April 1, 2024 • 50 mins
From horseshoer to real estate broker, Cody Cox shares his inspiring journey of career transition in Billings, Montana. Find the keys to his success: grit, networking, and unwavering integrity.
Explore the wisdom of structured outreach and the role of visibility and diversified services in achieving success as a broker. Also, discover sales strategies, market trends and the significance of community involvement while gaining insights into maintaining a consistent work-life balance. This episode offers more than just a career evolution story; it's a masterclass in reputation building and relationship leveraging, applicable to all professions.
Ready to learn from the best? Tune in now! #RanchInvestor #Entrepreneurship #Horseshoeing #Billings #Montana
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Cody Cox (00:00):
And my fear as a broker is overpricing and then
not selling.
Colter DeVries (00:05):
I'm Colter DeVries, owner of Ranch Investor
Advisory and Brokerage Services.
I'm an accredited landconsultant with the Realtor Land
Institute and proud member ofASFMRA.
The Ranch Investor Podcast isthe most downloaded and
informative industry-specificcontent that intrigues while
entertains.
All right, Cody, thanks forcoming in.
(00:27):
Good afternoon.
Cody Cox, you are thehorseshoeing, broker,
extraordinaire; formerhorseshoer, former.
Is brokering easier on yourback?
Quite a bit better, I would say.
Cody Cox (00:45):
Unless I spend a lot of time in the pickup, I think
uh past damages are residual andI still feel pretty bad when I
have to drive very far and uhgot to do some mitigation there
with stretching and movingaround.
But for the most part, yeah, Ifeel a lot better at night than
I used to.
Colter DeVries (01:05):
You're not crouched over, but you can still
feel it.
Yeah, that's a fact.
So why jump into real estateand actually give us your
background?
Cody Cox (01:15):
So my name is Cody Cox .
I grew up in Southeast Wyoming,a little town called Pine
Bluffs in the 80s, went tocollege there in Cheyenne for a
little bit and went tohorseshoeing school.
Then I went to UW for a littlewhile and decided I didn't play
very well with others so Ineeded to work for myself and
(01:36):
just started shoeing horses andkind of didn't really have a
direction I was super passionateabout after college, so wanted
to rope and liked horses, likeranching, and figured that was a
pretty good way to go about it.
Um, yeah, so I did that forquite a while and, um yeah, then
(01:59):
I always liked, figured outthat I, I liked the uh, the
theory of shoeing, um, workingon lame horses and performance
horses.
I really enjoyed that.
But the work is for a tall,skinny guy, it makes it kind of
tough and uh, and then I reallyenjoyed the people and so, uh, I
(02:21):
think it was suggested to meseveral times throughout the
years and I ought to look intoselling real estate and I was
like, well, it kind of soundsgood, but I was moving all over
the place and didn't want to betied down.
And when I got to Montana Ishot horses for another couple
of years and decided I needed todo something else long term,
and that's when real estate camearound.
Colter DeVries (02:43):
Well, now it makes sense why you married a
chiropractor.
That was a big bonus for me.
Farriers need one of those onspeed dial yeah.
Cody Cox (02:54):
I tell you what I was.
My hips were in pretty badshape when I moved up here.
I was locked up and had trouble, some real bad back spasms, and
it took her about six months toa year to get that out of me to
where I could function verywell.
Colter DeVries (03:07):
So why?
Why land in Billings or theBillings area?
Cody Cox (03:12):
That's where my girlfriend at the time was from.
She had a practice here, and soyeah.
Colter DeVries (03:17):
Cause when I, when I think of guys who rope
and they, they maybe leveragetheir, their book of business in
one business and then they takethat to real estate.
Maybe you're considering, well,I've got all these horseshoeing
clients, they might sell theirranch someday.
Normally, you monetize yourhome area, right?
(03:40):
You monetize that network ofwhere you're from, where you're
established.
Name recognition, you have thatrelationship.
But, you had to start overclean here in Billings.
Cody Cox (03:51):
Oh yeah, definitely.
I knew maybe two people, maybehalf a dozen people when I moved
here.
For sure, I got a job atWestern Ranch Supply the first
winter I was here.
I think I worked there forabout six months just to meet
people.
Pass out your real estate card.
While we're at Western RanchSupply the first winter I was
here, I think I worked there forabout six months just to meet
people you know.
Colter DeVries (04:07):
Pass out your real estate card.
Cody Cox (04:10):
There you go.
It was a year or two before Igot my license, but yeah, I
should have.
Colter DeVries (04:15):
So, what was that experience like?
Finding a broker that worked.
Cody Cox (04:20):
You know, I went to the real estate class.
I think it lasted seven days ora week, something like that.
It was here in town, it was in2007.
So it was huge, you know.
Everybody was right before themarket crashed and the class was
full and packed from wall towall.
Colter DeVries (04:39):
Oh, everybody was going to be an agent like
the last four years.
Probably, Probably, prettysimilar.
Cody Cox (04:45):
And I scheduled my test the day after we got out of
class that would have been aMonday and went and took the
test, passed it and then wenthunting for a brokerage and I
got a letter from three gals andwent and met with them and they
(05:06):
all had just left Century 21, Ithink at the time, and started
their own deal and really likedall of them and they offered me
a place there.
So, I went with them and beenthere ever since.
Colter DeVries (05:17):
Well, if you started right before the crash,
how did you manage to stick withit?
Cody Cox (05:24):
I'm a pretty slow learner and I think, and so I
didn't have high expectations.
I kept shooting horses.
I shot horses for probablyanother six years and that was
kind of my.
A lot of my business wasorganic from my horseshooting
business at that time.
Colter DeVries (05:43):
And hoping that those team ropers would win a
few so they could use you to buya little small acreage roping
arena in Shepherd, right.
Exactly, yeah.
Cody Cox (05:51):
Don't spend it on beer .
Colter DeVries (05:54):
And at that time trucks and trailers and horses
aren't as expensive as they wereas they are today relatively.
Cody Cox (06:01):
Oh, it's crazy out there now.
Horses, bring you know know 30to 100 and who knows how much
thousand dollars, and you knowpickups worth over.
Colter DeVries (06:12):
Are you also a horse trader?
Cody Cox (06:14):
No.
Because I mean, if you were abroker and a horse trader, there
would be a lot of people who'dbe like, oh my god, there's Cody
Cox, walk the other way yeah,yeah, people would cross the
street to avoid me not only ishe a broker, he's a horse trader
yeah, I've sold some horses butI'm not very good at it, so
(06:35):
only the best I well, I keepthem if they're very good.
So, but going back to 07 and 08, that would have been difficult
to be like, oh man, kind ofwhat we're dealing with right
now.
Colter DeVries (06:48):
A lot of new licenses, licensees and not a
lot of movement out there,because we have low inventory
right now.
Back then it was low buyerdemand because of the new
mortgage rates and the economy.
I guess the new lendingrequirements back then
Dodd-Frank, um.
(07:08):
But yeah, how do you?
How did you say?
You know I'm I'm just gonnamake this work cause my back
really hurts.
Cody Cox (07:15):
I think that was it and there was no.
You know, I had cashflow tosustain me so I wasn't needing
it, but it was just kind of likea bonus when I sold something.
I think I sold one property thefirst year or maybe the first
seven or eight months maybe, anduh yeah, and I was pretty busy
just trying to learn the nutsand bolts of the business and
(07:36):
trying to get, uh yeah, grow myexpertise and just how to write
contracts, all the legalese thatwe speak every day and how to
do comparisons and then justgetting familiar with the market
.
So that's what I kind ofconcentrated is just working on
the craft, I think for the firstprobably couple of years.
Colter DeVries (07:56):
Becoming proficient with the deal,
becoming good at the deal.
Cody Cox (08:00):
Yeah, exactly.
Colter DeVries (08:01):
And not just farming.
It takes a certain amount offarming, marketing, to pick up
new clients.
But you also want to beproficient and be able to know
your product, know what you'reselling and talk the talk and
say here's how I can walk youthrough it.
Cody Cox (08:13):
You know, uh, have a pretty in-depth conversation
with anatomy and physiologyphysiology on the lower limb of
a horse and uh, I didn't have.
I wasn't that adept at realestate at that point in time, so
I wanted to feel thatcomfortable when I had a
(08:36):
conversation about the market.
What's going on locally, what'sgoing on regionally and
nationally?
Colter DeVries (08:40):
Not a lot of prior similarities between
horseshoeing and getting intoreal estate.
Cody Cox (08:47):
No, no.
But the important part to me isthe people part.
You know, and that's what Ienjoyed with the horseshoe and
that's why I stuck with it aslong as I did is because I
really like my clients and thepeople I got to work with, the
places I got to see and kind ofget to scratch that itch with
real estate as well.
Colter DeVries (09:04):
Whenever people call me and they're like I'm
thinking about getting mylicense, what do you recommend?
Where should I start?
I'd like to sell ranches.
Of course I want to sell $10million ranches is usually the
the leading reason.
I want to sell $10 millionranches.
I kind of joke halfheartedlybut kind of serious.
Like dude, If I were to do itover again I would almost want
(09:26):
to be a Schwann's man for thefirst five years and just work
those rural routes and get thoserelations.
Everyone loves the Schwan's,man.
Cody Cox (09:35):
Oh they're always happy when you show up with ice
cream yeah, yeah and you?
Colter DeVries (09:39):
Then you can just transition into real estate
and say, oh, here's your,here's your push pops.
Your uh maple or not maple, butuh gosh, dang it.
What is that?
Chocolate favorite malt?
Here's your malt flavored pushpops.
Cody Cox (09:52):
And, by the way, here's my card yeah, that would
be a pretty seamless transition,I think so another, another
thing I recommend.
Colter DeVries (10:06):
I don't recommend, but I I would
consider looking back if youwere to do it over.
I think, starting off asinsurance as well, because you
have to go farm, you have to goknock and ask for people's
business.
Selling whatever type ofinsurance probably be easier to
sell.
I shouldn't say that it's nevereasy to sell anything.
It might be, uh, there might bea larger market, a higher
(10:30):
demand to sell, like autoinsurance and health and some of
that other than life insuranceand some of the bigger, more
expensive type products.
But I would, I think that wouldbe a good way to start If you
wanted to get into real estatetoo, because you have all those
contacts, you have anestablished relationship.
But I think you don't see a lotof people jumping from insurance
(10:51):
to real estate and I think it'sbecause that cash flow, that
auto renewal comes in.
Man, that gets so good, it getsso easy, I shouldn't say easy
again, it gets so nice to justkeep building those auto
renewals, whereas in real estatewe have to go hunt it, we have
(11:11):
to kill it, skin it, cook it,every time.
You bet.
We don't get the auto renewal.
Cody Cox (11:17):
You bet, I think we in my business, you know,
obviously there's more probablyturnover than there is in what
you're dealing with with bigranches.
But, um, I think that residualmight come through our
relationships with those peoplewhere they're willing to give us
referrals of their friends andfamily and that they trust us,
and that's kind of how I look atit is.
(11:38):
Uh, when I develop thoserelationships with those people,
that they'll come back and theywill recommend me to somebody
else because you're right, yeah,when you start from scratch, I
mean it's a long process yetbecause it's a big deal.
Somebody, it might be, you know, a hundred percent of their net
worth is wrapped up in theirreal estate, sometimes.
I mean I don't recommend thatbut, um, you see that and so
(12:01):
that's a, that's a big ask ofsomebody to have them help you
through that, or have you helpedthem through that transition.
Colter DeVries (12:10):
Well, when I was banking with the world's most
evil corporation, Wells Fargo atthe time John Stumpf as the CEO
, Kerry Tolstead as the CFO.
During the pressure cookerenvironment that everyone knows
about remembers of Wells Fargostock the model was changing and
it's not like as a banker youwere just a credit officer or a
(12:33):
relationship manager or a loanofficer.
You actually had to go outthere and get new clients.
That was part of the new modelof banking.
The old guys hated it.
Because the old guys, they usedto bank from nine till about
three in the afternoon you know,take a long lunch and about
(12:53):
three they would open up thewhiskey and completely different
models.
So we were I mean, it was salesin the sense that we were
selling money.
Sure.
So, we had to learn how to doCRM.
Wells Fargo had an extensiveproprietary CRM system and I'm
curious.
So my sales training with WellsFargo when I was essentially
(13:14):
selling money, we had to workcenters of influence.
So attorneys, insurance andleaders of the Elks Club or some
organization.
You had to work your communityleaders and say we had to have
(13:34):
to do like three a week and thenyou had to have like 10 direct
solicitations a week.
Do you have a model like thatin your business?
How much do you focus oncenters of influence and direct
outreach?
Cody Cox (13:48):
You know, I'm starting to implement that a little bit
more.
Call it my strategic partnersare probably a good way to think
about it, but there's justother small businesses that I
utilize and I want to promote,so I take them out to my sphere.
I'm just starting that.
I just went in my monthlynewsletter.
I just included one smallbusiness, and he's actually a
(14:11):
home inspector that just hadbought another business and he
tried to do some value add withmy monthly newsletter.
So that's something new thatI'm trying.
I'm always looking for sourcesof referrals, so I think that's
what you're speaking to, is you?
know yeah yeah, yeah, and so I'malways thinking about that with
(14:34):
other.
I look at it as m y pastclients are probably my primary
um focus in that regard, but Ialso I'm trying to, you know,
network with other, with othersmall businesses that, uh, I
utilize, you know, so I knowwhat they are, how they work and
that I can be trusted torecommend them to my people and
(14:55):
then, you know, hopefully we'llget some, I bring some value to
them and hopefully they canrefer people back to me.
Colter DeVries (15:01):
It's funny how many high-performing brokers use
the sticky note as their CRM.
I, when I was at Realtor LandInstitute, and has their annual
convention a couple of yearsago, they had a CRM guy talking
(15:25):
about you got to figure out aprocess, you got to implement a
process and stick to it and workthat CRM, stay organized, stay
neat, stay clean, stay diligent.
He said by show of hands howmany people here are still using
post-it notes, and you knowthere's plenty of guys in their
fifties and sixties and forties.
(15:47):
These are all high- performingbrokers that are looking left,
looking right.
Yeah, I still use post-it notes, but there is.
I mean, it's true, I was.
I had a long road trip with anestate planner.
We drove four hours to meetwith one of my clients and one
(16:08):
way.
So I got to hear his craft, andhe got to sharpen my pencil
quite a bit and he's probablyone of the most successful
estate planners in Billings.
So he sells those high-commission products like life
insurance and annuities and allthose things that go into
retirement, death, secession,all that stuff.
(16:31):
And he was saying I've juststuck to the plan of 20 new
leads or 20 outreaches a weekand like 10 follow-ups and three
in-person meetings.
So it's it's like a 20-10-3.
He called it something,something towards that effect,
and obviously, it's worked forhim.
He's been highly successfuldoing a 20-10-3 20 new, 10
(16:52):
follow follow-ups, three inperson.
Yeah, wouldn't that be nice ifwe were that disciplined?
Cody Cox (16:57):
Well, I've not done that for a long time, right, and
here a couple of years ago, Idecided I needed some better
processes, so I've been tryingto implement that.
So I and I have developed somesomething similar to that.
That it's been.
It's been helpful and it's I'vebeen able to stay in contact
with people that you know maybeI haven't reached out to in a
(17:20):
long time.
And then the people I'verecently sold things to.
I'm in really good contact withthem and, yeah, I just needed a
system in place, because ifwe're not in front of them, they
forget about us pretty quick.
Colter DeVries (17:33):
Yeah, and I think that kind of goes back to
you and I were talking on thephone the other day what makes a
successful brokerage or realestate business?
And if you look at any smalltown America, probably has two
or three 50, 60, even 70 yearold brokers.
They sell residential, lots ofland, farm and ranch, some
(17:58):
commercial, some business, somedevelopment, some recreation.
And in any small town America,those two or three brokers,
they're not living in amanufactured home, they're not
driving an old jalopy vehicle,they're doing very well.
So it's almost like this, theproven model.
(18:20):
And that's part of the reasonbecause people see them at the
post office and the bar and thebasketball games and the
football games and they know whoto reach out to, they know who
to talk to.
But that proven model, it alsohas risk management in there.
Through up cycles, down cycles.
There's a you know if they're,if they have the competence to
(18:41):
sell those different assets,they're like the clearinghouse
for that local area yeah,there's a lot of truth to that
and that I mean I think.
You know I don't want to makerecommendations, but if you
wanted to be successful at thisbusiness in a small town, go to
a small town and sell.
You know, sell it all and stayactive in your community and
(19:01):
you'll never be in amanufactured home.
Cody Cox (19:03):
Yeah, you'll do very well and that's great for those
brokers.
But it's a double edged swordbecause they, I think a lot of
times they can get prettycomplacent too, and the clients
have limited options when theywant to buy or sell something in
terms of competency of thatbroker, because what's the
(19:26):
incentive for them to improveand get better?
Colter DeVries (19:28):
Yeah, and who's the competition?
Who's checking their numbersand their timelines?
Cody Cox (19:35):
For sure.
Colter DeVries (19:36):
Their opinions.
Cody Cox (19:37):
Yeah, I think there's 1,300 agents in Billings, the
town of a hundred and somethousand people.
That's quite a few.
Colter DeVries (19:47):
What kind of variance do you think would
happen?
Say, Billings, where there'smore license, more licenses than
listings, and you can turn to.
You know, your cousin has alicense, your neighbor has a
license, your hairdresser has alicense, you can get three CM As
What do you think the varianceis?
(20:07):
Is there going to be a 20%difference in opinion?
Cody Cox (20:12):
Of the suggested price ?
Yes, I don't know.
I don't know.
That's a good question.
I would think agents are justpeople, right, and so there's a
spectrum and there's going to bepeople that really need that
listing and they might try tooffer a higher price than maybe
the data is suggesting if theythink that the seller wants to
hear it.
(20:32):
I mean, everybody wants to hearthat their stuff's worth more
than it really is.
And there's some brokers thatthey might contact that are
doing well, and then they'llgive them the realistic price,
say, hey, this is, it's worth X.
And you know, take it or leaveit.
They'd love to have thebusiness but they don need to
have it now.
Their, their mortgage paymentdoesn't depend on next, next
(20:54):
month, and I think that leads umto brokers, um, really burying,
probably on that, on that price.
You know trying to, becausewhen you're coming from a place
of I, I need to have it, theconversation's different, you
know.
You know I really need this, soyeah, so I don't know, I need
(21:19):
this yeah.
So yeah, boy did.
Colter DeVries (21:24):
I ever learn a lesson when I got a tattoo from
a guy who said, dude, I need themoney, from a guy who said, god
dude, I need the money.
Eventually I need to go getthat tattoo redone.
Yeah, I might have to have alaser treatment.
Well, this sounds like anotherconversation.
I would imagine the broker whois doing well, who gives the CMA
(21:52):
or the BPO that's accurate,they don't quite deliver as take
it or leave it Correct and then, also going into the
conversation, the new agent whosays I really need this really
need this listing eitherinternally.
I can't imagine too many peoplesay that explicitly.
They might say it internally,but you and I have been talking
(22:13):
about negotiating Chris Voss,correct, and what are his books
that we talked about?
It's "Never Split theDifference,"N ever Split the
Difference.
" How has that helped you inyour business?
Cody Cox (22:25):
I think when I'm trying to implement his
principles, I think it's made mea better listener, because I'm
actively trying to listen andunderstand what the people are
really trying to say.
A lot of times people will wantsomething and they don't really
want to say it out loud.
I want to get to what theirmotivations are to best help
(22:46):
them, because a lot of timespeople don't even know what they
want or they're unfamiliar withthe market.
I'm sure you run into that andthese amenities for that they
want for X price just doesn'texist.
And so, yeah, I'm looking for away in to kind of help them get
to where I think ultimatelythey want to be.
Colter DeVries (23:06):
Doesn't that?
Doesn't that go right in theface of a negotiation, in that
you're negotiating with theclient for the listing, you're
trying to figure out theirmotivations, but then you have
someone like me at an open housewith his wife saying do not
show how much you like this kindof like car shopping.
Don't let the salesman know howmuch you like this.
(23:28):
We don't want you to know ourmotivation.
Sure.
Cody Cox (23:31):
Isn't that?
Colter DeVries (23:32):
just generally, like I don't want to tell this
broker my motivation or what mybottom number is.
Cody Cox (23:38):
Yeah, if you're across the table versus being on the
same side of the table.
You know if you're, if they'reyour client versus another
broker's client.
Yeah, that's always kind of therub.
But I think you had an openhouse scenario for sure, like if
they like, oh, we really likethis house.
But don't say that, yeah,exactly, exactly.
But if they want it there, Imean if it's priced accordingly,
(24:00):
you know they're gonna.
I think that's probably part ofthe reason why they're there.
Colter DeVries (24:05):
If they're generally interested in the area
and the price, they wouldn't bethere if it was overpriced,
right, and you know, um, I don'tknow now, when you say across
the table or on the same side,when you're going into a listing
agreement, that is anegotiation.
You're negotiating listingprice and commission and
duration, time on the market,correct.
(24:27):
Um, how do you get to the sameside of the table, same side of
the table, to where they trustyou, you've built rapport, they
respect you as a professional.
How do you get there?
So that it's not combative thatI say listed at three, you say
four, I want 18 months, you want12, I want 8% commission, you
(24:49):
want 2% commission.
Cody Cox (24:51):
Sure, sure.
And I think that's where beinggenerally genuinely, genuinely
interested in what they have tosay and where they're coming
from.
And I think that's what getsback to the listening part,
cause you know, maybe they wantthat and it's not realistic.
So why are they saying that?
Where are they coming from?
Say, maybe they have a $500,000house that they want $754,000.
(25:14):
All right, we're way off,that's not going to sell for
that.
So why do you think?
First of all, why do you thinkit's worth that?
and they can give you reasons.
And then, if they're validreasons, then maybe you need to
look at your own price that youput on the property versus the
information that I'm, hopefullyI'll have more information than
they do, especially concerningprice, and maybe I can bring
(25:35):
some back, some some facts andsay I appreciate what you're
saying, but this is what thefacts are telling me, this is
what places have actually soldfor.
That's kind of the beauty of usliving in a non-disclosure state
too.
A lot of people look at listingprices and they don't get to
see sold prices.
So we can, we can come armedwith some actual information of
(25:56):
what happened, how many days onmarket different things.
But that gets back to theirmotivations.
Maybe they don't care, maybethey don't, they don't care if
they sell in the next three orfour years or buy, you know, and
then you can kind of attackthose problems as they come up.
But you don't find that outuntil you have a real, real
conversation with them.
Colter DeVries (26:15):
Well, this sounds intense.
You're using the words comearmed and attack.
I never want to sound like that.
I'm immediately defensive,that's true.
So how do you get people'sdefenses down if that's even the
right way of looking?
Cody Cox (26:31):
at it.
Yeah, I shouldn't say that.
Colter DeVries (26:33):
Especially when you have to sometimes you do
have to invalidate them and sayyou know what?
I see what you're saying.
You have a beautiful place, youput a lot of work into it, but
I just don't see the numbersworking out for you.
Cody Cox (26:46):
How do you invalidate someone gently?
I I try to do with facts andthen ask them, yeah, pointed
questions as to why they feelthat way, why you know, this is
what the numbers are showing me,and say I have a, two
comparable that are pretty goodinformation, and they come, come
at me and it turns into more ofwhat they're feeling.
(27:09):
They think the place ought tobe worth them and, um, yeah, so
sometimes I'll leave it at thatand revisit it a time later or
say, you know, we can list ithigh if you want, but it's
probably not going to sell, youknow.
And these are the reasons why,um, yeah, I just try to get down
.
I don't.
(27:30):
I want to be with them throughthe process.
I'm not trying to be adversarialtowards them and and sometimes
it doesn't work out, sometimesyou know they want more than I
think.
Then the market will bear and Ican choose to walk away or they
can choose to walk away with me.
But I'm hoping when I sit downat the table with them I've
(27:53):
built up enough trust where theytrust what I'm.
They want me there.
They called me, so hopefully Ican through my advice.
They're willing to believe me.
Colter DeVries (28:05):
Do you have to use explicit labels such as Tom,
I am not your enemy.
I've never done that, thank you, help me help you.
I am your friend here, Tom.
(28:25):
I'm put your to put your Dukesdown.
I'm not your enemy.
Do you?
How do you label and how do you, how do you explicitly get that
point across, that you arethere in there, in their best
interest?
Cody Cox (28:43):
Well, for one, we're entering into a fiduciary role,
meaning that we have to legallyput their interests in front of
ours in terms of the transaction.
So, at a bare minimum, we enterinto the agreement like, this
is our position, this is ourrelationship, if we choose to go
forward.
(29:04):
So it's my duty to tell youthat what the market value is
for this house.
Um, hopefully it doesn't comelike the example you gave.
Hopefully it doesn't get thatadversarial.
Hopefully I've, you know,headed that off way before then.
Um, but yeah to to labelspecific things, I don't know, I
(29:32):
don't know, I haven't reallythought about that.
Uh, in terms of how I wouldhandle a situation like that,
it's.
Colter DeVries (29:40):
I I'm going to make a broad generalization here
, but I would say dealing withsmall rural acreage residential
lots and lots and morerecreational consumer properties
probably has less of that,because there's less of a
(30:01):
variance in opinion.
Whereas ranches are tradinglike art, it's a collector item
and that is very subjective.
And, yes, there is a marketrange.
But everyone knows that, uh,one man's junk is another man's
treasure.
And when it's so subjectivethere there could be another 30
(30:25):
percent left on the table.
If you don't that's the fear ifyou don't price it 50 over what
the market's doing, how muchare you leaving on the table,
and so that then that doesbecome very combative and
adversarial.
But no, I, I see what you'resaying.
You do have a great place.
Cody Cox (30:43):
However, the probability of you stretching
the market that far is very lowyeah, and the word to use there
was fear, and so I might, inthat particular situation, I
might key in on their fear thatthey might be missing out, or
undersell by 30 percent.
Colter DeVries (31:03):
Yeah, yeah, yeah , fear of uh leaving money on
the table is a huge one.
It's probably gosh, it's one ofthe biggest fears out there.
Yeah, yeah, fear of uh leavingmoney on the table is a huge one
.
It's probably gosh, it's one ofthe biggest fears out there yeah
, yep, and my fear as a brokeris overpricing and then not
selling yes, yeah, wasting yourtime, money and effort and, I
would say, with residential, thefear of leaving five thousand
(31:24):
dollars on the table, although Iguess I do need to empathize
that most of these homes aretheir largest asset, right.
Just like a ranch is arancher's largest asset.
So $5,000 on a $500,000 home 1%.
It's hard for me to gauge that.
What the level of fear andresistance based on fear of loss
(31:49):
rather than opportunity forgain.
Cody Cox (31:51):
Correct, yeah.
And the other thing to takeinto consideration with just
purchase price is just one ofthe house and even a new home or
new place is is inspections.
You know that can beat you upworse than than the purchase
(32:15):
price where will, or or a pricereduction in a lot of cases and
there's so much more data todefend opinions BPOs and CMAs.
Oh, for sure.
Colter DeVries (32:28):
It takes the subjectivity out of it.
Cody Cox (32:30):
It helps for sure, yeah.
Especially in neighborhoodsthat have got a lot of activity
in them, you can get kind ofdialed down to a square footage
price and be pretty darn closeif your condition isn't even in
the ballpark.
Colter DeVries (32:44):
So, other than reading Chris Voss, "Never Split
the Difference.
" What else do you do to improveyour business?
Cody Cox (32:52):
You know I focus a lot on, I would say, just
self-improvement, something thatinterests me.
So I try to do things likecontrol my diet, my exercise,
things that are going in, um,kind of just puts me in a better
mood and a better ability toserve my clients.
(33:14):
Cause this can be, thisbusiness can kind of be an
emotional rollercoaster, youknow.
So try to do hard things and um, um, yeah, then the the
day-to-day stuff seems to go bythe wayside a little bit easier,
you know it can.
Yeah, I like it when bad thingshappen.
It can be like water off aduck's back, you know.
(33:37):
So I'll I do time restrictedeating.
I've done that for a long time.
That was very difficult for meto start off doing that, um, but
I've been doing it about sevenyears now and that's been gained
, you know, been very good,beneficially, both health wise,
and then it's painful every day.
(33:58):
So you know I get used to thatpain and, uh, make sure that
things easier.
I do cold water immersion.
I've been doing that for acouple of years now and that's
been that sucks every morning.
Colter DeVries (34:13):
Gosh, when you were a beer drinking, rope and
cowboy, did you have any ideahow much discipline you're going
to be getting into and feelings, dealing with other people's
feelings and handholding?
No, it's like you're a shrink.
Yeah, it's something that Ididn't see coming.
(34:34):
Beer drinking, rope and cowboysdon't often strike me as good
shrinks?
Cody Cox (34:37):
no, we're not.
Colter DeVries (34:38):
Sometimes I think I am, but then yeah, turns
out I'm not and then not just ashrink for your client to help
them through their emotions, but, as you mentioned, the roller
coasters of your own business.
Cody Cox (34:49):
Yeah, yeah.
And if I can't help anybodyelse, if I'm if I'm working on
myself all the time, you know,and always in peril and and
worried about things and highanxiety and whatever, whatever
daily things come through, I gotto have my my own ship, kind of
right before I can help anybodyelse.
So that's kind of what I I canhelp anybody else, so that's
kind of what I focus on.
Colter DeVries (35:10):
Call them up, screaming at them just sign the
listing agreement.
Cody Cox (35:13):
I need this.
I need this, yeah, exactly.
Cause, like a lot of things Ithink this business is it can
bring the best out in of you,out, and it can bring the worst
out of you, and you just got tobe cognizant of that.
Colter DeVries (35:30):
Well, especially if you're hangry all the time.
Especially if you're hangry allthe time.
Yeah, how do you?
How do you cope with that?
And kids at the same time?
Oh, yeah, if you can do that,you can do anything right?
That just sounds like you needanother cocktail to numb the
pain.
I'm going to do I'm going to docold bath, but I'm also going
(35:52):
to take painkillers.
I'm going to do time eatingregimen, but I'm also going to
consume edibles to take my.
That just sounds like it couldspin out of control very quickly
for the wrong person.
Cody Cox (36:03):
Oh, I bet it could, yeah, but I tell you what
struggling through things isimportant for all of us, I think
.
And if I can kind of craft myown struggles, that then maybe I
won't have to deal with theones that or thing you've ever
experienced is the worst thingthat you've ever experienced.
(36:30):
So if you experience reallycrappy things every day, you
know it's it's not that big adeal it sounds like do you study
Stoicism.
Colter DeVries (36:38):
This sounds a lot like Stoic philosophy.
Cody Cox (36:40):
I've heard it, you know.
Uh, another thing, that's, I'vespent a lot of time working on
my faith, probably the last five, five or six years, and that's
been really important to me andso prayer, meditation, another,
yeah, another uh regimen oh yeahyeah, read the bible every
morning, first thing yeah, ithelps, keeps you humble.
I need that.
Colter DeVries (37:02):
I I've got jujitsu for that, so I get
smashed oh, my goodness, so coldbaths, starvation, the bible,
prayer, meditation and jiu-jitsudo you have.
Do you have time to be outselling?
Cody Cox (37:15):
yeah, yeah, yeah, and that's that's why I needed
systems, because, um, thatdoesn't come naturally to me, so
I need to working on timeblocks when I can do this
different stuff, and becauseit's important, I think it came
to me later in life.
Well, a lot of that stuffdidn't exist, you know, years,
years ago, when I probably couldhave really used it.
Colter DeVries (37:34):
But, uh, better late than never, I guess if only
we could have started when wewere 20.
I know right.
What it was the old saying thatuh, beauty is wasted on the
youth.
It's kind of like.
If only I had the wisdom of a36 year old, which I am when I
(37:54):
was 26 yes yeah yeah, I probablygot the wisdom.
Cody Cox (37:58):
I'm 48 now, so I probably have the wisdom of a
maybe 30 year old by now.
Colter DeVries (38:02):
So I'm hoping it's gonna be.
It's gonna be fun when we haveteenage girls, huh I don't don't
know what not to do.
Cody Cox (38:08):
I think not to guide them.
Colter DeVries (38:13):
So what?
What does the average, whatdoes the average day look like
for you?
You got cold bath in themorning, prayer meditation in
the morning.
Cody Cox (38:23):
Yeah, so typically, um , I'll get up make some coffee,
um, read my Bible, and I'musually into a book.
Get up make some coffee, readmy Bible, I'm usually into a
book, so that's about 15 minutes.
Colter DeVries (38:34):
Is this a professional book?
Is this honing your skills?
Cody Cox (38:37):
Yeah, always I don't enjoy it.
Abstract, yeah, and so that'swhat I need to do.
I don't really read for fun,but it's not terrible.
I enjoy some of the books I'mreading and, um for sure I
always get something out of allof them.
Um, yeah, so then I get thatgoing, then about then my wife's
getting out of the shower, soit's time to get the kids up,
(38:58):
get them ready for school oneither a couple of days a week
my daughter's four, so she stayswith me a couple of days a week
.
So on those days I don't getmuch done in terms of
prospecting.
I can do some computer work andmaybe five shillings or things
like that I can schedule forthen.
But yeah, and then the otherdays a week I'll take her to
(39:19):
daycare, come back, do a coldbath at that time, like some
savages do it right when theyjump out of bed, and I do every
once in a while, but not veryoften I have to work up to, I
have to talk to myself into itevery day and I'm sure I've got
a neighbor that comes over nowand he's been doing it with me,
and so there's a lot more peopleI'm doing
I did it by myself pretty muchfor a year and a half and so, um
(39:40):
, but it's kind of fun doingwith other people watching the
utter pain on their face.
I enjoyed it.
Yeah, then I'll, then I I'llusually grab a workout and then,
uh, have a time block for callsand note cards to people and
prospecting what, whateveractivity is I'm involved in that
day and then whatevertransactions I've got going on
(40:02):
and then try to and sometimesI'll go meet people for coffee
or or uh, or try to have lunchwith people two or three days a
week and that's fulfilling to me.
I need to be around people.
I really enjoy theconversations.
Colter DeVries (40:18):
Sometimes it's about business, sometimes it's
not part of the business fillsyour tank.
It's that interaction withother people does, does feel
rewarding and gets you going.
Cody Cox (40:29):
Definitely, Definitely .
That's why, uh, COVID was hardon me.
You know, I had a baby at thetime and I was pretty isolated
for a couple of years thereanyways, just because the
function of having a child athome and, um, you know, since I
work out of the home and my wifedoesn't, I was endo facto was
taking care of the kid most ofthe time and, um, or a good part
(40:50):
of the time anyways, and wheneverybody else is working and
yeah, I was it took me a whileto figure out really that I was
just, yeah, missed theinteraction of other people and
then.
So I really appreciate it now Idon't, it's not lost on me, Um,
that I get to make money, youknow, being around people that I
(41:13):
really enjoy.
Colter DeVries (41:14):
So yeah, that's part of my story.
Why there wasn't a lot of lovelost when I left the ranch was
because I was by myself with mydog all day long and it was
changing water, fixing water andfencing by myself, and I mean
there's immense beauty andreward and pleasure in that.
(41:35):
I was under the big Montanaskies, out in nature, exercise,
staying active, all that's great.
But I was by myself all daylong and that's why there wasn't
a lot of love lost when I leftyeah, yeah, and I can relate
with that too.
Cody Cox (41:55):
I always thought when I grew up my uncle had a place,
we had some cows, and I alwaysthought I always thought, man,
it'd be go to cool to go to bigranch and country and just
disappear and be by myself allthe time, just just cowboy, it's
like that sounds really cool tome.
And as I got older, in thewinter time, every once in a
while, probably in my 20s, Iwent and helped some friends uh,
cab cows and we were out therequite a ways and they were
(42:19):
really good friends of mine.
But in this little town thatnobody was or even close to me,
it was like 50 miles to town, 60miles of town, and all of a
sudden I figured out I didn'tlike being out on the ranch that
far by myself.
Yeah, and after Paul Harvey diedI didn't have him on the radio
anymore to look forward to yeah,it was a rough one yeah so Paul
(42:39):
Harvey was my only friend for awhile yeah, yeah, and I didn't
realize how much I needed thatuntil I got, didn't have it, you
know.
Colter DeVries (42:48):
So do you have?
What are you working for why?
Why do all this discipline?
Why have this regimentalstructure and schedule?
Do you have a mission, visionand value statement?
Do you have BHAG - big, hairy,audacious goal?
What?
What's your why?
I think because I need it.
Cody Cox (43:07):
I don't.
I'm not real formal in terms ofwriting goals down.
That's something I'm working on.
Um you have a coach for that,right, I do.
Yeah, yeah, so you even have.
Colter DeVries (43:18):
You even have a professional personal business
coach, which some people it'stheir pastor or their counselor
in some some, and but it soundslike you have a specialized
business coach or life coach.
Cody Cox (43:33):
Yeah, no, not life coach, but business coach.
But yeah, and I think a lot ofthat why, um, I think I need the
accountability, but why?
Colter DeVries (43:41):
why are you going through that effort?
Why?
Why do you think you need theaccountability?
Cody Cox (43:45):
Just to see my business grow.
Colter DeVries (43:47):
Why do you want to see your business grow?
Cody Cox (43:50):
I think because if you're not getting better,
you're getting worse, and Ithink if you're not growing,
you're atrophying and you're notusing it.
I think it's more of aphilosophical thing for me.
Of course, you always want tomake more money and do better
and provide more things for yourfamily, but at the end of the
(44:12):
day, for me, none of that stuffdrives me a lot.
I mean, I'm not real big onthings and stuff, but experience
is really important to me.
So, yeah, I just want to bebetter.
Colter DeVries (44:25):
I guess is maybe my reason behind it for, for my
family, yeah, for you, and youwill know the tree by the fruit
it bears.
Is that a bible verse?
Cody Cox (44:34):
yeah, I don't know if that's a bible verse.
It sounds like one so you're,you're trying to try.
Colter DeVries (44:40):
The fruit you're bearing is is for the family,
the tree, the roots.
Cody Cox (44:45):
And then community.
I think we have an obligation.
We live around other people andwe need to contribute.
We can't just be passive andjust be takers.
I'm not comfortable with that.
I like to serve, I like to helppeople out.
(45:07):
That you know.
I like to serve, uh, I like tohelp people out.
I think, deep down, I have aeasy time empathizing with
people that are that haveproblems.
You know they're having troublein their life and I think I
just it wasn't really conscious,but I started doing some of the
stuff and one thing leads toanother, leads to another, and
like I can't help anybody elseif I can't help myself, I think
(45:29):
was the maybe the impetus thatgot me going down this track.
Colter DeVries (45:33):
So well, you're a very uh, empathetic rodeo
cowboy, that's.
Cody Cox (45:38):
That's an anomaly again painting with broad
brushes, broad brushes correct.
Colter DeVries (45:48):
Well, Cody Cox, we're coming up to the uh, the
outro here the last 10 minutesor so.
Oh, that was quick.
Yeah, it goes fast when you'rehaving a good time, kind of like
life, yeah yeah thanks forcoming on.
Do you have any burning desireshere to talk about, to share,
um to clear up any of myfallacies or misconceptions?
(46:09):
You know, not really.
I don't think so.
I think we.
Busting my stereotypes.
Cody Cox (46:17):
No, I think you're probably right on at the rodeo
cowboy stuff.
Yeah, we could just talk aboutreal estate a little bit.
What's going on there in termsof?
Colter DeVries (46:26):
What is going on ?
What's your crystal ball, say I.
That is my running question.
I ask everyone what's?
What's the crystal ball?
Cody Cox (46:32):
yeah, I think their interest rates by all everybody,
all the experts that I listento, are supposed to be going
down this year.
So that's going to help themarket, I think, and people that
are sitting on the fence Ithink it'll be able to knock
some people off the fence whenthings get a little bit more
desirable.
Um, you know, hopefully we get,from what I've heard, second,
(46:56):
third quarter this year they'regoing to start backing off even
more.
They're pretty volatile rightnow and I think that's going to
be in the short term.
That's good.
They're going to be all overthe place and, yeah, hopefully
that helps with our inventoryproblem that we're dealing with,
because there's a lot of,there's a lot of new buyers
coming on the market and there'sa lot of baby boomers that are
(47:17):
retiring and possibly movingdown.
So, yeah, there's going to be alot of activity here.
Colter DeVries (47:22):
The next couple of years.
Price is going to continue toclimb.
Cody Cox (47:27):
They're pretty steady right now.
But yeah, I mean, I think,simple supply demand economics.
If there's more demand thantheir supply, prices are going
to go up.
So time will tell.
Colter DeVries (47:39):
Yeah, it doesn't sound good to me.
It sounds like cause we alreadywe still have a lot of
transactions happening, a lot ofpending.
Already we still have a lot oftransactions happening, a lot of
pending.
The absorption rate is not ithasn't tipped into a buyer's
market still a pretty quickabsorption rate.
And yet we're at what?
7.6 for a 30-year mortgage orsomething like that with good
(48:00):
credit yeah so if that goes down, we're already at low inventory
levels.
Prices have to adjust higher.
As you said, a broadening buyerpool I I man.
That just doesn't sound goodfor buyers like myself right now
yeah, first time home buyersare it's.
It's tough stuff and,fortunately, if you have the
(48:23):
asset we, we are on the fencebecause we have the asset.
You can wait, but I think it'sjust going to be super rough for
anyone looking for a while.
Cody Cox (48:33):
I think you're absolutely right.
So, yeah, so, and you're,you're starting to see it and
you have seen it a little bit inthe residential market with how
things really when, becausewhen the, the faucet turned off,
it really turned off, like itwas crazy multiple offer
situations to almost you knowjust nothing 60 days on the
(48:54):
market, just almost overnight,and uh, but I would say right
now it feels to me obviously notwhen I started in the in the
business in 2007, but probablyin the 2010s when the recovery
kind of happened it seems likekind of like a typical type
market, you know, in terms ofdays on market and appreciation
and things.
(49:14):
So, yeah, I hope demand isn'ttoo high, just so we can help
these people find a place wherethey want to be, you know, and
uh, but like you say, you you'reon one side of the fence or the
other.
Like, it's great for if you'reselling, maybe not so good if
you're on one side of the fenceor the other.
It's great if you're selling,maybe not so good if you're
buying.
Colter DeVries (49:30):
Yeah, it's really good if you have two
homes and you can sell one.
Cody Cox (49:34):
Yeah, for sure.
Colter DeVries (49:36):
That's the ideal situation is have that one in
the chamber.
Cody Cox (49:40):
But I don't like to make predictions because I
thought in late 2019, early 2020, I thought things had kind of
peaked and it was going to leveloff and I was couldn't have
been more wrong.
Colter DeVries (49:55):
So well, Cody.
Thanks for coming on.
Appreciate, appreciate yourtime here.
Cody Cox (50:01):
All right.
Thanks for having me.
Click subscribe on yourstreaming platform, so you know
when the latest episode hasdropped.
And my fear as a broker is overpricing and then
not selling.
Colter DeVries (00:05):
I'm Colter DeVries, owner of Ranch Investor
Advisory and Brokerage Services.
I'm an accredited landconsultant with the Realtor Land
Institute and proud member ofASFMRA.
The Ranch Investor Podcast isthe most downloaded and
informative industry-specificcontent that intrigues while
entertains.
All right, Cody, thanks forcoming in.
(00:27):
Good afternoon.
Cody Cox, you are thehorseshoeing, broker,
extraordinaire; formerhorseshoer, former.
Is brokering easier on yourback?
Quite a bit better, I would say.
Cody Cox (00:45):
Unless I spend a lot of time in the pickup, I think
uh past damages are residual andI still feel pretty bad when I
have to drive very far and uhgot to do some mitigation there
with stretching and movingaround.
But for the most part, yeah, Ifeel a lot better at night than
I used to.
Colter DeVries (01:05):
You're not crouched over, but you can still
feel it.
Yeah, that's a fact.
So why jump into real estateand actually give us your
background?
Cody Cox (01:15):
So my name is Cody Cox .
I grew up in Southeast Wyoming,a little town called Pine
Bluffs in the 80s, went tocollege there in Cheyenne for a
little bit and went tohorseshoeing school.
Then I went to UW for a littlewhile and decided I didn't play
very well with others so Ineeded to work for myself and
(01:36):
just started shoeing horses andkind of didn't really have a
direction I was super passionateabout after college, so wanted
to rope and liked horses, likeranching, and figured that was a
pretty good way to go about it.
Um, yeah, so I did that forquite a while and, um yeah, then
(01:59):
I always liked, figured outthat I, I liked the uh, the
theory of shoeing, um, workingon lame horses and performance
horses.
I really enjoyed that.
But the work is for a tall,skinny guy, it makes it kind of
tough and uh, and then I reallyenjoyed the people and so, uh, I
(02:21):
think it was suggested to meseveral times throughout the
years and I ought to look intoselling real estate and I was
like, well, it kind of soundsgood, but I was moving all over
the place and didn't want to betied down.
And when I got to Montana Ishot horses for another couple
of years and decided I needed todo something else long term,
and that's when real estate camearound.
Colter DeVries (02:43):
Well, now it makes sense why you married a
chiropractor.
That was a big bonus for me.
Farriers need one of those onspeed dial yeah.
Cody Cox (02:54):
I tell you what I was.
My hips were in pretty badshape when I moved up here.
I was locked up and had trouble, some real bad back spasms, and
it took her about six months toa year to get that out of me to
where I could function verywell.
Colter DeVries (03:07):
So why?
Why land in Billings or theBillings area?
Cody Cox (03:12):
That's where my girlfriend at the time was from.
She had a practice here, and soyeah.
Colter DeVries (03:17):
Cause when I, when I think of guys who rope
and they, they maybe leveragetheir, their book of business in
one business and then they takethat to real estate.
Maybe you're considering, well,I've got all these horseshoeing
clients, they might sell theirranch someday.
Normally, you monetize yourhome area, right?
(03:40):
You monetize that network ofwhere you're from, where you're
established.
Name recognition, you have thatrelationship.
But, you had to start overclean here in Billings.
Cody Cox (03:51):
Oh yeah, definitely.
I knew maybe two people, maybehalf a dozen people when I moved
here.
For sure, I got a job atWestern Ranch Supply the first
winter I was here.
I think I worked there forabout six months just to meet
people.
Pass out your real estate card.
While we're at Western RanchSupply the first winter I was
here, I think I worked there forabout six months just to meet
people you know.
Colter DeVries (04:07):
Pass out your real estate card.
Cody Cox (04:10):
There you go.
It was a year or two before Igot my license, but yeah, I
should have.
Colter DeVries (04:15):
So, what was that experience like?
Finding a broker that worked.
Cody Cox (04:20):
You know, I went to the real estate class.
I think it lasted seven days ora week, something like that.
It was here in town, it was in2007.
So it was huge, you know.
Everybody was right before themarket crashed and the class was
full and packed from wall towall.
Colter DeVries (04:39):
Oh, everybody was going to be an agent like
the last four years.
Probably, Probably, prettysimilar.
Cody Cox (04:45):
And I scheduled my test the day after we got out of
class that would have been aMonday and went and took the
test, passed it and then wenthunting for a brokerage and I
got a letter from three gals andwent and met with them and they
(05:06):
all had just left Century 21, Ithink at the time, and started
their own deal and really likedall of them and they offered me
a place there.
So, I went with them and beenthere ever since.
Colter DeVries (05:17):
Well, if you started right before the crash,
how did you manage to stick withit?
Cody Cox (05:24):
I'm a pretty slow learner and I think, and so I
didn't have high expectations.
I kept shooting horses.
I shot horses for probablyanother six years and that was
kind of my.
A lot of my business wasorganic from my horseshooting
business at that time.
Colter DeVries (05:43):
And hoping that those team ropers would win a
few so they could use you to buya little small acreage roping
arena in Shepherd, right.
Exactly, yeah.
Cody Cox (05:51):
Don't spend it on beer .
Colter DeVries (05:54):
And at that time trucks and trailers and horses
aren't as expensive as they wereas they are today relatively.
Cody Cox (06:01):
Oh, it's crazy out there now.
Horses, bring you know know 30to 100 and who knows how much
thousand dollars, and you knowpickups worth over.
Colter DeVries (06:12):
Are you also a horse trader?
Cody Cox (06:14):
No.
Because I mean, if you were abroker and a horse trader, there
would be a lot of people who'dbe like, oh my god, there's Cody
Cox, walk the other way yeah,yeah, people would cross the
street to avoid me not only ishe a broker, he's a horse trader
yeah, I've sold some horses butI'm not very good at it, so
(06:35):
only the best I well, I keepthem if they're very good.
So, but going back to 07 and 08, that would have been difficult
to be like, oh man, kind ofwhat we're dealing with right
now.
Colter DeVries (06:48):
A lot of new licenses, licensees and not a
lot of movement out there,because we have low inventory
right now.
Back then it was low buyerdemand because of the new
mortgage rates and the economy.
I guess the new lendingrequirements back then
Dodd-Frank, um.
(07:08):
But yeah, how do you?
How did you say?
You know I'm I'm just gonnamake this work cause my back
really hurts.
Cody Cox (07:15):
I think that was it and there was no.
You know, I had cashflow tosustain me so I wasn't needing
it, but it was just kind of likea bonus when I sold something.
I think I sold one property thefirst year or maybe the first
seven or eight months maybe, anduh yeah, and I was pretty busy
just trying to learn the nutsand bolts of the business and
(07:36):
trying to get, uh yeah, grow myexpertise and just how to write
contracts, all the legalese thatwe speak every day and how to
do comparisons and then justgetting familiar with the market
.
So that's what I kind ofconcentrated is just working on
the craft, I think for the firstprobably couple of years.
Colter DeVries (07:56):
Becoming proficient with the deal,
becoming good at the deal.
Cody Cox (08:00):
Yeah, exactly.
Colter DeVries (08:01):
And not just farming.
It takes a certain amount offarming, marketing, to pick up
new clients.
But you also want to beproficient and be able to know
your product, know what you'reselling and talk the talk and
say here's how I can walk youthrough it.
Cody Cox (08:13):
You know, uh, have a pretty in-depth conversation
with anatomy and physiologyphysiology on the lower limb of
a horse and uh, I didn't have.
I wasn't that adept at realestate at that point in time, so
I wanted to feel thatcomfortable when I had a
(08:36):
conversation about the market.
What's going on locally, what'sgoing on regionally and
nationally?
Colter DeVries (08:40):
Not a lot of prior similarities between
horseshoeing and getting intoreal estate.
Cody Cox (08:47):
No, no.
But the important part to me isthe people part.
You know, and that's what Ienjoyed with the horseshoe and
that's why I stuck with it aslong as I did is because I
really like my clients and thepeople I got to work with, the
places I got to see and kind ofget to scratch that itch with
real estate as well.
Colter DeVries (09:04):
Whenever people call me and they're like I'm
thinking about getting mylicense, what do you recommend?
Where should I start?
I'd like to sell ranches.
Of course I want to sell $10million ranches is usually the
the leading reason.
I want to sell $10 millionranches.
I kind of joke halfheartedlybut kind of serious.
Like dude, If I were to do itover again I would almost want
(09:26):
to be a Schwann's man for thefirst five years and just work
those rural routes and get thoserelations.
Everyone loves the Schwan's,man.
Cody Cox (09:35):
Oh they're always happy when you show up with ice
cream yeah, yeah and you?
Colter DeVries (09:39):
Then you can just transition into real estate
and say, oh, here's your,here's your push pops.
Your uh maple or not maple, butuh gosh, dang it.
What is that?
Chocolate favorite malt?
Here's your malt flavored pushpops.
Cody Cox (09:52):
And, by the way, here's my card yeah, that would
be a pretty seamless transition,I think so another, another
thing I recommend.
Colter DeVries (10:06):
I don't recommend, but I I would
consider looking back if youwere to do it over.
I think, starting off asinsurance as well, because you
have to go farm, you have to goknock and ask for people's
business.
Selling whatever type ofinsurance probably be easier to
sell.
I shouldn't say that it's nevereasy to sell anything.
It might be, uh, there might bea larger market, a higher
(10:30):
demand to sell, like autoinsurance and health and some of
that other than life insuranceand some of the bigger, more
expensive type products.
But I would, I think that wouldbe a good way to start If you
wanted to get into real estatetoo, because you have all those
contacts, you have anestablished relationship.
But I think you don't see a lotof people jumping from insurance
(10:51):
to real estate and I think it'sbecause that cash flow, that
auto renewal comes in.
Man, that gets so good, it getsso easy, I shouldn't say easy
again, it gets so nice to justkeep building those auto
renewals, whereas in real estatewe have to go hunt it, we have
(11:11):
to kill it, skin it, cook it,every time.
You bet.
We don't get the auto renewal.
Cody Cox (11:17):
You bet, I think we in my business, you know,
obviously there's more probablyturnover than there is in what
you're dealing with with bigranches.
But, um, I think that residualmight come through our
relationships with those peoplewhere they're willing to give us
referrals of their friends andfamily and that they trust us,
and that's kind of how I look atit is.
(11:38):
Uh, when I develop thoserelationships with those people,
that they'll come back and theywill recommend me to somebody
else because you're right, yeah,when you start from scratch, I
mean it's a long process yetbecause it's a big deal.
Somebody, it might be, you know, a hundred percent of their net
worth is wrapped up in theirreal estate, sometimes.
I mean I don't recommend thatbut, um, you see that and so
(12:01):
that's a, that's a big ask ofsomebody to have them help you
through that, or have you helpedthem through that transition.
Colter DeVries (12:10):
Well, when I was banking with the world's most
evil corporation, Wells Fargo atthe time John Stumpf as the CEO
, Kerry Tolstead as the CFO.
During the pressure cookerenvironment that everyone knows
about remembers of Wells Fargostock the model was changing and
it's not like as a banker youwere just a credit officer or a
(12:33):
relationship manager or a loanofficer.
You actually had to go outthere and get new clients.
That was part of the new modelof banking.
The old guys hated it.
Because the old guys, they usedto bank from nine till about
three in the afternoon you know,take a long lunch and about
(12:53):
three they would open up thewhiskey and completely different
models.
So we were I mean, it was salesin the sense that we were
selling money.
Sure.
So, we had to learn how to doCRM.
Wells Fargo had an extensiveproprietary CRM system and I'm
curious.
So my sales training with WellsFargo when I was essentially
(13:14):
selling money, we had to workcenters of influence.
So attorneys, insurance andleaders of the Elks Club or some
organization.
You had to work your communityleaders and say we had to have
(13:34):
to do like three a week and thenyou had to have like 10 direct
solicitations a week.
Do you have a model like thatin your business?
How much do you focus oncenters of influence and direct
outreach?
Cody Cox (13:48):
You know, I'm starting to implement that a little bit
more.
Call it my strategic partnersare probably a good way to think
about it, but there's justother small businesses that I
utilize and I want to promote,so I take them out to my sphere.
I'm just starting that.
I just went in my monthlynewsletter.
I just included one smallbusiness, and he's actually a
(14:11):
home inspector that just hadbought another business and he
tried to do some value add withmy monthly newsletter.
So that's something new thatI'm trying.
I'm always looking for sourcesof referrals, so I think that's
what you're speaking to, is you?
know yeah yeah, yeah, and so I'malways thinking about that with
(14:34):
other.
I look at it as m y pastclients are probably my primary
um focus in that regard, but Ialso I'm trying to, you know,
network with other, with othersmall businesses that, uh, I
utilize, you know, so I knowwhat they are, how they work and
that I can be trusted torecommend them to my people and
(14:55):
then, you know, hopefully we'llget some, I bring some value to
them and hopefully they canrefer people back to me.
Colter DeVries (15:01):
It's funny how many high-performing brokers use
the sticky note as their CRM.
I, when I was at Realtor LandInstitute, and has their annual
convention a couple of yearsago, they had a CRM guy talking
(15:25):
about you got to figure out aprocess, you got to implement a
process and stick to it and workthat CRM, stay organized, stay
neat, stay clean, stay diligent.
He said by show of hands howmany people here are still using
post-it notes, and you knowthere's plenty of guys in their
fifties and sixties and forties.
(15:47):
These are all high- performingbrokers that are looking left,
looking right.
Yeah, I still use post-it notes, but there is.
I mean, it's true, I was.
I had a long road trip with anestate planner.
We drove four hours to meetwith one of my clients and one
(16:08):
way.
So I got to hear his craft, andhe got to sharpen my pencil
quite a bit and he's probablyone of the most successful
estate planners in Billings.
So he sells those high-commission products like life
insurance and annuities and allthose things that go into
retirement, death, secession,all that stuff.
(16:31):
And he was saying I've juststuck to the plan of 20 new
leads or 20 outreaches a weekand like 10 follow-ups and three
in-person meetings.
So it's it's like a 20-10-3.
He called it something,something towards that effect,
and obviously, it's worked forhim.
He's been highly successfuldoing a 20-10-3 20 new, 10
(16:52):
follow follow-ups, three inperson.
Yeah, wouldn't that be nice ifwe were that disciplined?
Cody Cox (16:57):
Well, I've not done that for a long time, right, and
here a couple of years ago, Idecided I needed some better
processes, so I've been tryingto implement that.
So I and I have developed somesomething similar to that.
That it's been.
It's been helpful and it's I'vebeen able to stay in contact
with people that you know maybeI haven't reached out to in a
(17:20):
long time.
And then the people I'verecently sold things to.
I'm in really good contact withthem and, yeah, I just needed a
system in place, because ifwe're not in front of them, they
forget about us pretty quick.
Colter DeVries (17:33):
Yeah, and I think that kind of goes back to
you and I were talking on thephone the other day what makes a
successful brokerage or realestate business?
And if you look at any smalltown America, probably has two
or three 50, 60, even 70 yearold brokers.
They sell residential, lots ofland, farm and ranch, some
(17:58):
commercial, some business, somedevelopment, some recreation.
And in any small town America,those two or three brokers,
they're not living in amanufactured home, they're not
driving an old jalopy vehicle,they're doing very well.
So it's almost like this, theproven model.
(18:20):
And that's part of the reasonbecause people see them at the
post office and the bar and thebasketball games and the
football games and they know whoto reach out to, they know who
to talk to.
But that proven model, it alsohas risk management in there.
Through up cycles, down cycles.
There's a you know if they're,if they have the competence to
(18:41):
sell those different assets,they're like the clearinghouse
for that local area yeah,there's a lot of truth to that
and that I mean I think.
You know I don't want to makerecommendations, but if you
wanted to be successful at thisbusiness in a small town, go to
a small town and sell.
You know, sell it all and stayactive in your community and
(19:01):
you'll never be in amanufactured home.
Cody Cox (19:03):
Yeah, you'll do very well and that's great for those
brokers.
But it's a double edged swordbecause they, I think a lot of
times they can get prettycomplacent too, and the clients
have limited options when theywant to buy or sell something in
terms of competency of thatbroker, because what's the
(19:26):
incentive for them to improveand get better?
Colter DeVries (19:28):
Yeah, and who's the competition?
Who's checking their numbersand their timelines?
Cody Cox (19:35):
For sure.
Colter DeVries (19:36):
Their opinions.
Cody Cox (19:37):
Yeah, I think there's 1,300 agents in Billings, the
town of a hundred and somethousand people.
That's quite a few.
Colter DeVries (19:47):
What kind of variance do you think would
happen?
Say, Billings, where there'smore license, more licenses than
listings, and you can turn to.
You know, your cousin has alicense, your neighbor has a
license, your hairdresser has alicense, you can get three CM As
What do you think the varianceis?
(20:07):
Is there going to be a 20%difference in opinion?
Cody Cox (20:12):
Of the suggested price ?
Yes, I don't know.
I don't know.
That's a good question.
I would think agents are justpeople, right, and so there's a
spectrum and there's going to bepeople that really need that
listing and they might try tooffer a higher price than maybe
the data is suggesting if theythink that the seller wants to
hear it.
(20:32):
I mean, everybody wants to hearthat their stuff's worth more
than it really is.
And there's some brokers thatthey might contact that are
doing well, and then they'llgive them the realistic price,
say, hey, this is, it's worth X.
And you know, take it or leaveit.
They'd love to have thebusiness but they don need to
have it now.
Their, their mortgage paymentdoesn't depend on next, next
(20:54):
month, and I think that leads umto brokers, um, really burying,
probably on that, on that price.
You know trying to, becausewhen you're coming from a place
of I, I need to have it, theconversation's different, you
know.
You know I really need this, soyeah, so I don't know, I need
(21:19):
this yeah.
So yeah, boy did.
Colter DeVries (21:24):
I ever learn a lesson when I got a tattoo from
a guy who said, dude, I need themoney, from a guy who said, god
dude, I need the money.
Eventually I need to go getthat tattoo redone.
Yeah, I might have to have alaser treatment.
Well, this sounds like anotherconversation.
I would imagine the broker whois doing well, who gives the CMA
(21:52):
or the BPO that's accurate,they don't quite deliver as take
it or leave it Correct and then, also going into the
conversation, the new agent whosays I really need this really
need this listing eitherinternally.
I can't imagine too many peoplesay that explicitly.
They might say it internally,but you and I have been talking
(22:13):
about negotiating Chris Voss,correct, and what are his books
that we talked about?
It's "Never Split theDifference,"N ever Split the
Difference.
" How has that helped you inyour business?
Cody Cox (22:25):
I think when I'm trying to implement his
principles, I think it's made mea better listener, because I'm
actively trying to listen andunderstand what the people are
really trying to say.
A lot of times people will wantsomething and they don't really
want to say it out loud.
I want to get to what theirmotivations are to best help
(22:46):
them, because a lot of timespeople don't even know what they
want or they're unfamiliar withthe market.
I'm sure you run into that andthese amenities for that they
want for X price just doesn'texist.
And so, yeah, I'm looking for away in to kind of help them get
to where I think ultimatelythey want to be.
Colter DeVries (23:06):
Doesn't that?
Doesn't that go right in theface of a negotiation, in that
you're negotiating with theclient for the listing, you're
trying to figure out theirmotivations, but then you have
someone like me at an open housewith his wife saying do not
show how much you like this kindof like car shopping.
Don't let the salesman know howmuch you like this.
(23:28):
We don't want you to know ourmotivation.
Sure.
Cody Cox (23:31):
Isn't that?
Colter DeVries (23:32):
just generally, like I don't want to tell this
broker my motivation or what mybottom number is.
Cody Cox (23:38):
Yeah, if you're across the table versus being on the
same side of the table.
You know if you're, if they'reyour client versus another
broker's client.
Yeah, that's always kind of therub.
But I think you had an openhouse scenario for sure, like if
they like, oh, we really likethis house.
But don't say that, yeah,exactly, exactly.
But if they want it there, Imean if it's priced accordingly,
(24:00):
you know they're gonna.
I think that's probably part ofthe reason why they're there.
Colter DeVries (24:05):
If they're generally interested in the area
and the price, they wouldn't bethere if it was overpriced,
right, and you know, um, I don'tknow now, when you say across
the table or on the same side,when you're going into a listing
agreement, that is anegotiation.
You're negotiating listingprice and commission and
duration, time on the market,correct.
(24:27):
Um, how do you get to the sameside of the table, same side of
the table, to where they trustyou, you've built rapport, they
respect you as a professional.
How do you get there?
So that it's not combative thatI say listed at three, you say
four, I want 18 months, you want12, I want 8% commission, you
(24:49):
want 2% commission.
Cody Cox (24:51):
Sure, sure.
And I think that's where beinggenerally genuinely, genuinely
interested in what they have tosay and where they're coming
from.
And I think that's what getsback to the listening part,
cause you know, maybe they wantthat and it's not realistic.
So why are they saying that?
Where are they coming from?
Say, maybe they have a $500,000house that they want $754,000.
(25:14):
All right, we're way off,that's not going to sell for
that.
So why do you think?
First of all, why do you thinkit's worth that?
and they can give you reasons.
And then, if they're validreasons, then maybe you need to
look at your own price that youput on the property versus the
information that I'm, hopefullyI'll have more information than
they do, especially concerningprice, and maybe I can bring
(25:35):
some back, some some facts andsay I appreciate what you're
saying, but this is what thefacts are telling me, this is
what places have actually soldfor.
That's kind of the beauty of usliving in a non-disclosure state
too.
A lot of people look at listingprices and they don't get to
see sold prices.
So we can, we can come armedwith some actual information of
(25:56):
what happened, how many days onmarket different things.
But that gets back to theirmotivations.
Maybe they don't care, maybethey don't, they don't care if
they sell in the next three orfour years or buy, you know, and
then you can kind of attackthose problems as they come up.
But you don't find that outuntil you have a real, real
conversation with them.
Colter DeVries (26:15):
Well, this sounds intense.
You're using the words comearmed and attack.
I never want to sound like that.
I'm immediately defensive,that's true.
So how do you get people'sdefenses down if that's even the
right way of looking?
Cody Cox (26:31):
at it.
Yeah, I shouldn't say that.
Colter DeVries (26:33):
Especially when you have to sometimes you do
have to invalidate them and sayyou know what?
I see what you're saying.
You have a beautiful place, youput a lot of work into it, but
I just don't see the numbersworking out for you.
Cody Cox (26:46):
How do you invalidate someone gently?
I I try to do with facts andthen ask them, yeah, pointed
questions as to why they feelthat way, why you know, this is
what the numbers are showing me,and say I have a, two
comparable that are pretty goodinformation, and they come, come
at me and it turns into more ofwhat they're feeling.
(27:09):
They think the place ought tobe worth them and, um, yeah, so
sometimes I'll leave it at thatand revisit it a time later or
say, you know, we can list ithigh if you want, but it's
probably not going to sell, youknow.
And these are the reasons why,um, yeah, I just try to get down
.
I don't.
(27:30):
I want to be with them throughthe process.
I'm not trying to be adversarialtowards them and and sometimes
it doesn't work out, sometimesyou know they want more than I
think.
Then the market will bear and Ican choose to walk away or they
can choose to walk away with me.
But I'm hoping when I sit downat the table with them I've
(27:53):
built up enough trust where theytrust what I'm.
They want me there.
They called me, so hopefully Ican through my advice.
They're willing to believe me.
Colter DeVries (28:05):
Do you have to use explicit labels such as Tom,
I am not your enemy.
I've never done that, thank you, help me help you.
I am your friend here, Tom.
(28:25):
I'm put your to put your Dukesdown.
I'm not your enemy.
Do you?
How do you label and how do you, how do you explicitly get that
point across, that you arethere in there, in their best
interest?
Cody Cox (28:43):
Well, for one, we're entering into a fiduciary role,
meaning that we have to legallyput their interests in front of
ours in terms of the transaction.
So, at a bare minimum, we enterinto the agreement like, this
is our position, this is ourrelationship, if we choose to go
forward.
(29:04):
So it's my duty to tell youthat what the market value is
for this house.
Um, hopefully it doesn't comelike the example you gave.
Hopefully it doesn't get thatadversarial.
Hopefully I've, you know,headed that off way before then.
Um, but yeah to to labelspecific things, I don't know, I
(29:32):
don't know, I haven't reallythought about that.
Uh, in terms of how I wouldhandle a situation like that,
it's.
Colter DeVries (29:40):
I I'm going to make a broad generalization here
, but I would say dealing withsmall rural acreage residential
lots and lots and morerecreational consumer properties
probably has less of that,because there's less of a
(30:01):
variance in opinion.
Whereas ranches are tradinglike art, it's a collector item
and that is very subjective.
And, yes, there is a marketrange.
But everyone knows that, uh,one man's junk is another man's
treasure.
And when it's so subjectivethere there could be another 30
(30:25):
percent left on the table.
If you don't that's the fear ifyou don't price it 50 over what
the market's doing, how muchare you leaving on the table,
and so that then that doesbecome very combative and
adversarial.
But no, I, I see what you'resaying.
You do have a great place.
Cody Cox (30:43):
However, the probability of you stretching
the market that far is very lowyeah, and the word to use there
was fear, and so I might, inthat particular situation, I
might key in on their fear thatthey might be missing out, or
undersell by 30 percent.
Colter DeVries (31:03):
Yeah, yeah, yeah , fear of uh leaving money on
the table is a huge one.
It's probably gosh, it's one ofthe biggest fears out there.
Yeah, yeah, fear of uh leavingmoney on the table is a huge one
.
It's probably gosh, it's one ofthe biggest fears out there yeah
, yep, and my fear as a brokeris overpricing and then not
selling yes, yeah, wasting yourtime, money and effort and, I
would say, with residential, thefear of leaving five thousand
(31:24):
dollars on the table, although Iguess I do need to empathize
that most of these homes aretheir largest asset, right.
Just like a ranch is arancher's largest asset.
So $5,000 on a $500,000 home 1%.
It's hard for me to gauge that.
What the level of fear andresistance based on fear of loss
(31:49):
rather than opportunity forgain.
Cody Cox (31:51):
Correct, yeah.
And the other thing to takeinto consideration with just
purchase price is just one ofthe house and even a new home or
new place is is inspections.
You know that can beat you upworse than than the purchase
(32:15):
price where will, or or a pricereduction in a lot of cases and
there's so much more data todefend opinions BPOs and CMAs.
Oh, for sure.
Colter DeVries (32:28):
It takes the subjectivity out of it.
Cody Cox (32:30):
It helps for sure, yeah.
Especially in neighborhoodsthat have got a lot of activity
in them, you can get kind ofdialed down to a square footage
price and be pretty darn closeif your condition isn't even in
the ballpark.
Colter DeVries (32:44):
So, other than reading Chris Voss, "Never Split
the Difference.
" What else do you do to improveyour business?
Cody Cox (32:52):
You know I focus a lot on, I would say, just
self-improvement, something thatinterests me.
So I try to do things likecontrol my diet, my exercise,
things that are going in, um,kind of just puts me in a better
mood and a better ability toserve my clients.
(33:14):
Cause this can be, thisbusiness can kind of be an
emotional rollercoaster, youknow.
So try to do hard things and um, um, yeah, then the the
day-to-day stuff seems to go bythe wayside a little bit easier,
you know it can.
Yeah, I like it when bad thingshappen.
It can be like water off aduck's back, you know.
(33:37):
So I'll I do time restrictedeating.
I've done that for a long time.
That was very difficult for meto start off doing that, um, but
I've been doing it about sevenyears now and that's been gained
, you know, been very good,beneficially, both health wise,
and then it's painful every day.
(33:58):
So you know I get used to thatpain and, uh, make sure that
things easier.
I do cold water immersion.
I've been doing that for acouple of years now and that's
been that sucks every morning.
Colter DeVries (34:13):
Gosh, when you were a beer drinking, rope and
cowboy, did you have any ideahow much discipline you're going
to be getting into and feelings, dealing with other people's
feelings and handholding?
No, it's like you're a shrink.
Yeah, it's something that Ididn't see coming.
(34:34):
Beer drinking, rope and cowboysdon't often strike me as good
shrinks?
Cody Cox (34:37):
no, we're not.
Colter DeVries (34:38):
Sometimes I think I am, but then yeah, turns
out I'm not and then not just ashrink for your client to help
them through their emotions, but, as you mentioned, the roller
coasters of your own business.
Cody Cox (34:49):
Yeah, yeah.
And if I can't help anybodyelse, if I'm if I'm working on
myself all the time, you know,and always in peril and and
worried about things and highanxiety and whatever, whatever
daily things come through, I gotto have my my own ship, kind of
right before I can help anybodyelse.
So that's kind of what I I canhelp anybody else, so that's
kind of what I focus on.
Colter DeVries (35:10):
Call them up, screaming at them just sign the
listing agreement.
Cody Cox (35:13):
I need this.
I need this, yeah, exactly.
Cause, like a lot of things Ithink this business is it can
bring the best out in of you,out, and it can bring the worst
out of you, and you just got tobe cognizant of that.
Colter DeVries (35:30):
Well, especially if you're hangry all the time.
Especially if you're hangry allthe time.
Yeah, how do you?
How do you cope with that?
And kids at the same time?
Oh, yeah, if you can do that,you can do anything right?
That just sounds like you needanother cocktail to numb the
pain.
I'm going to do I'm going to docold bath, but I'm also going
(35:52):
to take painkillers.
I'm going to do time eatingregimen, but I'm also going to
consume edibles to take my.
That just sounds like it couldspin out of control very quickly
for the wrong person.
Cody Cox (36:03):
Oh, I bet it could, yeah, but I tell you what
struggling through things isimportant for all of us, I think
.
And if I can kind of craft myown struggles, that then maybe I
won't have to deal with theones that or thing you've ever
experienced is the worst thingthat you've ever experienced.
(36:30):
So if you experience reallycrappy things every day, you
know it's it's not that big adeal it sounds like do you study
Stoicism.
Colter DeVries (36:38):
This sounds a lot like Stoic philosophy.
Cody Cox (36:40):
I've heard it, you know.
Uh, another thing, that's, I'vespent a lot of time working on
my faith, probably the last five, five or six years, and that's
been really important to me andso prayer, meditation, another,
yeah, another uh regimen oh yeahyeah, read the bible every
morning, first thing yeah, ithelps, keeps you humble.
I need that.
Colter DeVries (37:02):
I I've got jujitsu for that, so I get
smashed oh, my goodness, so coldbaths, starvation, the bible,
prayer, meditation and jiu-jitsudo you have.
Do you have time to be outselling?
Cody Cox (37:15):
yeah, yeah, yeah, and that's that's why I needed
systems, because, um, thatdoesn't come naturally to me, so
I need to working on timeblocks when I can do this
different stuff, and becauseit's important, I think it came
to me later in life.
Well, a lot of that stuffdidn't exist, you know, years,
years ago, when I probably couldhave really used it.
Colter DeVries (37:34):
But, uh, better late than never, I guess if only
we could have started when wewere 20.
I know right.
What it was the old saying thatuh, beauty is wasted on the
youth.
It's kind of like.
If only I had the wisdom of a36 year old, which I am when I
(37:54):
was 26 yes yeah yeah, I probablygot the wisdom.
Cody Cox (37:58):
I'm 48 now, so I probably have the wisdom of a
maybe 30 year old by now.
Colter DeVries (38:02):
So I'm hoping it's gonna be.
It's gonna be fun when we haveteenage girls, huh I don't don't
know what not to do.
Cody Cox (38:08):
I think not to guide them.
Colter DeVries (38:13):
So what?
What does the average, whatdoes the average day look like
for you?
You got cold bath in themorning, prayer meditation in
the morning.
Cody Cox (38:23):
Yeah, so typically, um , I'll get up make some coffee,
um, read my Bible, and I'musually into a book.
Get up make some coffee, readmy Bible, I'm usually into a
book, so that's about 15 minutes.
Colter DeVries (38:34):
Is this a professional book?
Is this honing your skills?
Cody Cox (38:37):
Yeah, always I don't enjoy it.
Abstract, yeah, and so that'swhat I need to do.
I don't really read for fun,but it's not terrible.
I enjoy some of the books I'mreading and, um for sure I
always get something out of allof them.
Um, yeah, so then I get thatgoing, then about then my wife's
getting out of the shower, soit's time to get the kids up,
(38:58):
get them ready for school oneither a couple of days a week
my daughter's four, so she stayswith me a couple of days a week
.
So on those days I don't getmuch done in terms of
prospecting.
I can do some computer work andmaybe five shillings or things
like that I can schedule forthen.
But yeah, and then the otherdays a week I'll take her to
(39:19):
daycare, come back, do a coldbath at that time, like some
savages do it right when theyjump out of bed, and I do every
once in a while, but not veryoften I have to work up to, I
have to talk to myself into itevery day and I'm sure I've got
a neighbor that comes over nowand he's been doing it with me,
and so there's a lot more peopleI'm doing
I did it by myself pretty muchfor a year and a half and so, um
(39:40):
, but it's kind of fun doingwith other people watching the
utter pain on their face.
I enjoyed it.
Yeah, then I'll, then I I'llusually grab a workout and then,
uh, have a time block for callsand note cards to people and
prospecting what, whateveractivity is I'm involved in that
day and then whatevertransactions I've got going on
(40:02):
and then try to and sometimesI'll go meet people for coffee
or or uh, or try to have lunchwith people two or three days a
week and that's fulfilling to me.
I need to be around people.
I really enjoy theconversations.
Colter DeVries (40:18):
Sometimes it's about business, sometimes it's
not part of the business fillsyour tank.
It's that interaction withother people does, does feel
rewarding and gets you going.
Cody Cox (40:29):
Definitely, Definitely .
That's why, uh, COVID was hardon me.
You know, I had a baby at thetime and I was pretty isolated
for a couple of years thereanyways, just because the
function of having a child athome and, um, you know, since I
work out of the home and my wifedoesn't, I was endo facto was
taking care of the kid most ofthe time and, um, or a good part
(40:50):
of the time anyways, and wheneverybody else is working and
yeah, I was it took me a whileto figure out really that I was
just, yeah, missed theinteraction of other people and
then.
So I really appreciate it now Idon't, it's not lost on me, Um,
that I get to make money, youknow, being around people that I
(41:13):
really enjoy.
Colter DeVries (41:14):
So yeah, that's part of my story.
Why there wasn't a lot of lovelost when I left the ranch was
because I was by myself with mydog all day long and it was
changing water, fixing water andfencing by myself, and I mean
there's immense beauty andreward and pleasure in that.
(41:35):
I was under the big Montanaskies, out in nature, exercise,
staying active, all that's great.
But I was by myself all daylong and that's why there wasn't
a lot of love lost when I leftyeah, yeah, and I can relate
with that too.
Cody Cox (41:55):
I always thought when I grew up my uncle had a place,
we had some cows, and I alwaysthought I always thought, man,
it'd be go to cool to go to bigranch and country and just
disappear and be by myself allthe time, just just cowboy, it's
like that sounds really cool tome.
And as I got older, in thewinter time, every once in a
while, probably in my 20s, Iwent and helped some friends uh,
cab cows and we were out therequite a ways and they were
(42:19):
really good friends of mine.
But in this little town thatnobody was or even close to me,
it was like 50 miles to town, 60miles of town, and all of a
sudden I figured out I didn'tlike being out on the ranch that
far by myself.
Yeah, and after Paul Harvey diedI didn't have him on the radio
anymore to look forward to yeah,it was a rough one yeah so Paul
(42:39):
Harvey was my only friend for awhile yeah, yeah, and I didn't
realize how much I needed thatuntil I got, didn't have it, you
know.
Colter DeVries (42:48):
So do you have?
What are you working for why?
Why do all this discipline?
Why have this regimentalstructure and schedule?
Do you have a mission, visionand value statement?
Do you have BHAG - big, hairy,audacious goal?
What?
What's your why?
I think because I need it.
Cody Cox (43:07):
I don't.
I'm not real formal in terms ofwriting goals down.
That's something I'm working on.
Um you have a coach for that,right, I do.
Yeah, yeah, so you even have.
Colter DeVries (43:18):
You even have a professional personal business
coach, which some people it'stheir pastor or their counselor
in some some, and but it soundslike you have a specialized
business coach or life coach.
Cody Cox (43:33):
Yeah, no, not life coach, but business coach.
But yeah, and I think a lot ofthat why, um, I think I need the
accountability, but why?
Colter DeVries (43:41):
why are you going through that effort?
Why?
Why do you think you need theaccountability?
Cody Cox (43:45):
Just to see my business grow.
Colter DeVries (43:47):
Why do you want to see your business grow?
Cody Cox (43:50):
I think because if you're not getting better,
you're getting worse, and Ithink if you're not growing,
you're atrophying and you're notusing it.
I think it's more of aphilosophical thing for me.
Of course, you always want tomake more money and do better
and provide more things for yourfamily, but at the end of the
(44:12):
day, for me, none of that stuffdrives me a lot.
I mean, I'm not real big onthings and stuff, but experience
is really important to me.
So, yeah, I just want to bebetter.
Colter DeVries (44:25):
I guess is maybe my reason behind it for, for my
family, yeah, for you, and youwill know the tree by the fruit
it bears.
Is that a bible verse?
Cody Cox (44:34):
yeah, I don't know if that's a bible verse.
It sounds like one so you're,you're trying to try.
Colter DeVries (44:40):
The fruit you're bearing is is for the family,
the tree, the roots.
Cody Cox (44:45):
And then community.
I think we have an obligation.
We live around other people andwe need to contribute.
We can't just be passive andjust be takers.
I'm not comfortable with that.
I like to serve, I like to helppeople out.
(45:07):
That you know.
I like to serve, uh, I like tohelp people out.
I think, deep down, I have aeasy time empathizing with
people that are that haveproblems.
You know they're having troublein their life and I think I
just it wasn't really conscious,but I started doing some of the
stuff and one thing leads toanother, leads to another, and
like I can't help anybody elseif I can't help myself, I think
(45:29):
was the maybe the impetus thatgot me going down this track.
Colter DeVries (45:33):
So well, you're a very uh, empathetic rodeo
cowboy, that's.
Cody Cox (45:38):
That's an anomaly again painting with broad
brushes, broad brushes correct.
Colter DeVries (45:48):
Well, Cody Cox, we're coming up to the uh, the
outro here the last 10 minutesor so.
Oh, that was quick.
Yeah, it goes fast when you'rehaving a good time, kind of like
life, yeah yeah thanks forcoming on.
Do you have any burning desireshere to talk about, to share,
um to clear up any of myfallacies or misconceptions?
(46:09):
You know, not really.
I don't think so.
I think we.
Busting my stereotypes.
Cody Cox (46:17):
No, I think you're probably right on at the rodeo
cowboy stuff.
Yeah, we could just talk aboutreal estate a little bit.
What's going on there in termsof?
Colter DeVries (46:26):
What is going on ?
What's your crystal ball, say I.
That is my running question.
I ask everyone what's?
What's the crystal ball?
Cody Cox (46:32):
yeah, I think their interest rates by all everybody,
all the experts that I listento, are supposed to be going
down this year.
So that's going to help themarket, I think, and people that
are sitting on the fence Ithink it'll be able to knock
some people off the fence whenthings get a little bit more
desirable.
Um, you know, hopefully we get,from what I've heard, second,
(46:56):
third quarter this year they'regoing to start backing off even
more.
They're pretty volatile rightnow and I think that's going to
be in the short term.
That's good.
They're going to be all overthe place and, yeah, hopefully
that helps with our inventoryproblem that we're dealing with,
because there's a lot of,there's a lot of new buyers
coming on the market and there'sa lot of baby boomers that are
(47:17):
retiring and possibly movingdown.
So, yeah, there's going to be alot of activity here.
Colter DeVries (47:22):
The next couple of years.
Price is going to continue toclimb.
Cody Cox (47:27):
They're pretty steady right now.
But yeah, I mean, I think,simple supply demand economics.
If there's more demand thantheir supply, prices are going
to go up.
So time will tell.
Colter DeVries (47:39):
Yeah, it doesn't sound good to me.
It sounds like cause we alreadywe still have a lot of
transactions happening, a lot ofpending.
Already we still have a lot oftransactions happening, a lot of
pending.
The absorption rate is not ithasn't tipped into a buyer's
market still a pretty quickabsorption rate.
And yet we're at what?
7.6 for a 30-year mortgage orsomething like that with good
(48:00):
credit yeah so if that goes down, we're already at low inventory
levels.
Prices have to adjust higher.
As you said, a broadening buyerpool I I man.
That just doesn't sound goodfor buyers like myself right now
yeah, first time home buyersare it's.
It's tough stuff and,fortunately, if you have the
(48:23):
asset we, we are on the fencebecause we have the asset.
You can wait, but I think it'sjust going to be super rough for
anyone looking for a while.
Cody Cox (48:33):
I think you're absolutely right.
So, yeah, so, and you're,you're starting to see it and
you have seen it a little bit inthe residential market with how
things really when, becausewhen the, the faucet turned off,
it really turned off, like itwas crazy multiple offer
situations to almost you knowjust nothing 60 days on the
(48:54):
market, just almost overnight,and uh, but I would say right
now it feels to me obviously notwhen I started in the in the
business in 2007, but probablyin the 2010s when the recovery
kind of happened it seems likekind of like a typical type
market, you know, in terms ofdays on market and appreciation
and things.
(49:14):
So, yeah, I hope demand isn'ttoo high, just so we can help
these people find a place wherethey want to be, you know, and
uh, but like you say, you you'reon one side of the fence or the
other.
Like, it's great for if you'reselling, maybe not so good if
you're on one side of the fenceor the other.
It's great if you're selling,maybe not so good if you're
buying.
Colter DeVries (49:30):
Yeah, it's really good if you have two
homes and you can sell one.
Cody Cox (49:34):
Yeah, for sure.
Colter DeVries (49:36):
That's the ideal situation is have that one in
the chamber.
Cody Cox (49:40):
But I don't like to make predictions because I
thought in late 2019, early 2020, I thought things had kind of
peaked and it was going to leveloff and I was couldn't have
been more wrong.
Colter DeVries (49:55):
So well, Cody.
Thanks for coming on.
Appreciate, appreciate yourtime here.
Cody Cox (50:01):
All right.
Thanks for having me.
Click subscribe on yourstreaming platform, so you know
when the latest episode hasdropped.
Popular Podcasts
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.