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 if this is your first time joining us, for LBT motivational Monday, we welcome you here. If you're a faithful watcher, welcome back. We're happy to be in community with you again. Before we get started, Robert, how was your, how was your weekend? Great, man. Hung out with the girls, you know, had a great weekend at the house. You know, it's just things are good. Yeah. A little bit of downtime, and, obviously, we've been traveling a lot. We were in Miami last week. We'll be back in Miami next week, in New York. I'm meeting with investment bankers Thursday and Friday. And then, Friday night, I'm celebrating my ten year anniversary with Jill. Alright. That's pretty fantastic. We're gonna have dinner in Manhattan, around those investment banking meetings. So just a lot of lot of good stuff happening. Awesome, man. Awesome. We're happy that you're able to get some, some of that personal time in there. Sounds like an important one. Yeah. That's a big one. Yeah. It's a big one. Cool. Awesome. Alright. Well, we're gonna go ahead and jump right in. We've got some news today. I know you're super excited about today's announcements, but we're gonna start off with the state expansion and kind of the updates there. So we'll start off with California. Yeah. Real quick too. I guess we'll touch on mortgage rates because that's Oh, yeah. Mortgage rates have continued to get worse. You wanna start on the gloom side. We are now, yeah, now officially head faked by the Fed again when we were hoping we weren't. And for those of you that are using my beard to gauge what rates are doing right, so when I'm clean shaven, I mean, rates are going down. When I'm when I'm wooly, it means I don't know what's going on. And now that the beard is kinda trimmed and cleaned up, it means I'm expecting rates to stay high for some period of time. So we're gonna officially call this one a head fake once again. Yeah. Unfortunately, but look. Again, as we've talked about, guys, it just means we keep doing the work right now because when this thing rebounds, we are coiled as a company for that rebound. And when the rebound happens, all that hard work you guys are doing will absolutely pay off. And, again, less competition, more people who are not gonna stay the course, more people who are going to give up. We're all gonna stay the course here together at LPT, and it will it will happen. We will see this rebound, and we're just gonna be ready for it. But it's not gonna be this year, unfortunately, it looks like. Now, again, we could see some crazy news from the Fed, you know, or whatever. But as we sit here today, the beard is is trimmed up and, in in it for the long haul. So that's the that's the current weather vane of of where we think mortgage rates We're we're gonna have a legend. Yeah. It's just gonna be at the bottom of the motivational money, just a a beard status. That's it, man. Yeah. That's it. I saw Jim Fisher put a meme of me in the Facebook group with, like, a Gandalf beard. And it was like it's like I think you said, like, twenty twenty eight rates still haven't come down, and I'm like, I look like a wizard from The Hobbit. You know? So that was that was good. But yeah. But, anyway, so that's the doom not doom and gloom, but it's just it's the reality of where we are. Right. And, again, we will continue to push through. We're here to have the right mindset. We're here to do the work when others will not because that was what will position us to win in the future. And we have a lot of agents winning right now. You know, transaction count continues to be down. We had a really soft third quarter. We're starting to see the public companies release. Compass had their, earnings release, you know, recently, and and they were down transaction count quarter over quarter, up year over year, but down quarter over quarter. The other big brokerages are gonna be re announcing this week. But from everything we see, you know, q three was was was bad. You know? It was a bad quarter for transaction count. We got hit particularly hard across Florida because that last week of September, Tampa and mostly I four corridor was shut down with hurricane and the box, and you can't get insurance. And so just a lot going on, but we continue to press through. Yes, ma'am. And for us now, a big part of our story is expansion. You know? So we've been talking about state expansion. We held our state expansion through the busy season. You know, we didn't open new states during those busy spring and summer months because our commitment is to to you all, to have great service levels for you, to continue to fulfill our obligation and our promise to you to get those transactions processed and get you paid quickly and and be here for you all. And now that transaction count is slowing down, it's time to open a whole bunch of states. And so with that, you know, we started, onboarding our soft launch in California. So that started last Monday. We used a great new piece of technology that we're gonna talk about today, our our onboarding wizard or our intake wizard we're or no. Sorry. The onboarding or ICA wizard. I got it. I got it. We got kinda better names for all this stuff, which was the beginning of the Connect two point o rollout. We're on that road map. So with that, let's dig right into California. Perfect. We talked about the California Dreamin tour. We're gonna make that video available today. However, we had to change a couple of cities. We added a new location, changed out a location. So the link we're gonna give you today for the video will automatically update sometime later today with some of the new cities. But if we can throw that slide up, Dave, with the locations for California, and then we're gonna play that amazing video once again to get everybody hyped up. This is the new schedule, November eighteenth to the twenty second. We're gonna kick it off in San Diego on the eighteenth, Los Angeles, the nineteenth, Fresno, the twentieth, San Jose, the twenty first, and Sacramento, the twenty second. Michael Valdez and coach Bill Pipes are gonna be leading the charge out there. They did an absolutely phenomenal job on the Dash Tour in Texas, and now we're bringing that same energy to California for our California Dreaming tour. Yes. So, with that, Davey, if we can hit that California Dreaming video, get everybody in that good California mood, and then we'll put up a QR code where you can, access the video to share it yourself, and you'll be able to to register and have the registration link for anyone you know in California who wants to attend those amazing events. I see we have some California agents in the chat today, which is so cool to see. Yeah. Let's roll that clip, Davey. Kelly. The wait is finally over. The fastest growing brokerage in history is coming to California. Robert Palmer, the visionary founder, waited. He waited for the perfect moment to play his hand. And that moment is now. California, we're ready. We're coming to say hello. The California Dreaming Tour is happening November eighteenth to the twenty first. Join us in San Diego, Los Angeles, San Francisco, and Sacramento. This November, we make history once again. LPT Realty presents the California Dreamin' Tour. California. We have arrived. Awesome. Yeah. So we're gonna blow that video up all over social media. Dave, if you can throw out that slide where they can get the QR code for anybody who wants to share that. So, two QR codes on your screen right now. One is the registration link, that you can share for people that actually register to go to those events. And then on the right, we have the video. If you can go to the next slide, Dave. When you when you scan the video QR code, you're gonna go to this hosted page for Wistia. And if you click the three little dots, there's then a share where you can email it. You can post it to Facebook. You can post it to x LinkedIn. You can embed it. A Lot of great ways for you to get that content out there to help spread the hype. And, again, when we update it later today to swap out San Francisco and add the new city, the video will automatically update on the link. So sharing the link now, no big deal. It'll be it'll auto correct. With John Powell, he's in the lab right now. We had, again, those couple last minute location changes over the weekend, and he's updating that right now. So, again, amazing video. Show that LPT, that LPT spirit and get that out there because we are coming in hot to California. That's right. Again, already onboarding folks from the waiting list and the wait list. Now we're adding in, new agents will be able to onboard starting next week. And, again, it's, you know, it is the largest here's what's interesting. You can come back to me, Dave. You know, for the for the other cloud brokerages, for all of the national brokerages actually, California is their largest state by agent count. Alright? It's where the most agents are at every publicly traded national single entity brokerage from eXp to real to Compass. They all have the most agents in California by a pretty good margin. And so if you think about the fact that we grew as fast as we did without California. Right? We got to where we have where we have built and we have achieved this without the largest state in the country. And now we are coming. Now is the time. Like the video said, it's time to play that hand. It's time for LPT to come in hot and, and and dominate California the same way we have done in Florida, the same way we're doing in Texas and all the other amazing states that we're in. But California is a big deal. You know, it is a massive part of our growth story. It's a a massive part of where we're going next. You know, another big announcement today around that with the announcement of our new CFO. That's right. But, you know, opening California, getting our CFO in place, these things were all critical to where we're going as a company. So make sure you get loud. Spread the word. Help us launch California with a boom. Anyone you know there, make sure they get invited. Make sure they understand. There is massive opportunity for growth for us as a company, state of California and the other, whatever it is, twenty four states we're opening, you know, before the end of the year. But, you know, California is is the big one. It's the big one. What I love about that video is you can tell when it was shot because the beard was pretty Yeah. Pretty clean. Interesting side of McLaren. Yeah. Rates were a little lower. That's it. Yeah. Yeah. I I see some folks asking about agent count. We made a decision not to announce every thousand. Like, I think that I don't know. These other brokerages where it's, like, every thousand agents are putting out a number, I think it shifts the focus where we really need to be. We did that on the way to ten thousand. We're now gonna wait, and we're gonna announce bigger moves. You know, we're not gonna put this out, hey, where everybody's you know, we've we've added a ton of agents since we announced ten thousand. We've never announced the number. We're not going to. We're gonna wait till we hit that next big milestone because, again, we don't wanna constantly disrupt and change the focus back to that. We are real estate first. We are still growing faster than anyone else, but we don't need to shout about it every thousand agents. I think that was a tactical error maybe that got into our industry along the way. We played the game on the first ten thousand. Now we're gonna probably announce either five or ten thousand agent increments because that's what really matters, and that's really when we are growing and we are expanding. And so don't worry. We'll be out with a an agent count update soon, and it's gonna be a big one. But we're not gonna we're not gonna continue to play the game where we we put out every thousand agents along the way. Yeah. Agreed. But, things are good, man. Things are fantastic. Alright. So what do we got next, Davey? Okay. Connect two point o rollout. I this is an updated slide. So I I had an error last week. I inverted the launch dates for the agent profiles and the auto DA and intake wizard. So, originally, we had the auto DA and intake wizard going on the eleventh and agent profiles on the eighteenth. That was my error. I got them accidentally confused as we were building the slide. I got a panic call from the team afterwards like, hey. You just moved things around, so we're moving them back. So just quick update there. ICA wizard launched. It it launched in California last Monday. It is now live. I'm gonna show you screenshots of where you can go to find your individual link that will prepopulate you as someone's sponsor as you are recruiting. There's a QR code and a link you can use for that. Agent surveys go live this week. So as you start to have closings later this week, expect to get an email asking you to survey us and tell us how we did. Tell us how that compliance specialist did. Tell us how that commission concierge did. Tell us how LPT's technology did in the specific frame of that one transaction because that's how we get better. That's how we make sure that we are helping you guys one of the absolute highest level. From there, we go into agent profiles. This is some information we need to get ready for the more broader Connect two point o launch. A lot of stuff like updating your MLSs and your boards. This is information we did not collect in Connect for those of you who joined early on, some additional profile stuff for Connect two point o. Then November eighteenth is when the auto DA and intake wizard is going to go live. We're gonna have a lot of great training throughout that entire week. We're gonna be moving the intake form out of dot loop. Right? So currently, you go into dot loop. You manually fill out that intake form, and then basically someone in the DA department has to retype all that and to connect. You know, we we soft launched a version of this three or four months ago. We're now launching a a much upgraded version of it as a part of Connect two point o. That'll be going live November eighteenth. Really gonna give our agents a lot more control over the timing of getting DAs out, over how transactions are structured, teams being able to designate signers on the team who can then go through and approve those DAs, structuring the files. A lot of great flexibility coming there on November eighteenth. Then we take a breather the week of of Thanksgiving, and then we come back with our launch marathons, five live sessions a day just like we did for the BBA marathon to put the most important technology improvement of this company ever in your hands. That is Connect two point o. That is our connected community coming to life live inside of LPT Connect. Five times a day, we'll be joining you live all through those two weeks. We're launching new circles, launching new features, getting hands on with you so you understand how to drive this Ferrari that is LPT Connect two point o, and that happens, December second through the thirteenth. So a lot of really exciting stuff coming out on the horizon. And, again, this is the initial launch. There's even more features coming. As we talked about at Grand Prix last year, this is gonna be a staged rollout. This is the initial big cutover from Connect one to two. Then from there, we'll continue to add new features. The mobile app is still on the horizon. All these amazing things are coming. As we continue to build this company, it's not even three years old yet. That's right. So, big stuff there. So let's get those screenshots up, Davie. So the the, ICA wizard. So if you log in to Connect and you go to user preferences, it's the second to last tile down at the bottom. When you get in there, there's there's three things you can set. Your CRM and esign preferences. This is where you can choose between kvCORE, and, you know, Dotloop for SkySlope, kvCORE, or Lofty. There's a third button at the top now called recruiting site. And when you click on recruiting site, then you'll see you can download a QR code and copy a link that will put agents who wanna join LPT directly to your, ICA wizard with you pre prefilled in as the sponsor, your picture there. And, again, that's that's on your subdomain. So you see we've got John Colley here as our example. So he's got j colle dot l p t dot com slash onboarding. The link before it is if someone has not set up their subdomain yet, you get the the link that's just connect dot l p t dot com slash public slash ugly, lots of numbers and letters. So if you don't have the second one called subdomain, I would encourage you to put in a ticket to support and get that added because we need to establish your subdomain for your recruiting site. Most agents have it, but there are a few who do not. So the second one, is the one that uses your subdomain. And then for those of you that have a dedicated recruiting domain, it's the third one down. Again, a feature that's available to lots of agents. If you wanna learn more about that, put in a ticket to support. So this is live now. So you guys can start using your dedicated, onboarding link. No more emailing support and saying, hey. I need an ICA sent out to this this agent, and then we have to kick off the dot loop link. It's now completely automated. It it was an amazing process. We beta tested it with our California soft launch last week. Great results. We were able to onboard a ton of agents with very little human interaction, which is the point of this technology. So no more requesting ICAs. No more slowing down the process. It's really going to change the way we can grow. And, again, we've we've we've already done a thousand agents in a single month for growth. Now we could probably handle two thousand agents a month, which is gonna be important because with opening all of these new states, that's where we expect our growth to go in January, February, and March, which is when we know a lot of agents do change brokerages. So that technology is in place. Put that to good use. Yeah. Awesome, man. I'm I'm super excited about that because I know that that's something that we commit to, which is, hey. How do we continue to grow, you know, our our footprint in, the LPT good word without, you know, having any adverse effect to people who are already here? And as we have those big growth pockets, sometimes the systems can get strained. So happy we've got a nice smooth path where we can have new people come into the family and everyone here is not feeling anything at all. So a great work dev team and and Robert for leading the way. You know, a lot of feedback went into, you know, around what questions need to be asked, what information we need upfront so that someone can come inside of the LPT ecosystem with everything that they need right from the gate and have just a great experience. So so excited to see that continue to evolve for sure. It's fantastic. Alright. Alright. So now our our Big announcement. Big announcement for the day. Right, Dave? We're on to the big announcement. You got the slide ready when I call for it. Alright. So big announcement. So, you know, those of you that have been with us have heard me say this a lot. I truly believe that a cloud brokerage to be truly agent centric has to be publicly traded. You know, you look at at the the peers out there, ultimately, we have to be publicly traded because your stock needs to be tradable. Your stock needs to have liquidity. And for those of you that have been here from the very beginning, there were a couple things that I laid out that are critical to that path. And, obviously, growth and systems and all the things we've done, but the really big one, the the big thing we had to do as we commit to that process was find the right chief financial officer, the right CFO. Because what I'll tell you is trying to take a company public without a CFO who has public company experience, without a CFO who has worked for Fortune one hundred companies and Fortune five hundred companies in the past and has, you know, decades of experience in the public markets, it's it's hard to be taken seriously. Right? You know, it's it's not just as simple as saying, well, hey. We have a really smart accounting person. The public markets, to have this IPO, they want you to have that that person who has the experience and the credibility of being a CFO of big public companies. And so we knew we had to go find that person. And, look, and that's not easy to do. Right? It's a lot harder to do when you're a dream and a vision and a couple hundred agents. You know? It gets easier as you cross, you know, ten thousand agents and continue to grow and as you go nationwide and open a bunch of states. Like because, again, this person has to make a massive career decision to attach themselves to basically a start up. Right? I mean, we're we're we're a little over two years old. Like, we're a start up company. And so, you know and then from our side too, find that right perfect person who has the blend of knowledge and experience that we need. Alright? And the really interesting thing about this is there's not a lot of publicly traded companies that look like what we're going to be. Right. Okay? And and so as you think about that, like, the cloud brokerage is different. You know, you look at, like, an anywhere you know, Realogy Now Anywhere, the CFO there has a different set of responsibilities. You know, they're not looking that's really franchise. Right? So you need a CFO with, like, deep franchise experience. And so there's really a small list of people who have been the CFO of a large publicly traded cloud brokerage, And there's actually only one person who who has ever even to this day been held a position of CFO at a cloud brokerage with more than twenty five thousand agents because the only cloud brokerage today with more than twenty five thousand agents doesn't currently have a CFO since Jeff Whiteside left them last year. And so with that, let's throw up the slide and announce Jeff Whiteside joining us, as our as our new CFO. Alright. Alright. So Jeff has a amazing experience again. What was part of really taking cloud brokerage to the next level. Before Jeff, I would say the cloud brokerage space was kinda meandering and struggling. Once Jeff got there, once Michael Valdez got there, you saw cloud brokerage really start to explode and go to where we are going. Held CFO and general manager roles at General Electric. I mean, massive global company for fourteen years and, was a group financial officer for Pitney Bowes. Again, massive company, you know, Fortune one hundred companies, Fortune five hundred company, Fortune thousand company. And, again, this is the exact type of experience that we need for our story. He understands exactly what it looks like for a cloud brokerage to be publicly traded, for a cloud brokerage to go from where our agent count is today to where we're going next year and the year after that. And the most important thing is Wall Street trusts his perspective on that story. It trusts his perspective on what it takes to be a successful cloud brokerage. Because look, when we launched Hybrid Share, there were a lot of doubters. There were a lot of people saying, hey. Can this model work? You know? Can the financials of Hybrid Share work? Is this gonna do what it needs to do? And so having someone come in who has more experience than any other person on the planet with the financials of the cloud brokerage space, now being the CFO of LPT Holdings as we march on this journey, of a as a company, I couldn't be prouder. I've gotten to know Jeff. He's an amazing guy, an amazing operator. So much talent, so much skill. Him and Michael have this history together, working together. I feel like I've known him forever just in the brief amount of time. We've been working together. And so this is a massive step forward for LPT Holdings, LPT Realty, all of our family of companies as we now get on the the the final legs of this journey to get ready, for an initial public offering. And that is my commitment to all of you as a company because, again, like I said, I believe that a cloud brokerage has to be publicly traded in order to fulfill its obligations to, to its agents. And so we are we are squarely on that path. I haven't seen that many emojis in a little while. I think everyone is starting to recognize like, hey. This is this is turning into something. What what what makes me so excited about this, is that you've got an entire team of, you know, absolute experts who are focused on building this company for you as shareholders. And so that makes me so excited to see, hey. Listen. We know you guys are out there doing your thing, and we're gonna support you, but we've got another layer of support that we're bringing in right now. And that's, you know, gonna bring a lot of shareholder value. So so excited to see this higher. Absolutely. On that same thread, we've got one more great slider on this topic. We're gonna have a shareholder meeting. Alright? So this this will be available to any agent who has at least one RSU, one restricted stock unit, that has not vested yet based on production, based on attraction. We don't have the exact time yet, but we're gonna do that Monday, December sixteenth. So save the date. We're gonna have a shareholder meeting. It'll be led by myself, and Jeff and Michael, on Monday, December sixteenth in the early evening. This will be a special tile inside of Connect. Again, this is a confidential meeting. There's gonna be some disclaimers that pop up when you log in, because we're really gonna get into the nuts and bolts of kinda some of the things we are doing as a company. And I think it's important that we do bring you all in because you are the shareholders, of this company through those restricted stock units that you earn. It's the only way to be a shareholder in LPT. I still have not taken one dime of outside capital. We have no shareholders that are not either employees or agents of this company, and that was part again of my commitment. So anyone who has an RSU restricted stock unit in LPT Holdings, which is what you earn through production and through attraction, will be able to log in to that shareholder meeting through a a tab in connect. And, again, excited to do that. Excited to have Jeff, lead that meeting and be a part of those conversations. So, again, things things are big. You know, we've got a lot of great stuff planned. You know, we're we're launching all these other states. We've got Aperture on the horizon. All of these things are a big part of who we are and how we will be viewed by the capital markets as we continue to grow and scale this company. So big, big day here in the journey, of LPT Holdings and LPT Holdings. Still going. Yeah. It's so funny. It's so good. I Your, your restricted stock units are inside of LPT Connect. There's a tab called performance awards, and that's where you can see all of your RSUs. It's right there inside of the Connect. There's a great dashboard, shows everything that's been earned, why it was earned, everything's managed right there inside of of Connect. That's right. Okay. Well, we are just about at time. Excited to, to share the news, this week. But as we are thinking about going into this week, we know that we've got some, you know, an election happening this week and ton of just news kinda at the the macro headlines. What should we be thinking about as we're going into November and Then I I guess there's one thing too I wanna say about about about the IPO and kind of this process. There is a window of time. Once we get into a certain window of time close to the IPO, we can't talk about the IPO anymore. Alright? So right now, we're in a window where we can still talk about it. We can share things. You know, early next year, we're gonna go into a window of time where, you know, it's this quiet period, basically, until we actually have the IPO, have the roadshow. And so right now, we're far enough out that we can have the conversations. We can tell you things that are happening. We can have that shareholder meeting. But I want everybody to understand this process because as we do get into the beginning of next year, there's a window where we have to stop talking about the IPO, and that includes a lot of you as agents too. Like, these are some of the things we're gonna discuss in that shareholder meeting. There's a window of time, where you can be considered gun jumping by the SEC. You know, there there's this whole process. And so, you know, right now, because we are, you know, I'd say about a year out, you know, that's kinda when they want you to change how you're talking about things is as you get inside of that year between the six month and year mark, I think, is when from our the advice we've gotten from council where that that language really has to change, the way we talk about it publicly has to change. So, again, right now, we're in a position where we can talk about it. We can get things in place like our CFO. We can be very transparent about about our plans and what's happening. But, again, there's gonna be this window of time between six months and and a year where we have to shift. And we're we'll again, we'll let you guys know we're in that window when things have to change, but just understand that's that's how this process works. That's how the the the final stages of going public work for a company. You know, there there's what's called an organizational meeting, which is where we officially sit down with the investment bankers, with the lawyers and everyone. And then from there, obviously, there's there's finalizing audits. There's planning the roadshow. There's getting the there's getting the financials reviewed and finally approved for the the quarter that you're gonna use for kind of the final the final story. And in our industry, I can tell you that q two is a great quarter to do that based on. Right? We know that q two is when, we see kind of the all the work we've done now. Right? So all of the agents we're onboarding in new states, all of the hard work we've been doing really starts to pay off in that April, May, June period of next year. So that's a great set of financials for a company to then have reviewed to use on their roadshow. So, again, that that's how we're thinking about the future. And, again, right now, we can we can talk about this, but we are gonna hit a window of time where we have to stop talking about the IPO because the SEC has rules around this concept of gun jumping. And, again, we're we're on a really exciting journey here, and and it's it's gonna be a one of a kind event, you know, if you think about the size we are. So if you look at the other cloud brokerages, you know, they both IPOed with, like, a thousand agents. And they did it on, like, what was called the pink sheets and, you know, what with the Canadian exchange. I see. And by us waiting until we have, you know, twenty times that agent count to go through this process, we're gonna be looked at at a much different way. We're able to have conversations with a much different level of investment banking firm, and there's all kind of benefits of that because when you when you do have your investment banking firm, it takes you public, their analysts are now with you for life. And there's there's this kinda, like, joke of, like, you you date the banker and you marry the analyst. And and one of the things is that the other cloud brokerages don't have those tier one analysts covering their stock because they didn't have the big IPO because they went too early. And so, again, just a lot of exciting stuff. We've been very strategic about how we think about who we are as a company, about how we think about our future prospects. But today, the big news is Jeff Whiteside coming on with that public company pedigree, with that public company experience to help guide us through the next leg of the race, and I couldn't be prouder of what we're all building here together. Alright. Final words. I think those were the final words, man. Everybody everybody go make it a great week. I'm so proud of each and every one of you guys. Keep doing what you do. Keep putting in the hard work. Again, the market has not turned the way we thought it was. We're continuing to face these headwinds, but you can push through. You can win. You can persevere. You prove that each and every day. Keep doing the work. Keep using those power packs. Keep using those prospecting packs. Keep keep getting those LPT plus meetings. Keep doing all the right things because when the market does turn, LPT is already unstoppable. We're gonna take it to a whole new level. Make it a great week. We'll see you back here next Monday. Fantastic.