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Welcome to Mega Agent Camp with Gary Keller & Jay Papasan

“People always accuse me of having these events so I can have cool people come and perform, “ started Gary Keller this morning. “Which is completely true – so with that, please welcome my friend Anthony Snape.”

Snape warmed up the crowd with two of his greatest hits, after which Gary reminded us all to be thankful for music. “I don’t know if it is God’s little reminder or what but, it doesn’t matter if it’s the worst day ever – if you put on a couple songs like that, suddenly you have hope.”

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“It certainly is amazing to see you all. I remember when we started this about 13 years ago and it was just a few us in t-shirts and jeans having the dialog – it really was like camp,” Gary began. “And while we are over 5,000 today, it still is just that: Mega CAMP. It’s a conversation about where we are at, where we are going, and how you can go be the best real estate agents you can be.”

He continued by pointing out that we don’t normally talk about the market at Mega Camp because, “frankly, we don’t care. If there’s a house to be bought or sold, we are the ones who will be handling it.”

Well, this year he and Jay decided to address it. The first thing that needs to happen to stabilize a shifting market is to stabilize the home prices. “Has this happened?” Gary asked, “say yes. However, the medium home price has jumped 21% since the beginning of the year, which isn’t necessarily a good thing.”

“We don’t know what it is,” added Jay Papasan. “We are in unprecedented territory here.”

According to Gary, the four steps to stabilizing a shifting market are:

  1. Stabilizing home prices
  2. Stabilizing the banking system
  3. Creating jobs
  4. Stimulating the economy

The problem, he says, is that we are skipping past steps two and three and are just talking about stimulating the economy.

“We are dealing with markets within markets here,” said Jay. “It is a very interesting time where you have the opportunity to be selling your home in one market and buying your next one in another.”

So what are the factors impacting the markets?

  1. Factors impacting markets
    1. Legal settlements encourage short sales
    2. Streamlining short sales
    3. Short sales and loan mods are reducing shadow inventory
  2. Bulk sales and institutional investors
    1. Higher competition in entry level
    2. Fewer REO listings hitting the market
    3. Fewer opportunities for consumers to get steep discounts
    4. Fewer listings for REO agents
  3. Home price appreciation
    1. Up to 21% nationally since January
    2. Fewer underwater sellers

“Let’s talk about the things that never change. The 3 Ls: leads, listings, leverage,” continued Gary, switching gears. “This never changes, this is your life: LEADS – the foundation of it all. If you don’t have leads, why are you even worried about listings or leverage?”

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“You have to think BIG – as big as you can envision… and then double it. If you don’t think big in leads, the rest of it doesn’t matter. When we say ‘think big’ we mean in lead generation, because then everything else follows. If you don’t get the ONE thing right – leads – rest just doesn’t matter.”

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