate agents to get better educated on the data, to get better educated on the process and communicate that.
00:19:12.960 --> 00:19:21.440
So you need to improve those skills because you know the average consumers that are going to use an agent are going to be armed with more data.
00:19:21.599 --> 00:19:24.400
So it's an opportunity for us to level up.
00:19:25.039 --> 00:19:26.400
It also creates exposure.
00:19:26.480 --> 00:19:32.079
Um, sorry, Dan, like it creates exposure for people to get even more incorrect information.
00:19:32.319 --> 00:19:39.759
A perfect example that I had this last week was on a loan assumption deal where we were providing secondary gap financing.
00:19:40.000 --> 00:19:48.559
We were offering it to the buyer as a line of credit, and they wanted to be able to pay off the loan on a 30-year term and not just pay the interest-only payments.
00:19:48.799 --> 00:19:51.279
The interest portion of the payment was$800.
00:19:51.519 --> 00:19:56.240
And I told him, hey, for you to pay it off in 30 years, you're gonna want to pay$1,200 a month.
00:19:56.480 --> 00:19:58.960
You pay$1,200 a month, it'll be paid off in 30 years.
00:19:59.119 --> 00:20:06.880
And he asked Chat GPT, uh, how long will it take me to pay off a line of credit if I pay an extra$400 a month?
00:20:07.200 --> 00:20:18.240
Well, paying an extra$400 a month would actually take 20, like, or it was on that was on a 15-year, excuse me, a 15-year plan, 400 extra, uh,$1,200 total per month.
00:20:18.400 --> 00:20:23.440
And so he asked, hey, if I pay$400 extra per month, how long is it gonna take me to pay it off?
00:20:23.599 --> 00:20:44.000
And Chad GPT said 22 years, but that's because it didn't know he didn't ask the right question, because if it's a fully amortizing payment, then you're gonna be paying more than 400 with each subsequent payment because you're gonna be paying less interest with the way that the amortization works.
00:20:44.160 --> 00:20:49.759
Um, so, anyways, it gave me an opportunity to help educate him and give him the right information.
00:20:50.000 --> 00:20:55.920
But if he was just doing it on his own, he he he wasn't going, he wasn't prompting it the right question.
00:20:56.000 --> 00:21:02.880
And then it was going to essentially put him in a position where he thought it will it didn't make financial sense, and then he was not going to transact at all.
00:21:05.119 --> 00:21:06.799
Carl, you saved that guy.
00:21:07.039 --> 00:21:08.480
Did he save banks?
00:21:10.640 --> 00:21:20.240
Uh well, it actually the deal didn't work out because they did a home inspection and they realized the house had a lot more work that needed to be done than they expected.
00:21:20.480 --> 00:21:22.720
But um, I think he was grateful.
00:21:22.799 --> 00:21:28.400
And you know, they're they're gonna try to find another loan assumption deal that uh that's gonna make financial sense.
00:21:31.759 --> 00:21:36.559
All right, let's move on to what I think could be a massive opportunity.
00:21:36.799 --> 00:21:44.000
So in 2008 through 2011, there were some agents that really learned REOs and short sales, right?
00:21:44.160 --> 00:21:50.799
I think I think most agents cringe at the idea of that because it's like a skill they haven't done or they think it's gonna take a long time.
00:21:50.960 --> 00:21:59.759
But then other agents went out, learned it, mastered it, got channel accounts, and closed hundreds of deals, uh, including CEO of EXP Realty, Leo Pereira.
00:22:00.319 --> 00:22:09.759
Who you know sold hundreds of homes during that time uh per year became like the youngest person ever, Keller Williams, to become the number one agent at KW.
00:22:10.319 --> 00:22:15.759
Uh and I think we have another opportunity like that right now, uh, with assumable mortgages.
00:22:15.920 --> 00:22:23.920
There are millions of homes that have rates in the two, three, four percent level um that are assumable by law.
00:22:24.079 --> 00:22:27.759
So FHA, VA, and what's the other one?
00:22:28.000 --> 00:22:29.039
USDA?
00:22:30.799 --> 00:22:31.440
You got it right.
00:22:31.839 --> 00:22:32.480
I got it right.
00:22:32.640 --> 00:22:37.279
Um anyway, those are all by law, right?
00:22:38.319 --> 00:22:41.279
Mortgages that that that anyone can assume.
00:22:42.400 --> 00:22:45.599
And we've done a few of those kind of deals already.
00:22:45.680 --> 00:22:54.400
I I think we're gonna do a lot more uh because now we have access through exp reality to the largest platform that lists homes for sale.
00:22:54.480 --> 00:23:07.440
Your your clients can actually go on the platform and search you know for for rates under a certain number or ones that have uh you know a certain equity gap in them, you know, different criteria, right?
00:23:07.519 --> 00:23:08.880
And it's just an amazing platform.
00:23:09.039 --> 00:23:13.200
I've already had people reach out to me when I start start, you know, since I've started talking about it.
00:23:13.359 --> 00:23:19.519
But I think for some for some agents, this could become you know as big as REO did for others.
00:23:19.680 --> 00:23:20.640
What do you guys think?
00:23:23.039 --> 00:23:24.319
Yeah, I think absolutely.
00:23:24.480 --> 00:23:32.160
Uh, you know, people can get these awesome rights and they can have a process and a system that is predictable.
00:23:32.319 --> 00:23:38.880
So it's not just, you know, uh shooting for a hole-in-one or a Hail Mary kind of thing.
00:23:38.960 --> 00:23:41.839
Um, I think it could absolutely change the industry.
00:23:41.920 --> 00:23:45.440
And the people that have access to it are gonna benefit greatly.
00:23:45.839 --> 00:23:48.880
I think it's gonna be there's gonna be some similarities, right?
00:23:48.960 --> 00:23:55.680
I I think about how small of a percentage the agents were that were doing REOs.
00:23:56.079 --> 00:23:57.839
I think that's gonna be very similar.
00:23:58.000 --> 00:24:02.960
It's gonna be a small percentage of agents that are doing the loan assumption deals.
00:24:03.759 --> 00:24:20.960
Now is the time to get into them, not just because of where interest rates are, but because we probably only really have like four or five years of value with these, assuming rates stay where they are on new mortgages, because these people are paying down the mortgages, right?
00:24:21.039 --> 00:24:30.400
So as more time goes on, the lower the loan balance goes on those low rate mortgages, which means it has less value over time.
00:24:30.559 --> 00:24:39.119
But also the like the either your buyer is gonna have to come up with more cash to cover the difference, or they're gonna need larger gap financing.
00:24:39.279 --> 00:25:00.799
And when you're doing an assumable deal, if you need gap financing to cover the difference, you know, let's say it's a$500,000 house, current loan balance is$300,000, buyer doesn't have$200,000 to put down, but let's say they got$50,000 to put down, we can give them a gap loan for$150,000, but we need to calculate, okay, what's the blended interest rate?
00:25:00.960 --> 00:25:07.440
If those two loans were one mortgage, what's the effective blended interest rate between the two?
00:25:07.839 --> 00:25:22.960
And as time goes on, that first mortgage that they're going to assume is going to go down and be lower, which means that second loan, that gap financing, is going to be higher, which is going to raise up the effective blended interest rate.
00:25:23.279 --> 00:25:29.279
And at some point in time, you know, a few years from now or what have you, depends on each individual deal, right?
00:25:29.440 --> 00:25:33.519
But most of these assumable mortgages are between five to seven years in.
00:25:33.680 --> 00:25:37.759
You know, so the further along we go, the less value they're going to have.
00:25:38.160 --> 00:25:44.720
So I think if people are going to try to make more deals happen in their marketplace, now's the time to get into it.
00:25:45.119 --> 00:25:58.559
Yeah, like the next year or two or so could be like the window where it just more and more of them make sense compared to like five years down the road when those those loan balances get smaller.
00:25:58.720 --> 00:26:03.359
And yeah, so so this is something I would not sit on, right?
00:26:03.440 --> 00:26:08.400
If I were an agent, this could this could be like a one, two, three year window of opportunity.
00:26:08.880 --> 00:26:17.519
Uh we don't know, but it's super easy to to learn and and do, and you just have to I don't know, a lot of agents avoid it, I think.
00:26:17.680 --> 00:26:18.960
I don't I don't know why.
00:26:19.279 --> 00:26:23.359
I I I saw a stat that 99% of agents have never done in Assumable.
00:26:23.680 --> 00:26:30.319
Um, you know, some of them think you you have to bring all the cash, they don't know about the different ways, like Carl mentioned, to fill the equity gap.
00:26:30.640 --> 00:26:34.079
I I think some of them think they take a really, really long time.
00:26:34.400 --> 00:26:46.400
And you know, they're longer than a than a normal closing, but like the company that you know that we have access through, they have to this platform, they have a transaction team that's getting them done in like 50 to 55 days on average.
00:26:46.480 --> 00:26:56.319
So um, you know, that 25-day extra waiting period for most buyers would be worth it if they're saving thousands of dollars or more per year.
00:26:56.880 --> 00:26:59.039
Um so huge opportunity.
00:26:59.119 --> 00:27:01.759
I think more agents should should be taking advantage of this.
00:27:01.920 --> 00:27:07.359
If you want to learn how to use the platform that we have access to, dxp reality, reach out to any of us.
00:27:07.440 --> 00:27:08.480
We'd love to show you.
00:27:08.640 --> 00:27:09.200
Uh all right.
00:27:09.359 --> 00:27:13.519
Last question where are your next three deals coming from?
00:27:16.480 --> 00:27:20.880
Yeah, my next three deals are coming from talking about assumable mortgages.
00:27:21.440 --> 00:27:30.079
Um, there have been significant changes in the market, uh, significant changes in interest rates.
00:27:30.240 --> 00:27:32.240
And that has everybody's attention right now.
00:27:32.400 --> 00:27:36.319
So my next deals, three deals are coming from talking about assumable mortgages.
00:27:36.480 --> 00:27:44.960
For the people that uh, you know, instead of being able to pay like 800 uh for a home, now they're able to pay like 700.
00:27:45.039 --> 00:27:49.839
Uh, a conversation about assumable mortgages and this dream home that they just lost.
00:27:50.079 --> 00:27:54.799
Um, a conversation about assumable mortgages, which increases your purchasing power.
00:27:54.960 --> 00:27:57.519
I don't know if people understand that it translates into that.
00:27:57.680 --> 00:28:03.119
Um, means that more people are gonna buy the home that they want to buy instead of sitting on the sidelines.
00:28:04.880 --> 00:28:05.920
My next three deals.
00:28:06.240 --> 00:28:10.880
I think Carl has a stat on the average purchasing power increase, don't you?
00:28:11.119 --> 00:28:15.279
Yeah, average is about 20%, even including gap financing.
00:28:15.599 --> 00:28:20.640
So if you have somebody that's approved for$500,000, let's make it$600.
00:28:21.279 --> 00:28:22.240
Yeah, that's amazing.
00:28:22.319 --> 00:28:23.599
All right, Carl, next three deals.
00:28:23.759 --> 00:28:24.559
Next three deals.
00:28:24.640 --> 00:28:31.359
I talked to an investor that I worked with in the past yesterday, and all three of my next deals are coming from him.
00:28:31.519 --> 00:28:35.039
We're gonna we're doing a line of credit on one of his rental properties.
00:28:35.200 --> 00:28:42.160
He's gonna purchase another uh townhouse that he's gonna rent out right next to the other townhouse that he has.
00:28:42.480 --> 00:28:49.440
And we did uh his primary residence, we refinanced it for him when rates dipped down last year.
00:28:49.680 --> 00:28:57.440
Uh, but we also gave him an equity line on that house uh at some point in the last year for him to be able to buy his last rental.
00:28:57.680 --> 00:29:10.079
And so we're going to bundle those two mortgages into one and refinance him into a seven-year adjustable rate mortgage and get the rate down on both of those mortgages and save him significant money there.
00:29:10.240 --> 00:29:12.960
So there's three deals with one investor.
00:29:13.279 --> 00:29:21.200
And the only reason I knew how to call him was because of a platform called Homebot that we pay for.
00:29:21.440 --> 00:29:28.559
And if you haven't used Homebot, you don't have access to Homebot, I will give you free access to Homebot as an agent.
00:29:28.880 --> 00:29:31.039
I can just send you an invite to use it.
00:29:31.200 --> 00:29:33.359
You can invite all your database to it.
00:29:33.440 --> 00:29:49.039
And the value of Homebot is that it's going to give market updates to your database about their potential home value, other sales in their neighborhood, you know, what's the opportunity for them to, you know, do do things with their equity.
00:29:49.200 --> 00:29:52.720
It's it's very comprehensive, it gives great data.
00:29:53.039 --> 00:30:00.400
And it's just something that people love to get the monthly emails on that give them stats and data.
00:30:00.640 --> 00:30:05.680
And I mean, obviously it depends on the personality of the buyer on how engaged they're going to be with it.
00:30:05.920 --> 00:30:14.559
But the only reason I knew that it was the right time to call that investor is because he clicked something in home bot, and I'm like, oh man, I haven't talked to this guy in a year.
00:30:14.720 --> 00:30:17.359
Gave him a call, boom, three deals right there.
00:30:17.519 --> 00:30:26.240
But if I didn't have those three deals, I would be getting my next three by talking to people about how much they can save on a set in the seven-year time frame.
00:30:27.359 --> 00:30:28.240
I was getting it.
00:30:29.680 --> 00:30:32.960
All right, my next three deals are all right.
00:30:33.039 --> 00:30:36.799
One is coming from a past client that I've stayed in touch with.
00:30:36.960 --> 00:30:44.799
Uh, second one is going to come from having the ability to market and offer cash offers.
00:30:45.200 --> 00:30:45.519
Right.
00:30:45.599 --> 00:30:48.079
This is a program we have at EXP.
00:30:48.400 --> 00:30:56.799
Uh, it's also something I've built out with a network of private investors, but you know, being able to give people more than one choice, right?
00:30:56.880 --> 00:31:01.759
I think the typical agent walks in and is like, yep, here's what I could list and market your home for if it's in top shape.
00:31:02.000 --> 00:31:12.079
And they don't have a solution to offer for people that don't want to get their home into top shape, or they have something going on their lifestyle that just makes them want to get out quickly.
00:31:12.160 --> 00:31:16.319
And um, so having that ability to offer cash offers, right?
00:31:16.400 --> 00:31:19.920
That's gonna get me um for sure one of my next three deals.
00:31:20.000 --> 00:31:26.000
And the third one is going to come from the assumable mortgage platform from just from talking about that, marketing it.
00:31:26.240 --> 00:31:31.599
Um, I already have someone that reached out to me looking for eight, nine hundred K.
00:31:31.680 --> 00:31:38.480
Their past agent never mentioned that assumables were, you know, even a possibility.
00:31:38.799 --> 00:31:40.880
And they may not go that route, right?
00:31:40.960 --> 00:31:50.960
They might not find the house that they want, but you know, we found in the market he was looking in just in five minutes on the platform, we found 12 houses with assumable mortgages.
00:31:51.039 --> 00:31:54.079
So uh those are where my next three deals are coming from.
00:31:54.319 --> 00:32:02.000
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00:32:02.079 --> 00:32:08.640
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00:32:08.720 --> 00:32:11.359
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00:32:11.599 --> 00:32:18.640
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00:32:18.880 --> 00:32:20.160
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00:32:20.240 --> 00:32:21.599
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00:32:26.319 --> 00:32:36.880
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