In this episode of the Houston Home Talk, Mike Wall of Love Ohio Living and James talk about the detailed roadmap for changing business over to EXP, consistency, and branding.
Quotes :
" If we do get somebody to say yes, then we got a shot at a six-figure income."
" You'll get what you want if you can help other people get what they want. "
Mentions:
Website: http://loveohioliving.com
Shownotes:
1:04: Response from other people to the interviews
2:07 Mike started real state business
04:45 Mike talking about consistency
08:45 - Mike talks about branding
19:24 - Team Structure
20: 48 - Mike's favorite books and podcasts.
[00:03] INTRO: Welcome to Houston home talk featuring all things real estate in the Houston area. We'll interview real estate professionals, local business owners, and special guests from right here in the Houston community. This is where you get the inside scoop about what's new in real estate, new community openings and business openings and much more. The Houston Home Talk Show starts right now.
[00:32] JAMES: All right guys welcome. What's up? This is James J. Welcome to Houston Home Talk. I am excited today to have my man Mike Wall from Dayton, Ohio. What's up Mike? How are you today?
[00:43] MIKE: Yes sir. Baby, I'm so happy to be here, man. I'm so happy to help. We'll be able to drop some value on your audience today, brother.
[00:50] JAMES: Yeah. Listen, I have been watching you now for several months as you have been doing a lot of interviews with a lot of the new people that have been moving over to EXP Realty. I want to say thank you because a lot of the content that you've been providing, I know I've used, I forwarded it to people and I know that the value that you're providing is helpful to a lot of people. You and I met in New Orleans last month. I've been watching you for several months. As soon as we met, there was several people that came up to you and said, hey, thanks Mike. I know you're reaching people.
[01:21] MIKE: Yeah.
[01:22] JAMES: You're helping people because a lot of people can't do what you're doing in the way that you do it so thank you for that. I wanted to ask you so I want to just start, so you've been doing a lot of these interviews, a lot of Facebook Live interviews. I want to get people introduced you. I want to ask you real quick, what's been the response from other people to the interviews that you've been doing with the new people that have joining EXP?
[01:42] MIKE: Yeah. No, it's a great question man. It's really been overwhelming more than I even thought and really the whole reason if I back up and just telling you the reason why I started doing the podcast…
[01:52] JAMES: Right.
[01:53] MIKE:…is because I knew that we were building something special. I also knew that changes is big. Change is big for everybody involved and especially the for those people who are team leaders in running a business. I wanted to give those people a platform to be able to share their unique story with the world and in hopes that somebody out there might identify with them and be able to make an intelligent decision about where their business went and then also providing a detailed roadmap for change if they decided to move their business over to EXP. Then also kind of lastly is just to provide insight on people curious about learning more about EXP.
[02:34] JAMES: Right? Yeah. Let's get to know a little bit about you because I know you have been in the business. You've been licensed for about 16 years or so. You started full time…was it 2014 when you were officially started full time?
[02:45] MIKE: I did it. I got a unique story. I've had my license since 2002. I actually got into the business just as a buyer specialist for one of the top agents here in our marketplace. A guy named Phil Herman who worked for Remax is a big deal man. The guy was selling like 300 properties back like when nobody knew about teams. When I got into the business I just thought, man, I don't want to try to learn all this on my own. What I'll do is I'll take a little bit less of a commission split to go under somebody who actually has all the knowledge for what I want to do, right? I worked with Phil 2002 to 2009 and we all know what happened in 2008-2009. The market just completely crashed.
I actually got out of real estate. I kept my license but I went to work back in corporate America and I did that for five years. I was working for a company that was based out of Blue Ash, which is a suburb of Cincinnati and I was selling copiers, man. It is a grind doing that. I did that for five years. I knew I wouldn't do that long term and I knew I would get into real estate.
[03:43] JAMES: Right.
[03:44] MIKE: In 2013 in about October, I started calling the expires in 2013. In 2014 May I had 44 listings and I went to my wife and I said, honey, it's costing me more to be at my corporate job than it is to be here in real estate. She said, you know what? She said, do your thing man. That first year went out and sold 57 houses. Second year in the business, sold 104 houses, third year sold 187 houses and then fourth year I sold 309 houses. I just haven't looked back, man. There's so much obviously that goes in between there because now you know, I'm operating as a team. I've got some great team members. I got a great business partner now. We've opened up a whole world with investing and so forth.
[04:30] JAMES: Now let me touch on this because it seems pretty simple. One of the things that I love about you is the consistency. I know you've been doing a lot of live coaching calls. Obviously you've been doing this for several years, calling the expires.
[04:41] MIKE: Yup.
[04:43] JAMES: One of the things that I tell a lot of new agents is what you think, because everybody just assumes everybody's calling the expires. I've heard you mentioned this in the video, a lot of people will stop calling after the fourth time or even a third time in a lot of cases. Obviously you were consistent. What made you focus on the expires? Because as a new agent, that's one of the things that I always tell people to do. Focus on expires. You can get that information and just keep consistent, stay consistent with it. What made you start? What was the thing that kind of got you to focus on the expires when you first started?
[05:17] MIKE: Yeah. No man. That's a legitimate question because if you think about it, I mean everybody's good at something, right? Everybody can always make up the excuse that I'm not good at something and typically it's because they either don't have the experience or they're just not willing to try. For me, when I moved here, I went to high school and was raised mostly in to Dallas, Fort Worth area. I moved to Ohio and went to college at Ohio State. Go Bucks. I met my wife there and my wife was from this small town, which is a Northern Cincinnati, Southern Dayton suburb called Springboro. I didn't have a personal network. I didn't have a lot of people that I could tap into. I just thought, well, what is the next best thing? I knew I could grind it out on the phones because I had done in B to B sales selling copiers, right?
[06:03] JAMES: Right.
[06:05] MIKE: There's no science behind it, man. I just did it. You talked about consistency and that's, that's really what it was. It's just doing it. It's repetitions in the gym, right? It's like every day you show up. You put in your reps. You work hard, and then the magic starts to happen, man.
[06:20] JAMES: Right. Yeah. That consistency thing is very difficult, especially for us because there's no one to tell us to do anything.
[06:27] MIKE: Right.
[06:29] JAMES: Everyone wants to get in the business, but then lacking the discipline to do what you did for three years and still continue to do to this day with the Expires. It's something tells you is you have a schedule and you got to work. It's hard to do. It is hard because stuff comes up. It's hard to stay consistent. If you really want to make it and you're a prime example, everybody that's calling these Expires, they're not doing it consistently. They just don't. I know it. In Houston, it's the same thing. We've got 30,000 agents here. We've got a lot of expires but of that 30,000 there's only a handful of people that are actually consistent with it. As a matter of fact you knew that and you stuck with it and clearly it works.
[07:09] MIKE: I want your audience to understand something too James is that the great thing about calling the Expires is not everyone's is going to say yes, right? We are fortunate enough to work in an industry where the margins, if you do get a yes, are very large, and I always tell my team this, right? We live in a market in southwest Ohio here where the average price point is not really high, right? Our team average sale price is $178,000. Our market. Average sale price is $130,000 but you can still make a six figure income here if you just get one yes, every week because our agents average commission check is 25.50 and if you take 25.50 and divide that out over 50 weeks, you've got a nice income, right?
[07:48] JAMES: Absolutely, yeah.
[07:50] MIKE: Really we just focus…we have our team focus on that one yes per week, right? We understand when we pick up the phone that the odds are against us, right? We understand that most people are not going to answer the phone and if they answer, most people are not going to set an appointment. We understand also that if we do get somebody to answer it, if we do get somebody to say yes, then we got a shot at a six figure income.
[08:10] JAMES: Absolutely. Yeah, and you know there's a couple of books I've got but the go for no is one. Darren Hardy, I love Darren Hardy. December is going to be here tomorrow and I bring this up because his book talks about the format. There's this habit, habit, habit, habit and what he used to do when he was in real estate back in the day, he would just look for no's. The more no's you get, you're just closer to that yes. At some point somebody is going to say yes and I'm a huge Darren…the compound effect. That's what that's saying in the book, compound effect. I love that book. Usually we'll bring it up every single year around this time of year and I go through it and I'll operates during the year because it's a great book about the discipline of habits. In this business. it is key to everything is self-discipline to be able to, to continue to do that. Props to you on that. Now I wanted to ask you, so I heard in the interview that you had mentioned that you had back when you started full time back '04, 2014-2015. I guess a couple of years into it. You switch from the wall group over to love Ohio living, LOL team.
[09:05] MIKE: I did. I did.
[09:07] JAMES: Explain why did you did that? I think I know the answer. I wanted my audience to understand why did you do that? Why did you think that was important to get your name off the brand and brand it to level high live in which you did.
[09:18] MIKE: Yeah. No, that's a great question. There's arguments for both sides.For me personally, I thought it was more sustainable to build a business that didn't have my name on it. I didn't think people would sustainably work to build my business. I thought that together, if we formed something that we could all believe in and all row the same direction, that didn't have my name on it. In another words, it's like a football team, right? If you think of the Dallas cowboys, right? Who did beat the Saints last night which…
[09:50] JAMES: Yes, they did. Yeah.
[09:51] MIKE: if you think of the Dallas Cowboys, they're not called the Jerry Jones, right? They're called the Dallas Cowboys. Jerry Jones owns the cowboys, but everybody has their respective position for the Dallas cowboys. When they come together, they make a team, right? I wanted to do is I wanted to take the level how living team and I wanted to galvanize everybody around that.
What that stood for was elite level agents being able to plug their businesses in to our tool systems and resources to go out and sell as many houses as they want. Not, they plugged into Mike Wall and just took every, all my leftovers, right? Because there is a team model that works that way and I just don't believe it's sustainable. The statistics show, I mean, the shelf life on those type of a team, the shelf life of the agent is much lower, right? Because what happens is they come in, in most cases and they build them up and then those agents, they want to go do the same thing whereas now we have an agent on our team. It's like Natalie Rose, right? Is an agent on our team? It's Natalie Rose with the level higher living team at a power broker by EXP Realty, right? Her name goes on the sign. We just have our LOL logo. Frankly, it's not that I would ever sell my business, but if you think of it like this, James who's going to buy Mike Wall real estate without Mike Wall.
[11:09] JAMES: Yeah.
[11:10] MIKE: You know what I mean?
[11:11] JAMES: Now you're, you're right on. That's a key when we talk about marketing branding because I f struggled with that as well earlier and having my name. I agree with you completely. I think the buy in from your team is much more when you have LOL Level Higher Living. I love that you did that. That's a key. That's a nugget for people to really look at that because like you say there's arguments both ways. I'm actually on board with you as far as the branding and not having your name attached to it for the long term, long term that's a great idea. Good information there. Let me ask you, so from all the interviews that you've been doing with a lot of the EXP Agents that have been mourning, it's been absolutely crazy the growth that we've had. You joined back, was it February of this year is when you guys moved over?
[11:55] MIKE: Yes sir, it'd be a year.
[11:58] JAMES: Montel Williams, you moved over. What's been the best or the most surprising thing, specifically from the people that you have interviewed? Because I don't know if you've got to off the top of your head how many people you've interviewed since you started the show.
[12:10] MIKE: Probably around 20, 25 at this point.
[12:13] JAMES: Okay. Okay. What's been maybe one of the biggest surprises or maybe common similarities? Because everybody's story's a little different. I probably have watched virtually every video interview that you've done. Everybody's story just a little bit different. What have you found that maybe something that's maybe been similar from a lot of the people that you've spoken to?
[12:30] MIKE: Yeah. I have them. Something instantly pops to mind and because it really not only has it surprised me that this is what I've learned from them. It is something that we never expected when we came over. I'm learning now when I talked to people in those interviews is that it's the same thing for them, right? What I'm learning is that the community. It's the community that we've created. It's the people that now we're able to tap into, right? Because like Jay Kinder and Mike Reese, the NEA group, right? They used to run this mastermind that was like a $25,000 buy in, right? Now they're doing that mastermind for free.
[13:09] JAMES: Yeah.
[13:10] MIKE: Right? We're talking about Kinder was the number one, number two guy for COA banker in the world at one time, right? He's one of the smartest guys in real estate. When you're able to plug in to those guys like I could shoot him a text right now and get a response from him, right? The same thing with Kyle Whistle, the same thing with Dan Beer. I mean we're talking about some of the biggest real estate teams and smartest real estate minds in the business.
For me that was the biggest surprise man, is the fact that now we've created this fantastic community of learning and sharing and just growth and excitement, man. That's an easy answer for me.
[13:50] JAMES: Yeah, you and I, we've got a lot of similar circles as far as NEA. I've been with NEA probably since 2011. Actually, back then it was just Kinder-Reese. I've been following Jay for years. He's one of the nicest guys you'll ever meet. Yes, I also coached with them him well. You're right. When now you've gotten to exponential growth summit back in the day.
[14:06] MIKE: I never did go to that believe it or not. Yeah, I never went.
[14:12] JAMES: Okay.
[14:13] MIKE: I coached with NEA. I didn't exponential growth.
[14:17] JAMES: Right. The funny thing now is that with EXP, with all these big name ages moving over, and you're right, the community and the collaboration. I know we keep using these words over. It's true. When you're in it and you and I were here where we both are at EXPN. We've been able to see it. The fact that you're right that I could call Jay right now. I've paid thousands and thousands of dollars to Jay to coach me. Now that same information, I could still get it and get access to him with literally just picking up the phone right now. That's been one of the biggest, pleasant things that I've seen as well. For a lot of people that are not, or maybe looking at the opportunity right now other than the collaboration, what else is maybe been one of the things that's been a plus for you?
[15:03] MIKE: What I want to add to that real quick is that I don't want people to take that for granted because a lot of people I think represent EXP the wrong way. You're trying to get people, you're calling people that you don't know and you're trying to get them to move for revenue share or stock. That's not enough to get people to move. It's like you need to figure out what if we understand at the end of the day, right? That map is more valuable than the treasure. Then you understand that that knowledge that you can get through collaboration, that's where the treasure is, right?
That's the map to the treasure. To be able to collaborate with those guys in a mastermind group. These guys are doing stuff at a level that we just haven't thought of or haven't gotten to in our businesses yet. For that person out there who's doing $10 million or $20 million a year that wants to get to 20 million or 40 million or a 100 million, right. The difference between them, where they're at right now and where they want to be is that roadmap, right? When you join EXP, you're able to tap into that right away, right, through the collaboration and relationships that you'll build here. I wanted to make sure that your audience was crystal clear on that because although revenue share is fantastic and the opportunity to be an owner through stock is fantastic. It's not the only reason you should join EXP, right?
[16:28] JAMES: Yeah. No question about it. Yeah. I think the excitement around it is just because it hasn't been done this way before.
[16:33] MIKE: Yeah.
[16:37] JAMES: You start looking at the opportunity down the road. I could not agree with you more, Mike. That component of EXP has gotten a lot of publicity. I think as far as representing EXP, a lot of people would probably get a little turned off because everybody's talking about the revenue shift. You are right. That's not really for me the number one reason. It is the fact that you get to collaborate. You and I would not be talking right now. We aren't talking right now if it wasn’t for EXP. I wouldn't be able to call collar or anybody for that matter. It's genuine. When we went to the EXP con last month it's genuine. People are just really willing to help you with whatever because it does benefit us all when we all succeed. Where it used to be you have freinemies and you interviewed with Tammy yesterday?
[17:25] MIKE: Tammy was day before. You're talking about Mary Simons Malone. I love them so much. Yes, she was frienemies with Kyle Whistle, right? They worked at competing brokerages in San Diego. She talked about that too with the collaboration now with Dan and Kyle who were formerly her biggest competition, right?
[17:44] JAMES: Yeah, Yeah. Huge, huge, huge, huge. That's awesome. Couple more questions for you Mike, before I let you get on out of here. Again, you said the response from people because I saw people coming up to you and we're at the EXP last month which is pretty cool. As we were in the middle of talking,
[17:59] MIKE: Let me one more thing James before because I know you asked me and I'll try not to be too long winded here. I want to make sure that people understand the value of what the model at EXP has to offer no matter where you're at in your business because you asked also what was another thing that I had learned or what was another reason that we moved and what we learned through our move, and I'm hearing back from obviously a lot of these team leaders in our interviews is the fact that I had a decision to make personally when I moved. We were opening up our own market center. We had approval through KWRI. We were opening. In fact, that market center has now opened without me. Right?
[18:34] JAMES: Okay.
[18:35] MIKE: Some other person or group came in and took my place. I was supposed to be an owner at that market center and EXP was put into my lap, right? We had a decision to make right away and that decision was, do I move forward with my plans with Keller Williams to open this market center, right? Or do I move my team to EXP? I'll tell you what it came down to. It came down to what was better for my team, right? Ultimately the reason why EXP want one out is because the move to Keller Williams would have been a lateral move. Actually it would have been a worst move for them because the CAP was going up at the new office. It would have only been a win for me, right? I could have been an owner at that office and that would have been great, right? Our Ego loves that, right? I'm an owner. Ultimately if I knew I wanted it to be successful through my team. That's what I want and ultimately to be able to provide them the best platform for success, right? I knew that I had to make the decision to move to EXP because now I can offer them things that I never could before. That is through revenue share and that is through who stocks, right? Now, they can become owners. They have a vested interest after three years. They have two exceptional wealth building tools that they never had access to before.
[19:46] JAMES: Absolutely, yeah. That same message as I go around talking with agents in my market, same message. My team is definitely not structured because your team structure right now is, consists of what? How is your team set up right now?
[19:57] MIKE: We serve two markets. We serve Dayton-Ohio market and also the Cincinnati-Ohio market.
[20:02] JAMES: Okay.
[20:03] MIKE: We have 25 agents. We also have a listing manager and a contract manager and then an office manager as well.
[20:10] JAMES: Right.
[20:11] MIKE: I have Director of operations/ co-owner and a guy named Jump Welski.
[20:16] JAMES: Yeah. You've got a pretty big a machine going up there and a lot of people being affected by your decision, all tweets and make that move over to the EXP, which is not something to be taken lightly by any means. I've spoken to a lot of other agents. I don't know. I've watched a lot of your interviews with people. It's a tough decision because it's not just you that you're affecting here. It's a ton of people that are affected by your decision, good or bad one way or the other. I don't think there's really any downside to EXP. I'm going to be a little biased, but the other revenue models or other revenue streams that we have available is great. The fact that we can collaborate with people all over the country at this point and soon it'd be international, 2019-2020 which is a pretty exciting where the company's. I compare what we're doing now with EXP and how Glenn has set this up and the fact that you are not going to have a conversation. You and I could talk to each day. Three quick questions I want to ask you. First question is what are you reading right now? I know you're always seeking knowledge. I know. Are you reading anything right now that…
[21:20] MIKE: Let me make it up for you man. I'll tell you right now. I usually have a couple of different books going on. I do love to read and I do love to listen to podcasts. I'm listening to… this is not a business book but its called sleep smart. I don't do fitness coaching, but I have a fitness coach too. He sends me books. I'm also listening to the Perfect Day Formula and that's by Craig Valentine. I'm listening to it another book called The Swerve. That's a good book. It's funny man, because if you do a lot of reading or if you listen to podcasts, you always get ideas about books from other people, right? It seems like one book leads to another write. One book mentions another and then you pop that in audible and you read that. I think one really good nugget and you and your audience should write this down if you haven't heard it already is listen to that recent, the most recent Maxout podcast with Ed Mylett, where he talks to you. UOP baseball team. That is so good, man. It is so powerful. I've shared that with my entire team. I listened to it probably every other morning because it just so resonates with me, especially as you transitioned into 2019. If you need something to get you up and light a fire under your butt and it is great, great material, man.
[22:26] JAMES: Yeah, I have my last. He's awesome. He is awesome. That's the beauty of a podcast is or an audio book for that matter just to be able to listen to it at any point of your day, at any time. It really doesn't matter where you're at nowadays. You can just pop that in and listen to us. I have not heard that one. I will make sure that I listened to it. I'm actually post the links so people can get just click where and go right into it.
[22:46] MIKE: Awesome.
[22:47] JAMES: I'm an avid, avid reader as well. There's always something that I pick up. The knowledge that it's that compound effect. One compounds on top of you, the next thing. Another last, last two questions here. What's your favorite quote? Favorite quote.
[23:02] MIKE: Man, that's a good one. I think it's probably changed throughout time. I think my favorite quote is probably really cliché at this point, but it just so resonates with me is the old Zig Ziglar quote is that "you'll get what you want. If you can help enough other people get what they want." That has not always been true for me. I've grown in my business, I've learned that my success will ultimately be a product of the success that I help others have.
[23:28] JAMES: Yeah, no, that's awesome. Zig Ziglar Fan, goodness gracious as well. I one that was one of my favorite of course. The other one is then you're going to be a meaningful specific or a wandering generality. It's huge and especially for realtors because most realtors are not meaningful specifics.
[23:45] MIKE: Right. Right. We know that.
[23:46] JAMES: Great, great quote there. The last thing I want to ask you, so what's something that you want to do in 2019 that you've never done before? Whether it be business related obviously EXP is an explosion in growth mode right now. What's something that maybe you've got want to do a 2019 that you've never done before?
[24:04] MIKE: That question comes at a really opportune time for me because we're actually in the middle of opening up our own mortgage company, the P and L model. I'm actually really excited to play around with that a little bit. I think there's a huge opportunity, not only to add more money to the bottom line but to also provide a level of service that most of the real estate agents can't provide because this is going to be set ups just so especially at first just so this person is servicing our team.
[24:29] JAMES: That's great. I've had a sin as a, as a loan officer. There's no better mortgage advisor like yourself because you are on that side and you speak to what your clients are really wanting and really be able to direct if it's going to be your mortgage company or whoever you're working or partnering with on the mortgage side to really provide a really, really good value for people because I know you've experienced it. I've experienced it with a mortgage companies that it amazes me that some of these mortgage companies exist or lenders should I say. I've had people just completely disappear during the process. This is amazing to me. It's amazing. That's a great opportunity and I think with your background there's no way that you would not be successful with that or anything else that you do.
[25:19] MIKE: Thank you sir.
[25:20] JAMES: That'd be great. Again, I am a huge fan. I admire everything you've been doing. You're one of those people when you meet him, you just like of like literally I met you. We shook hands on. My God, I just liked this guy.
[25:29] MIKE: Likewise my man, likewise.
[25:34] JAMES: I've got to get up to and actually one more thing we got to talk about real quick, the most important thing will Ohio State be in the playoffs or not.
[25:42] MIKE: Man, at this point, does it even matter? It's whoever's going to play Bama and lose, right?
[25:45] JAMES: Right. Right. That’s true.
[25:50] MIKE: I love my Buck guys I'm also a realist man.
[25:52] JAMES: Yeah, absolutely. Yeah, it's got to be quiet if you you say well. Anyway, when I appreciate your time, Mike. Thank you so much man. Thank you. Thank you. Keep doing what you're doing. I will continue to promote you as much as I can. If there's anything I can help you with, let me know and appreciate your time, man. You have a great one and we'll catch up.
[26:07] MIKE: Likewise and if anybody's interested in that free coaching that you mentioned they could go to liverealestatecoaching.com and sign up there. I'd be happy to take on anybody for 30 to 40 minutes and just really dive deep into any area of your business you're looking to improve.
[26:24] JAMES: I will post the link on the podcast. Actually let me put it on here so people can get that link and access what you're offering there. Yeah, can't go wrong. Free strategy call with Mike, reach out to them. He's an awesome agent, great example a lot of consistency and professionalism. I really appreciate what you do on Mike, We'll catch up soon brother. You take care.
[26:43] MIKE: All right man. Thanks so much, James. I appreciate it.
[26:46] JAMES: Okay. All right, bye-bye.
[26:47] MIKE: Good luck.
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