Follow the KW Blog for all the announcements, excitements and happenings here in Austin, Texas, at Mega Camp 2018! 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!
5:11 PM CT
And that's a wrap on day one of Mega Camp! Tune in for more live coverage tomorrow.
4:57 PM CT
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Wealth Building...these amazing agents have gotten over $23 Million Dollars back in Profit Share from KW...for $0 of investment. How much money has YOUR Real Estate Company Owners given back to you?? #kwri #kwfw #profitshare #wealthbuilding
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4:44 PM CT
"The long range plan for realtors is typically through lunch. You have to think long term when it comes to profit share," says Mike Brodie. "Make it a habit. Time block for profit share."
4:38 PM CT
It's the last panel of the day! This one is on wealth building.
On stage is Althea Osborn, one of the very first agents at Keller Williams, Linda and Jim McKissack and Mike Brodie.
When you treat profit share like business, not just something you do on the side, it can be a source of massive wealth. "Profit share is not that difficult if you believe in it before it shows up," says Linda.
4:22 PM CT
"The WI4C2TS came out of expansion," explains Gary. It was a way to ensure that each office felt the same culturally no matter its location. "I didn't invent the WI4C2TS It was a group of people who identified that's why they liked working at the company."
4:18 PM CT
"Believe in your greatness. Whatever you are passionate about, believe in it and be willing to share it with everyone." - Sarah Reynolds
3:50 PM CT
Next up is a panel on expansion. "For me, expansion is the ability to build something so big that people could live their lives within it," explains Cody Gibson.
"Expansion for us has just been expanding our lead generation and operation systems," adds Sarah Reynolds. "Leads have been the foundation of our expansion."
"Why should you expand?" asks Gary.
"The bottom line is that we work for the agents in our organization. It's to create a business that acts like a business. Expansion creates an environment for really talented people to plug into," explains Tom Kavanagh.
"Expansion also gives us the opportunity to scale in ancillary business opportunities," says Ty Voyles.
3:35 PM CT
"Sometimes real estate is so hard, it's the culture that makes you hang in there." - Annie Bjerkestrand on why culture is so important in your business.
3:14 PM CT
Agents and KW leaders in the audience share their aha's so far:
"Database and relationships are key to a successful business. Scripts, models and systems need to be in place no matter the level of your business."
"My favorite aha from the stage was when Gary said, 'The reason MREA was a triangle is because you can do many things at the bottom but the closer you get to the peak, the more your business looks like the business next to you.'"
"Make your business large enough that everyone is able to get what and where they want."
"It’s all about relationships."
"My aha this morning is just how important our social media platforms are to our lead generation. We do social media; however, I realize we need to become far more hyper-focused on our social media outreach."
"Stay focused on the boring. The repetition gets you to next. Build the foundation and then layer in expertise to get to the next level."
2:53 PM CT
Did you miss Gary's Market Update this morning? Read our full recap here.
2:49 PM CT
Next up is Christina Griffin of Tampa, Florida, who is sharing her incredible journey. After a series of personal hardships, she persevered, joined Keller Williams, and built the big business of her dreams.
"I feel like I'm at the right place to build a legacy for my family and I'm blessed to be here," she says.
Christina's team is on track to close 700 transactions this year. "I wake up every day with one purpose: To make sure my family is provided for. I don't go to bed until everything is accomplished," she explains. "If you have focus, determination, and support, you can do anything."
2:37 PM CT
Gary finishes the panel by asking what final tips they have for building a big business.
- Treat the business as a business (read MREA).
- Get into KW MAPS Coaching.
- Pour into your people.
- Don't have limiting beliefs.
- Surround yourself with winners – that's who you'll become.
- Hire a KW MAPS Coach.
- Focus on your foundation. Make sure your systems and processes are the best they can be.
- Balance your life and have fun.
- Don't ever stop learning and never think you know more than the next person.
- Control how you think and what you think is possible.
- Control how you use your time.
- Control who you're in business with. It really matters.
- Control what you do with your money.
2:21 PM CT
"What do you believe that you've done right?" Gary asks the panel.
Ben says, "Having a clear sense of priority and knowing what your priorities actually are. For us, it was generating enough leads and then having enough people to follow up on those leads. Then, it was having enough opportunity so your people don't leave."
Bob answers, "Our goal was never to be number one ... It was for the team to have fun, to be the most respected real estate team, and to make money. And, we're trying to create a great culture so our people are part of something bigger than themselves."
Lance adds, "Running the business as a business and investing in your number one resource – your talent. Our organization is what it is today because of our people."
2:15 PM CT
Part of growing a big business means having talent on your team. "We're all in the people business," says Bob Lucido. "We want people to grow with us and be part of the fabric of our company."
When hiring, Bob looks for the following qualities in a candidate:
- Team Player
- Servant's Heart
- Tiger in Their Eye (they've got to want it!)
And, when you hire the right talent, often they will take your business in new directions. "Big businesses get big because the people inside want it to be big and they want to have big lives themselves," says Gary.
2:12 PM CT
"Control your destination. Whether it's building a brand or making sure lead generation activities are done every day," summarizes Gary.
"There's nothing that we're doing that's earth-shattering," adds Lance. "But you've got to pick up the phone and lead generate."
2:04 PM CT
Part of building a big business is who you surround yourself with. "They make your mind think that much bigger," explains Lance Loken.
For Lance, a large contributor of the growth of his business was hiring a KW MAPS Coach. Having a coach has helped him adjust his mindset and put him in the company of other big thinkers.
1:48 PM CT
And, we're back!
We're kicking off the afternoon session with Ben Kinney from Bellingham, Washington, Bob Lucido from Ellicott City, Maryland, and Lance Loken from Houston, Texas.
How do you build a big business? We think these three gentlemen might have a few ideas.
"You guys have built remarkable businesses and I'm truly humbled to be talking to you about that," starts Gary.
12:12 PM CT
Thank you to all of the panelists and to Gary Keller and Jay Papasan for sharing their wisdom! Mega Agent Camp will continue after lunch starting at 1:30 PM CT.
11:55 AM CT
Did you hear the news? At Mega Camp this year, our agents will ideate and develop a brand-new Kelle skill in just four days! 😮
11:51 AM CT
Thomas Elrod has developed a unique pricing structure for his services, including three different packages. He chooses to differentiate his services in the same manner that The Ritz-Carlton differentiates from Motel 6.
"We're not an average team with an average commission," he explains. "We're playing the long game. We keep growing and we're not going backward. Our clients will pay a little bit more because of the service we provide."
11:44 AM CT
Our sellers panel takes the stage with Carin Nguyen from Phoenix, Arizona, Jeff Glover from Detroit, Michigan, and Thomas Elrod from Charlotte, North Carolina.
Jeff Glover puts an emphasis on listings and has developed a highly efficient listing presentation and process.
"It's a questions-based presentation," he explains. "Our goal is to have our agents in and out of the house within 30 minutes with the contract signed."
In the presentation, he also draws attention to his unique value proposition, which includes mass advertising. "Through mass advertising, we have more people calling us, which leads to more prospective buyers for the client."
11:25 AM CT
Here are Chantel Ray's three tips for mastering social media:
1. Reply to each comment. Have a conversation within the comments and Facebook's algorithm will treat those posts more favorably.
2. Create and manage social media groups such as investor groups.
3. Track your ROI. It's not all about likes and comments – it's about revenue.
11:18 AM CT
Chantel Ray leverages social media as a massive source of leads. Through the use of lead-capture tools, she ensures that she is capturing the contact information of those who are viewing her social content.
Chantel also believes that content should be tailored to the specific platform you're on. "Right now, on Facebook, live is king," she explains. "You get 10 times the audience when you go live."
She also stays in-the-know on how different platforms treat different content and optimizes each post to get the maximum reach possible.
11:03 AM CT
Our next panel includes Chantel Ray from Virginia Beach, Virginia, Justin Seeby from Atlanta, Georgia, and Sean Goerss from the Twin Cities, Minnesota.
When it comes to online prospecting, Sean says, "Fish where the fish are."
"We moved to Facebook because that's where all the people are. We want to go to where the eyeballs are." And the goal – no matter the platform – is to build your database.
Sean uses Facebook as an online farm by starting with compelling content – usually just listed or just sold properties – directs the prospect to a lead form and then uses retargeting to stay top-of-mind.
10:44 AM CT
"This is a value-based business. Give before you receive." - Gary Keller
10:32 AM CT
Richard Schulman focuses on providing value to his clients. One of the ways he's doing that is by texting his clients and setting up coffee dates with them. For him, texting is really efficient and conveys a sense of immediacy.
He simply asks, "Hey, [client's name], do you want to grab coffee next week?" The goal is to just spend 20 minutes or so catching up with his client, answering their questions, and reminding them that he is their local real estate expert.
Try it right now! Text seven people and ask them if they'd like to grab coffee. Then, tomorrow, text another seven.
"The real fun is finding people that you're not actively in touch with," explains Richard.
10:23 AM CT
Our next panel features Anna Krueger, Marc Fox from Portland, Oregon, and Richard Schulman from Los Angeles, California.
Marc Fox has a unique philosophy on FSBOs and expireds: "As agents, we tend to overthink it. We need to put on the hat that they're wearing." And, his approach isn't 'salesy' – his goal is to build rapport and establish his expertise.
One question he has found success with when calling FSBOs and expireds is, "Would you rather drop your price or adjust your marketing plan?"
10:03 AM CT
Gaye Ribble is all about being visible and saturating her market. "We are making sure that everyone in our farm gets door-knocked at least once a year. That's 5,000 houses a year."
Gaye also treats open houses in her farm differently than other open houses. "What we're doing is really intentional within our farm. We have a sign guy who does all of our open-house arrow signs, which are up by 8 a.m. on Saturday morning. We start at the grocery store since we know everyone is there in the morning. And, we do a minimum of 40 signs for each open house."
"It's about branding, advertising and being seen," she explains.
9:55 AM CT
On our next panel is Cesi Pagano from Orange County, California, David Huffaker from Nashville, Tennessee, and Gaye Ribble from Denver, Colorado.
David runs a touch program on his database of 3,500 that consists of a monthly newsletter, video emails, four events, and four phone calls. The phone calls are based around the FORD system (asking about family, occupation, recreation and dreams).
And, with privacy laws continually evolving, a strong relationship and this level of consistent communication with your database is a must. "Having clients opt in and having a relationship with them is your secret weapon," says Gary.
9:34 AM CT
James and Michael Hern have a massive database of 54,000 contacts. They focus their activities, though, primarily on those that actively provide referrals.
James' advice for making the most out of your database is to go hyperlocal. "Be your database's Angie's List in any facet of their life. If they lost their job, be their advocate."
Michael says to make your business a VIP experience through events and client appreciation. "Make them feel like they are part of an exclusive community that they want their friends to join."
9:24 AM CT
Jon Brooks built his business by getting intentional about providing an exceptional client experience and then asking (and following up!) for an online review.
For him, encouraging his clients to leave him reviews is an exercise in lead generation. "The first thing someone does is to Google their real estate agent," Jon explains.
9:10 AM CT
That's a wrap on this year's Market Update!
The first Mega Agent Panel has taken the stage to discuss customer appreciation and referrals. Our panelists are James and Michael Hern from Kansas City, Jon Brooks from Jacksonville, Florida, and Ruthy Taylor from Tacoma, Washington.
Ruthy says that she has built her business around referrals. "The database and your relationship to it is the heart of your business," she explains. When she first started her business, she admits that she focused on the wrong things. Then, she read The Millionaire Real Estate Agent and found a clear path to building a big business with a focus on customer relationships.
To her, referrals are all about building trust.
"The job, when we meet people, is trust. Trust is everything. Building a referral business with people you've already met makes the job easier," says Gary.
"Belly-to-belly and face-to-face interaction is how you build trust. When you look someone in the eye, you know their kids' names, that's invaluable. We've made it our mission to hold events to get face-to-face with our clients," says Ruthy.
"I have all of my events mapped out for 2019. We're doing one event each quarter for each market we're in," she explains.
Her tips for holding a top-notch event? It's simple:
1. Exclusivity. This is something special for your past clients and raving fans. By making it smaller, it's easier to track and less expensive.
2. Make it open house style. Allow guests to pop in and pop out at their convenience. If you have a dinner party for 100 people and only 30 show up, it doesn't look good and isn't cost-effective.
3. Make it valuable. An event is an opportunity to connect with your clients and provide them with value first and foremost.
8:57 AM CT
A few reactions from our agents in the audience after the Market Update:
"As usual, Gary is not afraid to tell us what we don’t want to hear. All indications are, he is correct. A downturn is upon us. Agents need to focus on what works, and don’t stop doing what works as the market cools. Those willing to work will increase market share in a downshift."
"Great information! Don’t buy anything you can’t afford. Fully engage in managing your expenses and increasing customer service to prepare for any type of shift."
"San Diego is behaving in the same fashion as Gary described in regard to the national market. Sales are slowing and inventory is rising, and yet, for now, we are still in a seller's market. That said, we are no longer receiving 10-plus offers on new listings. In fact, in just 90 days time, some neighborhoods have gone from multiple offers in the first 3 days on market to receiving just one offer after 10-14 days on market. Still healthy, but changed."
"We have been in a seller's market for several years, and now for the past six months we are seeing a definite shift in the market. I don’t believe that the downward shift will be as drastic as it has been in the past AND we are excited to take more market share. Invest in people and lead generation now more than ever before."
"Market shifts are going to happen and it looks like one is starting. Get ready. Watch the key indicators. The worse it goes, the more market share you can take, so don't be afraid. For insurance, wrap your arms around your database and give them communication and appreciation."
8:50 AM CT
"These are different times driven by different circumstances that we've never seen before," says Gary. Time-tested advice, however, continues to hold true.
"What I tell people is to buy right. Whether it's an investment or a home, you need to make sure you're able to afford it. Just like any investment, make your money going in. Make a good decision and make sure you can afford it," he explains.
"What's really awesome is that the market always comes back. Just make sure you're able to hold it through whatever cycle we're in. That has always held true throughout history," sums up Gary.
8:41 AM CT
Unemployment is nearly as low as it can get, and yet there are still affordability issues when it comes to housing. This may point to a potential correction on the horizon.
The good news? In the event of a correction, the true businesspeople in our industry will come out on top.
"We came into the last recession at number four and came out of it at number one," says Jay Papasan. "And, market share gained in a shift is rarely lost."
This correction, though, may be unlike anything we've ever seen before.
"Have we ever seen a supply-driven shift? What we're seeing now in the market is not driven by demand, it's driven by supply," points out Jay.
"We have massive demand and we can't fulfill it," explains Gary.
8:33 AM CT
Turning to the state of the market, the median home price is up 6 percent at $262,000. "It's at the very edge of sustainable," explains Jay Papasan.
"There's a disconnect between wages and real estate," adds Ruben Gonzalez.
Inventory also continues to be below optimal levels. "Inventory for starter homes is less than two months. That's the bottleneck," says Jay.
"In cities like Seattle and Austin, inventory for starter homes is closer to one month or half a month," says Ruben.
"That's unsustainable," says Gary Keller.
8:20 AM CT
Gary Keller just took the stage along with Jay Papasan and Ruben Gonzalez. Last year, instead of Mega Camp, we held Mega Relief where our Keller Williams family volunteered to help those impacted by Hurricane Harvey. 4,000 volunteers showed up to Austin. Those volunteers donated over 60,000 hours of their time and raised over $12 million.
"You should feel very good that you make the kind of effort you do to help others. I'm honored to be a part of an organization like this," says Gary.
8:17 AM CT
In just a few minutes, Gary Keller will take the stage to present his Market Update! This is a one-of-a-kind, holistic view of where the market is and where it's going. Agents are filing in to the main stage and taking their seat to hear this unmatched economic presentation.
7:35 AM CT
Good morning from Mega Camp 2018!
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We are ready for an exciting few days here in Austin, Texas. Ready to learn from the brightest and best in the real estate industry!#paradiserealestategroup #kellerwilliams #kw #taketerritory #disruptor #realestate #megacamp2018 #austintx #limitless #luxu… https://t.co/HaB2MAfZqD— Paradise RE Group (@ParadiseREGroup) August 14, 2018
Some snippets of today’s adventures around the convention center. I’m always amazed at how large and extra this company is 🤣🤩😍— Bang T. Co (@BigBangCo) August 14, 2018
Truly, I am excited to take a step toward a different path in this company. TBC!!!#KellerWilliams #MC2018 #MegaCamp #Mastery #Coaching pic.twitter.com/zy0xcWNGBn