The Real Estate Rundown

Speaking With Joshua Smith - Founder & Host of GSD Mode

This week we’re glad to have Joshua Smith the creator of the GSD Mode YouTube cannel/Podcast.

 

Eliot began with a question and some background. What many listeners may not know is that you still run a high powered real estate team here in the valley. “What are you seeing in the real estate space? And what are you doing to remain relevant in this ultra competitive market?”

 

Josh said, more has changed in the last few years than has in my previous 16 years in real estate. “Tech is growing exponentially, so the growth is going to continue to be more rapid.”

 

Josh continued, “It really boils down to two things.” 

 

First we as real estate pros need to embrace change. “Many people have an issue with change and those that do and aren’t willing to adapt and shift are going to be left behind.” Agents shouldn’t fear or resist change, they should embrace it, “Run to it, you are going to have to be willing to continue to have that rug pulled out from under you on a consistent basis because change is happening.

 

Second, it used to be if you just worked you ass off and did good by your clients you could become a top producer. “those things are now the ante to be in the game, the given things just to survive.” Now you have to be a brilliant operator and possess the mindset of an entrepreneur - a business person - you’ve gotta understand business.”

 

Eliot asked, “We all know more money, more disruption , more high tech are coming … What do you see coming down the pike? How do you position you team to handle all of this?”

 

So everyone gets this question ‘is the market going to crash?’ “Who knows. We do know that there will have to be a correction, but we don’t know what that may look like.” All I know is that we are going to be prepared, “I mean just pay attention, markets never shift on a dime,” Josh answered.

 

Looking here in Phoenix, anything under 3 months supply is a sellers market, 4 to 5 months is a balanced market and the price increases are basically 3% or 4% inflation, or appreciation, however you want to frame it, with 6 months supply we have a buyers market, at 7 months we see short sales increase, at 8 REO properties begin to hit the market. “You’ll see these upticks, I don’t need to see the short sales and REOs hit the market, if I’m seeing an increase in supply I can start timing it out. If you just pay attention to what the market is doing there is plenty of time to get out there and shift and pivot.” 

 

All the tech that is changing the game and the multi-billion dollar hedge funds disguised as real estate companies create a new and different angle, the thought that the agent is becoming obsolete. “I don’t think that will happen, at least not few do our job as an industry.” 

 

If we allow this business to become transactional rather than relationship based, the danger is that REALTORS become a commodity, real estate is so complex that this is unlikely “but I’m not saying it can’t happen, I don’t have a crystal ball, but I’m all in on real estate. My whole life, everything, is used to give agents the tools they need.

 

Even while having a high level of confidence that agents are going to be around for a long time, “if you look at all the other industries for the most  part things are moving to a superior product at less cost.” With real estate commissions, we really haven’t seen that compression in our space. I am mapping out how to react to this when it comes. I’m not acting on it, but have mapped it out, it eventually becomes a volume game. “I don’t know what the future holds, but I am always preparing to be prepared,” Josh added.

 

Kala pointed out “ when you said we as REALTORS can’t allow the business to become transactional, that really caught my attention." You are known as an amazing content creator, “in my opinion that is one of the was we can scale relationships through technology,” If you could give our listeners just the highlight reel of some of your content milestones.”

 

People can see a lot of what they want and need, but not everything on these sites. “I want to know what they can’t find and that is what I create my content around.” With IDX, Zillow, and everything else people can see a lot but they don’t know what the lifestyle is like, what the schools are like or the parks, in short “they don’t know what it is like to live in the area.” So that really becomes my content creation strategy, delivering content the consumer wants that’s important to them but ins’t readily available.”

 

Josh concluded “This is the name of the real estate game, to get people to know you, like you, trust you, be aware of what you do and then for you to follow up frequently, then you business continues to grow.” Agents want to own that mindshare when they are thinking of making a buying decision. “To build that you have to give them valuable content that matters to them. When they push that play button has that persons life improved in some way, the cool thing is it’s easier to do today than ever before, you can do it alone your iPhone”  

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