Episode Transcript
[00:00:01] Speaker A: Hey, everybody. Welcome to Ed and Ken's mini podcast. We have a nice conversation for you today. Hope you all enjoy it. We might be interrupted by a refrigerator repair person. If that happens, then just understand that that's the nature of show business, folks. It is what it is. We'll see if that happens. Ed, what's going on?
[00:00:21] Speaker B: What's going on is I didn't even think there was such a thing as a refrigerator repair man anymore. I think you're right.
[00:00:27] Speaker A: Like, most things just get thrown out, you know?
[00:00:32] Speaker B: Yeah, I know.
[00:00:34] Speaker A: Vacuums. Is there still a vacuum repair? Like, that was a big deal back in the day.
[00:00:39] Speaker B: Good question, dude. I'm sure there is in like, maybe like a little town like Wayne or somewhere like that. The guy that's been there for 400 years, he looks like Yoda in the back. Yeah, yeah, probably. Probably.
[00:00:56] Speaker A: Yeah. Most. Most of the appliances now can be fixed just by watching YouTube. Ed, why don't you save yourself a couple bucks and throw on a YouTube video now?
[00:01:06] Speaker B: Well, the reason why I need this fixed is because I was trying to save a couple bucks and didn't replace the filter when it said replace the filter.
[00:01:14] Speaker A: There you go.
[00:01:16] Speaker B: So I broke something.
[00:01:18] Speaker A: And see that the cost of inaction and the cost of in act.
[00:01:25] Speaker B: Everything has consequence, man. That's everything. That's why I need adult supervision. I need. I need to hire. I need to hire a nanny for me.
[00:01:33] Speaker A: There you go.
[00:01:34] Speaker B: I can't live on my own.
[00:01:36] Speaker A: That might be a new business model for someone listening. I'm sure Ed's not the only one that needs a nanny.
All right, let's get into it, man. We talk.
We have three big top three really good topics today we want to talk about. But let's start first with business.
Multi dimensional real estate agents. What does that mean to you when I use the phrase multi tome. Multi dimensional real estate agents? And why is that an important concept for agents to embrace?
[00:02:09] Speaker B: Yeah, so what it means is, and this is all a choice, but the tribe that I work with and the tribe that I coach with, everyone is multi dimensional. And what that means is they're just not selling real estate. We can no longer depend on just selling real estate. We don't have any control over the market. We don't have any control over the nonsense that went on in the last year, 2020. What happened there? So what multi dimensional means is. I'll give you some examples.
Selling real estate and investing in real estate.
Selling real estate and owning a title company or being a partner in a title company selling real estate and being a coach or a trainer, selling real estate and being part of a revenue share company, one or all of those things. And by the way, you can have them all. You can sell real estate, invest in real estate, be a coach, be a trainer, participate in a revenue share program and own a title company. That's the best. Why not? If you, if you can create five or six streams of income, I call it, how do we leverage your, your real estate license? That's what it comes down to. So if we can, why not?
[00:03:36] Speaker A: Right?
Do the most successful agents you work with, are they multi dimensional? And what of the things you listed are, are the most common and advantageous dimensions?
[00:03:51] Speaker B: Yeah, so I think the most common.
[00:03:56] Speaker A: Is.
[00:03:58] Speaker B: Real estate sales and investing in real estate.
Those two are powerful.
[00:04:06] Speaker A: Whether it's a flip or whether it's a buy and hold or whether it's an Airbnb, you know, something to, to, to supplement. And, and what's cool about being a real estate agent or the mortgage business, let's face it, right, you're real estate adjacent and being an investor is that you're still traveling on, in different lanes, on the same highway, in the same direction.
Right. Whereas someone who says, oh, I'm, I'm a multi dimensional real estate agent, I sell real estate and I have a job like that's, that's on a different highway, coming in a totally different direction. That's not what you mean by multi dimensional.
[00:04:51] Speaker B: Yeah, I wasn't even thinking about bringing this up, but this is real estate agents, listing agents. Listen to this.
The listing agents that are in the high 90s conversion rates, I won't go over the whole listing presentation, but they're collaborating with the sellers and giving them options.
Option one, I can buy it from you now and settle in 10 days.
You don't have to do anything to your house, just move out. Number two, we deal with the traditional way. And then there's, there's a couple other ways, but sure, giving options when you're listing a home, if we're just one dimensional, I think your house should sell for blah, blah, blah, and here's my marketing pin, blah, blah, blah. The agents of my tribe will blow you out of the water every time because they go in collaborating with the seller. Side note, back to real estate agents and multi dimensional. Yeah, multi dimensional is the way to go. We have agents that I work with that literally, you know, 10 to $120,000 a month in revenue share.
[00:06:07] Speaker A: Wow, that's, yeah, that's, that's real Money.
[00:06:10] Speaker B: I have agents that, you know, own, sell 12 homes a year and own 42 rental properties.
Yeah, right. Let's do it, man. Like let's, let's stretch it out. I love that these people, these agents are the happiest and the healthiest.
They're never complaining about a deal that fell through.
Their mortgage payment doesn't depend on the deal.
[00:06:43] Speaker A: They, they're complaining, but they don't despair.
[00:06:48] Speaker B: Maybe. Yeah, yeah.
[00:06:52] Speaker A: So you said top, top real estate agents. You had mentioned the team that you work with year over year, Q1 to Q1 is up 100%. Yeah, that's the outlier right now. Especially in the industry where things are with production and projected, you know, volume for the year nationally. What are they doing different, Ed? What are they doing that others that are not seeing those results, not doing? Was it, is it body growth? Was it headcount growth?
[00:07:27] Speaker B: No. So based on the third topic that we were going to go over, I can't give you the answer that I was going to give you, but it was very egotistical.
Comes the repair guy.
Hold up.
[00:07:43] Speaker A: We should put them on the podcast.
[00:07:45] Speaker B: Hey, we, we might have to. This is, this is, this is not going to be mind blowing, dude. Like, and this is how boring it is daily. They are doing the things that they need to do.
I just happen to be the one coaching them. I don't even like to say the word holding.
[00:08:07] Speaker A: Holding.
[00:08:08] Speaker B: Holding them responsible. Yeah, yeah, it's nothing fancy, man. Let's not, let's not try to.
It's not, It's. They're taking 500 foul shots a day. They're eating good nutrition. They're staying hydrated. They're open minded.
That's what they're doing.
[00:08:27] Speaker A: And they're consistent.
Yeah, I mean, shiny object syndrome can cost you thousands and thousands and thousands of dollars.
[00:08:39] Speaker B: That's, that's okay. But get the stuff done in the morning. Eat that frog. You want to chase the shiny objects, Go ahead. Not so after you take the 500 free throws and you nail an appointment or whatever the, the deal may be.
[00:08:59] Speaker A: That's good advice, man. And it's something even in my business I struggle with. You know, I feel like I do a pretty good job time blocking and I have a calendar that's, that's mapped out for optimizing the, the important but not urgent activities that we have to do on a daily basis to, you know, achieve what we set out to achieve.
Where I struggle is maybe with, maybe it's, it's, it's coordinated a Little too much. And that a little variability kind of puts me in a, in a tailspin and that, that's an area that you know if you're, if you're consistently doing those things. How do you account for variability? I'm gonna ask. You're on the hot seat, Ed. How do you fix that?
[00:09:42] Speaker B: You keep talking, I gotta answer the door. Hang right here. But I'm gonna prospect live for you and for me. So ready? Here we go.
[00:09:54] Speaker A: All right, so, so I am going to continue to talk and I'm talking to you now. The audience. It's not here.
It's just me folks. It's just me.
When I time block right now what I have in my calendar is at 8am I have my tasks, my handwritten notes, my birthday cards, my social media posts.
At 9:30 is our Ed and Ken's mini podcast. And at 10:00 I have my prospecting power hour. Now what I didn't have my calendar today was someone who went under contract yesterday and I needed to talk to them at 9am today and that put me a little bit behind talking to Ed. No big deal. But I haven't gotten to the birthday cards, the handwritten notes and the social media posts because this morning I had an appointment. So as I'm laying it out for you Ed, or for the, for the folks that are listening, my calendar is consistent. My activities struggle because of variables of wild cards of. Oh, I didn't know you were going to need to do this today. Oh you know your kids game which I prioritize going to my kids games got moved from yesterday to today. Like how do you handle variability and stay consistent?
[00:11:17] Speaker B: Simplicity. You have one or two absolute musts, business wise and one personal. Yes sir. Hold on one second.
Yep. You can use any cup there. Yep.
Yeah. Absolute must. So priorities every day that just have to get done.
[00:11:40] Speaker A: Must dos, not to dos.
[00:11:43] Speaker B: Yeah and, and they're, that's what's it's going to lead to business. So like the, the, the must dos are appointments, closings.
It's not finish my training calendar.
It's not clear off my desk.
[00:12:05] Speaker A: For me. It's, it's, it's prospecting, picking up the phone and calling my, my real estate agents that I'm in flow with calling my borrowers that I'm on a contract with, calling my, the listing agents of the borrowers I want to contract with, calling my past customers. Those are my must do's yet they're the ones a lot of times, especially past customers. You know, in Process transactions. A lot of times these are things that go by the wayside when other stuff pops up. Yeah, and it shouldn't, it shouldn't go by the wayside. That stuff should be the, the, the.
[00:12:37] Speaker B: The non negotiables yet should not get in the way at all. And it's, it's literally that's the discipline and that's the reason why these teams are up 100% when there's a lot of teams that are down 40, 50, 60% right now.
[00:12:55] Speaker A: Consistency and discipline is a theme that just keeps popping up over and over again.
[00:12:59] Speaker B: So this is what I do with them and I told them I'm not being a jerk, it just is the most important thing.
The, the first thing they say on our zooms or our calls is here are my pendings, here are my projections.
30, 60, 90 days.
If they don't have them, I tell them we're not going to talk about anything till I know where you're at.
[00:13:32] Speaker A: How would you translate that to the mortgage business?
How many pre approvals, how many credit reports have you ran? How many closings do you have this month?
[00:13:40] Speaker B: Yeah, and 30, 69. So like 30, 60, 90 pendings.
30, 60, 90 projections. So a projection for you I guess could be, or for loan officers or mortgage companies, probably pre approvals, could be credit checks, but I'd rather go with pre approvals. That means the projection is they're probably going to buy in the next 90 days and I'm sure you have the numbers on that price, 70% that get pre approved or something like that end up buying in the next 90 days.
[00:14:18] Speaker A: So, so pre approvals and pipeline is what I'm hearing. So if you're a loan officer listening to this, you know, it should be what you start with first. What's your pipeline, which is what's pending for us and, and, and, and what were your pre approvals over the last 30 days? Because the, yes, you're right. A percentage of those pre approvals over the last 30 days should be going under contract in the next 30, 60, 90 days. I don't know if it's 30, I don't know if it's 60. I don't know. If I look at one, be like that one's probably 60, that one's right. Because you don't know, like you just, they're either out there looking, you know, or, or they're not, maybe. All right, I like this. I like this.
[00:14:52] Speaker B: And what it is, is it is I have it in my, in my, my calendar and I Have to look at it because I always forget. It's called confront the truth and interrogate Reality.
So I don't want the story. I want the numbers. That's what tells the truth. You could tell me.
I could tell you, Ken, that, that I'm intermittent fasting. I'm going to the gym every day. I drink only water, no sugary beverages. I eat lean protein.
And you're like, ed, how much weight did you gain in the last 90 days? And I go, oh, I gained 62 pounds.
[00:15:36] Speaker A: Yeah, right.
[00:15:37] Speaker B: It's like you're not telling the truth, Ed. Same thing with numbers. It just, it just tells the truth.
[00:15:43] Speaker A: Interesting.
All right, last topic of the day, and this is important one, and we've touched on before, we're going to touch on it again, is ego.
You, you had used a, you had used a phrase earlier. Be a host to God or a hostage to your ego.
[00:16:05] Speaker B: Yeah.
[00:16:07] Speaker A: The disease of more. Is that what you called it?
[00:16:11] Speaker B: The disease of more?
[00:16:14] Speaker A: How do you fight that when we're all supposed to think big and want more and 10x is easier than 2x and you know, live like, where, where does the ego fit in all of that? And how can you strive for and want a big beautiful life and yet not fight and not have the disease of war?
[00:16:37] Speaker B: This is a private therapy session for both you and me. I'm talking to myself here too. Right.
So that this is.
I can only explain what it means to me, okay. Being God centered, knowing that I'm here to. And whatever, if somebody doesn't believe in God, think angels, universe, higher self, whatever you want to call it, I call it God.
My job is to serve at the highest level.
And that I've been.
We've been given this.
We were born here.
We don't have to walk out our door today being, worrying about being shot.
Right? So, like there we have a huge advantage.
So playing a host to God is how, how do. How do I, how do I. How do I just serve at the highest level today and do it confidently, knowing I need to work my craft?
But that craft, yeah, I worked hard to refine some things, but I've been given a lot of gifts, man.
So the hostage to ego is this is all me.
I have something to prove to you.
Look at me, look at me, look at me.
It's really a feeling, though. So that disease of more is like, the difference is plea. Pleased, not satisfied.
Please not satisfied.
So I'm really pleased with my first quarter. I'm pleased that I'm coaching teams that are up over 100%.
I also know that yeah, I have something to do with that. This is, this is me being proud of myself. I've worked very hard to know how to hack into a human being's brain and their soul. I also know what to feed them. I know a lot about a lot because I've studied a lot.
However, they're the ones doing the work.
Yes sir.
[00:19:26] Speaker A: Do you have old.
[00:19:29] Speaker B: I don't, no.
[00:19:36] Speaker A: So I, I'm gonna, I'm gonna jump in and, and touch on something that as you were talking that resonated with me is that you know, using my skills, talents and gifts to serve is one way of being and trying to prove something to yourself or others is, is another way of being.
And I can distinctly tell you in the recent past where I sat in that place of my desires coming from the need to prove something to myself or others.
And that does, I, I think I understand what you're saying there. That does feel like that was ego driven the way you are explaining it. And it doesn't feel good if feels a little toxic that that's the motivation. Like you know, there's that whole like you know, you know, let your doubters fuel you mentality when it comes to like pushing yourself beyond your limits. But like when it comes to, to, to, to to being the servant of more or what did you call the hostage of, of the ego wanting the disease of more.
Yeah, I, I can see that, that, that, that comes from wanting this because it's going to mean it's going to show the world that, that I've done that I've accomplished this or you know, building something for the sole purpose of making yourself look good versus building something from, with the purpose of helping more people. Like I, I definitely am getting the nuance to it based on how you're.
[00:21:28] Speaker B: Saying out at, at say another your call it your, our competition. Look inside and go look, here's the deal. If I get 1% better every day, that's going to give me a chance to win the game. I want to win the game.
But if I'm looking at what they're doing, I'm not looking at myself and what I can do. And that's been, I've been in, in two different leadership roles with two different companies where they were talking, all they did was talk about the other company and I said look, we can't control what they do. It's good to have a little knowledge of what their model is and blah, blah. But why don't we just focus on getting better.
If we focus on getting better, that's what we can control, then we've got a good chance of winning the game. But compare yourself to yourself. Compare your team to. To your team. Compare your company to your company.
Rather than the anxious feeling of, what are they doing? And how did that. And what's this. Oh, man. And it's. It's not healthy. It's that anxious, yucky feeling when I know today what I've done this morning already has put me into momentum, that I'm really happy, not satisfied. I don't ever want to be satisfied, but I'm happy because the reason why I never want to be satisfied is there's always another level. And that next level might not be, you know, another agent, mortgage partner with us. It may not be another agent joining my company. It may not be another coaching client. The next level might be taking an hour and walking down 14th street here in Bradenton. That isn't a very nice street.
And looking for the alcoholic addict that just needs someone to talk to. That I can say, hey, man, I'm hitting a meeting tonight. You want to come with me?
It's. It's. It's a much better life. That's. That's next level stuff for me.
[00:23:52] Speaker A: Wow, man, we went deep real fast, didn't we?
[00:23:55] Speaker B: Yeah, brother, we always do. It's great.
[00:23:58] Speaker A: I love it, dude. I love it. All right, so let's finish up. Action item, action item for this conversation. Action item number one. Let's just throw it out there. Look for your. Look for your other dimensions. Look for your other facets of your business where you can. Where you could generate revenue.
Understand your pendings, your projected 30, 60, 90, both for loan officers and for real estate agents. Go out and start using that as your daily truth teller.
And hey, man, just be grateful. Gratitude keeps you away from the ego. It really does.
So point, you know, look. Look outward at the people you can help, not outward at the people that you want to chase and be like and. And compare yourself to.
[00:24:45] Speaker B: By the way, I failed miserably at all three of these things. Miserably. And I mean it. Miserably. Especially the ego one took me down, man. It's not fun. And I'll end with this. We'll end with this. A couple months ago, one of the most recognized icons in the real estate coaching and training industry, he coached a lot of the mega producers in the Chester County, Delaware county areas, the 100, 200, $300 million producers. And when I would ask, why do you coach with this guy, they were like, oh my God, he's life changing. He's unbelievable. He's just, oh my, he's changed my life. That same guy two months ago got arrested for giving his 8 year old son marijuana gummies and God knows what else happened. And I won't say the condition of his house or him or his son, but that's what I mean. We have to stop put, we're, we're in the real estate world, man. Like nobody's going to name a park after us. So let's stop putting ourselves and others on this pedestal. We can appreciate what they do, but they're not going to have a park named after them. Yes. Hold on. Okay, I got a roll.
[00:26:05] Speaker A: All right. Color refrigerator repair guy. I said great job.
[00:26:09] Speaker B: Yep. Yes. And by the way, if you need a mortgage, you got to hang out with these guys, man.
