Tag: Growth Mindset

Total Inventory For Sale In North Texas Dropped 5%

This blog was written for my North Texas audience, yet in the links below, you can check out the stats in your local area. The North Texas market consistently ranks as one of the top 5 real estate markets across the US.

• Your local stats 
• Mike’s Market Update Webinar

Homebuyers are defying the real estate market in North Texas, and for real estate agents and brokers, this is a critical time to stay informed. For the week ending 2/10/2023, inventory for sale in the DFW MSA dropped nearly 5% while the median new list price remained flat. There is significantly more inventory for sale than we had just a year ago, and buyers are back in the market. The average days on the market range from 56 to 78 days, depending on the price range.

My view, along with the CEO of Altos Research, Michael Simonsen, is that buyers know if they buy now and rates drop, they can refinance in the future, or if rates tick up, they are in an excellent position.

On a national basis, we have record employment levels, and the North Texas area is expanding organically and with new businesses coming into the area. Thus, buyers can afford homes, and with the median rent in North Texas at nearly $2,300 per month, the rent vs. buy decision favors buying.

Looking at the current market as a demand-only equation could be a mistake. Before the pandemic period, a drop in inventory for sale in February was unusual, as historically, many sellers would list to get ahead of the spring market. Sellers are holding onto those 3% mortgages unless they have a compelling reason to move. Regardless, recently-listed properties with a price decrease have dropped from nearly 50% a month ago to 40% this month, indicating a strengthened market.

You can check out the DFW stats or your local city and zip; click here and if you can; participate in the Altos monthly webinar this Thursday, 2/16/2023, at noon central, register here. Topics will include:

– First signals of what Altos is seeing for 2023

– An update on home values and where this is likely headed

– What declining inventory means for the market

– The impact of interest rates and inflation

– How to talk to buyers and sellers about the data

Source: Altos Research DFW MSA for the week ending 2/10/2023

PS: Looking to increase your real estate team or office recruiting game? Book a demo to find out how we can 5X your ROI.

In a world filled with uncertainty, fear can easily hold us back. But what if we could replace fear with something more powerful—a burning curiosity? Curiosity isn’t just about asking questions; it’s a mindset that thrives on exploration, learning, and a deep fascination with the world around us.

Here are ten habits that define truly curious people:

• A Lifelong Love of Learning: Curiosity is fueled by an insatiable desire to learn. It’s a continuous pursuit of knowledge that grows stronger with every new discovery.
• Intrinsic Motivation: Curious individuals are driven by an inner flame. Their passion for learning is self-sustaining, not dependent on external rewards.
• Dedicated Time for Wonder: Curiosity requires investment. It’s about intentionally setting aside time to ponder, explore, and delve deeper into subjects that pique our interest.
• Humility to Admit “I Don’t Know”: True curiosity embraces the unknown. Admitting ignorance is a sign of strength, an invitation to learn from others, and a testament to an open mind.
• Presence and Mindfulness: Curiosity anchors us in the present moment, encouraging us to fully engage with our surroundings and appreciate the richness of our experiences.
• Empathy and Connection: Curiosity fosters deeper connections with others by driving us to understand their perspectives, emotions, and motivations.
• Openness to Being Wrong: Curious minds understand that mistakes are valuable learning opportunities. They embrace the possibility of being wrong as a stepping stone toward greater understanding.
• Awe and Wonder in Everyday Life: Curious individuals find wonder in the ordinary. They see life as a continuous adventure, filled with endless possibilities.
• Active Listening Without Bias: True listening requires silencing our own judgments and biases. Curious people listen to understand, not to respond, often uncovering unexpected insights.
• Relentless Questioning: Curiosity is driven by an insatiable thirst for answers. Curious minds constantly ask “Why?”, “How?”, and “What if?”, fueling their pursuit of knowledge.

The Power of “What If?” and “Why Not?”

Curious individuals don’t just dwell in the present; they actively shape the future. They play with “What if?” and “Why not?” scenarios, envisioning their goals and aligning their actions accordingly. They constantly challenge assumptions and ensure their path is both meaningful and fulfilling.

Cultivating Your Curiosity:

Curiosity is more than just a trait; it’s a skill that can be developed. By embracing these ten habits, you can unlock a world of new possibilities, fuel your personal growth, and drive innovation in your work and life. So, ask yourself: Are you nurturing your curiosity? Are you actively pursuing your vision? The answers to these questions can lead you on a path of endless wonder and discovery. And that is how we win the day!

Three decisions the top 1% work on more than others:

1. What they focus on
2. What meaning they attach to things
3. What they do in spite of the obstacles they face

Bitter or better?
What can I learn from this, or why me?
I’ll do this until I get better or quit?

#100DaysOfSuccess

L>C=W

The knowledge economy drives continuous learning.

The top 1% are lifelong learners, and curious. Millennials are leading the way in continuous learning.

Learn more, earn more.

In a world of rapid change and increasing complexity, the winners will be those who can keep their L>C. That is, the learning rate must be greater than the rate of change and greater than the rate of their competition.

“Ancora Imparo.” This translates to: I am still learning. ~ Michelangelo

What does your real estate practice have in common with toothpaste?

More than you might think.

Example – What would happen if I squeezed a toothpaste tube with the CAP on?

You and your business have a capacity, and that capacity is only as good as the systems you have in place. My favorite saying is: “a system will produce what a system will produce, nothing less, nothing more.”

Not getting the results you want?

Be hard on the systems and soft on the people.

• What systems in your business are at or near capacity?
• Are you squeezing the tube with the Cap on?
• What SOPs (operating procedures) do you need to have in place, so your business is flowing with the “cap off?”

In 1955, Northcote Parkinson came up with the theory that the demand for an economic good expands to match its supply. In economics, this is called “induced demands.” It’s why, for example, expanding roads never actually reduces traffic congestion because more drivers show up to fill those extra lanes.

The same is true for work, hobbies, and school.

Work always expands to fill the amount of time you make available to complete it. For example, if there are six months available to complete a project, you’ll spend six months working on it. Give yourself only one month, however, and you’ll get the same amount of work done in one-sixth of the time.

Lesson 1:
Assign a time frame to everything. Ask yourself and your team: “how much and by when?”

Lesson 2:
Lead with profit

In traditional accounting models, sales growth is what leads to profit; what’s the saying: you have to spend money to make money. But what happens is you can sacrifice profit for the sake of growth. Ideally, we can do both… yet in a shifting market… our task is clear:

Lead With Profit

Flip the script: profit leads to growth.

“More growth can happen when there’s less money.”

Say that again.

“More growth can happen when there’s less money.”

Become More Resourceful

When there’s less supply available, we become more innovative in extracting more value from what remained. So, taking our profit first and having less money available for operating expenses facilitates growth because it forces us to be innovative.

Lead With Profit – How?

1. Effective lead generation
2. Lead conversion
3. Number of Size of Transaction (per person productivity)
4. Cost of lead, cost of a sale (client acquisition cost)
5. More referrals – Google My Business (reviews and your closing photos) and more
6. Reduce the break-even point and or raise prices

A system – your systems – will produce what a system will produce, nothing less, nothing more. If you are not getting the results you want: be hard on the systems and soft on the people.

Lessons from an NBA coach: “We are learning to win!” 

Several years ago, I had lunch with NBA Coach Scott Brooks (Oklahoma Thunder), and my notes came up in my memories today; they are just as relevant now as they were then: 

• Never accept NO as it relates to your dream 
• Create a BURNING desire to get to your goals and break them down into daily activities
• Can’t is not a word. There is always a way… get resourceful and figure it out
• Character counts: being a good role model of integrity, honesty, and giving back all matters. Your players watch you.
• Don’t be afraid to have tough conversations, even with your superstars
• Focus on the process and the activity; the results will follow

When going through a losing streak, we focused on the fundamentals and the mental state of “we are learning to win!”

Learning to win! 

#WinTheDay

PS: Looking to increase your real estate team or office recruiting game? Book a demo to find out how we can 5X your ROI.