Beach Canyon Podcast – Episode 1 – Introduction

Realtor David Bramante from Beach Canyon, a Venice real estate team, and its upcoming podcasts creatively title Beach Canyon Podcast. He and his team will be discussing real estate of course, but maybe more interestingly, interviewing local business owners and property owners in Venice California.

Wild Wild Country and Rajneeshpuram real estate transactions

By David Bramante | March 25, 2018

Like most viewers, my wife and I finished watching the Netflix documentary Wild Wild Country last week and had a lot of unanswered questions about Rajneeshpuram. If you haven’t seen it yet, check out the trailer at the bottom of this post. Here are some of the more common questions I’m sure everyone had:

  • Was this documentary based on true events? (Yes!)
  • Why hadn’t we ever heard of Rajneesh and Rajneeshpuram? (We don’t know!)
  • What was so magical about Bhagwan Shree Rajneesh, later known as Osho? (No clue still!)
  • Where did all the money come from to run this type of operation?

And then… the Realtor and real estate investor in me starting asking some other questions. Really specific questions about the real estate involved, the transactions surrounding them, and any strategies involved in the acquisition and disposition of the property. I have questions like:

  • Who originally sold the real estate to the Rajneesh? What was the role, if any, of that seller during the events between 1981-1984?
  • At the time of acquisition, was the property listed for sale or was this an off-market deal privy only to locals?
  • As a follow-up, how does an investor in 1980-1981 find and acquire this type of property, especially being a foreign investor, when technology and data was so limited?
  • If you buy land out in nowhere, do you need any type of permits to built an entire city from scratch?
  • Who and how was the land acquired after the hay-day of Rajneeshpuram? Seems like the property traded hands, then strategically ended up in Young Life’s possession as a donation. Interesting…

Question: How does an investor in 1980-1981 find and acquire this type of property, especially being a foreign investor, when technology and data was so limited?

One of the questions I had really bugs me, and it is the one in which I try to imagine the scenario where a young Indian foreigner comes to the United States to purchase land for a Utopia.

This is especially true for Antelope, Oregon, circa 1980-1981, when Rajneesh’s personal secretary Ma Anand Sheela apparently had a budget around $6M to spend to built the group’s community. Without Zillow, Trulia, Redfin, LoopNet, and Costar, it is extremely difficult to imagine how anyone did anything before technology, especially when it came to land in such an obscure location as the Big Muddy Ranch in Oregon coupled with a foreign investment group.

From Wikipedia: “The city was on the site of a 64,229-acre (25,993 ha) Central Oregon property known as the Big Muddy Ranch, which was purchased in 1981 for $5.75 million ($15.5 million in today’s dollars).”

I can not even imagine a world where a foreigner comes to the United States of America, in the late ’70s and early ’80s looking for a large swath of land to purchase. For Realtors in Los Angeles, circa 2018, the technology and information at both real estate agents’ and brokers’ finger tips is only slightly more advanced than real estate investors. While title information is still limited, nearly everything else is being rapidly more transparent.

Question: If you buy land out in nowhere, do you need any type of permits to built an entire city from scratch?

From The Oregonian / OregonLive: “Rajneesh Investment Corp., the ranch owner, sought permission to develop a 95-lot subdivision soon after the incorporation. Although that plan was never carried out, the city issued 304 building permits for other residential and commercial development. By the end of 1982, the city had issued two dozen business licenses, mostly to Rajneesh Neo-Sannyas International Commune.”

Question: Who and how was the land acquired after the hay-day of Rajneeshpuram?

The other question that I would like answered is how the disposition of this property was handled, or mishandled, and who may have financially benefited from all of this?

It would seem the first owner in these chain of real estate transactions around this huge land sale, the original seller to the Osho, did extremely well but it’s hard to compare. What was the asking price versus the purchase price? What was the market rate for a large amount of obscure land?

Then, once politically and legally damaged, what could possibly be fair market value for Rajneeshpuram at the time of disposition? Could someone have benefited from an artificially depressed price, especially when thousands of people had built an entire city from scratch…

I’m still researching title on this one. 🙂

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David Bramante is the CEO and Team Leader of Keller Williams Realty Downtown Los Angeles, and the founder of BRE Investment in Echo Park.

He has been a top producing California Realtor since 2005, helping clients sell, buy, invest and lease residential and commercial real estate in Los Angeles.

As a real estate consultant, he has hired, mentored and coached over 150 Realtors in Southern California, including many top producing Realtors in Los Angeles County.

For questions about the above blog post, becoming a real estate agent, or joining Keller Williams Realty, send an email to David directly at david (at) breinvestment.com or davidbramante (at) kw.com. 

Find out more about my real estate experience at www.BREinvestment.com and www.KWDowntownLA.com

Top real estate agents practice believability, and you should too.

By David Bramante  |  March 18, 2018

During our Mentee Mastermind conversation at Keller Williams Realty Downtown Los Angeles on Friday, we were discussing how to best deal with the issue of completing and properly documenting the 10 property previews per week requirement.

The book, The Millionaire Real Estate Agent written by Gary Keller and usually referred to as the MREA, states that a top-producing real estate agent will follow the following formula for success:

  • 10 owner conversations per day
  • 10 database entries per day
  • 10 personalized notes per day
  • 10 property previews per week

So as our 17 real estate agents at KW Downtown LA were discussing the amount of work required to follow the MREA and stay in the Mentee Mastermind contest, coined during the conversation the #AlphaAgents project, we struggled as a group on how the agents could properly document the previews online. (We started with 18 agents, but one agent tapped out this week).

The initial recommendation was that our KW agents would take 10 selfies at the properties they visited (open houses for residential agents and property visits for commercial agents).

What we have seen over the last two weeks has been all over the place… some of the agents in the group took photos of property exteriors and interiors, some took photos of only addresses with their selfie, some took pictures of the MLS print-outs usually found at cooperating agent open houses… and yet many more did not do any previews at all. We want uniformity for the contest.

The top three agents in terms of completing property previews for the week were Rosie Mazariegos, Summer Gorjian, and Matthew Blessing. In my mind, they had the microphone.

So as I opened the conversation up about how to best resolve the issue of proving property previews, I expected one of my top three to steer the conversation and teach the rest of the group and set the rules for the contest in this specific category.

They would talk about taking multiple photos at each open house which include some sort of selfie, open house sign and an interior right? Nope. All of a sudden agents who had not completed any open house previews whatsoever felt comfortable chiming in on how this party of our Mentee Mastermind / Alpha Agents contest should be conducted and that overall this requirement was too difficult.

This sounded the alarms in my mind because the book I recently read and had recently become addicted to, titled Principles by Ray Dalio, was being ignored. What I was listening to and experiencing was a violation of one of the main principles in Ray’s book, and that was a violation of his rule on “believability” and so I needed to correct the conversation and remind the group of this core belief.

As one of the agents who hadn’t completed any previews from the week continued to talk about this and that with the contest’s previews and social media posting requirements, I realized that she was confident, that she was persuasive, and that she had no believability in the category of previews. Worse, my top three quietly listened to her and this was dangerous.

Alarming… she had the entire floor during the conference call and 16 other agents were actively pondering her thoughts. They may take her advice and form their businesses around what she was saying, which was not based on anything other than opinions.

As the Team Leader of KW DTLA, I have routinely experienced this issue, but never was it more painfully obvious. I was actively looking at all my agents’ stats on the call in my Google Sheets tracker and sure enough, an agent with a glaring zero in this category was weighing in happily about this category. An agent with zero credibility in this category was happily sharing her opinion and knowingly or unknowingly trying to influence the agents in the contest.

These are the moments where I need to get involved, remind the group of our core principles, about the book Principles, and the concept of believability. I politely interrupted our talkative and “unbelievable” agent (on this topic) after a few seconds, and reminded the Mentee Masterminds that our brokerage, KW DTLA, believes in believability and that the opinions of the most active agents in the preview category had the floor.

I called on Rosie first, since she had done 20 property previews in the week, then I called on Summer who had done 17 previews. As the book Principles states, the person with the most experience takes on the role of teacher, while the challenger and would-be debater (or show-boater) takes on the role of student.

This was one of the moments, though seemingly very minor, that I was able to course correct the group and specifically outline one of our brokerage’s beliefs in 2018. It felt great and it probably seemed relatively minor.

What happened is so routine that no one usually notices, and so dangerous that those who are aware of this rule need to setup and make the group aware of what is happening. I couldn’t believe I had to re-introduce the concept of believability.

PS In case you’re wondering what the group settled on, we stated that there needs to be 10 images posted on Instagram, with descriptions of the properties and the hashtags: #AlphaAgents #KWDTLA and #KWDowntownLA. The posts should be shared to a linked Facebook account, so that our office can quickly find and count the preview posts for each agent.

PSS The featured image of this post is from my Instagram, where I’m doing handstands in front of agent’s open houses… to preview that I visited the open houses and I’m believable.

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David Bramante is the Team Leader & Managing Partner of Keller Williams Realty Downtown Los Angeles, and the manager of BRE Investment in Echo Park.

He has been a top producing California Realtor since 2005, helping clients sell, buy, invest and lease residential and commercial real estate in Los Angeles.

As a real estate consultant, he has hired, mentored and coached over 150 Realtors in Southern California, including many top producing Realtors in Los Angeles County.

For questions about the above blog post, becoming a real estate agent, or joining Keller Williams Realty, send an email to David directly at david (at) breinvestment.com or davidbramante (at) kw.com. 

The future of real estate brokerage, according to Robert Hahn.

By David Bramante | March 4, 2018

I just finished reading “The Future of Brokerage Black Paper” by Robert Hahn and Sunny Lake (see below), and I’ve sent it to a handful of top agents and brokerage owners for them to read and weigh in on the ideas. I want to strike a conversation up with these agents about the issues I have been actively wrestling with as a Lead Agent of BRE Investment and now as a Team Leader at Keller Williams Realty Downtown Los Angeles, and I want these conversations and some answers to my questions like… yesterday.

When I ran BRE Investment LLC on its own and out of an office in Silver Lake, in the historic landmark Neutra Office Building, I had a handful of full-time and salaried employees at the brokerage company. And what started out as a boutique real estate company which handled property management, leasing, Airbnb supervision, and brokerage sales in Silver Lake and Echo Park, it eventually dissolved back to its core competency of services… my core competency of real estate sales in Echo Park.

This was a boomerang back to my origin story, because the success of my sales in the area allowed me the opportunity to expand our services, and that uncontrolled expansions which I allowed was the reason we had to retract. As I have told many people over the last few years, I wish I had never expanded our services and I wish I had brought in some commission-based agents. I thought about it on a weekly basis for nearly two years but did not act on any of it, because I allowed myself to be distracted by the new problems we were handling.

Through the experience of running BRE Investment and leading the scope creep of its services, I learned that I had made several mistakes in my calculations of what an effective real estate team / boutique real estate brokerage was about. And looking back, I was ultimately not able to create the winning formula for a boutique brokerage with an eye on expanding into other hip areas, like Venice. What was missing with BRE Investment in those years?

As a recap, I believe me being the only rainmaker on the team selling real estate, and having a staff that focused on the wrong services (management, leasing and Airbnb) was a losing formula. After two years, I went from a single agent to an agent with a team and offering “full-service real estate services” to a single agent yet again. And not much to show for it, except from an imaginary PHD in real estate brokerage. My experiment in expansion had gone terribly, terribly wrong. I slowly and sadly fired the staff one by one, and focused on real estate sales exclusively as a one man band like the old days.

I was older and the world around me in Echo Park had changed. My peers in the area, like Courtney and Kurt, and Tracy Do Real Estate, had increased the size and success of their real estate teams and had dialed in their marketing to very impressive levels. Things on the Eastside had gotten much more competitive in 2017 compared to the old days of 2005 when I first started selling real estate in Echo Park. I realized at that point in early 2017, it made little sense to be a single rainmaker agent, in any way that I looked at it, and I wanted to join a brokerage again.

I started examining my real estate business decisions with regard to building a real estate brokerage. I started reading like a maniac, trying to crack the code on what had gone wrong. I had clearly missed something so obvious. Neglected what haunted me every week. All that wasted time and energy, and all those wasted paychecks I cut every two weeks. It was was a transfer of my commission wealth to my salaried employee’s wealth, and I had brought in all the business… so that stung and made me sick.

And so in that mindset I began examine joining a real estate brokerage again. I had worked at Sotheby’s, Re/Max, Re/Max Commercial, Marcus & Millichap, Keller Williams Realty Santa Monica, and briefly worked with Brock Harris’ mentor Leslie and with Clint Lukens at Clint Lukens Realty.

I ultimately decided to go back to Keller Williams, but this time in Downtown Los Angeles. I knew the ownership and after joining I began discussing taking on a leadership role in the office. While me coming into the brokerage alone was a shift at the office merely because the office didn’t have a Team Leader for about six months, my activities were to be focused on the numbers: agent count and company dollar. I wanted to work on these, and continue to sell with my clientele, but with a vengeance. I brought BRE Investment the brand into KW DTLA, and was given a mandate to change KW DTLA once and for all. Previous leaders without sales experience and without experience in managing an office had all failed. So this seemed like a win-win.

The main request was that I recruit, recruit, recruit because that would directly impact company dollar. This was something I felt I should have done, only after the fact, at BRE Investment. And so I would take my skills as a listing agent with a bizarre appreciation for cold calling and start contacting the agents in the area.

And so after six months as the Team Leader of Keller Williams Downtown LA, and as the owner of BRE Investment 2.0, I’ve been reading hard and fast on how a skilled salesperson can quickly become a proficient manager, and how focusing on being a leader is significantly better than micromanaging as a manager. I am consuming books at an alarming rate, and I love it. And I’m re-reading the ones that bring the most value to me and my agents, recommending some of them so that we’re all on the same page and speaking the same language and so that I can change the culture from the inside out.

I started as the Team Leader on September 1, 2017 and officially took control of the position on October 1, 2017. So now six months into the role, we have Keller Williams Realty’s Family Reunion event in Anaheim. After being at the event and hearing Gary Keller’s Vision Speech, I tracked the activity online as I thought about the ideas. I was quickly on Inman.com, and I found and read Robert Hahn’s and Sunny Lake’s “black” white paper on the idea of the future of brokerage, and what they envision is the financially successful future of the broker-agent relationship. This is the very problem I have seen and thought about for years.

Experiencing the different pressures of a real estate brokerage first hand, and having started several real estate tech companies myself, Robert and Sunny are asking the questions everyone in real estate should be asking (and should have been asking for a while):

  • How is technology going to affect the industry for its current-role players?
  • What’s the most financially sustainable version of a real estate brokerage now and in the future for its current players?

From where I stand, these are the two important questions of the day. These are the most important questions of the day. So even though it’s always on my mind and in my conversations, Robert Hahn is making me think hard and fast about the future of the real estate brokerage.

I’m approaching my role as Team Leader at Keller Williams DTLA like a would-be CEO of a real estate tech company, and I’m only more interested in that now that Gary Keller has announced to the world that KW is a tech company (as of 2018). I actually met with the Josh Team at KWRI in Austin in early December 2017, and spoke to their team about some of the tech ideas that I had.

I’m obsessed with the book “Lean Startup” and tech culture, have taken Ruby on Rails classes at General Assembly, created real estate tech companies and now I have all of that experience juxtaposed against the new experiences I have had as the Team Leader of the office for the last six months. And I’m asking my self how to I reconcile all I have learned with the future of real estate brokerage.

Blog Notes:

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David Bramante is the Team Leader & Managing Partner of Keller Williams Realty Downtown Los Angeles, and the manager of BRE Investment in Echo Park.

He has been a top producing California Realtor since 2005, helping clients sell, buy, invest and lease residential and commercial real estate in Los Angeles.

As a real estate consultant, he has hired, mentored and coached over 150 Realtors in Southern California, including many top producing Realtors in Los Angeles County.

For questions about the above blog post, becoming a real estate agent, or joining Keller Williams Realty, send an email to David directly at david (at) breinvestment.com or davidbramante (at) kw.com. 

Become a top producing Realtor. Initiate yourself and walk on fire.

By David Bramante | March 2, 2018

I was talking to Summer earlier this week, discussing how we were going to launch the Keller Williams Realty Mentee Mastermind in the Downtown Los Angeles office. We were only a few days away, and I was struggling with the proper way of how we should roll this program out. I didn’t want to have a normal business meeting that was boring and typical, and I didn’t want to do anything that was too extreme like walking on fire.

I had been reading more and more about persuasion and compliance techniques over the previous two weeks. That weekend I actually finished a book (for the second time) weekend called “Influence: The Psychology of Persuasion” and there were several interesting topics:

  • How was Jim Jones (who started the People’s Temple cult) was able to lead his followers to their doom, seemingly so easily? And…
  • No matter who or where they are performed, why won’t crazy initiations and painful hazing rituals disappear?

Seems like cult leaders and hazing rituals are uniquely part of the human experience from what the book tells us, and as I thought about those two ideas nearly simultaneously, I thought two words: Anthony. Robbins. His “Unleash the Power Within” (UPW) events, which I have been to three over the last few years and had sent almost 10 people to go experience it by themselves, work on so many levels in controlling people’s behavior. The compliance techniques used are some times so obvious that’s it’s frustrating to see and still comply with.

Then I thought about the fire. Why the fire? How the hell does he convince thousands of people in one day (over 10 hours) to walk on fire? And on all the days of the four-day event, how does he persuade the large majority of these people, including me, to do something they would never ever do on their own?

And then I caught myself. Tony Robbins is really a genius in his simplicity. With the fire, he’s taking a page right out of the play book of initiations and hazing. Firewalking is so clearly a rite of passage that it seems nearly no one, prior to the fire or after, asked what that was really all about. It was an initiate, and that’s that and the whole experience is basically overlooked in how it’s effective for the rest of the four day program.

The amazing part about the entire experience is really not firewalking part. Or that more people don’t get hurt part. But that no one I met out at any of these events stops and wonders if there’s an alterior motive to the rite of passage. It’s self evident that once you did it, then nothing is the same afterward. But it’s amazing that no one I met ever asks, “Why does Tony have you walk on fire?”

No the question is always, and I know because I’m always asked and I asked others as well a simple question:

  • “So… did you do it? Did you walk on fire?!”
  • When someone says, “Yes I did it!” I think and others definitely say, “Right on!”
  • But when someone says, “No, I didn’t because it was late and I was tired and this and that and my cat needed to be fed at midnight…” well then, you as a fire walker think something interesting… you judge them and think they’re not on the team. They’re the worse thing possible, an outsider to the firewalk family.

After several years, I just realized why Tony Robbin’s had me walk on fire. He hazed me and I never even really asked why it all happen. The theatrics were so great, each time. So standing on the roof of the Macy’s parking structure at The Bloc in Downtown LA, I told Summer my tiny epiphany. Not a big one, not a life changing one. Really a totally obvious one. And then I told her we need to initiate the mentees joining the KW DTLA Mentee Mastermind, so for them their lives would never be the same. To create a pin in their minds of AD/BC events with the program.

She laughed and said, “You want to haze the agents?” I said, “No, no. I just want to initiate them.” And that’s how the concepts of group meditation, writing down goals, listening to a Navy Seal speech, having them walk down 29 stairs… and having them run around and interview business formed. It’s a new ritual, only a few days old, and we’re going to work out the details. Firewalking was already taken.

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David Bramante is the Team Leader & Managing Partner of Keller Williams Realty Downtown Los Angeles, and the manager of BRE Investment in Echo Park.

He has been a top producing California Realtor since 2005, helping clients sell, buy, invest and lease residential and commercial real estate in Los Angeles.

As a real estate consultant, he has hired, mentored and coached over 150 Realtors in Southern California, including many top producing Realtors in Los Angeles County.

For questions about the above blog post, becoming a real estate agent, or joining Keller Williams Realty, send an email to David directly at david (at) breinvestment.com or davidbramante (at) kw.com. 

Some notes:

Tony Robbins Unleash the Power Within: https://www.tonyrobbins.com/events/unleash-the-power-within/

Firewalking: https://en.wikipedia.org/wiki/Firewalking

 

Realtors should learn persuasion and “compliance techniques”

By David Bramante | March 1, 2018

I just finished “Influence: The Psychology of Persuasion” by Robert B. Cialdiniand it’s one of the first books that I’ve read, loved AND actually am nervous to recommend… there’s a part of me that doesn’t want to recommend it because there are some seriously powerful techniques in the book.

Also, I didn’t even know there was a world called “compliance techniques” because I would have studied that at school, instead of wasting some time on those political science classes (which I loved).

While the techniques are very very eye opening… a lingering question was left with me. The question is should we have a society that is taught and fully aware of persuasion techniques? Could that help or hurt society?

If solicitors and con artists already know some of these techniques, then should everyone in society be taught this stuff as a line of defense (to not be taken advantage of) or will the spread of such techniques only create more solicitors and con artists, and victims… it’s so complicated.

Anyways, this is the first book I’m recommending you read, but I’m scared to see the results! Would you read anyways and let me know what you think, because I want to live in a society that is aware and shares ideas!

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David Bramante is the Team Leader & Managing Partner of Keller Williams Realty Downtown Los Angeles, and the manager of BRE Investment in Echo Park.

He has been a top producing California Realtor since 2005, helping clients sell, buy, invest and lease residential and commercial real estate in Los Angeles.

As a real estate consultant, he has hired, mentored and coached over 150 Realtors in Southern California, including many top producing Realtors in Los Angeles County.

For questions about the above blog post, becoming a real estate agent, or joining Keller Williams Realty, send an email to David directly at david (at) breinvestment.com or davidbramante (at) kw.com. 

You are a real estate brand and you love it.

By David Bramante | February 16, 2018

I just finished the book “Crushing it!” and this book covers a lot of content which I feel is pretty basic for creating online content. It also challenged me on some boundaries in my mind.

My biggest take away is an idea which that has been haunting me for a long time… whether or not I like it, I’m a personal brand online… and so I might as well accept it and control it. We’re all personal brands, multifaceted, with many interests and specialties and it’s all getting logged digitally.

This may seem like a basic take away from a guy who has advertised himself as “Mr Echo Park” for several years, but when marketing myself as a Realtor it was less the real David and more a real estate version of David.

What if I allowed my marketing to have been more authentically David?

This book challenged my thoughts on why it is or isn’t prudent to separate the business (or businesses) and personal life (and interests). Maybe there doesn’t have to be lines drawn between our personal and professional lives, or at least those lines which we create can be blurred a little more than I am by default comfortable with?

Whether or not we are aware, the lines are blurred digitally and long after we’re gone, there will be an archived legacy of all of our behavior. All of our behavior. So perhaps we could be more aware of that and more authentic in our activities?

What am I going to do next because of this book? It inspired me to move more in the direction of creating candid video interviews and/or film honest discussions about things I am passionate about, all things I’m passionate about, and not limited to just real estate (though I am obsessed with real estate).

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David Bramante is the Team Leader & Managing Partner of Keller Williams Realty Downtown Los Angeles, and the manager of BRE Investment in Echo Park.

He has been a top producing California Realtor since 2005, helping clients sell, buy, invest and lease residential and commercial real estate in Los Angeles.

As a real estate consultant, he has hired, mentored and coached over 150 Realtors in Southern California, including many top producing Realtors in Los Angeles County.

For questions about the above blog post, becoming a real estate agent, or joining Keller Williams Realty, send an email to David directly at david (at) breinvestment.com or davidbramante (at) kw.com. 

Everything that happens around you is your responsibility. Everything.

By David Bramante | February 10, 2018

Since I’m the Team Leader at Keller Williams Downtown Los Angeles, I have been reading as much as possible about leadership and team building. Helping real estate agents is a tricky proposition, because they’re entrepreneurial spirit and legal independent contractor status can feel like you’re herding cats some times.

I’m diving into these topics as quickly as possible since I want to be the best leader I can be for the agents in the office. The structure of Extreme Ownership: How U.S. Navy SEALs Lead and Win is great… war story, business application, and summarized principle.

My biggest take aways from this book are:

  • Simplify everything to the lowest common denominator so everyone around you understands it.
  • Prioritize everything you do (don’t make to-do lists, instead make priority lists).
  • Lead through decentralized command… explaining the purpose (the big why) and do not micromanage.
  • Everything that happens around you is your responsibility.
  • Bonus: Wake up as early as possible to challenge yourself mentally!

Several of these big take aways that I listed above are echoed in many of Gary Keller‘s books, like The ONE Thing which is interesting considering how different the actual content of these books are.

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David Bramante is the Team Leader & Managing Partner of Keller Williams Realty Downtown Los Angeles, and the manager of BRE Investment in Echo Park.

He has been a top producing California Realtor since 2005, helping clients sell, buy, invest and lease residential and commercial real estate in Los Angeles.

As a real estate consultant, he has hired, mentored and coached over 150 Realtors in Southern California, including many top producing Realtors in Los Angeles County.

For questions about the above blog post, becoming a real estate agent, or joining Keller Williams Realty, send an email to David directly at david (at) breinvestment.com or davidbramante (at) kw.com. 

 

The best real estate training program. Mentorship 2.0 at Keller Williams.

By David Bramante | February 10, 2018

Over the last six months as the Team Leader of Keller Williams Realty Downtown Los Angeles (KW DTLA), I have been involved in numerous conversations about the break downs and necessary improvements needed in our real estate mentorship program. And this is while I have heard that the concept and practice of an effective mentorship program and/or productivity coaching program has long since been given up on at most brokerages.

My first experience with an actual mentorship program was when I worked at Marcus & Millichap Los Angeles in Downtown LA in 2009. When I joined, the Manager Steve Stein had me meet with three different agents. I spoke to Rick Raymundo, Peter Strauss, and Neema Ahadian. Those conversations about possible mentorship and coaching, and the requirements and financial expectations were wildly different and unmonitored by M&M. I asked Rick to mentor me and we worked together for over a year on a 50/50 split, but our mentorship was generally unsupervised by the brokerage moving forward and there were many issues between us that didn’t necessarily get resolved.

Looking back, I see that we both exacerbated minor conflicts and the main issue was that there was no top down review of our relationship as senior/junior or mentor/mentee. We were just two young guys making things up as we went.

Fast forward to 2017, I was seeing mentorship at a completely different vantage point. I was recruiting new agents for Keller Williams, and these new agents were looking for real life expertise from senior agents, and they were asking me who these senior agents were they should talk to. Nine out of 10 times, the new agent asks me to mentor them and while I would love the opportunity, taking on new mentees would have been difficult given the time restraints I was already feeling as a brand new Team Leader.

These new agents had large dreams for themselves and huge expectations from what we could offer them as their real estate brokerage, and truthfully I was nervous that our current program (at that time) was struggling. The only positive, at least from the exterior, was that our split was 80/20 and superior to some brokerages like M&M with 50/50 splits. But I actually began to think that the 20% was part of the problem.

Still new to my role, I had already heard horrible stories of how mentors and mentees had had huge fights and that both sides were unhappy. Unhappy with the percentages and unhappy with the results. This took me back to my experiences with Rick, and so though now I took full responsibility for the break-downs between us, I was committed to making sure our mentorship was going to be incredible and properly juggle the concerns of all parties.

While the lingo is a little different between Marcus & Millichap and Keller Williams Realty, as is to be expected, the general question the different brokerages are wrestling with is this:

“How can a real estate brokerage, after the training program is completed, ensure that a new agent has the guidance he/she needs in order to learn the basics of the real estate business and sell real estate as quickly as possible?”

Apparently, until now there hasn’t been a winning formula. That’s why most of the brokerages I have looked into have given up on mentorship programs and productivity coaching, at least internally, though they may still offer the concept to the public and the new agents they recruit. Many team leaders and productivity coaches want to make something work, but they’ve not been able to figure it out.

With all of this in mind, and with real life mentorship experience under my belt both initially as a newer agent with Rick at M&M, and now a senior agent and Team Leader working with new agents at KW, I believe our new mentorship program here has some unique characteristics which solve the issues brokerages have been facing.

The number one question both new agents and experienced agent asks is this:

“How much is the commission split for me?”

At most M&M offices, the general split between new agents and senior agents is 50/50 for the first three transactions, while the default split at KWs is 80/20 for the first three transactions. Both of these splits are extremes which do not address the underline concerns of either party. The new agent wants to gain experience from a mentor in the mentorship program, but doesn’t want to get ripped off. The senior agent wants to help new agents learn the business, but wants to be properly compensated and not create a drag on their business.

The answer we came up was this:

  • The first transaction is 60/40
  • The second transaction is 70/30
  • The third transaction is 80/20

This acknowledges that in the first transaction the new agent is brand-new with usually zero experience or knowledge in real estate transactions. In this first transaction, the agents, new and experienced, are basically partners working with a client, but the experienced agent shoulders most (if not all) of the work for a 40% split rather than a “nominal” 20% split.

The sliding scale to the mentee’s benefit acknowledges a simple truth in a mentorship program, the new agent is gaining experience from transaction to transaction, and so an automatic change in split is intuitive. We struggled with having a minimum amount due to the mentor, and after many iterations we reduced the $30,000 minimum to $15,000, and then ultimately scrapped the minimum altogether.

Separately, as a mentor I have experienced the tendency to not want to discuss some of the very basics of the business that every new real estate agent asks his/her mentor or coach… because the conversations are redundant, slow and after many years in real estate, just not mentally stimulating for me. And in the same breathe as a mentor and as the Team Leader of our office, I want to make sure our new agents get the support they need and deserve. Common questions are:

  • How do you use the Multiple Listing Service (MLS)?
  • How do you search for active and sold comparable (comp) properties?
  • How do you create proposals, comparable market analyses, etc?
  • What California Association of Realtor (CAR) forms do you use and why?

The solution for this issue, and generally how you help new agents that have completed their mentorship program (have sold three transactions), is to create a completely new model for mentoring / coaching our new agents.

This new mentor system is creating two levels of mentorship, a senior mentor and a junior mentor, giving a new agent two mentors (for the price of one). This is unheard of in any other real estate brokerage, including the KW offices I have spoken to:

  • The senior mentor, like me, handles strategy conversations dealing with planning, technique, and implementation of the four models of real estate… everything involved in securing listings and selling real estate.
  • The junior mentor, which in our office is Jos Viramontes now, handles the administrative conversations and answers the basic questions that were bulleted above. Jos is helping our new agents get familiar with the MLS, search comparable properties, create proposals, use CAR forms.

The compensation plan between the senior and junior mentors is simple, they split the mentorship / real estate coaching fee 50/50 due to the mentor, from the mentee. This new model covers all the concerns that have been breaking the mentorship programs and productivity coaching programs that I have studied, and creates a whole new opportunity for new agents to generate income as they grow their businesses.

This new opportunity is that once a new agent completes three transactions, he/she may be eligible to become a junior mentor which allows them to make another source of income as they help train the office and grow their own real estate business.

Our hope is that this new mentorship program which our office has created solves the concerns of the new agents and senior agents, increases everyone’s productivity and commissions, and becomes a model that is replicated in other real estate companies, because creating thoughtful programs like this helps make selling real estate less a job and more an actual business.

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David Bramante is the Team Leader & Managing Partner of Keller Williams Realty Downtown Los Angeles, and the manager of BRE Investment in Echo Park.

He has been a top producing California Realtor since 2005, helping clients sell, buy, invest and lease residential and commercial real estate in Los Angeles.

As a real estate consultant, he has hired, mentored and coached over 150 Realtors in Southern California, including many top producing Realtors in Los Angeles County.

For questions about the above blog post, becoming a real estate agent, or joining Keller Williams Realty, send an email to David directly at david (at) breinvestment.com or davidbramante (at) kw.com. 

Create amazing real estate marketing. Create buyer profiles.

By David Bramante | February 5, 2018

Just finished “The New Rules of Marketing & PR” and strongly recommend it. The big take away for me is you need to begin all marketing with the end in mind, or pay the price. Literally.

This means creating “buyer” profiles and creating quality content around them… focusing on their needs and their experience from start to finish. Read it and let me know what you think!

I learned this the hardest way possible, by ramping up my marketing with BRE Investment between 2015 and 2016 with extreme marketing campaigns that drifted in design and concept too much and too often. While we made BRE a house-hold name in the the area, there were few quick sales that supported these campaigns.

Many people felt the marketing we did, which I actually learned was more a branding blitz, was an ego trip instead of a real attempt to grow the business. While we do receive emails and calls from these campaigns, the advertising and branding we did did not gather the quick and immediate seller leads we had hoped for.

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David Bramante is the Team Leader & Managing Partner of Keller Williams Realty Downtown Los Angeles, and the manager of BRE Investment in Echo Park.

He has been a top producing California Realtor since 2005, helping clients sell, buy, invest and lease residential and commercial real estate in Los Angeles.

As a real estate consultant, he has hired, mentored and coached over 150 Realtors in Southern California, including many top producing Realtors in Los Angeles County.

For questions about the above blog post, becoming a real estate agent, or joining Keller Williams Realty, send an email to David directly at david (at) breinvestment.com or davidbramante (at) kw.com. 

 

https://www.amazon.com/dp/1119070481/ref=cm_sw_r_fa_dp_U_SRkEAbMKCACGJ