Good morning, and welcome to another Motivational Monday. My name is Matthew Hodge, executive vice president here at LPT Realty. And I'm joined back in studio today, by Robert Palmer, founder and CEO. But before we get started real quick, I've always just wanna do a quick audio check just to make sure that I haven't had to find this thing up this morning. Mic check. Good morning, everybody. Alright. We're good. Okay. We've been moving quick today. So alright. So fantastic to hear that. So real quick, Robert. Excited to have you back, but I wanted to cover something from last week that we just kind of silently brushed under the rug, which is that we turned two years old last week on eight eight. You know? Pretty exciting. So, you know, it's it's a quick timeline of LPT. You know? So we, we closed our first transaction in March. Like, we we had our first agent conversations in February of twenty twenty two. Our first transaction closed in March, but as I like to put it, we were still building the plane while we were flying. And we're still doing a little bit of that today, but I'm talking about we were doing a lot of it between March and August. And so we finally felt good. Like, hey. Eight eight. That's the official launch. And, so that was a big it's a big day in LPT history. So, yeah, that happened last week. That's our official two year anniversary of our launch date, a little past two years of our first closing, which was in March. But, yeah, man, it's it's been an amazing ride. It's been amazing to see everything we've accomplished. It was amazing how the timing was just so perfect. I mean, the industry was so ready for this breath of fresh air, I think, that that has been LPT from consumers to agents, really, everyone, independent brokerages that have rolled in, team leaders, really seeing everybody went on this platform over the last years has been fantastic. And, look, we're just getting started. I mean, we've got we've got some other really big innovation coming down the the pipe. Some of that we have delayed because of this whole buyer broker thing and the NARS settlement, which is what we're about to kind of kick off this two week marathon, and we're gonna talk more about that. But so much on the horizon. There was there was a big thing I wanted to announce on eight eight of this year. And, again, we made the decision to delay that because, again, we've all gotta stay focused right now. The the market is not being friendly to us as a whole. You know, existing home sales had another anemic month last month. I think a lot of people are suffering. We're seeing a lot of agents whose, you know, year to date is not as great as maybe some of our agents. People are getting a little little nervous out there. And, again, exist while home prices have held and I think the market doing well, the number of units trading hands each month remains at this all time low. And, unfortunately, for our industry, that's bad news. And so, again, we're just staying very focused. And, right now, we're gonna really pivot to this really hardcore two week focus on the settlement changes, the buyer broker agreements, the listing changes, everything. We're gonna be doing, five classes a day every day for the next two weeks. I'm gonna be personally involved in a ton of those, but we're gonna get into all that. But first, we got a couple other a couple of pieces of general brokerage business we wanna go through before we pivot to all wall to wall coverage on, these big changes happening That's right. On August seventeen. Cool. Alright. Well, let's start with, some leadership expansion. I think that's a great place to start. Yeah. So for a lot of you know, we've we've been actively building out the leadership team. A lot of announcements on Motivation Monday about that. We've got another exciting one today. If we can get that slide up, Davey. I'm I'm proud to welcome, Norquis Fernandez to the executive team as our VP of agent culture and branding. I've known Norquis for, like, a decade. Really respect the business she built. She built a very large franchise brokerage where she was a broker owner, the broker of record. And, really, what I've always respect about Norquis is this ability to kinda wear all the different hats and, you know, built an amazing business. The culture she built inside of her business, she really was that beating heart, and, fluent in Spanish. She's gonna bring a lot the table in addition to overall culture and branding, really being able to help us out with additional bilingual training and additional bilingual resources. Her and Michael Valdez are actually looking at doing, like, a Monday motivation recap Yeah. Where, each week, they will take motivation Monday and recap it in Spanish. And so they'll pick they'll play clips of us with the new improved dubbed voices, but then also give live commentary in Spanish about what's happening. Really, you know, wanna make sure we are supporting all members of the LPT community. So, really excited to have her join in the team. And as you guys know, we we kinda waited until we got, you know, further along to really start making these big leadership announcements because we wanted to be of a certain size and scale. That's right. And, a lot more big announcements are gonna be coming. You know, we are currently, really focused on the CFO role. You know, that's a critical role for where we're going is to have a chief financial officer who has public company experience. We're having amazing conversations around that right now in the background. A chief marketing officer, so I could potentially take one of my many hats off and pass it towards there. So, again, just a lot of exciting stuff. We'll continue to be, you know, kinda coming through. And and for a lot of those roles, we are very focused on having people with public company experience because that's critical obviously, Michael Valdez has that. He's been an officer of public companies, for Obviously, Michael Valdez has that. He's been an officer of public companies, for almost fifteen years now. So, just a lot of great stuff coming. So welcome, Norquis. Big congratulation. Really excited to have her joining the team here. Someone I've known and respected for a very long time. Super involved in the in the community, you know, involved in board level, involved in MLS level stuff. So big round of applause for her and excited to have her joining us here on the LPT journey. So big win there. Yeah. Mortgage rates, let's touch on that real quick before we pivot into to buyer broker and and the NAR changes. Mortgage rates came back up attach a tied a touch. A touch. A touch. A tad. A tad. I was trying to say a tad and a touch at the same time. It didn't work out. A tad or a touch. So, again, we saw rates really take that nosedive last Monday. We talked about kinda what that could mean for the market. Came back up a little bit, but still in an amazing place. We've seen an increase in buyer activity. It really is amazing the negative impact that mortgage rates had on June and July. I'd say maybe even May. Yeah. You know, we really came out of the the I mean, just guns blazing coming out of last year and, you know, record March, record April. We continue to set records every month at LPT just because of our growth, but the overall market has really turned against us. And, we think that's gonna kinda bounce back now. We're already seeing early indications that the changes with interest rates are gonna bring back volume, and and maybe that happened at a great time, maybe it happened at a terrible time because we are making all these form changes and structural changes to how we negotiate with customers, you know, how we how we document those negotiations with customers. And so a lot of changes happening, which we're gonna be all in focused on for the next two weeks as a brokerage. But, yeah, I think we're gonna see activity peak and really get back involved, which we need. We need, you know, the this sub four million dollar annual home sales run rate is just not a great place for our industry. There you know, we have too much capacity. You know, there there's a lot of agents. You know, we we should statistically, we should be serving about five and a half million households a year. You know? And and during COVID, that obviously shot up into the the over six million range, which it was only constrained by lack of inventory. If there'd been enough houses to sell, we probably could've sold ten million houses a year during COVID. And so where we sit today, it is just we have a lot of capacity as an industry. We have, I think, the right capacity for a normal market, but that capacity feels very, you know, very too much. Right? There's too much too many agents fighting over too few deals when we are at at sub four million home sales, and so we think that's gonna go back up. You know, the the kind of law of, the way markets move, we're gonna see this return to the mean. So every year that we have of these sub four million home sales, we think there is gonna be a big year. There's gonna be a six million year. There's gonna be a five and a half million year. We just gotta get there, and these rates are gonna be a big trigger there. So keep an eye on that, but rates are in a good place, much better than where we were, you know, earlier in the year, and, people are coming out. So, be ready. You know, again, all that hard work you guys have been doing, you know, putting out your your nine critical questions and your active marketing plans and your seven home buyer strategies and emptying the box and all of that hard work that we know you've been doing along the way, you're gonna start to see those dividends finally pay off as we do see buyers return to the market, and we see more sellers willing to list their home because that rate gap, that rate lock in doesn't feel, as big. You know? Yeah. That's right. And, you know, I think that pretty much what you're what you're saying is that we are we're on the edge of this change. Right? We've got the we've got the hurdle coming up of the the BBA, which is we're gonna be talking about on the second half of of here. But you've got this interest rate variable that continues to play around with with another piece that we're not used to. We saw a little bit of a better, you know, interest rate over the course of the last week or so, but, again, that's still fluctuating. But the point is that that creates opportunities. Right? It creates opportunities for you to go out there and educate your consumers or your buyers that you're working with on what's happening. It could potentially get some people off the sidelines to say, hey. Let's act quick. Why? We don't know how long this is gonna hold. Let's start some, you know, let's start to to put things in motion. And we saw a buyer activity pickup. But at the same time, we now have this upcoming hurdle of eight seventeen where, you know, conversations are gonna have to restart again. And we did a poll on Real Estate First Friday. It was a couple hundred agents on there, and we asked how many agents are currently working with the buyer as defined by the new language, means that you're touring with them and have an IDX feed active that do not have a BBA signed. And fifty five percent of those agents on that call did not have a BBA signed that we're currently working. So that's a conversation that needs to happen between now and then. Right? Or it's gonna be a pretty jarring, I guess, click over. So we're gonna talk through a lot of the strategies here for the second half of, and and what the the two week marathon is. But, again, it's just all of this information compounding can be very confusing. And so, you know, there's a lot of noise out there in the marketplace right now from interest rates to just all kinds of things. And you have to stay focused on this hurdle because there is gonna be a lot of people who stub their toe on this or who lose market share or who don't do well or who are not clear on the best ways to move forward. And that requires a tremendous amount of focus because this is a big change for the industry. And so I'm, you know, pleading to you to stay focused on this, look at the task that's coming, and, of course, the North Star is always this consumer. How are we benefiting them? And that, at the end of the day, you know, proves our value. So Yeah. I think that's a big you know, we're gonna go over the strategy here. We took around kind of this BBA, two week marathon, but a big part of it is assisting with that focus. You know, having five classes a day, having it on this rhythm where you know, hey. Every day, you know, at nine, eleven, four, seven, and ten PM, I can jump on and get some kind of of training or feedback or conversation with LPT around these topics for the next two weeks, including Saturday and Sunday. Like, that's a big commitment from us, but it's about that focus because we are seeing a lot of people lose focus right now. Again, a lot of people, the the spring and summer seasons were not as good as they should have been. You know, we really we we came into this year, and based on where March was tracking, the industry should have had a much better kinda buying season, and we didn't see it. We we fell back down. Existing home sales fell. Ultimately, that means there are fewer people earning checks. Right? And we're a commission only business. And, you know, I I tell this story a lot. I remember my my mom when I was growing up, you know, she was in in mortgage and real estate, kinda bounced between the two. And I remember there were months when it felt like we were rich, and I remember getting, like, a brand new, like, Tommy Hilfiger shirt. Like, that was the thing back in the day, you know, in the in the mid nineties. Yeah. And then, like, I remember, like, two months later, I'd be in the floorboard of the car with her counting change so that we could pair our electric wheel because our electricity just got cut off. And and there really is this roller coaster. And that roller coaster gets worse when the months when we're supposed to make that money to feed our family in this industry are constrained by interest rates. So there are a lot of people right now that are maybe having to count that change on the floorboard the way I did as a kid to to pay the electric bill in our industry, and it makes it even that much harder to stay focused. Right? A lot of people are maybe starting to give up. They're starting to look for what can I do differently? This isn't working for me. And and we wanna be here as a beacon to help get through that. And so I think we do have this this kind of dangerous situation almost where we have that happening. Right? We have a situation where, normally, this is a time of year when when agents would pick up those extra couple of deals to put some money away, savings for lean times. You know, this would be the month mom would be buying me the Tommy Hilfiger, and instead, it's the month that we're we're all having account change to pay our electric bill. And and so that combined now with these massive changes. Right? Now on top of that, we have to adopt new forms. We have to adopt new strategies. We have to adopt new tactics. And there's so much noise. Right? There's noise about how's that gonna work? Why I'm I'm not gonna pay buyer's agents. I'm gonna pay buyer's agents. Buyer's agents are gonna go away. No one's gonna I mean, all of this noise on social media, all of this noise out in the world, people trying to figure out how to make it work in their life, and our you know, I guess what I will plead to all of you is stay focused with us. Yep. You know, the reason we are doing this marathon that we're gonna get into here, the reason we are taking this so seriously, the reason we are overwhelming you with opportunities to plug in with us, including with me personally, with the entire executive team. Amazing. We got fifteen people that are gonna be teaching these classes, across the next two weeks. We want you to have those opportunities to plug in so that if you start to lose focus or if you start to feel overwhelmed or if you start to feel like maybe, you know, you're not getting it done or or you don't know where you should be going right now or you don't know how you should be talking to people, within a few hours, every day for the next two weeks, you'll be able to jump on a Zoom and and refocus with us. And that really is that was really the strategy behind how we built this this BBA. When we say BBA, we're talking about the entire structure. Right? BBA is in buyer broker agreement, but it's the listing side. It's It's the buyer side. It's literally everything about it. And so the blitz that we're gonna talk about is the national level, but then we also have the amazing state level classes. Right? Like, if you need that, like, hey. I need to know exactly how to fill out my form. We have those state level classes. They've been being taught for the last couple of months. They will continue multiple classes every week. What our BBA marathon is about is much more about the mindset, the high level, the plug back in, the get recommitted, the get focused, the understand we are all in this together, and we are going to win together and feel that community that you need at a time like this. And so I'm I'm really excited. But, again, guys, that stay focused. Again, there's so much noise out there right now. So many people are hurting. So many people are frustrated. So many people thought this industry was gonna deliver something maybe to them that it didn't because of these low home sales numbers, and and we're here to help you get through the next two weeks. Yeah. Awesome. Well, let's, let's dig right into that. Do we do we wanna do a poll to see how people current is that helpful, useful? If you have a poll ready, let's run it. Yeah. Let's do it. Okay. So, we've got a poll. The poll is just gonna say how many people are currently working with a buyer that don't have a BBA sign. Let's do it. I just wanna see get a quick gauge. We got a few thousand people on here. So if you could just give that a shot. How many people are currently working with a buyer that do not have a BBA sign? And I will tell you this, my brother told me he has a a listing here in Lake Mary, nine hundred and fifty thousand, had a, showing request come through. And then a little while before the showing was supposed to happen, got, a cancellation and they put in the notes, buyer refused to sign BBA. So to me, I thought, well, first of all, this guy had no idea how to to show his value to to his buyer. They hadn't made the commitment on him, but it does show a realistic, you you know, problem that could be happening here in in the next little bit. So a shift. It is a change. I mean, it is a shift. Okay. So are you currently working with a buyer and do not have a BBA signed? Alright. We've got about seven hundred people voted. Let's give it just another ten seconds or so, and we will close the poll. Yeah. Alright. Okay. We're gonna go ahead and close it now. Alright. Let's share the results. Okay. So forty three percent I don't know if you can see the heartbeat. It's not on the screen here. Yeah. I got it. Forty three percent of the people are working with the buyer who do not have a BBA signed, and there's a few thousand people on this call. So, you know, if we wanna pick a starting point, that's probably the first conversations that need to to happen this this week. But let's go ahead and jump into the BBA. We're gonna talk about how the BBA marathon. We're gonna talk about how we address that a little bit more closely with slides, Dave. Let's jump into it. Alright. So this is the LPT BBA marathon. And, again, when we say BBA, we're talking all the NARS settlement changes. BBA just sounds so much cooler than NARS settlement. But, again, listing side, buyer side, you know, mindset, strategy, marketing, everything about it. Two weeks of training all hosted on Zoom, fifty live sessions, five classes each day over that two weeks, including the weekend in the middle. We're kicking it off today. This is our opening ceremonies for the VBA marathon. The classes start tomorrow on Tuesday, and they run all the way out through, the following Thursday. And then we're gonna close with a special real estate first Friday. It's kind of our closing ceremonies for this marathon. Little little nod there to the big sporting event that just wrapped up, nationally here. Fifteen different experts across LPT leadership, and five times each day. And so they're gonna be at the same times every day, nine, eleven, four, seven PM, and ten PM eastern time. This also gives our West Coast friends a chance to get in there. They're you know, our eleven AM is there eight or nine AM depending on where they are. Our ten PM, you know, is then their seven or eight PM. So, again, we really try to be purposeful with this to make sure that everyone across the LPT landscape can do this. If, you know, if you've got a full time, you know, job nine to five, you can pick up those later classes with us on the East Coast, the West Coast, and everything is gonna be in the knowledge base. We're gonna get to that. So, again, opening ceremony today, eight twelve, closing ceremony, Friday, eight twenty three. Every day in between from Tuesday through a week from Thursday, there will be five classes a day including Saturday and Sunday. And I'm personally gonna be involved in a couple of classes every single day, including those weekend classes. I'm committed right here with you guys. Again, this is as much about us showing commitment to you and providing that opportunity to just plug in and know what's going on. Take the same class over and over again. Right? When when you are feeling down, know that if you look at that scheduler, you're never more than two or three hours away from another opportunity to plug in with us. Alright? All classes will be recorded, and we'll have those in the knowledge base. You can go back and watch them later because while the classes may have, you know, the same topic a couple of times, there's gonna be slightly different content. Right? These are live. These are audience feedback in the chat. These are different experts having conversations. Okay? Now this is the again, this is the high level stuff. This is the high level BBA marathon, and then we're gonna get into the state specific trainings as well, which are also posted in knowledge base. Next slide. Alright. So we are making this a two week brokerage wide focus. And so all existing Zooms and classes will have some type of settlement related content, motivation Monday, real estate first Fridays. If you're in a dot loop class, expect for it to be talking about the the settlement forms and the BBAs and the new, listing agreements that are in dot loop. Again, everything we teach across the the brokerage key coach deans, productivity classes, everything you can do for the next two weeks that is LPT related is going to have a focus on settlement. We are all hands on deck. We are shutting everything else off, basically, and we are all focusing every bit of resources and knowledge and effort we have on getting us through the last week before the settlement takes place and changes go into effect, and then more importantly, the first week after. Because I think when you're really gonna feel a lot of the problems or questions are like, hey. This didn't quite work right or this didn't go the way I thought it was, is next week, right, which is when things have actually started, when all of a sudden everyone is playing by the same rules. Up until now, maybe you were asking for a buyer broker agreement, but another brokerage wasn't because it wasn't technically required yet. We hadn't reached eight seventeen yet. We have not had the level playing field. The playing field will magically level on August seventeenth, and so I think that week after of training that we're doing and that week after we're doing a five times a day of community to discuss this is gonna be critical. Alright. This was a big one for me. We made a decision to pause any new tech or product releases for the next two weeks. Alright. You you can come back to us, Dave, for a second. We talked a lot about this. You know, I I have to remind one of my growth edges is an entrepreneur, and I I always try to be transparent with you guys and kinda share, like, when I have a personal weakness or when I have something I'm trying to struggle with or whatever, I that I have to take that step back. This is one of those. I personally have a very high tolerance for change and for complications. Right? And and and and I have to remember that, you know, like, look, We're I'm here to make sure ten thousand, twelve thousand, or twelve thousand other people have an amazing experience. And so I have to recalibrate and remind myself. And so I very much wanna, like, plow through and be like, you know what? We're still gonna launch that new revolutionary idea on August eighth. We're still gonna launch new products in LPT on, you know, the weeks of the settlement. And and I had to take that step back and look at myself and and kinda remind myself of one of my growth edges is there are times when I will push too hard. Right? And I will push too much, and and having too much happening at once can distract. And here I am telling you all to focus. And so, again, it's really important to me that we are not hypocritical from this chair to sit here and tell you to focus on this thing because it is so important, but then clog up the atmosphere with a bunch of new products or new shiny objects or whatever because that is just very much the way I personally am wired. You know, like, I wanna solve everything with, like, new stuff. And and what I recognize about this is this is not about new stuff. This is about us mastering what we have to master, mastering the change, mastering the state level forms, mastering those inside a dot loop, which we already know how to use before we add any additional layer of complexity on top of it. So we are brokerage wide freezing any new releases. This way, everyone is hands on. Right? We're not losing support resources to trying to explain new shiny stuff that I wanted to launch or new concepts or let's go revolutionize something in the middle of chaos, like, very much an RP thing to do. But we we very purposely took that step back and said, you know what? This two weeks, only one thing matters, and that is guiding our family through this historic change. That's right. And so, again, all hands on deck, five times a day in community, live Zooms, no new tech releases, no, nothing else happening. Right? We are not gonna do anything else to complicate our lives so that we can all spend the next two weeks together mastering this because this is the most important thing. Right? Making sure that you cannot get fined by the MLS for how you work with your buyers. Making sure that you have your compensation agreements in line so that you can get paid for your hard work, making sure that you understand how to communicate your value to buyers and sellers and master the new forms. That is all that matters for the next two weeks. That's right. And so we are all in on that. There's a lot of great resources outside of LPT at the state level, at the NAR level, lots of people on YouTube teaching. We're now adding that directly into our LPT family because, again, a lot of these classes are just about the community. Logging on with other members of your family if you feel like you are lost or need guidance at any time during the next two weeks. And then then finally, all hands on deck. Right? If you need help, put in that support ticket. Right? Ask for that help. Everyone is here across the entire leadership team, the support team. Everyone understands how important this next two weeks is, and we are focused as a brokerage. And so if you need that help, you're gonna be able to get it. And so, again, we we're pausing any type of, you know, extemporaneous stuff so that it's all hands on deck to get us through this as a family. Yeah. I'm I'm excited that you, took the time to talk about that because, you know, behind our closed doors, you know, we're always thinking about how do we stay competitive and we're always looking at those pieces. And we kinda came and said, hey. What made us who we are? And it was our focus on making sure we were the best real estate company, like, real estate first. And this is probably the biggest change that's happening in the real estate industry. And so to focus our efforts to make sure that our agents have the biggest advantage over anyone else, to make sure that they are jumping over this hurdle and then gaining market share. Not just saying, how do I adapt and stay where I am, but how do I adapt and and go faster? How do I use this environment to do more? How do we create a a generally a better environment and experience for for the consumers that we're gonna be serving? And so all of that is the focus, and so I'm so happy that we are taking that pause, from the the normal train that we're on Yeah. To say, hey. Let's let's look at this. Let's make sure that our agents are supported and and comfortable. And, we are so excited that you that you shifted gears there. Yeah, man. Now look. We're again, we're so I I think part of this is we got a lot of forms late. You know, I I think, like, Florida just put out the listing agreement, like, two weeks ago. Right. I mean, the the the buyer side agreements haven't been out that long with the new ones. You know, where I know particularly in Florida, they moved it from, you know, buyer to consumer. Really, like, I think we all expected to get information sooner Mhmm. And for people to have more time to digest it. And so when we really sat back and looked at the landscape, you know, you guys had the real estate first Friday where we understood how many of our agents do not currently have one, you know, currently have a consumer who's not under a BBA. You know, understanding the lateness of a lot of the forms from the from the the states and other seeing other brokerages maybe stub their toe with getting trying to get out ahead of announcements and then things changing. We saw the California MLS stub their toe putting out a set of documents then getting attacked by a watchdog, group and having to completely redo those documents. There's been a lot of chaos and a lot of noise around this, and I think that really was the tipping point for me to say, you know what? The vision we had back in March when this was first announced of this, like, orderly rollout versus the reality of how this all happened is we've gotta do this. We have got to pause everything else we're working on, everything else we're thinking about. And for the next two weeks, it is all about getting our agents through this process and this change because, again, it's been messy up to now. Not not anything we've done, just the overall industry trying to get this figured out. And so here we are. And, again, the last week leading up to the change, the first week after the change. Look at it. If we need to go another week after that, then we're gonna do that. Right? We're gonna we're gonna pivot, and we're gonna continue to provide this value. Maybe we go from five a day to three every other day. Who knows? For the next two weeks, we're all in five a day every day, including Saturday and Sunday. After that, maybe we need to continue doing things, but we're going to really look to you guys for feedback as we get through this process. Are things clicking? Are we seeing success? What are the most important things we can focus on as a brokerage? And so, again, really, really proud of this process. I'm proud of everybody who's pulling together with me to do this. You know, big time commitment for all of us to say, yeah. We're gonna teach classes on weekends. We're gonna teach classes at ten o'clock at night. Night. You know, we're gonna do this because it is what our agents need right now. So let's, go to the next slide, Dave. Alright. So these are the topics, and and so if we're gonna show you how in a couple slides here, but everything's in the knowledge base. There's a whole page in knowledge base that has all of the classes and all of the times. You can register for the Zoom links there. We're gonna be pushing those out. So but these are the week one topics. And so we're we're gonna put out the week one topics and the week one schedule today, and then we will put out next week's schedule, by the end of this week where I want some feedback. I wanna see, like, what are the most attended classes? Are there certain questions we're seeing over and over again? And, again, this is the national level mindset community driven stuff. Every state broker is teaching multiple classes a week. We're gonna show you where to find those as well. So you're gonna wanna get a mix of both. This fifty classes, the these seven topics plus the morning coffee in the town halls being taught across fifty sessions, that's the national stuff. On top of that, every state has additional multiple classes where your state broker will get into the weeds with you on your state specific contracts, your state specific forms. We're talking more high level strategy, mindset, mechanics. Again, NAR changes one zero one. Exactly what is happening. Right? Let's just recap it. Again, it's been going on now. We have a lot more clarity in where we are, where we're going. Conversations with buyers, conversations with sellers. We broke that into two separate classes because it is so important. Scripting. You know? A couple weeks ago on Motivation Monday, I explained how I would have the conversation with a seller. We're gonna be doing those exact same exercises in these these sessions. Road map for your current customers. This is a big one. Getting your current customers to transition either to a buyer broker agreement or understanding for a seller what the new type of negotiation may look like from buyers coming in. So road map for your current customers, BBA mindset and mechanics. So this is where we're gonna get into the mindset around this this new way of doing business as well as the mechanics again at a high level. The detailed state specific mechanics will happen in your state specific classes, but we're gonna do the high level mechanics, creating opportunities in the post in our settlement. I mentioned on the very first Zoom we had. I think there is a lot of opportunity for agents who embrace this and who who wanna lead from the front when it comes to these changes and embracing the changes and how we work with consumers and then communicating and marketing your value. Alright. So these those are our seven, topics. And then on top of that, we're gonna have a BBA morning coffee and BBA town hall meetings. So if we can go to the next slide. And that email just went out actually as well. Okay. Perfect. Alright. So this is what that looks like. So every morning at nine AM eastern time, we're gonna have what we call BBA morning coffee. Alright. And this is gonna be kind of a a free form open discussion. We're gonna be sharing topics every morning, but at the same time too, it's a great place for you to ask questions in the chat, if we need to then adapt and add new classes based on that feedback. But this morning coffee, you can know that you can kick off every day for the next two weeks at nine AM with a cup of coffee and a member of the LPT executive team. I'm gonna be on a ton of these myself or after I drop Reagan off at school every morning, just to have open discussions about what we're seeing, what we're hearing, feedback we're getting from agents, feedback we're getting from our state brokers. And, again, so that one's not as topic driven, but a great opportunity for you guys to get in there. Again, be reminded, be connected, be focused. Alright. Then we have our eleven AM hour, and you can see the eleven AM hour moves around on Tuesday. It's gonna be conversations with buyers. Wednesday, road map for current customers. Thursday, mindset and mechanics. Friday will be a real estate first Friday dedicated to buyer broker agreements and the new listing agreements. And then on Saturday at eleven AM, we're gonna do NARD changes one zero one. So, again, people who maybe work during the week or couldn't get out there, nine eleven AM Saturday morning, we'll be together. We're gonna do the three town halls at the four PM eastern time, you know, time block there. We're gonna have a BBA town hall tomorrow. So, again, interactive format. People can ask questions in the chat. People can share topics they want us to cover. Little more free form. We'll have organized content for those, but, really, we're looking for you to guide us on where do you need the help, where you need questions answered. On Wednesday, we're gonna do opportunities in the post on our settlement. Friday, at that four PM block, we'll have conversations with sellers. We tried to mix this up, right, so that that if you're, you know, again, where whatever your schedule looks like, the time zone you're in, there's kind of a chance for you to catch, each of the different classes throughout different parts of the day. Then at seven PM eastern time, we're gonna kick off Tuesday with conversations with sellers, NAR changes one zero one, communicating and marketing your value, road map for current customers, and opportunities in the post NAR settlement. And then that ten PM eastern time class, which again, if you are a East Coast person who's up late, come on. I'm gonna be on some of those after I put the kids to bed. But more importantly, if you're one of our amazing West Coast agents, you got that seven PM. If you're in, you know, Nevada, California and you got that, that eight PM if you're in Colorado and and kinda that those middle time zones. So, again, we really wanted to make sure here that we gave an opportunity for everyone to be able to be involved in this. And again, these are all gonna be live classes, different instructors while, you know, the communicating and marketing your value is gonna be the basic same content. Those two classes are gonna be different. We're probably gonna have some agents who take all fifty over the next two weeks. Right? Because little different nuggets are gonna come up each time. That's why we decided not just to replay videos. Right? We're gonna live teach all of these classes five times a day. So that's week one, and then we'll put out the week two schedule. We wanna get a couple days under our belt and see if there are topics that come up a lot during the the Monday morning or the the morning coffee or they come into the town halls that then will shape our second week of content, which will run Sunday, Monday, Tuesday, Wednesday, Thursday of next week, and then we'll shut it down on Friday with next week's Real Estate First Friday. And again, guys, this is all about you having constant access to plug in in real time with a real live human being, member of the executive team, member of leadership here at LPT on the other side to help guide you through this historic change. And again, this is our commitment to you and this is something we can do, right, as a cloud brokerage, as a young nimble brokerage, as a brokerage that has an amazing team, that can get in here and and help you. And and we have experts at these topics. We've been working on these topics for months together, and we are here to pour into you guys over the next two weeks so that we can all win together Yes. Through this very stressful time and through this big shift. That's right. That's right. Well, I'm looking forward to that, man. I hope this takes a lot of the concern out. We we still have a Yeah. We're still rolling. Oh, we're still rolling. Okay. Alright. Well, I'm Yeah. I heard you going down. Mode. Yeah. Yeah. We're not done yet. Alright. Next slide, Dave. So we do wanna touch on the state specific. Alright. So the BBA marathon, in addition to everything I just showed you, in addition to the fifty, corporate led national classes, we then also have our state specific trainings. Alright. These are taught by the state and regional brokers, offered a minimum of three times each week. If you go into the knowledge base and search the keyword BBA, you will see this come up. And then, as those classes are completed, the recordings will be posted to the knowledge base as well. So remember, these state specific trainings, this is where you're gonna get into your specific state forms. This is where you're gonna talk about this is the comp yeah. So I I guess it's a good contrast at the you can come back to me, Dave. At the national level, we're gonna talk about, like, hey. This is the mechanics. Right? You need to get a buyer broker agreement signed at this point in the process, and then you need to make sure that when you submit your offer that these addendums are included. And then if you're going on a listing appointment, these are the basic structure forms you're gonna see. That's how we're gonna talk about it at the fifty national classes. Then for the state specific classes, this is where your state brokers and regional brokers will get into the nitty gritty of saying, alright, here's the form. It is called the Florida compensation addendum. Here's how you pull it up in dot loop. These are the twenty fields that you're going to fill in. If it's exclusive, it's not exclusive, if you're doing, a flat rate of commission, if you're doing a percentage based commission, the state specific trainings are that deep dive, super mechanical, dedicated to your state, your forms to get you what you need to physically fill one of these out, where the BBA marathon fifty sessions over the next two weeks is higher level strategy mindset. And again, everything is gonna be recorded. Everything is gonna be placed in knowledge base. We're gonna have a hundred videos for people to go back and watch, from the next, you know, probably two weeks plus the the last couple of months of those broker trainings. So you're gonna be able to find what you need in there, if you're going back and watching the recordings after it. So again, the the state trainings, we we've been doing those. I think we're doing once a week for the last two months. We're gonna kick that up, to three times a week in our bigger states. A couple of our small states that maybe only have thirty or forty agents, maybe a a little bit a lesser cadence there. But two, in those smaller states, it's much easier. If you if you can't make one of the times, put in a ticket to your state broker. They're here to help support you guys. Right? If if you're in a state that doesn't have the higher frequency, just put in a ticket and work it out with your broker. Like, we are here committed to making sure all of us get through this together. Alright. So that so that that's the framework. Is that our last slide now? Or we got one. That's it. Alright. So that's the framework. So we have the we have the national stuff, then we have the state level stuff. The state level stuff is gonna go really deep into Dotloop. We're working with Dotloop on getting all that as organized as we can, you know, making sure that the right forms are attached. And again, we're still working hard behind the scenes too because some of these forms just got released, and there's a couple of states that are still planning on releasing more forms. You know, nothing like waiting till the absolute last minute. But again, this is why this super high cadence is important because as things are changing, we can have those conversations in real time with you guys. Alright? And so this is it. This is the kickoff. This is the framework we've laid out for you. I would encourage you to put as much of your time as you can as you can afford to put into this. Right? We have this amazing schedule. Week week one is here. I hope to see you guys on as many classes as possible. We're gonna have a lot of open, honest conversations, transparent conversations. We're gonna give you those sample scripts, those sample ways to have these conversations, how to deal with current clients, how to get your mindset right, how to be confident in sending out that form. I'll tell you real quick. Come back to me. This is one I wanna touch on today, and we'll be going deeper to this in the classes. One of the biggest hesitations you will have to the client signing your buyer broker agreement is is you. Right? It's actually not the buyer broker agreement. It's your personal belief or your personal fear over that form, and this is something that we're really gonna work through a lot to get through. I can tell you coming from the mortgage space, we dump a pile of paperwork on every consumer before we ever meet them in person. Right? Before we ever show value, before they ever get to know us, we dump this pile of paperwork on them, and I can tell you from twenty years of experience, most people just run through it and sign it. Okay? And and you over complicating it or your fear of having to ask for your your compensation too early, look, no one expects you to work for free. I'm not gonna say no one. There are definitely some jerk customers out there Right. Who want you to work for free, but I can promise you that is not the majority of customers. There are those very few people out there who wanna be a jerk and they want everything for free. The nice thing now is we get to figure out who those people are really early and not waste our time on them. You know, I can promise you we've studied Redfin and their model. There was this clickbait headline recently about commissions plummeting. Commissions were down like point zero zero seven. I mean, we're talking about, like, two hundred bucks or something. Right? I mean, this was like nothing. But the way they made the chart, they put, like, the old number here and the new number here. And in reality, it's like they moved this much out of this. But but again, the the clickbait is out there. The headlines are out there. There are jerks that are out there. But just know that the majority of consumers, it is very much American culture. We want success based pricing. We do not expect people to work for free. I think that, again, mindset. Your confidence in sending out that form, your confidence in your worth is way more important than everything else. Right? We're gonna show you ways to create value, show value, communicate that value, but even beyond that, if you just personally believe you have the value, if you wake up every morning and look at yourself in the in the mirror and say, I'm worth two point eight percent or I'm worth three point two percent or I'm worth two whatever your number is. Right? Set your number for your business based on your price point and the building you want, the business you wanna run, and look at yourself every morning in the mirror and tell yourself you are worth that and send that buyer broker agreement out with confidence and recognize that you are providing every penny of value of what you are asking for. And if you come at it with that confident attitude of, hey, guys. Yeah. I'm gonna send you some paperwork to sign that explains how we work together. Get that back to me. Again, but if you make it a big deal, if you're nervous about it, if if you don't feel like you can explain it or you don't feel like you have the value, that is where you're going to see the weakness. Most consumers do want to pay you. Most consumers are not afraid to sign a document before they do business with someone. We see it with privacy policies. We see it with mortgage forms. We see it in so many places, and now it has come to real estate. Alright? In the grand scheme of the world, it is not that big of a thing. Okay? And and so we are here to get through this together. Again, the next two weeks is about the existing state forms using dot loop, getting the mindset right, and then after that, we will re get back on our technology driven focus where we're gonna bring some new stuff to the table. We're gonna bring the things we've talked about to the table, but we made a strategic decision to not do that in the middle of this window because we're not trying to overcomplicate something that is already complicated. Alright? And on the flip side too, sellers are going to pay this money. Alright. I wanna give you one another quick example. I'm gonna tell this story a lot over the next two weeks. You know, I want you to picture this. Seller sits down with the listing agent and says, I am not paying buyer broker commission. Right? I am not paying commission. I read in the news I don't have to pay commission. I'm paying zero commission. You will not get me to pay commission. Right? This conversation is gonna happen. Seller says all that. And let's say that seller's home is listed for five hundred thousand dollars. Okay? The next day, an offer comes in for six hundred thousand dollars, all cash, one hundred thousand dollars over asking price, but it wants twenty five thousand dollars in buyer agent commission. What do you think that seller's gonna say? Right. You think that seller's gonna say, I don't want the offer that's a hundred thousand over asking price because I don't wanna pay buyer's agent commissions. It's not gonna happen. They're gonna sign that offer for six hundred thousand with twenty five grand commission and eat all the crow in the world for saying they would never pay it. Alright? Now that is an extreme example. But what I want you to understand about that is it's all just math. Okay? Do not get too hung up on saying, well, I'm not gonna show that house because I don't know what the commission is. I'm not gonna do this, whatever. At the end of the day, everything is negotiable. It's all bottom line money. Right? And right now, think about how many houses you've shown in your career where your your buyer didn't win the offer. Right? The offer wasn't high enough. Maybe they asked for closing costs. Maybe they were getting a a type of financing the seller didn't want. We have never been in an industry where we were walking into a sure thing. Right? And no one out here pre negotiates every aspect of the the contract before going on the first showing. Right? You're not calling listing agent being like, hey, let me tell you, you know, before I show this house, I just wanna make sure, are you gonna take an offer that's ten thousand under asking with three percent in, you know, in in closing costs? And and my buyer's getting this type of financing. And by the way, they're a family of four. They do this, and they're like, we're not having those conversations before we do the showing, so don't make this so different. At the end of the day, getting a seller to pay buyer broker commission on their buyer's behalf is just one more piece of negotiating. The sales price is a negotiation. Closing costs are a negotiation. Closing time frame is a negotiation. Right? Earnest money deposit is a negotiation. Financing versus cash is a negotiation. We have always dealt with all of these unknowns. So I would encourage you to not get overly hung up on what the seller thinks they are or are not willing to do. Because just like in my example, if the right offer comes in high enough over over asking price, they're not gonna care about what you're asking for in buyer broker commission. So don't let the seller's own misconception, preconceived notions, whatever prevent you from submitting an offer because you just don't know. Right? You never know if the offer is gonna get accepted. You don't know if the offer is not going to get accepted. This is a part of being a professional and guiding our consumers through this time. And so even if that seller is adamant that they're not gonna pay buyer broker commission, I would still show the house and submit an offer because chances are they will. They just don't know. They sat in a in a room with their listing agent, and they made, a dumb decision, right, based on something they read in the news. But when the real offers start to show up right? I mean, think about it in a much less example. Same house, five hundred thousand, say they've been three, four weeks on market, maybe three, four months on market, no offers. All of a sudden, two offers come in. One is fifty thousand under list price with no buyer broker commission, and one is a full price offer with twenty five thousand in buyer broker commission. Right? Again, that seller who swore they would never pay buyer broker commission is not going to to reject that offer. And so I just think there's gonna be a lot of us as an industry protecting sellers from themselves, getting them to not make rash decisions, getting them to not make these upfront statements, show the houses, submit the offers. I personally almost wouldn't even wanna know. Right? Like, I'm not even gonna ask. Like, why bother asking? So they can maybe tell me they're not gonna pay? Because, again, they don't they just don't know. They don't know. And even even the seller who says, well, yeah. I'm willing to pay buyer broker commission. If your offer is too low, they're not gonna accept it, and they're not gonna pay any commission because there's no deal to do. It's all just negotiating numbers and negotiating overall deal points. And if you keep that mindset, right, we're gonna talk about this a ton on the mindset calls because this is the most important part. Your mindset about the houses you show, your mindset about how you communicate with your buyers, the mindset about how you prepare and communicate with your sellers, this is the most important part of this whole thing. And then our state brokers and our regionals are gonna do an amazing job walking you through that paperwork at your state level. We're gonna do an amazing job of walking you through the high level concepts around the paperwork, and we're gonna have an amazing two weeks and spend a ton of time together. And you're probably gonna get sick of seeing me and the and the other leadership here because we are gonna spend a ton of time together over the next two weeks, but we are going to get through this together, and we are going to win. And trust me, it is not as bad as your worst fears. It is not as bad as the headlines. No one expects us to work for free. They wanna change the way we communicate the money we're gonna get paid. They wanna put the communication and negotiation back in the hands of the person actually representing that client. Right? Why was the seller's agent negotiating your commission as a buyer's agent? That really doesn't make sense. I mean, I know it's the way we've always done it, but if you really look at it and say, as a buyer's agent, do I want that person over there negotiating my commission? No. I wanna negotiate my own commission. When the dust settles, we're gonna see that this is a wonderful thing for our industry, and I think we're all gonna win at a high level, and we're here to help you get through the transition. So make it a great week, and we'll I will see you tomorrow morning at nine AM, on our first BBA coffee, coffee chat. I'll be there nine AM tomorrow after I drop Reagan off at school. And, yeah. Go in there, pick your classes, get your registrations done. Email is out. Email is out. We may work on trying to add this to LPT as a tile, but for now, get your registrations, and I'm gonna talk to Dev and see if maybe we can get tiles up for these the way you can log in to, motivation Monday straight through Connect. But, we'll see you guys tomorrow morning. Make it a great week. Fantastic.