Follow the KW Blog for all the announcements, excitements and happenings here in New Orleans at Family Reunion 2019! We'll be updating throughout the day, so check back frequently and see what's new. Also, be sure to follow us on Instagram for live stories and even more fun!
4:49 PM CT
Breakout sessions are wrapping up for today and Red Bash is ramping up! We're going to put on our dancing shoes, but we'll be back tomorrow for more live coverage from New Orleans at #KWFR! 💃🏽
4:29 PM CT
The last piece of the breakout is related to improving your self. Jay and Ben define self as to be the best version of you no matter what you're doing, with whomever you're with, all the time. The goal is to be your authentic self, all the time. That means being the same person no matter who you're with or where you are.
Here are their suggestions for action steps to improve the self:
- Be who you are
- Stay hungry
- Play up – Start associating with people who think bigger than you. "Jump into the biggest pond and be the smallest fish," says Jay. "You will grow."
- Live with clarity and by priority – Put The ONE Thing into action.
- Be grateful and reflect often – Stop and look back at what happened instead of charging ahead all the time.
- No negatives – And, no drama. Life is too short to spend time with those that diminish your energy.
And, of course, give back:
- Give words
- Give your knowledge and expertise
- Give time
- Give money
- Give and get matched
- Inspire others to give
What an incredible session from Jay and Ben! We highly recommend downloading the slides which are linked below and using them to set some new goals for your wealth, health, business and self.
4:12 PM CT
Now, Jay and Ben will take a deep dive into strategies to improve your business. They define business as the ability to succeed through others so you can do what you want, with who you want, when you want.
- Start with margin – Expand a business model that is profitable.
- Have an MVVBP – Establish your Mission, Vision, Values, Beliefs and Perspective. "If you don't know why you're in business, you probably won't reach your full potential," says Jay. "It's never about the money."
- Master CV – Hire, find and retain talent through the Career Visioning process.
- Have a lead generation floor – Have a minimum standard and don't do any less than that standard.
3:59 PM CT
The next aspect Ben and Jay are tackling is health, which they define as the energy to do what you want, with who you want, when you want it.
Here are the keys, according to Jay and Ben, to managing your health:
- Manage your energy – Try to find out when, how and where you have your highest productivity and replicate those conditions.
- Manage your sleep – "The number one health habit you can have is to manage your sleep," says Jay. "It's not about when you go to sleep, it's about when you get up." So set your alarm early and keep it set.
- Manage your stress – Sit, stop and reflect to manage stress. Exercise also helps. "Write down the five worst things that happened to you last year," adds Ben. "Then cross out all the things that didn't really matter." Most things will pass.
- Manage your diet – Prep meals for the week so that you have an easier decision as to what to eat. "When I'm stressed out, I'm going to get a burrito," says Jay. "But if I have a meal set up, I'll probably eat what's in front of me."
- Manage your exercise – Start small and build a habit. Just do some sort of exercise, no matter what it is, every day.
3:35 PM CT
Jay and Ben take the stage to walk us through a session that provides actionable strategies for both your personal and professional lives.
They are starting by looking at wealth, which they define as the passive income to do what you want, with who you want, when you want. "Wealth gives us the freedom of choice," says Ben.
"I didn't ever want to go to work for someone that I didn't personally believe in just because I had a mortgage or car payment," adds Jay. "The wealth-building journey is about freedom."
Here are the keys, according to Jay and Ben, to building wealth:
- Live on less than you earn – It's not about revenue, it's about controlling expenses. "Try to live on 75 percent of your salary," Ben recommends.
- Invest in real estate – Agents get the first eyes on everything that's available in the market. So, all of the best investments pass through our hands first. "Everybody should own real estate because that builds wealth for the majority of Americans," says Ben.
- Invest in retirement vehicles – Minimize your taxes by contributing to tax-exempt financial instruments such as a 401(k).
- Build your business as an asset – "Your real estate business is an asset," explains Jay. "Treat it like an asset and help it grow." Income is taxed and assets appreciate. "Move from having income to having assets," adds Ben.
2:42 PM CT
Sean is wrapping up and we're off to go see Jay Papasan and Ben Kinney present on 19 Strategies to Improve Your Wealth, Health, Business and Self. Follow along by downloading the slides:
2:31 PM CT
"It won't matter how big of a database you build if you don't have the right lead generation habits," adds Sean. That means building a bunker (both physical and digital) around your lead generation time and also setting expectations with those you work with.
With Command, you'll be able to track your lead generation, each source and the ROI on each of those lead sources. That means your lead generation will become that much more purposeful and effective, allowing you to focus on the lead sources that result in the fastest time to ROI for your business.
2:16 PM CT
With Command, you'll have a full, customized reporting on all the key metrics of your business. From leads generated to appointments set to listings taken and profit, you'll know exactly where your business stands. Reporting doesn't work, though, if you aren't logging your contacts and activities in Command.
"When we have all this data in Command, we can report back on this," says Sean. "We can see how many contacts it takes to get a closing for the year and track that year-over-year." This is making you and your business smarter.
2:08 PM CT
If you already have a large database – whether that's in your phone or in another CRM – there is an easy way to upload them all into Command and keep everything synced. It's called PieSync and it's integrated directly into Command. Stay tuned for more details on how to access a free sync through PieSync.
And, once you have your contacts locked and loaded, Command helps you stay in touch consistently. Remember: The fortune is in the follow-up. According to Sean, 48 percent of salespeople never follow up with a prospect.
Research shows that it can take a minimum of 12 contacts with a prospect to convert. "If I looked through your call log in Command, would I see a minimum of 12 contacts [with each prospect]?" asks Sean.
1:56 PM CT
"Whether you are meeting someone at a barbecue, a one-off showing or an event, all of those contacts need to go into Command," explains Sean. "Don't tell me you met 10 people and I go and look in Command and I only see five."
If it's not in your database, it doesn't exist. So, make sure that as soon as you meet someone – anyone – you are putting their information into Command. Create a process with yourself or your team to make sure that no one slips through the cracks.
And, when you are inputting contacts into Command, make sure to include your lead source. Are they inbound (paid traffic, organic traffic, sign traffic, calls)? Or, are the outbound (geo-calling, expireds, FSBOs, door-knocking)? Use tags within Command to identify each source so that you know where your business is coming from.1:46 PM CT
The first question you have to ask yourself is how big of a database do you want? The average ratio of "Mets" to closings is approximately 12:2, and that's assuming that you have perfect data and that you're running a 33 or 36 Touch campaign for a minimum of a year. If you're missing anything, it's likely more like 20:2.
Your goal is to get 100 percent of your Mets into Command with 100 percent profile completeness. That means putting in the address and all other relevant details.
Then, ideally your entire farm should go into Command as well. These are your "Have Not Mets" and the approximate ratio of Have Not Mets to closings is approximately 50:1 to 100:1.
So, the numbers of contacts (both Mets and Have Not Mets) you need in Command depends on what your goal is for number of closings per year.
1:35 PM CT
We've popped into a breakout session hosted by Sean Goerss: Build a Business That Thrives with Contacts in Command. It's standing room only here at the HWA Stage – so it's safe to say that agents are revved up to learn about Command and the best practices around it.
Follow along by downloading Sean's slides:
12:07 PM CT
That's a wrap on Vision 2019! We feel enriched with market stats and industry insights. How about you?
Check back here after lunch for more coverage of key breakout sessions! 👋
11:58 AM CT
Another insight from Gary: Buyers and sellers are looking for honesty and transparency from their agent. They are looking for someone who tells them what they know and are honest when they don't know the answer, but are committed to finding the answer for you.
It's just that simple.
11:48 AM CT
A few reactions from agents on the Vision presentation so far and where their market stands overall:
"The market update is always a huge value. It is very consistent with what we are seeing in our various expansion locations across the country. Every agent should listen to this and internalize the info and take it back to their local market to be the real estate expert of choice in their areas!" - Cari Heibel
"Agents need to meet with others and review these slides together for two hours over lunch. The more we talk about these metrics, the more the stats will roll off our tongue." - Sarita Dua
"The market is shifting in our market and it’s allowing us to take advantage both of investment opportunities AND the ability to gain even more market share!" - Marty Miller
"Our market is tighter than the national average. That’s most likely due to a combination of continued growth in the DC economy and population." - Ty Voyles
"We are definitely shifting in Portland, Oregon. Days on market and inventory are increasing overall. However, when looking at hyperlocal data and different price points, we can be in a seller's market, balanced market or buyer's market. Under $400K in Portland is still a seller's market, for instance." - John Powers
11:32 AM CT
Global real estate tech funding skyrocketed in 2018 to $5.53B and much of this funding is being funneled into the iBuyer segment, brokerages and mortgage. And, all of this funding is heading toward one place: The end-to-end platform. They are just starting from different spaces in the industry.
The advantage we have over these other companies is that we're ahead. Our platform is here and now it's just a matter of putting it to use and improving it. "If we adopt the tools, use them, we can get those insights and stay ahead," says Jay. "So go break it and make it better."
11:22 AM CT
One of the reasons that we were able to build this innovation platform is the amount of connected data that we have available as the largest real estate sales force in the world. "The fact that the company profit shared put you in the position to become the most innovative real estate company out there," says Gary.
The power of this data that drives the innovation platform is what allows you to become a tech-enabled agent. What defines a tech-enabled agent vs. agent-enabled tech:
With agent-enabled tech, the agent enables the platform.
- Tech recommends solutions to fiduciary questions
The consumer is encouraged to fill in the gaps
With the tech-enabled agent, the platform enables the agent.
- Agent is the fiduciary
As a Keller Williams agent, you now own your own platform and no one else in the industry can say this!
11:08 AM CT
Switching gears to look at our industry overall, Gary is going to talk through how the landscape is shifting.
We are currently facing a platform battle. "In order to build an innovation platform, the kind that [top tech companies] build, it takes a couple years," explains Gary. And, in the space that it takes to build that platform – usually two years – it may look like nothing is happening.
"We got there," says Gary. With the release of Command, and our commitment to continually improving it with you through the Labs process, you're now equipped with a platform that will serve you and your clients into the future.
10:56 AM CT
Sides per agent in the United States continue to go down slightly, and that's simply a matter of more agents entering the industry. NAR membership has reached a new all-time high of 1.36 million agents and, because of tightening inventory, the number of available homes for sale has decreased, contributing to an overall decline in sides per agent.
Also contributing to inventory concerns are new home constructions which have lagged behind historical averages for a decade. Another factor that is complicating the market is student loan debt, which is a larger part of the conversation for first-time home buyers.
10:45 AM CT
Gary, Jay Papasan and Ruben Gonzalez are now taking a deep dive into the numbers that drive the real estate industry. We want to get a sense of what the market was like last year so that we can predict where we're going.
Home sales declined 3 percent in 2018 as a result of low inventory levels and higher mortgage rates. "You would expect us to go flying into a buyer's market," says Gary. What complicates things is consistently low inventory levels. Luckily, we expect to see upward movement in inventory levels in 2019.
Mortgage rates averaged 4.5 percent in 2018, holding a full 1 percent above the previous year’s rates throughout the year.
While the economy remains strong, wage growth may not be outpacing price growth. According to Gary, our major challenges right now are inventory and affordability.
10:35 AM CT
"Our entire job, the whole reason we're doing all of this is so that at some point this year, you can go to your consumers and you are Netflix," says Josh. That means being able to provide a unique, one-to-one relationship with your client that makes you their local real estate expert.
"We want to empower you so you can build a moat around your database," adds Josh. That means going beyond data like their name and address and gaining a true understanding of the needs. That's where the new consumer app comes in.
Some reactions about the all-new consumer app:
"The consumer app will be a game changer." - Sarita Dua
"The KW consumer app is going to be a game changer for the real industry. The ability for our clients to have an end-to-end experience from search to close and beyond is amazing! Why would they ever need another real estate app?" - John Powers
The consumer app that is being developed at #kellerwilliams has me all sorts of jazzed up. Individual experience for each person using it with data from across the globe. It’s coming end of Q2 #kwfr19 #imwithgary #kwsocialambassador— Patrick Brusil (@brusil) February 17, 2019
10:27 AM CT
Gary and Josh are reviewing our tech road map for the remainder of the year. There is so much exciting tech coming down the road including the release of the all-new consumer app, updates to Connect, new agent websites, Command for leverage and teams, and more.
Since Command was released into general availability yesterday, over 76 updates have been made to Command. So, it's safe to say that our tech is being constantly improved and iterated upon – with your help through Labs.
"We're in partnership together," says Josh. "Inside of Command, there's a little dog on the right-hand corner. That's Riley. If you click on Riley, that activates our Lab process. Or, you can go to ideas.kw.com and submit feedback there."
10:13 AM CT
Kelle – your virtual AI partner – has also gotten a major upgrade with a new all-in-one dashboard. And, like any good assistant, Kelle is optimized to predict your needs so it can tell who in your database you haven't contacted in a while, and recommends you reach out to them.
"We believe that Kelle will evolve this year so that 80 percent of the tasks you routinely do will be [handled by Kelle]," explains Josh.
"We took the three levels of the tech-enabled agent and we turned around and put it at the bottom of the control screen of Kelle," adds Gary, referring to the "Command," "Connect" and "Consumer" icons you now see when launching Kelle.
Make sure to update Kelle to the latest version so that you can take advantage of these features!
10:10 AM CT
Your one thing to do today is to develop relationships with your database.
- Call them
- Add their address into Command
- Create a custom landing page personalized to them
Neighborhood marketing has a significantly higher conversion rate than ZIP or MLS-based marketing materials. This is the different between one-to-many and one-to-one marketing.
10:08 AM CT
Vision has started! Gary and Josh Team take the stage to talk tech at the top of the presentation.
Gary always says, "Your database is your business." Building a business worth owning is working with people who know you and like you and want to do business with you. The goal of our technology is to help you keep in relationship with all of those people.
Yesterday, we released Command into general available through Labs. Since then, three new contacts have been added by agents into Command every second. Yet, only 8 percent have an address associated with them. That means 92 percent of your contacts don't have an address associated with them!
"People are putting names and emails into [Command] ... and they don't know where they live?" asks Gary. This is a massive opportunity to call your clients right now to capture their address and send them specific market data relevant to their house and their neighborhood.
Wondering how to add a contact into Command? Get started here.
8:58 AM CT
The countdown to Gary Keller's Vision Speech has begun! This is one of the most anticipated sessions at #KWFR every year and with good reason. It's where Gary, Jay Papasan, Josh Team and other Keller Williams leaders explain where the industry has been and where it's going. This includes not only the market, but technology, AI and other emerging patterns.
Be sure to tune in starting at 10 AM CT on Connect and follow along here on the blog for even more insider insights.
8:27 AM CT
A lot of work goes into making all of the spaces in Family Reunion inspiring and special. From the videos and environmental design on the main stage to our brand-new consumer space, we've received a lot of positive feedback about the new look of #KWFR this year!
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7:58 AM CT
Day 2 of Family Reunion is just starting! Yesterday was unforgettable and we're sure that today will be just as inspiring. Be sure to tune in to Gary's Vision Speech which begins today at 10 AM CT. If you're not joining us in New Orleans, you can tune in through the livestream!