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Our 2024 housing market predictions are here. Will interest rates finally fall? Will home prices continue to stay strong even with weak demand? And will we EVER “technically” enter into a recession? We've got the full On the Market panel here to give their forecasts on everything that could happen in 2024, plus where the biggest buying opportunities could be. But first, we'll painfully review our incorrect housing market predictions from 2023 and one BIG guess that we all got wrong. But we're not the only ones! Both Zillow and Redfin had some predictions that didn't age too well. From there, we'll get into 2024 housing price predictions and whether or not we expect to see home prices FINALLY decline after a standstill year. Then, what everyone's been waiting for—mortgage and interest rates predictions. If these start to fall, you can assume that home prices will rise, a buying frenzy will ensue, and the bidding wars will begin (again). With the potential for a recession at some point in 2024, lower mortgage rates may result from an even worse economic event. So, what IS going to happen? Stick around for our predictions! In This Episode We Cover: Our 2024 housing market, interest rate, and home price predictions What could cause mortgage rates to fall in the latter half of 2024 Recession probability and why Americans are spending more than ever before What we got WRONG in our 2023 predictions (nobody's perfect) Best real estate investing markets in 2024 and why “unsexy” cities could win The HUGE opportunity for cash buyers as banks seek to offload properties And So Much More! Links from the Show Find an Agent Find a Lender BiggerPockets Forums BiggerPockets Agent BiggerPockets Bootcamps Join BiggerPockets for FREE On The Market Join the Future of Real Estate Investing with Fundrise Connect with Other Investors in the “On The Market” Forums Subscribe to The “On The Market” YouTube Channel Dave's BiggerPockets Profile Dave's Instagram Kathy's BiggerPockets Profile Kathy's Instagram Henry's BiggerPockets Profile Henry's Instagram James' BiggerPockets Profile James' Instagram Hear Our 2023 Housing Market Predictions Where America's Most Accurate Forecaster Sees Home Prices in 2024 Click here to listen to the full episode: https://www.biggerpockets.com/blog/on-the-market-163 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email email@example.com. Learn more about your ad choices. Visit megaphone.fm/adchoices
In today's RealTrending, Redfin CEO Glenn Kelman explains his decision to disassociate from NAR, his surprise at the current Gibson lawsuit, and his commitment to his agents and consumers. In this open conversation, Kelman also shares his passion for the industry, how Redfin is moving forward, his ups and downs growing the company and more. Related to this episode: Connect with Glenn on LinkedIn Redfin HousingWire's YouTube Channel Enjoy the episode! The RealTrending podcast features the brightest minds in real estate. Every week, brokerage leaders, top agents, team leaders, and industry experts share their success secrets, trends, and lessons learned navigating this ever-changing industry. Hosted by Tracey Velt and produced by Elissa Branch.
On to this week's show! Our guest is basically a Canadian as he grew up in Minnesota near the border. Ryan grew up further north that the vast majority of Ontarians so he knows snow, hockey, black flies and cold winters. Then he smartened up and moved to Florida and participated in some roller coaster markets including the financial crisis and housing market crash of 2007-2009. Ryan will share his experience on how they made a killing back then. Ryan is well beyond just being a Realtor, he's the founder and CEO of RealTrade Inc. which is like the Facebook Marketplace for real estate professionals and real estate listings, a smart diversification play for Realtors to keep control of their listings vs the Zillows and Redfin. On the Florida real estate side, Ryan recounts how he made money buying bad mortgages from the banks in 2009, the current market inventory and demand, short term or hybrid rentals which is a split between mid-term and short term rental, hurricane insurance and changes to construction, the landlord, tenant laws and tax benefits, what to do for fun the south Florida. 50% of survey respondents wanted to hear more about Florida so here you go! I give you Ryan Poole, please enjoy the show!! To follow Ryan: Ryanpool@realtrade.io
In today's RealTrending, Redfin CEO Glenn Kelman explains his decision to disassociate from NAR, his surprise at the current Gibson lawsuit, and his commitment to his agents and consumers. In this open conversation, Kelman also shares his passion for the industry, how Redfin is moving forward, his ups and downs growing the company and more. Related to this episode: Connect with Glenn on LinkedIn Redfin HousingWire's YouTube Channel Enjoy the episode! The RealTrending podcast features the brightest minds in real estate. Every week, brokerage leaders, top agents, team leaders, and industry experts share their success secrets, trends, and lessons learned navigating this ever-changing industry. Hosted by Tracey Velt and produced by Elissa Branch.
Join our free Florida income properties webinar on Monday, November 27th for 5.75% mortgage rates at: GREwebinars.com Home prices are up 4.5% annually through Q3. It's the fastest growth rate in months. Three out of ten renters are now age 55+, the most ever. Older renters are good for you: lower turnover, more quiet, more savings & income, and lower regulation compared to assisted living. Overall US population growth is slowing, from 1.2% a generation ago to 0.5% today. It's expected to grow until 2080. I discuss the DOJ crackdown on the NAR and real estate commissions. 1.6 million real estate agents could lose their jobs. Apartment building rate caps have become super-expensive. One of our real estate Investment Coaches, Naresh, joins us from Florida. Naresh tells us how to get 5.75% mortgage rates on new-build Florida income property at GREwebinars.com Resources mentioned: Show Notes: GetRichEducation.com/476 Join our Florida properties webinar, free, Nov. 27th at 8:30 PM ET at: www.GREwebinars.com For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments. You get paid first: Text FAMILY to 66866 Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review” Top Properties & Providers: GREmarketplace.com GRE Free Investment Coaching: GREmarketplace.com/Coach Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Keith's personal Instagram: @keithweinhold Timestamps: The housing market stats (00:02:52) Discussion about the current state of the housing market, including the 45% increase in home prices and the reasons for continued home price support. Home price appreciation forecasts (00:05:28) Talks about the predictions for future home price appreciation, with both CoreLogic and NAR expecting a 26% rise in home prices next year. The impact of older renters (00:10:08) Explains why older renters are desirable for property owners and landlords, highlighting their lower turnover rate and stability. The Aging Population and Older Renters (00:11:15) Discusses the benefits of older renters, such as lower mobility, more savings and income, and low regulation. US Population Projection and Immigration (00:12:30) Examines the projected population decline in the US by 2100 and the importance of immigration for continued growth. Housing Demand and Household Size (00:17:12) Explores the trend of fewer people living in each household and its impact on housing demand. The timestamp's title (00:22:05) Rising Costs of Rate Caps for Apartment Buildings Discussion on how the cost of rate caps for larger apartment buildings has become prohibitively expensive. The timestamp's title (00:25:23) Real Estate Market Trends and Slowdown Insights on the current state of the real estate market, including a slowdown in November and leveling off of home values and rents. The timestamp's title (00:28:28) Opportunity in Real Estate Market in 2024 Predictions for the real estate market in 2024, including a potential bottoming out of the market and a decrease in mortgage rates. The decline in home values and the health of the economy (00:32:58) Discussion on the decline in home values and the health of the economy, with reference to the 2008 financial crisis and current housing supply. Short-term rentals and the potential for a decline (00:34:14) Exploration of the decline in short-term rentals due to a decrease in travel and corporate expenses. The impact of mortgage interest rates on home prices (00:35:19) Analysis of the relationship between mortgage interest rates, economic slowdowns, and home prices, with a focus on potential rate cuts and their effects on the housing market. The Florida In-Migration Stat (00:43:53) Florida's astounding population growth and becoming the second most valuable property market in the US. The Rate Buy Down Courtesy of the Builders (00:44:23) Explaining the options of a 5.75% rate or the 2-2-4 program for property buyers in Florida. Disclaimer and Closing (00:46:02) A disclaimer about the show and a mention of the sponsor, Get Rich Education. Complete Episode Transcript: Speaker 1 (00:00:01) - Welcome to I'm your host Keith Weinhold told how price appreciation is up 4.5%, but there are signs that it is slowing down. Finally, learn more about our upcoming live event that you can join from the comfort of your own home today on get Rich education. When you want the best real estate and finance info. The modern internet experience limits your free articles access, and it's replete with paywalls. And you've got pop ups and push notifications and cookies. Disclaimers. Oh, at no other time in history has it been more vital to place nice, clean, free content into your hands that actually adds no hype value to your life? See, this is the golden age of quality newsletters, and I write every word of hours myself. It's got a dash of humor and it's to the point to get the letter. It couldn't be more simple text to 66866. And when you start the free newsletter, you'll also get my one hour fast real estate course completely free. It's called the Don't Quit Your Day dream letter and it wires your mind for wealth. Speaker 1 (00:01:17) - Make sure you read it text to 66866. Text 266866. Speaker 2 (00:01:29) - You're listening to the show that has created more financial freedom than nearly any show in the world. This is get rich education. Speaker 1 (00:01:45) - We're going to go from Roxbury, Connecticut to Roxbury, Wisconsin, and across 188 nations worldwide. This is get rich education. I'm Keith Weinhold, GRE founder host of this very show since 2014, longtime real estate investor and Forbes Real Estate Council member. In fact, check out my latest article in Forbes for my work in research on the housing market. What we do here is by investment property with the bank's money, pay the debt with the tenants money, and then well, that's about it. In a sense. We enjoy life mostly. There will be some bumps along the way. The devil is in the details. Yeah, all those sus vibes that you got from the housing price apocalypse, doomsday, YouTubers. All of those vibes you had are validated by now. Just in time for a sweater weather. Respected research firm CoreLogic released their report with end of quarter housing stats nationwide. Speaker 1 (00:02:52) - Home prices still haven't fallen. There was a healthy 4.5% in September of this year compared to September of last year. Yes, these real estate numbers always run behind a little bit. Well, that 4.5% increase that even includes distressed sales. And that is the fastest growth rate in quite a few months. And again, this is primarily due to a robust job market spiked inflation and housing inventory lows that just keep scraping along the sea bottom floor. So these fundamental reasons for continued home price support, I mean, it's the same stuff I've emphasized for over two years, even as I stated prominently back on television in November of 2021. And although that was avant garde at the time, it's really not in my personality to get smug until the incessant rumors today I told you so or anything like that. Well, the highest price gains this past year. They were concentrated in places that had, I suppose, the best autumn foliage this year, that is, most northeastern states. They are the big gainers now. There were some price declines in a few places. Speaker 1 (00:04:08) - They were felt in just four western states and D.C. the four western states were Utah, Idaho, Montana and Wyoming. Now, see, in the pandemic, those states prices, they stretched broader than basketball star Victor Wembanyama. And today they are mildly correcting. But back to the base case here. The 46 of 50 states which experienced appreciation oven mitts are needed to handle the three hottest states led by Maine 10%, Connecticut also at 10%, and new Jersey, with a 9% gain. And when you break that down in the metro area, it was Miami that led with soaring 8.5% appreciation. And it's interesting are core investment areas of the Midwest in southeast, which I call the stable markets. They lived up to that moniker again, they appreciated moderately during the pandemic and still appreciating moderately today. And as we approach winter, expect home price depreciation to have its seasonal slowdown. That's what tends to happen each year. In fact, there's a slowdown in sales of volume two. There are just so few homes on the market, but it has gotten really slow lately. Speaker 1 (00:05:28) - Now, I do like CoreLogic, the supplier of this information. They contribute their single family rent index to our industry. And that's so valuable because most rent data that you find out there is about apartments. CoreLogic predicts further home price appreciation over the next year of 2.6%. And similarly, the Nar. They expect home prices to rise 2.6% next year. Now, next month, you will hear me. Release gives home price appreciation forecasts right here on the show, and you're also going to learn how accurate my forecast was for this year that I made last year. Now, just last month, I made an in-person field trip to Cash Flow Country, the Midwestern United States. You've got some income property providers there that are still steadily sourcing properties to investors like you. But, you know, there are a few now where they're not even doing that lately because some providers are having trouble making the numbers work for you, the investor. Like, for example, on a single family rental that was built in the 1960s. Speaker 1 (00:06:40) - Right. A somewhat older property. Where it is commanding, say 1650 rent. And this is a real example of rehab property that I visited in the Midwest, 1650 REM. Well, these property providers can get, say, $230,000 for that property if they sell it to an owner occupant instead of an investor like you. Well, with higher interest rates on an older property, you know, 1650 rent on a 230 K purchase price. And it doesn't work so great for you as an investor, although it might on a newbuild property. So that's why a provider like that is selling to owner occupants instead of investors like you, an owner occupant, they'll pay 230 K because they don't have to make it cash flow. It's their home. So instead of selling it to an investor like you were, say 190 K is the most that it would make sense for you to pay. Well, then sure, that provider is going to get 230 K from an owner occupant, so it makes more sense for that provider to sell it to the owner occupant as well. Speaker 1 (00:07:44) - Now, one income property company that has in-house management and all that. I mean, this is a company that then is set up to serve investors. What they've done though is currently they're selling about 80% to retail homeowners, owner occupants in just 20% to turnkey real estate investors. For just that reason, owner occupants can pay more for it because of what's going on in the cycle. So in that particular Midwestern market, either mortgage interest rates must come down or rents must rise in order for it to make sense to you as an investor again. Now, later in the show today, you'll soon see that we've effectively found a way to make interest rates go back in time a couple of years when they were low, and how you can apply them to new Build income property. Today you'll learn exactly what that rate is, and this is fairly exciting. But yes, everyone wants to know where are mortgage rates going to go. And no one I mean absolutely no one knows where rates will go. Not your mortgage loan officer, not Janet Yellen, not your property provider. Speaker 1 (00:08:55) - They don't know where mortgage rates are going to go, not the president of the United States, not Charlie Ridge, not a real estate agent, not Ron DeSantis and not me. No one knows where rates are going, of course. But we did learn something just about ten days ago. Fed Chair Jerome Powell said he's not confident. Those were his words in quotes, not confident that policymakers have done enough to curb inflation. Well, that right there. That is what is known as a hawkish comment in fed vernacular. If they haven't done enough to curb inflation, then that is what has renewed fears of more interest rate increases. Now your investment properties next tenant might be a grandparent with a flip phone. Roughly three out of ten renter households are now headed by people age 55 plus. After bottoming out in 2004, older renters have become a major share of the tenant population today, and I share this with you recently. If you're a reader of Art, Don't Quit Your Day Dream letter. And by the way, welcome to all of our new letter readers. Speaker 1 (00:10:08) - We recently had a few thousand new Don't Quit Your Adrian Letter subscribers, our weekly email newsletter. Welcome here to the podcast. Now as I'll explain why in a moment you should like and embrace older renters. Now, first things first. Understand that as a property owner or landlord, you cannot age discriminate in your advertising or in your tenant screening. But all right, once you're done poking fun at their jitterbug or their track phone, understand that older renters, they are desirable. And by the way, our jitter, bugs and track phones still made us think that at least one of those two phone models is still made. At least one of them is a flip phone. Not completely sure, but anyway, yes, now that we know that there are more older renters here, about 3 in 10 American renters now age 55 plus, okay, older renters, hey, they really are desirable for a bunch of reasons. You're going to have lower turnover. Okay? Older people tend to stay put. There's a low transient rate. Speaker 1 (00:11:15) - They have a low mobility rate. That's another way to say it. Also all the renters, they tend to be more quiet. They're less likely to throw three keg ragers no beer pong, no headbutt dents in the drywall. And when it comes to savings and income, they have more of it and expect low regulation. Unlike something like assisted living, there is no special government permitting or any specialized staff that's needed. So. There are some big reasons why this growing group of older renters that is good for you as an income property owner. So to review what you've learned, that's due to lower mobility. They're more quiet, they have more savings in income and there's low regulation. And I'm going to say that personally, I've come to appreciate my older friends more as time goes on. And I recently realized that I have some of my best conversations with them. But they won't talk me into the jitterbug. They can't talk me into giving up my life without Instagram on an iPhone. Many older adults, they don't want the hassle of homeownership and others they are just feeling the weight of dreadful homebuyer affordability, just like everyone else. Speaker 1 (00:12:30) - And one major reason for why there are more older renters. If you're trying to find a reason why it's not due to some seismic behavioral shift, it's just the simple fact that the American population keeps getting older overall. Overall, we have an aging population. And by the way, is 55 that old? I mean, the 55 plus age group, that can mean a lot of things. And 85 year old and 55 year old lived very different lives with different activity levels, of course. But is 55 that old? I don't know, I know that you only need to be age 50 to be an AARP member. I guess 55 sounds old, because you can say that you're pretty likely to be in the second half of your life, but maybe if you divide life up into thirds, you could say then that 55 is in the middle third, and then therefore 55 could be seen as middle aged and not old, I suppose. And for some reason, it's systemic in American culture that people don't seem to want to be called old for whatever reason. Speaker 1 (00:13:35) - It has a mildly pejorative connotation, but it is a group of people with their own separate habits, and these people are more likely to be using trekking poles when they go hiking, I guess. And I don't agree that age is just a number. I mean, come on, age means something in 85 year old men. They are not going to qualify to play in the NBA All-Star game. They're not going to be the most agile defensive back on an NFL field. So that takeaway here is that more renters are older. Embrace it. It's good if you're a listener but still don't have our valuable don't quit your day dream letter, which wires your mind for wealth, and it updates you on real estate trends. You can get it for free right now. Just text message group to 66866. That's green to 66866. We've been talking about the aging population here on get Rich education episode 476. All right. But how about the overall US population trend. This is something that you might have seen elsewhere since it transcends real estate. Speaker 1 (00:14:46) - But I'll give you my real estate take on it too. All right. So the latest Census Bureau figures, they show that the US population is projected to contract to shrink by the year 2100, which would be only the second decline in the nation's history. And the other decline occurred in the 1918 Spanish flu and World War one. For those reasons, annual population growth rates, they have dropped from about 1.2% a generation ago to just one half of 1% today, and the culprits are declining birth rates and that aforementioned aging population. All right. The US has the world's third biggest population, and it could be demoted to fourth or fifth by Pakistan or Nigeria as soon as the middle of this century. So this anticipated population contraction, that means that immigration could become vital for any hopes of continued growth. And yet understand the US is still growing faster than a lot of other high income nations like Japan and Italy, that are already losing population. All right, so the US population is projected to shrink by 2100. Speaker 1 (00:16:02) - The more important thing for you to remember as a real estate investor that's going to need a population to drive demand, is that our population is still expected to grow every year until about the year 2080 by most every model out there. So still 50 to 60 years of population growth. And then it isn't until later 2100 that is expected to decline. And of course, birth rates and immigration rates are bigger unknowns than the death rate out there in the future. Just estimating how soon our population is going to peak, but it's going to be a. While many decades. And then, of course, even in 50, 60 years, if the overall American population stops growing. All right, well, it'll probably still grow in some regions. And, you know, I wonder if Florida will still be growing late this century. It seems like it never stops there with population growth. And also it's not just about overall population growth when it comes to housing demand. It's how people choose to live within a certain population growth rate. Speaker 1 (00:17:12) - Okay, with a population of 100, if there are two people per household, well, they can be housed with 50 homes, but if there is just one person per household, well then it's going to take 100 homes to house those same 100 people, no longer 50 homes. All right. And one trend that's made for surging American housing demand is that you have fewer people living in each household. That's how people choose to live today. So keep that in mind. You see a small half of 1% annual growth rate in more recent years, but there are a lot of numbers behind the numbers. Now, you might wonder what I think about the federal jury that recently found the National Association of Realtors and large brokerages, and how they conspire to keep commissions artificially high. What's that really mean? Well, what it means is more flexibility for buyers. I mean, under the current system, sellers pay their own agents commission of roughly 5 to 6%, and then that 5 to 6% that's shared with the buyer's agent. Speaker 1 (00:18:18) - Well, if sellers now get billion from paying buyer's agents, well, then buyers would have to start to pay their own agent if they choose to use one. And a buyer could do that at either a flat rate or an hourly rate. But first time homebuyers, they could really feel the crunch, or that could become a bigger issue for those wannabe first time homebuyers that are having a hard time amassing the savings to pay for an agent on top of their down payment and their closing costs. Just another whammy for those wannabe first time homebuyers. They keep getting beaten down, and that's what could put some upward pressure on rents. But I don't think it would really be much as a result of that alone. And another consequence of this is that there would be less commission paid by sellers. I mean, the way it works is that in order to advertise a listing on the database, the MLS, the Multiple Listing Service, are that MLS that populates real estate websites like Zillow and Redfin? Well, in order for that to happen, sellers in most markets they have to agree to pay the buyer's agent's commission as well as their own sellers agents commission. Speaker 1 (00:19:31) - Well, that's the practice that could be scrapped and that could spell trouble for real estate agents. A lot of people have estimated that $30 billion could potentially leave the industry, and some estimate that 1.6 million agents could lose their jobs. See, the way that the system had worked in the past is that one reason that the seller pays the entire 5 to 6% commission for both sides is because it's usually easy for them to do that, since sellers are the ones that have the equity in their property and the buyers often don't. So this could make homeownership even more difficult to qualify for. I mean, if first time homebuyers already had to jump over a four foot hurdle, now it's perhaps a five foot hurdle if this all happens. But there are still legal battles ongoing there in the real estate agent commissions case. Now, as I've talked about before, with this American housing shortage, it's the affordable housing segment that has high demand and is so drastically undersupplied. Now just get this understand that from 2019 until today, the price of a new car rose 22%, the price of a median home rose 42%. Speaker 1 (00:20:54) - And the mobile home price, which is about the most affordable option for housing that rose by a giant 58%. I mean, wow, that is a testament to the major housing shortage at the affordable price points. That really, really spells it out. And if you're confident that the long term play is to provide good, affordable housing like we are here at, you know, there are more reasons to look at loading up on properties like duplexes and triplexes. And for plex's where you can get fixed rates now. And if you wanted to, you could refinance to long term fixed rates later. Now to buy a rate cap for a larger apartment building. That has just balloon in expense for you? Yes, a rate cap buying the what's basically like insurance you buy that puts a ceiling on how high your interest rate can go on larger apartment buildings. You don't have to do that with 1 to 4 unit property. You can just get fixed rate certainty. Now, a couple years ago, rate caps for large apartment buildings, they were pretty affordable. Speaker 1 (00:22:05) - They were inexpensive. It took 40 K, 50 or 100 K to ensure that your rate wouldn't adjust too high. And then once it did, of course the rate cap insurance would kick in. But that same rate cap this year could be nearly $1 million. Yeah. See, a couple years ago, the $10 million loan, you could have bought a 2% rate cap for 60 to 75 K in three years coverage. Well, if you'd want to extend that this year, just a one year renewal, you could probably spend 350 K. Well, that has become prohibitively expensive for a lot of larger apartment buildings. And coming up, one of our in-house investment coaches in the race is going to be joining us from Florida, where they're building new construction duplexes and for plex's affordably. And they're selling them to investors like us at just a 5.75% interest rate. That's straight ahead. I'm Keith Winfield, you're listening to get Rich education. Jerry, listeners can't stop talking about their service from Ridge Lending Group and MLS. Speaker 1 (00:23:18) - 42056. They've provided our tribe with more loans than anyone. They're truly a top lender for beginners and veterans. It's where I go to get my own loans for single family rental property up to four plex. So start your prequalification and you can chat with President Charlie Ridge. Personally, though, even deliver your custom plan for growing your real estate portfolio. Start at Ridge Lending Group. You know, I'll just tell you, for the most passive part of my real estate investing, personally, I put my own dollars with Freedom Family Investments because their funds pay me a stream of regular cash flow in returns are better than a bank savings account up to 12%. Their minimums are as low as 25 K. You don't even need to be accredited for some of them. It's all backed by real estate. And I kind of love how the tax benefit of doing this can offset capital gains in your W-2 jobs income. They've always given me exactly their stated return paid on time. So it's steady income, no surprises while I'm sleeping or just doing the things I love. Speaker 1 (00:24:29) - For a little insider tip, I've invested in their power fund to get going on that text family to 66866. Oh, and this isn't a solicitation. If you want to invest where I do, just go ahead and text family to six, 686, six. This is Rich dad advisor Tom Wheelwright. Listen to get Rich education with Keith Reinhold and don't quit your daydream. It's always valuable for you, the listener and me as well. To have a market discussion with one of our in-house investment coaches were doing that today. Naresh, welcome back onto the show. Speaker 3 (00:25:23) - Is Keith looking forward to talking? Speaker 1 (00:25:26) - Let us know what's happening from your view. I mean, give us your perspective on the real estate market today and any drivers or trends. Speaker 3 (00:25:35) - Look, Keith, I've been working as a real estate investment coach for about four and a half years now. I've been a real estate investor for about six and a half years. I've been working with for two years now, and it's great because it's almost like I'm a leading indicator on what's going on with inflation, what's going on with the housing market, because I see it in front of my eyes in real time. Speaker 3 (00:26:02) - I have it on my spreadsheets that are in front of me. Of all the different properties that were sold or inquiries that we get from clients right now, I am actually seeing a slowdown this month of November compared to the first ten days or the first 20 days of the previous month. There's definitely somewhat of a slowdown. We're getting more complaints or nagging from clients saying, oh, I'm not able to rent out my property for as much as I thought I'd be able to, or my property's been vacant for longer than usual. What this is telling me key is, at least in my state, look, home values vary based on geography. We know that home values are like the weather. The weather is not the same everywhere. For the most part, I think you're going to see that national home values peaked a month or two ago. Rents certainly peaked about two months ago. What I mean by that is we saw rents go up precipitous just going up, up, up since January 2021 nonstop. And they finally peaked. Speaker 3 (00:27:17) - And when I say peak home values, peak rents don't mean that they've crashed. I don't mean that they've gone down. They've just peaked and leveled off. So I haven't seen a decline in rents. I haven't seen a decline in home values from two months ago. I'm just saying they've leveled off. And so I actually expect this inflation or I expect inflation CPI moving forward to go back down. I know that we did see a blip up for a few months, but I think we're going to start seeing things go back down as the fed old rate study appears. They're done raising for good, and they're just going to ride it out with how it is currently. And then once unemployment crosses, probably 4.5%, if at all, that does cross 4.5%, that's when they're going to start cutting. If unemployment crosses 4%, then they're probably just going to wait it out until inflation hits that 2% target. And so what does this all mean for real estate. What does this mean for interest rates. Low interest rates I've talked about peaks. Speaker 3 (00:28:28) - We saw peak mortgage rates. Also it looks like mortgage rates peaked. And they've slowly crept back down not significantly to a point where as an investor you're like, oh let me jump in. No. But think we saw mortgage rates as well. So again, what does this all mean. This means 2024. We're almost a month away from 2024. I think it's going to be a great opportunity to jump in, because you'll be able to catch the real estate market that's going to hit some type of bottom in 2024. You're going to see mortgage rates go back down in 2024. That also means today because remember, Keith, I've come on your show before talking about incentives that providers who we work with, partners who we know personally and who we've worked with for many, many years, we've been offering incentives that make up for this high inflation, that make up for the higher interest rates. And those incentives are very likely going to be gone in 2024 as mortgage rates go back down, as the home values maybe decline slightly. Speaker 1 (00:29:39) - We want to talk about some of those incentives later, about how providers are buying down the interest rate for you on rental property, but rates, I think perhaps the most interesting thing you said, the thing that I didn't expect is that you're talking to some investors out there where they're telling you about how they have more or longer vacancies than they had expected. I didn't think that I would hear that from you. Is that a pretty small sample size, or is that passed by apartments versus single family homes or entry level versus luxury or anything else? Speaker 3 (00:30:13) - I'm talking about single homes, so can't speak for apartments. I'm talking about cookie cutter, entry level, single family homes. This is in multiple different markets. So not just in one city. This is in multiple cities states. We're seeing vacancies. We're seeing, like I said, the rent growth rate that was previously being used six months ago, eight months ago, the property managers have had to use a lower rate because there's been a decline. So it's not surprising. Speaker 3 (00:30:44) - There's just no way that the country would would have been able to survive with rents going up the way they were going up with home values going up the way that we're going up. So there was bound to be a stoppage. And so we've seen that stoppage in home values, we've seen that stoppage in rents. And when I say stoppage again, not a decline in rents, not a significant decline in home values. But they leveled off from their peaks. And that's just how the business cycle works. Every 30 years or so when we see super high inflation, it's not surprising that I'm seeing this. But this is what's going on in the market right now, from Florida to Tennessee and Alabama to Ohio, in Missouri, Kansas City. Speaker 1 (00:31:31) - For about five months in a row now, we have seen wages be higher than inflation. But of course that's just stated CPI inflation. And then there is quite a lag effect there too. If wages do exceed inflation, when will that eventually catch up to higher rents? We don't really know. Speaker 1 (00:31:50) - But one thing we do know over the long term is rents are historically very, very stable, even more stable than home prices. It was so unusual when rents were up about 15% year over year, a year or two ago. You don't typically see that rents tend to stay stable, and they sure are stabilizing lately. What do you have any other thoughts as you look around the market and race? Because you often talk to our followers in there, they get a hold of you for you to help lead them through contracts and connect them with the right properties and providers that can meet their goals. So what are our followers asking about? Speaker 3 (00:32:27) - Our followers right now are fearful, which is very common. Fear always rules people's minds and they're fearful of a crash. And look, there are certain real estate asset classes, commercial real estate, which you've talked about for a while, is going through a decline right now and could be going through a major crash as many of these commercial real estate owners default on their mortgages or their loans, their commercial loans, there is a concern that there could be a crash in the housing market. Speaker 3 (00:32:58) - Meredith Whitney, who really famous real estate banker, I believe the only woman to call the 2008 financial crisis. She called it back in seven. Meredith Whitney came out a couple of weeks ago and said, there's going to be a decline in home values, and I'm here to tell you that there has been a classic line on values. And will that continue? It could continue where there's a, again, a slight decline. So don't see a crash coming. The reason is because I feel like the economy, the banks are much healthier today than they were. And let's say at 2007, the people who have been laid off, we're going to see unemployment continue to go up. It's not the 10% plus that we saw during the pandemic or the really we reached close to that 2008, 2009 or so. I just don't see something systemic to where there's going to be a housing market crash. And it's all about supply. Housing supply is still very low. So until the supply catches up to the demand, think the real estate market is going to stay healthy. Speaker 3 (00:34:14) - And if you're looking to buy an old over a 30 year period, if you're looking to buy and rent for cashflow, it's still a great time. Right now, there's just certain asset classes. Like I said, commercial real estate. Maybe wait for the crash. They're short term rentals. The worst time to get into short term rentals would have been a year or one and a half years ago, 18 to 20 months ago. That space has declined because there has been a decline in travel, leisure, airfare, corporate expenses, the corporate trips. There has been a decline. So we don't promote those often. They're available. What? We don't promote them often, but that's another asset class that could be ripe for, I want to say, a crash, but a big decline when it comes to cookie cutter, entry level Single-Family homes. I just don't see this huge crash that people have been waiting for over the last 15 years. Speaker 1 (00:35:13) - Right. As you know, I've talked extensively about how it's virtually impossible for that to happen. Speaker 1 (00:35:19) - And yes, everyone wants to know what's coming. It surely has been a consensus among analysts and others that mortgage interest rates have peaked and or the fed funds rate is done increasing in this cycle. Many seem to think that next year, if rates come down, that that is really going to push home prices through the roof. I don't know if that's necessarily true, because typically a cutting of rates coincides with an economic slowdown or a recession. So I think a cutting of rates next year that could result in a moderate price increase. But of course, we have to remember that some of that supply is going to come once rates go down, you will have a few more people motivated to sell. You also have a lot more people motivated to buy and that can qualify as well. But the rates think a lot of people really in this cycle lately, when they've seen higher mortgage interest rates maybe than some people have seen in their entire investment life, you know, they feel like they kind of want to get some sort of break, but they sort of want to wait and see what happens with the market. Speaker 1 (00:36:20) - But we actually have something to talk about here where they can get a break. They don't have to wait and see with what's going on in the market. And that's with what is taking place in Florida. Speaker 3 (00:36:33) - That's exactly what's taking place in Florida. We work with a provider who is going to be on with us. We're hosting a webinar with them about a special 5.75% interest rate. The lowest interest rate that we see across the board with any provider we work with from Alabama to Texas, etcetera. So they're coming on our webinar. They're going to promote and discuss that 5.75% program that they have, as well as a 2 to 4 program. That's two years of free property management, 2% closing cost credit into $4,000 release fee. You might say, well, why do I need a $4,000 release a credit? Because their best properties or highest cash flowing properties. Highest returning properties are quads and duplexes. So these are huge breaks that will reduce the amount of money you need to bring to close and look. If you're a high net worth or if you're a high income earner sucking it up and paying the 9% interest rate today. Speaker 3 (00:37:37) - If that's what you decide to opt for with the 224 program, 9% interest rate, or 8% interest rate today, it'll save you on your taxes, the mortgage interest tax deductible, and in 5 or 6 years, you can just refinance, most likely at an ultra low rate, maybe even sooner than that. So still, there are some really good deals. If you work through us, then we can help you find some really, really good programs and incentives so that it's like going back to 2020 or 2021, when interest rates were super low, or when there was less cash that you had for bringing to the same level. So we have that definitely recommend that people check out this webinar. It's great webinars. Com you can register for it over there. webinars.com. I'm going to be on it's Monday November 27th. That's Monday, November 27th at 8:30 p.m. Eastern Time. So people on the West Coast can finish up work, attend the event. People on the East Coast can finish up dinner, put their kids to sleep and attend the event. Speaker 3 (00:38:43) - So I look forward to seeing everybody there. It's a special, special webinar, special deals, special promotions only through the average education. Speaker 1 (00:38:54) - So the 5.75% rate, if I remember from previously narration, it's a ten year fixed rate and a 30 year amortization at those terms. And then is one choosing between the 5.75 rate and the 224 plan that you described. Is it one or the other? Can you get. Speaker 3 (00:39:12) - One or the other? It's one or the other. Because to get that 5.75% rate, yeah, the builder is paying the lender a lot of money. And to lower those points, they're buying points to to get you the investor that rate. So it's one or the other. And by the way, that 224 program the purchase price is negotiable. So that's also why I like that 2 to 4 program. Because you can go back and forth and I can help you out negotiate the price, maybe shape 10 to 15 maybe $20,000 if it's a high ticket item off the purchase price. So makes the numbers look even better. Speaker 3 (00:39:54) - That's my favorite program, the 5.75% program. That might be right for some other people, so that's fair to. Speaker 1 (00:40:02) - Else about the property prices and types. Speaker 3 (00:40:06) - So this provider we work with has single families, duplexes, four plex quads all available. The price points are anywhere from $250,000 to $800,000. Everything is new construction. That's also in flux, as in the single family is just cash flowing much. So I would say go for a duplex or a quad. Duplexes are around $400,000, give or take 20,000 over under, and quads are somewhere between 650 to $800,000. Speaker 1 (00:40:45) - Okay, so these are brand new build properties in Florida. So yeah we're talking about entry level rental homes here. The asset type that seems to have the greatest dearth of supply in housing, entry level single family homes. You just have such a good chance to own an in-demand asset that everyone is going to want over time here. Do you have any last thoughts about this webinar trace, which you're going to help put on for people? That way the participants can ask you questions. Speaker 1 (00:41:16) - They can ask the provider questions, any question they want to, things about the physical property, things about just how they bought down your rate to 5.75% for you, or how they can do the 224 program for you. Those are some of the benefits of attending. You can have your question answered in real time there with narration. Do you have any last thoughts about this event that's taking place on Monday? The 27? Speaker 3 (00:41:39) - Well, you definitely want to register at Jerry webinars. Jerry webinars. We already have more than 50 people registered and now this episode is out. I'm sure we're going to get another 100 or so. Like you said, people can come on and ask some questions, actually talk to us, interact with us. Last time they wanted to these webinars, it went like 2.5 hours. People were having such a great time. We went into the wee hours of the night just talking to all sorts of folks, answering questions. It's super interactive, really educational. The best part is completely free and you get goodies and perks and incentives back in return for ten. Speaker 1 (00:42:17) - Now, look, I know that some of these incentives have got to sound terrific to you, the listener and viewer here. I just want to pull back and take a look at things. More fundamentally. This is truly investing. This is not speculating. You own a piece of Florida land in a house constructed of commodities. On top of that land, from wood to steel to concrete. You already know about Florida's In-migration. We've talked about that at nauseam on the show here, and it's not speculative because you're purchasing something for rent production, not a speculative endeavor. Over the long term, people will pay you in order to live in a property that you provide to them. I mean, this is the sort of thing where you could even if say, you have a spouse or a mother that has nothing to do with real estate knowledge, they don't know anything about it. You can explain this to your spouse or your mother and they would understand. So it's easy to understand where your income comes from. Speaker 1 (00:43:12) - It's really fundamental. I don't know how long the 5.75% rates are going to last, because this same provider had a lower rate a few months ago. I told you then I didn't know how long it was going to last and it didn't last. Now it's 5.75%, which is still a great rate. I really encourage you. Sign up. It's free. It's our live event next Monday night, the 27th at 8:30 p.m. eastern, 530 Pacific. Again, you can firstname.lastname@example.org. What a great update in race. Thanks so much for coming back into the show. Speaker 3 (00:43:46) - Thanks, skeet. Speaker 1 (00:43:53) - If you're unsure about making it on the live event on the 27th, but it interests you, sign up and we might be able to get you access to the replay, but you want to watch it soon because the properties available are limited. And again, I don't know how long the 5.75% rate will last. You think you've heard every amazing Florida In-migration stat by now? Well perhaps not. In the latest year over year, Florida saw 740,000 people moved there. Speaker 1 (00:44:23) - Yeah, basically three quarters of a million in just one year. That is truly astounding. That's clearly the most of any state in the country. And with all the growth, Florida's property market became recently the second most valuable in the US last year that bumped New York down to third place. That's according to Zillow. So this population growth is leading to a prosperity increase in the value of Florida property. So I think a lot of people get focused on these things, like wondering if the fed will raise rates another quarter point at their next meeting, and if that's going to show up in mortgage rates. And they wonder about the mortgage market in the future, and it feels like something that you cannot control. But now you can with this rate, buy down courtesy of the builders. So joining us on the webinar to learn all about it. Again, it's all new build and we make that really clear and spell it out for you. In next week's live event, you get to select from one of the two options. Speaker 1 (00:45:29) - To make it clear here, either a 5.75% rate or the 224 program, which means two years of free property management, 2% of the purchase price and closing cost credit, and a $4,000 lease up fee credit. Sign up. It's free. It's our live event next Monday night, the 27th at 8:30 p.m. eastern at 530 Pacific. Register at GRC webinars dot com. Until next week. I'm your host, Keith Weinhold. Don't quit your day. Great. Speaker 4 (00:46:02) - Nothing on this show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of get Rich education LLC exclusively. Speaker 1 (00:46:30) - The preceding program was brought to you by your home for wealth building. Get rich education.
WeWork goes bankrupt, buying a house is deemed a "bad" idea, and Zillow stock has a fire sale thanks to the recent NAR lawsuit verdict. In other words, it's just another day in the 2023 housing market. Didn't have time to catch up on the news? Don't worry; we'll get you up to speed on everything happening in the world of real estate and how YOU can take advantage of this rocky market. First, we'll talk about how the NAR lawsuit verdict sent ripples throughout the economy, sending real estate-related stock prices way down for companies like Zillow, Compass, and Redfin. This verdict could mean a devastating blow to brokerages across the country, so what will the future of buying and selling be like? Next, we discuss commercial real estate's continuous slog and why top commercial executives expect an even SLOWER 2024. But there is some good news for buyers… And if you love little offices and coworking spaces, we're sorry because WeWork filed bankruptcy earlier this month as the office space gets battered. Finally, we'll finish with a recent headline about how HALF of America thinks now is a BAD time to buy real estate. Are they wrong? Are they bad at math? Should you still be buying? We'll answer all that and more on this episode! In This Episode We Cover: The NAR lawsuit's ripple effects that will affect the entire real estate industry Commercial real estate's sales slump and why 2024 could bring even better deals Why WeWork Won'tWork and what their massive bankruptcy means for the office space America's ongoing housing market pessimism and why buying with high mortgage rates ISN'T such a bad idea And So Much More! Links from the Show Find an Agent Find a Lender BiggerPockets Forums BiggerPockets Agent BiggerPockets Bootcamps Join BiggerPockets for FREE On The Market Join the Future of Real Estate Investing with Fundrise Connect with Other Investors in the “On The Market” Forums Subscribe to The “On The Market” YouTube Channel Dave's BiggerPockets Profile Dave's Instagram Henry's BiggerPockets Profile Henry's Instagram James' BiggerPockets Profile James' Instagram Kathy's BiggerPockets Profile Kathy's Instagram NAR Slapped with $1.8B Lawsuit Payout, Ripple Effects Could Be “Enormous” Stories Mentioned in Today's Show: Zillow Commercial Real Estate WeWork Home Buying Sentiment Click here to listen to the full episode: https://www.biggerpockets.com/blog/on-the-market-160 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email email@example.com. Learn more about your ad choices. Visit megaphone.fm/adchoices
We've all seen outrageously expensive fish while shopping at local fish stores. What makes a pricey fish "worth it?" This episode's discussion is all about splurges, and how rarity and accessibility drive cost of some unique fish to astronomical levels. With a special guest, Ben, Amy, and Charles pitch their top 5 picks for rare and expensive freshwater fish, and determine if the price tag is justified. Join the discussion on the Water Colors Aquarium Gallery Podcast Listeners Facebook group! https://www.facebook.com/groups/788428861825086/ Enjoying the show? Support the gallery by shopping aquarium plants, merch, equipment, and more! https://watercolorsaquariumgallery.com/ Looking for more content? Become a YouTube member for exclusive access to behind the scenes livestreams! https://www.youtube.com/@watercolorsaquariumgallery Species mentioned in this episode: Spotted congo puffer, (tetradon schoutedeni) - $299.99 'Fancy' bettas, (Candies, Aliens, Coppers, Hellboys, Avatars, etc) Redfin cactus pleco, L24 (psuedocanthicus pitanga) $249.99 Scarlet cactus pleco, L25 (psuedocanthicus pirarara) $269.99 Alestopetersius brichardi 'Red Form' $59.99 Lampeye congo tetra, (phenacogrammus aurantiacus) $39.99 Mascara barb, (Dawkinsia assimilis) $39.99 Dawkinsia rubrotinctus, $49.99 Corydoras pantanalensis, $129.99 Corydoras pulcher, $54.99 Super parallelus cory, CW127, $129.99 Corydoras eversi, $79.99 Charming rosy tetra, (hyphessobrycon epicharis) $79.99 Silver lancer, (mystus bocourti) $89.99 Wallaceochromis rubrolabiatus, $39.99 Polypterus teugulsi, $69.99 Synodontis paralis, $129.99 Clouded archerfish, (toxotes blythii) $49.99 Clouded leopard loach, (vanmanenia crassicuada) $69.99 Betta albimarginata, $49.99 Leporinus sp. 'Strawberry', $129.99 Leopard frog pleco, L134, $129.99 Super red devil tetra, (hyohessobrycon notidanos) $59.99 Mountain grunter, (hephaestus habbemei) $299.99
Beyond Borders with Kyle Kroeger: Unveiling Hidden Streets, Travel Hacks, and Sustainable Journeys Kyle Kroeger is the founder and owner of ViaTravelers. He's also a dad, husband, and seasoned traveler. Kyle started ViaTravelers during a trip to Italy since he's known as a street traveler (“via” is Italian for street and a way to travel). Kyle helps travelers find their next adventure through his videography and photography, which can be seen on the ViaTravelers YouTube channel. His travel writing and expertise have been featured on Redfin, CNN, GOBankingRates, DailyMail, Yahoo! Finance, and Travel + Leisure. Outside of writing, his videography has been featured in The Telegraph and other media outlets worldwide. Check out his photography and videography on Flickr and Behance to see where he's been. If he isn't traveling, he's likely thinking about how to be more sustainable (and help others to be, too) through his site, The Impact Investor. Favorite Destinations: Amsterdam, Paris, Tokyo, Strasbourg, Kyoto Travel Expertise: Travel Hacking, Travel Budgeting Favorite Post Written: Best Things to Do in Minnesota or check out all of Kyle's travel articles. Social Media Profiles: LinkedIn, Instagram
Today, I'm joined by my friend Travis Sherry to learn how to use real estate and short-term rentals to support your travel lifestyle. Whether you're new to the game or a real estate pro, this episode has value for everyone! Travis and his wife Heather combined their love for travel and real estate to build a thriving short-term rental business. One of their properties has even been featured in Conde Nast Traveler as one of the top 14 best beach rentals in the United States! Travis is also the founder of the travel community Extra Pack of Peanuts and the co-founder of Location Indie, a global community for people looking to travel and work from anywhere in the world. In this episode, Travis breaks down his top five strategies, from the lowest monetary investment to the highest. He'll dispel common myths, share his favorite hacks, and we'll explore some key mindset shifts that will completely change your perspective on real estate. What was your biggest takeaway? Which strategy will you try first? I'd love to hear your thoughts and hope you'll share them by sending me an audio message. Premium Passport: Want access to the private Zero To Travel podcast feed, a monthly bonus episode (decided on by YOU), exclusive content, direct access to me to answer your questions, and more? Click here to try Premium Passport for only $1. Tune In To Learn: The misconception about real estate Travis' story with real estate and how he ended up in North Carolina Why you shouldn't be intimidated by real estate or more experienced investors The biggest advantage that has served Travis more than anything else The easiest way to get started and make money while you travel How to get in the game without purchasing any property How to house hack and get creative with your property or home to generate income How to earn passive income with short-term rentals The benefits of investing and the unique way he's leveraging investment properties Travis' top resources to dive into real estate and his best advice for getting started And so much more Resources: Join Zero To Travel Premium Passport Subscribe to our FREE newsletter Today's Sponsors - Airbnb, US Bank, Uncommon Goods Learn about Location Indie and Extra Pack of Peanuts Listen to his short-term rental series on the Extra Pack of Peanuts podcast Travis' resources - Zillow, Redfin, LoopNet, AirDNA, BiggerPockets Want More? How to Get Incredible Airbnb Deals (and Save More Money) with Zach Busekrus from Sponstayneous How To Use Airbnb to Fund Your Travels (Even If You Don't Own Anything Or Live Anywhere) The Paradise Pack Sessions: Jasper Ribbers from The Traveling Dutchman on Renting Your Home Out on Airbnb Thanks To Our Sponsors Sometimes, it just makes more sense. Book your next group stay with Airbnb! This episode is also sponsored by US Bank's Altitude Connect Visa Signature Card, with the ability to earn up to 5x the points on travel-related expenses like hotels, and rental cars, this card will get you the most return on your next trip. Get 15% off your next gift from Uncommon Goods by visiting uncommongoods.com/travel.
On today's Wholesale Hotline podcast (TTP Edition), Brent brings in Ryan Thornton to break down how he speaks to sellers. Key takeaways: How Ryan talks to sellers (exactly what he says). How Ryan responds to sellers who want retail price. Please give us a rating and let us know how we are doing! ➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖ ☎️ Welcome to Wholesale Hotline & TTP Breakout
Step into the world of real estate law with our latest podcast episode "Ep. 206 - Another Day, Another Lawsuit". Join hosts, Nick and Brian as they dive deep into the latest class-action antitrust commission lawsuit shaking the real estate industry. The Batton 2 lawsuit, named after lead plaintiff Mya Batton, accuses major real estate players, including Compass, eXp World Holdings, Redfin, Weichert Realtors, United Real Estate, Howard Hanna, and Douglas Elliman, of colluding to artificially inflate agent commissions. This episode explores the implications of this lawsuit, the role of the National Association of Realtors (NAR), and the potential consequences for homebuyers and the real estate industry. Don't miss out on this insightful discussion that uncovers the murky depths of real estate commissions and the impact on your wallet!The Only Real Estate Podcast Worth Listening to is brought to you by Nick, Good, Matt Kelderman and Brian Force. Combined, they have over 30 years in residential real estate experience and have sold over 2,500 homes. Each week they bring their guidance and insight to help real estate agents all over the world grow their business and thrive in an ultra-competitive industry.New episodes are streamed live on Facebook Wednesdays at 3PM. Check out the links below for more ways to connect and join the fastest growing community of real estate professionals nationwide!Join The Only Real Estate Group Worth Being A Part Of on Facebook https://www.facebook.com/groups/2315035012099695Follow us on Instagram https://www.instagram.com/onlyrepodcast/Check our website for more content, webinars, full show notes, and your favorite TOREPWLT merch! https://onlyrepod.com/Create your own podcast with TORE Studios https://torestudios.com/
Market Proof Marketing · Ep 310: Investing In IntegrityIn this episode, Andrew Peek is joined by Beth Russell and Jen Barkan! Together, they discuss the motivation that comes with investing in your goal more heavily and how, through your investment, your passion is more noticeable to those around you, similarly to businesses investing in good marketing that earns loyalty from customers. Beth stresses the importance of having integrity in home building no matter how enticing it can be to cut corners and the three agree that magic happens when online sales and marketing are communicating and working together.Story Time (01:48)Andrew was impressed by the marketing of a local Greek cuisine restaurant.Beth brings up the importance of having integrity in the homebuilding process.Jen tells a story from a coaching session she had this week.The News (26:36)Must Read! GA4 Channels Function Differently than Universal Analytics (https://www.doyouconvert.com/blog/must-read-ga4-channels-function-differently-than-universal-analytics/)White House opens $45 billion in federal funds to developers to covert offices to homes (https://www.morningstar.com/news/marketwatch/20231027198/white-house-opens-45-billion-in-federal-funds-to-developers-to-covert-offices-to-homes)Lender Will Split the Difference If You Give Up Your 3% Mortgage Rate (https://www.thetruthaboutmortgage.com/lender-will-split-the-difference-if-you-give-up-your-3-mortgage-rate/)Brokers prepare for changes after Sitzer/Burnett commission lawsuit verdict (https://www.housingwire.com/articles/brokers-prepare-for-changes-after-sitzer-burnett-commission-lawsuit-verdict/)Things We Love Things We Hate (50:13)Beth is loving the Reese's take 5 candy!Jen is enjoying the Starbucks holiday drinks that rolled out.Andrews favorite loves the very berry skittles bag mixed with starburst.Questions? Comments? Email firstname.lastname@example.org or call 404-369-2595 and we'll address them on the next episode. More insights, discussions, and opportunities can be found at Do You Convert All Access or on the Market Proof Marketing Facebook group.Subscribe on iTunesFollow on SpotifyListen On StitcherA weekly new home marketing podcast for home builders and developers. Each week Kevin Oakley, Andrew Peek, Jackie Lipinski, Julie Jarnagin, and other team members from Do You Convert will break down the headlines, share best practices and stories from the front line, and perform a deep dive on a relevant marketing topic. We're here to help you – not to sell you!Transcript:AndrewSo I'm trying to up my content game. So in front of me I have I'm looking at my web camera immediately. Behind the web camera is my Sony A7 three, which like maybe 5% of people like, know what that is? And I got like the lens which should be perfect for this distance to have everything behind me out of focus.AndrewThen I have like this monitor. I forget the name of it, like this other screen attached to it so I could see myself scramble, like walk behind my desk. But okay, this shot's good. And then I got this, like, crazy tripod thing that has one, two, three, four, five, like seven articulation points. So it could be like. Like this, like a claw to do it, but, like, it just looks like chaos behind my desk now.AndrewSo I'm still getting used to it, but I'm so excited. I did some test clips and my goal for this is to make content easy to create, which I've never been in. Like a consistent flow because it's like set up the camera, take down the camera, set.Jen You're going to start doing more video.AndrewMore video content like me, kind of talked about that people should do, like practice what you preach a little bit.BethWell, then send that setup my way!AndrewI will maybe know anything.Andrew$3,000 or so, but like it's been over the years. It's been over the years. We'll see. Is it worth it? I don't know. It kind of leads into my story time as far as like, is it worth it? Is it not worth it? So maybe we just I'll I'll go into story time. But first, let's get started. Welcome to episode 310.AndrewI am the self-proclaimed ad doctor with no formal education to call myself an ad doctor. And with me today is Beth Russell and Jenn the one and only barking woo! Who were here. Here. So, yeah, let's see. Yeah, I'm excited. I'll just continue with my story time. So content and trust is what is what I'm going for. So is it worth what I spent on my camera and equipment for content?AndrewFirst of all, I use it for other purposes. So and I've had it for a couple of years and over time I've built it up. So it wasn't like I just spent all this money on fancy camera and everything. Last night we were not in a mood to do any cooking, which really means I do. I do other cooking, make sure notes, listening.AndrewI do other cooking at the house. I'm like, I'm not cooking anything. I took Addy, our youngest, to Tumblr, and so I got home at like 7:30 a.m.. Like, it's getting late. Kids go to bed at eight because they're elementary and middle school. There we go. I'll order some food. So we went out to Uber Eats because I did not feel like driving.AndrewLike, Oh, let's try this little Greek place out that's like right around the corner. That's like my, my limit. Like, I want something close so the food is fresher, right?JenYeah. So does it take too long?AndrewYeah. And it's called you little. It's called Little Greek. I've never been there, but the reviews are good. But, like, you never know, Like, that could just be, like, friends, family. They're like, you know, guilted people into leaving reviews. So we get it. And every single thing is branded with their logo. Like, we got a First of all, how do you pronounce Giugiaro Euro?AndrewEuro?JenYeah, euro or.AndrewLike the euro, they're not really.JenAre Gyro.AndrewGyro.Jen003 is not right.AndrewIt's definitely regional. Right. But who knows. That's, that's funny. So that's what I ordered. That's what Lindsey ordered. Then we got some other things but it was the euro was wrapped in a branded like little. What's it like parchment paper, styrofoam. It came in branded the little wrap that goes around the napkins and forks branded. I'm like, Oh.AndrewSo immediately I'm like, I kind of trust these people already. I've never been to this place. Think about the opposite. What if it came in like a generic, the absolute cheapest to go container the cheapest paper, the cheapest. I'd be like, Ooh, with food. And maybe I'm weird with food safety, but I would have had this impression. Like, they probably cut corners somewhere.JenMm hmm. Yeah, they have attention to detail.AndrewIt's NATO.JenSo it's France.AndrewSuper important. All right, So I'm hoping quality, the better camera setup should give the impression that we, I, all of us, care just a little bit more. Yeah, because it's perfect. It's, you know, the audio is going to be ten out of ten the video, ten out ten all all these things. Is it necessary? I have no idea.AndrewProbably not, because we're not used to seeing every single person make content with a fancy set up. Usually it's phone, but you're good to go.JenThere is something to be said for there's some.AndrewSo like in Kevin if you're listening I'm request I'm just kidding.JenWell that there is I agree with you in that there's something to be said for the quality of the output starts with quality tools. Yeah you know I think about like my kids who are in sports and like my son coming to me saying, like, he needed, you know, for pitching. He needed the very best glove or the very best training weighted balls and I'd be like, whatever.JenHe's like, Yeah, but. And there's something with the perception of, Yeah, I'm investing in myself. And then the output of what I'm producing is going to be that much.AndrewThat I actually agreed. Maybe there's like a minimum threshold, so you don't need to go like all out, but like it needs to be like it hits this threshold where like, okay, everyone is like, all right, I trust it enough. So maybe the company last night, they didn't need everything to be branded, but maybe just like the wrap around the food, it's enough because I was colored.AndrewIt was like white and blue, which makes sense. Greek like it would be white and blue, but maybe not everything would have given the same feeling, but nothing certainly gives the opposite negative feeling. We're like, Ooh, like, I don't know, like, never been here before. It's not like they didn't didn't take that extra step. Maybe they're actually being lazy.AndrewSo it was a shock moment. I'm like, Oh, I just got like marketed.JenAnd I feel like I work out there when I, when I have like, the brand shoes on.AndrewYeah, I agree.BethWhatever it takes. The lemon versus the Amazon.AndrewOfficer.JenIf I had if I had Lululemon outfit Lululemon not Lily.AndrewYou're wearing like $600 worth of stuff AirPods.JenLike the, like the best workout.AndrewThis the best work.BethOf my life. I have a question. When you guys go places and they have those like fully branded items or like you go to a restaurant, they have those thick nice paper towels in the bathroom. Do you immediately go to like the dollar signs of how much all of that stuff costs? Because, you know, you know, like more than my money.AndrewI definitely think about that.BethI think about it all the time because I think like, okay, they've made so much money just buying the foam containers in bulk. Yeah. But to get the emblem or to get the stamp of their logo, the amount of money and time that they invest into doing that, I'm like, okay, they care and they're investing in it and they have the money, so they have to have the profit.BethSo they're making enough money, they're selling enough food, People must like them, boom.JenYep, Yeah, 100%.AndrewAnd maybe there's something like we feel like we it's like why apparel works for some companies and doesn't work for others. You buy apparel because it makes you feel like you belong to whatever that brand is. I think that I'm Mark at the summit. I forgot his last name from a thousand. What he talked about that was not not it was a Davidson Mark Super cool, dude.AndrewI think. Mark Right That's one the producer is I'm terrible last names but he's like you belong to this brand. Like why do you buy Nike versus New Balance Other There we go. Mark Davison Olivia's helping us out or why do you buy X, Y, Z bat versus another bat? Like I don't know, like you're part of the club type of deal.JenMy it's my husband won't only buy Nike. Yeah, it's like even to the point of like following certain sporting like athletes. Oh, they're under armor. Oh like they must not be that good. It's like.BethMaybe.JenA Nike branded athlete.AndrewI'm from Maryland, so your character's really sensitive about this.JenThis is I'm.AndrewNot sure what else is from Maryland.JenThis is not me. I'm saying. I'm saying my husband.BethI'm just giving.AndrewHim another Andrew.JenAnother Andrew?BethYeah, says Andrew's man.AndrewYeah, we got old Bay. We have. It's in there. It wasn't a cake show. And Maryland Cake.BethBoss. He was in Maryland. Yeah, he was.AndrewBoss Old Bay under armor and the Wire, I think was is. Oh, Cosmo.BethThanks for asking.AndrewYou're welcome. You're welcome. Okay. All done with my distractions. Beth or Jen, who wants to go next?BethWell, I have another story about details, if you will. So I'm going to coordinate.AndrewThis without even knowing.BethAnd we always end up doing this. Or we're just really good at transitions and we don't give ourselves enough credit. Maybe. Oh, but basically, I was having a conversation with someone in the industry yesterday working construction, and she was telling me why she left her previous builder and what was like the reason, like the catalyst to her just being like, okay, I'm done.BethAnd she was on site with one of her superiors, like I guess like an area construction manager type person. And I think she was the superintendent at the time essentially. And they were going through like their queue, so they were evaluating the home. And she pointed out some things and the the superiors response was, well, if they don't mention it, if they don't see it, then it's not actually a problem.BethAnd she was like.JenNope.BethI'm done. Like, I'm not going to be a part of this. This is not like I don't want my name attached to this type of builder or to this type of mindset. And I think it's just really interesting because it points to integrity, right? And the detail.JenOf what I was thinking.BethYeah.JenAnd like the definition of integrity.BethMhm. Exactly. And it's like she, she wasn't willing to compromise her integrity to be a part of it. And the details, the little small things that he didn't think were a big deal, they could eventually come back and bite you in the, in the years later. It could, it could cost the company a lot of money, It could cost the company their reputation.BethIt could cost him his job, her, her job, all of these things like you have to have integrity in your building, in your marketing, in your data collection, and how you do sales. Like if we lose our integrity, then there's a domino effect that could happen later on that could really cost us a lot more in the end.BethSo it was a cool little story and I was just like, Then you go, girl.AndrewYou go, you get it, you go, you get the A Who cares about that? Yeah. Especially on the home side. I mean, that's the product like we're building. Yeah, we're not I mean, I'm not building homes. She's building homes. You know, props to her. Like, that's the there will be someone living there 24 seven. Like they will find those things eventually.BethAnd I wish there were more people like her in in all areas. Right. Not just in construction but in in in marketing and sales and whatever. Because her response to it was, I don't want to be a part of the problem. I want to be a part of the solution. And if I can't make it better, then I don't want to be there and I or I don't want to be in this industry anymore.BethShe was like, I'll go like work at Chick-Fil-A, but you know, whatever it is, like, I feel like I'm making people happy.AndrewFor sure and not be on home. Inspectors tick tock reviewing like yet another. Have you all seen those yet another homebuilders? I'm being kind of like tick tock. The content goes viral because it's interesting. There's a story, there's tension. Right. That's more interesting than a perfectly made home. Right. Which one do you want to watch? The home that looks like it's falling over the one that's like, oh, like it's perfect.JenYeah. The train wreck.AndrewYeah. You're not sitting right? Yeah, the same. You're. What's that rubbernecking they're turning. They're like, okay, cool. You're like the accident essentially. So it's just it's just drama. What do you what do you got, Jenn?JenWell, I've got a lot to think about, but one thing that really stuck out that's super relevant right now is that I was talking with on a coaching call this week with an online sales specialist and we were looking at numbers and you know, just one thing to keep in mind, I think as we move into this next few months, you know, things are a little harder.JenPeople are looking at numbers and really scrutinizing everything. And so we were doing that together and just talking about lead to appointment specifically, hers had dropped from September to October.AndrewOkay?JenAnd I was like, okay, like, why do you think that is? And I was expecting she was going to say something like, Well, it's really harder right now. Like customers are being a little bit it's harder to get them to an appointment. That's what I was anticipating she was going to say. But what she said was she goes, I think it was me and I think it was my mindset.JenShe goes, I had kind of gone down this rabbit hole of watching a lot of media talk about interest rates and how the market is tough. And she said, I think that was affecting me and like I was projecting concerns I was having about the market on to the customers I was talking to. And so I sat back and I was like, that's really insightful of, of yourself, that you're self reflecting and you're realizing.JenAnd I said, Okay, this is what we're going to do. I said, Right now let's let's write down what are the pros of buying? Let's switch our brain. What are the pros of buying a new home right now? And so she start she was like, okay, she's like, you know, we have inventory. She's like, there's not a lot of other inventory on the market.JenAnd like, exactly. She's like, we have a warranty, we have a home warranty. It's a new home like. And I said, Exactly. I said to think about cost versus, you know, the cost of buying a new home versus the cost of a resale home where you might have a lot of other expenses that go into that. And she's like, Exactly.JenAnd I said, okay, what our. Oh, and I said, What else? She goes, Incentives. We have incentives. I said, Exactly.AndrewYeah, that's a good one.JenYeah. I said, You have incentives, you have a warranty. It's a brand new phone. You have inventory as it builders have, you know, the ability right now to provide those incentives that used homes don't have, you know, on the market. And so I said what are the cons? Okay, we've made our pros list, what are the cons? And she was like, well, I guess really the interest rate is the main thing.JenAnd I said, okay. And I said, But people don't buy interest rates, do they buy homes? So let's talk about how we can talk about that. And so we spent some time just kind of thinking about that. And really what it boils down to was the main thing is the affordability. You know, the affordability because in this particular online salespersons, market affordability is huge because there they sell to more entry level, you know, first time home buyers and that affordability is crucial.JenAnd so we spent some time talking about like for online sales specialist, they're not trying to convince somebody, you know, especially like a new home, a new first time buyer. It's like, I'm not going to sit there and try to convince them that it's affordable like that they should purchase. Right now is a good time to buy at an 8% interest rate and the affordability is going to be fine for them.JenBut what they need to focus on is let's do this, come out, take a look at how we build that way. When you're ready and you feel comfortable, you'll be able to determine if our builder is a good fit for you or not. And so I think online sales just has to have that perspective shift of there. So hung up on like, I got to get I got to sell, I got to get this person thinking that now they should buy when really let's just get them thinking about coming in and taking a look at our homes because hopefully they'll come in, they'll fall in love, they'll meet with that salesperson that's on site thatJencan show them how cost changes, what incentives they could work with to kind of help them to be more affordable. And so it was a really good exercise to kind of go through that. But how powerful I mean, what you guys agree like that mindset of like if you're sitting there thinking like, yeah, like doom and gloom that's going to project on to the people you're talking to.BethAbsolutely.AndrewYeah. Yeah. I think I just wrote this down. My brain is like getting excited from from everything you're saying I wrote. Is affordability an objection or is that just a reduction of market size? So that's like semantics, like objection being like, well, you know, like you guys have nine foot ceilings, they have ten foot ceilings. To me, that's objection.AndrewI'm not even in sales training, so tell me I'm wrong like all day long versus affordability is like if you cannot afford the home like it, that doesn't there is no objection. I guess you're not in market.JenBecause you feel like it's really an objection. It's not like.AndrewYou know, like work your finances a bit like, you know, like we like for this person, we have no debt. Our income is as such, like, here's what we qualify for. It's not that's not an objection. Like, you can't even think about it. But the objection is like to me, there's choice for an objection. So they're on the phone and they already been maybe they haven't been pre-qualified.AndrewThey're just brand new. Yeah, get them excited. Like, Hey, come on out like that. So much fun. Like, come see our communities talking to people we know. Just, you know, Halloween was, what, two days ago? Our Halloween experience with our kiddos compared to our friends who live in where we're at. Like we have very few new home communities Pinellas County, Saint Pete, Clearwater, like west of west of Tampa, very few new home communities.AndrewOur kids Halloween experience, I can guarantee, is 100 times better than those who live in a, quote, traditional community. That's like where it's just like sixth Avenue, 17th Avenue, whatever it is. And like for like there's no one doing like trick or treating. I'm like, Oh, come 2 hours, we got 70 houses, everyone is out, end of their driveway.AndrewYou don't have to knock on the door. Candy, candy, candy, candy. And we're used to it. And so it's fun. Or they go to I'll go to One Tree Oaks, which is they older, established community, one entrance in one instance out. So they're all going to these places that are communities like, wouldn't you want to live in a place like this?AndrewLike there's 20 kids on the block, like all these things that are if they can't afford it, like it makes them move like, okay, so we're $400 more per month or whatever it is. Like that's a lifestyle upgrade. But for a good reason. If you have kids, if you could even have that discussion. But there's there's more than just the numbers.AndrewI think people forget like there's more than just the dollar amount, like there's the value of community and and being around people. If you have kiddos or if you don't like.JenRight.AndrewGoing somewhere where like it's active.JenSo exactly So to that point it you know online sales can't you have to be careful about getting hung up on their job is to engage and to get somebody excited about the possibility of buying or building not to sell the home over the phone. That's legal for the salesperson. Leave that for the people that are trained to do that out on site.JenJust get them excited, have them think about what it would be like to live there, to trick or treat there in that community and get them out for informational sessions. You know, we I've said this like 20,000 times. We'll get the word appointment out of your your words, your vocabulary and start talking about we'd love to host you for a discovery tour.JenWe'd love to host you for an informational session and I'll be sure to let everybody know that you are just in the beginning stages of looking. They come out sales, get them excited. We see how they could be living in the home. And that's that's the shift. That's the mental shift that has to happen.BethYeah. And I think in any rocky market situation or when, you know, these doom and gloom conversations are kind of or thoughts are looming either in your brain or the people that you're talking to whose brain remember one core thing and they're calling you for a reason exactly how they get on the website.JenAll the interest rates.BethYeah, they had to be. They called.JenYou.BethYeah, exactly. And if you just remember that, it can help you get in that mindset of like, okay, they're calling me for a reason. They're interested in this market. Let's let's have a party, let's talk, let's make it fun and try to drag it out.AndrewYeah, I think pick up, pick up Starbucks on the way, like something out a little bit. Like I don't know if like to meet us would be a thing. And if you do this because it is the person's schedule. But like, if I don't have have kiddos like hey, I come by at 430 today or like schedule an appointment or like the kids are out.AndrewLike if you happen to be that familiar with like the schedule like and then they pull up in the street and they see like kids running around hours. I feel like most of our street, like we raise our kids like free, free range chickens. Like it's like, let them roam around, it's gated, they're out and everyone's got ring cameras all over the place.AndrewThere's usually like two or three parents out doing something in their yard and 15, 20 kids out. Now, if they're an older person with no kids and they don't want that, that'd be a terrible idea.JenDon't send them out to get. It's the.AndrewMinistry. No. Oh, goodness. What fun. Yeah, you're just kidding. Just getting them excited. Yeah. Yeah. Know any other stories? When you talk about anything else happen at all? Not on my end.JenWell, listen to. I could tell. I could tell you, Andrew, that today that we presented to our online sales academy.AndrewI love it.JenAnd I had fun presenting to our online sales Academy was because we wanted to do a session like a marketing 1 to 1 session for online sales.AndrewOkay.JenYou know, just yeah, that's needed. We well, we talked to all and I said, well, it's time. Like your job is to quantify what's happening. And like that said, well we were talking about earlier somebody is like yeah, I didn't really understand what that meant. Like, I hear like how important this is, but what does that even mean?JenSo like, but what? Yeah, I think everybody what you.BethI think it was really powerful. The conversation that you're referencing, Jen, is that she was like, I heard when I took this position that I would have to own my data and I'd have to I'd have to know my numbers, but I didn't know what that meant or the impact of actually doing that. And so what we did was painting a picture alongside Jesy and Amanda of what that meant from an organizational standpoint, going back to integrity, how important those numbers are and this like vital position that the online sales people have within maintaining that flow of the funnel and the kind of feedback and data and information and collaboration that can happen between marketingBethand online sales. And I think that's kind of where do you convert was routed from is that relationship between marketing, marketing and online sales? Because I feel like oftentimes we're seeing that marketing feels like a silo. They feel undervalued, unappreciated and like it's not as invested in. And then online sales can oftentimes feel the same where like, you know, sales gets all the glory and they're the ones writing the contracts and people aren't really sure what it is that they do or what it really means.BethAnd they feel like they can have more of an impact. And so we kind of talked through that and how the two departments can lean on one another and work together and find solace in the two of them collaborating and and and celebrating one another. So it was really fun. It was really, really.AndrewSound so positive.JenWell, you know.AndrewWhat? I'm stealing someone. Jen, Jesse, Amanda. For the marketer of marketing Academy sales.JenYes, Yes. Boom.AndrewAnd Beth, is Beth also do something like that. Gives me like 2 hours. So I eat some food, take a little break to the academy because we're like 16 hours of talk.JenAnd I share something that is very relevant.AndrewThis my horoscope.JenConversation would say, Yeah, listen to this Gemini. Every week I pull one of these random cards out. Okay, you guys notice I.AndrewNeed to know what it says.JenAnd, well, I'm going to read it to you. So this week's card is collaboration. Oh, okay. Let me read to you what it says. I take pride in my role as a good collaborator and look for opportunities to help support my colleagues ideas rather than dismiss them outright. I fill my meetings with yeses and ends and I celebrate the constructive power they have over Butz and or else, unless I work for a company that makes cigarets and boats, in which case bucks and orders would be Oh, never mind.JenOkay.AndrewThat's hilarious. I know why this reminds me of Elaine of Money Garment. I don't know why. It just seems like something she'd say so positively.JenYeah, Collaboration. I like it. But, you know, when Beth was talking, did you notice? And she was like.BethShe's dancing. I do it when I like to. Yeah, when things make me happy. I just like.AndrewChick-Fil-A and I get Chick fil A's sauce.JenSweet tea, you know?BethNo, no, sweetie.JenA collaboration between online sales, onsite sales, marketing. You know, it's an ecosystem. They all need to be collaborating, working together, and even just within teams, you know, collaborating like us, you know, like we collaborate, you know, we could easily live in our own silos between sales and online, I mean, marketing and online sales and whatever. But magic happens when you collaborate.AndrewThe magic.JenI love magical collaboration. Good.AndrewYeah, that's it for today. I'm just kidding. That's not it for today.JenAnd we are out.AndrewAnd on to the news. Here's a fun one. I'll let Jen take this first one I wrote a blog.BethPost.AndrewReady for. I'm just kidding. Wow. This is collaboration, in effect. No, we don't have to do that.JenDid you see.BethThat? I shared these and shared it.AndrewYou commented on a link and it was awesome.JenI read it.AndrewIt's good.JenI read it.AndrewAnd that's perfect collaboration. You at it? Did you.BethSee? No, that's not Gatorade, right.JenThat's my joke for. Oh, it's not is it is.AndrewG for the Gatorade? Is that you for something?JenSounds like it should be Gatorade. That's why I'm good. It's not Gatorade.AndrewAs a perfect blend of I.JenWill Electrolytes explain it. I read it, though, and I said that I am happy that you are on this team and that you can share these very insightful things with the world, very insightful.AndrewIt's very exciting to explain it. It's actually the opposite of exciting. It's yet another thing that Google has done to make G4 just a little more challenging. So for everyone listening previously in Universal Analytics, you can change the default channel grouping settings. So we're bringing all this data. We want to put it in nice organized buckets. You could change those settings with the default group of those buckets, channels and J for you can't do that.AndrewYou have to duplicate the default channel groupings and then you have your own custom one, whatever you want to call it, device C channel groupings like make it, make it a cool name or or best channel groupings. You know, put your, put your stamp on it and then you could change things. So it's like this extra step you have to do.AndrewIt's really not that big a deal. But for most of us you do have to change it a bit, especially if you previously had like a syndication channel. Now that's going to what they're calling unassigned. And ideally unassigned is as little as possible. We've seen some builders, it just explodes because they either have a misspelling in there and they're UTMB or there's something technical going on that like the data is not being interpreted correctly from Google Analytics.AndrewSo we need to own our data, We need to know our data, We need to be familiar and best friends with it. So if you're seen on a sign, essentially the symptom is if you see unassigned as a very big traffic source, chances are you need to check this article out and make the changes. Super quick and easy.AndrewI'd say 5 to 20 minutes depending on experience to get it done. Not a big deal.JenNot typical. So that's sometimes you have to do those things though, which was.AndrewYou know, kind.JenOf make it like you've got it. Yeah, you've got to sit down and focus on some, put on sprinkling some rap music and yes.AndrewSally Who? Kendrick Lamar. Yeah. Who else should we put on sexy record.JenLike, okay, so I'm like, you know, Notorious Tupac.AndrewOh, Tupac. There we go.JenOh, yeah. Dr. Dre. Snoop Dogg.AndrewYeah. Eminem. He's not old school, actually. You think about it like, Oh, we're.BethOld.AndrewAndrew is getting a little aged, but all the young kids still like him. All these young'uns, you know, who knows who knows? Well, let's go on to the next one. Beth, you won't take this one. It's about big money from the White House.BethBig money. White House.AndrewStar.BethOpens $45 billion in federal funds to developers to convert offices to homes. So essentially what's going on is they are helping fund all of these offices that have at least 25% vacancy rate and providing some funds to developers and incentives to developers to convert said vacant offices into affordable, affordable renting homes for people. So that way, part of it is also like trying to keep the housing area local to where people are working.BethAnd so there's less fuel emissions and less commutes and, you know, things going on there. So there's some added benefits. But I'm curious of what you all think about this, because I fear, like what happens in like ten years.AndrewYeah.BethWhere how affordable are they is going to be? Are they going to maintain that affordability?AndrewYeah, I think that's terrible.JenI need to think about ten years from now.AndrewI don't know, ten years, ten years now we'll have a population issue. Like there's not enough.JenLike I mean, when I first read this article.AndrewB 44 so I'm good.JenAndrew. Andrew might be thinking about empty nesting and moving into one of these years.AndrewLet's see, our oldest will be 21. So there's that, our youngest will be 16.JenI don't know that when I, when I first read this, I thought it was positive, but I was I was thinking like one affordability. And I was also thinking about that. I have two young adults who are going to be wanting to move out on their own here soon. And I had recently visited DC when I was staying.JenI was in Georgetown and I was like, my son was born I thought was beautiful. Such a fun, cool place to live, but it's so expensive. Yep. And I was thinking, like, how cool it would be if I was a 20 something, you know, just out of college, young, professional. And I wanted to live in a Georgetown like area.JenAnd I saw this article and I was thinking, Oh, that would be really cool. MM So I was looking at it from that perspective.BethNo, I totally agree. And I think it's, it kind of circles back to what I did in Silver Spring, Maryland.JenWhere. Yes.BethYeah. Where they're taking their instead of doing X percentage for affordable housing or what is it called Section eight housing, they're expanding it a little bit further. And so they're making it like based off of the income that the person makes. And so there's more people that can afford to live there. So I think it depends on how it's defined and making sure that it's regulated in some sense.BethBut I do agree that it's a it's creative because having lived in the D.C. area, having lived in in other city, big cities, there are so many office buildings and office space that's just not being.JenVacant.BethSitting vacant. Yeah, not being used. And then also you have like the only things that are coming up are high end condos or high end townhomes that are harder to afford as a young couple. So I think there's a lot of value there. I'm curious to see how it goes. And I just hope that the the greedy developers at the top aren't taking advantage of it, but they do good things like, like why I.JenDid. Yeah.AndrewSo I'll be the counterargument just to be the counterargument. I think it's a terrible I think it's a terrible idea. And I'm more so because of, well, can we have housing in that building based off of regulation, city, county, whatever. Like, well, that's a nightmare. Like, are we going to spend more, let's say like to build a brand new low square footage, one one, two, one, two, two.AndrewWhatever set up that is affordable. Is that actually cheaper than retrofitting a I'm just thinking like, what's the last big office I was in like couple of weeks ago? Like there's one bathroom down the hallway. Yeah. And now we need to have plumbing for, Oh, you.JenHave a bathroom?AndrewLike, is that how is it.BethYeah.AndrewEach unit based off of like, All right, the toilets here, we need X amount inches for this. Is this, is this why we need windows? We need what about fire? What about all these other things that are not typical at all for commercial compared to residential? What do we need to change this? I'm like, Oh, to use like what actually actually cost.JenMore land to build those types of things in less in a big city unless you convert.AndrewThat is true, but it's I guess I'm thinking if it's not worth the developer's money to retrofit remix their current vacancies, like they're not willing to invest it themselves, is this even enough money to make it profitable?BethYeah, I think this is like a losing game.AndrewLike the government started money at it and they're spending 300 K for something that will cost 200 K or I'll bring it like it's a negative r y that way, that way that's the reason I was doing it. Maybe. I don't know. I'm sure it's circumstances building to building, it's location to location, but like, oh geez, like should have could have this been a we're actually sending 45 billion to build homes that have to be in this price range.AndrewSo they'll be outside they won't be downtown like I compared us to to the UK. I think I had like 25% vacancy versus 8% in Europe. I've never been to Europe. So hear me out on this neither. But transit and all those things are significantly better and you're closer. So maybe 8% is not because there's anything wrong with our commercial property, but like it's all these other factors that make their vacancy lower.AndrewThey would have been better too. I'm thinking about like some of the products that some of the builders are coming out with that are like six to like 1100 square feet, much smaller. Like how many more homes can they build for that that are truly affordable, That won't be rentals, that will build equity over time for people that are that would be long term renters, and then their lives are actually improved because they're building equity over five, ten years.BethYeah, Yeah. I think.AndrewMaybe they're doing.JenIt depends on them. I think it depends on the market, the town. Yeah, the.AndrewGreed.JenThe vetting like.BethBut yeah, there's a lot of questions that need to be answered to make this truly successful and impactful. So I think that's where it's like, it sounds great.JenSo yeah, like, yeah, I think a.AndrewBig be place a bet on this and be like, okay, what's the you probably walk by Jen when you're in DC, What is the government group that like essentially audits the government itself, you know, like I forget the name of it, but like tenure. So now when this is done, they'll be like, well, we spent 45 billion, 22 billion was fraud because you just apply for this like the, like the payroll tax and loans, like all these people abusing the program.AndrewLike, hmm, this kind of has the potential for that like years of money grab here's this and then the timelines on it. I'm just being so I took the negative approach on this one.JenLike I like it when.AndrewI was in it.JenNo, no, no.AndrewInteresting. Who knows? We'll find out. I don't even know if this is approved or if it's just an idea that they're pushed through. We'll find out. Well, interesting.JenYeah. Push on Friday to.AndrewHelp on a to me, a definite positive is the one from the truth about mortgage dot com. So that's that's a fun site there but there's this lender and which city where they end.JenEssentially they're going out.AndrewThere Yeah and Glenville New York based trust Co bank has come up with a novel concept to get homeowners moving again literally so they're essentially splitting the mortgage rate if you have a 3% rate and then you are approved for 7% for a meeting in the middle and that's your new mortgage rate. So they're trying to get do you have to have the mortgage already with them?AndrewYes, I think you do. So So this is a very limited.BethPool, a very limited group.AndrewYou're trading you're good rate because they don't make any money on it, sort of lower yield, lower return. And they are swapping it for a higher one. They kind of leave out, though, to shoot holes in their data. They didn't talk about the higher cost of the home. So you bought the home at 400 K at 3%. Your new home you want to move up to is now 655 and a half.AndrewSo like, I don't know, big difference. I think if you have to move in you're able to finance with them like this is a great thing.JenBut I like their their image on the the article blowout sale plans. I mean that's that's a fun 20 to 50% off.AndrewI mean yeah, kind of 50% off each in the middle.BethI think it's creative and I think they're kind of taking a page on a builder's, you know, out of our books, know what we're doing. But like you said, it's extremely limited. And I think what it would be more interesting to me if they were able to do that for people who are relocating. So like if a big national team could do this or like people who actually sell their mortgages and you never know who your mortgage is going to because that they talked about that like they actually hold on to their mortgage, they don't sell them all.BethSo like it would have been lovely if we could have maybe sold a house and then gotten a lower rate than what we did because we had to move. We didn't have an option. So I think it's interesting. There's some legs there. I'm curious to see if other people follow suit or if this is if this is just a one and done type scenario, especially.AndrewRegarding like we refiled with rocket mortgage because they were like amazing salespeople, like ten out of ten they cost me like Tinsley is 20, 20, 21. Like we closed in 2021. I was yeah, we bought our home in 28. So we went from like four down to we're one of the people on here that would like, why would we ever get rid of our mortgage right by Rocket has the they came out with a 1% payment plan product which is pretty cool.AndrewAnd then you get a grant. So I like Rocket's approach because then it's for almost anybody. But it'd be interesting if Rocket follow suit because they're the whole nation they have a lot of people like, Hey Andrew, I get an email from them considering moving well we'll meet in the middle. Rates are at seven but you could be at here and that affects a lot of people.AndrewSo I mean.JenI really do. It makes me excited that people are continue going to try to get creative on how to make it more affordable to buy a home like that. And positive.BethDefinitely. And I think from a consumer standpoint, it tells us that, like, things aren't always black and white and they seem like there is some great of things that can occur right behind the scenes that we just aren't used to or don't know about because we're not like well versed in this, which I think ties into the next article.BethThe next why I want my popcorn. It's been a very interesting week in the real estate world.AndrewOh yeah, it's been fun. What's interesting is it's not really mainstream as far as like I call my dad about it. He's an attorney. So I guess first let's talk about what we're talking about. So this is from housing Viacom, although you could go almost anywhere and just type in Missouri and air losses and it pulls up everything.AndrewBut brokers prepare for changes after the Spitzer slash burn it commission lawsuit verdict. Well, that's that's a lot. Who wants to explain this? Probably better than I can.BethThere's two parts of this lawsuit that I think are digestible to people. Right? There we go. There's the one side that is saying like, hey, 6% is isn't a standard. It's not a requirement. Right. But we have been told within the industry and consumers have been told that 6% is the standard and the required amount.JenIt's like the wait, what's that Mandela fact like, where are you just there's been something in existence that you just Yeah.BethLike the chef's.AndrewLike he's like 20% to buy a house. A lot of people think you need to.BethSent down exactly.JenLike this is you don't need to wait this is the standard when that was never really.BethThere's nothing. I mean, down in LA they would have to pay 6%.JenYeah.AndrewOr like even use a real estate agent or realtor the realtors, the registered name with NPR.JenNow, you know, I was a I was a realtor. I worked for a brokerage. Yeah, but that was what was always it's just like that always existed. Like that was the.BethSo everyone believed it to be true. So that's one side. And then the other side, which is the meat of this lawsuit in general, is the fact that sellers were paying buyer agent commissions. So they were essentially their argument was that like we are paying for someone to negotiate against us. And so one of the verdict or one of the plaintiffs I'm sorry, her situation that she laid out was like we said, we're paying 6%.BethRight. But when all was said and done in our actual net, whatever might be our net profit, there we go, our net profits that we made from the sale of our home, it was actually 20% that went to agents commissions, and half of which is, you know, I think that in that instance it might have been actually to specifically the buyer.BethBut it's it's crazy because they were just like that. We shouldn't have to pay like they are choosing to use this realtor. They picked their realtor. The realtor works for them, not for us, and we are paying them. So those two side things, which then, you know, is a domino effect of other lawsuits now are happening and they've already filed another one.BethThe plaintiff attorney has already filed another one. And then you have the things that's happening that we talked about before with like Redfin saying we're not going to pay by our don't commission all the stuff.AndrewOh, yeah. So they're are found guilty of collusion. And there's all these things, you know, collusion being let me have the definition secret or illegal cooperation or conspiracy in order to cheat or deceive others. So that sounds so that's.JenSuch a.AndrewGuilty word, right?JenSo you're like, I'm blowing when you actually stop and think about this for a second, like, yeah, what you were just saying. But as like, if I'm listing my house and I'm paying a 6% fee, yeah, half of that is going to pay for the buyer's agent, which you're right is negotiate is the I'm paying somebody to negotiate against me or like represent somebody else in this transaction like at a lower price I think about.JenYeah, like, that's crazy. But like literally have never I will admit I have never thought about it in that way.BethQuestioned it because it's just been part of the process. Right.JenYeah, I.AndrewThink I think for you're watching like The Sopranos or, or one of those shows and like you put in the accents of these like Italian guys, it's like, Hey, you want to sell your house? Okay, cool, cool, cool. Here's what's going to work. And you put I'm not going to try to mimic the accents, but like the guys coming up to you and he's like, Please do it.AndrewDon't do it. Like, you know, if you like, know not to do it. What's funny is, like Carson, our oldest, his best friend, parents Dad is from Sicily, and as his crazy accent is hilarious, but you, they would be like, Hey, you pay me where it's like 6%, 3%, You know, half of that money. Go to this guy over here.AndrewYou're like, way, way like, I'm paying Like that guy hates me. He's trying to steal my washer and dryer and, like, the appliances and, like, all this other stuff, and they want to take it down $50,000 on the price I'm gonna pay that guy. Yeah. Yeah. That's just how it works. You know, if you don't do it, we're not going to sell your home.AndrewWe're not done talking about your home rather than a list. Your home. Actually, you can't even list your home because you have to put in something on the MLS. I think that's so there's all this evidence that's like, like, supports this collusion and you're like, wow. But the verdict was 1.35 million just for the Missouri case, which was which 100 something thousand homes.AndrewNow, I don't know where this money coming from or who goes to, but that was just Missouri. You should add $2 billion for all the other states. Is there like over $1,000,000,000,000 in like money that could be a verdict potentially? I have no idea. I don't.JenKnow. Pull your power.AndrewPlay popcorn out.BethBut I got my Taylor Swift popcorn yet.AndrewThe notorious robber now at the summit and he talked about this in depth if you want like I think he's the best with following all this in the details. That's great. Robert Hahn Yeah superintelligent he does have I don't say bias because that sounds accusatory, but he is building a product that has the that's like the solution. After all, this settles right.AndrewSo there is you know, there is that there but I still think everything is saying seems very even in it's it's factual and he's referencing links and it's it's really one of the.BethFirst people to really put it out there like.AndrewYeah, he blew it.BethAnd he's been in this supermarket a long time and has worked alongside MLS for a long time. So it's really fascinating.JenTotally.AndrewYeah, it's going to be really interesting. But most people I know about, I touch my I as I started to talk to my dad, he's an attorney.JenAnd.AndrewSo he and I'm like, Have you seen this case? He's like, No, tell me about it. He's like, Hmm.JenI'm going to call some of my interesting my old friends.AndrewLike, how do you feel about this? Of course, realtors, like, like, I just assume they're like, this is garbage. It's, you know, a bunch of what I hope.JenI'm going to find out. I'm going to all my peoples and report back.AndrewFor a change.BethTo need to talk to some of my friends that are realtors. Because, like, it's not that realtors are bad people or sketchy people. If you saw the market, it's a it's just been the it in.JenThe.BethWay exactly It's been like no way. This is the way agents sometimes are working harder than some of the seller agents Oh percent of cases. And so like there are handling a lot of are people.JenAround and see and homes.BethAnd the reality is and the other solution is that it comes out of pocket of the buyer which makes affordability even harder because now they have to pay agent commissions or agent rate that they never had to pay before, would they. And would they.AndrewAnd could they finance that? Yeah, not finance it. It's really like part of it's like the money's never really seen. And I think that's how it's worked for so long. I guess that's how the money comes out of here. And the buyer is like, okay, cool. But if you're like, Hey, for me to buy this home with with you, I negotiate.AndrewHere's here's a value I provide, It's going to be $6,000 and I want you paid initial fee now 2000. And then once we put a contract on home, another 2000, then once we close, that's another 2000. If you don't pay, there's a lean against your home and I could foreclose against you. Right. Wouldn't that be. I think that's how it works.AndrewWouldn't it be like that's my God. It's like if you have a roof, they put it in and you get your home until like the balance is paid or any major house house project. And you go, Well, well, and I have to pay cash. Like I, I have 6000 from a down payment or 16 or 60 like have to take some of that away to pay you.AndrewWhat if I don't use a buyer's agent. Well, like.BethMan.AndrewThat's. Yeah, get the popcorn out. That is definitely the popcorn.BethThis has been a great prop for today's call.AndrewWhat kind of popcorn? By the way, did you make it yourself?BethI'm so with my favorite popcorn, I'm boring. So I did, like. I know. I'm sorry. I'm really boring. I don't like overly butter or, like, overly salty, so like I do. I don't remember which brand it is, but it's like the natural one. Just like natural.JenYeah.BethOriginal or whatever. I don't know. It's a brown box.AndrewI like the purple bag. Which one is that one? Boom chicka pop.BethOh, my. Like if I.JenHad to pick a pop cause.BethIt's not pre pop I popped it.AndrewBoom chick. What is that. What is the popcorn. I need to know. People are like this time.BethYou're right.AndrewYeah. Boom chicka pop and salty kettle kettle corn. It's like four bucks. But once you open the bag and it like the whole thing right there.BethYeah. Especially kettle corn because it could lose its crisp like it's like.AndrewSo it's an air fryer just getting don't do that. Sounds like a terrible idea. Well that's it for the news this week current favorites and or your least favorite what you hate. Hate is a strong word but I really, really really don't like it. Whatever it may be.BethI'm going to be nice today. I'm not going to go negative. I'm going to stay positive.AndrewOkay.BethAnd stay along me eating one second.AndrewThat's a sweet cut, by the way, To the top right there.BethTaylor. Yeah, I got to go with my Taylor Swift Cup. I took my daughter to see it, but yeah, I'm eating all the candy. So we talked today on the on our marketing call, our internal marketing call about how good the Reese's Take five candies are. Like, I'm not a chocolate person. I usually go towards the fruity stuff like a starburst or some Skittles.BethOh yeah. Like those are jam.AndrewPut us together.BethOh lovely. It's like a party, But I am upset. They're like, crack the reasons take five they're so good and I can't stop eating them so well.JenOne of my favorite things was seeing your pictures of your family Halloween costumes. We were on point.AndrewYou were hook. Your family was hook themed.JenWith the pretty legit Think you're.AndrewNext year I need a I'll make them I'll do a theme so.JenAll guys need it yeah Andrew I want to get like.AndrewThat and like, I'll.JenJust address my dogs. I think next year.BethThey were adorable. My kids were like, all in. Like, if you saw the video I post on Instagram, Kellan was like, fighting my like, my name.00:51:34:18 - 00:51:35:23JenWas so cute.BethMike had, like, sweet eyebrow. I drew eyebrows on him. I mean, it was you guys got to check out. Maybe we'll put a picture in.AndrewSo take five, take five. Reese's. I swear I've had one of those. But then they had a while other, like we're putting pretzels in here in the Reese's.JenWe're putting those.AndrewChips in here that will that one's like it's own separate thing versus irises with like one extra ingredient, you know?BethI gotcha. No.JenYeah, Yeah. My favorite thing, I'm going to be that person today. Starbucks has their holiday drinks.BethOh, would you get.JenThe premium mocha? Okay, my favorite holiday. Interesting. So my son brought me one today, and I'm.BethYes, I love Sam.JenI know Sam. And I.AndrewAm.BethI am also super fan of Sam.JenYeah, that's right. Sam dressed up as in Olympia.AndrewThe pictures were awesome. Speak at his builder.BethI did see that picture. That was awesome.AndrewYeah. For the chocolate factory. Let's see my favorite. I'll go. Well, I got two things. One I've been addicted to, so I like energy drinks. There's people that like them and the people that don't like them. Like it's definitely there's no in between. Right. I wish they would make these caffeine free is my wish. I think they're missing out on a market or having like a low calf.00:52:56:20 - 00:53:12:11AndrewThis is only like 160 or 140 milligrams for this one flavor. So here's the thing. I was just thinking about how dumb someone is. That monster. Monster. You're dumb. What flavors as I've been drinking this on the podcast.00:53:12:13 - 00:53:15:06JenIt looks like some kind of great it's part.AndrewWhy is the logo not this way for when I drink it and you see it like what it is? Oh, right. Why are they. Why am I looking at the little bit you see like the nutrition facts and like the warning label do not exceed more than five of these a day or something like that. They Yeah, the purple, the ultraviolet, ten out of ten and anything great flavor has been been great but I'll go the candy theme as far as my true favorite the I think is very very the purple bag of Skittles.JenOmega.AndrewMixed with Starburst. Take a starburst Skittles in the middle, Another stronger together.JenOh, okay.AndrewThat's the party in your mouth right there.BethThat is really good. I know it's weird. Is that Starburst? Starburst came out with their, like, Starburst minis, which are basically like, cut down smaller. They're not good.AndrewThey're not good. It's wrong.BethI don't know. They taste like waxy. I don't know what it is.AndrewThere's less moisture in it, if that's even a word. They're less moist, like they're.JenActually dry. Oh, how I feel about that word.AndrewDon't say that word. That's a word. There's a whole bunch of words. What's it? There's more of these from the summer. So sign up for the fabulous for the summit. If you want to know more about Arctic Words now, there's much more reasons. We'll be in Chicago next year. It will be freezing water. Amazing.BethAnd it's my favorite one.AndrewRight by the being like we're like being out on the river. There's so much good food right there. Remember the popcorn? Like, I know this is like touristy stuff. People from Chicago, Jackie Lipinski is like, Oh my gosh, you people are so embarrassing. It's like, like, I and Key West. But the popcorn, you get them all mixed together, other flavors.AndrewOh, my gosh. It's so good on that.BethI'm starved, Pumped.AndrewI'm pumped. Let's go. And it's October. It's our latest summit, I think, ever. Maybe usually it's like September or October. Okay. We're going back to late.JenLike mid October.AndrewAnd I was in Dallas. In Texas.JenYeah, yeah, Dallas.AndrewSo Chicago. Yeah. It'll be. Yes, I know. Get on that list. Well, let's see that is it for this week. Thank you for listening. Don't forget to become a member for free Converse all access Community app for homebuilders and developers. Watch behind the scenes video from the podcast. Frequent exclusive postings, super exclusive and analysis from the DBC team, access to private hangouts and more.BethSo bye.JenBye.AndrewBye. The post Ep 310: Investing In Integrity appeared first on Online Sales and Marketing for Home Builders - DYC.
The Sitzer, Burnett trial is over and NAR lost... "but wait … there's more!" DOJ and the plaintiff's attorneys are in talks! Will NAR shed 1 Million members?? PLUS we have all the Q3 revenue losses and gains for Offerpad, Opendoor, Redfin, Re/Max, Compass, Douglas Elliman, Exp, Rocket, & AirBnB plus LoanDepot warns of MORE layoffs on the way. Plus 1 in 3 Homebuyers are paying CASH for their home but is there hope because Mortgage Rates plunge and demand finally starts to return. Rates are falling but so are jobs! And what is up with the rental market? AND we have a news story about another Landlord that got squatters out of his home... but this one is not one you want to emulate! YIKES! Join the show!
In this episode of the Colorado Real Estate Podcast, hosts Erin Spradlin and James Carlson discuss Blue River, the only place in Summit County that allows short-term rentals or vacation rentals and just a 5-minute drive to Colorado's biggest ski town. Also, why a new Redfin survey says buying a house is more stressful than dating. Finally, if you're in Colorado Springs and don't want to cook on Thanksgiving, check out the Thanksgiving Day Brunch at the Broadmoor Resort. For more information visit: https://www.erinandjamesrealestate.com/
-- Before you buy a Matterport Pro2 or Pro3 Camera, do you want to see the post-production workflow for a Matterport tour? -- Are you ready to use Matterport Workshop for the first time and would like to see a deep-dive demo? Stay tuned … On WGAN-TV Live at 5 (5 pm ET) on Thursday, 2 November 2023, our training show: WGAN-TV | Intro to Matterport Workshop Post-production for First-time Matterport Pro2 and Pro3 Users Our Subject Matter Expert is Scan Your Space (a Division of Sparks Media Group) Founder and CEO Tom Sparks @ScanYourSpace By the end of this Matterport Workshop Training show, you will know how to publish a branded pubic Matterport virtual tour that has a Highlight Reel and sharing link. Specifically: 1. How to set the starting point of the Matterport tour 2. How to add Matterport labels 3. How to add Matterport MatterTags 4. How to create a Matterport Highlight Reel 5. How to add Matterport Notes 6. How to take snapshots in the tour so that you can download photos 7. How to download an auto-generated Matterport video 8. How to trim "spray" (top, side and top) 9. How to publish a Matterport tour (public, unlisted, password protected) 10. How to publish a Matterport tour (branded, unbranded, MLS friendly) 11. How to share a Matterport tour via social media (such as Facebook and LinkedIn) 12. How to change the details on a Matterport tour 13. How to create Matterport folders and move Matterport tours into folders 14. how to enable Matterport social sharing and VR sharing 15. How to order Matterport schematic floor plans 16. How to order a Matterport MatterPak Bundle 17. How to enable Matterport tours for Content Distribution for Real Estate 18. How to publish Matterport tours to: Redfin.com, Realtor.com and Homes.com 19. How to publish a Matterport tour to Google Street View 20. How to invite a Collaborator to a Matterport tour or folder (and a best practice tip Matterport will likely not tell you) 21. How to enable Matterport automatic face blurring and manual blur brush 22. How to enable Matterport Guided Tour Story Mode 23. How to enable Measurement mode (and to set measurements to feet/inches or metric) 24. How to enable VRBO and HomeAway 360 Virtual Tours 25. How to review space statistics 26. (and more!) Tom will first show the finished tour and then how he created it. Now, when you receive a Matterport notification that your first Matterport scan has been processed, you'll know what to do!
Get ready to unearth some startling insights about the ever-fluid real estate market. This week, we're diving deep into a wide array of housing market data. We'll explore the downturn in mortgage purchase applications and Google searches for homes for sale, the surprising uptick in median asking price, and the significant drop in active listings. Let's wrap our heads around the puzzling buyer freeze and what these shifts mean for the future of the market. Hold on to your hats because this episode takes a dramatic turn as we scrutinize a ground-breaking lawsuit against real estate giants Douglas, iolman, Redfin, Compass, and EXP World Holdings. These powerhouses are in hot water over accusations of artificially inflated commissions from home sales, with potential damages threatening to exceed a staggering $5.3 billion. We'll offer up our predictions on how this lawsuit could transform not just the role of real estate agents, but also the integration of AI in the industry. Join us for a rollercoaster ride through the highs and lows of the real estate world.This episode is brought to you by Skilled Property Finders - Home of the 21 Day Close!We will close on your property in 21 days or less OR we'll pay an additional $5,000. Visit www.skilledpropertyfinders.com to find out more. Support the show
Housing is expensive, rates are high, but the cut going to agents might be going down. (00:21) Asit Sharma and Dylan Lewis discuss: - The $1.8B decision hitting The National Association of Realtors and real estate brokerages. - Why real estate might be an industry at a crossroads, and whether it means opportunity or challenges for companies like Redfin. - Three lessons from WeWork's bankruptcy. (16:13) Motley Fool Money's Deidre Woollard caught up with Jean-Manuel Izaret to talk about his book "Game Changer” and the strategies companies use when they set prices. Companies discussed: RDFN, UBER, AAPL, SBUX Host: Dylan Lewis Guests: Asit Sharma, Deidre Woollard, Jean-Manuel Izaret Engineers: Dan Boyd, RIck Engdahl
Did you know that the biggest names in business and finance have been using astrologers to help them predict trends and changes in the market? With Pluto leaving Capricorn and entering Aquarius for the next 20 years, we're entering a new cycle of how we do business and in what technologies we invest in. I invited Karrie Myers (aka SelfKarrie), astrological guide and soon-to-be financial advisor and wealth asset manager to offer you some valuable information on where we're headed so that you can shift your business to meet the rising trends. Karrie has provided astrological advisement to companies like Pinterest and Roblox, and has been a featured astrologer in San Francisco's Gate magazine and Redfin's Real Estate blog. In this potent episode, Karrie shares her story of how she was thrown into astrology and wealth management, as well as: -what Pluto leaving Capricorn represents for capitalism and other institutions -what Aquarian investment models may look like and what this means for how you do business -how AI will transform how we exist and relate to one another in society. If this eclipse season hasn't already shifted the way you do business, Listen to "What Pluto Entering Aquarius Means for the Future of Your Business with Karrie Myers" and get ready to make some powerful pivots after listening to this episode! Book an astrology session with Karrie: https://selfkarrie.com Follow Karrie on Instagram: https://www.instagram.com/selfkarrie/ Explore my 3-month 1:1 comprehensive money mentorship, WEALTH, for rebellious entrepreneurs and creative revolutionaries who want to add more zeros to their earnings with both inner transformation and financial strategies: https://ishavela.com/wealth/ Download my free 5-module minicourse, FLEX, on nervous system capacitation so you can actually make space in your body to receive what you desire: https://ishavela.com Book a free, 30 minute clarity call: https://book.ishavela.com/clarity Follow me on IG: https://www.instagram.com/isha_vela Access free content on my YouTube channel: https://www.youtube.com/@isha_vela
This week on the GeekWire Podcast, we're featuring a panel discussion from the recent GeekWire Summit in Seattle, with three technology and business leaders offering first-hand insights into the new era of artificial intelligence. Bridget Frey, CTO at Redfin, the tech-powered real estate company that operates in more than 100 markets in the U.S. and Canada. Inbal Shani, chief product officer at GitHub, the software development platform used by more than 100 million developers around the world. David Shim, CEO at Read AI, a Seattle-based startup using AI to provide a new window into meetings, and transform them in the process. Frey, Shani and Shim share real-world examples of AI impacting software development, real estate, and meetings. They address topics like privacy, bias, education, and the future of work. They also discuss the changing nature of technical jobs, and a blurring of the line between developers and non-developers. From the audience, we get questions about adapting AI to account for emotional intelligence; advice for aspiring engineers; preventing synthetic content from corrupting human experiences; protecting proprietary corporate data; and the prospects for improving work-life balance as AI increases productivity. See GeekWire.com for notes and takeaways. Hosted by GeekWire co-founder Todd Bishop. Podcast audio editing by Curt Milton. On-site A/V by Adavanza. See omnystudio.com/listener for privacy information.
How can you tell which housing markets in the country are the hottest and coldest? Take a good look at median days on the market. Redfin captures some terrific data on just that and potentially tells us which housing markets are still strong and which housing markets are showing weakness.
Are we living in a time where housing affordability is on the brink of extinction? As we take a deep dive into the latest Housing Market Data from Redfin, some ominous signs emerge – a dip in mortgage purchase applications and a surge in the median asking price for newly listed homes. We explore these bewildering times where the American dream of home ownership seems to be drifting further away from the median family. We address the elephant in the room - the alarming number of U.S. families sliding below the qualification standards for a sizeable loan. Amidst these challenges, we also touch upon the skyrocketing government debt and the looming reset of $1.5 trillion of commercial debt. As we traverse through this complex landscape, we firmly believe that adversity breeds opportunity. So join us, as we seek to identify these hidden opportunities and prepare you for what lies ahead in the housing market.This episode is brought to you by Skilled Property Finders - Home of the 21 Day Close!We will close on your property in 21 days or less OR we'll pay an additional $5,000. Visit www.skilledpropertyfinders.com to find out more. Support the show
EPISODE SUMMARY: Get set for a sensational episode of the Pre Real Podcast, as we welcome Brent Bowers, the remarkable mind behind Land Sharks. Breathing life into the concept of land investing, Brent rose from having no real estate background to generating a jaw-dropping $22,000 a month in passive income. We delve into Brent's inspirational journey, highlighting his transition from army life to financial freedom. His story is a testament to the power of determination, strategic thinking, and a unique approach to real estate. Brent generously opens up about the strategies he uses to find profitable land deals. If you're curious about how to leverage free resources like Redfin and Zillow, this episode is a gold mine. He reveals how to identify clusters of solds in an area and uncovers the benefits of connecting with the listing agent. We unpack his approach to land offer letters, seller financing versus cash deals, and the art of identifying ideal collaborators. Brent's strategies are a masterclass for anyone looking to make strides in land investing. BRENT'S BIO: Brent Bowers, is an investor and coach with a focus on buying and selling vacant land. As an Army Officer with over 8 years of service, Brent was spending a great deal of time away from his family, and he knew he needed to make some changes in order to be more present with his wife and children. Brent began investing in real estate as a way to support his family while having more time to spend with them. In a short period of time, Brent was able to expand his business, hire a team, and still had more time to spend with his family. Brent now helps other investors learn the ins and outs of buying land. GET IN TOUCH WITH BRENT: www.TheLandSharks.com https://www.tiktok.com/@brentlbowers1 EPISODE CHAPTERS: (0:00:01) - From Zero to $22,000 Monthly Brent Bowers shares his journey of passive income through land investing, offering insight into his unique approach. (0:12:17) - Finding Land for Real Estate Investment Brent Bowers shares strategies to find land deals, use free resources, identify listing agents, and use land offer letters (LOLs). (0:18:45) - Real Estate Investment and Financing Strategy Brent Bowers shares his land investing strategy, using reverse engineering, land offer letters, and seller financing for lifestyle freedom. (0:25:56) - Land Purchase and Resale Process Discussion Brent discusses land investing strategy, Land Sharks program structure, and weekly support calls. (0:35:59) - Commitment and Action for Life Change Brent Bowers emphasizes dedicating time to income-producing activities, taking consistent action, and creating wins to achieve success. For informational purposes only. Always consult with professionals. This is not meant to be used as legal or tax advice or otherwise. Any projections, opinions, assumptions, or estimates used are for example only. All information should be independently verified and is subject to errors and omissions. Check out some of our other videos and listings: PreReal Podcast https://www.youtube.com/watch?v=pTgZYyrkRyU&list=PLbyMUN39hTNWUFWH-tprcR0sTOwdqCfuk PreReal™, Prendamano Real Estate of staten island, NY is a real estate marketing firm that is focused on lead generation for all its properties for sale. More leads equals bigger pockets in the end for everyone. If you are house hunting and looking for a house for sale don't hesitate to give us a call (718)200-7799. If you think it is time to sell your house, we can get you top dollar for your property. Visit us at www.prereal.com Follow us on: Facebook: https://www.facebook.com/PrendamanoRealEstate Instagram: @prerealpodcast @prerealestate TikTok: @prerealestate Twitter: @prerealestate #RealEstate #Tips #PreReal
Market Proof Marketing · Ep 308: The Lag EffectIn this episode, Kevin Oakley is joined by Andrew Peek and special guest Amanda Martin, an Online Sales Coach here at DYC! Amanda gives some insight into personalization and how far an OSC should go to find an emotional connection for a lead. The team discusses “the lag effect” and the importance of marketers helping their team to understand it and their thoughts on a new Ai rollout of celebrity lookalike chat bots. Story Time (04:29)Amanda quoted Kevin during the Summit “There's never going to be enough emotional drive or urgency if they don't pink something that there's any fear of loss in.” and was inspired by it!Andrew talked with a builder whose content featured the possible objections of their townhomes instead of featuring its positives. Kevin talks about "Lag times"The News (36:15)What are Meta's AI Personas, and how do you chat with them? (https://mashable.com/article/meta-ai-personas-explained)Alexis Rivas on X: BIG news for ADUs today. (https://twitter.com/alexisxrivas/)Google's AI-powered search experience can now generate images, write drafts (https://techcrunch.com/2023/10/12/googles-ai-powered-search-experience-can-now-generate-images-write-drafts)The Q3 2023 Online Sales Benchmarks (https://www.doyouconvert.com/blog/the-q3-2023-online-sales-benchmarks/)Homebuyers Must Earn $115,000 to Afford the Typical U.S. Home. That's About $40,000 More Than the Typical American Household Earns. (https://www.redfin.com/news/homebuyer-income-afford-home-record-high/)Things We Love Things We Hate (01:01:46)Amanda is loving her role of coachingAndrew is loving his task management tool “TikTik.com”Kevin's favorite is the Pro Builder Professional Forty under 40 list! Questions? Comments? Email email@example.com or call 404-369-2595 and we'll address them on the next episode. More insights, discussions, and opportunities can be found at Do You Convert All Access or on the Market Proof Marketing Facebook group.Subscribe on iTunesFollow on SpotifyListen On StitcherA weekly new home marketing podcast for home builders and developers. Each week Kevin Oakley, Andrew Peek, Jackie Lipinski, Julie Jarnagin, and other team members from Do You Convert will break down the headlines, share best practices and stories from the front line, and perform a deep dive on a relevant marketing topic. We're here to help you – not to sell you!Transcript:KevinI think it's Kylie Jenner on here.AndrewOkay.KevinAs an option. Let's see.AndrewMaybe a good option Is this Mr. Beast?KevinOkay. Tom Brady.AndrewOkay.KevinI feel like Taylor Swift was supposed to be one of the options.AndrewLet me see.KevinBut there are. There's 15 and total. I think, including Alvin the alien.AndrewI like the alien. Now that I. I'll trust the alien seems trustable.KevinBob. Bob, the robot here kind of gives me vibes of short circuit, Like one of the best movies from the eighties of all time.AndrewDon't you feel bad for that robot? But you develop.KevinJohn. I mean, Johnny five is alive and you can't find him.AndrewI need to revisit this movie. I haven't seen the movie, but it's been years. It's been years, okay?KevinI mean, I would I wouldn't be surprised because you're young and. But.AndrewYoung'un, I'm an I'm in that cut off. Where? Let's see, when, like, animated movies really took off with late nineties and has before them but like Pixar was 99 I think with Toy Story I think that kind of shifts. Like what shows did you grow up as a kid? They went to Blockbuster for and it was an animated, nothing animated, at least for me.AndrewIt it's like, okay, then kid got stuck watching those for like what I playing for the kids now like, oh, I don't know. Like, did they need to watch all the James Bond movies for like the Silhouette music intro? I be like, Oh no. But I was I think we grew up with that. That was that was usual for them.KevinAmanda What was your childhood media content like?AmandaOh gosh, just some of the classics like Tom and Jerry the Road Runner, you know, like, Okay.AndrewYeah, like a weekend.AmandaLike that is classic and stuff like that. I mean, that's like gone way back.AndrewBut The Simpsons, I guess The Simpsons were on there. I mean, I grew up I remember memories of like Seinfeld was on all the time, like all the time. Seinfeld is like Seinfeld. Frasier is like the same order and just knew what it was be on.KevinApparently, there's a new Frasier show.AndrewOh, you can't because there's no family anyway. Oh, man, It's probably not the same.KevinWe should. We should go and start the show.AndrewYou should. Let's do that.KevinWelcome to episode 308. I'm Kevin Oakley. And with me today is Andrew Peek and Amanda martin.AmandaNo, no.KevinAnd Amanda claims she's never been on the podcast before. I don't know how it's possible.AmandaI don't either. But here we are.AndrewI cannot believe that. But Amanda, you would know, like, if we're out here before. So, yeah, that's right. Got to believe.KevinYou. It's your truth. How long have you been on the team now?AmandaOh, man. About four and a half years. Right at it? Yeah. Yes. That's crazy.AndrewI. I don't believe that The.KevinReason that my memory and this might have just been like a teen call that we were on, but I just remember giving you a semi hard time. But it must have just been like sea questions when you first joined anyway. Yeah, sorry. We should. We should have had you on the table. Everyone watch. What do you do here?KevinYeah. TV For those who may not know.AmandaI'm an online field coach with Jen and Jesse and I help you know, everything with online sales, coaching, new offseason and lifting with these and ramping them up for success, helping with onboarding all the good things. I love it. It's so great.KevinHelping out with Online Sales Academy. Oh yeah. Leading sessions at the at the Do you convert online sales and marketing summit doing all the things so that's why I just.AmandaKind of things Love it.KevinWell, now, sorry, Jen, you're just going to have to come on once every quarter or six months because Jesse and Amanda are.AndrewTaking over.KevinTaking this.AndrewBy. I feel like you're like an O.G., because when I started way back in the day with with the convert you were with, I believe, at Royal Oaks Home.AmandaYes. Yes.AndrewWay back in the day, y'all had amazing videos because I feel like the accents and everything are just so, so different. But also, like, you worked amazingly together. Yeah, that's. That's going way back. So, you know, it.AmandaIs way back. And you sort of.AndrewYears.AmandaYou would like, made us for us like late, late at night and they would just magically be ready the next day or.AndrewDefinitely.AmandaKevin America. Okay.AndrewThat was but yeah yeah. Those fun times. So we go way back. This is, this is good.KevinOkay, so, Amanda, story time, no pressure. First story time in four years. Yeah, I'm one of the best on the team. What do you got for us?AmandaWell, I do have a story for you and question for you. Kevin, Did you know that I quoted you in my session at the summit? Oh, no, no.KevinYou didn't go to the cloud, first of all. But only if my my head is not on the image. Like, there's just something.AmandaOkay, Images.KevinJust like, what.AmandaWas it.KevinAbout pancakes or was it actually about someone else's?AmandaI shouldn't have done pancakes. I would have been good. No, no, it wasn't, though. It just really stood out for me. And one of your Pulse episodes. I even read blog about it, so I don't know if you know you're famous. Yeah.KevinThat's a good hint.AmandaYeah, You said, Kevin, that there's never going to be enough emotional drive or urgency. If they don't pick something that there's any fear of loss, then. So that really just inspired me to talk about the like thing. One part about this, though, at the summit, my session was all about the power of personalization and part of it you talked about selecting one and I used your quote and I related that to when I got our second cat there.AmandaAnyway, that was fun. So that was my that was my story I quoted, you know?KevinOkay, now I have questions for you. Yeah.AmandaOkay. So let's here.KevinI think the perception, maybe misconception about online sales is that getting to one doesn't really matter because you're just kind of giving them general information and you want to get them as quickly as possible to the on site team. So talk to me about when when is it necessary to apply personalization. Can you get go too far in that attempt?KevinIs it is it even possible to to go too deep in personalization, do you think so?AmandaI think I think you do have to it. Well, I'm first of all, because, you know, you have to you have to learn enough about them to be able to recommend something for them. So if you don't if you don't take the time to fully qualify them and learn their story, you can't select one. But if you've done your job, then you should be able to select one, right?AmandaSo I think you have to do that.KevinDo you mean I am assuming, but I want to clarify. You're talking about community. You don't necessarily have to get them down to a particular hall. No, but you got to find something to.AmandaTo find something. Yes. Yes. They are emotionally invested in something that's going to be a good fit for them based on what they're looking for. But yeah, community is great. Sometimes you'll get down to a floor plan and if that's, you know, a big must have for them.KevinOr you're on your lot builder and there's nothing else to.AmandaOf course Yeah, yeah, yeah, yeah. You can't you can take it a little bit too far I guess if you, you know, qualify them out of thing if they don't want to get too far. But definitely a good idea to learn their story and select on and to become emotionally invested in it. So yeah. Yeah. I love your.AndrewLast makes sense.KevinThe last qualifying or and I'm just an insanely curious person so.AmandaI love it.KevinWhen you were just talking about that, it made it feel like it's okay for the online sales person to have an opinion on what's best for the customer based on what you learn about them, which I'm maybe if listening is like, Well, duh. But again, I know, I know sales managers and onsite salespeople who are like, Oh, online salesperson is just supposed to absorb and direct the customer on whatever it is they already came in on.KevinAnd I think to me that connects to this is an older number. I don't I actually don't know where we are currently, but I remember doing analysis of Heartland of about one third of the people who came in as a lead for one community ended up becoming an appointment for a different community after verification and personalization was made.AmandaSo of that. Yeah. So the leads, they don't know everything that you have to offer and that's why the OSD is there to really be able to give that easy button. And that's also why it's great to have signage numbers go to that. With me though, like a story, you know, I had someone going out that was driving out path.AmandaThe community they call, they were interested in that, but it completely did not fit what they were looking for at all. And I was able to reroute them to a different community that was a great fit. So, you know, just because they have to show up somewhere that you think they're interested in something doesn't mean that that's the best fit for them.AmandaAnd you're able to provide them with that knowledge because you know all the products, you know. So it's all about uncovering what they're looking for and giving them that easy button and directing them to the right place. So.KevinMM Yeah. The place that people are headed with over the automated systems, we're saying, well if Amanda asks for information about Happy Acres, this is easy. I just load up information about Happy Acres and I send it to her in little bursts over multiple different channels. And and I think that's dangerous because, again, just the reason that someone reaches out is not a clear connection to what it is they ultimately will purchase or even what they're most interested in.KevinYeah. So I think I think that's interesting thought, too, is that at the end of the day, no matter what else is checked off in the CRM, no matter what pages said they came from there. A prospect for a home above and beyond any particular community or floorplan. It's not that it can't inform or shouldn't inform.AmandaMhm.KevinBut you can't just say oh well they asked for Happy Acres, I will schedule you an appointment via text in 30 seconds at Happy Acres because I can, I can make that happen.AmandaYeah. That's exactly right. That's why I exists.AndrewRight. I just, I can't imagine any automated solution I could build like the emotional momentum to then that increases the appointment kept ratio. That increases like it just gets you along the funnel quicker. Like imagine you hear Amanda close your eyes and Amanda's like, you call. It's like, you know, I think that communities like selected, that might be good for you but we have this other one and then you and your great voice, you're talking, talking and you're like, Yeah, yeah, yeah, let's go, let's go.AndrewI want that versus reading something on the screen. And it's a robot and that has no emotional like it doesn't create any emotion within Yeah.KevinI mean any attempt at fake emotion oftentimes comes off worse than no emotion. Honestly.AndrewHappy, awkward, like this. Yeah.KevinYou I don't know what story you would both use as my example. For me, it's typically like Home Depot or Lowe's.AndrewI like Home Depot. Don't like Lowe's.KevinThe same Lowe's I only looking for their they have seem to have a better power tool selection generally than Home Depot does or a larger one. But other than that, I agree with Abraham. Yeah, but you know, when someone offers you assistance, you have kind of this built in thing of I mean, I really do want as is internal talk now.KevinKevin Internal talk, Yeah. I definitely want assistance finding this one size particular special fastener that I need to replace on something in my home. And all I have is the broken one and I have to go line up the right side. And this is obviously a real world example that have a salad go. But someone's like, Hey, can I help you?KevinAnd everything inside of you is like, Yes, I want help, but I really doubt you're going to be able to offer the help that I need or just be an expert that I need versus just taking up my time. Like we've all had those experiences where someone's like, Oh yeah, I'll try to help you, and then they lead you to like the plumbing section.KevinYou're like, No, but like even I know that fasteners are aisle five, so that's where we should go. And so I think there's always this thing that online salespeople and salespeople and even marketers with some of our messaging has to get through is like the relief that you have as a consumer. When you finally talk to an expert, it truly is just the feeling of exhaling.KevinIt's like, Oh, okay, Amanda knows her stuff. And that's what I'm saying. It's this fine line between overconfidence, oversimplification. You want this, therefore you go there as soon as you can become an actual expert and the consumer trust that everything changes, no matter what the emotional state of either party is beforehand. It's like, okay, okay, I could totally be convinced that I don't even need the fastener.KevinI thought I came in with that as a replacement. Maybe there's something better, but that person's first can have to prove to me that they're not just making stuff up.AmandaAnd they also have to understand your story. What you're going to use it for on the right. How can they make that recommendation?KevinYeah.AmandaMm hmm.KevinYeah. So it's this weird. It's the same thing talking about interest rates right now. You know, interest rates at 8%. I don't know if that's I think we've talked about that enough on other places. We're not going to talk about that in this news. But interest rates, mortgage rates going to 8%. There's a whole bunch people saying don't talk about interest rates.KevinIt's not a big deal, just end. And it's kind of like, well, if everyone knows it, I, I don't think you can completely avoid it.AndrewYeah. Yeah. You're crazy not talking about it.AmandaMm hmm.KevinLike not talking about it or having at least some planned responses for the, like, common objection or statement. Because, again, as a consumer, I would feel it's my job to to be a good customer and to protect myself in this engagement, I would have to be like, you know, we're just a little bit concerned with how high interest rates are right now.KevinYeah, if a customer didn't say that, that would be weird, unless they just know they're paying cash. It's the same the same thing as again, you go to a retail store, do you need any help? The default reaction to protect yourself is no, I'm just looking. It's just what our job is as consumers. That's great.AndrewAndrew Yeah, I had one. I think I'm to shift that over to favorite things. I had him because like literally right before we started, I'm like, I just use this in the example of why I like this piece of software, so I'll save it for favorite things as it's more appropriate. Okay. Townhomes. I love townhomes. They're my favorite.KevinThey're that's I don't is that is that true?AndrewThat's not true. That's not true. I'm not true at all. Because I think that's like my first if I had to be like, what did I first learn coming to to do? I see. And like, I was like, Kevin, why are townhomes always like the issue? Like it was almost like a bat in my head. Like, all right, about this is about a townhome for something struggling and like 2017, 2018 it was townhomes, but two weeks ago, two weeks to three weeks ago, I had to call the builder and is about a townhome product and I was looking through their photos.AndrewIt's a coming soon. The price is really nice. You're like, really that price like, but it's a little farther out. So there's all these challenges with it. And at the end of the call it really didn't go the direction I thought it would, but we really uncover that a lot of their content highlighted the objectives as and they like made the objectives valid against townhomes.AndrewLike unintentional.KevinYou mean objective objections? Objectives.AndrewOkay, This my back. The objections? Yeah. The objections were they were like featuring the objections. Like what do you hate about townhomes? They didn't because their photography is so standardized that the way they photograph townhomes is the way they photographed single family homes. There is no intentionality as far as like, okay, cool, this is a I only how the product here, maybe it's 25 feet wide.AndrewMaybe. I mean, our home is sprint. It's 30 feet. We're on a foot, 40 foot lot. So we're at a 30 foot home.KevinIt's pretty decent for them.AndrewSo it's 20, 25, eight. But all the photography, the angles were not featuring like depth. And so in town, home is more like, what do you hate about it? Or why would you not choose this townhome? They're small and cramped. Okay, so the photography should feature mostly images that feature like the length of the home, right? That's going to be it.KevinYou don't have to document the entire crime scene.AndrewCorrect. Like, let's make sure it is showing like it feels big and spacious. What he also not like phantom asylum's privacy. These include a fence in the backyard that are like it cuts off the backyard where I think it's like a 12 foot fence. You could barely see it. And the photos, as far as like separating you, your back patio from the neighbors, you could barely see it.AndrewSo I'm like, hey, if they feature at every it's like they only needed these big shots of the whole building. This I think there were six units per person, per little per building. And so I saw all six. So like me and Alex, really small, it didn't focus in on like, hey, here's like the living area of your outdoor living area and it says example after example after example, in the order of the images, I'm like, if you showed number three versus number one, you might be able to hook them and create like we talked about with Amanda, like enough emotional excitement, like, oh, you know, that actually does look more spacious.AndrewAnd I'd expect and then you tie in to the fact that like more for all rural area where this townhome project is being built, I think there's as you go farther away from like downtown, there's an expectation of land and space. So a townhome close to downtown to like that's perfect for me. You put that 25 miles outside a city center.AndrewPeople were like, I could get a double wide on 45 acres for 250. Okay, And you're trying to give me 3000 square feet of yard space if that even. Yeah. And why would I do that? Like so your everything they did was the opposite content wise and like, Oh that's really interesting. I've never looked at photos of townhomes.KevinSo instead of I guess I want to clarify that like his clarify and what instead of instead of knowing that those are the objections, is your point and then creating content that speaks to them as No, that's not really a valid objection. You just have a misperception about townhomes are are different. You're saying all of the content just affirmed the likely objections?KevinYes, It didn't because didn't always talk about Smucker's is one of my favorite Smucker's. But the name like Smucker's, it has to be good. It's they know the objection would have been when that first became a brand. This is a weird sounding company. It sounds like just smacking saying I mean, it's just bizarre.AndrewIt is.KevinSo there's there's definitely a technique or approach of saying, I know what the objection is going to be. I'm going to hit it head on with answers or solutions or or different viewpoints. You're just saying that was the big miss.AndrewIs big mistake. Yet it made it made you go like, well, this is why I don't like townhomes. It's what I gathered from it. And it's like this builder. They're very process driven. Everything standardize. You've got to recognize their photos with even at least I can without their name on it. So but they're all great. Like they're they're doing an amazing job.AndrewBut the townhomes are photographed the same way as a single families. The buildings are the same way. And I think that's like the not the issue, but it's like, oh, they could probably like I'm like in one here. There's it's a three, three floors and there's four units in the building. And you go like, well, we're I park like it never feels like where's my home within this.AndrewAnd I think they should like just focus on the unit versus the entire building. As far as the big exterior, they only the kitchens and it's like, well, this kitchen's actually pretty spacious, but the way they took the photo, you can't see all of the kitchen and the shape. And so it looks like there's one countertop to cut something on.AndrewAnd then once something like cooking, you're like, This looks miserable to cook in, it's tiny. And so they should have just had different angles on it. And you keep going to go and you're like, Oh, everything I do, it makes us feel like it's a small, cramped townhome they really don't want to live in. But you'll have to settle for versus like, Oh, it actually looks like a nice place to live.AndrewLike there's ten foot ceilings, you have your private outdoor space on there. And so it could be, I guess if you're struggling with townhomes, which is probably everybody, if you have townhomes, maybe like I look at it in that context, like am I reinforcing why people don't actually prefer townhomes first? For the most part if they're not actually like downtown or a walkable location?AndrewYeah, so we'll see if there's new content. Yeah, that.KevinAnd this is true for every community. Page One of my pet peeves is certainly community pages, where 95% of the images and the photo gallery for the community page are the model home. Yeah, I'm like, Oh, that's not the community, but it's even more so true in multifamily scenarios, settings where if you just had photos of the model versus the community, the walkability, the amenities and again, the area around it is the amenities.KevinThat's, that's why even in.AndrewI agree.KevinMarkets like you know, the broader metro area around Washington D.C. I think we still can be on a on a metro line and that is an important amenity of the community, even if it's not in the community and it's ten blocks down the street, it's still. So that just is even more critical. That's your pick because, I mean, that's just by default.KevinThat's why people are choosing multifamily, mostly because of affordability. And builders choose multifamily primarily because, I mean, this is what I heard my entire career, pretty much as I especially pre and VR, when when you're a smaller or even a large private builder and you're just trying to find opportunities on the landside piece of land as identified, I think it's going to go one way and then, you know, eight hour in two, it's like, you know, this isn't going to work as single family.KevinWe're going to have to turn it into multifamily. Yeah, very rarely for for a builder that's focused on the suburbs, do you do you target let's go find more multifamily product. There are those who do it and you know that. And that's why the people who do multifamily exclusively, just like builders do on your lot exclusively, are typically way better on your lot.KevinIf if 90% of a builder's portfolio single family and they just kind of sort of do multifamily again that's the other reason why that can be a challenge.AndrewDo you think multifamily is going to increase? I want to say substantially, but what does that word even mean? Is that five, ten, 20, 30, 40%, Do you think it's going to have a larger increase? And do you think builders will have more multifamily products the next five years from now compared to, say, ten years ago due to affordability and maintaining the margins they want to maintain?AndrewI mean, I would thinks and this my like dumb assumption is like, well, that kind of makes sense if if they.KevinI think the reason that my answer is yes is because land prices again are the main drivers. Yeah. And those don't seem to be improving like land prices and also becoming more affordable anytime soon, even in in even in an economic downturn. So yeah, but I guess my the reason it's making me hesitate is single family for rent and even just really dense single family is all know I was just in a home yesterday and it's a single family community that was built 15 years ago and the homes are traditional, single family homes.KevinIt's not a zero lot line community, if you're familiar with that terminology. There are a lot lines, but the houses can't be more than eight feet apart. And in where I'm from, that's kind of strange, especially for homes that are probably selling in the $500,000 range.AndrewYeah, And it.KevinIs like this is close.AndrewI mean, that's us. We're we're ten feet apart, you know, five feet and inside. So we're we're cozy with our neighbors. And you could probably. Yeah, that might have been the minimum we could do with our air. But the older homes, like older homes right there across the street, like out the back yard there on Thursday, 50 to 70 foot lots.AndrewAnd so they have quite a bit of room between between them. But we're twice the size square footage. So they made it work. I mean, they sold or they sold in a heartbeat, the smaller, much smaller lot sizes.KevinWell, yeah, my story is about lag times, which that's one of those terms that I just didn't hear a lot about or really fully understand until about 10 to 12 years ago. So, I mean, like eight years into my career in homebuilding and then I was like, okay, I'm understanding. But one of the reasons why homebuilding is so hard of an industry is the amount of time that passes between something changing and the result of that change.KevinA real clear example of this is back to land. Builders have to be looking 3 to 5 years out and saying, Where do I want my communities to be in 3 to 5 years? The physical location to figure out, is this the right price I should pay for this land? Will people want to live here in five years?KevinWhat price with what products and that they're tossing the dirt five years into the future in California longer. And so this lag effect is also what we're experiencing right now with interest rates and its impact on the economy. So everyone freaked out, Oh, my gosh, interest rates changed and it's going to be a disaster. Turns out the disaster hasn't happened yet.KevinPeople are still employed. You know, wages going up for the most part, people still buying homes. And it's because interest rates short term interest rates, which is what the Federal Reserve changes, that typically takes 24, I think 36 months before the impact of wherever the rate was changed. You has a fact because that's how long companies are borrowing from the bank at a particular loan and it doesn't have to be renewed for five years.KevinAnd so they're halfway through that at the rates change. And it doesn't really matter which one of the reasons the big tech companies right now are still firing on all cylinders is they've got $1,000,000,000 or I think in Apple's case, like 20 some billion dollars in cash. And so they're like cool interest rates are higher. We don't need your stupid interest rate bank.KevinYou just keep it. We've got cash. So lag as a term is just you know the delay from making a change to seeing its impact and it's real. They're all over the place in the world, but especially in our industry. And one of the things that I had a conversation with this week with one of our builder partners was a particular struggling neighborhood that we with with them and their team have been, I'd say, squirreling away like a squirrel, attacking a bird feeder, trying everything we can to try to make things work.KevinAnd not really a shock. This is one of the things we talked about. It seems like actually I'm going to give full context here. The the head of of sales and marketing made the comment said, you know, my my father made the comment that every time you all seem to focus on a community, things get better. And the joke is like you kind of like insinuate like, can't you just do that all the time for all of them, which, you know, as a, as the marketer perspective is like, can you just make sure the product and pricing is better so that things just work more often and they don't need to, you know, But that'sKevinthat's the healthy tension in the business. So things get better. But what's interesting is one of the takeaways was that the the getting better was related to the most recent thing. So this weekend, this past week, the number of appointments like tripled or quadrupled to the community. And the connection was what must have been the thing we changed on Friday or Thursday.KevinI was like, well, we can't. We can't say that. We really can't because for the prior 30 days we had taken the average amount of traffic to that community from like 1000 visitors a month to 14,000.AndrewIt's a few.KevinAnd and the concern was, hey, the the lead in appointment volume isn't correlating to that immediately. So we're not sure if these folks are the highest quality folks. So let's actually change some of the messaging adjust spend which the spend was already very, very healthy obviously to get to that level. And then it was like that must be the change that made the difference.KevinAnd I was like, What is your average time between website visit to lead, which most people would have a hard time calculating anyway? In this case, the builder actually has. I don't want to go into that right now because it's somewhat proprietary both to us and them, but they have another way of telling some of that cycle time.KevinBut as an example, one of the other builders you work with just told us yesterday they did their latest analysis from lead to contract, which everyone in this, listen should be able to calculate. Their average cycle time right now is 150 days, 150 days from getting the lead to getting a signed contract. There are reasons why and the type of builder they are that that would be longer.KevinBut the point is that is elongating, the lag is getting wider. And so just imagine if you're that builder and you get 300 leads in a month where you typically would get 100 and everyone gets excited and then you don't get sales for I don't even know what that is for five months.AndrewYeah.KevinSo 100 days.AndrewFive months.KevinYeah. So there's, there's, there's potentially four months where everyone's like those leads were all crap. They weren't worth it. What's going on? It's just really hard. If you don't understand the lags that are in the business to make the dots. So one of the things we talked about to try to bring some practical application here besides just understanding the concept and trying to figure out what your lags are in your business is privacy changes make all this really tough.KevinNow their CRM system does a better job than most at identifying source and medium, but it's still not obviously going to be perfect. We know that in time. It's a particular campaign can be even harder. One of the best good old fashioned ways to do this is just have actual start and stop definitions. So there's two ways to kind of do this good enough, I would say.KevinOne is it'll be really scary because this community just took off. But if you turned off all the extra advertising like cold turkey it on a day and then watch the lag from when you cold turkey to it to when does that appointment volume taper off. If it correlates like if if there's correlation there, then you can at least take some of that.KevinAnd now you could do that for individual channels. Like if you're concerned that the meta traffic or the Google traffic isn't good, you could just cold turkey one. But again, you're going to have to watch the lag. It's not going to be what happens tomorrow or next week. But this this idea of stopping, I'm actually trying to resurface as a really important concept.KevinYou know, we talk about sprints like do a two or three week sprint of of spend or change in strategy, then stop and see what happens. And I feel like right now the impetus for most people is just keep piling on, Just keep doing more.AndrewMm hmm.KevinAnd there's a couple of problems with that. One, you're not even really analyzing. You're just like more and more and more and more and more. And you don't have that. You can't you can't really tell. Like if you've if you've done ten experiments on one neighborhood and then things get better, you don't know.AndrewYou're stuck doing those ten forever. Yeah, maybe only two, right? I mean if you, if you get for ten. Yeah. You don't, you don't have answers.KevinYeah. I just that, that is actually for people who aren't trained marketers, you're going to have to help them understand the lag effect and the I didn't even know really that I was doing this. But but one of the in terms of the lag concept, but I used to tell my salespeople all the time at Hartland, if you tell me the last week of the month that you're freaking out and you're not, you're falling behind or you're not going to hit your sales plan, I can't help you.KevinI didn't frame it in the sense of the lag, but I just said it's too late because it's going to take me 2 to 3 weeks to create the traffic, to then have that interest develop for them to then reach out to get scheduled in for an appointment. It's not going to happen in a week. The only the only prayer we have of turning people that quickly is basically email and the phone texting or calling, and that's for someone already in the database.AndrewI feel like this really makes the case to be much more proactive and like the marketer, we should all be like, That's kind of obvious. Everyone should be more proactive.KevinNo, you're absolutely.AndrewBut they have thresholds of traffic that you monitor per community. So you're ahead of the salesperson who's on the last weekend of the month. They're stressed about their quota on the 23rd. They're like, Oh shoot, I need two more sales this weekend on the 27th, 28th of October. But if you already knew traffic was low on the ninth because you're like projecting it based on what you're seeing in analytics, like I need to bump that, traffic it up somehow and that could prevent things from from escalating to that situation.AndrewBut you need the threshold. So you need to figure out like, well, what's my number? What are the numbers for? It's gray and I don't really have to do anything before someone talks to me about it.KevinAnd before you set those thresholds, you better be doing your coffee and analytics time to be able to understand the patterns, because if you just create random defined thresholds.AndrewYeah.KevinThat's also just going to cause tail chasing. It's like because we already see this happening where people mishear our statement of a thousand units of traffic per community to get 1 to 2 sales from that neighborhood. And they think every neighborhood has to have 1000. But you can absolutely sell four homes off of 300 website visitors. That's allowed and does happen.KevinSo you have to be spending that time to really know where those things are, are going to be set. But that's where a lot of people get caught off guard. Last year at this time was they felt so comfortable with the backlog or the sales volume of of spring and summer that even though the numbers were all going down and we were we were saying on this podcast, other places like, hey, things are 1,000% slowing and slowing pretty quickly because people weren't looking at those leading indicators of traffic because everyone was so overwhelmed with the amount of activity that had been going on for the last two years.KevinMost builders really didn't even realize it was happening until like late summer, early fall. And then they started to freak out.AndrewTo like proactive thresholds. All right.KevinOn to the news. First up from Mashable.com, Metta has some new AI personalities and they are super cool people. That's intentionally bad grammar, but we've got people who look like Jenner's and Paris Hilton. Oh, is this a Snoop dog? I did not realize I was Snoop Dogg.AndrewSnoop. I don't know who the bottom four are on the right side. I don't know whether or not they seem like great people.KevinYeah, they're not all celebrities, but I think somebody for everybody and I think about half of them are the celebrity chat bots are live and they're weird is the subheadline from the article and this is my last intro. And then I'll let you guys share. Which do you think? But they're weird that from the article yet another chat bot with a celeb twist.KevinThat's right. And more chat bots baby. We were promised flying cars and hoverboards and instead we get to talk to bots that can just barely hold a conversation akin to your single worst interaction at a cocktail party. But it looks like a famous person. What do we think here?AndrewThis is Amanda you go.AmandaFrom for the Oh.AndrewYeah. Okay.AmandaGot creeped out by the fact.AndrewIt's it's depressing. It reminds me of the movie. And if you have time this weekend, you should watch it and you'll understand the reference. The movie is called Her H.E.R. Just heard her from 2013. He falls in love with the guy. This guy?AmandaOh, no.AndrewIt's super bizarre. It's very uncomfortable. All you're like, Is this really insane what's happening here? But it's won some awards. But it's it's it's definitely in the, like, eccentric, weird movie category. But it's this. But this. He falls in love with Scarlett Johansson, who is the voice actor, who is the A.I.. So, again, that's that's reasonable. So maybe meta onto something.AndrewLet's try to use celebrities as who you're interacting with, but still read it. You're like, this is okay.KevinSo the short answer from the online sales world who, you know, we love anything that would potentially allow us to connect with more people. This doesn't hit the market. We an agreement. Yeah, this is the agreement where you know okay so I think the interesting question is, is what led them down this path also wrong? Here's what I mean by that.KevinI watch my wife in particular and she follows influencers and I just you know, everyone knows how I feel about the word and the thing and whether we are. Do you convert to influencers or not. All the all that stuff. But let's say there is a workout influencer or last night I'm watching her use flip through her stories and she's like, Oh, I love this person.KevinAnd it's just very clearly an ad for some hair serum. And she's like, Oh, I love this. She's so great. I'm like, It says by now. And she's talking strangely high energy and how much she loves this product. And I go, Of course, she says she loves the product because she's selling you the product, she's making money and she's like, Well, but she designed it.KevinShe made it like that makes even more weird because she's talking about how much she loves this product that clearly the IKEA effect, right? I made this. It must be the best thing ever because it has my name like I did it and yet it doesn't matter. She's just enamored with it. So And every once in a while I see her actually comment or talk to these people who have hundreds of thousands of followers.KevinAnd it it gives her this weird high, I think of like I just interacted with an influencer, I guess somewhat akin to, you know, if Rich Barton or somebody on on Twitter X likes a tweet. But that's like in that scenario for me. I don't expect it and I don't it's their reaction to it, not me just talking or adding them.KevinThat is the exciting part. It's just like, oh, they, they, they read it, responded. There's this weird thing, I think that younger generations are like, I just like my kids just would love the idea of interacting with Mr. Beast in the smallest way possible. So I think there's something there that is directionally right. But they they've missed the mark badly.AndrewBut I think they missed because there's no brand assigned to these people for her to be like, okay, the Kardashians have a brand and that's why people want to associate with them. That's why they buy their products. Mark at the summit, I forgot his last name. Mark from a thousand. What? You buy that apparel because it makes you feel part of the club or makes you feel a certain way.AndrewSo like who we follow also I think makes us feel a certain way or we get whatever emotion out of following that person, interacting with them, or just interacting even just engaging with our social media. And as for Metta, it's like I feel like they're trying to piggyback that experience of like, Oh, I'm interacting with this feels like Tom Brady.AndrewIt talks like Tom Brady or like, This isn't Tom Brady. Tom's on a yacht in Miami doing whatever the heck he wants. He's not this isn't a bot. So like, it's like, of course this is fake. It feels like you're like tricking me, like I'm like a child or something like. And, like, that's that's not the real Elsa at Disney World.AndrewLike, I know that's not her.AmandaRight?AndrewBut they do like. The four year old, the three year old, the five year old. Like they're like, That's Elsa. Oh, my gosh, This is amazing. So, like, they're trying to trick us, like we're like children or something. Something like that. That's why I think the cringes. Yeah, it's, it's, it's obviously fake like. And it feels Grinchy. It's a long way to get that point, I think.KevinYeah. The first message is not not having the real name. So it shows Mr. B's likeness, but his name is Zach. It's almost like right from the get go, you're looking at a fake coach purse that you know is fake and everyone else will know is fake because it doesn't even say coach. But everything about it looks like a coach.KevinPurses like once. Scott you're missing the whole better feel of the essence of the brand, right? If it was a if it's a knock off and no one knows is a knockoff, then you know that that's one thing. But this is a clear knockoff.AndrewAnd yeah.KevinIt, yeah, it just doesn't look that good. But I do think there's something to wanting to interact with these, these people that we know or feeling like there's interaction, but it's just not even close to the, to the mark it's fun.AndrewSomeone's probably going to come up with a something very similar and they'll use like deepfake technology. And so you could like video chat with Tom Brady and it's just people, thousands of people in a call center that then they could use their face and then they'll just like use Deepfake to be like, Oh, I'm actually talking to Tom Brady.AndrewCool. Like, what are you doing it with? So they take his voice and that seems more like a fun experience. It's a waste of time and it's not chat bot, but it's like, look, I talk to Tom Brady but it's not Tom Brady.KevinI mean, there are Elvis impersonators and not all of them look like Elvis. Maybe we're completely wrong.AndrewThat's true. We'll find out. That might be gone in a year. All right.KevinNext up, there is an actual article, but we're linking to a Twitter, a tweet on X. Well, I've finally crossed the chasm. I call Matamata pretty consistently, but I am having a hard time with X. I agree. A gentleman named Alexis who said big news for ADD used today, accessible dwelling, accessory dwelling units. These are essentially small homes connected or not connected, but in the yard or somehow on property.KevinThat's for another primary residence have now been able. The FHA policy now allows 82 rental income to qualify for mortgages, further cementing their role in the housing market. And in places like California, you know, if you can rent out your ADU for 3500 bucks a month and that counts, as you know, rental income, that's a big deal.AmandaYeah, that's really neat.AndrewYeah, that's neat.AmandaI actually talked about this on my coaching call today. Like, because, you know, like people are running into this of a high interest rates affordability like it's not it's a condition now that you know just an objection it's the conditions that like how could you overcome that and I thought this was like possibly thinking out of the box like a great opportunity for builders.AmandaYou know, like they build the customers house, Maybe they can build a little tiny home to like L.A. money.KevinOr I mean, it's.AmandaActually.KevinThe construction of an 80. You can be folded in to New construction financing. So now it's like, I'm going to build both these things.AmandaYeah.KevinYeah, yeah.AndrewYeah.AmandaThat's true.KevinI think lenders really may begin offering borrowed mortgages on properties that they to use on the new policies effective immediately. Mm.AndrewYeah. So Alexis builds what appears to be areas that look really nice like they're, they like they would fit in a backyard better than a tiny home looking looking thing like they're really.KevinNice $350,000, probably tiny others.AndrewThey're pricey. My first thought I think it's neat, but I'm like, okay should someone who's buying through an FHA be a landlord? And will this like what is their rate if they have to use 82 income to qualify? Like I'm like, does that hold significantly higher risk? Because if it's ever vacant or if it's vacant for x percent two months out of the year, can I make their mortgage if they don't have that income for two months or three months or four months or something?AndrewSo you qualify for it, or maybe they've been paying rent. That's actually more than what their new mortgage would be. And they're like, Please, just let me do something. I'm not even I rent that thing out there, but my rent now is 5500 a month. I'm a finance and I'll be 4400 per month and I'm saying they'll be rental income.AndrewYeah, I like that.KevinThere's certainly be unintended consequences from this. Like one of the comments on here is I have a house with a garage that I want to convert into an 80. You, you know, well this helped me and so it might Yeah. And then and it might improve your value. It might lower the value of the primary residence if you don't no longer have a garage.KevinSo but I mean people California are super excited about this. And the one I know if it's this particular change or something else that because I think call it the state of California also passed a different law related to its use. But every individual municipality has to basically opt in or say, yes, that's allowed. And so in the markets, even where this is the would be the biggest deal because a lot of aid use already exists in California is can't qualify each individual market.KevinSo L.A., San Diego, you go service each town has to say, yes, that's allowed and that's going to take time. And it won't necessarily be applied everywhere, but super interesting. Next up from TechCrunch, Google's AI powered search experience can now generate images and write drafts. So this is kind of the only lead in here from this article. Is that the trend?KevinFor sure? You've got folks like Jackie Beatty or Openai who are trying to create brand new platforms using alarms and AI powered tools. And then the other trend is just integrate those kind of tools within the already standard platforms. An example of this is Adobe. Adobe is like, I see, I see you daily and I see you, I have to say discord, use it via discord.KevinBut what's the other Netherlands?AndrewI lose, I lose track anyway.KevinThat's what I use all the time. So it's crazy. I can't think of it, but they're like cool and nice. Try trying to like, you know, integrate artificial intelligence in images. We're just going to drop it into Photoshop Illustrator and all the tools that real creatives already use. So they don't need your other little silly thing because it's going to just be built into the platform that those experts already use.KevinSo this to me is kind of big picture. What Google is doing here is let's just integrate all this right into the core product. But what else are your thoughts on this one wager.AndrewI'm a fan. I think it's super cool. The because I think all the tools you've mentioned, they are not user friendly. Like for normal people to use.KevinHaving to learn the average just how to use discord to to use what is the premiere generative visual tool, which I can't think of the name of, is they got.AndrewTo go to Discord first. So it's like, it's annoying. Yeah, it's not accessible. And that's I think that's the way to for the fastest progress is to make it accessible to everybody where there's no login, there's no credits or whatever you have to buy to get it and make it work. I know it's expensive to run these things by Google pushing it.AndrewI'm all for that because I will. I think that will push progress on this a lot faster for the robots to take over the world. Just getting the last one or not, I'm all for it. Let's let's do it. This will help with them be easier to make PowerPoints and decks and presentations. This is what I need. Yeah.KevinAnd it's it's not everything. And they're they're doing it kind of interesting where the one example in the article and I saw a video on this as well if you do a Halloween table setting search and click images in Google where you see you'll see all the normal images and then you'll just see a box that says create something new with our generative A.I. tool.KevinAnd then you click that it will create four additional images for you out of thin air. And so it's it's not like, again, that's trying to incorporate to the to the image search you're already going to. And then it's like if you're not finding exactly what you're looking for, just make it. I think it's I think a smart also, by the way, when you try some terms, that box does not appear.KevinAnd my other thought is, is there some initial scrub there that goes? Is there enough images that we believe would it be highly correlated to this? Then we don't even need to show this generative AI option because there's already.AndrewLike.Kevin10,000 really good options. It might only be appearing in less, less popular searches.AndrewYeah, let's play with that. That's fun.KevinAll right. Next up, we've got the numbers. We've got the third quarter.AmandaWe balanced.KevinIt was benchmark data.AmandaIs this.KevinIs this like a world premiere.AmandaAnd release? Yeah. Okay. Hot out the press. I yeah. So I prepare these calculations with the benchmarks every quarter they call me the nerd over here so many ways. But but good numbers So yeah I compare it to quarter two. So benchmarks for quarter three are lead to appointment. We have 40% though, that went down just by 1%.AmandaSo kind of steady appointment to sell 19%, which is down 2% from quarter to that contribution that went up, which is really neat to see. The online sales contribution went up to 48%, whereas quarter two with 46% and quarter one with 45%. So not only increasing, which is very exciting. Yeah. One thing to point out though, is that leads they did go down by around 15% last count from quarter to quarter three.AmandaSo I'm going to pick your brain off of that. So why do you think lead counts are dropping and doesn't even matter? Or tell us what you think.KevinWhat your rivals and I both saw the same tweet from Lance, formerly of Forbes. He just started his own newsletter on housing data. Now, be a good follow or a sign up if you're if you if you like, that kind of nerdy content. But he just said, hey, basically I crunched the numbers and October is the least affordable month for housing in the last get ready 100 years.AmandaOh least affordable month and.AndrewWe have no problems with affordable.KevinWe got no issues here. Oh work. In fact I think this is this is just data that I saw about an hour ago and I don't have it still pulled up, but I believe of the National Association of Realtors just came out with updated data that showed for the I think for the first time in at least like the last flying blind here 20, 30 years, there are under 4 million transactions that are that are currently like they call it annualized transactions.KevinSo they take a data point and they say if it stayed here and was and happened over 12 months, this would be the number and it was the lowest that it had been in whatever time frame they were talking about, and it was below 4,000,003.96, I think. And so there and the other end and little piece of the puzzle, Amanda, is a lot of our builders who do highly partner with local real estate professionals like were.KevinAnd these are major markets, not like top 15 markets in the country. They're calling the top two or three agents in the market that they've had great relations with. And they're like, Hey, we've got this great thing or we've got this opportunity, We've got these homes. And the response from these these are the best of the best agents and those markets are that sounds awesome.KevinI have no. One to work with. I don't have customers.AndrewWow.KevinTo work with. You know, so 15% those aren't too bad. And the other thing is the overall slope. But what we can see as well from home builder data and other data providers is that the slope of the decline this year is nowhere near as steep as last year. So last year in this and the third and fourth quarter, it just dropped almost actually almost as severely.KevinThis is all transactions used and new, almost as severely as during the Great Recession. It wasn't starting at a higher high like that chart. You look at it, it's just like, oh my goodness, down 80%. Some ridiculous number. But the steepness of the curve is severe but pretty short. This year we didn't ever get as high as last year's highs, but the decline and the slope of the decline is more steady and slow.KevinSo take your poison. Would you rather be down 15% or I bet if you went and looked at the same data last year, third quarter, second quarter. Mm. Just My quick guess would be it'd be 35. So you know that's the thing with percentages is Yeah. The higher high probably felt great. Yeah. But the ride down probably felt worse.AmandaRight. That makes sense. Mm hmm. Yeah.KevinAnd I'm most interested in the apartment to sell ratio. I got 90%. That's what you said was.AmandaFor 19%. Now.KevinThat's still freaking awesome.AmandaI agree.AndrewDown from 21%, I think. Right?AmandaYeah.AndrewSo that's shifted.AmandaAll in 2%. Yeah. Yeah, yeah. And I love these benchmarks because, you know, it's just such a good overall image because, you know, it's all market that's large builders, small builders established online program, new programs. So it's just a really great mix to have an overall view.KevinYeah.AmandaYeah.AndrewIt's real, real data.KevinOh, hey, something just happened. I think. I think somewhere in the last hour we just crossed over officially 25000 minutes of the podcast, which does means I said yesterday so you could listen to market proof marketing Monday through Friday for 8 hours a day and still be able to listen to a fresh new episode for you for over 60 days now.KevinFor over two months now, the tools.AndrewYou will see.AmandaThem catch.AndrewYour life change. It'll be like a sitcom, like an had two kids here now. Yes. Three, seven has a new house like all these things that have happened.KevinI mean, again, the IKEA effect is real. So it might just be because we made it. But if I ran a marketing department and hired someone who was brand, I would be tempted to just mandate like, Yeah, over the next three months I'll give you three months, but you need to listen to like just have it in the background.KevinYou don't need smooth jazz, you don't need rock and roll or country. Just listen. I know it happened years ago. Just listen to it. Anyway.AndrewMy like reprogram their brain. And so if they had something wrong with the brain, maybe it fixes that. There's nothing wrong with it. Maybe there might be something wrong with it, then maybe that'll be fine. Yeah.KevinOkay. So you're going to have to make sure we do favorites because we're going to end on a depressing note on the news stories here, unfortunately. But according to Redfin.com, homebuyers must earn $115,000. That's obviously household income to afford the typical U.S. home. That's $40,000 more than the typical American household actually earns. So, okay, some of you listening are like, I mean, that's that's a lot of money, but that's not terrible.KevinBut when you put it in the context of the average household brings in $75,000, that's a problem.AndrewIt's a lot of buyers that put that were previously in the market are not in the market like they are. They cannot participate. That's a better way. They are they cannot participate in home buying those people because of that.KevinYep. And the typical years homebuyers monthly mortgage payment is 20 $866 an all time high, up 20% from a year earlier.AndrewThat's a bit of a mortgage so crazy.KevinBut you know rates are just a state of mind. Just take the rate.AndrewYou know, just stay in it like it's not permanent. I mean, you still might need 28, 66 for the average average.KevinBut yes, and I do you know, some of the folks that I see posting the stuff I like, I get it when you're speaking to people within the industry, you're you're trying to motivate, put things in context. But then there's other people who are within the industry who are clearly talking to just the average person. And you're like, I don't think you come across the way.KevinYou think you come across here.AndrewYeah, I mean.KevinIt's not if you live in the Bay Area, California, by the way, you have to earn at least $400,000. Oh.AndrewNo big deal.KevinNo big deal.AndrewNo big deal.KevinRust Belt buyers, nearly CENTCOM, Detroit home buyers only have to earn $52,000. Wow. But it's still a 19% increase from last year.AndrewYeah, that's in Detroit. You could buy some houses for like nothing because.KevinYes, if yes, like $10 if you.AndrewThere are.KevinRoom and even give it away, because that sounds interesting. There's Japanese, there's homes in Japan, they're the same way. And Spain and and other parts of Asia. You buy this home for ten bucks. But before you jump out and say, I'm going to become a real estate mogul, you have to promise. In Detroit's case, I think you have three years to bring the house up to a certain level of livability or you lose it again.AndrewSo I still don't.KevinWant people buying up a bunch of land and doing nothing with it.AndrewAmanda has it's close to Detroit, so we move to Detroit.AmandaI know, but no, but actually like 3 hours. But I have your place there. But I am close. Yes.AndrewYou don't. You have no reason to go there.AmandaYou think I'm an area of Detroit.KevinI'm a bigger fan of the west side of Michigan, generally speaking. Okay. But you didn't. You don't care about that. That's not why you're listening to the show. How does affordability get fixed? I think everyone keeps saying the way to fix affordability is just to build more. But I just want to remind everyone that there are still this problem of the price of land, and that's not helping things, and it's build more of a certain type of home which zoning and or voters will not allow.KevinSo you either have the problem, not my backyard or zoning or building a bunch of stuff in a place where no one is, which is its own challenge. So not likely to to be fine is.AndrewNot in my back.KevinEven if manufactured housing takes off like a rocket.AndrewYeah.KevinMm hmm. All right, so let's end with current favorites. Yeah. Got to be a favorite this time. Amanda What do you got?AmandaYeah, well, I. I have really been loving. A favorite is the role of coaching that I have been able to kind of step into the role full time. And it's just been really neat to see the best of clients and kind of be with them through the journey of like really establishing their program. Like Candace, that whole homes, for example, we do the builder shop and she was one of the ones that made it all the way through one of the three.AmandaAnd I was like proud coach moment and thought that just really neat to see their numbers kind of come to life when when they don't have that before and then also see them grow like as they as you spend time with them. So I've been loving that and I've also been loving the fall weather, the shift in perspective, you know, like I was like, no, I don't want summer to end, but that's the best we are.AmandaAnd the the leaves are beautiful and I'm enjoying it.AndrewSo your life change color?AmandaYeah. Without changing color. So they're so prett
Zero To Diamond is a social media platform and free coaching program for real estate agents Mission statement: To reduce the failure rate in the real estate industry one agent at a time 1,000's of agents worldwide have doubled and tripled their business I am here to help you so DM on IG anytime: rickycarruth Join the movement: https://zerotodiamond.com
Zero To Diamond is a social media platform and free coaching program for real estate agents Mission statement: To reduce the failure rate in the real estate industry one agent at a time 1,000's of agents worldwide have doubled and tripled their business I am here to help you so DM on IG anytime: rickycarruth Join the movement: https://zerotodiamond.com
An eye-popping 38% of recent homebuyers under age 30 used either a cash gift from a family member or an inheritance in order to afford their down payment. This is according to a Redfin-commissioned survey of recent movers conducted in Spring 2023. Dave and Debbie discuss.
The Fed's new “neutral interest rate” could mean pricier mortgages, less cash flow, and higher home prices for longer. After the great financial crisis, interest rates were kept in check, slowly sliding down for over a decade. But, since the pandemic, things have gone the opposite way. Mortgage rates have hit multi-decade highs, bond yields have crossed new territory, and we could be far from things returning to “normal.” If you want to know the math behind the mortgage rates and understand what the Fed does (and doesn't) control in a high-rate world, Redfin's Chen Zhao can break it down for you. In this episode, Chen goes through the economic indicators tied to mortgage rates, how bond yields affect banks' lending power, why the ten-year treasury is at a historic high, and the Fed's newest “neutral interest rate.” We'll also get into the potential effect of next year's presidential election on mortgage rates and the housing market and what to look for to gauge where we're headed. If you want to know where interest rates will go, Chen details the roadmap in this episode. In This Episode We Cover: The math behind mortgage rates and what causes them to rise and fall The Fed's new “neutral interest rate” and why mortgage rates could stay where they are for a LONG time Bond spreads, how they affect mortgage rates, and why they've taken a massive leap Reaching economic equilibrium and how the Fed plans to keep unemployment and inflation down The 2024 presidential election and whether Democrats or Republicans could help/hurt the housing market And So Much More! Links from the Show Find an Agent Find a Lender BiggerPockets Forums BiggerPockets Agent BiggerPockets Bootcamps Join BiggerPockets for FREE On The Market Join the Future of Real Estate Investing with Fundrise Connect with Other Investors in the “On The Market” Forums Subscribe to The “On The Market” YouTube Channel Dave's BiggerPockets Profile Dave's Instagram Henry's BiggerPockets Profile Henry's Instagram The Federal Reserve is Suddenly Doubling Its Forecast For Growth—But Will They Keep Hiking Rates? Mortgage Rates Reach the Highest Point in 20 Years—How Much Higher Will They Go? Connect with Chen: Economists Corner Chen's LinkedIn Research Click here to listen to the full episode: https://www.biggerpockets.com/blog/on-the-market-151 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email firstname.lastname@example.org. Learn more about your ad choices. Visit megaphone.fm/adchoices
Are you ready to uncover the chilling truth about the current state of the real estate market? Brace yourself as we dissect the latest data from Redfin, revealing a significant slowdown in the housing market, with mortgage purchase applications and Google searches for homes for sale both plummeting. Notably, medium home sales prices are on the rise, largely due to soaring mortgage rates, which recently hit a 23-year high. This chilling data points to a deep freeze in the housing market, with new listings and active listings also following the downward trend.But hold on, the plot thickens! We're going to expose the imminent storm brewing for real estate brokers courtesy of the Justice Department. The heart of the US housing market, the commission system, is under a powerful microscope of antitrust enforcers and is the target of two class-action lawsuits. The real estate industry's iron grip on the multiple listing service and the commission-sharing system is being questioned. These looming legal battles could potentially cost real estate brokers billions. So, buckle up as we navigate these industry-shaking developments and analyze their potential impact on the real estate sales industry.This episode is brought to you by Skilled Property Finders - Home of the 21 Day Close!We will close on your property in 21 days or less OR we'll pay an additional $5,000. Visit www.skilledpropertyfinders.com to find out more. Support the show
Market Proof Marketing · Ep 307: The Warehouse Of Empty PromisesIn this episode, Kevin Oakley is joined by Beth Russell and Julie Jarnagin! The team dives into marketers who are struggling to integrate sales teams that want to be involved. Their advice: They can be involved, but within your boundaries. Kevin shares his new favorite thing to ask during meetings. They discuss how the marketing message in home building can get over complicated and that it's worth taking a step back, looking at the data and remembering exactly what the original offering was.Story Time (01:14)Julie has started crocheting something call a Wooble.Beth advised marketers that when sales teams want to be involved, you must remember you're the protector of the brand.Kevin's new favorite thing to say “Huh, that's interesting. What data point did you reference to get to that conclusion?”The News (23:30)Google accused of downplaying ad price manipulation (https://searchengineland.com/google-accused-downplaying-ad-price-manipulation)Homes.com Hits 100M Visitors: Zillow's Rivalry Heats Up (https://nowbam.com/homes-com-hits-100m-monthly-visitors-zillows-rivalry-heats-up/)Housing industry urges Powell and the Fed to stop raising interest rates (https://www.cnbc.com/2023/10/10/housing-industry-urges-powell-and-fed-to-stop-raising-interest-rates)RE/MAX becomes 3rd major firm to distance itself from NAR (https://www.inman.com/2023/10/06/re-max-becomes-3rd-major-firm-to-distance-itself-from-nar)59% of Recent Homebuyers Say Purchasing a House Is More Stressful Than Dating: Survey (https://www.redfin.com/news/homebuying-more-stressful-than-dating-survey/)Things We Love Things We Hate (54:21)Julie is loving her Wooble.Beth loves her portable cleaner “bissell little green” Kevin urges everyone to get the Rhode Wireless MicsQuestions? Comments? Email email@example.com or call 404-369-2595 and we'll address them on the next episode. More insights, discussions, and opportunities can be found at Do You Convert All Access or on the Market Proof Marketing Facebook group.Subscribe on iTunesFollow on SpotifyListen On StitcherA weekly new home marketing podcast for home builders and developers. Each week Kevin Oakley, Andrew Peek, Jackie Lipinski, Julie Jarnagin, and other team members from Do You Convert will break down the headlines, share best practices and stories from the front line, and perform a deep dive on a relevant marketing topic. We're here to help you – not to sell you!Transcript:KevinSo I wasn't on last week because I was sick. Yeah. And I had there was something else going on anyway, so Julie, Beth and Jen decided to have a podcast party, and I still haven't heard it yet because it doesn't come out until later today or right today. Did it come out today?BethIt came out today.KevinI've been busy. So all I know I'm and I'm kind of scared to listen to it as it just said, like boys drool and girls rule.BethI may have sent a message to the whole group saying, Girl rule, Boys drool.KevinYeah.JulieWas so much fun. Yeah every podcast should be like that.KevinThat was definitely a micro-aggression.KevinSaying that I was sad.BethI wanted you to really feel left out and that's fine.KevinThis is going to be fun. Kevin. We're going to have all new sound effects, new fun times. Let's get started. Welcome to episode 307. I'm Kevin Oakley. And with me today is Julie Jernigan and Beth Russell. Hello. Hello. Who wants to start off story time today?JulieI can start.KevinNow, what is a rule allowable?JulieSo a wooble is a little crocheted stuffed animal, basically. So what happened was that we made new phone rules for the kids because grades were slipping a little bit. Everybody was on their phones. But when you make rules about how much you can be on screens for your kids, that means that you also cannot sit there in the evenings and scroll your phone.JulieAnd I was like, Well, I need something when I don't want to read or whatever. Another option to do. So I got influenced on Instagram. I don't know if you've ever seen their little crocheted. It's a little packet and it's supposed to teach you to crochet, which I learned to crochet like ten years ago. But it had been forever and I'd never done anything like that.JulieBut they are marketing geniuses. They are so smart because, number one, the little the little thing kits they send you are expensive. Like they cost more than if you went bought your own stuff. But you don't have to figure it out. They just send it as is. Then you scan a little code and they the videos are like super beginner.JulieLike you do this step first, then you do the step, then you do the step. It's great. And then if you have a question and it can't answer it, it gives you an email address and a phone number of who to contact to ask your question to. So it's very, very much like walks you through it. And then now I've learned that they always have something new because they have all these limited editions like they'll market to you like the Frankenstein.JulieThat's only a limited time. And then I'm sure they'll come out. So they're just very smart marketers. And after I bought my first one, I was like, Well, next time I make something, I'll just buy it all myself. But then you love it so much because it's so easy and they do everything for you. And it starts with the little ring and everything.JulieBut I'm like, They're smart, they're smart. I'm just going to send you my money because you made it so easy and so fun.KevinBecause you're not on your phone as the TV on are as their music are with you on.JulieSocial.KevinMedia like gas lamps.JulieYou know, the kids are around. So, I mean, it's like family time. They're doing whatever they're doing. So it's very you know, it's whatever we're all sitting in the living room. But it was one of those things like, if you can't be on your phone and you're tired at night and you just want to sit on the couch, it's like you don't want to just sit on the couch and all, like, stare at each other.JulieSo it's nice to have something to do. So that's been my thing as a people. So it's been a lot of fun, that.BethLevel of follow up and like detail that they provided and like, and then a resource for help because I was that person to try to teach myself to crochet. Me and my daughter were both like on a mission and we're going to learn how to do this. And I could get like the first row and the second row, but like I tried to build a square and I was just like, I keep doing the wrong thing.BethI'm losing count and I'm watching this video, but it's not helping. And then I just gave up.JulieYeah. And then you find on video that helps and then you can never find it again, you know, because I went through that, too, and I taught myself. So they're smart, smart marketers.BethAnd now I want to try them. You're influencing.JulieI know I'm influencing people. People have messaged me.BethI did you, I saw it and I messaged to do.KevinI'm always the genius of artificial scarcity, which is again, part of what we sell without fail is built around around information in that case and actually maximizing the true uniqueness of each and every home site. But like how many are they really limited by how many Frankenstein wins they can create.JulieFor, you know.KevinCrochet together? No. Yeah, but it's just like the McRib or anything else. It's like back for a limited time. The Shamrock Shake, the I'm sure the grimace will be back at some point. Yeah. More people should do it. Why not have a limited edition or plan?JulieYeah.KevinOr. Or standard a limited edition Standard option or optional option? Mm hmm. That's cool.BethI like that better than limited incentives, since incentives are never limited.KevinYeah. And again, just because you're saying limited doesn't mean it has to be truly limited. That's just how you talk about it. I love it. Yeah, that's what you got.BethI had a really great conversation with a marketer this morning who is struggling to find that marriage between making salespeople feel involved and as though they have influence over not marketing.KevinBut yeah, moving times.BethThey they have a contribution. They want to feel as though they are contributing and setting boundaries of what their contributions should look like. So I had this epiphany moment during conversation of it's like when you have a buyer come in and they want to make a change to the house or they want to put their own personal twist on the house, you do that within boundaries.BethYou do that within a set number of restrictions that you have as a company, because not only is it something that you can actually do that you know, fits within the constraints of the plan and the limitations you have as an organization. And so we are constantly telling our customers that they have to live within these boundaries that we set for them.BethBut we're not doing that internally as a team, especially when it comes to marketing and that conversation between sales and marketing. So in this example, we were talking about Facebook, we were talking about, you know, on site team members having their own Facebook and putting their content out there. And they should do that within the boundaries set by the marketing team because they are representing the brand and the marketing team should be the protectors of that brand.BethIf that salesperson leaves and all of a sudden the messaging change or you can't get that Facebook page back and it has your name attached to it in ten different ways, or if they're sharing content that you can't get because they're not sending it and sharing it to you, you're just hurting your brand and hurting your company. So allow them to participate.BethAllow them to feel the level of contribution that they they can, but do it within the boundaries that you set for them.KevinYeah, it's team members are not children. What I mean by that is I have four kids. If all four kids when they were two years old, let's say they were all two year olds at the same time, and they all draw pictures. It doesn't matter what the picture looks like. I put it on the fridge. Everyone gets a picture on the fridge.KevinI do not have to put everyone's picture on the fridge. And but there is this tension of we should be curating and crowd sourcing from any available team members. And how you do that is tricky because you don't want to mock up like where marketers go to work in your CMS system, in your well-organized folders and files of images and videos, etc. You don't want to mock that up with a hundred different people sending you mostly mediocre stuff.KevinMm hmm. So you do have to find ways to allow people to contribute without promising that you'll hit publish. Yep. But the the people who are good at it, their stuff gets published. That becomes a reinforcing mechanism to encourage them to do it more. Mm hmm. And the people who keep trying, but aren't quite getting there when. When you are the team has time.KevinYou can train and try to, you know, show them how to do it better because they want to do it better at it. Yeah, it's it's interesting that employees, generally speaking, they don't feel like it's co-opting to take the company's name or their community name and say, this is the page of this thing. It's like, well, it's mine.KevinI'm just doing it. It's just me. Like, well, then you would just do it on your personal page if it was just you. So there does have to be some recognition that, like you are actually using that as your own.BethThat's exactly what we're talking about. Like they can brand themselves in terms of an expert in the real estate world or in a contract or whatever. That's fine. If they as a salesperson, they want to brand themselves, I'm fine with that. Where I get frustrated is where they are branding themselves without acknowledging the fact that they are a subset of another brand and what they are selling is not theirs.BethIt is of this homebuilder. Their product is not theirs. And so you can't take your name and put it on something that is not yours.KevinThat's fair. My my story time is my new favorite saying or a thing to try to help marketers train themselves to say more frequently in meetings or discussions with others, which is, huh, That's interesting. What data point did you reference to come to that conclusion? Hmm. Hmm. That's interesting. What data point did you reference to come to that conclusion?KevinBecause any time the market gets tough, all the feelings come out everywhere. All of the I'm the expert, I'm closer to the customer. That's the stuff we tend to hear from the set, like I'm talking to customers. I know, I know, I know. Or what we heard from one individual was I just can't believe that there's only X number of people who are interested in a new home of a certain price point to be built over the next year.KevinIn this one specific location. And like almost no matter what people tell you, I think that's a great response. People pay for that calls with you. If you're listening.BethI feel like I would pay to just be in a room where you ask somebody that question so I could just watch.KevinYeah, because either they're mean, It's it's always going to be good and not like we're not trying to trick people, but maybe they have a data point, but they're looking at it incorrectly, meaning like cancellation rate historically is one of those where people can look at that incorrectly and they're like, We're so proud. Our cancellation rate is 0% this year.KevinMaybe not something to be proud of if you're trying to, you know, get them the number of sales you want to hit. So they might just be that they have the right metric, but they're looking at it incorrectly or they're comparing it. And so that's a teachable moment that I'm like, Oh, I totally understand how you came to that conclusion.KevinIt's just there's this other nuance that let me help you understand or, you know, on the side, I'll send you other information about to clarify, or they're going to say, Well, I don't know. I just how I feel. And then that just leads me back down the path of, okay, so we don't have a data point, but what you're saying is that you need help with this problem.KevinAnd it goes back to taking things out of the tactical and back to the strategic level again. I think that's that to me is the healthy boundary. We want to talk strategically with partners in any or any silo of the organization. We want to talk strategically all the time, but just like I don't ask them, which closing technique did you use?KevinAre you sure that was the right one, saying, Hey, I think we should use this specific platform with this kind of a budget, with this kind of a message in order to solve this, this challenge, that's where things go sideways. So when they don't have any data point, it's like, awesome. So really what it is, is you're just saying that this this is a problem that you don't know how to overcome except to solve it this way.KevinAnd most of the time they're like, Yeah, that's. Can you help me with that? Yes, I can help you. I'm going to end up helping you by again separately outside of a group scenario, walking you down a different, better way to get there. Then maybe your rational initially were thinking of. But I don't I can't think of a bad outcome of that question being answered.KevinThat's why I love it so much now.JulieAnd actually you all are putting together two things that I love with your story time. So and Kevin, you know this that Steve Shoemaker used to when a sales person would come to him and say, we need more signs or we need an event, he had a little form that he would give them to fill out that said, okay, like, what would it be?JulieWhat would the goal of that be? What is this data? Which did a few different things. They either it wasn't important enough for them to even fill out. So then we didn't have to worry about it or it actually highlighted what is the thing they're trying to solve and is that the best way to solve it? Or we can can we help in another way, which is combine jobs to storytimes to me that it's like making them forcing people to to look at that, you know, the data and the problem and that and then come up with the best solution for that.KevinYeah, I think it's it's interesting to juxtapose this in all of the branding conversation that happened around the summit this year and post and how important that can be and how it can lift revenue and it can lift profitability and it can increase absorption and all those things are true. And yet the first for something that's already been launched to the world and you don't have that laboratory, it's time you go back to your blog post, Beth, about the drug industry and all the research and prep that goes into it.KevinIf something's already out in the wild, the actual best thing to do is to clarify in as extreme away as possible exactly what the offering is, to let it to make it more easily discoverable by the audience that wants it. Yeah, that's always the first place to go is are we trying to be too cute? Are we trying to overcomplicate this?KevinAre we maybe semi embarrassed of something that we don't want to talk about instead of just saying, But you would never say it this way. We are the least expensive, sheepishly built home that will allow you to have a roof over your head in the school district you want. That's not a tagline anyone's going to use, but if that's what you offer, like, the clarity of that speaks to a certain audience.KevinAnd if and if there's enough of those people, then you win. If it's easy enough. And but oftentimes what comes back is there isn't. And that's when people think we're just going to, you know, Jedi mind trick them into purchasing something that they don't want or can't afford.BethAre you guys seeing the same in your builders data that I'm seeing? Because it was came up twice today with mine, the broad messaging incentive versus the like you just talked about the very specific messaging incentive right now. You know, I have a builder, one that has a dollar amount listed on their incentive. It is still converting higher than their website, but at nearly 2%, whereas another builder with a more pointed messaging about their incentive.BethAnd what I mean by that is a actual mortgage rate listed in there, their prime messaging that's converting at a steady like 10% plus in comparison. And I think it's like one of the theories that I have behind that, especially right now, is that because one of the marketers just recently asked me, well, that confuses me when I see this whole page broken down of all these mortgage rates and the PR, And that's a lot for me and that confuses me.BethAnd for me, I think a dollar amount is just easier to understand. Well, I know what $10,000 means. I know what $15,000 means. But then I reminded them that what is this buyer seeing in their everyday life? What? It was all over the news right now? What is everyone telling them? The realtor telling them their their mortgage broker telling them it's the mortgage rates they are that is what they are inundated with in everyday life, especially if they're searching for homes.BethAnd so when they see this very specific messaging of a lower rate, they're like, oh, wait, that's interesting. And psychologically they're more likely to click on it because they know what that means versus what does $10,000 my way mean to me? How is that going to help me right now?KevinI think the real problem is that people don't understand when things need to be handed off to the next part of the process. And what I'm even.BethWaiting to use that.KevinI have, I don't use the neg, I have like them grouped by positive and negative sounds and I just don't use the negative sounds very much because people sometimes accuse me of being glass half empty, which I think is insane. That's not how I live at all. But they want they want the landing page to sell the house and overcome objections.KevinAll of that. We talk about this in the world of online sales all the time. The whole point is to have a conversation that moves people forward and makes that connection to on site sales. Mm hmm. That's that's the goal. That's also the goal of everything you're doing from a marketing advertising standpoint. And yet again, and this is the thing that I think is going to continue until sales become easier is right now the challenges that sales management or sales VP's are getting more involved in messaging as well.KevinAnd they're like, No, no, no, you have to overcome this objection on the landing page. And get a lead. Yeah, we don't want we don't want we just don't want more conversations with people. We want conversations the people are ready to buy. Yeah, because that's what I keep hearing. And the data and the qualitative conversations is the vast majority of builders, I would say 80%.KevinI know we saw plenty of activity. We have plenty of activity on site. In particular, we have enough appointments. We just can't get that final conversion to take place. And so that's where you just have to help everyone understand that the point of the promotion or the incentive is to begin a conversation, not to not to you know, get them to the point where they're just ready to sign the dotted line.KevinSo I don't I would say, but that you don't have to have an either or. But like anything else, we should constantly be saying, do you want to dig into more of this on your own or are you just ready to go do the fun stuff and make the connection and take the next step and go on site or have an appointment?KevinYou can always go deeper, but most people don't want to dig deeper into the financing. Certainly not at the top end of the funnel. And that's that's the other thing I would say is a generally still what I'm seeing anyway is that there is no incentive that's bringing vast number of new people to the market. It's still speaking primarily to that middle of the funnel and bottom of the funnel rate again, which is important because again, the number of people in your CRM system from last two and a half years is enormous.KevinAnd so finding that right message that gets those people to respond and reengage is arguably more important than trying to find the new people. Yeah.BethI've also talked to a lot of builders recently about serving the people that haven't moved forward to find out like what is the talent, the most challenging part of this market right now And holding them back, or why didn't they go with them to find out? Like we talked a lot about some about the 1 to 1, right, the personalization and things like that.BethAnd I think those survey results will tell them going back to market research will tell them that it's not the top level stuff that's interrupting them, it's the middle stuff that's interrupting them. It's the okay, well, I have the timeline. Does it match up? I have to go here. I just there's more going on than I think we think.BethAnd we can't solve it all at the top.KevinRight? Yeah, but there's there's so many ways I want to go. But we got a lot of news articles to do. I want to do. I want to pull backwards on that. Yeah. So just a little bit more. So the reason that New community launches tend to fail is that people don't know how to activate the list. Building list is typically never the problem.KevinIf it is, just call us or email, show it to you canva.com. I'll be getting people on the list generally is never the hardest part. Hard part is activating them properly and it's because they're like people who just give it their best shot. They're like, Well, we send everyone an email and no one showed up or We only got three appointments, send another one, okay, sent another email and we got five more.KevinBut that's it. It's really, really sad. Did we call everybody? No. Okay, now we're going to call it. You know, it's just layering that stuff on and there's no it's no different with incentives, especially to the database you already have. Why would you resend the same exact message with a bigger font size at the top? This time and be like, No, now really pay attention to this.KevinSo I guess the other part I'm trying to say about is you do have to pick something. You have to hit, but it doesn't have to stay that way for the whole month. Or if you're going to be emailing people twice or three times during the month, one that's text only one that's curated for marketing. Maybe something towards brochures, look at different aspects of the same message.KevinSo your first time maybe you are talking about the interest rate and then the second time around you didn't open up or interact with the first one. You weren't talking about monthly payment or you are talking about a different testimonial about how this incentive made buying possible from someone who bought last month. I think both with new community launches and with communication and promotions, people are stuck in neutral or first gear and they just keep you got to be that squirrel trying to break into the into the birdfeeder, like, how are we going to make this happen?KevinKeep trying and our message, different message.BethThat being said, like the different message is important, but also like avoid the whole $10,000 this month. Okay, now it's $15,000, now it's $20,000. Like it's clearly something's not working. If if that messaging isn't working, like, let's try a different like you're saying, try a different route. Don't just keep going with the same route and upping the dollars because that is not resonating with them.KevinYeah, I saw someone is offering real estate agents a 5% or 6% commission. I'm just like, Oh, that's like classic in those markets that are struggling. By the way. Mm hmm. You all know who you are. All all of the builders that we work with have said I reached out to to the general real estate community, and they're all like, we got no buyers for you.KevinLike, there's no one here. We don't have anyone to work with ourselves. Yeah. So giving them extra money isn't making people show up for them either. It's. It's bizarre. Yeah. That the joke in art school was if you can't if you're not a good artist, do it big. If you're really bad, do it read. And if you suck at art, make it big and read and just like just scream out louder, bigger, stronger.KevinYeah. Oh, that's great. All right. First up, from search engine Lancome. And if we can cue in Eminem's song like Guess Who's Back or controversy, we need a little controversy here. Some controversy. Google is accused of downplaying ad price manipulation. So they're being sued. They've got a couple of problems right now. Google does around antitrust and also this inflation of ad prices.KevinSome advertisers believe that Google is quietly inflating ad prices by 100%, a stark contrast to the 5% suggested by the search engine. The search engine has admitted at the federal antitrust trial that it frequently inflates ad prices by as much as 5% without telling advertisers, sometimes ten, and everyone saying, Yeah, baloney. We think it's up to 100. Now I want to get your two takes, but I just want for the audience, Google's take on this is basically, hey, you're telling us what your maximum cost per click is, what you're okay with it being.KevinAnd so, you know, we might just add a little bit, but it's still going to be under what you told us you were happy to pay per click. So all is fair, right? And it's just five or 10% and it's like a rounding error.JulieWell, number one, it's just the fact that there's no transparency that you're saying it's one thing we're calling it an auction, but it's kind of an auction and it's kind of we're setting whatever we want. The second is just that that's tied in to that. They're inflating the things to meet their own revenue goals, which I mean, obviously that's a conflict right there that doesn't help advertisers.JulieAnd then also, I just wonder, I don't know if I'm explaining this right, but really they're setting pricing on impressions. We're looking at it as just clicks. If it was a pure auction, it would feel like it was just clicks. But how they're raising and lowering prices without telling us is more on clicks and ad. And so I think they're trying to say, well, we're just trying to raise the quality, but it's leaving us out of that equation.JulieYou know, the advertisers out of the equation. They're benefiting themselves with that.KevinYeah. I wonder I think I think I follow where you're going. There you went as nerdy as you can get.JulieBut for me.KevinYou know, it just does, period. Because I'm like, again, I'm like the cat hanging on the branch, like, I think I know it. She's gone. I think maybe this is such as Google doing a terrible job of explaining because to your point, it's not just who bids the most money. Yeah, the two bids. It's the most money. And as the most relevant ad that typically gets clicked the most.KevinSo there are certainly other things beyond financial measures, but that's really not what Google said, even if that's what they meant. Like, hey, there's two other factors here. What they woops, what you said was, no, we just inflate prices by 5 to 10%. If we're if we believe that we can make the money on it. Now, Google, by the way, you know, of all of the major tech organizations, Google generally scores pretty well in trust with consumers.KevinAnd I can't explain why they rolled out. There's a phone I think it was the Google pixel five or something like that. I was reading or watching a Marquese Brownlee YouTube video on this where they said, Hey, you buy the phone, and for one monthly fee you can get YouTube premium, YouTube TV, all these different like six different features.KevinAnd every two years you get a free upgrade of your phone to the latest Google pixel. It was called like Google one or something. Guess what program they canceled and terminated just a month or two before the two year mark. Like these are some shady folks and they get they get away with it based upon the hey, we try lots of things and then we shut things down when it's not working.KevinBut they're like a and like their logo should. The tagline should be Google the warehouse of empty promises. So really good at search and video. Like they do some things really well, but they're not to be trusted. And we're you even started today on our call with Andrew. He's like who's seeing this other warning, warning message now that they're adding on to accounts?KevinThat's basically saying.BethYou're spending some money on your bids.KevinYeah, the person managing your account might not be doing you a favor by doing it this way, even though and this is we just kind of pass this article around was like, Exactly. That's why we manage bids the way we do, because you cannot give people control. That's just like clear as day that they don't. Alter Did you see, by the way, the Amazon like admitted that they raise prices by like up to 30 or 40% on products that they believe they could during the pandemic, just like let's just make more money.KevinWe can. Well, that's what they call free inflation.BethWhich, speaking of Amazon, their second prime day just wrapped up. And my favorite thing about Prime Day is that you look at the price and then it says like a total price, like the price it normally is. But if you go to a camel, camel, camel and look at the price history that the average price is actually like closer to the prime Day deal and they just knocked it down like a dollar or two.BethLike it's all it's all manipulation, which is how marketers get such a bad name.KevinYeah, Yeah. Can we not call it that? Marketing is to be another word.BethI'm just getting bad Google.KevinI mean, it still is. Still. And that's again, you just need control. You need you need really limit the keywords. You need manual bidding on terms performance. Max campaigns are from the devil, say aloud. They're proud. Okay. Next up from Redfin.com 59% of recent home buyers say that purchasing a house is more stressful than dating. It's been a while.KevinSo I'm going to I mean, I don't know what dating's like, but baby boomers are most likely to say the opposite because again, they haven't dated in a while. Maybe either with nearly half saying that dating is more stressful than home, buying divorce and finding a new job, or the only two listed life events that a majority of respondents said are more stressful than purchasing a home.JulieThis is weird, weird survey like potty training a child with all of those things.BethGetting into college, like very specific getting into college. But yeah, no, I when this first came out, that was exactly what I said. Julie I was like potty training.JulieYeah. No, no, I think this is a little click baity. Like, what can we do that maybe people will.KevinAgree with you, But look at some of these some of these are fascinating because we typically talk about how broken the the like processes of buying a car. Yeah. And yet 66% of people said buying a home is more stressful than buying a car and let me let's so I agree click baby maybe things position in a way for extreme effect but why do we think like just the top line truth of buying a home is really stressful and might be like stupidly obvious, but let's just name out some things.KevinWhy we think it's really stressful.JulieSpending a lot of money is very stressful.KevinYeah.JulieLike often getting a mortgage and answering all those questions and figuring out maybe you don't know all the answers to all the things you should know is stressful.KevinYep.JulieMoving a stressful birth knows death. Yes.KevinAnd I've talked about before, like it's not just the physicality of moving, it's the mental reorganization that has to occur of everything needs a new habit, you know, like just how you walk out of bed and into your bathroom. Your brain has to relearn the it's taxing. Yep. There's no opportunity for trade in, like, no take backs, right?KevinLike, I'm just going to try it for a week. So you're stuck with your decision for a period of time? Yeah.BethYou can't have a first date with a house that you're buying.KevinWhat about the shopping process? Like, that's all the stuff after you buy or as you're buying, but that's where you're like lack of options.BethBeth Yeah, a lack of options right now. I mean, a to the approval of many builders is that new construction is the way a lot of people are going just because of the lack of resale inventory available or affordable resale inventory that's available and affordable, factoring in mortgage rates, of course. And and just like, okay, well, if I have to move what is out there and I'm staying on my street right now, the trouble of selling their house, if they have to sell their house in order to move to this new house, that is very, very stressful.KevinIt's I think just the the interaction with humans generally is not good. That's like I'm just again, getting phone calls to be returned, getting questions answered, feeling like you're not a bother when you do. Do have a question or need an answer.BethThat's a whole can of.KevinWorms. So I guess to me the bigger thing that I think is interesting to think about in relationship to this article is, is the how much of this is stuff that we could be doing better versus two that a lot of the things we went to early on of it's a lot of money. It's a big decision. You can't redo it quickly.KevinThose those things we can't necessarily change but like if you if a builder did all the things, just all the things to make the experience as good as possible. Do you think home buying would still be top top of the list other than dating? Hmm.BethI don't know. I don't know how to answer that.JulieYeah. And because.BethWithout biases.JulieExactly. And because it's not just home builders to, you know, it's the existing world, too. So we can fix our little or we can try to fix our little corner of the world of home buying. But can we be fixed? You know, dealing with realtors and losing out on a house You thought you have to be process.KevinSome people would say, I'm being stubborn on like sitting on this, really. But let me just shifted to something else that you both know way more about than me giving birth to a child. Is that stressful?BethYeah. Yeah.KevinLike, I don't know the situation where it isn't because and again, from from my stupid vantage point, it's like we've had great hospital experiences, we've had good nurse experiences, we've had good food experiences, we've had good comfortable beds, like all the things you can take, but it's still there. Still because of the amount of change involved. Mm hmm.KevinI actually don't I'm not trying to go negative, but I don't think it's pop. I think the stress will always be there. It's how you manage and respond to the stress versus trying to take it away. Maybe. That's right. I think a lot of the focus is like, we're going to do these things and remove all the stress as well.JulieAnd a lot of the stress comes the stress is the uncertainty of not knowing how it's going to go. So it's so it's going to be stress, even if it goes great, even if your house has no problems, you don't know that beforehand. So you're going to stress about all the problems that can happen. Yeah, for you happens.BethAnd that's why moving has been consistently, consistently one of the biggest structures in someone's life. And it's because it's just the simple act of moving is stressful enough. But then right now you're layering in a lot of other issues that the stress is never going to go away, like you just said. But there's ways that we can respond better to it or help people respond better to it, better a little bit more creative that maybe we haven't explored yet.BethLike the most stressful part about having a child and purchasing a new home is the stuff that happened after having a child. It's the healing, it's the bringing the baby home, adjusting to a new life. It's the no sleep, it's the feeding issues. It's all of that all happening at once. And then for moving and closing on a home, then have to move.BethYou have to hemorrhage more money. You have to get used to a new house. You have to unpack your stuff. Okay. So you still have time out.KevinFirst I got because I love it, because again, I'm I'm I'm just a guy who doesn't know much. So imagine in the scenario of you having a kid. And then as soon as you come home, your partner says, hey, I'll be back for a 30, 60, 90, 120 day inspection. But you figure this out. How that how that go down?KevinTerrible, right? So I think we just solved a bunch of things for a bunch of people here is we know that the stressful part often comes after moving in that trigger moment. We like, oh my gosh, my kid just punched hole in the door or like, this new thing is being destroyed for my eyes or I found something that they missed and they're going to say, My kid did it.KevinAnd they they didn't do it. Yeah. Mm. So that's, but it's clear as day that that's where the vacuum occurs in terms of the builder's interaction with the customer. Mm. Yeah.BethAbsolutely. I think it's all clear. Is that a way of announcing we're going to have like a parental leave policy now to no one.KevinWe have actually spousal policy. Yeah, yeah, yeah. So yeah. So I think the post event is a big part of it. And the other thing that I was considering talking about as my story time was I took my oldest to visit college, a college for the first time on Monday and she's, you know, constantly she's a junior, so she's got time to figure this.KevinObviously, she's constantly like, I just can't wait to get out of high school, get to the next phase, like I'm ready to be an adult, give it to me, let me out. And she wasn't super excited about this first school we're going to because there's only like 3000 kids on the campus and it's in Indiana, kind of in the middle of nowhere.KevinBut she had done some research and she thought she was ready and like this was all going to be beneath her. And then she texts me at 6 a.m. the next morning after spending the night in the dorm and was like, How'd it go? She's like, Oh, the dorm is awesome. All the people here are super nice. I love it, but I'm just so freaking happy that I have two more years because I am not ready for college.KevinLike I'm not ready to be all on my own, do my own things, be in this place where I don't know anyone else. Like I need I need time to go back and like, she's also like, I just appreciate the community that I have and the people I know at school, and I'm going to maximize those next two years of relationships with those people because I know now, like I can see the change.KevinSo part of this is also the we talk and have talked and we'll continue to talk a lot about inoculation being an important aspect of what you do is setting expectations. And yet and yet, like did you set expectations well enough or not? I don't think can be defined by simply what the customer's reaction always is.BethYeah, absolutely.KevinBecause you can tell them and tell them and tell them and tell them, but they're still going to have a reaction in a lot of cases. And you just got to be ready for it and be available.BethWell, I think I mean, what you said there too, like you can tell them and tell them and tell them oftentimes early, telling them once and expecting them to remember that doesn't work either.KevinAnd once through one format. Yep. Just like everyone knows email and never run scared to keep sending emails. And you do have to make sure it stands out above the clutter. But the number of emails that I get just from my kids school on a weekly basis and then, you know, you're, you know, you get one email from the builder about an important milestone that gets sent to spam or junk.KevinAnd and then you're just internally your team is incredulous, like, why don't customers just understand they need to come prepared for this thing? Maybe if it's important enough, you should tell them more than once from more than one method.BethWhere's your sound effect from now?KevinBam dot com. And this is an interesting it's a like Inman like publication but they like to go edgy and they have a YouTube channel and I watch some of them and the guy, one of the guys is kind of a weird jerky. So anyway, just keep that in mind as we talk about the article. But homes dot com has claims this is not the headline but I'm adding this home scam claims it has hit 100,000 monthly visitors.KevinZillow's rivalry heats up so homes com is owned by costar and their goal they say Andy Florence is the CEO says hey we're going to be the number one syndication platform for residential real homes And they claim that they hit 100 million unique visitors. Last month, Realtor.com and Redfin reported 74 million uniques that would put them in second place, and Redfin reported 52 for the quarter.KevinSo that's by the quarter. And they're saying 100 million in a month. Now, here's what's interesting is this would be a 1290 percent increase in traffic year over year for the site. So I don't I can't recall if it's mentioned historic or not, but I think both Zillow and Realtor.com are like heads or some other third party that they probably pay or nudged and were like, Hey, can you help us refute this?KevinThey're like, Yeah, that doesn't quite seem right because the prior month they had like 70 million where I should find the exact numbers. But basically they increased by like almost all of the traffic that Realtor.com gets in a month by a month is what they're calling them. So take it with a grain of salt. But they are everyone does seem to agree that they are trending.KevinNow, have either one of you spent any time on Hanscom? Mm hmm.JulieJust after reading this article.BethAm going to see for it had been on there because I used to use the home snap app and dot com is now they acquired Thomson app whenever and so when I went to go use the home snap app, it was like we're now home XCOM. You got to go download a whole new thing and all this stuff and at first I was like Mac.BethBut then I looked at it, but then it didn't have the same amount of data that I used to get in the same format. So then I was just disappointed.JulieAnd I did go Google Homes in Mandeville, Louisiana, which is where I live, to see if they came up in the paid search, which they did. So also you have to wonder how much of this is just did they take one, not push it as much advertising dollars as they could in that one month. Right. Because Zillow does didn't come up in the paid search.JulieAnd I mean, maybe they do have some and it just didn't come up in that one. But and just push in that one month to have these numbers to show investors and all those different people. So it doesn't mean that organically more people are going there than Zillow. Like there's ways they can wait. Those numbers.KevinSure. And there already are platforms that we know basically get almost all the traffic from a paid activity, names that you would know. I think what's really interesting about their approach is and I'll share it for those of you watching the video, this is a listing nearby and they say shots fired to to to Zillow in particular. I think no fake agents on home scum.KevinSo it shows the listing agent, Buffy Patterson, her phone number, and then it says No fake agents. We connected you directly to the listing agent who knows the home best. No cold calls, robocalls or spam from random agents. And that's their whole thing, is you're listing your lead and their belief is that the best customer experience is to get you in touch with a person who knows at home the best sellers are all agents, the kinds of agents we want to work with who really do know the home they list really well inside and out unnecessarily.KevinI think that's the first kind of floor. And the second is Buffy doesn't pick up the phone. It doesn't matter if she's the most knowledgeable. So yeah, it'll be interesting to see how their strategy pushes output.BethFrom a consumer standpoint. I appreciate that message better than the message that they're pushing. And I even just sent you all in the chat that we'll have to provide open the notes. But on their website they are pushing the same message of We are the fastest growing industry. There have all these graphs and all this stuff of why they're so much better and they're moving so much faster.BethBut like what you just said is way more interesting to me from a a realtor and consumer standpoint, because I can't tell you how many times we would be moving and I'm just frantically trying to get any listing information that I can get before I talk to a realtor, because I like to do my own research. And I would accidentally submit the question on Zillow's like promoted realtor versus the actual listing realtor.BethAnd most people don't know that you have to go into the list. There's like a small, very particular place. You have to click to actually get in touch with the realtor that is listing the property both rental and resale. So I like that part from a consumer point.KevinYeah. If again, that person never responds to you. Yeah. Just true. They seem like and anyone from Zuckerman wants to come on the podcast. I would love to have you to talk through this. It seems like they're just on the offensive to try to, like, swing as hard as I can and see what sticks. Like just putting out here millions of free leads.KevinMm hmm. Billions and commission value.JulieWhat's the data point you're using for that?KevinYeah, yeah.BethYeah.JulieWe're going to use Kevin's question.KevinYeah. Yeah. It's like millions of free leads delivered since 2004 when we were home start up or somewhat like, what does that what was. I mean.BethYeah, it's getting desperate.KevinYeah. Speaking of desperate from CNBC dot com, the housing industry in air quotes urges Jerome Powell to stop raising interest rates or risk an economic hard landing. This this whenever this stuff happens I'm always just like are we really spending time on this? I mean I guess people should do it probably is helpful. But the National Association of Homebuilders, the Mortgage Bankers Association and the National Association of Realtors all wrote to the Fed to convey profound concern about the industry.KevinThe group asked the Fed not to contemplate further rate hikes and not to actively sell its holdings of mortgage backed securities. Not selling securities would, in theory, help hold down mortgage rates, and obviously not increasing short term rates might also help mortgage rates. But it just is like Jerome Powell doesn't work for you. So it's kind of like my neighbor.KevinIf I if I had a neighbor who would be like, Hey, I'm going to write you a letter. I'm also going to get the local butcher to sign on and we would like you to chop down that tree because we just think that a tree is ugly. I'll be like, That's cool. You don't own land. So now what is this really?BethDo write. Great question, Aren't they?KevinAren't they all? I think all these three industry things for also actively running messaging saying there's never been a better time to buy is like wow, how's it both? I don't know. Can you tell I don't like political anything. Yeah.JulieYeah. They had lobbyists that needed something to do. It was like when the all the people came together against a they wrote the letter against AIG when, like, they've used forever, you know, it's kind of the same. Yeah. Same feeling.KevinRight. Also, the people who are against, they are the people who are already leading the field in like all kinds of competition coming from other places to be harder.JulieYeah, it's like a different version of that.KevinFor those of you are are playing along at home with the game like what Metta is doing with Lama too, which is an open source. All of them is basically trying to say, Hey, we're going to if you're going to try to make it hard for the little guys to compete against you, we're just going to make open source software available for people to use that will build almost taking a play out of Google's playbook with Android.KevinLike, yeah, in Nokia you stink at building software to run phones. We'll just build software for you because we're a software company.KevinOkay, moving right along from Inman Re Max becomes the third major firm to distance itself from NPR announcing details of its settlement in the bombshell Commission lawsuit, the franchisors said agents and brokerages, the freedom to set and and or negotiate commissions as they see fit and will no longer require a realtor membership as part of working with them or for them.KevinSo that follows Redfin anywhere and now REMAX All, all. And and they are we're not sure that we can continue for saying we're not going to require membership. Now all these remember the is places and we're going to have Rob hon back on to talk a little bit more about this. For those of you who couldn't come to the summit or missed his session because a lot of people were sad that they missed that one afterwards, you thought it was going to be boring and then it really it wasn't boring.KevinEveryone was talking about it and you missed it. But there's a lot of MLS is that require realtor membership in order to access the MLS and so that's kind of one of the next battlegrounds to come is if that if that holds or whether people will relent in in hopes that the Department of Justice will stop pushing things to change.KevinSo any other thoughts, insights on this one from either you.JulieJust finally the like flood? I feel like everybody's been talking about this for the last year or two. And finally, like once the floodgates kind of opened, people are following. So it's interesting to see movement on it. Instead of just talking about things. It's like people are actually starting to take a little action. Whether that really makes a difference in how things work yet.JulieBut I think eventually they're getting there.BethYeah, Yeah. But does that what we were talking about last week is just Redfin was the first. Now what's next? And now we're starting to see the domino effect happen a little to.KevinRedfin's was voluntary is the one distinction. Redfin's is voluntary anywhere, and Remax is part of the setup. Once they reached on those lawsuits. So they both agreed to pay millions of dollars in fines as well in settlement funds, and then also say we won't make this happen. So that's where some people are, like Redfin. We're just doing this to try to get as far away from this as possible because they don't have much cash to give and a settlement anyway.KevinMM Well, yeah, there's lots of unintended consequences. It might happen from this one. One example that Rob gave was okay, so in theory being able to put I'm not going to offer any money to the other agent and the transaction sounds like it'll be good to consumers and it'll prevent steering, but actually it might make steering worse. Was this scenario of like, okay, if I work a plea, all the three of us work in the same office, I'm going to put I'm not going to pay anyone from, you know, Keller Williams anything but everyone else in the team.KevinLike if you bring me one of your buyers, we'll figure something out. I'll tell them, like, Hey, this this whole thing is good enough that you should pay them some money in addition to as part of the deal. So it actually could make things worse, not better on the steering fronts. All right, Rob, for the rest of that.BethWhat and going back to what you said earlier about like the realtor incentives that people are pushing, there's like people with parallel to throw money and there are the steering wheel, the offering. So I'm interested to see how that plays out.KevinYeah. All right. Things we love, things we hate. So we close out every show, you know, on.JulieAbout mine, my and my bills. If you need something to get off your phone, go do it. We will crochet. Yeah, we.KevinWill.BethIt was really cute. Mine is. I was also influenced, similar to Julie. I had been waiting for our prime date to happen so that I could get my Bissell little green. If you don't know what that is, it's like a portable upholstery cleaner, carpet cleaner, spot cleaner for pets and whatnot. But when we moved into our new house, we have these chairs that we've had since we lived in Texas, which was like three, four moons ago.BethAnd they have they're old, they've been in use, but they've also been in storage and through a couple houses. And so they are stained. And I also have children, so they are stained. And so I just really wanted to bring them back to life now that we have them in use in this house and that little thing, it did its job.JulieTo help the water growth afterwards for you like it.BethIt honestly, I was a little concerned because it didn't I only did two chairs as a test to see and I have to go back and do them again, like out on the patio so that I can like really get the sides by. I showed my husband and I took a picture beforehand and then we looked at it after and we were like, Holy cannoli.BethIt actually worked. I should post like a before and after, but I'm a little embarrassed by that for.KevinMy parents used to have their main vacuum cleaner was a rainbow. I mean, anyone heard of this? Yeah. And it's like one of the last things that was sold door to door by by, like, vacuum salesman. And it was like, the best product ever because you fill it up with clean water and then you just vacuum and there are no bags, and the vacuum just goes through this big water thing in the center.KevinBut like how much dirt you really need to put in water to make it look filthy is not lot of dirt, no wonder. And so I was just like, Oh, it's so gross. But missiles are great ray machines. I'm going to try to solve everyone's terrible audio problems everywhere. I we all love and we cheer all of you when you make great content for social or video work.KevinBut a lot of you really have to pay attention to your audio game because one of the sounds workers for real talk your it doesn't translate and no one wants to watch that and it's that's just like it's painful almost every content creator we've ever interviewed and we talk about like which is more important the photo image quality or the sound quality.KevinThey're like, Oh, you can't fix sound nearly as easily as you can fix image after you shoot it. So this is the latest iteration of the Road Wireless family. It's called the Pro. It's 399 and that sounds like it's a lot of money and it is a lot of money, but just the two lab mikes that come with it, if you were to buy those separately, they are $200.KevinSo what I just said there and the justification, it's basically like free the case now charges every everything else in in the so you just have one charging case and accessories case. You get two different receivers and one transmitter. So you put the one transmitter on your camera and it comes with all the cables to attach this to an iPhone with lightning cable or you have SBC in Android.KevinSo these are the same things you'll watch on YouTube where people just clip and it has like a fuzzy dead cat on the side. You don't even have to use Alabama. Like it's just an all around easy to fill. The batteries last forever. It also has a 32 bit float, which technically speaking, that just means there. But that's like 130 a bit float is just like super high quality recording said it can't clip at and in terms of going too high or too low it can cover all of the all of the sounds and give you the chance in post to choose what you want or don't want.KevinThanks for listening. We'll see you next week.KevinHow about that?BethI like that better.KevinBye! The post Ep 307: The Warehouse Of Empty Promises appeared first on Online Sales and Marketing for Home Builders - DYC.