In this episode of the Real Estate Happens podcast, host Kenny Letner and guest Zach Gier discuss their recent training on ninja selling, their new office spaces, and the potential impact of AI on the real estate industry. They also talk about their love for bourbon and making the perfect old fashioned. The conversation shifts to the real estate market, with Zach sharing his observations on the first quarter of the year and Kenny cautioning against agents pricing properties based on older comps. They also discuss pricing strategies for selling homes and the challenges of investing in real estate in the current market. The episode ends with a discussion on the importance of financial planning and investing in one's future in the real estate industry.
Training on Ninja Selling [00:00:01]
Kenny and Zach discuss their recent training on ninja selling with Carrie Williams and a national speaker.
New Office Space [00:00:43]
Zach talks about his brokerage's new office space, which is 6500 square feet and has a large training room.
AI and Real Estate [00:01:56]
Kenny and Zach discuss AI and its potential impact on the real estate industry, including chat GPT and its ability to generate real estate newsletters and descriptions.
Market Slowdown [00:08:24]
Zach and Kenny discuss the real estate market in the first quarter of the year, with Zach noting a slowdown compared to the previous summer, but still seeing properties selling for over asking price.
Agents and Market Expectations [00:11:47]
Kenny and Zach talk about how some agents, particularly those new to the industry, have unrealistic expectations of the market and panic if a property doesn't sell within a few days. They also discuss how agents may need to adjust to a changing market in the future.
Unconventional Commission Structures [00:13:11]
Kenny and Zach discuss unconventional commission structures, including pre-negotiated price reductions and billing by the hour, as a way to deal with a changing market and sellers with unrealistic expectations.
Expectation Management [00:16:50]
Kenny and Zach discuss the importance of managing sellers' expectations and avoiding inflated numbers from HGTV and flipping shows.
Rental Prices and Market Cycle [00:21:20]
Kenny and Zach talk about the rental market and how rental prices are likely to go up as the market cycle goes on.
Real Estate Market Growth [00:22:52]
Kenny and Zach discuss the growth of the real estate market, including the correction of historically underpriced properties and the unsustainability of the market's growth.
Project Wayne [00:23:52]
Discussion on the potential negative impact of a manufacturing company on agricultural land, housing inventory, and traffic in Virginia Beach.
Short-term Rentals [00:30:25]
Discussion on the impact of short-term rentals on the housing crisis in Virginia Beach and the opposition from permanent residents in certain areas.
Change and Acceptance [00:31:41]
Discussion on the resistance to change and the process of acceptance, in relation to the opposition to short-term rentals in certain areas of Virginia Beach.
Training on Solo 401ks [00:32:12]
Discussion on the upcoming training on Solo 401ks and the benefits of investing in retirement plans.
Appreciation and Farewell [00:33:15]
Speaker 1 expresses gratitude for the hospitality and Speaker 0 ends the podcast episode.
Suggestions for Early Morning Drinkers [00:32:12]
Speaker 0 hints at the possibility of providing bourbon for early morning drinkers during the Solo 401ks training.