Take Flight Weekly | Jim Miller

On this episode, I will discuss how you need avoid "the noise" that occurs during a shifting market and how to create the action needed to set up your business for a productive Q3 and Q4 2022 and build momentum going into 2023.There is no doubt that you've started to see the signs of a shifting market. In Chicago it's not been as obvious as in other parts of the country because we were somewhat late to the party. Some markets have seen a 75%-100% increase in prices over the last year and buyers in those markets are starting to "sit it out" and will wait for a more normalized market. These markets I'm talking about are resort and second home markets. In primary home markets, there is still a lot of demand and velocity. With home prices and rental prices both increasing in primary markets, there is no good exit strategy out of the housing market for those buyers. Either way, the shift has started in 2nd home and resort markets will make it to other markets in the next 6-12 months. In a way, this is actually good news. For top, skilled brokers, we need a more efficient market to allow for transactions for all of our clients. A better flow of inventory allows for "right sizing" buyers to enter the fray who can't or won't pay cash and waive all contingencies. With all of this being said, I cannot remember a better time to educate and set expectations with your clients. You need to stay ahead of the narrative. The media, in needs of "clicks" are going to be pounding the drum of the pending doom for the housing market. So this is how the "noise" is generated. Advertisers pay networks and media outlets when someone pays or clicks on their ad or an article that hosts their ad. My favorite: "Surging Interest Rates push mortgage demand down more than 40% from a year ago" (CNBC, April 6, 2022). This headline disregarded the fact that most of that mortgage demand was with refinances and that an increasing amount of purchase transactions were cash. The 40% implied wrongly that the housing market was struggling. Not true. Jameson is up 36% in volume year over year.

On this episode of my MMPT, my goal is to prove to you that your next big breakthrough is a just a decision and some inspired action away from becoming a reality.In the grandparent of all self development books, "Think and Grow Rich" by Napoleon Hill, Hill was charged with interviewing and investigating the success methods 500 of the most successful business people, politicians, inventors, writers and leaders of industry of his time. In the book, he writes about his findings and tells short parables on examples of how these people became successful. One of my favorite stories is when he describes what has been termed "3 Feet from Gold". This story is about the uncle of R.U. Darby, who went to Colorado to dig and get rich. He hit a gold vein and decided to go back east and raise money from family and friends to extend his mining operation. Once the money was raised, he went back to the mine, started back up his mining operation only for the vein of gold to disappear before the profits could pay back his debt. Darby decided to quit and sold the mining equipment to a junk man for a few hundred dollars. The "junk man" hired a mining engineer to come in and evaluate his investment and provide advice. The engineer said that the mine had failed because the owners were not familiar with fault lines. His calculations showed that the vein could be re-found just 3 feet from where Darby had stopped drilling. That is exactly where the vein was found. The junk man took millions of dollars of gold ore out of the mine. Darby learned his lesson never again to give up. After learning that lesson, he became one of the most successful insurance salespeople of that time and paid all of his debt back to his friends and family. Lesson learned: Never give up. Your breakthrough is right in front of you.

Today, I want to remind you how important it is to create and stay in the right mindset. As difficult as life and running a business can become, we have to set expectations with ourselves mentally in order to maintain a sense of productive flow. I will give you a glimpse into the strategies I've chosen to stay at a "frequency" that is in line with my personal and professional goals.I realized in 2010 after listening to an interview that Joe Stumpf, with By Referral Only, had with John Assaraf. John is a successful entrepreneur and author who started in real estate brokerage at age 18 and over the years built 5 multi-million dollar companies. He was featured on the movie, "The Secret" and now runs a company named "Neurogym", a digital education company focused on helping people create a high performance mindset. It was during that interview that I realized how important the mind was to "winning". I've been a student of the "inner game" since that day and credit my ability to stay at a frequency in line with my goals as the main reason I am where I am at this stage of my life after a getting a late start. I don't worry about the future. I truly feel and know that if I execute on my goals and plan, it's not a matter of "if " but a matter of "when" that I will reach them. It requires a calm and focused mind to maintain that type of commitment to yourself.

In this episode, I will discuss the importance of the clear, educated mind needed to really navigate this market and win. Not just for your clients but for you the broker. Any confusion or lack of understanding will create hesitation, regret and inaction. 3 traits you want to avoid at all times. "The CONFUSED MIND SAYS NO."2 weeks ago, one of our original founders of Jameson, Harry Huzenis joined our commercial meeting. Harry has been in real estate brokerage, development and investments for over 4 decades and has transacted in the billions. He was discussing the current state of the real estate market and made an incredibly eloquent comment as it relates to the current mindset of our clients. He said "A confused mind says no" and went on to explain that if you do not educate your clients on the market "in the moment" in a way that they understand it, the will not have the right information to make a good decision. The market conditions are getting more difficult for buyers due to lack of inventory, rising interest rates and a broader increase in inflation. You and your clients will start to hear the clickable, drum beat of an impending housing crash and so it is imperative to explain what is truly happening in your micro market in the moment

On today's episode, I want to redefine my definition of what it means to "Sprint and Celebrate". In essence, "Sprint" means that you have a defined period of time when you execute with intention. "Celebrate" means that you commit to taking a period of time to power down and enjoy after a "Sprint" to celebrate your accomplishments, rewind, review and plan the next sprint. I will unpack this definition and show you the importance of how you use this strategy to get the most out of your days, weeks, quarters and your year. We know if you win each quarter, your 3 year vision is almost mathematically impossible not to achieve. I write this for all of you that just feel at the end of your rope after being constantly pulled a million directions. Some of you are the primary bread winner, chef, driver and COO for your family. Outside of your immediate family, you've got your extended family and friends that need attention. Oh, and that pipeline of clients that need to buy something and there is nothing currently available to show them. They are looking for you to be the solution to their needs. It's a lot. (You're not alone) I'm just calling it like I see it because I get the 911 calls. "Jim, there has to be a better way?" Yes, there is! but step 1 is committing to doing things different. You've got to scrap the entire playbook and start over. For some, this is a scary proposition. I'm going to discuss a specific playbook today that I've seen work wonders for that person I just described a few seconds ago but also for that agent that has been in brokerage for a while and hasn't consistently met their goals. You might be new to the business and want to get it right from the beginning. Do I have your attention? For 15 minutes, I want you to mute the outside pressures, take a deep breath and just listen intently to what I have to say. I'll send you the notes and you can go back and listen. Today, I'm going to teach you how to "Plan, Sprint and Celebrate". I use this daily, weekly, quarterly strategy in my own life and it works.

On today's episode, I will discuss how important your reputation is in your overall ability to execute at a high level for your clients. I will also define the word influence : a nuanced approach to procuring more opportunities. These topics are not discussed nearly enough in our industry. I'll make my best attempt to address it today.Let's start with reputation. In today's market, it's widely understood that most listings priced right and marketed correctly, will have multiple offers. In many cases, the terms are similar and the differentiating factor becomes the agent and in some cases, their brokerage. If an agent has a reputation of being difficult and untrustworthy, that will 100% factor into seller's decision, as it should. If you have a reputation of being fair, easy to work with, collaborative, responsive and skilled, those traits will benefit you.

On this episode of my MMPT, I will discuss the advice I've been giving agents on how to position themselves for our "new normal" in the real estate market . The market has shifted. You know it. I know it but now what? What tools and skills are needed? What mindset is needed? How do you navigate this market while keeping your sanity? Today, I will give you my thoughts and help you lay out the basic groundwork to build your quarterly business plans around for the foreseeable future.

On this call, I want to take you through the documented, economic factors that are impacting today's real estate market and give you some "Talk Tracks" to use use in your conversations with your clients. These talk tracks will allow you to set expectations with your buyers and sellers which will make the process as manageable as possible for you and them. It's an extremely competitive market which is really difficult to navigate. It will be much more difficult if you and your clients don't fully understand the economic factors driving the craziness.

Today, I want to further explain this metaphor "Plant in the Spring. Harvest in the Fall" in a way you've never heard me explain it. Within this explanation, I will give you techniques to pivot to the new normal in real estate brokerage. That new normal is "low inventory" and because of this new normal, I want to make sure you are "planting the right seeds"?I've used the metaphor "Plant in the Spring. Harvest in the Fall" to explain the Law of Gestation for your business. Gestation is defined as a set time, incubation or gestation, for every seed (physical or spiritual) - a specific span of time it needs to follow to come into a physical form. The Law of Gestation is needed to explain the importance of patience, which is a mindset that we as brokers/entrepreneurs struggle with consistently. We want things NOW especially in this instant gratification world we live in. Today, I am going take you through this metaphor in great detail in hopes that you have some major take aways from it.

If there was ever a call that represents my purpose, it's this week’s MMPT. I want to introduce to you a "Life Hack" I’ve recently added that will help you survive the craziness of this industry you undoubtedly experience throughout the year. This simple , annual planning process can provide you the necessary downtime required to thrive personally and professionally. I wish I would have used it earlier in my life.