Episode 96 - The Blinking Light

Johnny Awesome and Jimmy Fantastic, here to kick off your Friday with a jolt of energy, and boy, do we have a show lined up for you. Get set as we tackle the big, bad world of real estate, to turning the daily grind of cold calls into a laugh fest (yes, monkeys are involved), we're here to inject some fun into your workday. And if you've ever been sideswiped by the unpredictable laughs of life while on the clock, you're in the right place.

 As if that wasn't enough, we're stirring up the pot with a candid debate on the real estate commission conundrum that's got everyone in the biz talking. 

If you enjoy our content, please like, subscribe, and share. You can also catch the show LIVE @ facebook.com/freeforallfriday and make sure you stick around after for "the afterburner"

Episode Transcript

Speaker 1 (00:02):
You're listening to the number one live Colin
podcast for real estate agentsand professionals all around the
world.
World-class guests, breakingnews and you with your host,
johnny, awesome and Jimmy,fantastic.
You are on free for all Friday.

Speaker 2 (00:26):
Good morning, good morning, good morning.

Speaker 3 (00:29):
I am but a vessel for my while.
Listen to me, listen.
A vessel for my greater depositof energy, a secret of
greatness with an all my kidsknow me as daddy.

Speaker 2 (00:39):
$6,000 to get to the Philippines, jimmy and let it be
known, it's not great.

Speaker 3 (00:45):
Isn't that great.
It's nice having my voice back,and you didn't cough in the
middle of it Not yet.

Speaker 2 (00:51):
I know it's there.

Speaker 3 (00:52):
I know it's coming, there we go.
Jimmy has set this beautifulscene up for us.
It currently looks like we'rehaving a dinner together.

Speaker 2 (01:04):
We could you know, or some more nerves Drinks.

Speaker 3 (01:08):
We.
I guess we could.

Speaker 2 (01:09):
It would be great when we you know that would be a
fun show Doing live we shoulddo that live from a restaurant
as we restaurant out there, aswe start to eat us at a
restaurant out there.
It's just like when the waitercomes by and goes how's your
meal?
And you just put a fork full offood in your mouth.

Speaker 3 (01:23):
Oh yeah, that's the best, that's, that's everybody's
favorite thing.
Uh, three, one, three, six,four, four, four all the number
that you can reach out to ustoday.
Of course, you can participatewith us in that Facebook as well
.

Speaker 2 (01:38):
And a breakfast club was in there with us this
morning too.

Speaker 3 (01:40):
And the breakfast club that you're in, you can hit
star star Jimmy is manning theboard.
I'm sure we're going to havesome comments today.
For sure.
Good morning to you as well.
I'm glad that you're schedulingthat appointment, jeffrey.
I'm glad to hear that.
Uh, for those of you that arejoining us on the podcast, we
are also live, which is whywe're responding to comments.

(02:02):
So if you are somebody thatonly listens to the podcast, if
you get the opportunity to,please do check us out live.
You get the chance to see allthe shit and against that are
going on.
Are we just going to leavethese lights?
Why not?
It's funny because you know howpeople used to say the other
lights would bother them.
This, this is for for for ADDdude, this, this one gets me.

Speaker 2 (02:28):
It's like I finally like like I figure I thought
this would be like more calmingthing for you.
Like, yeah, like, did you eversee the movie the accountant?
Uh, maybe I don't know thathe's autistic, but he's an
accountant.
Okay, like like he has to takethis moment where he just jams
really loud music and flashinglights.

Speaker 3 (02:47):
Yeah, yeah, yeah, and so that's, that's a real thing,
you know, in fact that's why Iwas trying to call me down.
Oh, but listen, that sameaccountant, okay, when he walked
into the walks into the grocerystore.
There's that one light thatjust flickers, just there's he
can't.
He can't remember which cerealhe was trying to get right,
because that light just keepsgoing off, and that's what that

(03:09):
light over there reminds me of.
Like it's just right, in myview, and it just it's.
it's not even on a pattern, it'sjust blank, blank, blank, blank
blank.

Speaker 2 (03:21):
That's the pattern.

Speaker 3 (03:23):
It's bad.
Uh, I forgot which cereal I wasgoing to get.
I had a point to make.
I was going to bring all thatback around real estate, believe
it or not.

Speaker 2 (03:32):
Well, that means, oh, here we are, add yeah, but you
know what's interesting aboutthat.

Speaker 3 (03:37):
You brought that up with the music and lights.
And what's interesting is, um,I remember when I was a uh
internet manager at a cardealership and I had to do this
Monday and work, like you know,you had to go through and the
stuff that you do is realtor.
You have to go through the list, you have to call through it,
and that was the first time thatI realized that if I stuck a DJ

(03:59):
light in there that blink, andI stuck it right by my face,
right and it would blink andstuff like that, I could make it
through that and it wasn't, itwasn't hard.
The other thing is it was moretime consuming because there was
a lot of data I had to put inand check other people's notes
and make sure you know.
So there was a lot.
It was a lot of data entry, oneof those types of things.

(04:19):
So when you can't focus verywell, you find other ways one of
the five ways to procrastinate,right, if you can't focus very
well.
So what I found was uh, if Iput that light in my office, all
of a sudden I could focus and Idid the same thing, right, and
it was funny.
I used to have a uh, a shopmanager that used to come by and

(04:40):
he always he thought it was thefunniest thing that I would sit
there.
And he was a high, uh, likevery high D personnel.
Like didn't understand me at all, but for some odd reason was
really drawn because he was likefun.
What is this fun thing?
This guy seems to be having it,you know, and he'd be over here
.
I don't understand this funthing that's happening.

(05:00):
But he had always come by andhe would always make fun of this
light that it had on.
But he always thought it wascommendable that that I found a
way to make work happen.
He just couldn't believe thatwas it, Right, right?
So when I left there I gave himthat lamp, that light.

Speaker 2 (05:15):
Okay.
So I'm not sure what he everdid with it, but it's probably
still staring at it If I nevermoved, I'd still oh, this is fun
.
Yeah.

Speaker 3 (05:22):
He's just beard.

Speaker 2 (05:24):
He might have opened a whole new world to the guy,
though he's probably a DJ.

Speaker 3 (05:28):
This entire time.
That was all I needed.
Yeah, f is for friends.
They'll always be together.

Speaker 2 (05:33):
Yeah, he's probably a DJ now, so good to have my
voice.
It's actually the uh uh deadmouse guy.
That's who it is.

Speaker 3 (05:41):
Oh, that's no marshmallow.
Marshmallow is newer, yeah, soanyway, uh, the point of that is
to wrap that all up, and thisis actually something that I was
talking to an agent about, uh,this week, and that is making
environments where you setyourself up for success the most
.

Speaker 2 (05:57):
Yes, see, go ahead, it's super important.
No, I mean, that's superimportant, right, like this, the
study, because it goes back toeverything we talk about all the
time what's CRM works, the oneyou actually use, right?
Which dialer works, the oneyou're actually going to dial
out of which?
Which?
Which thing is this?
Like?
Setting up yourself, like now,setting yourself up for success

(06:19):
is super important.
Like what, where are youcomfortable?
Um, you know, when I dial, I'ma, I'm a pacer.
You know what I mean.
I, I, I use, I like to walkwhen.
I talk, you know what I meanLike I can't, it's, it's when
I'm dialing.
I can't just sit there and dial.
I I have a basketball in myhand or a baseball bat in my
hand and I walk and it justhelps me think.

(06:39):
Did you ever see a few good men?
Tom Cruise.

Speaker 3 (06:42):
I, I can't handle the truth, yeah.

Speaker 2 (06:45):
Um but no, he had a bat in his hand.

Speaker 3 (06:47):
Is that the one where he was dancing in his underwear
?

Speaker 2 (06:49):
No, that's a.
Uh, I can't remember that one.
But anyway um no, this is theone with Jack Nicholson where
they put him on trial and uh,but no, he had a bat in his hand
and they they're like, well, doyou have a bat in your hand?
He was, he was going over whathe was an attorney and he was
going over what he was going todo the next day.
And he's like it helps me think.
Oh, just holding onto that andlike doing motions with it and

(07:10):
you know his, his like it wasjust like.
He's like it helped me think.
He walked with it and had it inhis hand.
And I do the same thing, like Ihave a baseball bat in my hand
or a basketball on my hand orsomething and I walk and talk.
It helps me think the baseballbat.

Speaker 3 (07:22):
What makes me nervous ?

Speaker 2 (07:23):
I just walk around bat one hand, the other Megan
right Like cocking it uncocking.
It helps me think.
I wrapped barbed wire aroundthe end of it.
What is happening?

Speaker 3 (07:34):
But it is.
It's you know the other thing.
And a lot of people don'trealize this, and I've I've
mentioned this before on theshow like people get stuck in
this mundane and they think thatthey can't alternate.
How do I put this?
Because sometimes you have tobe careful, you have to know
yourself, but they, they feellike, oh, the only place in the

(07:54):
world that I can make calls issitting in this little tiny
space next to other people.
They don't realize that, like,if you're diligent and you find
a better place.
I know I've told this before,but the best expire that I ever
got in my life wasn't justbecause I called them and I
nailed the appointment.
It was because I did it.
My feet were in the sand.
I used to drive down to PontiacState Park and I'd put my feet

(08:17):
in the sand and I would just,and I would just sit there and
soak up the sun and I'd makecalls from the Mojo app.

Speaker 2 (08:24):
Yeah, it was you that used to dial from the monkey
place.
Yeah, I used to dial from themonkey.

Speaker 3 (08:28):
Yeah, yeah, that was funny.
You have to zoo we.
You know, I used to live inRoyal Oak and a zoo year long
passes was nothing and and, yeah, I used to go and sit down
where the month there was two,the most comfortable chair.
See, it's funny.
So the most comfortable chairwas over where there was one
exhibit that had like a moose, ahawk and like a sheep, like

(08:50):
they just they're like, whereare we going to stick the rest
of the, the, the gray animals?
We'll just put them in this onepen together.
They'll, they'll be all right,and so it's just this one pen.
That's random.
When you first walk in on theright hand side and those chairs
, for whatever reason, they kindof reclined a little bit the
most comfortable to sit in whenyou're making calls.
That was the most comfortablespot that I found and because

(09:12):
it's like a weird spot, nobodyever really came up and bothered
you there too much with themonkeys.
People were always coming by tosee the monkeys, but the
monkeys were were the funniest.

Speaker 2 (09:20):
They were so poopy.

Speaker 3 (09:22):
They, they, no, no, no.
But I was on the phone withthis guy and it's so funny when
the monkeys will, will, will,move around and sometimes their
lips match the conversation thatyou're having.
And this guy he was not.
You know, he wasn't having itthat day and I was trying my
script on him and this this iscalling fizzbo's an expired, so

(09:43):
I'm not sure which list isprobably on expireds, but I just
I'll never forget the guy wassuper serious and mean and then
the monkeys started picking hisbutt and the guy's talking to me
and I'm just laughing.
I laughed so hard and it madethat guy so mad and I forget
what he said.
I actually I actually had tohang up on that one because I
think the guy was trying to tellme how serious he was about

(10:05):
this other guy taking it back.
I don't know, and I'm laughingat him, you know, but not at him
the monkey version of him.
So, yeah, yeah, it's you.
You can find any environment.
You can bring thoseenvironments indoors too, if you
need.
If you are one of those peoplethat need the accountability of
people surrounding you, that'sfine too.
Bullpens exists for a reason,but you can still do things on

(10:29):
those days where you eitherreward yourself a little bit for
moving further, just by alittle, or stuff like we used to
teach environments that onlyyou only did during the things
that you just didn't like to do.
So, for instance, if you haveyour favorite candle right, like

(10:50):
, oh, I love sea breeze candleor whatever cool, well, during
your call time or whatever time,you find something difficult to
do in order to look forward toit, that's when you get to lower
the lights and you get to lightyour candle right, and I have
known people to put sandboxesunder their desk for real, they
make those.

Speaker 2 (11:09):
Yeah, there's a treadmill that goes under your
desk.

Speaker 3 (11:12):
Where's the?

Speaker 2 (11:12):
treadmill.
It's the work, treadmill.

Speaker 3 (11:14):
Yeah, yeah, the work treadmill, yeah, so you could do
these little things to helpimprove your environments, to
make it so that it's not onlyeasier for you to accomplish
what you're accomplishing, butalmost give you a little treat
for doing what it is that you'resupposed to do in the first
place.
So for me there's somewhere outthere there's a video of me in

(11:36):
full blown.
I should see if I should findit.
If I cannot post it on theFacebook page, but my old desk
in my old office from the lastteam that I came from, it was a
raising desk like ours andyou've seen, I've had lights in
here.
I had that whole place lit upand I mean I had under glow
lights under the desk and thedesk would raise up and it

(11:57):
looked like a DJ station inthere.
And here I am making phonecalls and I've got agents that
are doing it with me, right, andit looked like a rave was going
on.
I mean the music was blastingand it helps.
It's what we do If that's myfun time, why not make calls
during that time?

Speaker 2 (12:14):
Right, Well, and that's the thing too.
That's when you start to hityour stride a little bit too
typically, right.
That's when you start to getthe more yeses because you're
more comfortable doing it, Likeyou're having a little fun with
it.
It's just like when we talkedabout like unconventional
scripts or sliding words inright, Like we always used to
play word bingo right Like just,you have bingo card with
different words on it.
If you could put that word insomewhere then you could check

(12:37):
off that box and we give outprizes at the end of the day.
So you know like there's allkinds of stuff to do to improve
the dialing and the making somefun out of it.
Oh, 100%, you know yeah.

Speaker 3 (12:48):
But yeah, I mean, I know that's where we weren't
going this morning, but yeah,you know it just takes some
creativity, but what it reallytakes is some thought and at the
end of the day I was having aconversation with another team
yesterday and really what ittakes is it takes your excuses
away.
Yes, and at the end of the day,if you need to hack something

(13:10):
or trick yourself to dosomething in order to do it,
that's, that's okay.
What's not okay is toconstantly make the excuse of oh
I, the area is not.
Uh, you know, it's comfortableenough.
Yeah.
This, that or the other thing,or I don't like talking around
people.
So then you shut yourself in aroom and well, now I don't know
what to say, and you know what Imean.

(13:30):
Yeah, it's like Ron said, and Ijust throw it up there.
It doesn't?
It doesn't really matter whereyou make them, Just just making
them right.

Speaker 2 (13:36):
Well, I it's funny too, cause I used like there was
a lot of times where peoplewould be like, well, it's loud
and I I need it to be quiet whenI'm falling and, um, all these,
this, that and the other, andI'm like, well, you know, I
worked at pretty big companiesthat had just like was the
biggest company quick and okay.

Speaker 3 (13:53):
Yeah, all right so like 10,000 people.

Speaker 2 (13:56):
You know what?

Speaker 3 (13:56):
I mean.

Speaker 2 (13:56):
Like, but like.
So you would have 300 bankerson a floor that's completely
open.
Yeah, and everybody's on adialer.
Okay, hold on you say.

Speaker 3 (14:05):
This is funny.
Jimmy says this I came into hisoffice yesterday cause there
was an event out near here.
Jimmy, this is you know.
I came over here, there's anevent around the corner and then
I had to take a call.
Randy had me set up with thisthe agent that scheduled
themselves time and so I comeback here to take it.

(14:25):
And I said hey, jimmy, it's notgoing to bother you if I, if I
do this coaching call in hereand he goes, no, so I start
coaching this girl.
Within like three minutes youjust back everything up and walk
into the other room.

Speaker 2 (14:36):
Oh no, no, it's cause I had to put it on the other
monitor.

Speaker 3 (14:38):
Oh, okay, okay, that was all I got it.

Speaker 2 (14:40):
No, I had to put a zoom on on the other month.
We could both do in the sameroom.
Zoom's different than a dialer.
Yeah Well kind of yeah.
I mean like well, especiallywith what we do, like when
you're coaching and trainingpeople over a zoom, if I'm
yelling and you're yelling yeah,we're both yelling Then people
are like what?

Speaker 3 (14:55):
I don't.
How do you make your phonecalls?

Speaker 2 (14:58):
And the other thing is the, the, the, the person you
had on the zoom.
Her frickin fire alarm keptbeeping.
It's true, I was coaching thatfire alarm was going to beep one
more time.
I was going to fly to where shewas and and knocked that thing
off the wall with my bat with mybat.

Speaker 3 (15:16):
I was going to go knock that thing off the wall.
Yeah, that was a good that was.

Speaker 2 (15:20):
Then she was talking about how much, sorry guys, but
then she was talking about howmuch money she made.
And I'm like well, could youbuy some batteries for the fire
Right Fire alarm?
Could you buy some batteriesand change it in there?

Speaker 3 (15:29):
Well, yeah, that's how you know, that's how maybe
she gives the money.

Speaker 2 (15:32):
Well, I thought maybe that's what her next goal was,
if she actually sold the house,if she could buy the batteries
to replace her fire alarm orjust do what the rest of us do,
and just take it off the wall.

Speaker 3 (15:41):
Yeah, I haven't had a fire alarm in five years.

Speaker 2 (15:45):
Oh yeah, If you have two dubs and a dog.
You're fine.
Yeah Right, right Something.

Speaker 3 (15:51):
But somebody's going to wake me up.
Yeah, and the neighbors don'tknow that my house is on fire.
When they see the smoke and theyou know fire, I don't know
what to talk about.
My neighbors Right?
So anyway, way off track there.
The point is is, again, when youguys are setting these goals
and you're uncomfortable, youcan make.

(16:11):
You can make your environmentcomfortable.
Don't think that you have toset yourself up and get all like
.
You can actually do things tomake yourself comfortable and
actually make yourself have alittle bit of fun.
You just have to figure out howto hack it, and you really got
to, at the end of the day, bewilling to do it.

Speaker 2 (16:29):
Yeah, yeah.
And again, like the, the fixfor if you, if you feel like
your room, the room is too loud,if there's too many people like
the fix that that you and Icould have had yesterday was we
didn't either one have heads up,so that that's the other quick.
That's the other quick fixes.
You just throw a headset on andyou run with it which we work
together next to each other alot, and when we throw headsets
on and do it, it's fine.

Speaker 3 (16:50):
Yeah, it's almost like I need a headset to hear
you anymore.

Speaker 2 (16:53):
Yeah.

Speaker 3 (16:55):
I don't.
I don't get the fullness ofyour voice unless we have a
headset.
Just want to throw this outthere again, guys, because we
are going to.
We got some.
We got some stuff to talk abouttoday.
Phone number 3136444.
All you can feel free to callin.
Get your opinions and stufflike that ready, because we're
going to do.
We want to do.
We want to hit the lawsuitstuff first or do we want to hit
that other thing?

Speaker 2 (17:13):
Let's hit the other thing first let's hit the other
thing first, and then we'll jumpinto the lawsuit.
Yeah, let's do that, which is alawsuit that we're going to hit
first.

Speaker 3 (17:21):
Oh man.
Well, now I don't know whichthing we're hitting first.
We had two topics, one of themwas the lawsuit with with a
former realtor president of ours.
And the other one was the otherthing.

Speaker 2 (17:31):
Yeah, they're.
Well, that's, that's, that's,that's, that's at the real
estate.

Speaker 3 (17:34):
You go for it, that's at the real estate, that's at
the moment, the real estateagent involved.

Speaker 2 (17:37):
Yes, all right, sure, yeah, so so, donald Trump, if
you guys haven't heard, he usedto be a former president.

Speaker 3 (17:43):
If he didn't know, yeah, and he.

Speaker 2 (17:44):
he did this thing in real estate before that like
years like you know, he had noidea.
He was.
He was a realtor.
He did this thing, so recentlyhe was hit with a 354.9 million
dollar penalty and a three yearban in New York for supposedly,
and again, fraudulently here.

(18:07):
Here's the crazy part about thewhole thing.

Speaker 3 (18:09):
So he you can't even make it through the introduction
before we get off.

Speaker 2 (18:12):
I can't, I can't.

Speaker 3 (18:14):
So this is a.
This is a.
This is crazy guys.
Yeah.
So no matter what side you'reon, think about it.

Speaker 2 (18:18):
This says nothing to do with politics.

Speaker 3 (18:19):
Nothing.

Speaker 2 (18:20):
This is real, it's zero to do with politics.
This is everything to do withreal estate and I want you guys
to clearly understand this isreal estate related, not not
political Right.
So Trump does the pay 354.9million of penalties for
fraudulently overstating his networth to Duke lenders.
In a New York judge ruled onFriday handing the former U S
president another legal setback.

(18:40):
So his the decision issuedafter they had a three month
trial in Manhattan.
It also banned Trump, who isrunning well, I don't know if
we'll go to that server.
So he was um.
He can't serve as a, an officerand a director in any New York
corporation for the next threeyears, which is where all his
stuff is headquartered.

Speaker 3 (18:59):
Oh yeah, yeah, right, so does he.
So does he have to like, exitTrump tower and all that stuff?

Speaker 2 (19:07):
He I mean he can stay there, he just can't conduct
any business from there which is, he may as well leave
everything.

Speaker 3 (19:13):
he does his business yeah.

Speaker 2 (19:14):
So, so he's going to have to leave there, right?
Um?
So he?
The crazy part was that it sayshe's an incapable of admitting
his errors in his ways.
Um.

Speaker 3 (19:25):
I didn't see that the law yeah.

Speaker 2 (19:27):
Right.
The lawsuit brought by a NewYork attorney general, uh uh,
accused Trump and his familybusiness of overstating his net
worth by as much as 3.6 billiona year over a decade to foot
bankers and to giving him betterloan terms.

Speaker 3 (19:41):
Okay.

Speaker 2 (19:42):
The crazy part about all this is so let's say, let's
say he did do this.

Speaker 3 (19:48):
Yeah.

Speaker 2 (19:48):
Okay, let's say that that him and and Don Jr and Eric
um, they were also defendantsin the case as well they they
had to pay $4 million a piece.

Speaker 3 (19:57):
Yeah.

Speaker 2 (19:58):
On top of the 354 million they had to.
So that's another 8 million.
So all this, all this rightyeah, to get loans in better
terms.
Now the crazy part about allthis is all the loans have been
completely paid back.
Okay and and so there was never.
So let's say for let's say hedid over in flight what he was

(20:20):
worth.
Yeah to get a better loan.

Speaker 3 (20:23):
Okay.

Speaker 2 (20:24):
He paid it all back, which is illegal.
Yeah, it is.
Yeah, it is illegal, like likewe know not to do that.
Right, we know not to do that.
Yeah it is illegal.
Yeah but he also paid it allback.

Speaker 3 (20:35):
Yeah, but still yeah yeah, it is illegal.

Speaker 2 (20:38):
What he did was illegal, but he paid it all back
.
Yeah, so the question thatcomes into this lawsuit and this
is the most intriguing thing ofthis whole loss, right?

Speaker 3 (20:45):
right.

Speaker 2 (20:45):
Is this so, 354 million, what he's paying?
Yeah, don Jr and Eric have eachhad to pay for, so that's other
eight.
Yeah you're what?
360 somewhere there's threecenter $65,000.
They had to, they have to pay,yeah, but there's no one.
There's no one to pay damagestoo.
Right, there was no damages,right?

(21:05):
So where my question was likewhere the $360 million dollars?

Speaker 3 (21:09):
So I can answer that question.

Speaker 2 (21:12):
Yeah, yeah, yeah, come to free for all Friday.
That's my question.

Speaker 3 (21:15):
This is speculation, but did you hear that New York
is now giving Visa cards out?

Speaker 2 (21:19):
Yeah, I have heard that.
You know about that I don'tagain.

Speaker 3 (21:23):
Now that does let go slightly in the political, so
I'm not gonna talk about thattoo much.
But New York is now handing outVisa cards.
I'm assuming that that's wherethe funding is coming from, but
that's not even that would evenbe.

Speaker 2 (21:34):
That wouldn't even touch what they're trying.
What, what that, what you'retalking about?
I wouldn't know.
It's less than that.
Yeah, so I mean, that wouldn'twhat.
The 360 million wouldn't evencome close to covering that.

Speaker 3 (21:45):
Yeah, how about that?

Speaker 2 (21:49):
So the the crazy part is like and I get it like what
over inflating your values andall that again, we worked in the
mortgage.

Speaker 3 (21:56):
The only thing I can think of is the game monopoly,
jimmy, and you know when youland on that one space it
doesn't necessarily go to.
If you're playing by the RealHouse rules, guys, you know, you
know the rule right goes to thebank.
It goes to the bank right inthe middle and then somebody
hits free parking right yeah andso that's all right.
That's how that's.
That's the only thing I couldthink of in my head is this is

(22:16):
what's going on with that money.

Speaker 2 (22:17):
Yeah, it's going into the free, free, so hot.

Speaker 3 (22:20):
So the question that I kind of have with yeah, I
don't know if you want to do itwould take to land on free
parking.

Speaker 2 (22:30):
I mean, there's 360 million.

Speaker 3 (22:33):
I'll tell you how to land on free parking, but we're
gonna do it in the afterburner.

Speaker 2 (22:38):
Yeah, so I mean like and again taking the political
side out of this.
This is crazy on the on thereal estate side and the
mortgage loan side like rightyeah this is if you think about
the mortgage loan side.
How often?

Speaker 3 (22:50):
do you think that happens where people over in?

Speaker 2 (22:53):
well, in order, okay, I mean we hear about it a lot
like, yeah, well, locally.
I mean like, think about it,detroit used to be the Motor
City.
Yeah, now it's mortgage city,right.
Okay, you've got the twobiggest dogs in the mortgage
industry right here.
Yeah, they're 30 minutes apart,you got quicken and UWM rocket
and UWM, who don't like eachother.

Speaker 3 (23:12):
They don't like it, they're.

Speaker 2 (23:13):
CEOs hate each other.
I didn't know that.

Speaker 3 (23:14):
Oh yeah, Tell me about it.

Speaker 2 (23:16):
Oh, you didn't know.

Speaker 3 (23:16):
He didn't know, I didn't know oh yeah, yeah,
ishpia and Gilbert do not.

Speaker 2 (23:20):
They do not like each other.
No, that was so.
So, ishpia, if you've heardIshpia on stage before, he
admittedly said like the reasonhe gets in at 430 in the morning
or whatever time gotten thegodly time he gets in the
morning.
It's because he was.
He knew what time Dan got in,so he was getting in three hours
before Dan because he wanted tocatch him.
Yeah and he did well.

(23:41):
That doesn't mean that you hatesomebody.
No, they do.
They don't like each other Allright.

Speaker 3 (23:44):
well, there, yeah, they don't like each other, like
so.

Speaker 2 (23:46):
So Dan bought the Cleveland Cavaliers, matt bought
the Phoenix Suns, like they,they and they both went to
Michigan State and and so theydo they.
There's also this thing backand forth with their donations
at the Michigan State.
Like Dan, there's a day there'sthe Gilbert building or
whatever.
Then there's.
Ishpia building and now they'reall there, but like the one
Michigan State's like making outin this whole deal.
It's great for Michigan State.
Yeah, they just keep gettinglike.

(24:07):
They keep out donating eachother.
Yeah, and where does all thatmoney go?
New buildings, do things, dowhatever.
What?
Wow?

Speaker 3 (24:15):
Yeah, so you, you think that that happens a lot
though in this industry.
I mean, do you think thatpeople because I'm on this scale
.

Speaker 2 (24:22):
I don't think but, yeah, and I did.
I did happen to watch what onmy flight home.
I did watch the big short.

Speaker 3 (24:32):
Yeah, okay, which.

Speaker 2 (24:33):
I didn't see in the big short.

Speaker 3 (24:34):
Yeah, I've seen both versions of it.
I've seen the.
I've seen the 1980s version.
It was actually titled twinsback then.
That was with ArnoldSchwarzenegger and no seriously
though the big shorts reallygood.

Speaker 2 (24:47):
It's about the the mortgage industry in 06.

Speaker 3 (24:49):
I thought that was somebody out there had just yeah
, no talking about this.

Speaker 2 (24:54):
Yeah, it was about the mortgage industry in 06.

Speaker 3 (24:56):
I haven't been able to pay attention to a minute of
the show.
Jimmy, I that light is stillblinking over there.
I have no idea.

Speaker 2 (25:02):
So is that one?
Well, yeah, but you can handlethat man.
Well, I have focused on otherthings.
Yeah, I got other things movingover here but yes, it's
interesting.

Speaker 3 (25:12):
I I wondered so because can you, can't you have
to prove what the amount ofmoney that you've made?
Like you have to send stuff in?

Speaker 2 (25:23):
you do, but here's what's, here's what.
So this Is what was funny aboutwatching the movie the big
short.
And if you haven't seen themovie the big short.
You should watch it.
It's super interesting aboutthe mortgage before you go there
.

Speaker 3 (25:33):
I just want to.
I just want to point this out.
Tom is 100% correct.
He, he, he.
He got my joke.
I Just think I'm the one that Iwas looking for in the movie
your time on was twins.

Speaker 2 (25:46):
It wasn't anything to do with short at all.
You know you didn't get it, hedidn't get it, I did get it.
What?
Yes, yeah, I totally got it.
Okay, but I just I just ranpast it because one guy was big.
Yeah, one guy was ArnoldSchwarzenegger, the other guy
was Danny DeVito, the big twins.

Speaker 3 (26:04):
Yes, I never mind.

Speaker 2 (26:05):
Yeah, no anyway, but yeah, if you haven't seen it
it's really good.
But so they did change a lot ofthe legalities of the it's for
for the better.
Yeah, promise, I'm kind ofslipping back down that road
again, you think yeah?

Speaker 3 (26:22):
look what.

Speaker 2 (26:23):
Bank statement loans, you know.
I mean and again, I don't wantto freak everybody out be like
I'm not, I'm not posting thatone.

Speaker 3 (26:32):
We're getting comments that I can't, that I'm
not gonna publicly show.

Speaker 2 (26:38):
I can go check them out, but but yeah, so I.
So we're not going down downthat road, cuz.
So so, 0607 guys.
Well, if you don't understandthe mortgage back then it was
like hold on, okay, how do you?
Where do you want your $150,000?
Right, they just had a pulselike yeah, you didn't check
anything right, nothing gotchecked like.

(26:58):
Yeah like you know, like if youwere, if you were, if you were a
waiter, for instance, right,yeah, and you applied for a
mortgage and they, they, you gotthe mortgage.
And they said, well, how muchdo you make a year?
I make $150,000 a year.
Okay, good sign here, here'syour 500,000.
That was it.
There was no.
There was no check.
They just took about, took heron your word.

(27:19):
Yeah, yeah so in the movie theythey even talked about how the,
the, the, the bankers.
It was in Florida.
Bunch of these bankers inFlorida were going to strip
clubs and All the strippers Onehad like 15 mortgages and they
just kept get.
Ladies kept a given it likeletting her get mortgages and

(27:40):
she had, she had like 15different houses.
Yeah and now, and just keptbuying different, more houses
and they kept approving hermortgages.
Yeah, I'm like, well, she can'tpay any of it.
She didn't pay any of it off,but she, she got all the money
right, Right, you know, I meanthat's what was happening, so
that's so.
So that's where I think I thinkit got bad.
It's gotten better since then,because now you have to have
employment verification and allthe things that go.

Speaker 3 (28:01):
So what we're gonna?
So?
So, basically, this is when hesays that he took advantage of
the situation where it was at.
This is what he's kind oftalking about.

Speaker 2 (28:10):
Yes, I got you and, and so I think that's where the
Trump case gets interesting,because he, he said he oh, they
say he overinflated what he is.
His net worth was yeah, I don'tknow how you do that.
Like you have to have a lot ofmoney to first of all have a net
worth right, like my net worthis not.

Speaker 3 (28:31):
You're not gonna be able to overinflate that, jimmy.

Speaker 2 (28:33):
Yeah, I mean if I overinflated it's, you know, but
whatever.
But so like over inflating itlike I get it, like you know you
shouldn't do that, but I don'teven know how one does
overinflate it like you, cuz Ifeel like you have to open all
your books and like you Saidthat if the whole thing was
based on well, yeah, it's, it's.

Speaker 3 (28:57):
It's one of those things that they say and again,
I'm not trying to stick up forone person, the other it's.
It's one of those victimlesscrimes that you hear about
that's exactly what I'm but,like you said, if no, if he's
already paid back all the moneywho's owed or do anything?

Speaker 2 (29:10):
right and I and I kind of goes back to like
alright, so there's victimlesscrime.
And if people like well,there's no such thing, there is
right, like if I'm speeding.
Yeah in the middle of the nightand I'm going a hundred miles
an hour 696 what you do, I doyeah but there's no police out
there a single person.

Speaker 3 (29:26):
There no, no harm, no foul right well, but you, but
you still did it.
Yeah and then, ten years later,you decide to run for city
council, some guy, you.

Speaker 2 (29:42):
Yeah, yeah, but I but but.
But even in this case, wherethis gets even more interesting,
is they told them they can't dowork out of.
Well that, but he also paid itall back.
Yeah he didn't.
He didn't take the money andnot pay it back.
Right he, but he would have.

Speaker 3 (29:59):
He would have technically owed more money,
though.
Right because wouldn't becausehe did it.
That's where it's confusing.

Speaker 2 (30:05):
He got a better interest rate, but he also took,
got.
He also took more money.
He got more money Because heoverinflated what he, what his
net worth was, so he got moremoney at a better rate right.
But he paid it all back.
Yeah so it's like well, I don'tknow that's where I get that.
That's where it gets confusingto me, because like it's I get

(30:27):
it like you can't overinflateyour stuff and and it's mortgage
, mortgage fraud is badeverybody.

Speaker 3 (30:34):
Hey, 100% judgment freeze home.
Welcome to safe spaces.
Today I'm free for all.
Friday.
You feel free to call in 3136444 all you can also hit star
star and say hello, jimmyManning, the board over there.
This is a.
This is a comment we got infrom Tim, who says he
overinflated to get favorablemortgages when you're above a

(30:55):
certain level of income.
Nobody knows what it means.
The other side is he loweredthe value for his lower tax
payments.
New York citizens got screwed.

Speaker 2 (31:07):
Okay, so if that's I mean if that's the case, then
that should go back to New Yorkcitizens.
Right, yeah, but I, but rightnow it's a victimless crime and
nobody knows where the moneywent.
Nobody knows where the money hepaid back went.
I mean, it's going to he's gotto pay the, he's got to
basically pay the court.
No, I don't know where it goesonce it hits the court, because

(31:28):
the court, the court, doesn'tmake money off.

Speaker 3 (31:31):
I'm sure they, I'm sure they do Right.

Speaker 2 (31:35):
So yeah, so like I don't know, like it's, that's, I
don't know, that's where thisgets weird, because he so.
So all right, and from what Timsaid, the tax, the taxpayers of
New York, got screwed.

Speaker 3 (31:46):
Yeah.

Speaker 2 (31:47):
Okay, so, and I and I get that part, so, so that were
but that, so you're to yourpoint they should put that in a
giant fund.

Speaker 3 (31:57):
Like like I get my email right.

Speaker 2 (31:58):
Like if you own a Verizon phone, but the problem
is 2014 and 2016,.
Sophie, if, if I did, the NewYork, did the New York taxpayers
get screwed by $360 million?
And New York is in such debtthat $360 million wouldn't even

(32:19):
dent what they're doing, whatthey do.
So it's like saying I owe $100.
Well, here's a dime, right?
Do you want to mean like it'slike?
Well, that doesn't help me make$100.
You gave me a dime.

Speaker 3 (32:30):
It did for that starfish, Jimmy.

Speaker 2 (32:32):
Right, like that's the whole thing, right, like
that's, I don't know, that'sthat.
And again I again politics outof it.
Like I think it's just crazybecause, like, where does like?
My question is where does themoney go?

Speaker 3 (32:45):
Yeah Well, you know I have the same question every
time I pass the billboard.
Here in Michigan there's abillboard up that says $1.8
billion went to the schoolsystems from the Michigan
lottery, the first.
That's the same question I have.
I'm like, wait a minute, whereis it going?
My kid's teacher the other daywas begging parents to help her
bring wet wipes into theclassroom because they can't

(33:06):
afford them and they ran outalready cause you know, kids are
gross.

Speaker 2 (33:11):
Right so yeah.

Speaker 3 (33:12):
So you need to wet wipe the whole place down.
I'm like where did?
Where's that 1.6 billion goingRight, right, or the money for
the roads?
Some of the other states thatare listening to us, you don't
have those issues, but here inMichigan we have.
We have some of those funnyissues.

Speaker 2 (33:28):
All right, I'm just looking at this up real quick
for just laughs, for laughs, forgrins and giggles.

Speaker 3 (33:33):
Yes, all right, let's grant under a giggle population
of New York the city of NewYork.

Speaker 2 (33:38):
Yeah, eight million people.

Speaker 3 (33:42):
Wow With it, with an M 8 million.

Speaker 2 (33:45):
Yes, over it, it's 8.8, 8.8 million people.

Speaker 3 (33:50):
Okay.

Speaker 2 (33:50):
In the city of New York.

Speaker 3 (33:54):
So, so so let's take the 312 million and divide it.

Speaker 2 (33:59):
Yeah, I mean, that's so so, so let's no 360 million
math live on the show.
Yeah, live on the show.

Speaker 3 (34:06):
We're going to do a little bit of math here for you,
yeah, you know, I wish I hadthis every time I was doing math
.
It's a math song Getting down.
It's the math song.

(34:26):
Wow, did you are taking areally long time to calculate
this.
I had it.
What do you have?
An AT and T phone?
Oh, that was the thing we weregoing to talk about.
Yeah, yeah I remember we shouldwrite this stuff down here.
It's, it's coming.

Speaker 2 (34:42):
Yeah, I don't know why.

Speaker 3 (34:43):
I'm running out of.
Jimmy constantly defends theiPhone.

Speaker 2 (34:49):
You can't even use the car I'm running out of zeros
.
Oh, that's why I get too manyToo many.

Speaker 3 (34:58):
Okay, good, he's calculating out the payments.
Press the buttons.
There's the zero.
Zero.
There's the comma.

Speaker 2 (35:08):
It's basically $45 a person, perfect.

Speaker 3 (35:11):
There it is, guys.
Congratulations.

Speaker 2 (35:14):
I think New York's got bigger problems.
What?

Speaker 3 (35:18):
That works, I guess.

Speaker 2 (35:19):
Yeah, so if, if, if, if Todd, I'm just walked around
and everybody that's sitting inNew York 50 bucks, which he does
right.

Speaker 3 (35:26):
You know, that's the thing, that's the thing that
they forget.

Speaker 2 (35:28):
You know when you pull except for all the, except
for all the the new residentswho aren't counted here.

Speaker 3 (35:33):
Okay, guys, so now let's let's tie this back in.
You have these huge heads ofreal estate.
Grant Cardone came outyesterday, I believe, and said
he wants to pull all of hisbusiness out of New York.
Yeah, kevin O'Leary has lots ofbusinesses in real estate there
and he wants to pull out.
And again, I think that it'snot necessarily because of
what's happening, but it's theextra stuff.
Like, like you said, if you'respeeding down the road, they
capture you victimless crime.

(35:55):
But you got caught on a webcamlight or one of the camp lights.
Right, you're still going toget your ticket, okay, uh, jelly
, by the way, did the math foryou, since you completely
screwed it up and he said it's$4.56.

Speaker 2 (36:08):
Oh, maybe it's even worse than I thought.
So there you go.

Speaker 3 (36:12):
You can't even buy a couple of in New York you can't
buy anything, right, yeah, for$4.56.

Speaker 2 (36:20):
Oh, the funny thing is I was going to say five below
, but I don't think they havefive blows in New York.
No, but like well they have 10above vacation in Dominican
Republic.

Speaker 3 (36:28):
They have a four below.
Oh, of course they do.
Yeah, uh, so you almost, soyou'd be able to shop there.

Speaker 2 (36:35):
If you want, if you live in New York, you go to the
Dominican and chop it four below.

Speaker 3 (36:40):
But the thing is is if you were to do that and speed
through that light, right, Well, I guess you know, I don't know
, man, I kind of make.
I was going to say if you didthat, it's like them saying, all
right, we're going to, you'renever going to be allowed to
drive in the state of Michiganagain, right, or or do any
business like.
It's just that extra, extra,extra stuff.
But you know they do do stufflike that.

(37:01):
If you, if you're goinginsanely fast and they catch you
and to where you're at criminalspeeds, they will take your
license, sure.

Speaker 2 (37:08):
So you know, I mean, I mean, that's what we talk
about too, right?
The other thing is, if youthink about what, what, uh, like
the impact, the impact.
Think about the impact ofmoving that business out of New
York.
Well, yeah but he, but I meanhe can't move Trump.

Speaker 3 (37:26):
Towers, Right you know what I mean.

Speaker 2 (37:27):
I mean, he probably could but the building would
just be empty and then everybodythat works in that building
would be unemployed.
So what would be moredetrimental?

Speaker 3 (37:37):
Yeah.

Speaker 2 (37:38):
And I mean it's very, very simple.
Elon Musk moved, moved, um, youknow, Tesla out of California
for the same, for the taxes andfor, like the, this kind of
stuff.

Speaker 3 (37:50):
So this is interesting for those of you
that um again had a chance tosee Grant.
Uh, I know if if you're an EXPagent.
Uh, I know he's been at EXPevents and and he had talked
about um Cardone capital.
Uh, grant announced to uh on Xto him that he was going to be
in his team is immediatelyceasing all investments into New

(38:10):
York city real estate,declaring that this is all
political right and it's goingto lead to price deterioration,
deterioration.
This is what he put.
He put immediately discontinueall underwriting on New York
city real estate.
The risks outweigh theopportunities at this time.
Recent political decisions willcontinue to deteriorate the

(38:31):
price and benefit the statesthat don't have these challenges
.
Focus on Texas and Florida.

Speaker 2 (38:39):
That's interesting, so it's interesting, right,
because, and then the, the theother thing about, like Texas is
the the cost of living is somuch cheaper than California,
new York, yeah, you know, thereal estate is half, probably,
even Probably even less thanhalf, of New York and California
both, right, right, you know so, so that I mean I don't know

(39:02):
what's that gonna do to to Texas, right, like so it's, it's
great, I mean there's alreadythere's already a real big flood
like.

Speaker 3 (39:10):
So you know, following the comedy scene, like
I do, it's interesting becausethere is such a big flow in the
Texas right now.
Yeah, from all of these otherstates, from New York,
especially California.
There's so many people that aremoving into there just just
because not it's, I don't knowhow else to put it there's,
there's more freedom to do thetypes of things they want to do,

(39:32):
which is crazy, because they'rethe ones that always supported
what they were supportingEverywhere else.
And then yeah came back andagain.
Not to make this political, butthere's a lot of people, if
you're in the Texas area, or ifnot, and you happen to be at one
of those brokerages when youcan sell real estate because you
have a statewide broker, aninternational broker or national

(39:53):
broker, I should say you shoulddefinitely take advantage of
that.
There's a lot of people lookingat for Florida's hot right now
too.

Speaker 2 (39:59):
Well, you know, I got a friend that that has.
You know, he lives in Floridaand and has a part of a team
here in Florida and and thereason he did that was because,
because of the flow fromMichigan to Florida, he's been
putting out these stats like noof the people moving from oh,

(40:19):
got you Florida Like it's andwhat.
The other thing that helpedchange all this was COVID.
Yeah, because everybody startedworking from home.
Yep, then the big companystarted saying, well, I don't we
need this big building ifeverybody can work from home,
when we're still doing the samething we were doing anyway,
right?
Like why pay for the building,right?
So that's where I thoughtcommercial real estate would get

(40:40):
weird.
I guess it hasn't, but Ithought it would get weird.
But I, you know.

Speaker 3 (40:43):
I have.
I have an interestingprediction, and this is just my,
my opinion, right, but I don'tthink.
I think what's gonna end uphappening with commercial
because it is.
We're starting to see this.
You, you have these giantplaces and malls are shutting
down.
Yeah, but if you look at theamount of space that that mall
has, for instance, you knoweasily you could convert that
into apartment buildings.
Yes, and now all of a sudden,we have real estate and the

(41:06):
infrastructure and all thatstuff back again and we can
balance stuff out by taking someof these commercial places and
turning them into residentialzones.

Speaker 2 (41:14):
Yeah, it's a good point and I think I think say,
when we had say it on Threeyears ago Probably now you know,
one of the things that he hadtalked about too was like these,
these, these like shared spaces, almost right, like, yeah,
where it's residential,commercial kind of all all.

Speaker 3 (41:32):
Look at the line.
Yeah, if you guys have not seenthe line, this is the scariest,
coolest and craziest thing I'veever witnessed in my life,
because it's it's all the sci-fimovies Actually coming to life.
Yes you have districts, you havethis one line where, like you
walk, you walk upstairs andthat's where you live, and then

(41:53):
you walk down the stairway andthat's where you work.
And you walk down the stairwayeven more and that's where you
eat and Buy your groceries, andeverything is enclosed inside of
these two giant mirror walls sothat nature doesn't know that.
You're there in the middle ofthe desert, in the middle of the
desert, and it's huge, and it'sa huge project, it's a trillion

(42:14):
dollar project.
That's right more than that.
I think, I, if you have not seenthis or looked this up, google
the line and you are, and watchthe the video.
It's not fiction, they'rebuilding it.

Speaker 2 (42:27):
It's being built right now.

Speaker 3 (42:28):
Yeah it's nuts.

Speaker 2 (42:30):
Yeah, and there's the video, the AI like walkthroughs
and the videos and all thethings crazy it's crazy, but
yeah, if you haven't seen theline, check that out.

Speaker 3 (42:38):
So, anyway, lawsuits, getting back to lawsuits, some
other stuff that you looked upthis morning is yeah, this and
this.
Hang on one second.
I love this comment.
This is from your mom.
Oh yeah, your mom says goodmorning guys.
I'm late again, but if youcould start your show at nine
I'd be on time.
I Would love to do that.

(43:01):
You know it's, it would be, itwould be great.
I just, I just don't, I just Idon't think it would work yeah
yeah there's too many, too manyagents.
We don't want to give them moreof an excuse not to be doing
what they need to be doing.
Correct the first thing in themorning.
Correct.

Speaker 2 (43:16):
We already go about.
This is supposed to get thissupposed to get you up and
moving.

Speaker 3 (43:19):
Yeah, yeah, at least thinking about yeah.

Speaker 2 (43:22):
At least yeah something.
I don't know.

Speaker 3 (43:25):
We're math songs and but yeah, so the lawsuits.
So, going back to anotherlawsuit, jimmy Looked this up
when we're talking about thisthis morning.
If you guys didn't know this,this will blow your mind.
Go ahead, jimmy, tell about howlong this is mine actually
going on.

Speaker 2 (43:37):
Yeah, and we thought we were on, we thought we were
like front runners in this wethought we were like on top of
it guys.
Yeah, we thought we were cuttingedge and you guys know we
taught Johnny and I've beentalking about this for a couple
years as far as yeah DOJ verseit's one of our first 10
episodes we were talking aboutyeah, the Department of Justice
vs NAR and all the things, andat the time, the only thing we
were talking about was the loveletters, yeah, and we talked

(43:59):
about pocket listings and theand the and the buyers Needing
to pay commission at the timetoo, that was.

Speaker 3 (44:05):
There's a little hint of that.

Speaker 2 (44:06):
Yeah, that had just kind of yeah, that wasn't even
like in our mind, it wasn't evena real thing.
Right, like the crazy thing is,now it's become a real thing
Everybody's panicked about.
Yeah, but but guys, listen tothis, this I didn't have any
idea this happened.
So this DOJ NAR thing thelitigation began in the 1940s

(44:27):
1940, that's a long.

Speaker 3 (44:30):
Pull your calculator out Where's.
I'm not where's jelly jelly.

Speaker 2 (44:34):
Do the jelly jelly.
How long ago was that?
1940?
Yeah, my mom was born in the40s, okay.

Speaker 3 (44:43):
Cool, I don't know so .
Just referencing 40.

Speaker 2 (44:46):
Yeah, so the litigation began in the 1940s
against the industry adoption ofstandard rates of commissions.

Speaker 3 (44:54):
Which is so.
Here's what I said to Jimmy.
Interestingly, and think aboutthis, they might have a point.
He did it too.
Thank you, that's 84 years ago,yeah 84 years ago.
Tisk, and she just woke up towatch you I know, there she is.

(45:15):
Oh, she says thanks, jimmy.
That's 80 years ago.
I'm only 78, though.
There you go, yep, but when youtold me that, I said what are
they talking about the?
The people have paid the sameforever.
It's always been 6% yeah give ortake check with your broker.
We're not blah blah, blah blah,or we're trying to, but but duh

(45:37):
.

Speaker 2 (45:38):
What they're saying yeah so it's the 40s yeah
standard rates of commissions,with a notable US Supreme Court
decision in 1950.

Speaker 3 (45:46):
Yeah like.

Speaker 2 (45:47):
Think like 40s and 50s they were arguing about
which is crazy.

Speaker 3 (45:51):
They had other things going on at that time.

Speaker 2 (45:53):
Well, we've had the things going on at this whole
time.
And then it goes into a massive1983 report by the federal
trade commission that explainedand documented how the industry
uses informal collusion, yeah,and coupled rates to set these
rates.

Speaker 3 (46:11):
See, that's why that's crazy, but it's true.
Yeah, but, but, yeah, I guess.
But how you fix that in today'sday and age?
Because everybody just assumesand look.
You know what assuming does.

Speaker 2 (46:26):
Yeah, I do it sometimes people are wrong.
Well, it makes an ass out ofyou and me, okay, or you can go
that route, jimmy, if you wantedto.

Speaker 3 (46:34):
I just like to say where.
But what's interesting is, like, there's the couple things that
are really interesting aboutthat is what, like I said,
everybody like how would you,how would you fix this?

Speaker 2 (46:51):
How would you fix this, jimmy?
Well, I think that's what'scoming down the pipe.
I think what's coming on thepipe is it's going to go.

Speaker 3 (46:55):
Government's gonna come in and say we have to be
the ones that fix this bysetting more laws.

Speaker 2 (46:59):
Well, I think it's gonna be three and three.
I think that, I think is.
I think that's where thedefinitive line is gonna come in
but, but, but right.

Speaker 3 (47:05):
So it's almost where it's always been.
In the first place it is but.

Speaker 2 (47:08):
But that's where the collusion.
The collusion came in when wejust said it was always six, but
we never really said that.

Speaker 3 (47:13):
We've said about six yeah, right, like that's the
least.
That's how I was always welltalk about it because we can't
say six outright.

Speaker 2 (47:20):
You know there's.
There's agents out there thatgo for seven right away.

Speaker 3 (47:24):
Yeah, of course.
So my question is this do youthink that they're gonna set not
three and three be the standard, but they're just gonna come
out and say okay, listen, fromthis point on it's three and
three, like I.

Speaker 2 (47:36):
I'm.
I hope that I If it so that Ithink they're gonna have to do
that.

Speaker 3 (47:42):
That's the only way they're gonna be able to set
this whole thing?

Speaker 2 (47:44):
I think so, and that's not a reset that so for
some people, but I think that'sthe only way the consumer is
gonna get it.

Speaker 3 (47:50):
Because the other ones will never figure it out.

Speaker 2 (47:51):
Well, I think then the consumer is always gonna say
well, the guy, last guy did itfor Two, could you do it for two
?

Speaker 3 (47:57):
Well, so you see, but so here's the deal with that
right you just hit on For themajority of real estate agents.
Somebody mandating that theyhave to take 3% is gonna be in
their best interest.
Yes, a hundred percent foralmost all of you listening, yes
, which sucks, because for thepeople like Austin and I always

(48:17):
charged more, right for thepeople that are okay charging
Savage, having a sliding scalefrom seven to ten, like all the
sudden there it's gonna go downfor them.
You know what?
I mean right, their averagecommission rates going down.

Speaker 2 (48:30):
So yeah, I don't know if it's the average right.
I mean you, you always had tobattle to get to the higher one
right.
Well, it was just known right,but maybe, maybe you could
always go more, but maybe thestandard is three and then you
could go.
You know what I mean when italready is but, but it's not the
thing.

Speaker 3 (48:47):
You can't go underneath it Because nobody.
So what is what?
So essentially okay.
So let me see if I can so.

Speaker 2 (48:52):
So it just kind of came up in a chat last night
that all right that we werehaving yeah, what an agent here
locally.
We're name nameless on thisshow.
All right, but was advertisinglist your house with me for 1%,
okay, yes, I don't know what thepurpose of that is like.
Like, if I, if I did a listingfor 1%, yeah, I am not making

(49:16):
any money, hmm.
You're making 1%, but butnobody's gonna know, buyers
agents gonna bring that fire tome.
He's saying 1% total what?
Yes?

Speaker 3 (49:29):
So 0.5 and 0.5.

Speaker 2 (49:31):
No, he's taken one and then you're on your own.
So so this is where my concernis what this is where my concern
is if we don't put like astandard base on this.

Speaker 3 (49:42):
Yeah.

Speaker 2 (49:42):
That that we run into this.
Well, you're on your own tofight for it like type deal.

Speaker 3 (49:47):
But so the problem with that, though, is that that
agent wasn't doing theirfiduciary duty, because they
have to know, by not offeringany commission to the other side
to actually, by the way, sellthe house that's the selling
agent Nobody's going to see thehome and it's.

Speaker 2 (50:02):
you know, what's funny is agents get confused
when you, when you look at likeyour contract right, yeah.
Because there is no buyer'sagent Right.

Speaker 3 (50:13):
There's a listing agent and a selling agent.

Speaker 2 (50:14):
Yes, At least here in Michigan.
Yeah, and a lot of agents likewell, it's confusing, there's no
buyer agent.

Speaker 3 (50:20):
No, because you're the selling agent right, you're
the one that actually sold thehouse.
You're the one that actuallysold the house, not me.

Speaker 2 (50:25):
Right, I'm the marketer, correct, I market the
house, you sell it, right.
So so that it's funny, becausepeople get a lot of agents get
so confused by that, yep, yep.
And they're like, well, where'sthe buyer agency thing?
I'm like, well, they're,they're, they're we do have
buyer agency contracts, whichthey should be seller agency.
Right, there should be alisting contract and a seller's
contract, which is a buyer'sagency.

(50:48):
So we confuse our agents too,like here in Michigan, yeah,
like again.
But but so so that's where myconcern is.
If they don't put any standardof regulation on this, that it's
, it's zero and zero until youget whatever you get.
Yeah, yeah, which would be worsethan just saying which would be
worse than saying if you can'tgo below three Interesting,

(51:11):
because then I think, and Ithink, only I think, especially
from a consumer standpoint,because the consumer is always
going to bet like so that's,it's like it's like a year of
Michigan.

Speaker 3 (51:20):
We have 6% tax Once they've said that that's what it
was.
Everybody.
That's what everybody pays.

Speaker 2 (51:25):
Yeah, you pay 6% tax, yeah, and, and so the.
Then this goes on.
A two there was a 2006congressional hearing at which
the DOJ, the FTC, Redfin and CFAcriticized industry price
fixing.
So they keep going back to thisprice fixing, this collusion,
because it's always been justone commission base, so.

(51:47):
But then so there's six.

Speaker 3 (51:48):
So let me get this straight.
So there's there, there.
So the solution then, if I, ifI were to just simplify this in
my mind, which which is confusedmyself on this, the solution to
making sure that we don't fixthe price anymore is to fix the
price.

Speaker 2 (52:03):
Yes, yeah, I think.
Which which fixes the price?
Yeah, Because I don't.
I don't think there's been,because because it's always been
one commission and then it wasalways just like.
For us it's always just beenknown it's 6%, but the seller
gets three, the buyer gets three, like it?
Just that's just how it works.
Everybody's like and I thinkfor the most part, this is where

(52:26):
it gets crazy, right.
This is where it gets crazy tome when you get the government
involved.
Sorry, government, don't shutus down, but when you get them
involved, that's where the watergets muddy.

Speaker 3 (52:35):
Yeah.

Speaker 2 (52:35):
It's like no, like stop, and then you have.
Then you do have the agent outthere that goes all this, do it
for 1%.
Yeah, You're ruining everything.
You want to we were all havingfun.
You were doing three, I wasgetting three, everybody was
great.
Now Joe Schmoe comes along andwants to do 1% because he can't
list anything.
Yeah Right, he can't convert onthe phone, so his only way of

(52:57):
getting clients is going.
I'll just do it for one.
You know what I mean.
Like that's the part that kindof ruins everything.
It's like you just ruined ourfun.
We were having fun, we were allin the chair.

Speaker 3 (53:06):
How do you really feel?

Speaker 2 (53:06):
about it we were having a great time.
Yeah, you just came along andruined it.
Yeah, you know, you flattenedour ball and now we can't play.
Runs up with a knife.

Speaker 3 (53:16):
Yeah.

Speaker 2 (53:18):
He just broke my bat and walked away.
It's so funny.

Speaker 3 (53:21):
But but did he though ?
Because think about this ifokay, I'm going to play devil's
advocate on this.
Number one.
If you don't.
Did he really do that though,Jimmy?
Because you don't want thatclient in the first place?
I'm telling you right now youdon't want that All right.
Number two he's not going tosell it.
So if you really did want thatclient, that dude's going to be
expired Expires yeah.

(53:42):
And then recall them.

Speaker 2 (53:45):
Right.

Speaker 3 (53:45):
Yeah, or wait till he expires, then list his home
himself and then expires, thenand then, and then do it Right
so you'll still get that guyback if you really want them
right.
Because, like I said, at theend of the day, that's just such
a disservice to your seller andit just it's not if.
If the purpose behind that is,oh, it's all going to be, I'm

(54:05):
just going to get a ton of, I'mjust going to get a ton of
listings, so I'm doing that, thewholesale deal Right.
Well, you've now just made itall about you.
Yeah, and fiduciary duty, andagain something I've always
taken real serious we'resupposed to do our best for our
client and if that meanscharging so that they there's
something on the other side ofit, man, I do want to.

(54:29):
I do want to hit this because Ithought this was a really good
idea.
Tom has had to chime back in.
We're talking about your momnot being able to watch the show
until nine o'clock.
Tom has said that if you moveyour mom to Europe, she could
actually then watch the show inthe afternoon.

Speaker 2 (54:48):
Yeah, oh yeah, we had the the fireside chat with with
Glenn Sanford last night and hewas in South Africa.

Speaker 3 (54:55):
Okay.

Speaker 2 (54:55):
And it was five o'clock here.
It was midnight there.
No, it's five o'clock PM here.

Speaker 3 (55:00):
Oh, I got you Midnight there.

Speaker 2 (55:02):
So yeah, we can move her to South Africa.

Speaker 3 (55:04):
There's the experience out there, here you
go and hey, you'll get a saleout of it.

Speaker 2 (55:08):
That's it.
That's all you got to do.
Referral at least.

Speaker 3 (55:10):
Yeah, you can sell it for 1%.

Speaker 2 (55:13):
Yeah, but no, like I think it's crazy, like the
without the standard andregulation regulation, I think
there could be an issue.

Speaker 3 (55:22):
Right, well, there is well there is right Again, the
consumer?
I don't know, man, I thinkeverything is right now.
Everything is moving so fast.
You know it's funny because I'mI'm a fast moving dude, like
I'm into technology, like I love, you know, I love all that
stuff.
Your mom also says she lovesthe idea about moving to South
Africa.
So warmer just want to let youknow it's warmer there, it's

(55:45):
nice to know.
Let's see Jelly Jelly has acomment on this.
He says maybe it will just bethe amount of the commission
amount.
Remove the percentage, 300,000equals nine, no fixed at a
percentage sign and just anamount.
Well, how would you, how wouldyou, your mom's, your mom's,

(56:07):
chatting back and forth?
You can't see her comments.
Oh she says Johnny's 100% on thephone.
So but yeah, you know again.
But where does that 9000 like?
How did you come come to that?
Well, it's a percentage.
You know what I mean.
So everything does kind of comeback down to percentages again.

Speaker 2 (56:29):
Yeah, I was trying to find this other one because
they did have a.
They did have a statement inhere, yeah, so so some of this,
some of the details said it'scritically important that buyers
negotiate buyer agentcommissions before their agents
search for properties.
Otherwise, buyers agents couldsteer buyers to properties with

(56:51):
the highest dollar concessionsof potential against
compensation.
So it goes back to that samething, like it goes back to if
they're not offering me anything, I'm not taking my buyer to
that house.

Speaker 3 (57:00):
Interesting, Very interesting.
But then that goes back to ifyou're a buyer's agent, you owe.
You owe that percentage.
So it goes back to the buyerprotection.
On the three days, the threepage agreement, Okay, that's
great.
I'll sell you the 1% house, butthen you're going to be
responsible for the other 3%.
Man, I'll tell you what.
But you got to get that upfront.
Real estate is an ever changingenvironment.

(57:21):
It's going faster and faster.
The stuff is getting crazierand crazier.
Stay tuned here.
On free for all Friday EveryFriday is we bring the news to
you and guests.
If you'd like to be a guest, bythe way, we have three open
dates coming up for open calls.
So if you are a listener andyou have been looking for your
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You can go to guests at freefor all Fridaycom.

(57:42):
Send us an email with yourdetails and we will get you
scheduled in.
Jimmy, you've been fantasticDone, Even awesome.
If you have any questions orother emails, we'll talk to you
next Friday.