00:00:06:01 - 00:00:25:14
Speaker 1
All right. Welcome back to the weekly roundup. I'm Dylan. That's Jenn. That's Mike. That's Mel. We are the coaches with PSN coaching and this show is put together with the specific intention to share what we're seeing in the world of real estate right now. It's what we're hearing about from the agents that we're coaching is what we're seeing in all of our businesses.
00:00:25:16 - 00:00:53:06
Speaker 1
We all have a different kind of walk of life and are all at different stages. Jen's working now primarily with the brokerage and still coaching. Mel is running her team. Mike is building his team in the last couple of years as well, actually, same as Mel and I've been with the family team for the last six years. So we are all fully entrenched in real estate and it gives us great perspective on what we're hearing from other agents, what we're hearing from clients, what we're hearing from general leads that we're talking to.
00:00:53:08 - 00:01:14:17
Speaker 1
And so that's what this show is all about. And today, specifically, we just want to talk about the market, how people are doing, how agents are doing, the discussions that we're having with our clients and as coaches, the discussions and, you know, concerns we're hearing from some of our agents as we see a lot of sales volume dropping and deals essentially disappearing from the market.
00:01:14:18 - 00:01:30:11
Speaker 1
So before we jump into that, guys, I want to just share something with you before we jumped on the call today, I was looking at the stats as I love to do, and I was looking at sales volume year over year for the last little while just to kind of compare and get a real gauge on where we're standing.
00:01:30:11 - 00:01:53:06
Speaker 1
Because as you guys know, if a deal disappears from the from the market, that's two ones that are disappearing that might have fed an agent. Right. So two ends per deal. If I go back to 2021 for the year, we were at 121,000 transactions, 2022 last year as the rates started to increase, a drastic drop to 75,000, which we haven't seen in a number of years.
00:01:53:06 - 00:02:24:22
Speaker 1
But that's how that's how many deals disappeared. Almost 50,000, when you look at it, 75 up to 121,000, that'll be 100,000 ends. And of our 75,000 agents or thereabouts that we have in Ontario, so quite, quite drastic or sorry I should say on the not necessarily TREB, but in Ontario for the number of agents and 2023 year to date as of the end of September, because October's numbers aren't out yet, we're looking at 53,000 transactions where we're standing so far.
00:02:25:01 - 00:02:34:11
Speaker 1
Wow it If we average out what we did last year, maybe we get 12 or 13,000 more sales. But I don't think that that's necessarily going to happen. So I.
00:02:34:11 - 00:02:35:02
Speaker 2
Doubt it.
00:02:35:05 - 00:02:56:12
Speaker 1
We're definitely looking at a record low for sales volume. And when you when you look at a stat like that and we talk about what we're hearing, you know, agents struggling, not putting deals together, even our own scenarios as we have listings come off the market, as we see sellers struggle, as we see buyers struggle, it, it makes a lot of sense.
00:02:56:12 - 00:03:11:21
Speaker 1
And so, Mel, I want to throw this to you. As you know, we were talking about this before the call. What do you see and what are you hearing from agents? And let's just start there and then let's expand as coaches on the mindset help that we can give agents going forward.
00:03:12:00 - 00:03:32:12
Speaker 3
Yeah, because, you know, just an aside, I mean, when you see those numbers, the word that popped right in my head was opportunity. But I guess that's another call. I was like, Man, what a great opportunity here. But but listen, a lot, especially the new agents that have come in, we got to think about it. They've come in in the last 2 to 3 years.
00:03:32:12 - 00:04:00:19
Speaker 3
They came in in an extremely different environment. I mean, it was just a matter of how to do the deals, not if there were deals that was never in question. And as they're looking around and they got young families or their, you know, struggling to just build their own self in their own nest, this is now coming for a lot of them as a roadblock as opposed to an opportunity or a challenge.
00:04:00:20 - 00:04:35:22
Speaker 3
It's really coming as a bloc because it's it's not it's the economic, the socioeconomic. There's so many things that play just not the deals. I mean, face that everything is more expensive for everybody. So it's not just not doing the deals that had me go, but I have all these other challenges is and what seemed like an opportunity to them right is now looking like a hardship because it's just not not they can't count on it as income and you know, fear comes into play a lot.
00:04:36:00 - 00:05:00:17
Speaker 3
And I'm not saying fear like it's unrealistic, right. Because I mean, I don't want to discount some of the people that are in dire straits and really need to do something. But I think it's affecting even more than those agents. I think it's affecting those that are saying this could be the rest of my life and I can't afford to put good money or bad, you know, after getting their license.
00:05:00:17 - 00:05:33:06
Speaker 3
That's the mindset that I'm seeing and hearing from other people. It's like, you know, I got it almost at a bad where they're surprised by I gotta like, cut the strings right now and find something to get my now money. And this is where a lot of people I see are going to and I'll just see one more thing before we throw it to you guys, is it was important for me that we do this because it can definitely feel especially like those for those new agents, that this is a them problem.
00:05:33:08 - 00:05:39:08
Speaker 3
Like it's it's not economic, it's not that widespread. They it's all there.
00:05:39:12 - 00:05:41:10
Speaker 1
I don't have deals.
00:05:41:12 - 00:05:53:06
Speaker 3
Yes. And I want them to understand and that's that you just said Dylan really proves that point. So I thank you so much for bringing that up to give some people perspective, at least.
00:05:53:08 - 00:06:11:13
Speaker 1
Yeah. Yeah, absolutely. Yeah. You touched on a couple of cool things there that I think we should talk about on this call and obviously it being opportunity out there is still one of them good money after bad because that's kind of funny because I hear that discussion with our investors as we're talking about should we ride this thing out with this house or should we just cut our losses and get out of here?
00:06:11:13 - 00:06:35:02
Speaker 1
Right. So I think that what's cool about it is a lot of these conversations spill over to with your clients and with how you're evaluating your business. Right. So so, Mike, as as we talk about that, like what are you guys seeing right now in terms of the conversations that you're having with agents that you're coaching? You know, what are you hearing?
00:06:35:03 - 00:06:56:17
Speaker 2
It's a good question. And there's a lot of struggle for sure. A lot of agents don't know what to do. They don't like. They feel as if their tactics and what they're doing isn't working, which is understandable because it's not. But like Mel said, it's not working for anybody. It's not just specifically them. And so, like, the biggest thing that I'm talking about right now with a lot of agents is revisit that shift book, right?
00:06:56:17 - 00:07:11:07
Speaker 2
There's that famous book that's out there for a shifting real estate market. You have to revisit that book and you have to follow it. It's a model. It's a system, and it's own and it's own self, Right? And by following that, Jen and I just coached on it yesterday. She was like, Yeah, here's three things you need to read in this book and get back to me.
00:07:11:07 - 00:07:26:12
Speaker 2
And actually I'm like, Shit, you're right. I got to do that, right? That gets I got to revisit that because it's important. But more importantly, I think and this is where a lot of people struggle, it's it's the mindset around it. And I honestly like when I watch videos, people are like, Oh, it's mindset. I hate when people say that.
00:07:26:12 - 00:07:43:22
Speaker 2
Like it's like, So what a dumb question. What a dumb thing to say. But it really is true. It is, but it's true that you approach it. Yeah, is super important. So if you come into the day of like, oh this day is going to suck what the day is going to suck. Right. But if you approach the day is like this day is going to be okay, right?
00:07:44:02 - 00:08:00:05
Speaker 2
It's going to be a better day than than having that day. That sucks, right? So we got to get to the point where it's like this day is going to be good because I'm going to make it a good day. And in that case, I think you're a winner, Right. And going in every single day knowing that, yeah, you might not get as many leads as you used to or you might not get any leads at all.
00:08:00:07 - 00:08:18:00
Speaker 2
But that's okay. You have to keep progressing forward. You have to keep moving forward. There's a lot of things are going to be changing and in the near future. And a big part of that is you will see a large amount of realtors leave our industry. Right. And because the amount of realtors is totally in comparison to the amount of money there is to be made.
00:08:18:00 - 00:08:34:06
Speaker 2
So you have done what you were just saying. The amount of money to be made since 2021 has been halved almost, right? It's almost half the amount. So you can probably expect a large majority of realtors to make an exit out of the business. With that in mind, that's where kind of what malware you were just talking about.
00:08:34:06 - 00:08:52:14
Speaker 2
That's where the opportunity is, right? If you're an agent that can stick through it and battle through the storm, you are going to come out ahead. You're going to get that market share. You're going to when the market turns back to being a good market, everyone jumps in. You're going to have a very dominant market share. You're going to have a percentage of market share that you're going to be proud of and that people are going to rely on you.
00:08:52:16 - 00:09:11:12
Speaker 2
Yeah, but that comes down to determining and deciding today that you need to be that person in order to do it right. And so I have a photo about my while I get made fun of all the time for it when people come into my office, but it's right above my desk and it's a photo of a ship going through a rocky waves and it just says a smooth sail never made a skilled sailor.
00:09:11:13 - 00:09:26:20
Speaker 2
Right? Or sorry, smooth sea. Never made a skilled sailor. Yeah, that's a great one. And it's true. It's it's really, really true. It's it's like and I have another one that I want to buy for my office. But again, I'm being made fun of all the time for it. But it's a knight in shining armor. Well, it's a knight and broken armor, right?
00:09:26:20 - 00:09:47:20
Speaker 2
And it's the little notes says, you know, a knight in shining armor has never had his armor tested. Right. So it's a knight that came back from battle that list. And it's so true, right? A lot of us sit here in shining armor and we're like, oh, yeah, look at us. We're the best. But then when all of a sudden the market goes for our crap and everything's really not so sunshine and rainbows, we just take off our armor, we just give up, right?
00:09:47:20 - 00:09:59:05
Speaker 2
But if we kept our armor on and yeah, okay, we take a couple of battle wounds, we take some hits, but we're going to be all right. We're wearing really thick armor. We've just got to battle through it. There's going to come a time when the battle is going to be over and we're going to go home and we're going to be all right.
00:09:59:07 - 00:10:13:04
Speaker 2
And so it just comes down to that mindset around story Malachi out there. It comes down to that mindset around, I'm going to show up today and I'm going to give it my all. And yeah, I might not make as much money as I did last year, but, you know, that's okay, right? We're going to make sure we're going to cut back on our expenses.
00:10:13:08 - 00:10:25:10
Speaker 2
We're going to make sure our net income is still where we need it to be in order to be profitable as a business. And we're going to push forward and maybe double down on what we're doing to try to make up for that money that we might lose out on. Right.
00:10:25:12 - 00:10:46:21
Speaker 3
Just something to support. What you're saying is changing your definition of success, like those that 2021 number, your definition of success was, you know, raking in those deals and getting them done. And what happens is when we go through this rough patch, you got to change your your definition of success. So what do you have to do identifying that, Right?
00:10:46:21 - 00:11:06:16
Speaker 3
What do I need to do is the most important thing. Don't stop till you get that answer. And then actually fulfilling those tasks and doing it. Now, maybe a successful day for me is, you know what? Doing my 20 calls and my 50 letters like that, that is success. I'm going to help you to just do that. Right.
00:11:06:18 - 00:11:13:16
Speaker 3
And don't be stuck in having that old success that doesn't doesn't fit anymore.
00:11:13:17 - 00:11:27:14
Speaker 2
I remember in 2021, at the beginning of the year, just transitioning into my own team. So I was going through like, you know, I dropped off a lot of my legion, so I pretty much starting from from Ground Zero, right? But it was like that time where everyone's having a killer year. Everyone was having their best year yet.
00:11:27:20 - 00:11:42:10
Speaker 2
And I would go on social media and I would see sold, sold, sold for sale. So I'm like, Holy crap, people are just lighting it up right now. This is incredible. And it's kind of also intimidating because it's like, Well, what am I doing wrong? Like, why is it why don't I have all this? But it's like, again, it doesn't matter.
00:11:42:10 - 00:11:55:13
Speaker 2
You don't know the situation you're in. They're actually selling places. You know, if they're the ones that sold it right. And so when things get tough, you have to really hone in on what it is that you're good at. And that's why I jumped into coaching with Jenn and we just came up with our game plan. This is our game plan.
00:11:55:13 - 00:12:12:16
Speaker 2
This is what we're going to do. This I'm going to follow. This is how many people I'm going to talk to every day. A successful week for me is talking to 100 people, right? That's that's what we define as success. Right. Going through the people. We don't the listings and all that good stuff is going to come. It's going to be a byproduct of you attending every single day and doing your job.
00:12:12:18 - 00:12:30:08
Speaker 2
And 2022, when most people had one of their worst years because of that shifting market with the interest rates was one of my best. Right. And it was one of our best because we were staying consistent with it throughout the whole time and we were doing the right thing. And honestly, this year, I mean, we're we're close to having one of our best years.
00:12:30:08 - 00:12:44:22
Speaker 2
It could be a hit or miss. It could it could flop and we could have our best year yet or we could totally miss it. And it could it could suck, right? We're right on the cusp of it. But it's because we've been doing the right things and we've been showing up every single day consistently. Right. And not saying, Oh, poor me, poor me, the market sucks.
00:12:44:22 - 00:13:04:07
Speaker 2
It's just been like, okay, the market's not what it used to be, right? There used to be a time when we used to see 20% pick up rate when I would cold call. Now our pickup rate is 8% right? So cold calling. It's just taking me longer to do it right. But we're still doing it and we're still getting leads and we're still converting those leads and people are still coming into the business and people are still transacting with us.
00:13:04:09 - 00:13:19:02
Speaker 2
Right? And so we just need to keep our heads at it. Know that you're not alone in it and not be too worried about what other people are doing. Just know that you're not alone. There's everybody that's going through this right now, but you're not alone in it, right? So some people are going to have their best years yet.
00:13:19:06 - 00:13:34:17
Speaker 2
That's good. Be happy for those people. Be proud of them, right? Yes. But maybe also ask them what are their what are they doing? Because I guarantee you, they're doing double what they were doing before or triple, you know, you double or triple. Yeah. And if you're not willing to do double or triple, then you can't expect their success, right?
00:13:34:22 - 00:13:50:09
Speaker 2
Yeah, because I guarantee it. Those people are honing in and the ones that are really successful, that's what they're doing. They're doubling down right now. They're saying to themselves, okay, I talked to 100 people a week on average. Now I got to talk to 200 people a week. Right? And yeah, that's more time and effort. But you want to stick around.
00:13:50:10 - 00:14:02:21
Speaker 2
That's what's required or that's okay if you stick to what you're normally doing, just know that what you're normally doing is not going to result you what it normally results you. It's going to be a bit lower. And if you're okay with accepting that, that's okay too, right? As long as you're aware of that.
00:14:03:00 - 00:14:22:08
Speaker 3
Yeah. And it's a long game. You're playing the infinite game. Like I've heard from agents that said, you know, I've been doing it, but it's not working. What does that look like? Like tell me what? Not look not working looks like. Right? And usually it's been you know, I've been out for three weeks in a row and I don't have.
00:14:22:10 - 00:14:28:03
Speaker 3
And but they really believe that that's that's therefore it doesn't work.
00:14:28:05 - 00:14:28:19
Speaker 2
Yeah.
00:14:28:21 - 00:14:49:06
Speaker 1
Yeah. Jen, I want to get you involved in the conversation here. You've been waiting so patiently and so I know that as we're as we're talking about the challenges that that people are seeing, I want to talk a little bit about, you know, the mindset to solutions. Right? Mike's kind of already, you know, started leaning this that way and talking about having to double down or triple down on the amount of work that we have to do.
00:14:49:06 - 00:15:05:01
Speaker 1
And going back to shift, you know, Mike, one of my favorite ones is there is the market share that you pick up in a down market you'll never relinquish when it comes back around. So if you grab 5% market share, look at how big that 5% is going to be when the market that sales volume picks back up.
00:15:05:01 - 00:15:27:01
Speaker 1
Right. So I think that that's something very important to note. And I know that I know Jen, I know you're coaching people on this now currently as well. So what are some of the thoughts from the discussion that we're having so far and what would you like to what would you like to tell agents? What do you think that they need to know as we're as we're going through these, you know, unstable seeds, as Mike's poster might say?
00:15:27:03 - 00:15:53:15
Speaker 4
Yeah, well, look, my Internet holds up for this, but so the first I think the first thing is that the mike did allude to it a lot, right? Like, if you stop working because it's getting hard, then you're you're just not going anywhere. Because most people that I'm seeing and the agents I'm talking to that are progressing and making moves in this market because that's something we haven't talked about yet.
00:15:53:15 - 00:16:24:07
Speaker 4
There are agents being extremely successful right now in this market because given how many sales did you say there were? 53,000. There's been 53,000 sales for the year. So the flip side of that conversation is there's been 53,000 sales. How many of them were yours and what is that discussion look like? And everybody looks at that number with a negative lens instead of going, there's still a lot of deals I could show you other areas, other communities where there's not 53,000 sales.
00:16:24:13 - 00:16:46:07
Speaker 4
That's not an option. And people are living great lives and running really healthy, big businesses. We see it in the smaller communities in our even in our office up north, like all the time. They don't have that many deals, but they're bringing out two or 300 transactions a year because they're purposeful and they're focused and they have a plan and they just execute on the plan and they continue to add to that plan.
00:16:46:07 - 00:17:07:17
Speaker 4
And what Mike was saying earlier is is very true. Like when he started and we started coaching, you know, he went through those road bumps and that feeling of like, I feel like I'm failing. And why is it why am I not as successful as and why are these people more successful than me? And all those discussions? And the reality of all of that is that most of that is false.
00:17:07:17 - 00:17:31:13
Speaker 4
It's a false narrative. It's an image that's being created to make it seem like people are productive so that you will reach out to them and they will get business. It's a strategy, it's a marketing plan. And we we all not everybody knows that. And so we start to tell ourselves a story that makes us either feel better or feel worse depending on what mood we're in and how we want to feel in that moment.
00:17:31:13 - 00:17:58:20
Speaker 4
Because sometimes it's easier to blame everything else and feel, well, you know, woe is me and the market is crap and all these other people are getting business and I'm not and it's my fault and they just don't need to. I shouldn't do this anymore. And that's none of that is true. It's all false narrative. So I think people need to understand that and need to look at it and go, okay, so yeah, my 20 contacts a day, 100 contacts a week, that's not getting me the results.
00:17:58:20 - 00:18:17:21
Speaker 4
It used to. That's fine. Double it, triple it. Right. Like you're still working the same hours. And if you're going on less appointments and you're doing less deals, you're probably doing less admin time. So take those hours and put them back into early January telling you to work more. No one's telling you to work longer hours. No one's telling you to work that much harder.
00:18:18:00 - 00:18:36:16
Speaker 4
We're just saying your numbers, your conversion numbers are up right now. They have to be so talked to more people and you will continue to reap the benefit of that activity if conversion has gone down or even from, like you said, 20% down to 8%, that's a significant drop on answers, which means you've got to cover that gap.
00:18:36:16 - 00:18:55:19
Speaker 4
You've got to talk to that many more people to get the same rate of return. Just math, right? If you understand your math, you can still have the same business and you can still grow your business. So that's one of the things I think that we're coaching around a lot right now is like, how are you looking at your business and how are you understanding it?
00:18:55:19 - 00:19:15:17
Speaker 4
So if you're comparing it to last year, you're not really doing yourself any favors. That's not a healthy place to start. We need to look at what is our goals, what are our current conversion ratios and what do we need to do to make it the same thing happen? And a lot of agents didn't do any lead gen in 2021 and 2022 because they had a network.
00:19:15:17 - 00:19:31:01
Speaker 4
They knew people, people called them. They listed a house like this is amazing, right? I make I make great money and I don't have to work, I don't have to lead. Gen And now you need to lead gen. It's just a reality. Even as a team leader like I have to lead Gen I spent 2 hours making calls today.
00:19:31:03 - 00:19:59:09
Speaker 4
I don't love it. It's not fun for me, but I do it because that's the only way I'm going to hit my goals this year because it's not as easy for people to be to make a move. There's there's heavier weights right now for everybody financially, mentally, like family commitments, all of it. There's a lot going on. And it's much harder to get somebody to move from point A to B than it was when we could say, Well, I'll get you an extra 50,000 for your house, Sign me up.
00:19:59:09 - 00:20:20:06
Speaker 4
Right, let's go. You can't have that conversation anymore. So yeah, that does change things. And even with agents that I'm talking to that have been in the business a long time, the number one discussion I used to have was commit was our split as a brokerage. And even for agents on teams, what are the splits now? The conversation I'm having is leads.
00:20:20:08 - 00:20:38:04
Speaker 4
It's completely changed because all of a sudden people are struggling with the lead generation piece and going, Will you give me leads? Because that's going to solve my problem has become a bigger problem, right? Whereas before it was split because they wanted to take home the most money possible. Now they're having trouble finding business, so they want lead.
00:20:38:06 - 00:20:48:20
Speaker 4
So that's a big something that we can look at and go, That's industry wide. I'm talking to agents in the business 20 years and I'm having those conversations with them. Right? That's not a problem that.
00:20:48:22 - 00:21:05:17
Speaker 2
Yeah, to add on to that, John there while I have it is that not only is people losing out on their leads, but it might be because not only is the market shifting, but we need to shift our strategy to with how to get, how to generate leads. Because right now, if I were to ask you guys what kind of market we're in, we're all going to agree it's a buyer's market.
00:21:05:17 - 00:21:09:08
Speaker 2
We're headed towards a buyer's market. At least or at least it feels like it's a buyer's market.
00:21:09:10 - 00:21:11:07
Speaker 4
So we're on the cusp. Sure.
00:21:11:07 - 00:21:28:17
Speaker 2
Yeah, yeah, right on the cusp. And here I am as a cold caller. Cold calling for sellers. Well, that's kind of stupid. It's a buyer's market. So what am I doing? I need to shift my entire strategy. So my entire coach in college yesterday was, okay, we need to shift our strategy. Our strategy needs to become we have to work on buyers.
00:21:28:19 - 00:21:55:13
Speaker 2
And so what does that look like? We need to work on buyer seminars, buyer appointments, talking to buyers, talking to first time buyers, making those opportunities with buyers. And when the market shifts back to a seller's market, okay, we make that shift back. We got to shift back to sellers because it's not a buyer's market anymore and that's where it's not only is it important in that we have a shifting real estate market in terms of price points and all that, but we also have a shifting business model as well.
00:21:55:13 - 00:22:15:21
Speaker 2
Our business model of terms of how we lead generate needs to shift with the shift. Right? And there's a cool part of the book in, in the shift book about just being creative. Now is the time to be creative and do whatever it takes in order to get that lead. Go outside the box of thinking, because in a hot market you can pretty much do anything to get a lead, right?
00:22:15:21 - 00:22:36:05
Speaker 2
Everyone wants to sell, but in a cold market you have to be creative about it and you have to change it up and you have to do something different in order to be successful with it. And you have to do that consistently as well. And so this is a time of reflecting on your own business and reflecting on our consistency and saying, what can we do differently now that's going to help us during this shifting market right?
00:22:36:10 - 00:22:41:19
Speaker 2
We're going to pivot our strategy. We've got to work on those buyers and that's it. We got to take that and run with it.
00:22:41:21 - 00:23:07:20
Speaker 4
Yeah. And one of the things just to add on to that, I'm sorry, Dylan, are you going to say something there? But one of the things I think that, like it's so important for us to remember in this market is, you know, you might go out and hit 20 contacts and walk away with zero leads that day or zero appointments or zero adds to your database and feel like you failed when you know 80% of the agents that are licensed in the market, they took they didn't even go and knock on a door.
00:23:08:02 - 00:23:33:15
Speaker 4
So if you do that consistently enough, yes, your return might not be as immediate. It might not be as big as it would have been a year or two ago. But at the end of the day, when everything does shift and as we've talked about even before that, when all of those other agents are sitting and crying for me, you're building a pipeline, you've got contacts, you've got people to follow up with, you've got conversations to have, you have relationships to nurture, and you do that for long enough.
00:23:33:20 - 00:23:54:18
Speaker 4
Law of averages, Those will turn into deals. That's just how our industry works. That one piece is the same regardless of where we are on that market scale, buyer or seller or balance doesn't matter if you're doing those activities. Business does show up. It always does. Will it come as easily? Maybe not. Will your scripting abilities get stronger 100%?
00:23:54:18 - 00:24:16:14
Speaker 4
Your relationship build is your systems. Everything will get better. That's the piece that people miss. And then what they miss out on is the opportunity for when that market does swing back to balance and seller, then all of those things you built because it was hard and you have to have better systems, all of a sudden they make you go from gradual, gradual, gradual to suddenly and you're at the top of the market.
00:24:16:16 - 00:24:41:20
Speaker 4
But the part where people are shying away from right now are fearful of it's the most powerful piece. But we just we shouldn't talk about that. We don't understand that there's opportunity in that moment to go, you know what? I am going to invest the time right now to build out these baller systems and have this amazing business and have my strategies and do all the things on that list that I didn't do for the last two years because I was hustling with buyers and sellers, writing offers, negotiating deals.
00:24:41:20 - 00:25:00:17
Speaker 4
Now I have time to do it. I'm going to invest into my business with my time because I'm not going to invest as much money because it's not the market to do that. So I want to invest my time into it and I'm going to build it bigger and better and I'm going to get consistent. And when the market does come back, I win best like to me, like that's all the motivation.
00:25:00:17 - 00:25:20:04
Speaker 4
I need to sit here that and go, Yeah, I do want to win in a year and in two years and in three years. It's not about rate now, it's about the future. But I do understand that for people that are getting started, it's hard to understand that because they haven't experienced it. Right. And it's hard to kind of grind in and do the things every day with no return and go, Look, why am I doing this?
00:25:20:05 - 00:25:38:17
Speaker 4
I know some of our newer agents took them almost a year to get a really reasonable point where they go, Thanks for telling me to keep going because I wanted to quit like five times and now all of a sudden, six months, eight months, a year later, I'm I'm things have clicked for me and I'm starting to grow my business and I'm making money.
00:25:38:19 - 00:25:59:00
Speaker 4
But it wasn't fast because like Mel said, they started in eight years where it was difficult to be a new agent. And to be a young agent too is very difficult right now. If you don't have some sort of support behind you, it's kind of difficult to build a business in this current climate so that you really have to be committed to it.
00:25:59:02 - 00:26:00:06
Speaker 2
Mm hmm. Hmm hmm.
00:26:00:07 - 00:26:20:16
Speaker 1
Mm hmm. I think one of the important things that everybody needs to take away from this, as well as the consistency of it, you can't, as Mel was leading to at the beginning, you can't do it three weeks and say it's not working right. And when you fall off the horse and you drop you drop your habit from hitting your amount of calls, you know, committing to every day, it's not about that You missed a day or you missed a day, you missed a week.
00:26:20:20 - 00:26:49:05
Speaker 1
It's about how quickly you get back on track. Because the one thing that I'll say about one of our advanced coaching agents that is on track for his best year ever, the the one thing that we've done differently this year is our commitment to the consistency of doing our daily calls. Right? So we have a check in where he sends me how many people he's talked to, and last year where we weren't we weren't as strict, I'd say, on the accountability piece because things were just coming and it was a little bit easier.
00:26:49:07 - 00:27:13:14
Speaker 1
The big change this year has been that element where we're constantly focusing on the amount of calls that we're making, how many people are we talking to? And when we miss a day or two, we get right back on. We don't let that slide too long because, you know, we're busy, right? That is not a good it's not a valid excuse or reason to not be making those calls when we know that the only way we're going to keep business coming in is if we're talking to people, making the calls and making the calls.
00:27:13:14 - 00:27:33:09
Speaker 1
Right. And it's easy to it's easy to miss a day or two because of life, because of being busy in the business, having a bad day. All that stuff is very normal, but it's how quickly you get back into the consistency of continuing that main part of your job that everybody, I think, when they got their license, didn't realize that that was such a big part of the job is lead generation.
00:27:33:09 - 00:27:52:14
Speaker 1
You are a business and a business needs leads to come in, right? So I'd say that that's one of the the big pieces that I just say, just be consistent. Do your best to make sure that you're constantly focusing on that lead generation that how many people am I talking to today? And, you know, going back to you, Mike, just saying, hey, I need to make sure that I'm making more calls.
00:27:52:14 - 00:28:10:15
Speaker 1
I need to make hit my 100 people that I'm talking to every week. And if that means more calls, then it means more calls. And the idea of figuring out who's where is the opportunity in this market? Who are the people that we should be talking to? Maybe cold calling for sellers right now isn't the best idea because we know one in five is what's selling.
00:28:10:15 - 00:28:28:21
Speaker 1
And I do. I want to take another expensive listing right now. But where's where's the opportunity? Maybe it could still be in sellers, but it's in those sellers that need to make a move up by because their townhouse. Yeah, it's gone down a little bit in value, but the detached home that they want to move to next has come to more 400 $500,000 in value.
00:28:29:04 - 00:28:32:20
Speaker 1
So it's a great time for them to make that purchase.
00:28:32:22 - 00:28:33:12
Speaker 2
Writes about.
00:28:33:12 - 00:28:58:14
Speaker 1
It. Yeah. Jen and I specifically made that move in the springtime. We saw a neighborhood that we'd always liked and we were in before, and our ideal detached house was in that neighborhood. And so we're like, Well, the market's down a little bit, let's take advantage of this. And we sold the detached we were in just to move to that neighborhood, because as the market came down, it was now a good opportunity to do that, right, if we didn't necessarily need to move, but there was an opportunity for us to move.
00:28:58:14 - 00:29:08:13
Speaker 1
So if start looking at where's opportunity for people and start sharing that story and those people will appear, will be the other bit of advice, I'd say, to focus on for for our agents out there.
00:29:08:17 - 00:29:24:12
Speaker 2
And what that looks like is, is sit down with yourself and write down where is the opportunity in today's market? Right? And the opportunity is in buyers, right? So what is it that we can do? And sorry, there is an opportunity with sellers too, right? So the buyers, we're going to start off there. Where is the opportunity with buyers and how can we generate for them.
00:29:24:12 - 00:29:39:13
Speaker 2
Right. And then the second opportunity is the opportunity of the shifting market, which is the opportunity of upgrading, right? So that condo owner, how do we get them to a townhouse that townhouse owner, how do we get them to detached from that detached home? How do we get them to a bigger detached? Because that's the opportunity of the market, right?
00:29:39:16 - 00:30:00:08
Speaker 2
Because like you just mentioned, you know, that townhouse, you know, the townhouse price may be dropped by 100,000, but that detached home dropped by 400,000. Yeah. So now upgrading is is in the long run when the market does turn back again and it will eventually, it always will, they're going to be in a better situation. And that's like taking care of that's taking care of their their future selves.
00:30:00:08 - 00:30:25:16
Speaker 2
Right. So what's the opportunity there and what can we do there in order to be successful? In a quick story before we jump off, then I'll share is during 2008 when the market was going, when the financial market was going crazy. My mom and dad, I remember them specifically, their financial advisor had seminars about investing in the stock market and why now is the moment that they need to do it.
00:30:25:18 - 00:30:41:16
Speaker 2
And they're like, Are you crazy? Like the market is taking an absolute beating. Companies are going bankrupt, like the stock market is down. So much. And he said, But look at the long run. Look at the opportunity that there is right now. If you were to do it right, we're now I don't want to say that we're in that 28 craziness.
00:30:41:18 - 00:30:55:01
Speaker 2
We're in an offer. You know, we're in a market that is creating a lot of opportunity for a lot of people, and it's just up to you to decide if you want to take advantage of the opportunity and shift with it or if you're going to, you know, take a bit of a beating. Right.
00:30:55:03 - 00:31:17:21
Speaker 1
I'm glad that you brought that up because Jen and I are now on our third market correction, like our third big market correction in terms of what what's happening, because there was the financial crisis in oh eight there. Then there was what happened in 2017 when the fair housing plan and all the stress test got introduced and now there's where we are here and I guess maybe you can say there was a little one in COVID in terms of the immediate drop off in the short term.
00:31:17:21 - 00:31:50:12
Speaker 1
But the point that I want to pivot to that for is this isn't forever. We've been in those markets and it feels it feels like it's rough, like, are we ever going to come out of this and then you're out of it and then it's good times again, right? So the important thing about building in those activities and your commitment to yourself into your business now is so that you can weather those rough seas where you can be the skilled sailor as as Mike mentioned, because then when you come out of it and it's smooth skies and smooth sailing, you're you're miles ahead of the next ship behind you because you've been going going through
00:31:50:12 - 00:32:11:11
Speaker 1
just as you should. And so I think that the one thing I would just share with you raised this, too, shall pass. This market will go away and better times will come. They don't need to be as crazy as what we saw during COVID. It doesn't need to be a strict seller's market. But even just getting 30,000 transactions coming back into the market, it will be a very different feeling for a lot of people.
00:32:11:17 - 00:32:30:04
Speaker 1
And we're not far away from that. I know that that's going to come around the corner in a year and a half maybe, let's say, because that's just kind of how it goes right? We just need stability. And if we get a little bit of stability, not not too much needs to change just to have a little bit of confidence come back into the market and see those transactions return.
00:32:30:06 - 00:32:51:01
Speaker 2
MM Yeah, I was looking at the stats today. Funny enough, obviously I'm a big stats guy myself and the one thing that I thought was interesting was today I noticed in York region there were 62 updates in the 62 updates. Of the 62 updates, 20 of them or 25 of them to be exact, 25 of them were either a price change or the property had sold gas or sold or price change.
00:32:51:03 - 00:33:09:02
Speaker 2
The rest of them were all terminated listings. Yeah, terminated and expired. Yeah. So like, again, this is kind of and this is all about planning for when the how the interest rates. I sat down with myself before I went to bed and I planned out every single option that could happen when they hold the interest rates. Okay so option one they hold it.
00:33:09:02 - 00:33:25:18
Speaker 2
Buyers feel like there's more confidence, stuff goes crazy again. That's option one. Option two buyers go, Oh, we bought lots of time. We're good. We're going to sit here and watch more and more listings come on the market right listings go up option. And I just counted it out and I'm just want to see how it plays out, right, Because it's going to be different every time.
00:33:25:21 - 00:33:52:13
Speaker 2
And so I'm interesting to see what's going to happen with this market. But from my prediction, what I think is going to happen is it sounds crazy, but there might actually be an opportunity in January or February to sell your home at a good price again, because of all the homes that are coming off the market. Right. And then if they all come back on the spring, we're back to where we are right now, which again, it's you have to keep an eye on the market and you have to shift accordingly because all of a sudden, if it in that brief little month or two, it goes back to a seller's market really quickly.
00:33:52:14 - 00:34:09:07
Speaker 2
We have to adjust completely. We've got to go from buyers to sellers really, really fast. Right. And then we're going to go back to buyers. So you have to be ahead of your curve and you have to be on it all the. Yeah, you've got to be. But again, that's just my wild prediction. So I could be completely wrong, but that's kind of what I'm predicting and that's what we're planning for.
00:34:09:09 - 00:34:15:10
Speaker 2
And again, it could backfire completely, but I'm willing to try it. I'm willing to go for it. Right? Yeah.
00:34:15:12 - 00:34:25:05
Speaker 1
You know what was important as well for for agents there being like, okay, when I get out of this, what kind of business am I looking at? Well, how many how many updates did you say they were? Mike In total.
00:34:25:07 - 00:34:26:11
Speaker 2
There was like 69 I think.
00:34:26:11 - 00:34:47:13
Speaker 1
Yeah, 69. So let's say 40 of those were terminated thereabouts, right? Yeah. Yeah. So do you think that those 40 sellers don't want to sell anymore. No. They still want to move. They just don't want to move now. It's not going to happen for them. The prices aren't going to make sense. There's still 40 transactions out there that are not being represented that are going to come back to the market at some point eventually.
00:34:47:17 - 00:35:07:03
Speaker 1
Eventually. Right. And so that I think the important thing is when you're when you are talking to cold leads and when you are talking to, you know, potential prospects, there are people out there that want to move. They might just not might not move right now. So start building your pipeline, start building your database of people that are going to want to move when this thing turns back around.
00:35:07:05 - 00:35:27:12
Speaker 1
Because, say, you can weather this storm now with the motivated, which is a more needs based market that we're seeing right now. But when it turns around, be ready for your best year ever. Like people's best year ever isn't usually by mistake. Even in a good market, you know, where it's easy for everybody. But I'm talking about like genuinely just having an amazing year.
00:35:27:12 - 00:35:41:02
Speaker 1
It's because of the work that you did prior to that, right? So it's not it's not always on accident just because the market's good. There's other stuff that you did. And so putting in the work now and be ready for your best year ever when this thing turns around.
00:35:41:04 - 00:35:43:20
Speaker 2
Absolutely. I love that. And I love that message.
00:35:43:22 - 00:35:49:14
Speaker 1
Yeah. Jenny, any final words before we take off today?
00:35:49:16 - 00:36:07:04
Speaker 4
No, not particularly. You guys covered it all. I love that 2008 came up because Mike, literally right before you said that, I was thinking about 2008 and I was just like, you know, I'm thinking about when we were at Family Reunion and we were seeing people on the stage and like Ben Kenny and all those guys and they weren't as big as they are now.
00:36:07:06 - 00:36:26:05
Speaker 4
But the one I remember coming away from that thinking the agents who were succeeding were the ones who changed their business. They went, What I was doing is no longer working. What do I need to know? And then they went and they educated themselves on that process. And for them it was a lot of short sales at the time, right?
00:36:26:05 - 00:36:42:17
Speaker 4
Foreclosures and getting it. But like out and sold quickly with the fast closing before the the banks took over the property, That was a big shift of business that would didn't exist before and or didn't exist at a high level. And then all of a sudden.
00:36:42:19 - 00:36:46:11
Speaker 2
Right at the punchline, every time it's every time, right?
00:36:46:14 - 00:36:50:07
Speaker 1
We're just never going to know. We're never going to know.
00:36:50:09 - 00:36:51:22
Speaker 2
Yeah. Yeah.
00:36:52:01 - 00:36:54:03
Speaker 4
Sorry, guys. It was a good story.
00:36:54:05 - 00:37:01:09
Speaker 1
Yeah, but the message guess. I guess.
00:37:01:11 - 00:37:19:22
Speaker 4
Yeah, I'm. I figure hardwire my internet before our week before next week. But the ones that basically added that piece into their business and learn how to do it and educated themselves and their teams they were the ones that were successful in the down market. And then by the time they came out of it, they were like number one in their areas, right?
00:37:20:00 - 00:37:42:14
Speaker 4
Because they were willing to adapt and they adapted early. And I think the same message is what Dylan shared. And to tie in to that is like, you know, there's lots that we can do and there is a lot of opportunity and that we're all trying to figure that out right now. So you're not out there on your own kind of an island trying to go, okay, where's the opportunity and how am I going to see it?
00:37:42:16 - 00:38:01:04
Speaker 4
Be engaged, ask questions, talk to your coaches, talk to your mentors, have discussions, go to trainings, hear what other people are saying and doing, and then learn how to execute on some of this stuff that seems to be getting results, right? It's not it's not something you you need to go in, know for yourself, or figure out on your own.
00:38:01:04 - 00:38:16:11
Speaker 4
There's plenty of people doing very well in this market. Just go find them and see. Hey, what are you doing that I'm not doing? And then implement that. If you can do that, you'll save yourself a lot of time and stress and you'll realize like, you know, this isn't a me problem. This is a market problem.
00:38:16:13 - 00:38:19:02
Speaker 2
Yeah. All right.
00:38:19:04 - 00:38:30:08
Speaker 1
All right. Love it. Thank you all so much for joining us. You can catch us every week. We are on YouTube, Spotify, Google Podcasts, anywhere you get your podcasts and bye for now.
