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Metaverse Explained For Real Estate Agents | Real Estate Coaching (4) Feb 01, 2022

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Today's podcast is part 4 of 4 (maybe 5) podcasts about the Metaverse and what it really means to the real estate industry, real estate agents, and our future.

8 - Can you own part of the Metaverse (like real estate)?

Yes. In fact, virtual metaverse-based 'land' is selling now. Remember, these are the early days.

Gambling on virtual land in a virtual world could leave you with virtually nothing. Please remember the legend about the man who was selling the Brooklyn Bridge. Legend claimed that he sold it at least twice a week. He did sell it several times including at least once for $50,000! The new owner would discover he was the victim of a con when the New York police officers would stop the “new owners” from setting up toll booths in the middle of the bridge. That said, people are indeed using real money to buy 'land' in the metaverse. After the dust settles, there will be real transactions happening with real money being transferred for virtual land in which to build virtual buildings.

From CNBC:

Sales of real estate in the metaverse topped $500 million last year and could double this year, according to investors and analytics firms.

Real estate sales on the four major metaverse platforms reached $501 million in 2021, according to MetaMetric Solutions. Sales in January topped $85 million, the metaverse data provider said. It projects that at this pace sales could reach nearly $1 billion this year.

Republic Realm paid a record $4.3 million for land in the largest metaverse real estate platform, Sandbox. The company is developing 100 islands, called Fantasy Islands, with their own villas and a related market of boats and jet skis. Ninety of the islands sold in the in the first day for $15,000 each and some are now listed for resale for more than $100,000.

For investors, the big question is how to assign value and risk to an asset whose scarcity is artificial and whose future is a blank slate. Over a dozen platforms are now selling real estate in the metaverse, with new ones sprouting up almost weekly. So far, real estate sales have been concentrated on the “Big Four” — Sandbox, Decentraland, Cryptovoxels and Somnium. There are a total of 268,645 parcels on the four platforms, all of varying sizes.

Does location matter?

A rush of companies, major brands and investors are pouring into the new land craze, hoping to get in on the ground floor of the next digital Manhattan or Monaco. Yorio said land value in the metaverse will be determined by what owners do with a property — like designing a popular attraction, museum or feature —rather than location.

“You can teleport anywhere so location isn’t as important,” she said.

Yet other investors say that just like in the real world, location in the metaverse is everything when it comes to real estate. Prices for parcels near Snoop Dogg’s planned partnership and virtual world in Sandbox are fetching a premium, along with parcels near the Atari development.

(You think you had appraisal problems before!)

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Metaverse Explained For Real Estate Agents | Real Estate Coaching (3) Jan 31, 2022

Show notes

Today's podcast is part 3 of 4 (maybe 5) podcasts about the Metaverse and what it really means to the real estate industry, real estate agents, and our future.

6 - Is the metaverse a big video game that you "play' using a Virtual Reality headset, (like Oculus)? How will people physically engage and interact within the Metaverse?

Remember AOL, download speeds that were measured in days, and 'you got mail'? How quaint those olden times were...and yet, that was less than 20 years ago. The metaverse could be the most significant change to humanity since humans created the wheel.

Get ready...

Within the next 24 months or less there will be at least 1 company selling full-body haptic suits. (There are other competing technologies as well, force feedback versus haptic etc.) These look very similar to a wetsuit a diver or surfer would wear.

The company leading the pack on this emerging technology is called TelsaSuit (no relation to Tesla Automotive). Combining the TeslaSuit with next-generation Virtual Reality headgear will create an experience that is 90% similar to real life. For example, you will feel when someone touches you. You will feel the wind blowing. The virtual reality headgear and full-body haptic suits will be so immersive that many people over time will prefer to be in the metaverse over their real lives. Science fiction meets reality.

It's not all doom and gloom. Matter of fact, this technology could actually advance humanity at a faster pace. If you want to know what it feels like to go on a walk-in central park or walk up the Eiffel Tower, you can do that and never leave your home.

Consider this, the new full-body suits can simulate the actual effort required for physical activity. In other words, walking up the Eiffel Tower will feel like you are actually walking up the Eiffel Tower. How will this affect education, socialization, business meetings?

Maybe you want to speak to Heraclitus (c. 535-475 BCE) about his quote: “There is nothing permanent except change.” for a paper you are writing...well, you can. Imagine getting quotes from the AI version of the most significant people to have ever lived.

Side note: We know what you are thinking. yes, of course, the adult industry is going to lead the way for this technology...porn and other vices are often leading the way in new technology. When the internet entered the consumer markets in the US what were the first websites? Yep, porn. First Porn sites were live in late 1997.

7 - Is the Metaverse going to follow the same laws, rules, and guidelines as the physical world?

Not yet. Bad behavior in the metaverse can be more severe than today's online harassment and bullying. Unwanted touches in the digital world can be made to feel real and the sensory experience is heightened. Of course, that means you can hire a virtual Navy Seal to beat the virtual snot out of your virtual bully....

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Metaverse Explained For Real Estate Agents | Real Estate Coaching (2) Jan 28, 2022

Show notes

Today's podcast is part 2 of 4 (maybe 5) podcasts about the Metaverse and what it really means to the real estate industry, real estate agents, and our future. 3 - Is the metaverse 'real'?

It's a simulation where you appear as a cartoon-like avatar of yourself. However, over the next few years technology will move past people appearing as avatars to 1:1 simulations. Looking at a person in the metaverse will be almost the same as they appear offline. When 'plugged into' the metaverse things will look and feel very much like real life. Very soon it's reasonable to assume that some people will prefer to spend their lives in the metaverse vs real life.

4 - How many metaverses are there?

It appears that there are many, but over time, there will be fewer as the market decides which metaverses are the winners. Facebook is spending $10 billion dollars per year on developing its version of the Metaverse. Virbella (owned by EXPI the holding company that also owns EXP Realty, already has a fully functional Metaverse called EXP World).

Top 5 Metaverses as of today:

1) Decentraland

2) Sandbox

3) Axie Infinity

4) Cryptovoxels

5) Starltoken

5 - If there are many metaverses will my avatar be able to go from one metaverse to another?

It's likely that the different emerging metaverses will allow you to have one avatar that works on different metaverse platforms. Conceptually this would be like going from one country to another and only having to show your passport before entry versus having to become an entirely different 'person'. Your Avatar can look like you really look or an idealized version of you. Expect companies to emerge that will specialize in high-end avatar renderings.

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Real Estate Training | Metaverse Explained For Real Estate Agents (1) Jan 27, 2022

Show notes

Today's podcast is part 1 of 4 (maybe 5) podcasts about the Metaverse and what it really means to the real estate industry, real estate agents and our future.

1 - What is the Metaverse?

The Metaverse can be defined as a simulated digital environment that uses augmented reality (AR), virtual reality (VR), and blockchain, along with concepts from social media, to create spaces for rich user interaction mimicking the real world.

Blockchain is defined as a system in which a record of transactions made in bitcoin or another cryptocurrency are maintained across several computers that are linked in a peer-to-peer network.

Over the next few years, the Metaverse could become a literal parallel universe. Or perhaps, there are many different metaverses and you will virtually go from one 'metaverse' to another. Metaverse is a term, not a company name. The metaverse may be what will become known as Web 3.0.

If the Metaverse is becoming Web 3.0, how do we define Web 1.0 and Web 2.0?

Web 1.0 was the first stage or iteration of the internet. There were not many content creators and most internet users were consumers. It was characterized by few people creating content and more people on the internet consuming content. This was a simple model, based mainly on just viewing content.

Web 2.0 started being used as a term around 1999 and is the internet that we've all grown accustomed to using today. In Web 2.0, content consumers were encouraged to become content creators. Rather than taking a passive approach to internet use by simply viewing, Web 2.0 provided an environment where more users could become active participants. Most if not all of the top 10 visited sites on the internet are based on user created content.

Web 2.0 allowed individuals to publish articles and comments, and users could create accounts on different sites, which ultimately encouraged participation and increased the number of people regularly using the internet. Web 2.0 was structured in a way that encouraged more people to create unique content.

Web 2.0 has been characterized by the rise of apps, platforms that enabled self-publishing like WordPress and Squarespace, and social media platforms such as Facebook, Instagram, LinkedIn and YouTube. These websites emphasize user-generated content, participation, and user-friendly layouts, which are all distinct characteristics of Web 2.0. In simple terms, Web 2.0 transitioned to the idea of "the internet as a platform."

Web 2.0 is the transition that the internet went through after the dot-com bubble, but the internet is once again in the process of transitioning. This new stage of the internet will provide new benefits to users and content creators.

In Web 3.0, data will be connected in a decentralized way, unlike generation 2.0 of the internet in which data is primarily stored in centralized storage locations. In Web 3.0, users will also be able to interact with data through the use of AI (artificial intelligence) and machine learning technology.

The use of AI will allow data to be provided to users faster, and the data that is provided will be more relevant to each user. We are beginning to see the use of this technology in the internet through algorithms that are used to suggest products, videos, etc., to users based on their previous searches. However, the technology in Web 3.0 will be even more advanced.

MSN was the source for much of the above explanations.

How To Generate 10 FREE Listing Leads Now! (Part 2) Jan 26, 2022

Show notes

Today's real estate training and coaching is a continuation of 'How To Generate 10 FREE Listing Leads Now!’

6 - Do NOT hire virtual assistants to 'convert' your sign calls. Do NOT force your sign callers to go to a website, opt-in, or do anything other than calling you! Also...actually answer the phone, or call back immediately. Furiously fast lead follow-up is what our coaching clients practice. It works. Your best leads are sitting out in front of your listing right now, wanting to see it asap and possibly buy it. They also have a house to sell. Be the one who helps them when they need help.

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7 - Do use In Contract or Pending riders and then Sold on your signs. This is some of the most valuable, least expensive, most effective advertising you can do. Get permission from the new owner to keep your Sold sign up for a week after closing. Keep your home brochures in the box but change the message to a compelling message. For example: "Good news? I sold this home in XYZ neighborhood in less than 24 hours...bad news? There are 5 more people wanting to live here. Call me today to see if I already have a match for your home!"

8 - Consider using reflective real estate signs on your rural properties or land listings. They last longer and reflect like stop signs. This is another point of difference on listing appointments.

9 - Don’t have a confusing, overly busy-looking sign with three hang-down riders and 14 phone numbers, a QR code, a website, and your Facebook address. Keep it simple! One number which goes straight to you.

10 - Open houses are also fantastic lead generators. Use your sign to advertise your upcoming open houses. Use inexpensive 'bandit signs' to direct traffic to your open house, and doorknock the homeowners whose yards you're planting signs in. Ask them who they know who you should invite to your open. Follow up on all open house leads using our system and scripts to immediately convert leads to listings!

How To Generate 10 FREE Listing Leads Now! Jan 25, 2022

Show notes

Fact: Your Real Estate Sign is a mini-billboard full of lead generation opportunities when outfitted correctly. Each listing could and should produce a minimum of one more listing in the neighborhood and endless buyer leads. Never pay for leads again!

Fact: Your Real Estate Sign is a ‘Moment of Truth’…neighbors, agents, buyers, and seller prospects make a snap judgment based on your sign looks! Many listing leads decide to call the agent whose sign they've seen in their neighborhood to interview to list their home.

10 ways to turn your sign into a lead machine:

1 - Only your mobile number or your 1800HomeHotline.com number with the extension should be on your sign. Do NOT allow your sign calls to go to the receptionist, the in-office agent, or anyone besides you. It's your hard work, all leads go to you.

Tip: DON'T be creative! Just copy the sample sign on 1800homehotline.com

Tip: If you are 'list-less" borrow another agent's listing. Chances are they didn't even bother to use a sign or do any marketing.

Tip: QWR codes aren't as effective as using 1800homehotline.com

Tip: The best buyers are driving neighborhoods. They have self-selected certain areas and are looking for 'coming soons' (or equivalent)

Tip: Assume that every buyer lead is a SELLER LEAD. Use our prequalification scripts.

2 - Use 1800HomeHotline.com to capture leads that you would otherwise lose. This system captures unlisted numbers, blocked numbers calls coming in at all hours. You'll have more leads of higher quality using this system. It's also an amazing, competitive listing tool. Go to 1800HomeHotline.com to learn more and turn your sign into a lead generation machine.

3 - Install a clear, weatherproof home brochure box on every listing, every time. Stop calling your brochures 'flyers'. Flyers are what is handed out on the strip in Las Vegas. You have high-quality, full-color home brochures. Use a simple but inviting description, lots of pictures, and of course your phone number. Give the seller 50 more brochures to re-stock their sign. This is one way they also know you're doing a great job for them!

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4 - Using your 1800HomeHotline number and specific extension, on the back of your brochures, advertise 'for information on all homes available and upcoming in the XYZ school district/subdivision, call this number. Become the specialist in that neighborhood or MLS code. Be the one everyone calls to find out about listing activity. Maybe the caller needs 4 bedrooms and your listing is only a 3 bedroom. Don't lose that lead. Make the phone ring by having the information that caller is looking for.

5 - Recognize that not all calls that seem like 'just another buyer call' are only buyers. Use the script, every single time, "Which home in the area do you plan on selling?" Buyer leads are listing leads in disguise. The first calls on your sign or home brochure box are almost always listing leads...neighbors checking the price!

Covid 19 Housing Crash Coming Soon? (Part 2) | Real Estate Training Jan 24, 2022

Show notes

Today's podcast is Part 2 of Covid 19 Housing Crash Coming Soon?

Did you know that 01/21/20 was the 2 year anniversary of Covid 19 appearing in the USA? We have all now experienced the 3rd worst pandemic in the history of humanity.

What long-term effects will the pandemic have on housing (and civilization on a whole?)

Remember, listen to part 1 here: https://timandjulieharris.com/2022/01/21/covid-19-housing-crash-coming-soon-real-estate-training.html

What happens next? Will there be some sort of epic correction? Will interest rates cause that?

A - Currently we have record LOW forbearance rates at less than 1.5% of mortgages and fewer than 1% of mortgages are in foreclosure.

B - Fannie Mae has predicted that rising interest rates in 2022 will indeed affect housing demand, but only by 3.2% fewer loan applications, almost all of them being first-time buyers who are priced out, FHA and VA buyers. So far, even with rates inching higher, loan applications are up 8% this month.

C - New Construction will come to the rescue on some level. Homebuilding has increased by 15.6% since 2020 with 1.7 million units set to be built this year. Keep in mind this is a mixture of single-family, townhome, condo, and multifamily.

What should an agent do?

1 - Recognize that your number one job in your practice is to generate listing leads, contact them, prequalify, present, negotiate and close. The buyers will come.

2 - Recognize and embrace the fact that you will need to do more, know more, and make more contacts to meet or exceed your goals this year. More agent competition and fewer listings to go around. Be the one with the listings.

3 - Know about new construction, know how to work with builders and new build sales reps.

4 - Stop expecting a market correction or crash. It's not happening.

5 - Get involved in coaching so we can keep you educated, motivated, and in action!

Question….did you download your fill-in-the-blank business and life plan yet?

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Covid 19 Housing Crash Coming Soon? | Real Estate Training Jan 21, 2022

Show notes

Did you know that 01/21/20 was the 2 year anniversary of Covid 19 appearing in the USA? We have all now experienced the 3rd worst pandemic in the history of humanity. What long-term effects will the pandemic have on housing (and civilization on a whole?)

24 months later, we have:

1- Record low inventory. As of today, there are fewer than 1 million actively listed homes in the United States.

2 - Record high prices, with the average home price at $408,800, are projected to keep increasing by at least 16% in most markets for 2022.

3 - An all-time record of licensed real estate agents, as of today, 1.6 million.

4 - Mid-size and secondary markets have greatly benefitted by 'The Great Re-Shuffle', with people moving to more rural areas and away from urban centers.

5 - Even our language about houses has changed. Now we have Zoom Rooms, Peloton Rooms, and 'Cloffices' (closet offices).

6 - The number of homeowners who refinanced or are in the process has doubled in the past 24 months.

7 - In spite of record-low inventory, we had a record number of sales, topping out at 6 million closings.

8 - We had 17 months straight of double-digit price gains.

10 - Record inflation with no end in sight. 'The Great Reset' is happening now. Housing will continue to INFLATE in a meaningful way for at least the next 12-24 months and then level off to 3-6% per year. The point is, today's price will seem like 'a deal' in 12-24 months.

What happens next? Will there be some sort of epic correction? Will interest rates cause that?

A - Currently we have record LOW forbearance rates at less than 1.5% of mortgages and fewer than 1% of mortgages are in foreclosure.

What should an agent do?

1 - Recognize that your number one job in your practice is to generate listing leads, contact them, prequalify, present, negotiate and close. The buyers will come.

3 - Know about new construction, know how to work with builders and new build sales reps.

4 - Stop expecting a market correction or crash. It's not happening.

5 - Get involved in coaching so we can keep you educated, motivated, and in action!

Question….did you download your fill-in-the-blank business and life plan yet?

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10 Biggest Agent Regrets & How To Avoid Them (4) Jan 20, 2022

Show notes

Today’s podcast is PART 4 of '10 Biggest Agent Regrets & How To Avoid Them'.

8 - Not setting goals. A goal is a dream with an action plan. A goal is Specific, Measurable, Achievable, Realistic, and Timely, or ‘SMART’. Saying you need to earn more money next year is a dream. Stating you will save $25,000 by December 31st by adding 2 more lead generation spokes, saving 10% from every check, and closing 8 more transactions, now that’s a GOAL.

- Use Mint.com to track your progress.

- Use whiteboards to visually see where you stand daily.

- Follow your Real Estate Treasure Map goal setting chapter. Personalize your goals and set a schedule, reflecting actions that will make you achieve those goals.

9 - Playing the long game versus focusing on shorter, more attainable goals. You don’t have to know all the steps, just the first one. Do THAT. Then do the next one. The steps you take as you’re achieving are often different than how you thought it would go when you were procrastinating.

- Use the affirmation, "I'm a do-er, I get things done. I do things now."

10 - Doing all this by yourself. Guessing your way through / winging it. Get help! Why try to reinvent the wheel? Do what is proven to work, then repeat it. This is not a business to ‘try things out, to see what happens'. That’s costly in terms of both time and money. Get involved in Premier Coaching. Be coachable. Do it today. Let us help you.

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10 Biggest Real Estate Agent Regrets & How To Avoid Them (3) Jan 19, 2022

Show notes

6 - Allowing a failure, string of failures or a bad month to become your ‘theme song’ versus just saying ‘next’ and moving on. Saying 'It’s too soon to tell’ is better than making your temporary failure into an adult failure spiral. Learn what your early warning signs are and pull yourself out of that funk before it becomes much worse.

- Nothing will pull you out of a real estate funk like taking a new, sellable listing. Just another reason to put all of your efforts into becoming a powerful listing agent. If you knew you could set a qualified listing appointment by the end of the day today, list it tomorrow and sell it this week, what would that do to your outlook?

7 - Having to be right all the time. Lack of flexibility, being overly rigid, and not having versatility are all hazards to your income, your reputation, and your ability to achieve your dreams. Arguing with clients about price and commission because you don't have good objection handlers or killing a deal due to lack of versatility are all manifestations of having to be right.

- Ask questions more than you make statements. When you understand all sides of the situation, all motivations from each side, you'll be a better strategist. Use the phrase, "Help me understand..." and listen to the answers.

- The definition of negotiating is NOT to be the winner, to make the other side feel pain or to prove your point. Negotiating is the result of each side coming to an acceptable agreement which allows the transaction to move forward.

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