Real Estate Roadmap

In this week's episode of Real Estate Roadmap, we discuss the following:(1) The Fed decided to keep its benchmark rate unchanged for now. The inflation rate is still coming down, the unemployment rate is still low even though it is inching up, and GDP growth has been steady. When asked whether or not rate cuts might be on the horizon, Jerome Powell's response was that they were still not convinced that their monetary policy is sufficiently restrictive to bring inflation down to their 2% target over time.(2) Mortgage rates, which had previously been flirting with 8%, took a decent tumble on the heels of the Fed's press conference, now hovering in the 7.4% range.(3) The U.S. housing market is on pace to finish 2023 with around 4.1 million home sales, which would be fewer transactions than 2008. There were over 6 million sales in 2021, so this would represent about a 30% decline in transactions over the last two years. However, there are early indicators that we may have hit bottom, and 2024 could bring more transactions as long as mortgage rates don't derail a recovery. Currently, we're seeing a more shallow seasonal decline in the number of weekly new listings and pending contracts than this time last year, which is encouraging news.(4) A new lawsuit was filed last week, seeking class-action status, this time brought by a group of homebuyers. The claims are similar to the other lawsuits in the headlines, alleging collusion between NAR and a handful of national franchise brokerages. However, these plaintiffs are claiming that inflated buyer broker commissions damaged them by causing home prices to be inflated.(5) WeWork, a commercial real estate company focused on shared coworking space, filed for Chapter 11 bankruptcy. Previously valued as high as $47 Billion in 2019, last week's the company's market cap had slid all the way down to $45 Million. The stock price has cratered over 98% just since the beginning of this year.- - - - -Check us out on YouTube!Real Estate Roadmap is hosted by Michael Smith, CEO of Bluefield, LLC.ⓒ Copyright 2023 Bluefield Media, LLC

In this week's episode of Real Estate Roadmap we discuss the verdict of the Sizter / Burnett class action lawsuit, Zillow Group's plans to acquire Follow Up Boss, and NAR CEO Bob Goldberg's decision to retire early.- - - - -Check us out on YouTube!Real Estate Roadmap is hosted by Michael Smith, CEO of Bluefield, LLC.ⓒ Copyright 2023 Bluefield Media, LLC

We're excited to announce the re-branding of "Scaling From Scratch" to "Real Estate Roadmap" - The new show will be tailored specifically for real estate professionals, to help them stay informed about what's going on in the industry, and to provide actionable advice so they can thrive regardless of the market conditions!- - - - -Check us out on YouTube!Real Estate Roadmap is hosted by Michael Smith, CEO of Bluefield, LLC.ⓒ Copyright 2023 Bluefield Media, LLC

This week's episode is the second half of Michael's conversation with Laurie Hughes, who has been the #1 top-producing agent at Bluefield Realty Group for the last several years.- - - - -Check us out on YouTube!Real Estate Roadmap is hosted by Michael Smith, CEO of Bluefield, LLC.ⓒ Copyright 2023 Bluefield Media, LLC

Have you ever met an incredibly talented salesperson and wished that you had been born with that same natural ability? While some people may be more predisposed to sales than others, the truth is that becoming a highly skilled and successful salesperson is possible for anyone. In this episode Michael sits down with Laurie Hughes, who has been the #1 top-producing agent at Bluefield Realty Group for the last several years in a row, to discuss how the philosophies and techniques that have shaped her award-winning sales career.- - - - -Check us out on YouTube!Real Estate Roadmap is hosted by Michael Smith, CEO of Bluefield, LLC.ⓒ Copyright 2023 Bluefield Media, LLC

Why do most small businesses struggle to grow? Oftentimes, it's because they aren't consistently focused on implementing a specific marketing or prospecting strategy. Many entrepreneurs suffer from "shiny object syndrome" and bounce around from idea to idea without getting really good at executing any one strategy or giving anything enough time to produce results. In this episode, Michael sits down with Lamont Abercrombie to discuss how to grow a business by investing either time or money.- - - - -Check us out on YouTube!Real Estate Roadmap is hosted by Michael Smith, CEO of Bluefield, LLC.ⓒ Copyright 2023 Bluefield Media, LLC

We've all experienced a meeting that was a complete waste of time... Maybe it didn't start or end when it was supposed to, maybe there wasn't a clear agenda or purpose for the meeting, or maybe there were no actual decisions made or "next steps" outlined. In this episode, Michael and Kelley discuss the four main types of meetings and how to run them more effectively.- - - - -Check us out on YouTube!Real Estate Roadmap is hosted by Michael Smith, CEO of Bluefield, LLC.ⓒ Copyright 2023 Bluefield Media, LLC

If you're setting big enough goals, then inevitably you're going to fall short from time to time. Whenever you don't reach a goal, it's important to reflect on why. In this episode, Michael and Travis discuss the importance of conducting an "autopsy," and dig into a real-world example of the factors that led to Bluefield falling short of its goal for 2022, and how the company is going to pivot in 2023 to compensate for market conditions.- - - - -Check us out on YouTube!Real Estate Roadmap is hosted by Michael Smith, CEO of Bluefield, LLC.ⓒ Copyright 2023 Bluefield Media, LLC

Does your business have systems in place to ensure that potential customers are moved through the sales funnel in an intentional and consistent way? In this episode, Michael and Jake discuss how to systematize your sales process, the importance of using a CRM, making sure all of your leads have a "stage" and "source," and how frequently you should be following up with prospects based on their motivation and timeframe to transact.- - - - -Check us out on YouTube!Real Estate Roadmap is hosted by Michael Smith, CEO of Bluefield, LLC.ⓒ Copyright 2023 Bluefield Media, LLC

What type of experience do your new team members have when they're being onboarded into your organization? Is it disorganized chaos, or do you have a consistent and systematic approach?In this episode, Michael and Travis discuss how the onboarding and training systems at Bluefield have evolved over the years, and share some tips for getting new people up and running quicker.- - - - -Check us out on YouTube!Real Estate Roadmap is hosted by Michael Smith, CEO of Bluefield, LLC.ⓒ Copyright 2023 Bluefield Media, LLC

Do you have a consistent, systematic approach to hiring new team members? In this week's episode, Michael and Kelley discuss how to streamline and systematize your recruiting efforts in order to get the best results.Topics include creating a great job post, the importance of resumes and personality assessments, conducting phone interviews, holding multiple rounds of in-person interviews, and ultimately making your selection from a list of finalists.- - - - -Check us out on YouTube!Real Estate Roadmap is hosted by Michael Smith, CEO of Bluefield, LLC.ⓒ Copyright 2023 Bluefield Media, LLC

Hiring your first employee can be an incredibly overwhelming and intimidating step to take, but there's only so much you can do on your own - In order to truly begin to scale, you need to start building an organization. In this episode, Michael sat down with Charlie Harrison, the first employee to join Bluefield in 2017. They discuss overcoming fears, how to know when it's time to hire, and some things to think through when deciding which role to fill first.- - - - -Check us out on YouTube!Real Estate Roadmap is hosted by Michael Smith, CEO of Bluefield, LLC.ⓒ Copyright 2023 Bluefield Media, LLC

Are you making the most of the products and services that your business offers? In this week's episode, Michael and Kelley discuss how to grow revenue by taking an intentional approach to optimizing the "menu" of items available to your customers.Topics covered include launching a "minimum viable product," clarifying your value proposition, positioning your product or service as the solution to a particular problem, allowing your customers to choose between multiple options, the power of subscriptions and recurring monthly revenue, offering complimentary products and services that your existing customers will find valuable, and creating up-sell opportunities with stepping-stone products.- - - - -Check us out on YouTube!Real Estate Roadmap is hosted by Michael Smith, CEO of Bluefield, LLC.ⓒ Copyright 2023 Bluefield Media, LLC

In this episode, Michael and Jake discuss how to set SMART goals, some common mistakes that people make when goal-setting, and how to implement a framework for putting your goals into action.- - - - -Check us out on YouTube!Real Estate Roadmap is hosted by Michael Smith, CEO of Bluefield, LLC.ⓒ Copyright 2023 Bluefield Media, LLC

In this episode, Michael and Travis discuss working smarter AND harder in order to take your business to the next level, the importance of accountability, and adjusting your "internal thermostat."- - - - -Check us out on YouTube!Real Estate Roadmap is hosted by Michael Smith, CEO of Bluefield, LLC.ⓒ Copyright 2023 Bluefield Media, LLC

To kick off the Scaling From Scratch Podcast, Michael and Kelley discuss why it's so important to know your WHY when starting and growing a business.- - - - -Check us out on YouTube!Real Estate Roadmap is hosted by Michael Smith, CEO of Bluefield, LLC.ⓒ Copyright 2023 Bluefield Media, LLC