not you're still 93 Goodness me, we love we're living it up here. We're only what are we today Ron? We're like practically Antarctic.
I don't know about writing a coat.
68 degrees
ca. It's cold.
Yeah, that's why we were in central California yesterday too, but today's getting back up in the 80s All right, give it another couple of minutes and we'll kick it off. And just a reminder, if you don't have your name in your profile, put it in there. I am not seeing any numbers right now but and mute yourself if you're not speaking. Once we kick off, it will make it easier for the speaker to be heard. Hey, Ramesh, how are you? How's it going? Wyatt quiet. Yeah, I just I just had a conversation with Ron. And Ron is going to talk for a few minutes after Matt and we're feeling the the pain of the market slow down here in DFW for sure. Is it slowing down? Put in the chat How is your market right now? Is it is it ticking over? Is it slow? Is it painful? What are you seeing just put something in the chat so we can all see you know each other's markets and what's going on? Because DFW I don't know what's going on in DFW but it's it's crazy. There's very little inventory. Buyers are hesitant or can't afford to buy. See more days on market but in some areas, properties are moving so it's like hard to understand what's going on. Anyway, let's let's kick off. We're at 1233 Welcome everyone and so we had a great meeting in DFW for our blast 2023 mastermind at the Lorenzo hotel. I think it was the most we've ever had. We had about 36 members join in person and we had a great agenda. I think it was good for everybody to meet in person. I hope that we can repeat that every year and next year. I hope we can do at least four more masterminds so that we get to meet in person during the mastermind I introduced Matt Sanderson. Matt, welcome Matt. Matt is a real estate attorney here in Dallas, Texas. I'm going to have him reintroduce himself. Matt covers all 50 states of the US. He has been an attorney for many years. I'll let him go over that with you. I think Matt's insight and his contribution to the group is going to be invaluable, especially right now because during the mastermind if you're not already aware, we discussed in detail the permission lawsuit that's going on in the industry. Right now NAR and several large real estate entities such as anywhere which used to be Rilla G I think REMAX as well are being sued with regard to what's happening and where commissions should or are being paid. And so I'm gonna with that I'm going to reintroduce Matt, have Matt maybe give us a brief understanding of what might be going on with that lawsuit. It was my understanding that that anywhere saddled $85 million recently in the lawsuit which kind of has placed some contingencies or some standards going forward in the industry and you might want to brush up on that but I'll leave it to you Matt, and thank you for being here.
Thank you, Kelly. Kelly and I have known each other for many years and I'm happy and thankful to be a part of the group thanks for allowing me to join you guys. As Kelly said, I've been doing this 20 years primarily in real estate so all things transactional a lot of litigation too. So once you guys to kind of think it is time either if it would help and benefit the group or you can always take it offline as well to call me for free legal advice. That's what I do is one of the benefits that you get from being a member of the group and it's just something that I offer all my friends so please pick up the phone anytime or and ask any questions you have here. If you have questions that would benefit to group be great and have those in advance so that I can be prepared and answer whatever it is that you need. If I can answer it off the off the top of my head. Quite frankly you guys would probably know more about this lawsuit, since I'm not actively involved in it, but from what I have garnered and gather. The issue has to do with disclosures or rather inaccuracies made primarily to buyers when they acquire an engagement with an agent, a real estate agent specifically. And so apparently there have been a lot of inaccuracies if not outright, false statements made and from what I've read what I've researched in frankly what I heard from the group at our last meeting is that by Kelly said there's been some some significant settlements. If you guys are looking for, you know, regular updates on that, to the extent that it's public. I'm glad to kind of have a five minute presentation for the group every every month. There's not a whole lot of stuff that changes month to month but I'm glad to do whatever it is that you guys need in terms of that lawsuit or anything else. So there there is that and then there's a floor for any other questions you guys have
So Matt, what what would you say, in your opinion would be the right response for a realtor to give a prospective client with regard to how commission is paid? Well,
the right, accurate and true response especially if you're representing a buyer is the money comes out of what the buyer is paying. I don't think that you need to go so far as to say hey, you can save a lot of money if you reduce my commission because that doesn't help anyone. But you can say that the value that they're getting for the amount that they're paying is included in all of the different things, itemized things as we talked about at our last meeting, those of you that were able to attend, itemized all the value they're getting, but what's absolutely sacrosanct and prohibited from doing is saying that you're getting a commission that there's no fee for the work that the buyer's agent does and ends up doing. And that's what I've seen and what I've read where people have gotten in trouble and why these massive settlements have occurred is that buyer's agents are saying, oh, yeah, it didn't cost you anything. And that's where people have gone wrong.
Okay, that makes sense. Any anyone have any questions for Matt? At all? And you cover all 50 states? Right, Matt?
I absolutely do. I've done deals and just about every one of the 50 states that we have, as well as about a dozen other countries too. So if it has to do with real estate transactions and even litigation, anywhere, everywhere, I'm glad to help.
That is awesome. And how about because we're kind of delving into probate right now as a group how how do you what's your background with probate any any advice you might give the group with that?
Um, the biggest Yes, I do probate In fact, I approved up a will week and a half ago. So it's a regular part of my practice. The biggest thing that I can tell you guys heard about probate is that it's not as scary as everybody makes it out to be. There's a lot of MIS information out there about how long the process takes, how bad it is, how expensive it is. Those things are driven by a lack of preparation. On the part of the deceit. And the answer is not just hey, let's throw everything into a trust because quite frankly, a trust is not the best method in some instances, to convey property from the decedent to their family or their their beneficiaries. Probate is okay. And there is just as much litigation that can occur over a probate as there is a trust if somebody's mad about it, they've got a right to their day in court. And whether you put it into a trust or when you put it in probate has nothing to do with expense and it doesn't have anything to do with with complication. What it has to do with is is it the right vehicle for the beneficiaries at the time and questions details about that, you know, I don't want to take up more than my my allotted time here. I could go on forever, but reach out to me if you've got specific questions, but the biggest advice I have is that probate is generally okay. And it's not as scary expensive or complicated as people think.
Okay, great. Good to know. And also how would you advise realtors, such as ourselves to it, do you see value or would an attorney necessarily see value in a realtor who has the probate certificate or how might you advise a realtor to forge those relationships with attorneys that do probate? So
answering this, there's a lot of those questions so first of all, a probate attorney and a probate agent are valuable to each other. They, the agent can benefit just by having a relationship because the attorney is generally the one that drives the probate matter whether that's interest or something else. And the agent obviously, for you guys drives value because you make sure that the estate, the value of the of the probate estate is maximum. It's the way that you go about garnering and generating those relationships. I mean, it's it your business is just like mine, it's relationship based. And so the more ways in times that you reach out to first meet them in person is even better and or have events that targets that particular industry is is the main way to make those relationships.
Right. And then lastly, I know several of our members have relationships with private equity firms, companies such as that, and do you have relationships of that kind or are you currently helping any private equity's? Or would you be set up and able to help if one of our members needed to bring you in to help with that kind of thing?
Also answering all three questions. So yes, I've done that and have those relationships. I'm not currently involved in one right now that could change any day and yes, if you need help. If you're interested in probate in general and or you need guidance or introductions to private equity firms, I absolutely have this.
Okay, great. Well, thank you so much, Matt, for being part of the group. We look forward to hearing from you each month. Any relevant and it doesn't just have to be about the commission law. So anything that you think might be relevant, and even if it's state specific, we appreciate hearing from you. We appreciate you very much.
Glad to be here. Glad to help.
Thank you. Okay, so I'm going to move on to my next person that I would like to talk and that's Ron. Ron is our appraisal affiliate. Now Ron is as you probably most of you know him. But I think because we're we're seeing such a change in the market, especially here in DFW I'm sure you're seeing some yourself across the country with interest rates and whatever. I think it's relevant for us to be speaking to attorneys, appraisers, and keeping our finger on the pulse as to what's going on and what they're seeing what they might be forecasting trends, that kind of thing. So, Ron, if you could just briefly introduce yourself. years in the business that kind of thing, what you're doing what you're seeing, and we'd love to hear from you.
Yeah, that years in the business is no longer getting to be a bragging point. I don't think I started I started in 1976. And Milt got me was one of my clients not in 1976 but on down the line. He's the one who got me in the organization. And I really appreciate you all allowing me to be part of it's been impressed with the sharing and the professionalism of the group overall. I started pricing and Houston moved to Dallas in 1978. We've kind of been a firm is just strictly done residential. Most of our work has been mortgage related, our relocation related which is where Milton originally met right now the relocation business because the market is so strong, Plaza Limited is pretty well off. We also do work for attorneys in regards to trust estates or whenever it comes a line or Matthew, I appreciate you being part of it. I'm glad you're here. Local. So at some point in time, I'd love to hear about where you would recommend, what type of meetings that you would recommend realtors or appraisers go into to get those personal relationships. Our market course two years ago was as strong as we could have ever wanted it to be. Last year so as the interest rates went up, it dropped off. And now we have a very strong trend with prices that I would say are stable one day up the next and then down the next one. So we've we've got a good grasp of that. And the volume has been a thing so scared, has been most harmful on our end. We would not mind being as slow as we are if it wasn't for the lack of income. Other than that, it's kind of been tough on it. The number of appraisals I think nationwide were ordered September versus a year ago or 30%. Down course our market with 3% interest rates as as most appraisers are the refinance into the market went completely away. Also, Fannie Mae is making some changes in the mortgage and debit where they want to be more involved with setting determining the value of any particular property. I don't know if anybody's familiar with that. I know just to not be dangerous and say the wrong thing but they have their collateral underwriter. Now that can pretty well comes up with a value as soon as the appraisal is put in. Besides the value they write the they write the appraisal as to how it's
what
their confidence level in the writing goes from one to five, with one being the best and five being and then completely inadequate data to come up with any type of writing. My understanding, probably some of you all know better than I then if the appraisal is three or four well as other way one through one up to the three level. There is a reps in the warrants where the lender might never have to buy back if it's foreclosed on. If it's a three or higher the appraisal or at least they came back back and won't have to buy back that loan based on the appraisal. If it's a three or higher, then I think the lender remains at risk. And sometimes I remain it realistic for five years or longer. That's a long way so what I've heard on a buyback out it let's see what else do we do? Yes, we talked about the organization's we're part of a member rack which of relocation appraisers and consultants. I'm also part of the Dallas mortgage bankers on a local level. North Texas relocation professionals and employee relocation Council are worldwide USA worldwide employee relocation Council. And anyway, I try to get as many of these meetings as I can on a local basis because I find that to be one of the greater areas to make contacts and it does it's not enough. Certainly not an overnight deal. Something you've developed over time. Background What else can we talk about Kelly?
Well, I have a question here for you from Joe batac. He says Ron are the appraisals related to new homes with the builder to one and three to one buy down showing up as a seller concession and adjustment to value.
That is an absolutely great question and I'll listen to the answer. That is a debate among appraisers. There's some appraisers in some markets that do not show any adjustment for that whatsoever. Texas is a non disclosure state so you don't get all that information unless you get the contract from the builders. On the track how builders were finding builders concessions on a $600,000 home anywhere from 30 to 60 $70,000 depending on particular point in their year what the outstanding inventory. We do adjust for that that's not the case in every market. Some appraisers make the argument which I don't agree with is that that should not be adjusted for since every home in that market has the same deal. Or that is a buydown that is not sellable to the next sale is non transferable to the next purchaser. I'm sure that didn't completely answer your question but I hope it gave you some direction on it.
Any any questions for Ron anybody? In your market any anything you're curious about? Ron,
Ron's one of the truly elite appraisers in this country
offer that and work with many appraisers to my career. Thanks a lot, Ron. I was wondering, paid to say that thank you, Joe. I appreciate that. Didn't say your name down there, John. Our boss I worked for a long time with not only relocation but other areas as well. So I appreciate you saying it.
So So Ron, your recommendation to the group right now is to forge those relationships at local at the local level in meetings such as the Mortgage Association chapters, those kinds of things.
You know, I think when you see people on a local level and then you see them again at a national meeting or something, you really reinforce your presence as a player in any particular market. If you only see only one or the other, it kind of takes away. I don't say it takes away but it's easier to dissect. And just more credibility, I think for the individual on that end of it when that happens. So I don't know. We've even looked at or talked about going into some of the local bar meeting sound and we've never done that. I don't I don't even know if they still have an F COVID. But
I think video does that in Sacramento. I don't know if he's on the call but I know he joined the local bar association. You don't have to be an attorney to do that. And I think he is that right Matt? locally here in Dallas. You're muted.
I was trying to get off mute. I'm not aware that you can join the Bar Association even as like an adjunct or an affiliated kind of member unless you're an attorney.
You can often attend their meetings. Is that correct? Or am I wrong?
I think I think they're open to the public. Not many people do because yeah, who wants those two? The lawyers sit there and talk but um, but yeah, I think I don't really know.
I think Paul goes to the meetings. I didn't know if he joined the association but I think it goes to the meanings that may be why he's doing
the other thing I think I mentioned Kelly to you and if I'm running out of time, hi. Yes is believe it or not appraisers occasionally get the ability to refer listings to realtors, and that's something that doesn't happen all the time. Not very regular. But we have realtors that have made relationships with us and help us out on properties that they had nothing to do with. That's always when we feel good about returning the favor and doing it in that in that manner. So don't don't ever hesitate to talk to an appraiser because we're very lonely people. Hardly anybody ever talks to us. So don't hesitate on that. I will close out with always remember there are three basic types of appraisers in almost any market. Those are good with numbers and those that aren't so good luck on getting the right one.
Thank you, Ron, we appreciate you. And I'm glad that you're in the group. Thanks for your insight. And so the next thing I was going to on the agenda talk about was I know that you've hope you've all seen the email that went out asking you to redefine your coverage with your territory. We're going to be doing that at least once a year so that we understand. So leadership understands which territories you are covering that can change from you know, year to year or quarter to quarter so we want to make sure we understand. And we established that were an exclusive group. And if we understand your territory that makes it easy for us to understand how to process an application of a new member when they come in. I'm happy to say that you know there are people that want to get in the group. It's a popular group, because the dynamic of the group is such that we share and being exclusive exclusive to your territory comes with conditions, one of which is that we understand what territory you're in that you are participating within the group and that you are sharing. And so if you haven't seen that email, please get back to re define your group and I and Edie had kindly offered to we'd discussed how it would be easier because some of the replies I'm getting from members is oh, here's my territory, and they'll give us zip codes or just counties verbally but what we thought would be easier is if we do a uniform type of way of disclosing your coverage, and Edie had sent me his map showing where he covered and I thought it looked so easy to understand. So in chat, Ray has put a let me see. Ray, could you read put into chat the link that Eddie sent a video of how to disclose your territory. It's a 20 minute video, so I don't think we're going to go over it in the meeting. But if you could put it back into chat, it's going to show you how to draw up your maps, show your coverage and send it back to us so that we understand what territory you're in and Eddie, do you have anything to add about that map coverage verbally while you're driving? Yeah,
I just two things. One is that you don't have to watch the whole 20 minute video I did two parts. The first half shows you how to do the territory. The other half of that video shows how to use that maps by Google for all kinds of other things that could be useful for this.
Okay, appreciate it. Thanks. Um, also, somebody had suggested I thought was a great idea to perhaps put a link on our website on the er en website that will allow a member to offer a referral opportunity to another member. And I think the principle is great and that we could probably get our web development team to put in something in there that would allow it and we have a link already in there to send potential new members straight to an application so why not also have a link in there that would facilitate a referral. And so the thought is that maybe we'll offer an incentive for that member. If a member refers another member in that club, that member gets a client out of it. There's an incentive for the member. What are your thoughts? This is a roundtable discussion guys jump in, what are your thoughts about how that should look? And what the pros and cons might be of it? What's a you? Don't be shy.
Harry, what do you think?
I was just unmuted.
I knew you'd have something to say,
Oh, I saw milk waving over there too. So I was waiting for milk. Anyhow, I think to me, the incentive is that it's the referral fee. And we don't I don't think we need another incentive over an abode referral. As far as as far as recruiting from one one broker to another. My thought process on anytime I get a referral from another broker is that takes priority over everything else I'm doing at that point, because if another broker would take a minute, just a minute, for me, that says an awful lot about my reputation and what I'm doing, I guess a little that person gets maybe the white blood treatment. Yeah, you know, I'm not saying that we need to be there for everybody else, but there's just a little bit extra that you might want to let my wife know I think really, I always go to our list first. If I've got somebody going out, that's my first call. But after that, you know getting lost. So if we don't have people in that area, we need more duty more people in more areas.
Do you think it would encourage members to to refer other members to opportunities if there were a link on the website?
I think it would make it easier to find. Find the other broker. Honestly, I forget. No. You know, I mean, Kelly, I know where you were your territory is because I've been to your territory. Okay, you know, but but, Darrell, forgive me. I don't know where you are right now. I'd have to go look at the map. So, so I'm just saying Chris, I always know where you want. So
yeah, but it's hard to know every member's territory I get it. Yeah. What were you gonna say? No.
Let's see what we'll do right now is in his office, apparently very comfortable. He looks like actually what my thought was and it was rich wasn't walnut did had recommended. This is a suggestion and I thought it was a good idea. And I was the one that said well, maybe there's an additional incentive. I mean, we do not have we would have never been able to really track referrals from member to member and we've tried to encourage that. And I don't know whether it's trust, respect, not knowing who the other members are. communicating with each other to me is one of the most crucial things that we can be doing and sometimes just picking up the phone and having a conversation with somebody especially if it's one part of the country. East Coast to West Coast Harry like what you're what you're just suggesting. We are Darrell is is just getting somebody else's thoughts about it. I I just what Ryan said is pretty significant in my opinion about the professionalism that we have in this group, and the professionalism to me and elite. Real Estate network elite means a lot more than just selling a certain number of properties on an annual basis or certain dollar volume it really talks about the level of respect and relationships that people have with each other. The relationships we have with our members have with our their clients, the respect that our clients have for our members. And I don't know how we can make more of that. But I think communication is one thing I'm sure anything we can do to encourage that this past week. Just real quickly. I spoke with all four of our new members, Steve Tamizh, Aretha and rich and each one of them brought things to the table that I think are worthwhile for us to be able to discuss and, and several of the members said well, I don't know what I have that I can give to contribute. Well, I also learned Tammy is an appraiser as well. And is Aretha sent to me Milt I don't really know who our affiliates are. And what our affiliates do. So we just if we really think about questions that we have, let's share them, share them with the leadership team, whether it's Kelly me, Eddie, Joe, Kevin, Daryl, Paul, just you know, let's put things on the table so that we can talk about what we are doing and how we're doing it. I don't know of another group that has affiliate members like we have they have somebody like Matt available to be able to ask legal questions. We we did have another we still have another attorney in Florida that has been available for us to talk to, but does not participate in the calls and that's why I'm so excited about Matt's joining the group and making himself available and wanting to be available to the group. Joel in terms of dealing with single source, a great, great avenue, I guess for us to be able to talk to him about some things that he's doing with all the servicers that they work with. So a lot of insight on different things. I just think we need to find ways of communicating, communicating more with each other and reaching out to each other and then talking about when we do that and what happens with those conversations. That's no Chas personal perspective on this. You may agree or not agree, but I think the the amount of professionalism, expertise and experience that we have in this group is in my career, it's it's unlike I've ever seen in any other organization. And I just encourage us to to be able to take time and spend more time with each other. I think there can be benefits from that. That's a long way from the referral thing. But I do think that that level of trust and respect with each other and just having conversation with each other may encourage more of that to happen.
Thank you. I agree with you that we are a unique group of realtors and there's a lot of talent within the group. And I also know that having spoken to every member at some point individually that we're all very busy. And so making it easier for us to communicate and share is one of my goals as the president this year is to get people face to face but also to make it easier for us to make the group successful or to help individually as many people as I can. So I think putting a link on the website enabling somebody who may have a referral somewhere but not have a clue whether we have a member that covers that territory, or have the time to figure it out. If they know they can go to the website and click on an easy to find link. That number one shows them which territory each member might cover and that's why it's important for us to receive your once you once we re send out this video of how to how to send us back the required format for what territory you cover. I will make that part of the link on the website so that if somebody does have a referral, it's one click. Here's where this member hovers. And hopefully that visitor facilitates more sharing and more business for each member any other suggestions or ideas and think about this from a web development perspective because having helped developed our website, and I'm by no means an expert, I understand that it's the principle of saying put a link in there and shares is easy but once you start diving into the actual logistics of building that in the website, it's not easy and I don't know if any of you have experience with that or ideas but you can either speak up now Do you have any ideas about how that might look what the interface should be with regard to how to make it easier for you to share referrals but also email me or Re and put your thoughts in any thoughts? Anyone on how you would like if you had a referral? What would you want? How would it make it easier for you to share?
One thing I would like to interject is we should all reach out to each other on social media. And make sure that we're friends with everybody on social media. Because I see Chris and stuff all the time. I'm Kelly, I see your stuff all the time. You don't have to do anything just like whatever they're doing and helps promote whatever we're doing and that's why Lewis keeps mirror what Chris is doing in his neighborhood. He's like, you know, I see his stuff all the time. Go ahead, Chris.
Liking doesn't work with the Facebook algorithm anymore. You have to actually comment. So Facebook wants comments, not likes if you're going through and you're just hitting like on everything. Facebook figured out that people do that you actually have to engage with the post. Okay, well, the younger gentleman,
what does that do, Chris, when you actually comment, what does that do with the algorithm?
It makes it so that other people who you're friends with or following you or whatever relationship you have, they are more likely to see your posts because it has engagement.
Got it? Okay, what do you what were you going to say? I see your hands up patiently waiting there.
Yeah, I just wanted to say that I don't believe that the squeeze is worth the juice on creating that tool. We already have a really cool tool that I don't think a lot of our members are utilizing which is you can go to the website you can see the map you can dig down you can find out who's on what territory, at least what what major metro they're in, and then reach out to them and just do the referral. And I would love for us to have like a set agenda item on the agenda. We've gone on and off about just giving members an opportunity to chime in on this call to just say hey, because the referrals are happening. Like joba tag I shout out to Joe sent me a seller referral $150,000 Super happy seller closed Joe's got his check where everybody's smiling. And so thank you Joe for that. So these referrals are happening in our marketplaces. So I think it'd be an opportunity just pick up the phone call your people give them the referral and then let's acknowledge people here. And one more acknowledgement. I would like to give out to this this group. Several of you donated to a to an event that I was doing to raise money for an organization here in South Florida. We raised almost $9,000 plus we got a senator to give a $300,000 allocation to this organization from from the state funds which was which was huge and so I just want to thank everybody that did participate in that's what yarn is all about. And I'm really grateful to be part of this group.
Thanks I do I'd love to hear more about that event. When in another meeting. If you if you have time for it and I hear you I guess it makes sense that we don't need to spend too much time on re designing our website. But you know, any way that we can make it easier for people to refer others is is you know, something I want to pursue while we see their ethos, not in the meeting today, but she was at the DFW mastermind and she generously gave out a Google card to everybody at the meeting. And I've had a few members asked me if she could reestablish how to make it work because basically what she's doing is she's when she's actually with a client, you can click their phone with a card and it goes straight to the your platform for them to leave a Google review. Does anybody here know or understand how that worked that card? Because as he's not here, we can get her to explain in another meeting, but just FYI, that was something that z z brought to the meeting anyone here understand how that worked? No. Okay, well, I'll get her to go over that. When she's next in a meeting. And now another thing on the agenda. The leadership has, as you know, we're all members. We're a member er and as a member of MBA, and we hold an exhibit booth every February in Orlando, and represent Arn at that meeting. Being a member of MBA I think brings us credibility. I know that it's brought potential opportunities for the group as a whole. We're also considering doing the same thing with Ironman. And it's considerably more expensive to hold an exhibit booth with the Ironman but we are considering it. And if you have any thoughts about that, or any input, Edie What are your thoughts about us holding? Personally, I think I'm seeing a lot of private equity companies coming up with gathering inventory and these are the places that that you meet them. Would you say? That's correct. And what are your thoughts about Ironmen and holding a exhibitors booth there?
Eddie Yeah, thanks. You're muted. You're on mute, Eddie. Sorry, I know you're driving.
Yeah, I agree that the IMS is a place to be. I don't know that the spend in the booth is going to be the best use of our member of money unless we're very specific and clear about how we're going to show up on that booth. really bring a lot of value. Have a really good follow up plan on how to follow up with all the people we meet at that. So it's got to be more than just pay the ridiculous amount of money and then show up there. If we do that. It's we're just blowing our money. If we plan it ahead, plan it well thought out and show up like maybe next year with a really good strategy. I think it's worth to spend.
Sorry, go ahead.
No, that's it.
I was just gonna say what would a successful strategy likely look like? What would the outcome be?
I don't know. I mean, I think you had to find a creative way to engage the people that are there, right. You know, we did at the MBA last time we're short we're showing off like the, you know, the we had like an interactive Matterport experience set up. It was okay. I think we could do something more creative. I don't know the answer to that. But we'd have to, like, you know, you don't want to just be that booth. Everybody just walks by right you you want to create some type of engagement whether you know, there's different ways to do that. But I think that I know really in my heart that if we just spend the money put a booth up there and just kind of Yeah, and don't have a plan. It's gonna be a waste if we have a plan and we I mean, it's better than no plan for sure. And you know, yeah, and the result would be us engaging in a conversation with the people that are walking through there, and letting them know who we are, what we do and how we're different and getting their information. So we can, you know, stay in touch and follow up with them as an organization. I think the right people are deciding, hey, I'm in I want to make this meaningful. I want to make it impactful. I want to be part of it. And then us coming together and collaborating to make it make it a success.
So the plan would probably almost definitely have to involve something that would attract people to the booth but also create opportunities for meetings because it's all about who you meet at these things. Right.
Agreed. Agreed. Melt
notes muted.
You're muted male.
Yes. Actually, I think that part of this discussion came about as a result of a conversation that I had with Harry and Harry said that out of the meetings that he's attended, of recent that this was probably one of the best places to be able to meet people and people that actually could do some things to be able to help provide opportunities for our membership. And Paul Bouvier said the exact same thing. So whether it's spending the money to it's fruitless to spend money and not have a plan to be able to make things happen with that, but it does say and I think Henry wants to be able to speak about what his his thoughts were from that generated my conversation with the leadership team. Barry.
Thank you very much. no cure. The meetings. The first one I was just laying back Kelly was when you were you. Were just kind of laid back to getting the lay of the land. But this one I became more vocal when we talk, talk to more people, and I did a few more things. And they one of the things in talking to Paul was Paul was on the was a speaker moderator in a couple different sessions. And I think that's the plan. We need to we need to make sure that we're moderators. Speakers are doing something in this because it puts us our membership out in front. And ADP real back had a booth there and it was manned by a couple of different people and unless somebody engaged with the people sitting in the booth, they just sat there and I sat and joined him for a little bit and talk to him for a little bit. And, you know, I started a couple of conversations with people that didn't know what NADP is. I don't know that the birth is the way to go. But I did talk to the guy that's kind of one of the organizers and said you know I'd be available should he ever want to need a moderator even last minute, especially since I'm so close to the data point. Well, patient, I could be there in 15 minutes. And and they were they were open to that suggestion. So I think we need to kind of approach it from a different standpoint. Let's what can we offer them that they don't already have? And I think that's one of the things is that, you know, a lot of people don't like to talk to Bobo. We may be able to get involved with some of that kind of stuff. I don't know. I don't know. I'm ballparking here, you know, we see what we can come up with. So without having somebody without having our face in front of people and talking and speaking to the group. A booth is a waste of money. Right?
I know I suggest something.
Of course Go ahead.
What did what did you guys think about in Dallas? I forgot which other competitive group it was and it was obviously too much money, but they took a large group of lenders and and providers of REO listings to that Cowboys game. Something as offside. That would be considered a kind of a value play. To build those relationships. Is that something that we might want to look at?
We've done that kind of thing in the past. And, you know, I don't know that it's something that is valuable to us necessarily now as a group because REO may not be where it's totally at anymore. What are your thoughts on that? Eddie? With regard to taking, you're muted again, sorry. Listen,
before we spent $15,000 on a booth and I MN You know, we can spend $15,000 Rent a yacht in Miami, invite all these hedge fund guys and say, Hey, let's do a Miami Real Estate tour on the boat. You know, and create a networking event talk Real Estate Talk Shop, you know, have a pre pre conference event. Get it out to all those guys and get some people to show up. I mean, that's a better spend on 15 grand than a booth.
It is if if you can get the right attendees, right we already have those relationships right.
But you may not need the relationships if you have a nice couple million dollar yacht in Miami. Do and drive it during an eight night tour with some alcohol involved. Probably get people to show up regardless because
you can you can charter a boat here that has everything. Everything that you need. Like I'm just I don't Eddie wants to do it in Miami. But you can do that in Newport.
No, I don't. I'm not no. I'm just I'm just using the Moors. The I'm speaking of the IMF when that happens here in Miami. That's just the one that I'm thinking about which is the asset backed securities ABS east. That's happening actually in October. Something like that. Yeah, I'm I'm all ears. I
think
I was teasing you so but we do that. There are boats that have the flat boats. And they they'll serve the food. They'll serve the alcohol happy. It's all one stop shopping. It's not a private yacht. It's owned by a company that will do all that stuff. I did that in Newport Beach a few 20 years now. And we took a bunch of REO people out for a cruise of Newport Harbor. We didn't go out on the open seas we stayed in the protected harbors. But anyhow, it was it was pretty cool and it's one stop shopping. You could do that if any one of their conferences. And I think that would be that would set us apart and I don't think it would be 15 grand.
Yeah. If I'm if I may, I'd like to I think Joe's suggestion is a great one. And what Eddie and Henry would you're suggesting makes sense as well. But I think Joe, do you know people that attended and is there a way of maybe speaking with any of those that attended to see if in fact what we're suggesting that the value that could come from that is is great. Is there somebody that could validate that to talk about what the value was in doing that? Because I think it's it's a much more captive audience for sure. And being able to get the right people and people that were maybe selective in terms of of who we're inviting. I think it's a great idea. Joe
Well, one was built by Mel was a buddy of mine so we can we can ask him but
what is it? They might know that the name of the competitive organization that did that? I forgot their name. They might remember
the NRB and RBA probably did something like that. They're
constantly Yeah, that was the guy on the west coast of Florida that kind of was the he's I think the vice president or president of that group. I forgot his name out of Tampa. I could pick his brain.
So the key for this is if we're going to do something event wise and invite clients and spend some some money, which I'm all for if we think there's value in that rather than a booth is which event because you want to get the right clients there and not every client is at every event. So we've got to pick the event very carefully.
Yeah,
let me share something with you. That happened probably about five years ago, I went down. I think it was I in there in Fort Lauderdale. And one of the most celebrated times was after the meeting. It was a nice, they had cigar rolling, you would roll the cigar theater, everyone that's how you get people relaxed. And also the opportunity for people that you know had that did they respond to the cigar event, too? Speak to poke can you make that conversation with prospective buyer? Another very, very well. And maybe something to think about? Simple I can't but it was very well attended.
Okay, thanks, Joe. I definitely think we have money in our budget to do something that might cast a wide net and help us cement relationships. It's just debatable as to what it might be. I see that there could be more potential value in an event that with clients we already have. But I also see value in in establishing a presence and big event like Ironman Yeah.
On that point, Kelly, I mean, I don't I don't know how many people here it would be a positive thing. You know, hey, look, we're gonna do this event. And if you want to be on this event, you want to be on this. I'm just using the yacht as an example. You want to be on this yacht, it's gonna cost you 500 bucks. Even though you're an era member, you're gonna ship in 500 bucks to this event. I mean, when I was when I first joined here, and we went to a tailgate party, and in addition to my membership, I paid extra to support the cost that's yeah, there's nothing wrong with us considering that as well. Yeah.
Absolutely. We've done that in the past as well, when we've held events that say, you know, a sporting event and we've gotten a, a, what's it called a private suite. We've chipped in and done that. So yeah, I think now COVID is the way we need to we need to be considering these these things more so. Okay. And so we're getting near the end last five minutes, guys. I wanted to open the mic. Up or the floor up to anyone. What How did a five star go for you? What takeaways did you get from five star anything you want to share with the group or any questions you have for the group from five star? Was it worth the investment of the registration once a year?
I see if I would have gone to five star and just booked a hotel and gone to our Mastermind and done nothing else. That would have been sufficient. I think five star itself provided very little to no value for me. But the ER but the etrn mastermind provided a tremendous amount of value.
What value did you get from the mastermind, Chris?
It just the different ideas, you know, just reminders of things that we're doing. Obviously, the legal side of it was good to hear because as a broker owner, those are things that just gets different gears turning as far as what we need to relate at the agents. But I think having that perspective on the settlement, and just you know, seeing different ways everyone's getting traditional and retail business, not just reo. But I don't think I went to a single official with the exception of the USDA training. I don't think I did any of the official five star stuff because there was really not there wasn't much there. And I felt the marketplace there wasn't really much there either. Okay, maybe I'm the only one
I think might be mixed. Scott, what did you did? You participate in any of the five star events or meetings and how did it go?
I think it's a it's kind of still are they're still kind of talking about fleshing out the service areas they said they don't want to release assets until they have all their service areas completely covered. So they don't want to have any blank spots for for their servicer, so they want to be 100% legit there before they start releasing things. Just as a recent I don't know if anyone's done the bubble Mills REO certification, but I think it's going to be something bubble mills. He has he has a class called REO certification. And I don't know if we've seen but Computershare just got bought out by rhythm capital. And that's the company that Bubba's doing the asset management stuff for so they got let's see here. They got rhythm capital, they got new res, which is I believe shell point, and then also computer share is going to be on Brelade under under that outfit. So, for my understanding, I think Deborah Deborah back as you're doing that. I did the class so it was a very good, actually. Yeah, I thought was really good as well. So even for kind of season folks like ourselves, kind of reminds us of stuff that we should be paying attention to on the BPOS. And the thing that I thought was kind of cool is they kind of showed a peek behind the curtain and what the asset managers actually are grading us on so we can kind of hone in on some of that stuff. So
okay, and remember guys that we as a group have facebook, whatsapp, and if you get any of this, take these takeaways share them on the social media group. So that, you know we can learn more from what we might have been might have missed by not going to these events, so don't don't forget to share on the social media platforms. Joe had added we should discuss the $580 million Friday sale on MPLS and Oreos to a VRM related party in the last few weeks. Joe What do you want to add to that?
Well, the other thing is it's going to the Oreos and at least are going to be on ResNet so just make sure you're teed up on RESNA as best you can because you know it's not gonna be immediate but it's in the pipeline. It's common. I mean, it's the sales completed so it's gonna happen.
Okay, and do you need to be the Pro Plus or any of the pay levels on ResNet or just the standard
I suggest upgrading your your, your status to be safe. You know, it's in my opinion, the Oreos are starting with it's been delayed for way too long, but it's starting now in my opinion.
Okay, good to know
that there's a free training going on tomorrow. I can click into it. I don't know what it's called. But to have like what is it the equator or not equator but our ResNet certification where there have an additional fee for 30 bucks to kind of juice that and then there's also like to free trainings on there. For something. It's happening tomorrow on ResNet.
And I put in the link or re put in the link a free webinar with Matthew Ferreira. He's a coach and real he's real estate centric coach. He's given a free webinar tomorrow if anybody's interested. Anything else anyone wants to add before we
end on the Facebook page. There was a post yesterday or the day before MC shark I put on on state of marketplace on Tuesday I attended it was very well done as Rick step normally is and I think believe Carolyn posted it on on Facebook
she did she actually on the face but I'm gonna get ready to send it out via email as well.
It's definitely worth the hour of your time to listen to
this. So Rick's not with Adam anymore who's he with now? He's doing his own thing now. Yes. Okay.
Never shut down this company.
It might be time for us to maybe have him talk again soon. To the group.
You're gonna get really up to date.
What did you wait, what are the two or three best things you took away from it?
Oh, the one thing is, isn't it I got to really forget about REO for a while because it's really not a thing. And that was that was one and the other was that we are nowhere near like 2008 It's more like maybe in the 90s and stuff were beautiful. Some of the smaller banks may be doing that if he didn't if he just we covered everything you really it's it's I got my notes, but I don't have
Yeah, it's on. It's on the Facebook page. If you're not connected to our lrm Facebook page, especially new people, Matt. I think there's a few of you that are new here. If you're not Tommy, if you're not let me know and make sure that Ray sends you out the link so that you're getting those posts but I'll have a send out an email as well. So reminder, we have a whatsapp page. We haven't actually we have a Slack but nobody uses it but we have a Facebook page where we share as well. Okay guys, so the time is up, it's 103 here in Dallas. So thanks for your time. And may main thing taken away from this meeting is that we are going to do something in 2024 that will either be a big client event or a an additional booth or maybe we'll do both if we can justify the costs or make it affordable to do both but that's the goal is to get our name out there and more relationship building more sharing. Have a great rest of your day and rest of the week guys thanks for joining Thank you take care.
