Good morning, and welcome to another Motivational Monday. My name is Matthew Hodge, executive vice president here at LPT Realty. I'm joined by Robert Palmer, founder and CEO. And, welcome to another motivational Monday. If this is your first time joining us, we are available every Monday at eleven AM Eastern Standard Time to kinda give you a macroeconomic view, give you brokerage updates, and give you some inspiration to start your week. How do you like that? I I'm I'm inspired. Yeah. Good. My beard too is inspired. I heard comment on this before we went live. I I go a couple days through a hurricane, and I look like a wooly mammoth. It's It's a it's a slippery slope for you. Yeah. It is. You fall right off that hedge real quick. Yeah. Yeah. It is crazy. You know, like, what was it? I don't know. Five weeks ago, I was clean shaven talking about rates are dropping, and now I look like a mountain man and rates are going back up. Alright. It's just, my my beard goes with the with the mortgage rates. Mortgage rates. Yeah. You are definitely not TV, Palmer anymore. That's for sure. Maybe if you shave it though, the rates will come back. I I will I'll I'll do that for the I'm gonna take that one. Yeah. I'm gonna do that for the team. I'm gonna shave my beard off and see if see if rates will go back down. Let's see how that goes. Cool. Alright. Well, let's go ahead and jump in for today. Excited to be with you again this morning. We're gonna talk through, some of the updates around, the hurricanes. As you guys know, we've had two major hurricanes hit the coast of Florida over the last couple of weeks, and so we're gonna walk through, any operational delays that we've got there, walk through some mindsets that you should be thinking about if you're impacted in those areas, and, of course, continue to provide information on how we are getting resources there. And then we will flip over to kinda talk about rates. As you just alluded to, rates are back up, and so we wanna kinda unpack that to figure out maybe where the short term cycle could be headed. So Yeah. Well, while we were out here, you know, trying to dodge a hurricane, you know, the rest of the world kept moving and Yeah. CPI came in a little hotter, inflation not cooling as much as maybe people thought the Fed had hoped. And and that really, I think, is interesting. And we'll dig deeper into this. But Yeah. It's really this idea of, like, the guessing game. Everyone's trying to guess what they think the Fed is going to do next. And so everyone thought that the Fed thought that the CPI number would be worse than it was last week and that the employment number would be worse than it was the week before. Now we don't actually know because the Fed doesn't tell anyone what they think any of these reports are gonna be. Right. But we have seen interest rates retreat. This may be another head fake as much as it felt like it wasn't gonna be another head fake. This one's starting to feel like a head fake again. So, when when all of the reports remember the the the mortgage rate reporting lags. And so when the next report comes out of, like, hey, mortgage rates last week are now back at a three month high, which is unfortunately gonna be the headline based on where the ten year futures are trading this morning. But, yeah, it's it's been it's been it's been interesting. It's been interesting couple weeks. Right? I mean, we're down here dodging hurricanes. We've still got folks impacted up in, you know, in the kinda like, with the Appalachia area with Tennessee, North Carolina. I don't know what the proper name for that. Yeah. Kinda mountain region. Right? Yeah. You know, they're obviously dealing with unprecedented destruction, and we've got a lot of agents and folks and, you know, state brokers and people impacted by that. And then, you know, Tampa got hit pretty hard with Helene, and now Tampa got hit hard again with Milton. Mhmm. Plant City, like, more inland got hit with it. And the the wild card, I I think, with Milton really was, West Palm Beach. And, like, you know, I've got a house down in Stuart. And so this, like, southeast, you know, part of the state that wasn't even in the cone really had an unprecedented number of tornadoes. Tornadoes. Yeah. You know, so, you know, Jim Fisher put up a video of, like, this massive half mile wide tornado heading toward his neighborhood. I know they're dealing with destruction there. You know, one of them came right right by my house down in Stuart on the beach. I was just, like, a few hundred yards offshore. I mean, took part of my neighbor kinda bounced off my neighbor's house on the other side and took a little piece of their roof. Just a lot of a lot of chaos, man. And so as an industry, you know, one, we've gotta take care of ourselves. It's like our families. Like, that's number one. Right? Like, are our families safe? Are we safe? But then beyond that, we now have to rebuild, you know. And and we've got a lot of a lot of our agents and a lot of our communities are having to rebuild. You know, we we play a very interesting role in that, in the real estate industry because, look, let's face it, a lot of the damage is to property. Right. You know, a lot of the prop the damages to to housing. And so, you know, we have a role to play now, as real estate agents and what the what the rebuild looks like. Right? What does it look like for people to not potentially sell these damaged properties? Right? Do people do people say, you know what? I've had enough. I'm I'm moving to a new area. And so that creates, you know, opportunity, but also a new type of guidance. You know, how do you guide someone through selling a home that may have a pending insurance claim that was damaged by a hurricane? How do you guide someone through moving to a new area where maybe that's what they're leaving behind in the area that they're they're moving away from? Then you have other people coming into the markets. Right? People saying, you know what? This is my chance maybe to go move into there because I can pick up a home that maybe has some damage, and I'm gonna repair it, and I'm gonna, you know, fix it up. You know? So there's just a lot's gonna happen in our industry around that. And so, you know, we one, we need to kinda get collected. Right? I know some of our folks just getting power back, throughout the weekend. We're gonna be having meetings this week around, some trainings. So we're gonna be adding trainings to the training calendar. You'll see those start to pop up. We're gonna put some masterminds together because we have agents who have been through this and and who navigated past storms and things very effectively. And so kinda as I look at, you know, the role that we play at LPT, one, to help bring that educational knowledge forward, you know, bubble it up. So putting together training classes around, you know, what the current immediate effect of the hurricane is, the reinspection periods, the the contracts who may be canceled now through force majeure clauses, like, you know, people who lose their job because the business no longer exists. And what does that mean for the potential closing on a property? So we've got that piece to deal with now, which we're gonna be getting on the educational calendar here this week. And then beyond that, what does phase two look like, which really is that kind of rebuilding the aftermath of the storm. Right? And so understanding how do we navigate really these three phases. Right? Phase one is, let's let's make sure our people are okay. Right? Like, again, loss of life, comfort, you know, I I gotta tell you, one of our agents posted I may tear up telling this story. One of our agents posted about insulin, for type one diabetics in our Facebook group, and I am gonna tear up. My mom was a type one diabetic. And I remember as a kid, that was my biggest fear when hurricanes would come through is if we lost power, her insulin would go bad and she would, you know, she wouldn't be able to survive that. Because, what, thirty five years ago, we didn't have portable refrigerators and all this stuff that we have today. And so I remember, Sarah yeah. Sarah Glassman, I I loved your compassion there. It's such an impactful thing. And, again, it hit me in a special way because as a kid, single mom with type one diabetes, like, again, that literally was my biggest fear when a hurricane came through. It was like, let's get all the ice packs frozen and ready and get the coolers ready because if we go three, four days without power and her insulin gets hot and Mhmm. Then she doesn't, you know, that's it. Like, that's that her life depended on it. So again, I just the way that our LPT family has come together means a ton to me. And so, again, that that's phase one is we gotta take care of each other. And, you know, we're we'd already started those efforts and and getting supplies moved up into impacted areas. Our hubs, have all come together to collect, and now we're we're moving those supplies in multiple directions now where we're still continuing to send them up into the Carolinas and and Tennessee and places in Tampa. And now there's other parts of Florida that are impacted, West Palm Beach. So, one, our relief efforts, checking on our people, making sure that we're okay as a family. That's one. Then two is dealing with the impact on our business and our clients because real estate transactions are going to be affected. And then three, how do we come out the other side of this because there is going to be shifts in real estate. There's again, there's gonna be people that say, I'm leaving. Other people saying, I'm coming in to rebuild. And so we really wanna be here to help our LPT family navigate all three of those phases of this. And so that's again, again, we try to be transparent with you guys, share kinda where we are thinking about, you know, our role in this. We've just dealt with this disaster. I'd say all in all, we saw very few hiccups. You know, I I put a picture on social media. Our print shop crew showed up, you know, bright and early after the storm. You know, there were a little bit of puddles on the floor and stuff, but they got it cleaned up. We put some dehumidifiers in there, and they got right back to work because it's important to them. You know, once they knew their families were safe and their properties were secure, the next thing on their mind was we need to make sure our agents have the marketing collateral they need to do what they need to do for their clients. So, you know, they were there bright and early Thursday morning, you know, after the storm had barely cleared. Again, getting things running there. Operationally, I think we had very few hiccups. You know? Most of our our team is is distributed. We had some folks lose power, but for the most part, support, payment, commission concierge, DA, everything continued to run. We're a little behind on some projects. There were some LPT plus hiccups with, you know, the SmartZip lead. SmartZip is in Sarasota. We were on the phone with their CEO as the storm was, like, incoming to them. So a couple of impacted things. More on our, like, future projects, like getting Connect two point o wrapped up and launched. That's maybe gonna be delayed delayed a week or two now because of the storms. We've had some delays with LPT plus that, you know, we're making right by making up any missing leads or whatever. But all in all, the core business, I think, functioned very well. You know, we saw almost no hiccups in getting getting you all paid, getting you access to the technology and support you need, which is important. And then from there, the print shop was down for one day, and then they were right back at it crushing it. And then the third one is just some of our kinda bigger scope projects that that take the lowest priority and are gonna be delayed a little bit as we recover from the storm. You know, Shelley, I love your hashtag there, OPT strong. We've talked a lot about that. You know, I put it on one of my posts. We've had a lot of conversations, right, about what what is the charitable arm of LPT gonna look like, and it's something that's really important to me. It's it's very important to Matt Levy. You know, he came from, you know, that that world at Special Olympics. It's where him and I first met. I know a lot of you know that story. And and we've played around with, you know, different titles. You know, is it LPT cares? Is it LPT gives? And and I really feel very drawn to this idea of LPT strong because giving makes us stronger. You know, being able to receive in times of need makes us stronger. And so I I think that that's where we're gonna land is that our our charitable arm is going to be LPT strong, because I think that really is what it's all about. And, again, there is there is strength in the act of giving. There is strength created in the act of receiving. There is strength in being that that beacon for our communities and being that company. And and one of the really exciting things about you know, we talk a lot about the future of real estate. And in this idea that we're a single company, you know, marching toward hundred thousand plus agents, you know, being in fifty states and multiple countries and all of these things, when you can put all of that together and tackle a cause, you know, tackle a problem, that is strength. Yep. And this is the strength that the legacy franchise companies don't have. Because while the franchises can kinda try to aim at something together, you still each franchise is independently owned and operated. Right? We all see that at the bottom of their their marketing collateral, you know. And when each franchise is independently owned and operated, there's only so much you can really do to pull altogether. And so one of the exciting things about this idea of single entity cloud brokerage, like like LPT, is is this ability for us to all road together. And so, you you know, to me, LPT strong. Like, it is the exact exemplification of, I think, of what we are and what we will be in these times of need. And so, you know, we are are moving forward with that. Through these disasters, we are not in a position to take cash because we have not formed that entity yet, but we're gonna be putting together the LPT Strong, charity and getting it licensed. You know, the the proper registrations or license I guess it's not licensing, but registration with the IRS, you know, so the donations can be charitable and everything. But but that's where we've landed, LPT Strong, because I think that just is exactly who we are and what we are doing when we come together and seeing the way that that our we've already come together through these last couple of disasters and emergencies. It is about our strength. It is about LPT strong. Yeah. I love it, man. I love it. And, you know, again, there's so many people who are impacted right now who may not even be with us today, who don't have the ability to maybe they don't have power or Internet. They're just at a place where they can't be attending. So, definitely, our our our hearts and prayers still go out to them, and we will continue to send communication so that, they know that they have support through us. But I love LPT Strong. I love kinda what that stands for and, you know, thinking about the story of how it impacts you from a childhood perspective to what people could be going through today and what that whole thing is like is it's it's incredible, man. So I love that you are focusing that effort to do something positive and and impact, you know, people, which is where it starts. Right? We're in a relationship business, but we start with taking care of our entrepreneurs first, and then we serve our communities. And so this is a great way. We talked about this on Real Estate First Friday a bit with what type of messaging works best right now in that in this environment. And we kinda said, hey. Being a resource for people who don't know how to navigate this, maybe it's through insurance claims or like you said, they wanna move out of the area because this is just too much for them, and now they are gonna have to to work with a property that's either has an insurance claims or damage some scenario that they are not used to. And so we talked about being a resource for those people right now. It's probably one of the best things. Is there anything additional that you can add in that environment to say, hey. I wanna go out there. I wanna help and I wanna be impactful. But if someone comes to me with a question or now they have a real estate need through this environment, then what's the best way to interact with that person? Yeah. Like, I think that's exactly what we're gonna see. I mean, a lot of a lot of the damage is is property related. You know what I mean? Obviously, any damage life related, like, that that's a different that's a totally different level of loss. And and, thankfully, you know, I I think through Milton, there wasn't a ton of loss of life. I mean, you know, I know there's obviously, any amount of loss of life is too much. But, it seems like really is more property damage from what came through in this last I think people followed evacuation orders. I got if anything, I think in a way, Helene did did Florida, not a favor, but they prepared. Right? Like, people took Milton much more seriously because of the the devastation that Helene caused. And so I think more people took you know, they they heeded the evacuations. They got out of the areas, and that's that's number one. Right? We wanna protect life among us amongst us. We can rebuild. We can buy back houses. We can do all those things, but, you know, the life cannot be replaced. And so I think we ended up kind of in a better position because people took those evacuation orders and things more seriously. But now it very much is about property damage and how and that's that is our world. That is what we live in. And so I think any amount of resource you can be, and I think this idea of of, you know, giving coming from that side of abundance, you know, being a go giver, getting out in your communities and offering yourself as a resource, I think we all know that ultimately that that that does create opportunity. You know? I think I think we don't go out with that in mind. We don't lead with that. It's not like, well, hey. I'm gonna go help ten people and hope I get a listing. But I think it's very much like, I know that by doing the right thing and by going out there and being a resource for folks in my community and sharing my expertise and sharing my insight that that that we are always rewarded for that. And I think that is the one of the things that people who are very successful in this business completely understand is, you know, you don't have to have an expectation of reward. It just naturally comes, you know, because of again, we're in a specialized business. People are very willing to do business with those who help them. And so I think this is a time where our communities need us because people do have a lot of questions. I have insurance claims. I have, you know, I have this house. Do I sell it? Do I get a cash offer on it? Do I list it? Is anyone buying in my area? Right? Are are there gonna be people who come and try to take advantage of us because they think they're gonna be able to take our houses for pennies on the dollar? And is that something we, as a LPTA, need to protect from? Or is that the right move for them? Right? Is it like, hey. Unfortunately, right now, because the area is so decimated, that pennies on the dollar offer is the best thing you're gonna get because there are no natural sales happening right now. This is where our market expertise and our knowledge, and our compassion and and everything that we offer. And, again, why why our industry isn't going anywhere? Why, you know, why they've been trying to get rid of us since two thousand four and, you know, and even beyond before that? And it just continues to not happen. And so, you know, again, we're we're here. We are looking at ways to provide, again, more more resource, more guidance from an educational level. Obviously, we wanna do more for the communities. That's an important thing to me and all of us. And from there, we just, you know, we just we we persevere. We we we went together. We come through this stronger. And that that is the one thing. And, again, this is where LPT Strong is so fitting. We will come out the other side of this stronger than before. We've seen that from every community who has been through any type of disaster like this. The way that people come together, the way that neighbors take care of neighbors, the way that things like political discourse and all of a sudden don't matter anymore. It's like, hey. We're here to help each other get through this. Our community bonds become stronger. Yep. The the rebuilt houses are stronger than the original houses. Like, all of these things are just a natural effect. And and we see, you know, Southwest Florida was hit by a hurricane very early when we launched LPT. And I remember, you know, we we sent truckloads of goods down and water and stuff to help support our agents and communities down there, and that market has come back even stronger. And so we we have proven that we are resilient. We're we're resilient as a species. We're resilient as communities. We're resilient as an industry, and I think all of that comes together in the face of these natural disasters. That's right. Alright. Well, let's, let's turn to the next topic, which is talking about kind of this microenvironment. I know you had previously talked a little bit about we're back at a three month high. It seemed like a couple of months ago or a couple of weeks ago when we had that fifty basis point cut, interest rates started to go in the right direction. In anticipation of it doing that, interest rates dropped. We are now seeing a reversal of that, and so interest rates are going back up. And I know there's still talks about the interest you know, another another cut here in the in the near term. But kinda walk us through maybe what's happening behind the scenes. I know this is super complicated to kind of talk through, but give us the best version of a layman's term that you have, to to walk us through what's happening. Yeah. I mean, it really is, I would say, shocking. You know, like, for the for the Fed, you know, for the Fed to cut for the first time in four years, for us to get the fifty basis point cut, you know, I I kinda felt like that was gonna rates were gonna go up a little bit, not go down more. It was already baked in, like but then I think what really changed the narrative is we saw the stronger jobs report. So, you know, September created more jobs than were expected, and and that's a reason for the Fed to stop cutting. I think I think that's really the fear is people are now hedging against the idea the Fed is not going to cut as aggressively. Okay. And and so I think some of it was I think I think a lot of experts had baked in or kind of forecast, like, a hundred and twenty five basis points worth of Fed cuts. Well, now if we only get fifty more basis points where the Fed cuts or twenty five more basis or basis points where the Fed cuts, we're not hitting that original projection. Okay. And so what happens is mortgage rates are not tied to what the Fed does. They are loosely, but it's more the people who are trading mortgage backed securities and trading ten year futures and ten year treasuries. They're guessing what the Fed is going to do, and their guesses are what actually drive mortgage rates and the ten year treasury. Gotcha. And so the people guessing are now taking a different posture. And so we're gonna need clarity. Like, the Fed's gonna have to come back out. And so we need a couple different things. One, we need some bad economic news. Right? We need we need less hiring. You know, and and look. We we have an election on the horizon. There's just a there's a lot of uncertainty right now. And so I think we're I don't know. Three weeks ago, all that uncertainty was very much aimed at low rates, and now that uncertainty is aimed more at, well, maybe it's gonna be more of the same. You know? And so this is what we're trying to navigate. And, again, the worst thing for us, right, is that, the what we what we wanted to have happen happen. The news media picked it up. The news meeting talked about the fifty bib bibs cut. We saw some homebuyers come out of the Woodworks. And now here we are having to explain to those homebuyers why, well, yeah, the Fed cut raised fifty bibs, but rates are actually now back to where they were in July, which was not great, you know, and and that's I think that's the difficult conversation that we now have to be prepared to have, you know. So, two things. One, it this is a a real reason to have that sense of urgency. Right? Because we even talked about this. Like, hey. We don't know how long this is gonna last. This is a great way to create that sense of urgency for someone who has been looking for a home. Hey. Let's go ahead and make this opportunity happen for you now because we don't know how long this step is gonna gonna work, and maybe that messaging still works going forward. But, it sounds like, hey, man. We we created more jobs, like, isn't that a positive for the for the economy? Right? But that's not necessarily positive in this sense. Right? Because I guess they're saying the the the macro the the macroeconomic environment is too strong, and so we don't need to cut rates because things are going well for us. And so that is does that how we think about it? Or, like Yeah. I mean, the general economic theory is that when you cut rates, you improve the like, you're going to improve the economy. Okay. Or it's weakening until you have to prop it up or Yeah. That's that's the opposite. Right? It's like, yeah, you're the economy is getting weaker, so we need to strengthen it by cutting. Okay. And then if the economy is overheating, which is what we saw, you know, what, two years ago when the Fed got really aggressive with increases February of twenty two, a little over two years ago at this point, the Fed you know, things were too hot. Inflation was getting too hot. Like, hiring was completely too hot. And so this is the lever the Fed has to pull. Okay. And so if, you know, the thought was that the economy was cooling. We'd had a couple of jobs report, a couple of downward revisions of previous jobs reports. Inflation was back at the two percent target because the Fed has this dual mandate where they have to worry about inflation and jobs. Okay. Well, if inflation is completely under control, now it's back to just being about jobs. K. If inflation's out of control, inflation seems to be the one they will get more worked up about. And so if the idea is, like, inflation's under control, we still have strong jobs or weakening jobs, then it's time to start cutting. Because on the flip side, it's like, well, if inflation's in check and we have full employment, why are we cut why cut rates? Just leave it like it is. Like, don't don't mess with it. It's not broken. And, you know, we need it to be a little broken to get rates back down to help our industry. Gotcha. And so our interests are not necessarily aligned with with everyone else. Right? I mean, you know, the like, and not that we wish for people to lose their jobs or we wish for, you know, deflation is bad too because now our currency is less valuable, but these are the things that need to happen for mortgage rates to come down to help alleviate some of the lock in effects. Remember, I'm less concerned about the buyers. I'm more concerned about the people who won't sell because of high rates. Right. Because we need more inventory. We need more people to sell. It's gotten a little better, but we need more people to sell. And so the people who won't sell because they're saying, well, I'm not giving up my two and a half for a six and a half, they'll probably give up their two and a half for a four nine nine, you know, maybe even a five and a quarter. And that's that's really the dynamic that because in a lot of ways, the lack of inventory is driving home prices even higher, which is making inflation worse. So it's I mean, the Fed's in a tricky situation. I I guess and while that's a lot of complicated stuff, the bottom line for us is, yes, client. I know that the news and everyone told you the Fed cut rates. And now I understand that whatever rate the mortgage broker quoted you then is now worse, and we have to be there to help them understand that. And it it really is about these bigger economic factors. And in this case, it is hot jobs report, inflation not dropping as much as people think the Fed had hoped, and the Fed hasn't really come out and said we're okay with it or we're not. And so it's very much a back to a wait and see. Alright. I got one last question for you around this environment. So what about for for people who say, hey. Listen. It still makes more sense for me to rent than it does to purchase in this high interest rate environment. Like, what is the thought process there? Is there a window of time that we can say, hey. Over the course of x period of time, it still makes more sense to be purchasing versus looking at renting? Or what is kind of, like, the combat to that ideology of thinking that it's better to rent than it is to to purchase? Yeah. I guess from my chair, I don't I don't see that as much being the barrier. I think it's more on the seller side. So just the inventory and lack of options? I think buyer I think, for the most part, honestly, I think buyers are kinda somewhat okay with not okay with the rates, but, like, buyers have kinda gotten to the idea of, like, hey. I missed the two and a half. That's probably never coming back. It it becomes about affordability. Like, literally, can I afford the payment? Like, can I even get approved? Gotcha. And that's one of the issues. Because the higher rates are, the harder it is to get approved for that mortgage to buy the house. I I don't I think most people still recognize that it would it would be better to buy than rent. But if if the bank won't approve you for the mortgage, but the landlord will let you rent, which we see happen because of that income to payment ratio, that you don't have a choice. Right. You know, I think what what we really need to break loose is those sellers. It's the sellers, who are willing to let it go. Because the other thing I'd tell you, the other thing we're seeing is because inventory is up a little bit, but I also think inventory is up with sellers who want an unreasonable price or have an unreasonable expectation. And, again, I think some of that is driven back to the rates. It's like, well, I'll walk away from my two and a half if I can get this ridiculous price. Right? Like like, they're doing some math in their head and saying, well, walking away from the two and a half is gonna cost me fifty thousand dollars over the next however many years. So let me just get an extra fifty grand on the sales price, and now I'm willing to go take that rate. Or I'll sell my house for fifty thousand more than what I think I should get for it, and I'll use that extra money to buy down the interest rate on the next house I buy. Like so I think what's happening is is this low rate lock in or this gap between the rate they will leave and the new rate they can get is driving sellers to be less reasonable about their pricing, which is now causing a little log jam between, hey. This this the inventory is up in some places, but the prices aren't necessarily where they need to be. And now add on to that this new potential dynamic of people leaving areas where homes were destroyed. Right? Like, if we have a housing inventory problem, well, we just saw a couple of hurricanes destroy a lot of housing inventory. So now you have folks who need to buy a new house. They don't have a house they can sell to someone else because it is too damaged. And so if anything, now you have pressure where inventory will get worse, and that's going to drive prices even higher. I mean, I I don't I I don't have the solutions. I mean, I just I mean, all I can do here is share you guys share with you guys my my perspective and and hope that helps guide you with your conversations with your clients because there is there is no solution, you know. And and the solutions that can help in one market may hurt another market. The solutions that may help our industry may hurt another industry. I think the key here is just that we continue to have open transparent conversations as a brokerage so that you have as much knowledge as possible to share with your clients because this is the most difficult financial market that we've ever seen without being a disaster. Right? Like, this isn't like two thousand eight where people are walking away from houses and giving keys back, although we're starting to see a little bit of a rise in foreclosures in certain markets. I mean, this is such it's such a, like, doctor Jekyll, mister Hyde type market going on right now in housing, but it is a it's very difficult to navigate market because of the way all of these factors have come together. Yeah. Alright. Well, we will continue to dive into this. I know that we've got some masterminds set up over the course of the next week or so where we will be making that information available for our agents to digest this information and, speak with agents who have gone through these cycles before and maybe figure out what worked with them. And is there anything that they did in a previous cycle that works today? And so I know that you talked about that being on the educational calendar within the next couple of weeks, after, of course, everyone's kind of at a place where they can absorb it. So looking forward to having further conversations around this of what in terms of what's working in the market and what we should be focused on as entrepreneurs to be most visible and, I guess, less impacted from a business perspective in this environment. So with that being said, I'll turn it over to you for final words. Yeah, guys. Just, again, we're we're going through a lot here. You know, we're dealing with an unprecedented, you know, housing market. We're dealing with unprecedented rates. We're dealing with now these natural disasters that are hitting a big part of, you know, of of the markets that we serve. I see a question here about Connect two point o. I think we're we're still targeting for the end of October. You know, with these hurricanes and all these things happening, we are delayed on some of the core technology because we again, we're gonna aim resources at making sure that your everyday business doesn't get impacted. And so in some cases, that means delaying bigger product launches. I I I'm still confident we'll get it out by the end of October, but I think we're probably a couple weeks behind. You know, we originally had targeted beginning of October. We backed it up two weeks because of the buyer broker agreement because we put all of our dev resources and all of our resources into the BBA marathon. Now I think the two weeks of hurricane may back us up another two weeks, but I think we're still gonna push really hard to get two point o launched, by the end of October. We're looking at California, last week of October, most likely at this point. Again, I'm not quite ready to commit to a hard day. I was hoping I would, but that was before the hurricane. Right. Back when you're last Monday, when I'm like, hey, California, we should have an update for you on Monday. There was you know, my bingo card did not have, like, lose lose forty days to a cat five hurricane, which I I don't even think it hit a form jet on Monday. Right? I mean, that thing came up so fast. So, again, just a lot of stuff here that we're navigating. Always try to keep you guys kinda in the know, share what we know, share what we can. So we're pushing hard. The team here is working hard, but everything everything's a couple weeks behind, you know. And from there, we're just gonna do our best to, again, make it right for LPT plus members. You know, we did like the double leads last week. I I know there's some folks now who didn't get the leads. We're gonna give you triple leads this week or whatever. Like, we're gonna make things right, you know, because SmartZip, the company that we get those prospecting leads from, is in Sarasota, you know. So they're they were I mean, they had a ton of storm surge over there. It's pretty crazy. So, again, we're we're navigating all this stuff together. We'll absolutely remain LPT strong. And I guess that's really what I wanna leave you guys with today. You know, we we can talk about the struggles. We can talk about, because they are real. Right? Like, this market, you know, I think September is gonna be, like, a three point six million annualized home sales rate, you know, probably, you know, annualized, existing home sales rate, which is abysmally low. We're dealing with rates now turning back around. We've now dealt with two natural disasters that impact a ton of our family because it's hit states where LPT is you know, we're not in California yet. Right? Like, where are we at? We're in the places that got hit really hard by these these natural disasters, but we are LPT strong, and we will stay LPT strong, and we will be LPT strong together. And I think that's really what I'll leave you guys with. And I think that the the fact that we have all found each other, the fact that we have found this platform and built this amazing company together over the last two and a half years and put ourselves in a position to be a resource and help our communities and win and succeed at the highest level in what has remained a difficult market and continues to be a difficult market. I am comforted by LPT Strong, and I know we are stronger together, and I am proud to be strong alongside each and every one of you. And so I leave you with that. Let's go show the world what LPT Strong is this week at a time when many others are suffering both in our industry and outside of our industry. So make it a great week. We'll see you next week. And, if you're on LPT Plus, I'll be on that mastermind at noon today. So we'll see you there as well. Thanks, guys.