Will The Right Mindset And Skills Prepare You For The Market Shift?-with Aaron Novello- EP 169

On today's episode of the Lab Coat Agents Podcast, Jeff is talking with Aaron Novello from Southeast Florida. Aaron has grown multiple businesses outside of real estate. He shares his experience and how to be successful by working hard. Aaron has experienced what a lot of real estate agents in today's world haven't experienced, which was the years 2007 and 2008. Jeff and Aaron roleplay some of the buying and selling scenarios.    Episode Highlights: Aaron got started in residential resale in 2006. His family of origin is people who are very kind and good people doing the best they can under the given set of circumstances and the information that they had at their disposal. Aaron read books about wealth, and they tend to gravitate towards real estate. So, he soon figured, what better way to learn about the investment vehicle of real estate than to go out and get his license and help people buy and sell.  During his last semester at the University of Florida, Aaron had only had 9 credits.He got his real estate license and started to help people transact. And in 2007, he was on his way to doing about 50 deals. Aaron explains how he systematically and obsessively went about acquiring skills. While everything else was imploding and contracting, Aaron grew his business by 25%, year over year. Aaron has had the good fortune of not only still being in the field and actively selling real estate, but he is also on the sidelines coaching and training others who do so. For him, the challenge has been more from an emotional perspective because there has been a lot of pent-up anxiety from buyers of fear of missing out. There are two emotions that dominate any market. One is fear, but the other is greed; and sellers have been exceptionally greedy over the last 12, 18, maybe 24 months, says Aaron. Since the last 12 to 18 months, sellers have been able to be unreasonable, stubborn, and aggressive in terms of looking out for their best interest, and the marketplace has rewarded them for that. Aaron goes with three major factors in the marketplace that are beginning to shift and change in hopes that doing so can help a seller see why their neighbor had a different experience than perhaps they were going to have.  Aaron says that the market is very much about skills. And if any listener or anybody who is listening to this really pounds into your brain that when times get tough, only the skilled get paid.  We have a choice to make, and the choice is yours. We can either not sell the property now because perhaps your expectation is a little bit different than market conditions. The second option is you anticipate instead of reacting; because that's what leaders do. They anticipate, instead of reacting, you look at these market dynamics we put on a market, extract the capital and then you provide for your family in the way that you want, and you get out of this environment, explains Aaron. Aaron says that if he can get his skills to such a degree that if an opportunity presents itself, there is an 80 to 90% chance he can capitalize on that opportunity, it is then that he has created security for himself and his family, and he personally feels like it's his duty and obligation to protect his family. Money is not in the service, it's in the selling of the service. They expect you to know about contracts, they expect you to pick up the phone. They expect you to work in their best interest, says Aaron. Aaron suggests that real estate is totally a skill that's acquirable. It does require a certain level of obsession and discipline at the same time. It's not something that is reserved for only certain members of the population. It is reserved for those that deserve it because nature doesn't reward need, it rewards deserve.  The buy side is increasingly becoming less and less valued and they are being compensated less and less to do that activity. Aaron thinks himself as a prodigious provider of data because that is what these systems need. Aaron talks about life events creating shifts and the opportunity in them. What is the reason that you are compelled to put up with friction to put up with inconvenience? If it's not strong enough, then you are probably not going to put all of your time, energy and effort into that. When you do hard things, your life becomes easier. When you do easy things, your life becomes hard. So even though it's a little uncomfortable and people perceive it as perhaps confrontational, it's just straightforward, just like any other professional. Real estate is a sales job. It's no different than selling books, door-to-door knives, subscriptions over the phone, telemarketing where you are selling magazines, says Aaron. On his team Aaron has people who don't have any business background and no sales experience getting into a direct sales business, and nobody sits them down. He suggests that as a real estate agent you need to speak to people on a regular basis. You also need to have the skill of prequalifying to make sure people have the means and the motivation to actually do something. Then schedule an appointment, meet with them and give them a compelling reason to choose you versus somebody else. Then you have to go and show the property.  Jeff is in the real estate space, but he has shifted to teaching social media, teaching video, teaching these things. And it is the exact same conversations, everything is very parallel to what Aaron is talking about here. If a marketplace contracts 20%, that means you need to be 30% better to grow, says Aaron.  People have a tendency to play down. They play with people that are either at their level or below because it makes themselves feel better. Warren Buffett says, when the tide goes out, you can see who's wearing pants or not. And he also says that, if you're the absolute best at what you do from a skill perspective, you're always going to be in demand. The best coaches are always in demand. The best Asian stories are in demand. The best doctors are always in demand. Systems are made stronger by stress, and all this is a stress test. This is an opportunity to just make yourself stronger physically, mentally, spiritually and emotionally. 3 Key Points: Aaron discusses the effect of 40-year high inflation and loss of 5000 points in the stock market. Jeff talks a little bit about that psychology with agents. He says as a podcast listener, AKA Real estate agent if you are not equipped with the relevant skills, Aaron is what your competition looks like potentially, and that's going to put you out of business. You are going to lose opportunities.  Aaron answers how long should a real-estate agent role play? If someone is already doing that, what are two or three other skills that they need to pick up and focus on over the next seven months left in this year?     Resources Mentioned:  Lab Coat Agents | Website | Facebook | Facebook Group | Twitter | Instagram  Jeff Pfitzer   | Instagram | LinkedIn | Twitter Power ISA (Sponsor) Z Buyer (Sponsor)   Aaron Novello https://aaronnovello.com/ https://www.instagram.com/aaronnovello/ https://www.tiktok.com/@aaronnovello?lang=en