Good morning. Good morning. Welcome to another motivational Monday. My name is Matthew Hodge, executive vice president here at LPT Realty. I'm actually joining you today from my home. I'm gonna bring in Robert, Palmer, founder and CEO of LPT Realty. He's joining us from Stewart. Also today, we've got some special guests, Lewis Ferman, my co VP, and Matt Levy, our chief chief strategy officer. So we all wanted to join, you today. Robert, how you doing down there today? The weather up here is a little funky with, this hurricane going through. As you know, us Floridians are are pretty used to that. But, how's that weather? It looks like it's much better there by you. Oh, can't hear you. Heavy rain and There we go. Wind down on the beach. You got it. Okay. Yes. Yeah. We got it. I mean, the wind was whipping down on the beach. We have this, like, towel rack that sits on our our back porch. You know? And we're pretty close to the sand, and that thing went flying across the, the porch the other night. Jill and I were watching the Olympics, and the towel rack, like, sailed through the air. But, yeah, it's been it's been overall good, man. It's, the weather hasn't been too crazy. You know, we're we're having this a little off-site meeting about growth and expansion. I know you're gonna be coming down to join us, and we're we're trying to get people in from other parts of the country was really interesting with the storm. Lot of rerouting of flights, said to fly some people into Jacksonville and then have them run down on the Sprinter, some sitting on the tarmac for hours, but it's, it's all good now, And and I think we're in a really good spot. I think we're gonna see nice weather today as the storm moves out. Awesome. Awesome, man. Well, excited that everyone is, is safe. And I wanna jump right in. We've got tons of good news today. So, of course, I'll just give us a quick lineup of what we're gonna be talking through. One, we'll go over MNConnect and that that week last week that we had there. We'll go through our state expansion plans and, what that road map looks like through the end of the year. And then, of course, the long awaited news of those macroeconomic environments starting to get a little bit more favorable favorable for us, with interest rates looking like, they're coming down. So if you're okay, I I kinda wanna start there. We talked about this on the last couple of real estate first Fridays, where there are some indicators that you can look at to see, you know, kinda what's happening in the market. Of course, it's there's no certainty, but there's some key indicators. What one of the things that we looked at was there's this rotation in stocks. There's some stocks that do better in a high interest rate environment and some that do better in low interest rates environment. And about two weeks ago or so, we saw those stocks that are generally, better in higher interest rate environments, think like large tech stocks, things like that. We won't have to go into the specifics there, but, those start to rotate into some of those, stocks that do better in lower interest rates environment. So that was the first indication that Wall Street or investors were thinking that there could be a positive move for us in interest rates, on the horizon. I know you follow the tenure very closely, and that's what you use as a gauge to try to figure out what's happening. And you were talking about that, having a pretty meaningful move as well. So can you walk us through kind of what's happening on that sense? What do you expect for the near term future and kinda how this is shaping up for us to start, you know, the the second half of this year? Yes. I I think we all understand that, like, we need low rates. You know, we need these rates to come down a little bit. Home prices have continued to go up in most of the country. And, you know, that combined with these, you know, greater than seven percent interest rates has just been killing home affordability. We saw existing home sales hit a new low last month, and think a lot of that was interest rate driven. So, really, the interest rate lever is the one that we needed to have to have, you know, be pulled for us to kinda get get this housing market back up from a unit standpoint. Again, healthy housing market from a pricing standpoint, but we need units. Right? We're in the business. We we all need more transactions happening so that we can do more business with our friends, our family, our relatives, our sphere, those online leads. Whatever you're working with, we need a higher transaction count, to really take our business to the next level. And, obviously, we founded LPT Realty into this bust, this slowdown, this sub four million existing home sales market, which has been it's been tough, but we've done really, really well. And yeah. So starting about two weeks ago, you know, the Fed everyone started to feel like the Fed was gonna actually have to cut. And, you know, couple things I watch. One, the ten year, which is a little more reactive, and then there's this idea of, like, these these futures where where bond traders and Wall Street traders actually bet on how how likely they think it is that the Fed is gonna cut rates. It's it's very much like a Vegas casino, but it's it's legal because it's backed up by data and it runs on the stock market. But there was a hundred percent, you know, a hundred percent chance, basically, based on those bets that the Fed was gonna cut rates in September. And this this goes back a couple of weeks now. And honestly, that one felt like a head fake to me because we've seen this before. For those of you that we've had these conversations on Motivation Monday, we had five or six head fakes where it's like, oh, this is it. The Fed's gonna cut rates. Oh, this is it. The Fed's gonna cut rates. And then it would always kinda turn around and go back the other way, and we all kinda got left holding the bag. Even earlier this year, you know, beginning of the year, rates were low, and we had a pretty good spring home buying season. And then as rates crept up, that got robbed from us, you know, kinda peaking at at the bottom of that trough with last month's, abysmal, anemic, terrible existing home sales report. But this one feels different. So a couple of things happen beyond that. So first off, as you mentioned, Hodge, the stocks started to rotate out of those low rate, you know, those kinda low rate stocks and bets. Then people start betting heavily that the Fed is gonna have to cut. And then we get a couple of terrible economic, data reports, including Friday, when jobs came out, and now there really is this fear that the US may be headed for a recession. And that is the magic word to get rates to come down dramatically. And so what I would tell you is while we were looking like a head fake of pretty good rates up until Thursday, Friday, we went into a whole new gear. The ten years started rallying at an entirely different level, but more importantly, the spread between the ten year and mortgage rates started to narrow, which means that mortgage bond investors really feel like this is the real thing. In the past, that has lagged, because it did feel like a head fake. It felt like a temporary jump in the ten year. And so on Friday, we saw this massive rally in low coupon mortgage rates. And so when when quick lesson. When when bond investors or mortgage backed security investors are buying mortgage backed securities, they're buying on coupons. And so if they buy a four and a half coupon, that ends up being, like, say, a five and a quarter rate to the consumer because there's Fannie Mae and Freddie Mac fees in there. There's profit for the mortgage industry. And so for us to get in the fives, we need that, like, four and a half and five percent coupon to really step up. And those coupons have been rallying like crazy since Friday. Overnight, so, obviously, where we are time zone wise, the Japanese stock markets open up in the middle of the night. So, I don't know, somewhere around, probably midnight last night, one AM last night, my phone starts going crazy because the ten year is rallying through the roof because the Japanese stock market was imploding. They actually raised rates recently, which now seems counterintuitive to the fact that the US looks like it's heading into a recession. So there's all this crazy geo geoeconomic news happening out there. But I guess bottom line is this one really feels real. The levels that the ten year hit, you know, dipping down to three point six this morning, maybe back there now. It kinda then resting around that three six three seven mark. We are getting firmly into the threes on the ten year. There's a lot of economic data backing this one up. The Fed feels like they are ready to relent and finally give us some rates. So I think this is it. I think this is the big one that we've been preparing for. And so what I want you guys to think about is all of those door hangers and sign riders and and flyers you put out from your listing power packs and the nine critical questions you've been dropping off and the seven home buyer strategies you've been dropping off, expect to start getting calls from those pieces of collateral that you dropped off four months ago, six months ago. I'd say all the way back to even, like, last November because we have been in this period of time when it wasn't very attractive to buy or sell a home to a whole lot of folks. Right? I'm gonna stay in my home longer because I have the super low rate and I don't wanna go into the sevens. I'm gonna hang out and rent for another year because I think rates are gonna come down or I think home price are gonna crash. Right? This is what consumers were thinking. And those battered consumers who have been staring down the barrel of an interest rate that started with a seven for almost two full years now are gonna see daylight in rates in the fives. And I think very quickly, we're gonna see rates in the high fives. For lenders who price with lower margins, and this is the other interesting thing that happens is the amount of profit a lender is trying to make becomes more evident or I would say more impact full when you see these quick rallies like this. So over time, it will it will level out. But right now, the lenders, the mortgage brokers, the folks who are willing to do deals a little skinnier, their rates are gonna look really really good compared to lenders that are trying to hold higher margins because of how swiftly this rally happens. So there are absolutely opportunities out there right now for folks with good credit to find rates in the fives, FHA loans in the fives, and that is a that is a substantial mental shift for people who've been staring down the barrel of that a substantial mental shift for people who've been staring down the barrel of that seven handle on rates. And so what you're gonna see and feel is a lot of that work you did for the last, I don't know, eight months, ten months that felt like it didn't do anything. All that hard work out there putting out your door hangers, passing out your flyers, getting those those magazines and active marketing plans in people's hands, they're going to start creating phone calls. And you're probably gonna forget where that phone call came from or what the piece of effort you did to get that phone call to start because it's been so long. This is the hardest part of our business. We talk about this a lot from a mindset standpoint, but this is it. The starting gun has gone off. Now it's gonna take consumers a week or two to figure this out. The news media will start to to cover it. We've already seen headlines like interest rates plunge to lowest levels in two years. The more and more media outlets that realize this is gonna get clicks and this is gonna get attention, and this is gonna drive traffic to their websites, the more they will cover it. And so we will see this momentum building over the next couple of weeks as consumers get the message that rates have come down. And then hang on because we are going to see a big shift in consumer sentiment and listing inventory because those folks who felt handcuffed and trapped can finally get off the hamster wheel and make that move that maybe they've been wanting to move, but they couldn't financially justify. That's right, man. And that, so one, if you're unfamiliar with that information, you guys have just got a high level, kind of overview and and and a thought process on how things work. So can go back in knowledge base, rewatch the first part of this, make sure you can explain it to people who are asking questions because consumers are not a part of that industry. They're just gonna read the headlines. They're gonna look to use that valuable resource to help them navigate these waters, and that is exactly what is happening. This is what's gonna prepare you for that moment. Don't forget, we also got that August seventeen deadline coming up. And so start having those conversations now because as transactions start to, you know, increase, there may be people who are completely out of the loop with this what's happening with this buyer broker agreement. I wanna take a quick section, quick insert, Robert, before we go to Inman, and just remind everybody, we do have an email going out today that will have the time and date of your buyer broker agreement class, for your state. They've already been teaching them on a state by state basis, but we're putting that in the knowledge base on one page. You will see all states, times, and dates. Please register for that. Take it multiple times. We will also post the recordings for you as well. So don't be concerned if you can't get to the live class. But if you can attend the live class so you can ask questions, I think that's the best way to approach it. We've seen a lot of attendance on the current classes that have already gone on. So, we'll continue to make that available for you guys, but August seventeenth is that deadline. We wanna make sure you guys are prepared for that moment, especially with this positive move in interest rates and the possibility of transactions starting to increase, and those buyers starting to come out the woodwork. So, super excited with, for that. If you're okay, Robert, I would love to turn it over to, kinda last week's events with Inman. I think it's super fitting that Actually, we're Yeah. We're gonna do a couple of promotions first, and then we're gonna Okay. Gotcha. Sorry. I missed missed up. Yeah. Yeah. All good. I'll kinda direct you from here. Yeah. So we're, got a couple big promotions. So if we can kinda go to the three shot here, Davie, you know, I'm hanging out, right now with, Matt Levy and and Louis Fuhrman. Like I said, we're we're in this on off-site right now where we're talking through the state expansion. We're gonna announce actually thirteen states today that are opening, show you guys the new map. We're gonna announce two of the three provinces in Canada. Michael Valdez will be joining me for kind of that part of the program here toward the end. But we just wanted to kinda take a minute to talk about, again, kinda what we've been doing to get ready for this next leg of expansion. You know, we made a conscious decision to kinda pump the brakes the last ninety days. You know, you guys know I've been personally working really hard on making sure that our our single check state, our our agents who cannot be paid directly at the closing table, have a better experience. We rewrote parts of Connect. We worked with JPMorgan to get better technology and better reporting and more transparency around those funds, and I like we've done an amazing job. You know, we we've regionalized and made a bunch of improvements in compliance and made changes around state brokers. We are so committed to making sure that you have an amazing experience here. You know, we put some growth on hold. We put some new ideas on hold, because, again, my commitment to you guys is we're we're real estate first. Right? I think I said this exact thing, you know, up on stage at at Grand Prix. It would be hypocritical of me to tell you, hey. We're real estate first, but then for me to prioritize growth over your experience and ability to sell real estate here at LPT Realty and get paid quickly and have a great experience and get your files through compliance files out of marketing. And so we spent the last probably sixty or ninety days very much focused on the operation side of the house, getting things prepared for the next level of growth, the next level of innovation because we have all these exciting things we wanna keep doing. You know, we're gonna talk about the result we got in Vegas through Inman here. I wanna win that thing again next year. You know, we're two years in a row as a finalist. We won it this year. I wanna win it every year going forward. And while I know that's not realistic, that is how we wake up and approach this business each and every day. How do we continue to be the most innovative brokerage at least in our own in our own lens and from our own frame, whether they give us the award next year or not? How do I know that we deserved it? Right? How do I run this business and work hard for you guys to make sure we are constantly innovating? And the thing is that innovation adds complexity to the business, that innovation adds growth to the business, and so that is something I'm unwilling to really embrace when I feel like we're not meeting our our value and and meeting our service levels and everything for you guys. And so we took this last couple of months and we dug in deep. We put in the hard work. We put in the hours. We looked at systems. We tore down processes, and I'm really proud of where we are. And so now as we kinda enter into the slower part of the year, which actually may not end up being the slower part of the year because of what interest rates just did, you know, we're we're in a really great place. But there's a lot of new things we're gonna be announcing. The state expansion is just one of them. But we're we're we got two, key promotions we're doing here today. You know, I've got Lewis here with me. You know, you guys most of you guys know Lewis. You know, Lewis has been with us, you know, obviously, since day one. Been with me for a long time. Interned with me. It was one of his first jobs before he went to law school, you know, and and has worn a lot of hats with us. And so we're kinda getting finally getting to a point now where we've got some other amazing folks in the organization. We're gonna promote a couple people today from the director level to VP level, vice president level to help take some pressure off of him, which is exciting, because, again, we are getting into this next level of growth, this next level of innovation. Because, look, LPT came to win. You know? LPT came to to change the industry. And as much as we've already done, as much as we've already announced, we're just getting started. And and there is so much more exciting stuff coming. Things that, again, as much as hybrid share originally shook the industry with what we did two years ago, we are going to shake the industry in that exact same way coming up here before the end of the year. And this is the stuff we haven't announced. Right? Connect two point o is in in final launch. We've got open house and collaborative marketing out. We've got commission wizards out. We've launched so much amazing technology and upgrades to Connect one point o, and we're gonna come behind that with Connect two point o. And then from there, we're just gonna continue to blow your minds through the end of the year. So, Louis, I guess, you know, let's talk a little about this. You know, again, the journey you've been on, kinda where you feel like this is, your feelings and seeing us win this innovator award, and then we'll get to those those two big promotion slides. Yeah. Absolutely. I mean, this this is an awesome time in our growth, Ark. I mean, we're so excited with everything that we've been able to achieve. And first and foremost, we would not be able to achieve it without each and every one of you guys. You know, you guys believing in our vision, staying resilient, you know, taking the advice that, you know, we provide each and every week and and implementing it into your businesses is something that, you know, we're so grateful for. And we're also very proud of each and every one of you. But to see the growth of this organization, to see the growth of LPT Realty is very exciting. And we oftentimes say it. Right? You know, we started this journey almost two years ago, over two years ago. And, you know, yes, that was the start of the journey, but every time we turn the page into a new chapter, that begins a new start of the journey. You know? Yes. We have the the deadline of an IPO happening sometime next week, and that's gonna restart a new chapter in our arc as well. And right now did not mean next week. Yeah. Amen. Sorry. Next year. My gosh. I'm That would I'm jumping next year. Next year. I am jumping the gun, guys. I am jumping the gun. Yeah. So so so, you know, if every, you know, every time a chapter gets turned, you know, we begin that new arc, and we're we're at a very, you know, pinnacle moment now. You know, there's a lot of growth that we expect to see here in the foreseeable future. And taking the time for the last few months to really build on the infrastructure is something that is obviously very important for us to hit this next chapter in the arc. So, yeah, I mean, seeing this growth has been exciting. Winning Inman was was a reflection of that. It really truly was a reflection of that. The the mix of emotions at that time, you know, really even that that emotion of going back to last year when we almost won it. Right? We were nominated. That was a big accomplishment. And then knowing those feelings leaving there without that trophy and having to put on that hat of persistence, right? And having to go out there, be persistent, implement new things, be resilient, you know, create those consistencies to ultimately win it this year. You know, is is is a culmination of all of those efforts. But, again, it it's the start of a new journey now, guys, and we are very excited to see this next leg of the race happen. Yeah. Really exciting stuff. Levy, you know, obviously, you were you were there both years as well. Inman felt so different this year, you know, and and I think all the things we've accomplished, where we're going, I think people see that we are approaching this industry so much differently than everyone else and, you know, anchoring in agent choice, anchoring in real estate first, still having an amazing opportunity for people to earn, you know, residual income through hybrid share. We I think we've really struck this amazing balance. But, again, give me your thoughts. I mean, obviously, being there both years and and maybe, you know, maybe having a closer look at at again, I I was disappointed last year. I wanted to win the thing the first year, but now that I look back, I'm glad we didn't. We needed this extra year in our arc. We needed to be ready to open these new states. We really needed to be where we are today. So as disappointed as I was last year, I really do feel like everything absolutely worked out the way it was supposed to, and this was the right year for us to win. Without question. You know, we work really hard, and we don't sort of take victory laps very often. Let's head down and and keep working for the benefit of the agents, but this was a really great opportunity to slap high fives. So it felt really nice to be with everybody and and and kinda celebrate what we did together. I think the award was really appropriate. Inman is kind of this weird mix of industry and brokerage leaders, and the industry side of it, the vendors that we talk to, it definitely meant something to them. You know, I have a lot of conversations with these with these guys, and, all the congratulations and sort of, like, validation that we got from them really means a lot. And I'm really proud of whatever he's done. It was a lot of fun. Yeah. Yeah. The victory lap has been has been great. Alright. So let's get these slides up, Dave. Let's get these two big, congratulations here, announced to everybody. So, again, as we continue to grow, you know, more leadership, more structure across the brokerage. Again, we've had to figure out how to do things in two years. The other brokerages got a decade to figure out, and I think we've done pretty well with it. But We have amazing Operation. So big congrats to Jen. And then also Cindy Hanks. Similar promotions, Cindy, it's been promoted again from a director level to a vice president level of enterprise compliance. As we continue to build out the business and grow and add more complexities, that enterprise compliance team becomes even more and more important. You know, Cindy and her crew's job is to, you know, make sure we're keeping it between the ditches, you know, make sure that we're reacting appropriately to risk to the enterprise, making sure that we're striking the right balance between protecting our agents and and making sure that we're doing the right thing for the industry. And, again, Cindy's been with us probably coming up on close to a year now and, really has been very impactful. And so, congratulations to both those amazing ladies, and being vice president as we continue to as we continue to push this thing forward and grow. Because like I said, the the back half of this year is gonna be massive. The the little breath we took on expansion and growth and on on, I would say, innovation over the last three or four months while we caught up and caught our breath. You're gonna see us make up for any kind of lost time throughout the end of the year here. And, again, really, really excited for it. So big round of applause for them. You know, exciting to continue, to grow this company and and add amazing talent. We have such an amazing team on the corporate side supporting all of you out in the field. I could not be prouder. You know, again, we we had the advantage of when we first launched. I was able to pull, you know, about about eighty to a hundred people over from my other companies to kinda seed LPT Realty, but since then, we've had so much amazing talent join this company on the corporate side, because that's what it's all about. Right? We are a business of people. We can sit in rooms and dream up all the amazing ideas we want, but without an amazing team team on the corporate side to help execute and without our amazing base of agents to go out there and and utilize and maximize and take advantage of what we build, none of it means anything. So I'm so appreciative of everybody on both the corporate side and the agent side, and and we continue to grow and win together. So, Davie, with that, I know we've got we've got some slides and some pictures from Inman. We've got an amazing recap video, from Inman. And then when we we come back from the video, I'm gonna be joined by Michael Valdez, and we're gonna talk through, expansion. So, Davie, let's, if you wanna throw up either slides or video, let's get going on the on the Inman recap. Absolutely amazing. You know? I got that moment in my life. You know? Know? Again, we've we've put a lot of blood, sweat, and tears. I put a lot of capital self funding this business from the jump, and which, again, gives us so many advantages over the competition. And, you know, Tracy has been, you know, by my side on this thing from day one, and, you know, we we call Tracy the walking theme music. You know, if you're having a bad day, just get near Tracy, and, her energy is absolutely infectious. And, you know, her her reaction and and just that that moment was so special. I mean, you heard Brad and then from the stage, you know, talking about how the LPT energy is exactly what they wanted. And I think it's what they needed at that moment. You know, our industry has been in a tough couple of years, and I think, you know, you come to these conferences and you feel it. The energy at the conferences has not been what it was, you know, during the boom. Right? During boom years, we're six million plus home sales. Everybody comes to these conferences super excited. Attendance is up, and that has not been the vibe the last two years. And, I just I feel like LPT winning that event and our reaction and and that culmination and and just, you know, Michael and Tracy and everybody going crazy in the crowd. I think it it was a moment that Inman needed. And, Inman is Inman's never gonna forget LPT Realty. It really did feel like kind of our coming out party to the broader industry. Like I said, we were finalist two years in a row. As much as I wanted to win it last year, I'm glad we didn't because this was the right moment. You know, we are now poised to grow. We're poised to open these more states. You know, with these additional thirteen states, we're gonna effectively be a national brokerage. And then with the addition of of the two Canadian provinces, we will be an international brokerage by the end of the year. Again, guys, this is our second full year in business. You know, we had a partial year in twenty twenty two, you know, full year in twenty three, full year in twenty four, and you just think about how much we've accomplished. And and we are just I mean, again, we're just getting started. Like, the the the list of things that we have planned for this brokerage is just we we came to do so much more, I think, than anybody recognizes or gives credit for or can even imagine. And I think that's what innovation really is about, and that's what, you know, the type of leadership and really revolutionizing industry is about. And and the biggest thing for us is to not move too quickly. Right? To not grow too quickly, to not innovate too quickly because, again, we are real estate first. We're here to make sure that we are not going to innovate at the expense of your ability to be successful in real estate. We're not gonna innovate at the expense of your your experience and success as an agent here with LPT. And and when we feel like, you know, we're we're getting the, you know, the the the cart is off the road and in the ditch, we're gonna get it back on the road as absolutely quickly as possible. And that means we have to delay some plans or whatever. That's an important part of this commitment, and I think we've continued to prove that to everyone. You know, when we had our our launch event two years ago, right, August eighth twenty twenty two is when we officially launched. We had soft launched the brokerage in February. You know, we we incorporated the year before. We we applied for our real estate license in January. We got it in, like, mid February, closed our first real estate transaction in March, but there were still a lot of systems and things that weren't fully functional. And so we officially launched the brokerage on eight eight. You know, coming up this week is the two year anniversary of that official launch. And and we we had to pause. You know, we had a thousand people sign up at at that launch event, and we had to take a break. And so, again, we we've done the right things along the way to protect our agents, to protect that commitment to real estate first, but, god, we just have we have so much amazing innovation coming. And so today, we're gonna talk about states. I've got Michael joining me. You know, Michael, obviously, Valdez recently joined us, as the CEO of LPT International and really, you know, long term focusing on that international growth with us. But in the meantime, has a ton of experience on on expansion and and US based growth growth and amazing contacts across the industry from his time at Sotheby's to his time at the other large cloud brokerage. And here we are, man. So how do you feel? We're about to I mean, thirteen states. I you know, I don't I don't know that any cloud brokerage has maybe ever opened thirteen states in three months before. Right? And and they didn't throw two countries in there, and I think it's absolutely no way thirteen states and two countries in three or four months. We're we're about to do something. Another first here at LPG Realty. First of all, thank you for a really uneventful two weeks. I know. This has been so crazy with this ride. It's been a titanic of a ride. It's been amazing. The energy is infectious, Robert. What we were doing at Inman, seeing everyone that was there, what you guys have done in the last two years to change the lives of twelve thousand plus agents, what we're gonna be doing moving forward is just incredible. His mic's not picking up, Davey, is the the word we're getting from the and maybe he's coming in through my mic. Are you okay? Check. Check. Alright. He's been here. Alright. Are we good? Are we back? Yeah. I think I think you're back. That sounds that sounds good. Here we go. Alright. Sorry to interrupt you, Michael. We wanna make sure they catch your audio, man. Yeah. Darn it. We could we could hear them. We could hear them the whole time. So it it it is sort of amazing what you guys have done, what LPT has done in the last two years to change the lives of twelve thousand agents across the states that we're open in now. And just think about the lives we're going to be touching from here forward. Think about the idea when you and I were talking, it's sort of like, let's look at seven states, then it turned to eleven. And today, we're announcing thirteen. Yeah. It's like, let's just keep going. And so that's what's so exciting. And now going in and looking at the two main provinces in Canada and being able to have that story continue. And there are so many Canadian agents that are so excited for this and so many agents that have already reached out to me in the two weeks that I've been here about when is LPT coming to my state? When is LPT coming to my country? And that's what's so exciting because they see what you've built. They see what you've done. And now to be able to do this on a global scale, it's incredibly exciting. Yeah, man. And again, it's so much more. We're gonna expand. We're gonna be this national broker, international brokerage, and then, again, the innovation is gonna keep coming. I really do think we have a shot at being a finalist three years in a row, and they may have to give it to us next year whether they want to or not because, again, some of the innovations we have coming down the pipe starting with Connect two point o because, really, Connect two point o becomes the framework for the next levels of innovation. Like, Connect two point o is is a a weapon, a tool, a gear Yeah. To then to then enable faster innovation and better communication. So with all that said, obviously, we are very excited here today. And so let's let's throw the map up, Davey. Let let's go through our our state expansion plans. We're just gonna we're gonna throw them all up there. We're not gonna build a bunch of suspense like I did last year with the the seven weeks of announcements. We want everybody to know where we're going because we're all gonna get there together. And so this is our current map. These are the twenty four states that are officially fully open today. We actually had two states that we were licensed in that we never fully opened, which is how we got to thirteen. So but this is the twenty four states that are currently officially open on the website. And now we're gonna show you where we're going next. Here we go. So here are the the thirteen states opening by the end of the year. That is what our beautiful map is gonna look like. If you wanna put this on social media, now is the time to screenshot it. I will tell you we very purposely use red and blue so that people will people will, at first glance, think it's a political map, which will slow them down a little bit on their scrolling because it's a political map that won't make a lot of sense to most people. But this is the LPT map, which makes a ton of sense to us. So California, Indiana, Kentucky, Ohio, Minnesota, Mississippi, Nebraska, New Jersey, New York, Oklahoma, Utah, Washington, and Wyoming will all be opening by December thirty first. Alright? We're gonna start on October first. So you've got basically, whatever, sixty days, fifty five days before our first state opening. California is gonna be in that first batch. And then across the months of October, November, and December, across three months, we are going to open thirteen states. And then we are going to be in a total of thirty seven states, which is pretty much the bulk of the US. Right? There's a couple couple we still gotta get in there, but for the most part, you know, I'm looking and, and Tennessee is gray. Why is Tennessee gray? Kyle, you missed the state. Yeah. Alright. Alright. We're gonna reload it back in with that correction. So we'll we'll put this back up at the end. So we we always gotta have some little mistake. Right? It's suspense. It's the suspense of it all. It's so good. Yeah. I should have checked this map. The last one I looked at was right. This is fantastic. Alright. So anyway, those the the state lists on the left or right, we're gonna get the map corrected, because, yeah, we miss we miss Tennessee, man. That's I'm not hearing you. My my personal apologies to all of our amazing Tennessee agents. We absolutely love you guys. We're just such a great state. Yeah. And, you know, start thinking about what this means. What you just said, there's no other cloud brokerage that has ever done thirteen states all at once and go in internationally as well. So the idea that this is the trajectory of the growth we're talking about, about. This is really and as you're saying, we're just getting started. Right? Yeah. Yeah. Come back on off our incorrect map there, Davey. Actually, let's go to Canada. Maybe the Canada map is right. Yeah. Alright. So we so we we missed Arizona in the list, and we missed Tennessee in the map. We're gonna get that fixed. Alright. So here's Canada. And we've got two provinces in Canada, British Columbia and Ontario. Michael wants to open a third one, and we're kinda having some debates about which that third one is gonna be. So we're gonna leave it to be determined. But, if you wanna get this map screenshotted, this one's right. We couldn't mess it up because it only has two. Only two. There's only two choices. Right? Like, this one we absolutely got right. So if you wanna screenshot this one and let people know that LPT is coming to Canada by year end. So, again, beginning in October, we're gonna try to get we'll probably get a province open in October. It's it's it's a really vibrant market. For those of you that don't know the Canadian market, it's incredibly vibrant. A very, very strong real estate community there. A lot of the brands that you know, there's only two cloud brokerages that operate in Canada of a larger scale. And so us coming in to the size that we're doing, the momentum that we're doing, we will be the obvious choice coming in. And there's a lot of agents that already have heard from one of our old motivation Mondays that we were planning on Canada, and everyone's excited. So this one is great. So the two provinces that we're looking at, British Columbia, where we have, you know, incredible cities like Vancouver and then Ontario, of course, with Toronto, where the majority of the Canadian market is. So that's gonna be exciting locations for us, and it's it's just the start. And and, Michael, I know you mentioned so right now, there is not a hybrid share model in Canada. Right? There's only the traditional rev share models. And I I know you had a conversation recently with a pretty big pretty big agent at another cloud brokerage who said, you know, Michael, I can't wait for LPT to get here. I'm getting crushed in my local market by a hundred percent company. That is right. Absolutely. Yeah. So they were lamenting to him that everyone they have been trying to recruit to their current cloud brokerage is going to the local hundred percent companies instead in this particular part of Canada, and and, obviously, we're the solution for that. And we've seen how powerful that is. You know, again, the people in Florida that were used in they wouldn't join someone at a cloud brokerage, giving them the opportunity to make rev share on them because they went to the local hundred percent brokerage. And and we have solved for that in Florida. We've solved for that in Texas. We're about to solve for that in California. And then, ultimately, now we're gonna be able to solve for it in in Canada. And, again, hybrid share is this concept that agents have a choice. Agents can come in on either the hundred percent comp plan or agents can come in on the more traditional cloud brokerage revenue comp plan with a split and a cap. And that's existence is why we've been able to grow as fast as we have, why we're able to do in two years what took others ten, you you know, why we've been able to grow in half as many states and still keep up with the other fast growing cloud brokerages who are already in fifty states and multiple provinces. We were in twenty three, and we've paced them since we started. It is because this model is attractive to so many more agents. This model is attractive to the agents who don't care about earning revenue share, the agents who want that amazing hundred percent comp plan, which then creates more opportunity for the agents in our ecosystem who are interested in revenue share that we call hybrid share because of the way these two plans fit together. And we have bigger ideas for continuing to build out hybrid share, how we drive higher revenues, higher revenue share opportunities through additional opportunities, additional types of comp plans, additional ways that we can revolutionize the industry, but no one has ever taken this this approach before. Maybe they're afraid of the complexity. Maybe they just lack vision. But we've heard from so many agents that are in the markets where LPT does not exist that what we have built is a real solution to the problem they are facing. They are sitting right now inside of a cloud brokerage where they are not seeing growth because the agents, the local agents are more attracted to the comp plans offered by the non cloud brokerages, the hundred percent shops as everyone likes to call them. Our ability to offer both plans is revolutionized the industry and will do so in these new markets. And you know what's interesting is that the conversations are not just with those agents, but those same hundred percent, brokerages are also approaching us and wanting to find out what our conversations are, wanting to find out what the model is, wanting to find out how they actually bring their business over here, because then it becomes a business discussion. Then it's savings on their OPEX and savings on what they can do, and now they become a global brand. That's it. That's it. How are we looking with the the updated slide? Levy, are we good? Alright. Alright. I'm I'm gonna lean into my laptop and really study this one. Let me see. Alright. I see I see Tennessee. I see Arizona. So we're actually in twenty five states right now. I guess so. Alright. Fantastic. So we're gonna be in thirty eight states because that's great. This is so good. That is a good update. This is so good. That's a good update. Yeah. Just by the second. This is awesome. Alright. This is great. We're gonna leave that up for a minute so that people can, can get you. Our our Tennesseans are back. We're so proud of you guys. Our Arizonians are back in the the the currently open list. We're so proud of you guys, and and this is a great looking map. And there's not a lot of holes left for us to fill in there. You know? We're obviously over time. We'll get New Mexico. We'll get, we'll get Oregon. Montana is important for me. At some point, we're gonna get Montana going. North and South Dakota, yeah. This is this is good, guys. And then there's a couple little nuances in the northeast, you know, like Connecticut, requires you to be publicly traded or to have, your broker be a majority owner. So we're trying to figure out if there's a way to fit that into the system. And, so this is great. This is it. This is so end of the year, thirteen more states, two countries, and a whole bunch of other really exciting announcements. And and, look, guys, we have worked so hard the last ninety days to get really, even probably before that. Remember? So I'll give you a little kinda history lesson here kinda going back in time, Michael. So, you know, we we run a lot of analytics. Alright? A lot of data on the seasonality of the industry, like, when we expected volume to pop, and we didn't think volume was gonna really peak until May. Right? Historically, volume peaks in May, and our agents crushed it in March. Right? I I think we did so much work in October and November and December priming the pump when things were kinda slow. You know, we saw agents buying prospecting packs at record paces at that point, you know, getting out there and driving all of these calls and texting through the text capture lines, through listing power tools, and we built up so much momentum. And then with rates coming down a little bit, March was just this flood of business, and we weren't quite ready. Right. And so, you know, we were staffing up to be ready for May. And luckily, we'd already had a lot of the staff in March, but they weren't fully trained and ready to go because we didn't think we were gonna need them until May. And, and so we just we crushed it in March. And so, really, after Grand Prix, that March, April, May, June, July, we've been so focused on making sure that operationally, we're meeting our agents' needs. And I think we've done a great job. I think getting to where we we are today and, you know, where before we were getting complaints about single check, now we're getting these these, like, thank yous. And, like, hey. I can't believe it. I I got paid so quick. Like, this is so great. It's been such a massive turnaround. And we knew we had to do that because I wasn't gonna sit here and launch thirteen new states and two provinces if we weren't meeting those those operational goals and if we weren't meeting those those operational goals and if we weren't meeting the expectations of our agents. So now that we're there and, again, volume should stay somewhat flat kinda through the back half of the year. I mean, obviously, things slow down kinda after September probably. With interest rates. But but now who knows? And we're gonna be ready either way. But, again, these are the levers we have to pull. Right? Opening the new states, getting the international going, some of these other really innovative concepts that we're gonna be rolling out that are gonna change the change the entire face of this industry again the same way we did when we initial launched LPT Realty, and I would say the way we did with listing power tools back in two thousand sixteen. So really exciting times. I'm glad we got the map fixed so you guys can share that out there. And look. We're ready to start having agents go ahead and sign up in all those states. Right? We'll go ahead and get them get them in. They can sign up, sign their ICAs. Obviously, we won't lodge their licenses until we actually open the states, but, like, this is it. This is the big push. Thirteen states were out in the geography. We are on this this run. I'll tell you the other thing is that the tenure doing what it did really, I would say, locks in our plans around, our around not being a a private company anymore by q four of next year. This is what we needed. We expect this to turn the market around. We expect this to really give us that boost we need to have the the record q two that I want us to have so that we can then commit to an IPO date, toward the end of next year, which will be an exciting event for everybody. It's, obviously, exciting for me and I know for all of our agents. So things are just really, really going our way right now. Part of me is glad rates didn't drop sooner because if rates had dropped a few months sooner, who knows if we'd have been ready Because we've done so much to get ready on the back end. And, again, really really proud to be here working hard for you guys as we as we revolutionize this industry together. You know, one thing that I really wanna stress that you were saying earlier. In the last two weeks, you know, I've noticed that LPT has commanded social media. That is it's just about the LPT family and really about what the successes are with, you know, my announcement and then Inman. And now we have the Inman video, and now this is the next opportunity with these new states and these new expansion for us to control that voice and that narrative again so that we continue to have that position of strength and for people to continue to know who we are and being able to share the gift of LPT now across another thirteen states and now two provinces. Yeah. Momentum is a really interesting thing. Thing. You know, we we've had a little over two years not a witness how momentum works. And, you know, there are times, again, we've kinda purposely lost the momentum because we needed to take a break. We did it in August of twenty two. We did it the last couple months of this year because we needed to be ready and, again, fulfill our commitment to service. And now we so clearly have the momentum back. Hundred percent. You know? And and so really is really is an exciting time. We're gonna ride this momentum through the next year. I don't see I don't see us turning it loose again. We're in a great position. We have built such an amazing base, to go, and this is it. Like, this is this this is it. The gun has gone off. It started, you know, with us announcing, you know, Michael Valdez joining us two weeks ago, you know, came from the largest cloud brokerage. He was their president of international and their, chief growth officer. He's now here with us to run international, for LPT and, again, help with growth everywhere and and be a big part of that executive team. That was a big announcement. I mean, Michael, I would say your moving is probably one of the biggest hires in our industry maybe in a decade. I mean, it really is a big deal for someone to leave the massive publicly traded company, you know, the largest in the space, the largest brokerage by by unit count, to take a chance on little old LPT. And, you know, you and I spent a lot of time together. I know you're so aligned on the vision, and so, you know, it it's really great for us to take that. So we go from there to then immediately going to Inman where we win most innovative brokerage. Now we're launching thirteen new states, which really does put us on that national scale. There have been a lot of agents who have some type of business in either California or or New York or New Jersey or one of these states. So they LPT was not the right fit for them. They had to go with one of the other national cloud brokerages because we just weren't in the geography they needed. That is mostly fixed now. The states that we're not in are are for the most part a little smaller. People's businesses aren't as dependent on them. But for a lot of the more kinda national networks, us not having California and New York was a nonnegotiable. They just could not come to LPT. Now, again, that was strategic on our part because it kept us from crowing too fast. So we solved for that. And, again, we're just gonna continue to push out this year with a lot of lot of new great announcements, a lot of new great stuff coming, but without ever losing our commitment to you all and your real estate business. Because as I say in the video on the website, we are committed to your real estate business above all else. And and all of these creative things we can do to try to innovate the industry and grow mean nothing if it doesn't support your real estate business and if we don't support your real estate business. And we we take that so seriously from every level of leadership and every decision we make. And, I mean, you you've seen that, Michael, and you've been here just a couple weeks. That is not how most big real estate companies are thinking. Right? Well, I have to tell you. You know, I this is my twentieth year in the industry. And when you and I met, it was the idea that you were such a visionary. And we don't talk about a one or a three year plan. We talk about the five, ten, and fifteen year plan. So that no one is doing that, by the way. And, you know, you alluded to the fact that the executive team is here. Remember, we're gonna have an incredible few days of planning what part of that future will look like. Yeah. And so that's what's exciting. We're gonna have a lot more announcements coming up in a very short period of time. I think there might be some other large announcements before the end of the year on what we might be doing. And so that's what's exciting because no one else is thinking that way. Yeah. So on the contrary, thank you for the opportunity to be a part of the most innovative brokerage in our industry and to continue that momentum. Yeah. Innovative brokerage, baby. So this is the hardware. Excited to bring it home this year for all of you guys. When we wrap up today, Dave, let's leave the state map up so that people have more time to take screenshots of that or really study that. Again, this is for all of us. This is for all of you. This is for every hardworking member of the corporate team. This is for every one of our amazing agents. This is for every one of you who took a chance on this little startup, LPT Realty, and a vision to change the industry. Again, to do it a little bit of a counterintuitive way, to do it in a way that a lot of the bigger guys laugh at and think doesn't make sense. And what I view as our greatest strengths, they view as our greatest weaknesses. And and, again, I I just I can't wait to prove them wrong, and and that's what we've been doing. That's what we're gonna continue to do. And now the fact that we're on more of a level playing field from geography, they're about to see what growth really looks like. The fact that we were able to grow in in half as many states and and no international presence and still keep up with and in most months to beat everybody else has been amazing, and now we're taking that to next level. So buckle up. Get ready for the back half of the year. So many exciting things coming. I'm so appreciative for each and every one of you guys. LPT for life, brokerage for life. Have Have a great week. You know, all of us go through some steps where decisions are thrown at you. You start thinking about the last twenty years building something and being proud of that journey and what was built. And it got me to where I am today, seeing where the next step was in my trajectory. You know, the unknown is scary. Sort of the darkness. You don't know what you're stepping into, but when you're complacent, it's the start of death. And if you don't get past that complacency, you start to die a little bit every single day. There's something called impact and impact is so strong. When you have that vision, when it becomes a global vision, when it actually starts thinking about who can I help? Can I help my neighbor? Can I help my community? Can I help the world? That's a big statement. Legacy is something that I'm so passionate about. And when I knew what LBT was, when I knew what the potential was to leave legacy, something that's so important to Robert as the founder of this. I've spent a lot of time with him now, saw who he is as a leader, as a visionary, as a family man, as someone who truly cares about people and what the impact that this company has been on T Mobile World. That's really what I have bought into, what I am so excited for, and what the future is going to be as we write the next chapter.