Watters International Realty is one of the most respected teams for buying and selling in Austin and has Watters International Realty is one of the most respected teams for buying and selling in Austin and has successfully closed over $100+ Million in sales and helped hundreds of families in the purchase or sale of a home. Chris Watter’s othre ventures, investments, and advisory roles include Mint Title, WHD Investments Inc, WIR Publishing Inc, and #RealDeal.
In this episode, Brian and Chris talk about what it takes to build your team with the right tools and systems and how to handle lead management.
In this episode we talk about…
- 6:19 – This idea was an epic failure.
- 12: 50 – What is the “why today”? At some point, it’s not about the money.
- 33:34 – How to organize lead sources.
- 38:42 – Agent retention and compensation.
- 50:15 – “The Million Dollar Real Estate Team”
Brian Charlesworth: [00:00:37] Everyone, welcome back to the podcast. I’m Brian Charlesworth founder of Sisu, the Growth Automation Software for Real Estate and Your Host. And today, I’m here with Chris Watters from Watters International. Chris and I met last year at the Inman Conference in New York City. And ever since then, I think we’ve spoken probably almost weekly quite a bit. I’ve gotten to know Chris really, really well. And I, as all of you know, I watched people build real estate teams every day. I’m I’m in communication with some of his top team leaders. And Chris, I think, has really gone out more than anyone I’ve seen on the land. He’s been willing spend, you know, a million dollars on a Salesforce platform, spends tons of money on advertising every month on billboards, different campaigns like that. He knows what works, what doesn’t work. And in my opinion, he runs probably a more efficient business than anybody that I’ve seen. So, Chris, welcome to the show. Would love to have you give a little more background on how long you’ve been in real estate. And we’ll go from there.
Chris Watters: [00:01:46] Yeah. So thanks, Brian. I appreciate those kind words. Yeah, I’ve said before, I’m not super proud about the money I’ve spent on Salesforce, but it was a very expensive p_h_d_ in technology. So, you know, I got started in real estate full time about 10 years ago and I was about 20. Twenty four, twenty five years old, and I had actually gotten my license out of college and I joined the real estate team and I was on that team for about three months. And to be honest, I just wasn’t at a very I wasn’t very coachable, I guess is the word I wouldn’t very coachable at 21 years old, getting into real estate. And I sold several homes in the first three, four months. But I ended up getting out of real estate because I just felt really frustrated with where I was at. And I got back in real estate full time in 2010 as the market was pretty bad. Pretty it was pretty rough. But, you know, I started off like everybody trying to learn how to be a great agent, mastering the inside sales component of managing leads and setting appointments and then, you know, getting face to face with people and trying to figure out how to get them to commit to working with you. And then, you know, becoming a market expert and, you know, figuring out how to research properties and all that kind of stuff. So, you know, my my whole reasoning for getting into real estate was like, you know, the tangible stuff, probably like most people, you know, like I wanted the fancy cars and the olympic-size pool and all this stuff. And, you know, to be honest, though, I’ve kind of discovered really my my true internal motivator was, you know, I just had a massive I had a massive chip on my shoulder. You know, when I was growing up, I had a single mom. My mom was, you know, raised my brother and I. And, you know, we she was super smart, got a college degree and worked her butt off. You know, she had two jobs using the emergency room and then like had another job. And I remember my mom writing notes for me to read as a kid when she would go to work at like eleven o’clock at night to work the night shift at the emergency room. And I’d read them when I woke up. And you know, I you know, we lived in this. It looks like, you know, it’s funny, actually. I drove out to Taylor, Texas, where we were living, and I took a picture of this house we lived in. And the house looks like my looks like it looks like the shed in my backyard. It was like a five hundred square foot, two bedroom, one bath house. And, you know, it is my mom wasn’t driven by money. She was she had a servant’s heart. And, you know, she cared about everybody else, cared about everyone else except herself. And so anyways, I just I had my real driving force. I think at that point was I just had a lot to prove. And as a kid, I was really frustrated, always coming from this place of limitation. So, you know, I was highly driven to be successful and find success and started knocking down those dominoes I mentioned earlier. And, you know, I realized very quickly that, oh, actually, I was I was reading a book called Rich Dad, Poor Dad by Robert Kiyosaki. And he talked about this quadroon. And he said most people get stuck being self-employed and owning a job, not actually owning a business. And so, you know, I didn’t want to own a job. I wanted to own a business. And so when I was about twenty five, twenty six, I wanted to start helping other people, you know, learn how to kind of follow in my footsteps, excel in a lot of homes. And so, you know, I started I had this epiphany. I was like, man, what if I instead of having a brokerage where at some open door policy and you hire anybody? What if I focused on hiring people that were specialized in very specific fields, like a person setting the appointments, a person going on the appointments, a back office team doing all the administrative type stuff. And so I had this idea and I started putting it in place. And I’d love to tell you it went great. But the first year was was an epic failure. I my team sold 98 homes, which which may sound awesome. But the truth is, 18 of those 20 only sold 18 homes. So me and one other guy sold 80 of the houses. We sold for 18 people. And so.
Brian Charlesworth: [00:06:17] So what was the idea? You said you had an idea. It was an epic failure. The idea was to build a team?
Chris Watters: [00:06:22] Build a team and then put people in very specialized type roles. And so, you know, I had a transaction coordinator person. You know, I had I had an inside salesperson setting appointments. You know, we were leveraging a career photog, you know, all these people. Right. And so my roadblocks, the things that were my massive roadblocks with my this epiphany I had actually pulling it off was one, you know, I couldn’t figure out how to recruit and select the right people. I couldn’t figure out how to recruit and select the right people, like I recruited all these agents and I gave them all these opportunities and I did all these things to set them up for success, but yet they didn’t capitalize on it. And so it was really difficult, like dialing in this recruiting and selection process. And then my second challenge was actually giving good quality leads to my agents. So I’d like to say that my only problem was like I couldn’t find good talent. But that was only one part of the puzzle. The second part of the puzzle was actually giving good leads to my agents. And so, you know, I’m like the Facebook generation. When I got on Facebook, you can only join Facebook if you had a dot edu account. So I was all that, you know, I’ve always been about Internet lead generation through Facebook, Google AdWords search engine optimization.
Brian Charlesworth: [00:07:41] So when you were you were one of the people. They got on with the .edu before Facebook really opened up.
Chris Watters: [00:07:50] Yeah. My college was like the 11th or 12th college to get on Facebook. And so Mark Zuckerberg, he and I graduated the same year from college. And so he got it all got started like, you know, it was basically kicked off when I was a. Towards the end, towards the end of my freshman year college is when Facebook launched. And my my school. I don’t know, like eleven, twelve, thirteen. I don’t know some of that. But anyways, you know, one of my one of my assumptions when it came to giving my my team members leads was Internet leaves. Right. And what I realized very quickly is that Internet leads are one of the lowest quality, lowest converting lead sources you can give to your team members. You know, and there is a caveat to that. There is some technology you can go out and buy and bolt on to improve the efficiency of your agents. But generally speaking, the load the lead quality is low because the consumer intent is very weak. You know, if someone’s randomly on their Facebook page and they click on a link about what their home is worth, they’re looking at homes for sale. You know, they’re intense. Not that strong versus if your phone rings with someone saying, hey, my buddy told me about you.Right. They said, you’re the best realtor in the city and I should work with you to go buy a house. Like, that’s a really high quality lead because that consumer has a lot of intent. So consumer intent is what I learned really drives lead generation. And so you’re your lead generation campaigns. And where you should be focusing on your lead generation should be focused on lead sources where consumers are going to have much higher consumer intent. And so Internet leads is now is not one of them. There is a way, again, to make it more efficient, but I’m not going to get in that. My third my third roadblock was how to train and lead agents. You know, like how do I actually, you know, take what’s in my brain of like how I got to where I was and like put that into a very simple kind of crash course to help accelerate people success. And so I really struggled with those three things, the recruiting and selection process, teeing up the right opportunities in training and leading agents. But I eventually I started figuring it out. I finally started figuring out how to hire the right people. What leads to give them and how to actually train them. And.
Brian Charlesworth: [00:10:13] So there’s like seven years ago when you were struggling with these questions.
Chris Watters: [00:10:16] Yeah. So this is like twenty twenty twenty. This is 2011. 2012. Seventy years ago. And so I finally started thinking this out after falling on my face a lot. And also, you know, I wanted my little short. I always tell people like, you know, the shortcut to anything in life is go find someone that’s already done it and pay them whatever you’ve got to pay them to like extract that knowledge out of their brain because you will waste far more money on trying to figure it out yourself and reinventing the wheel.Yeah. And so I spent a lot of money on you know, I’ve been through pretty much every coaching program there is out there and they’re all amazing. You know, every single coaching program out there in the real industry is phenomenal. And I’m a big advocate of all of them. And they all have things that they’re going to help you figure out. But, you know, basically, you know, I started figuring this stuff out and my agent started freaking crushing it. You know, my I my listing agents, for example, my worst performing listing is the worst performing one was selling between 80 and eighty five homes in a year.And my best performing my best performing listing agents were selling between one hundred twenty one hundred thirty homes every year like clockwork. And so, you know, like you know, obviously, you know, I got to a point where, you know, I could buy the fancy cars and, you know, I went out and bought the Iron Man car, the RTR 8, and got the cool house and all that. But what was more amazing about all that, like beyond the tangible stuff was like, you know, probably it was I mean, I can’t put a price tag on this is like it’s literally unquantifiable, like, you know, people coming to you and telling you like you. Literally change the course of their life and their kids lives. And you know, the generations ahead of them, because they themselves never in a million years saw themselves being able to have so much success in this field. And, you know, had a lot of people on my team that, you know, were, you know, had a job. And they were making, you know, 30, 40, 50, 60 thousand a year. And they you know, they came on our team and now they’re making three to five to six, seven times what they were making previously. And, you know, you just you know, it’s just it’s so cool to see some peace. You know, life on the outside just radically change and then especially when they’re super grateful for it. You know, that was the real. Transformation for me.
Brian Charlesworth: [00:12:35] I’d dig a little deeper into that before we move on. So you you had this obsession with fancy cars and really got into real estate for the same reason as many people do, which is about the money, right? Yeah. And now you did you have a different lie? Yep. You talk a little bit more about your wife today. What is that? What is it? I know it’s not the fancy cars anymore. Do you even know what kind of car do you have today?
Chris Watters: [00:13:01] So my Audi R8, I think it was two hundred twenty five grand. It was a GTA race model for made for the track. But anyways my car now is a Toyota Tundra. I think it’s like nine years old. It has one hundred and fifty thousand miles on it. I also have a couple like Priuses that are pretty beat up. But honestly I I have probably about two years ago I started because I know I don’t work with climate, worked with clients in over five years. And so I started to bring around town about two years ago. So I don’t typically drive nowadays. I mean, I have to put them in their car. But, you know, to your to your question, what what’s the driving force? You know, I honestly felt like I guess, you know, I don’t know, is it like the leprechaun where you find the Golden Rainbow has like, you know, like in twenty? I think it’s 2014 or 2015. I paid I paid taxes. My my adjusted gross income was on a million dollars. And I was like, I didn’t actually believe it because I you know, I was in the world when and, you know. And so I felt I was like, more people need to know how to do this. And, you know you know, I didn’t think I was any smarter than anybody else. I was just willing to probably fail more than most people and keep going. I remember watching I was watching Shark Tank one night. And Barbara Corcoran said, you know, as a real estate agent or entrepreneur, you know, you’ve got to be dumb enough to get punched in the face 99 times and be willing to stand up one more time to find success. And so, you know, I that’s really the I guess, the X factor of what what how they pull this off. But, you know, really the true why for me now is I just I kind of feel like I have a moral obligation to share this with people because it’s you know, it’s it’s crazy. I mean, you know, I I started basically taking all of our system’s lead generation process is everything. And about four years ago, little or four years ago, I started testing it in other markets to see if other people could replicate this. And, you know, I took somebody that was doing 30. She had been an agent for 10 years and she had hit a ceiling like she could not break 30 deals a year. And in her first 12 months of us working together, she went from, you know, 25, 30 deals to just shy of 100 transactions. And, you know, obviously radically changed her world.
Brian Charlesworth: [00:15:38] How did you work together? You’re a coach, right?
Chris Watters: [00:15:41] Yeah. So we. So this is my very first test in an expansion. So, you know, like, obviously, your first person, that’s a guinea pig. You know, like they’re not going to just, you know, come on board too much. You have some strong value proposition. So basically, my value proposition was money. So I put up a lot of the money to start this team. And we went into a equity partnership and, you know, helped not only with the money and probably put I put up considerably less money than what you would expect. But we put up money and then, you know, she was the boots on the ground building the team and implementing. And then I shared with her all the secrets you all the things that I had to figure out to knock down those big three challenges I mentioned earlier. Yes. And she you know, she grew 3 percent the next year. She went from one hundred to almost two hundred transactions. And then the third year, I think, you know, she’s on track like 300 transactions. So anyways, I wouldn’t do the equity partnership thing again, actually found a better way to do it in terms of like replicating the systems. But, you know, she was on my first case studies, if you will. I did another one, another market and another one. And like each one kept. Getting better and better. You know, like this guy two years ago, I brought on he. He was an On-Site sales guy. So he you know, he was also using agent, but all of his business came from being on site sales guy. And when he left that builder, you know. Yeah. Zero business like he was literally starting from ground zero. And in his first year, he did 110 closings and they had nothing to do with new construction or his past client database, like none of that. It was all business. We originated through various lead generation strategies. And then in his second year, he went from one hundred and ten to two hundred and fifty closings. I mean, just phenomenal, phenomenal growth.
Brian Charlesworth: [00:17:31] Ok, so you’re getting all these people from 0 to 250, 0 to 300. Tell us, where is your business today, Chris?
Chris Watters: [00:17:39] So our our team in Austin, which is kind of like my R&D lab, if you will. It’s honestly, it’s I do want to say it’s been on autopilot. I mean, we have a lot of people here in Austin. They work incredibly hard. And we have an amazing leadership team. But, you know, I also leveraged the leadership team to help with the expansion. And so our team in Austin has been kind of on autopilot. You know, between a hundred and fifty to two hundred million in closed sales. You know, I think the team will do, you know, some somewhere between six and seven hundred transactions this year. I don’t even know any. I need to I need to go look.
Brian Charlesworth: [00:18:17] You should you should look at your Sisu dashboards.
Chris Watters: [00:18:19] Well, so the thing is, is like RACC dashboard only shows the buyside. And so we have to get an integration from Salesforce to Sisu to pulling all the numbers. Right. So I know the team is going to be somewhere between 6 7 and transaction’s. I mean, we have you know, we have like you know, I think we have 80 deals, around 70 to 80 deals and ESCA right now. And I’m sure, you know, most those are set to close Close’s month. So I think we’ll finish somewhere between six and seven hundred so put anyways. But the team has been kind of on autopilot like it’s been doing over 500 transactions since 2015. And so I I’ve kind of you know, in 2015, that’s really when I stepped away to start working on expansion and testing expansion.
Brian Charlesworth: [00:19:01] Yeah. So, I mean, most people can’t comprehend that most people are running a team are still actually working in the business selling houses. You’ve been out now for five years, you said. Well, business for seven or eight. You know, I noticed. How does someone make that happen?
Chris Watters: [00:19:17] So, honestly, it you know, I think honestly, I think 80 percent of your success in the real estate brokerage business is predicated on your ability to learn how to recruit and select talent. Like that’s that’s really what it boils down to. Like this is such a people centric business. Like, you know, if you can dial in the recruiting and selection process, like that’s that’s more than that’s that’s 80 percent of Vattel, to be honest. Like, you know, there’s this real popular book that came out, I think like 20 years ago for real estate. And it said you’re in the lead generation business. And that’s really not the case. You know, like you can go by leads, right. From all these companies that now in the last decade, like they like authentically specialize in lead generation, you know. And so like, you know, as a if you’re a real estate agent, you know, your businesses lead conversion. If you’re building a team, your business is recruiting and selecting talent. So. Anyways, my Didi’s kicked in, what was the original question?
Brian Charlesworth: [00:20:18] Yeah. No. I mean, it’s really how do you how did you step out of your business? You know, for the last five years, how much time do you actually spend in your business versus doing other things? Where’s your focus today?
Chris Watters: [00:20:30] Yeah. So in the summer of 2013, that’s when I stopped practicing as an agent. So that was you know, I got started full time in the summer of 2010. And so exactly. Was that 2011. So exactly three years later, I stopped practicing full time as an agent and I just focused on the team.
Brian Charlesworth: [00:20:49] So congratulations, by the way. I mean, that’s that’s incredible. In three years. You were able to build a business that’s bringing you, I don’t know, million dollars a year at least. Yeah. And step out of that business and do other things. And it sounds like your focus now is actually teaching people how to replicate and do what you’ve done.
Chris Watters: [00:21:11] Yeah. So quit broadcasting as an agent in the summer 2013. To be honest, you know, I’d like to tell you and I was like really smart or intentional about it. But in the summer of 2013, like I was, I was starting to have like these, you know, horrible anxiety attacks like between January and June of 2013. I went on two hundred and sixty seven listing appointments. I will never forget that number, 216 millisieverts. Wow. And in the end of June. Mentally, my mind was like to say it was fried. We would be an understatement. 267 listing appointments in six months is a lot of everything. Most people agree with that.
Brian Charlesworth: [00:21:51] So I want to come back to that. Finish your point and then we’ll come back to that.
Chris Watters: [00:21:55] Yeah. So, I mean, literally like for mental sanity sake. It’s like I got stopped producing. I can’t be an agent any longer. And so I I focused on just the business for the next year and a half, developing talent, developing leadership. And then and at the end of 2014, I anointed a guy that was on the team as the president and his name’s Bradley LB. And he took over the operation and +20 at the beginning 2015 end of 2014. I started focusing on expansion. So I haven’t I spin literally. You know, I spend literally one hour a week with our team in Austin. It’s every Friday at noon. You have a leadership team meeting. And that’s. And I participate in that. And then we also have a quarterly strategic planning session. And that’s a full day event for me. And the reason why I’m even doing the one day a week leadership leadership meeting in the quarterly strategic planning stuff. The reason I’m involved in that is because we use Austin as an R&D lab. So at each of the quarterly strategic planning sessions, when we’re going through our tactical operating priorities, you know, I share with the leaders like, hey, here are the things I want you guys to test and to report back to me how this stuff works. Right. So, you know, it’s that’s why I’m involved in the Austin team, cause like literally you need to only need to go to the office. I don’t even have a desk in the office. I haven’t had a desk. They actually kicked me out of the office because.
Brian Charlesworth: [00:23:28] It looks like you’re actually in the office today. Is that right?
Chris Watters: [00:23:31] I am actually in the office today. It’s kind of a long story. I’m moving. So I have a private office in downtown Austin and I’m in the midst of moving offices.And so I’ve movers over there now. But anyways. And that’s why I’m here on a on a Wednesday. But I need a place to work. So anyways, my point is, since 2015, I’ve been focused solely on teaching other people how to do this. And I’m not I’m not doing it in a coaching capacity because the thing was, is I went out and I met a lot of people in the coaching industry and, you know, they all have great businesses. But, you know, I’ve always been really inspired by organizations like, you know, in the military. You’ve got like the special forces in the finance world. You’ve got companies like Goldman Sachs in the nonprofit world. You have companies like Teach for America.So I’ve really been inspired by these organizations that are, you know, when they’re when they’re compared to other competitors in their field. From a personnel perspective, they’re actually kind of small. But yet they perform at like a level 10 times greater than all their competitors.
Brian Charlesworth: [00:24:46] Ok. So that’s what you’re creating in real estate. So what is that? Chris, tell us what that is. Where do you where do you see that entity being in the next five, 10 years? What what is it what is your vision of what what can happen in real estate?
Chris Watters: [00:24:59] Yes. So my my kind of thesis is predicated on agent productivity, not agent count. So a lot of the franchise systems out there and a lot of the real estate companies that are out there, you know, their key metric is tracking agent count. Like that’s all they care about, beating about brokerages or who you’re talking about, just real estate companies in general that are bringing on agents. You know, most of them have an open door policy. And so it’s it’s, you know, like. They don’t have boot camps, for example, and they don’t like kick people out or have people like go through some daunting process to actually become an agent at the company so so that we can understand this.
Brian Charlesworth: [00:25:41] Chris, help me understand. So you’re doing 700 transactions out of your Austin location? Yep. Roughly. How many agents do you have doing it?
Chris Watters: [00:25:52] So we have we have full four listing agents. And to be honest with you, you know, like number three and number four, we’re added this year. So I have two listing agents doing 250 to 300 plus closings per year. And then we added a third and fourth one this year. And then on the buy side, we had about fifteen agents. So total number of agents, 20, 20 agents, 20 agents doing a very expensive seven. So the average transaction count per agent is if you average them all out, is like thirty five.
Chris Watters: [00:26:34] So, you know, the industry the industry averages, what, six to seven.
Brian Charlesworth: [00:26:40] Yes. So let’s go let’s go look at your listing agents because your listing agents are averaging more like one hundred. Yeah. No. How do you do that? I mean I look at you doing two hundred and sixty seven listing appointments before you threw in the towel on that. Yeah. First off how do you even schedule two hundred sixty seven listing appointments.
Chris Watters: [00:26:59] Yeah. So it’s funny. I remember on my I don’t know what birthday it was but on my birthday my birthday’s on December 30th. And I had, I was either I think it was five, five or six listing apartments on my birthday and my day started at 7:30 a.m. and I literally had you.
Brian Charlesworth: [00:27:21] Happy New Year there, Chris. Yeah.
Chris Watters: [00:27:23] Yeah. No, no joke. So I had my first listing important start at 7:30 and my last appointment was at 7:30. I believe I had six books and it was like, you know, about half per appointment, 30 minutes of drive time. And so I haven’t I have. I had and we still do. I had inside tells people basically setting appointments on my calendar. And then, you know, in the evening I would do all the research to go on the appointment. And then I would turn in, I’d scan all the documents, loading the G drive, give it to our transaction team, and they would facilitate the marketing and the listing. And alas, you know, like getting everything ready, scheduling photos, staging, whatever. And so, yeah, I remember my birthday that this is like that right before I stopped being agent on the 30th. And I was I was running late to every single appointment, my first appointment to end up taking three hours. And my whole day was it was jacked up. And I told everybody I was my birthday. And I was, you know, terribly sorry because I was running late like an hour and a half to all five appointments, like subsequent appointments. And people when I when I did show up, people felt so bad for me for being there on my birthday. They helped that helped me win the list. I ended up getting all the listings that day, which was my record day I think was five or six anyways. So my you know, the way you go on that many appointments is you have a you have a team of people that are specialized in very specific parts of the customer journey, you know. So, you know, when you think about the customer journey of a homeowner, for example, like there’s one person dedicated and each person has, you know, kind of this very specific scope of work that they focus on. And then they hand the baton off to the next person on the team.
Brian Charlesworth: [00:29:16] Can we drill into that a little bit deeper? So the first step is you need leaders to be able to get that right. So how do you generate leads?
Chris Watters: [00:29:23] Yeah. So plethora of I mean, you know, we have a plethora of different oil wells and lead generation side. I mean, back in 2012, 2013, the market was horrible and there was an abundance of expired. And so over 80 percent of my business was at that point was coming from expired.
Brian Charlesworth: [00:29:41] So you didn’t call those expire? Right. No, no, no. Back seat. The next step.
Chris Watters: [00:29:46] Yeah. Those were all coming. All of those expired listing appointments were from Elbaum prospective.
Brian Charlesworth: [00:29:52] So people how many people did you have calling scheduling those appointments? How did you train them? Obviously, that’s an I as a team prospect expiring.
Chris Watters: [00:30:00] I’ll at that point. I only had one ISA. I had one. He would set it, you know, he would set anywhere between twenty five and forty five appointments depending on time here. Like if it was December he was setting like twenty five appointments. If it was, you know. You know, basically January is when things kick off massively especially with expires. January would be one of the biggest. Forty five expired appointments. And so, you know, January being forty five, this guy’s name was Tim. He’s kind of I don’t want to say a legend, but like he’s I will forever remember Tim. He was an awesome guy on the team who worked for me for several years. But, you know, like January, you do the forty five appointments and slowly scale up to, you know, he was setting, you know, 70, 80, 90 appointments a month.
Brian Charlesworth: [00:30:52] It might tee up on his own doing real estate. Now, did he say, hey, I can do 90 appointments a month? I’m doing this myself. What happened?
Chris Watters: [00:31:00] You know, he actually changed fields completely. He just got kind of. He’s now he’s an inside salesperson at heart. Like, that’s like what he enjoys doing. And he even get burned out. He just wanted to change industries. He had been with me for four years and he wanted. You want to change. And we couldn’t find a way to continue working together. Like, the only thing I could do to help him go to the next level was, you know, putting him in a leadership position, which he wasn’t interested in. And so we’re in Austin, Texas. There’s all these technology companies. And so, you know, I couldn’t offer him the same kind of compensation a technology company could in an inside sales capacity, because, you know, a real estate transaction here in Austin is like ten grand in gross commissions. A technology comes some of these tech companies. And also they’re selling products that, you know, create, you know, tens of thousands of dollars in reoccurring revenue every year. Right. So there’s just opportunities like the ISC market in Austin is highly competitive. So I got him early on. You know, he was only a couple years out of college. And, you know, you really learn the ropes. And then, you know, I told him on my you know, there’s nowhere else for you to go here, man. Like you’ve topped out like not many. I’d say they’re setting 80, 90 appointments in a month. So anyways, we’re still good friends. We talk all the time. Great, great guy. But anyways, that’s that’s that’s how it all started in the beginning. I mean, I first was the one doing it like in the early days. I was the one setting implements and then I trained somebody else how to do it. And then he was even better than me. It kind of took it to next level. So in then as revenue grew, we started investing in radio, TV, billboards, direct mail. You know, past client marketing events, you know, for a big, big quarterly client appreciation events, you know, to drive more inbound leads.
Brian Charlesworth: [00:32:48] So fast forwarding to today. Those are the things you enjoy. In addition, I’m guessing you still doing inspired leads as well.
Chris Watters: [00:32:55] Yeah. You know, the market superhot. There’s not that many expires. So most of our business now just comes in down as a result of all the marketing we do through mass media, past client events, you know, stuff like that.
Brian Charlesworth: [00:33:10] So even today, your your listings agents are averaging one hundred listings.A year. So how many listing implements do they go on? How did those get scant jeweled? I mean, this this is you run a completely different model. I would call it a more efficient model than most of the people I’ve seen. So share with us, you have all these different leads are just coming in. These are inbound calls. Who is taking those calls? How are they getting scheduled? I know you’ve told me that words that you’ve seen listing agents, you are now going out to many appointments. So what’s the right way to run that side of the business?
Chris Watters: [00:33:50] Yep. So the essays that are doing outbound prospecting, you know, they’re working colder lead sources, those. It’s just that takes a long time to develop your pipeline. You know, realistic expectations would be in the first 90 days. They start setting about 20 appointments per month. If they’re doing it eight hours a day, month six is a major inflection point where you’ve got a pretty big pipeline of nurture leads that are ready to pop and outbound. I say could get to thirty, forty, forty five appointments. And then you’re our you know, my inbound I say is like they’re literally just on the phone with like warm leads all day. My end down I essay’s one one guy in particular Mark Hill said 90 to 100 appointments per month. So we have in Austin we have a we have a. Most of the year it was just a three person team, but it’s four people now. And that’s all a result of us getting the Zillo offers contract in Austin. So we’ve got a lot. Thank you. We’ve got a lot of people in Austin. As a result, that deal offers contract. But my our team of three, three people, when I say that took inbound, he was setting between 90 and 100 appointments per month. All inbound. The other two we’re doing outbound prospecting like leveraging our brand in the community, calling expires redraw and all that kind of stuff. Those guys were setting a bad month for him. Would be for each of them would be about 20 to 30. A good month would be 40 to five. So our average, you know, during the busy season, you know, the average number of appointments per month is one hundred and sixty, roughly one hundred and sixty appointments per month.
Brian Charlesworth: [00:35:30] That’s listing appointments? And so you have how many agents going on those. What’s the what’s the breakdown and how many. Yeah. See how many appointments can a listing agent go on per day and not get burned out.
Chris Watters: [00:35:43] Yeah. So you know, I was going on. Personally I was going on 40, 50 appointments a month earlier and that’s what I was doing in 2013. And I hit a wall and I didn’t realize it at the moment, but I hired somebody else to be a listing agent. And in six months, he hit the same wall and basically quit. He literally left the industry. And so when he left, I hired two more staff. When he left, a guy named Brad. Great, great guy. Still talk to him. When he left, I hired two listing agents to try to do the workload. And I burned those two guys out. Too many. It was too many opponents. And so it took me like several years to figure this out. But like the sweet spot, if you’re setting appointments for a listing agent consistently throughout the year, the sweet spot is about 15 listing appointments per per month. So like, you know, like three, three to four appointments per week is kind of a sweet spot for a listing agent. The first the first 90 days that may not feel like a whole lot of work for them. But what happens is after like 90 days, their pipeline of active listings is starting to build up. And so, you know, but by between days 90 and 180, the listing agents really start to feel the pressure if they’re going on more appointments and that because they still need to be calling their clients once a week. So we institute success call every week. So the only thing our lists are listing, agents have to do three things. Yeah, they’ve got to go get the listing. They’ve got to go win the business. They’ve got to make a weekly success call from a communication perspective. Yes. I mean, anybody in the listing pipeline, whether it’s coming soon, active, pending, they get a call once a week. And the third thing is anything that requires influence or expertise, specific, exempt, a specific example would be negotiating a repairs or negotiating offers. They have to be on the call with their transaction coordinator. So anything requiring like influence to try to help somebody make a decision or anything requiring leadership to help lead somebody to make a decision. That’s the third point that a listing age has to be involved in. I split tested like if a listing agent has to go to a closing. They don’t. If a listing agent doesn’t go to closing, the seller is not going to be upset. If you’re calling them every single week doing your success, call your negotiating, helping negotiate and lead to resolution specific to the repair. And into a contract price, you don’t have to go the closing days. These are the three pivotal points of contact for your listing agent to be involved in the transaction.
Brian Charlesworth: [00:38:30] So you’re listing agents are not even scheduling their own appointments. They’re just showing up at the listing. Correct. But they have not spoken with them. Pre-qualified the listing, is that correct? That was done by your ISP? Yep. So they’re showing up. So how do you compensate them? Because I know so many people get turnover with their agents and I use them to know how to keep your agents longer. Now that you’re sending them on three to five appointments a week, consider three appointments a day.
Chris Watters: [00:38:56] Yep.
Brian Charlesworth: [00:38:57] And so talk to us about what the right compensation is. How do you compensate people so they still make great money? But I know you’re actually listing agents as salary. How does that work?
Chris Watters: [00:39:10] So basically they get you know, I value every listing taken at roughly about 10 basis points of the sales price. And we just you know, that’s just we say that for optics, I guess you could say. So like every listing they win is valued at about 10 basis points, which, you know, if you’re converting at conversion rates, by the way, people are probably wondering what’s conversion rates. So from literally like going from the appointment set to the closing ratio, you’re you’re low performers are gonna be at about 33 percent. You’re high performers from appointment set to closing money in the bank. You’re high performers are going to be at 50 percent. That’s kind of the general range. If someone falls below thirty five percent, you need to get rid of them. If someone’s over 50 percent, it’s probably a small sample size. You’re measuring and they’re probably not going on that many appointments and they’re probably not actually tracking appointments set to actual closing. A lot of people have different metrics on how to track that anyway.
Brian Charlesworth: [00:40:11] So you track set to closing out your closing.
Chris Watters: [00:40:14] Yeah. Yeah. That’s the thing we really we really care about. We get into some of the other minutia of like, you know, listings like to closings to see if maybe there’s like fall-off. You know, we basically track that by looking at expires. How many of our listings expire? Because then that helps tell us if the agents are doing a bad job from expectation setting perspective around pricing or just educating the consumer. Every one of these little metrics is kind of a nugget into your business as two things you need to be doing to help optimize it. So your answer, your question. OK. So the question was compensation. So the the salary is kind of predicated on this idea that the formula is 10 basis points is assigned to the listing taken. So when it goes live in the listing, live in the in the MLS, they get paid ten basis points. So for example, on a three hundred thousand listing, they get paid three hundred dollars.
Brian Charlesworth: [00:41:07] So when you say 10 basis points, I just. Just curious because whenever I talk to somebody in the mortgage industry. They talk basis points, and every time somebody in real estate they talk. Percentage. Just curious as to why you use 10 basis points.
Chris Watters: [00:41:26] You know, so I guess it sounds better. It’s all optics, just sound.
Brian Charlesworth: [00:41:31] I want to. I want our listeners center stand this.
Chris Watters: [00:41:34] Yeah. It sounds better than saying one tenth of one percent. Right. Like 10 basis points is one tenth of a percent. So it just it’s you know, it’s it’s just it’s it’s an optics thing, I guess.
Brian Charlesworth: [00:41:49] Yeah. So I mean, I guess the important thing there, Chris, is you’re agents are thinking salary plus bonus. They’re not thinking. They’re not thinking I should be getting 50 percent or 30 percent or 2 percent of this transaction.
Chris Watters: [00:42:05] Yeah. Like they have guaranteed money coming in just from the listing being taken each month. And and so they’re you know, they’re taking 6, 7, 8 listenings a month. So that’s, you know, roughly 30k a year is coming in just for getting the listing, the aliving, the MLS and then we have a back in commission depending on what commission menu item the consumer selects. So we have three different options for the consumer to select from a commission perspective. And depending on that, their commissions on the back end or between 10 and 15 percent of the gross commission on the back end. And then people are probably wondering what do you do about agents that, you know, they come on your team and they win a bunch of listings and none of them sell and you just paid out all this money. So something also we have in our position agreements is what’s called a clawback clause that says if the listing fails to sell, you lose 10 basis points on that deal against future bonuses or future commissions make sense. That’s what kind of protects us on the back end.
Brian Charlesworth: [00:43:14] Okay. I think we I think we’ve gotten the details of you announced that people are probably like, I really need to spend some time with Chris. Yeah. Before we close out. Have you share with everyone how to how to reach out to. I do have a couple other questions I want I want to get answered, though. One is just really what is your vision for the real estate industry? I mean, as far as technology goes, as far as in five years, what are people going to need to be doing? How are things going to change? We’d love to hear your perspective on that.
Chris Watters: [00:43:48] Yeah. So my my big vision for the business is, I guess, first off, I mapped out the whole U.S. and I looked at the geography of cities and everything and looked at the U.S. and Canada. And so the goal is to get to two thousand one hundred and fifty three franchisees. And we’re gonna get there by identifying fifty three regional partners. So what I’m in the middle of doing right now is, is I’m currently in nine markets. I’m opening up three more next month and I’ve got one Canada, Toronto, Canada, Denver, Jacksonville, Indianapolis, opening up next month. We’re opening up in Orlando, Atlanta and in Portland.
Brian Charlesworth: [00:44:37] What is this? What business is this?
Chris Watters: [00:44:41] Yeah. So basically, the thing that I realized about the equity partnership thing is, is that, yes, I can give somebody all the systems processes, help coach them, tell them exactly what to do. But like, you know, it’s not a very equitable. It’s not a very equitable deal. Like, you know, like my first equity partnership deal, like I was getting some pretty large shareholder distribution checks. And it’s a I’m not complaining about it, but like I wasn’t the boots on the ground, like I wasn’t the one physically doing all the work.
Brian Charlesworth: [00:45:14] It’s not like getting overpaid, is what you’re saying.
Chris Watters: [00:45:17] Well, I it’s not that I didn’t like. It’s not that it’s just, you know, like people need to feel like it’s a win win. Right. And yeah, And so, like, that’s just not very scalable because like your key leader in the operation is going to get really frustrated because your value at for me, what I discovered is it takes about three years for me to get somebody to implement a recipe book and my value really drops off after three years.And so my thing was is like I could basically franchise what I was doing in charge of very tiny royalty. And then it would be very equitable. They owned the business. They get all the shortcuts, all the secrets, the recipe book, et cetera. And and they know I have a vested interest in their business because if you know, if they don’t produce any revenue, I don’t get paid anything. Right. So instead of like, you know, having to pay me a fixed fee per month, like in the coaching industry, like I only succeed if you succeed. So, you know, I launched a franchise system two years ago and took it really slow, you know, trying to make sure everybody was, you know, saw massive growth. You know, two 300 percent growth year over year was my minimum standard. I said, if I can’t get somebody to 2 to 3 percent growth year, year, we’re going to do this. And so we took it real slow. And sure enough, every single person has been on that trajectory path. And so now I’m starting to really ramp it up. And so my my big, hairy, audacious goal is to take a lot of these early franchisees and get them to be successful where they basically follow in my footsteps, build a team two one hundred one hundred fifty million in revenue and have. The leadership in place so that they can truly exit the business. And then I want to offer those people regional partner rights so that they can go and help other people. Copy and paste what they’ve done.
Brian Charlesworth: [00:47:08] So duplicating you to the next level, not just within a team and actually allowing for growth beyond building a team or you’re stepping out helping other people.
Chris Watters: [00:47:17] Yep, exactly. So my goal is fifty three regional partners. Each one has roughly 40 franchises underneath them. We share the royalty, 50 50. And you know this this is how if you’ve read the book, Peter teals book, Zero to One, this is how we go from zero to one. And it’s how we create a 10 X. If you’ve read the book, he says you either have to create a new category in an existing industry or you’ve got to go 10 X and this is how we go. 10 X is by creating a better trajectory path for people that are trying to find just this this crazy high untapped potential in the real estate sector.
Brian Charlesworth: [00:47:58] Speaking of books, you’ve written a book. Tell us and tell us what’s the name of your book? Why should people read it? When people go get it. Let’s hear about that.
Chris Watters: [00:48:06] Yeah. So several years ago, you know, I have had several, you know, as time was progressing, like I was going all these masterminds and all these events and kind of like quietly sharing with people what I was doing. Like I didn’t really want to make it public because at that point, you know, four or five years ago, I didn’t know if, you know, I didn’t want anybody to fail. And so, like, I was quietly share with people. And because they were all ask me, like, how are you grown so much faster than I was? And so, like, they started, you know, these people sitting in the same masterminds, I was all started implementing things. I started sharing with them and they start having a lot of success. And so, you know, as time progressed, like more and more people found out about what I was doing and I had a lot of vendors in the real estate space start telling me, you know, Chris, you scaled the real estate team model faster than anybody that we know of in the history of the industry. You know, from your first year to your third year, getting to know, netting a million bucks. And, you know, I think, you know, in our third year, we did three hundred twenty five closings roughly following year 400. Year after that, 500. But anyway, so a lot of people started telling me, like, you need to you need to share your story and tell me why you did this. And it sounded kind of like a daunting process for me. But as honestly with what really I guess was the lever mechanism to do it was I started getting a lot of people reaching out to me on Facebook. Like I was getting I guess I still do. I get messages all the time from people asking me, like, you know, trying to help them. And so I want to help them. But it got to a point where it was pretty a pretty large time suck. You know, I’d spend hours and hours like answering people via Facebook Messenger and LinkedIn and Instagram and stuff. People ask me questions in the email and then random phone calls like it was taking a big chunk of my day. And so I said, I follow is like, OK, I’m going to write a book and I’ll basically talk about my journey of building the team and like all the things I’ve failed at and try to explain kind of make it a very tactical book to help people kind of scale the growth curve in the team centric model. And so the book is called The Million Dollar Real Estate Team, the Millionaire Real Estate Team. And I give it away for free. So you guys can go to brokerage hacking dot com. The book costs me it’s 200 some other pages book like it does cost money to print like four or five bucks. So I pay for the book. The only thing I ask for people to do is just pay for the shipping and not even care about. I use the in favor shipping, but I started getting you know, I started getting hit with people buying it in New Zealand and Greece and Canada. And like I got a bill for when I the first time putting it degree two degrees and to New Zealand. And I got a bill for like sixty dollars per book and I’m like, this is crazy. And it was kind of cool though, man, I’ve got like pictures. I have pictures of this guy in China taking a picture of our book on the Great Wall of China. I actually put it on our website, but it’s been really cool, man. I’ve had people from all over the world fly into our office, had a guy here from Greece recently, UK, New Zealand, Australia. You know, it’s been awesome. So anyways, yeah, you guys, if you’re watching this, you got to go check, get the book free. You can you can buy it on Amazon, which I think is like 20 bucks or something. But I have a landing page you can go to to get the book and the website is Brokerage Hacking WSJ.com. And you know, lots people ask me why, why? Why did I why is it called Burbridge Hacking? There’s really no meaning behind that. Like, I bootstrapped the business and I was just like hacking my way through the turf. So I just think like the book just. Talks about all the little hacks to help accelerate you through the growth curve. That’s kind of the bottom line. So, yeah, you got a broker tracking dot.com. Get the book for you. Just cover the cost of shipping.
Brian Charlesworth: [00:52:11] Ok, so you’re building this franchise. If people want to double 200, 300 percent their income every year. It sounds like really your teams slash brokerages are becoming the largest in every area you move into. One of the largest in those areas based on the volume they’re producing.
Chris Watters: [00:52:32] Yeah. Every team. Every team. I mean, like my first team’s number one in their market. My second team’s number one in the market. My third team will be number one at the end of this year. My fourth one will be number one at the next year. So that means they’re all they’re all crushing it.
Brian Charlesworth: [00:52:47] So if you want to be number one. It was Chris. Right. Because it sounds like you are going to take over the world as far as real estate goes, based on the way you understand what technologies are required for you in this franchise. I mean, most franchise companies out there today are building technologies. What’s your view on technologies? This all on one solution that everybody’s creating. What do you need in order to run your business? What what is the duplicated all pieces that your franchisees you want them to take advantage of?
Chris Watters: [00:53:19] Yeah. So that’s right. So a lot of people are trying to build these all-in-one solutions. And kind of what I discovered almost, I guess is four or five years ago, after wasting all this money on Salesforce is that, you know, building it all in one solution is not sustainable. You know, this idea of all in one is is a bunch of smoking mirrors, in my opinion. You know, when you as I’ve gotten to know the technology sector more holistically, I guess, you know, the way like Fortune 500 companies operate is most of them have an ecosystem of applications that run their business. And most employees, though, like have no clue about this ecosystem of applications like most, depending on what the employee is doing, like they’re only operating out of one system and on their role. Yeah, yeah, exactly. Depending on their role. And so, you know, in this ecosystem of applications, for example, in real estate, we have you know, this we have this you know, this vertical of lead generation systems, you know, they basically generate leads. Right. And then there’s tons of them, dozens and dozens of them. And it sucks having a log in all those systems and importing and exporting or passing or zapping that beer. You know, it sucks getting all the data out of those into your CRM. So that’s the next vertical. The next vertical is all your CRM, right? That help with lead management and client management. And then you’ve got your transaction management, which, you know, there’s plethora of systems for that. And then you’ve got your accounting systems and there’s several of those in the real estate industry. And so, you know, each one of these verticals is kind of like its own little niche and specialty. Right. And so there there are these companies out there that are trying to basically build all of those features under one roof. And the thing that I learned is the challenge with that is that these little you know, these companies that are more focused, the companies that are more focused, for example, on lead generation are going to out innovate. The people that are doing the all in one solution because they’re trying to be all things to all people. You know, Jack, of all trades, master of none. And so, you know, the companies that are hyperfocus will always out innovate the person that’s trying to boil the ocean. And so what I realized after, you know, understanding what big Fortune 500 companies do is I started figuring out that the real missing thing is not having an on one solution. The thing missing is integration. We just we need a way for these systems to talk to one another. So each person on the team can operate within their respective system. They need to be operating with it. For example, the agents should be operating in the CRM. You’re transaction management team should be operating in transaction area software. Your account manager or you’re your accountant or office manager should be operating out of the accounting system. But what ends up happening is an industry is because it’s so fragmented and none of these systems talk to each other. You have everybody logging and all the different systems. It’s just a huge mess. And so the key system that we started using about a year and three, four months ago, which is the first of its kind in the real estate sector, is an integration tool called Real Sync. And so real sync is now allowing our systems to talk to one another. So data automatically real time goes back and forth between the systems and it doesn’t require a person to import or export files or do double-D data entry to get data to go back and forth. And so real sync is the system we use to get all of our systems to talk to one another. And then the other the other really important tool I use is Sisu, which is how you and I met. And something I realized about four or five years ago was that, you know, when you when you run the team centric model, like I mentioned earlier, earlier, your bank rolling the success of your agents. And so when you’re bank roll in the success of your agents, like you need to know quickly, based off an agent’s early indicators, based off their key performance indicators, you need to know early on if this person is building a pipeline and taking the actions, you know, to have success so that you don’t end up wasting a ton of money on the agent. And then from a leadership perspective, you need all the data points from from a high level perspective. So you know how to navigate the business. And so as somebody that’s trying to, I’m personally trying to empower other people to implement this model. And so in order for them to implement it, like I, too, need to see their dashboards to understand what is going on in their business, because sometimes what people think is the problem is not always a problem. And so, you know, you know, CDU is a huge component of our system. You know, we have our our team in Austin has it. I log into other French expansion teams, franchise teams, and I’m looking at their numbers to identify where the holes are in the team leaders, businesses, to help them understand how each metric with that knowledge, you you are empowered to know what tweaks you need to make in your business.
Brian Charlesworth: [00:58:46] Well, Chris, since you’re building this Enterprise Watters’ International that’s about to take over the world in the next 10 years as far as real estate be. Be number one in every city. We’re grateful that c.c.’s are part of your technology platform. What about on the on the, you know, e-signature CRM side? What do you guys use on that front? Just so that people know it’s a part of our business? Or does it not matter to you?
Chris Watters: [00:59:12] I don’t think it matters. Your CRM is just a tool. That’s all it is. I mean, my I mean, I’ll tell you guys like I have my team at Austins on Boomtown. I have multiple franchise partners on Sierra. I have I have one on real geeks. I have one on fire point. I have one on commission ZINK And they’re all having success. You know, they’re all doing they’re all crushed, you know, like that’s the CRM is not going to. So if you have any of those top CRM like you’re sitting in a good spot.
Brian Charlesworth: [00:59:45] So basically you you’re people have any CRM. It doesn’t matter. You’re using real sync. You’re pulling that indices. You like it the data. That’s that’s the important thing for you helping them make decisions.
Chris Watters: [00:59:57] So I have I have exposure to all the serums and I’ve seen them all. And my team is using all and they’re all awesome. And the fire points great sear interact is great boomtowns great. So I mean, they all work. You know, it’s it’s not the it’s not the technology. If you’re not getting results with one of these systems, it’s not the technology, it’s the people. It’s the people that have the tools at their disposal that aren’t capitalizing on them.
Brian Charlesworth: [01:00:24] Yeah, I don’t think people realize how lucky they are in real estate to have so many easy options that you just buy and you tournament compared to having to build out a salesforce platform, which is way more expensive right now, which, you know, we’re very, very fortunate in the real estate industry to have some great solutions in like, you know, in the typical business world.
Chris Watters: [01:00:47] Yeah, you got to go get a CRM. And the other thing is your CRM system is basically like a task management platform, basically. And then on top of your CRM in the rest of the world, you also have to go get a program that manages your actual lead generation, like, you know, sending out emails and drippy emails and texting. Like these are all little additional features you have to get on the AppExchange store.
Brian Charlesworth: [01:01:13] What do you use? What do you use there?
Chris Watters: [01:01:16] So for my team in Austin, we have we use Boomtown on the buy side. And because the listing side is more you know, we have so many players involved to help our listing agents do so many deals on the Salesforce side. We use autopilot as kind of the marketing engine that runs behind Salesforce. And then we have rings central as our voice over IP phone system. We use a dialer called Five Nine. We have lost we have built on Salesforce. You know, I have a full time salesforce administrator and develop where I don’t even know all the tools we have. It’s not true. It’s over. I’ll tell you, it’s over. Ten thousand dollars a month is expensive. And if I could do it all over again, I don’t I wouldn’t go down that path. I wouldn’t do it again. You know, I do have some pretty cool advantages with Salesforce. Mike, for example, when we when we won the Zillow offers contract, like I mean, I have it I have it probably built out better than anybody in the whole U.S., you know, like I can our team in Austin, for example. Brad and I are going to write another book. And in the next book, it’s going to talk about how to take the team model from 500 transactions to three thousand. And I’m going to publish that book at the end of next year. How we went in 18 months from 500 transaction three thousand. And I could have never done that without Salesforce.
Brian Charlesworth: [01:02:39] Yeah, OK. All right, well, Chris, I know we’ve been we’ve been on here a lot longer than I expected, but great, great times together and thank you for all of your advice. And I’m knowing that people are going to want to reach out and probably learn more about Watters International. So where do they do that, man?
Chris Watters: [01:02:56] Honestly, the best first step is read the book. Read the book. You know, you’ll get you’ll get seven years of juvie, nine nine years of, you know, what’s been going on up here in my head from an experience perspective and just, you know, documenting how we grow the business. So go read the book first. I’ve got you know, I’ve got some cool stuff I’ve created to help people. You know, I think one of the biggest challenges in real estate is learning how to be a CEO, not like how to be a great agent. You know, there’s a lot of there’s a lot of programs out there to teach you, like how to be a great agent and convert more leads and be a better salesperson and, you know, find more listings and all that. But there’s not a lot of people out there. Actually, I don’t think there’s anybody out there really helping agents make that transition, learning how to be a CEO. So one of the things that I do in addition to the book and it’s something I just more of a passion project is I have something called it’s called the CEO master class and the CEO master classes designed for agents that are trying to make that transition from being an agent to a CEO. And I do I only do like I do it like twice a month. And it’s only I only I have a cap on there. I only do it for like five, six, seven. I think the most I’ll do is eight. Like that’s the most I’ll never have a group on work with more than eight people. So it’s very a very small few select group of people and don’t even know the franchise thing. That’s it’s a lengthy application process and like. Ninety five percent of people don’t even qualify. So like I wouldn’t even reach out to me about that. Just read the book. And if you like the book, check out the CEO master class. And if you’re maybe one out of those every you know, if you’re one out of four, you’re one of the thousand people that, you know, has the capacity to go from, you know, 30 deals to 100 in a single year or from thirty deals to five hundred deals in five from from thirty deals to five hundred. If you have that kind of mental capacity to be able to grow from 30 deals to five hundred and three years, you know, that’s a very tiny percentage of agents out there. But if you feel like you have that capacity, then maybe, you know, you might be a good fit to go through the application process, but read the dang book first.
Brian Charlesworth: [01:05:19] Ok. So the CEO master class once. Where is that? You have that on line somewhere out of peoples.
Chris Watters: [01:05:25] So I sit, I send out if you buy the book, I send out an invitation to the people that read the book and they get an invitation like twice a month to register for one of our openings because like, look, I’m in here trying to make money selling stuff like that. Anyway, I’m doing this. I don’t see the reason the CEO masterclass came about was because at first I tried solving the problem. All these people messaging me on Facebook for several years, which is why I wrote the book. But then everybody I wrote the book and then people wanted more. And so as I got to then the CEO masterclass came about.
Brian Charlesworth: [01:05:57] The book is the place to start. Everyone go get a free book. Chris is telling me how to do that and start there and enjoy that.
Chris Watters: [01:06:08] I guarantee I guarantee you will the book will be one of the best ones you’ve read. I promise you, you guys can read the reviews on Amazon. I was you know, I’m always pessimistic about everything I do. But, you know, like. The reviews, I think of the reviews speak for themselves.
Brian Charlesworth: [01:06:26] I’ve loved our time together. Chris, thank you so much. And we’ll catch up with you soon.