On this episode of The Real Word, Byron and Nicole talk about the jump in home listings (accompanied by a drop in pending sales), the power and structure of real estate masterminds, and Chris Smith’s new book.

Home Listings Jump

Here are the key stats: 

  • The supply of homes for sale rose by 9% last week
  • New listings rose almost twice as fast in the four weeks ending May 15th
  • Pending home sales dropped nearly 4% in April

About a hundred people weighed in, with the following results: 

  • 64 votes → “Up” (67%)
  • 14 votes → “Down”
  • 17 votes → “Same”

Given the higher interest rates and other factors like buyer fatigue, the best thing for sellers to do right now may just be to cancel those vacation plans and focus on selling their homes. 

The Power of Real Estate Masterminds 

For racket #2, we have an Inman article by Jimmy Burgess: “How masterminds helped this office close 13,400 transaction sides.”  

Vincey Leisey, founder and CEO of Ambassador Real Estate (a branch of Berkshire Hathaway Home Services) believes masterminding is the number one thing agents need to succeed in their business.

Byron and Nicole go over the traits Leisey referenced as essential to an effective mastermind group, some of which are up for debate: 

  • Similar production level for agents
  • Regular attendance
  • Strong leadership 
  • Proven results

Byron and Nicole gave their takes on each of these points, starting with the “similar production levels” for agents. Byron pointed out the gap in production levels at a mastermind he joined. Nicole added a question, saying if those levels are the same, “Who’s pushing who?”

Both agree that everyone in a leadership role with these masterminds needs an accountability partner — or a coach/mentor, someone way ahead of them – to keep pulling them up.

The structure of these meetings is similar to the EOS structure for L10 meetings.

Chris Smith’s New Book: The Conversion Code

Our marketeer of the week is Chris Smith, whose new book, The Conversion Code, is live and available on Amazon, and he gave a signed VIP copy to Byron, who will share it with Nicole. 

Here’s a key quote from the book: 

“Stop chasing leads. Start attracting clients… If you’re not building your brand on social, today, the way your audience is consuming it… you’re gonna be in a really hard spot in the next couple years.”

Chris Smith

Byron shared some revealing stats from the book and gave his take on what to expect over the next 24 months. 

Byron and Nicole would love to know your take on listings in your area. Share in comments whether you see them going up or down. 

Watch the full episode for more:

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