Welcome to the 261st episode of my Monday Morning Pep Talk! I am closing out this year’s series of MMPTs today by reflecting on my biggest takeaways from 2024 - a year filled with lessons, growth, and changes in our industry. But we’re not stopping there, as I’ll also share my insights on the shifts I see coming for 2025 and the critical areas where real estate advisors, brokers, agents, and entrepreneurs must adapt to stay ahead, stay productive, and thrive in the coming year.
Before I jump into today’s call, I want to remind you of my professional purpose: to help you, the full-service, full-fee Advisor, optimize your productivity and become the best version of yourself. Why? Because “Happy Advisors Sell More Real Estate.” I do that by teaching you how to handle the challenges and opportunities you face every day. When you can effectively manage the situations that arise daily in your business, you’ll be more productive and live a life that reflects the best version of yourself. My ask is that you listen as if you’re in a one-on-one coaching session with me, either in my office or on a call.
What a year 2024 has been! I'll remember it as the year we faced a lot of head winds with the NAR settlement changes, the fluctuation of interest rates, unmotivated buyers and sellers and, of course, it was an election year. With that being said, congratulations for again stepping up and navigating an incredibly difficult industry during a challenging year. One of my most listened-to MMPTs of 2024 was Episode #247, where I talked about how "Success is Hard” and the fact that real estate brokers/advisors are challenged daily both personally and professionally to create a successful life and business. I think many of you appreciated that I acknowledged the challenges of our business head on.
As we start to bring 2024 to a close, here are some random thoughts that have crossed my mind lately. I started journaling these thoughts about a month ago in anticipation of writing my final MMPT of the year.
"Go Get Sold" I’ve made an effort to step outside of my day-to-day and the real estate industry to “go get sold.” I’ve taken time to observe as a consumer - whether I’m making purchases, dining out, driving around, or simply engaging with people who are building and running businesses. The businesses that truly stood out? They made me feel noticed. They went out of their way to be accommodating. Those are the ones I keep returning to, again and again. As technology continues to reshape every industry, one thing remains constant: good old-fashioned emotional intelligence and a hospitality mindset. These qualities will never go out of style when it comes to growing a business, one client at a time. You can’t automate or scale hospitality - it’s a deeply human connection. So, my advice? Go get sold. Pay attention to what makes a business stand out to you. Then, double down on those same qualities in your own business.
"Good clients are an investment. Difficult clients are an expense." 90% of the time, your intuition knows upfront which category a client will fall into. Yet, we often let the dopamine rush of a signed buyer or listing agreement cloud our judgment. If you haven’t already, I highly recommend reading The Full Fee Agent by Chris Voss and Steve Shull. It’s a game-changer. Combining Voss's negotiation expertise with Shull's industry insights, the book teaches agents how to establish boundaries, communicate effectively, and charge full fees confidently. It’s a roadmap to building a sustainable, client-focused practice while maintaining control, increasing profitability, and ensuring long-term success. Your ability to select the right clients will play a significant role in building a business that’s both predictable and enjoyable. Remember, without clear boundaries in your client selection process, the wrong clients can derail your success. As the saying goes, “20% of your clients will steal 80% of your joy.” Protect your joy by choosing wisely.
"Herd Mentality" I often use the metaphor of a herd of buffalo to describe the collective mentality of buyers and sellers. Buyers, in particular, move as a herd. When a subset begins to act, others watching from the sidelines - those trying to time the market - often jump in, spurred by activity on the listings they’ve been tracking. In 2021, it was a stampede. By 2023 and 2024, the herd settled - buyers were comfortable grazing, waiting. But all it takes is a spark - fear of missing out on a deal - to get the entire herd moving again. Be prepared for that momentum in 2025. There’s significant pent-up demand. Many buyers haven’t purchased since the frenzy of 2020-2021, when homes sold sight unseen in multiple-offer scenarios. Since 2019, home equity in many markets has risen by over 50%. Sellers will likely begin leveraging that equity, along with inheritances and accumulated cash, within the next 12–18 months. If you have buyers on the fence, help them understand the herd mentality. When the stampede begins, those waiting too long may find themselves left behind, watching the action from the sidelines.
"Find Your Chip" Thank you to Ashley Shaw with Sotheby’s International Realty–Canada for introducing me to this powerful concept about motivation. We know that 20% of people take action because they’re inspired, while 80% find motivation when they’re desperate, with their backs against the wall. Somewhere in between, there are those driven by something to prove - a “chip on the shoulder” that fuels their drive and results. If you’re feeling stuck, maybe it’s time to “find your chip.” Identify your personal "Goliath" - that obstacle or rival in your ecosystem that will ignite your competitive spirit and push you into a new gear. We’re all motivated differently, and that’s okay. For some, the key to breaking out of a rut is as simple as finding that chip and letting it drive you forward.
"Your Brain is Just Doing its Job" You’ve heard me say this a lot this year, and it’s true: your brain's primary goal is to keep you comfortable and maintain the status quo. This is the root challenge of high performance. Those who succeed don’t give in to the negative self-talk—the voice that says, “Why push harder? You’re paying the bills. Stay on the couch. It’s Sunday, it’s cold, and no one will show up anyway.” Success begins when you stop listening to that voice and start taking action. The truth is, you’ll sell more real estate when you’re out in the world, engaging with people—not sitting at home on the couch. If you’re in a rut, the first thing to work on is what’s between your ears. Your brain, like your heart pumping blood or your lungs breathing, is simply doing its job: keeping you safe. But in the pursuit of success, comfort is the enemy.
Train your brain to embrace discomfort. That’s where growth happens.
"Does Luxury Have a Size Limit?" This is a question I’ve been pondering over the past week: Is there a limit to the number of people you can truly serve while maintaining a hospitality-driven approach? My intuition says yes - 100%. There’s an inherent size threshold where the personal touch and attention to detail that define true hospitality begin to wane. It’s a delicate balance, especially for those who aim to scale without losing their boutique feel. An excellent example of a company that has intentionally stayed boutique to protect its luxury standing is Breguet, the Swiss watchmaker. Rather than expanding into mass production, they’ve kept their production limited, focusing on craftsmanship, exclusivity, and personalized service. By remaining boutique, Breguet continues to be synonymous with timeless luxury and exceptional quality, proving that sometimes scaling isn’t the path to maintaining prestige - it’s staying small and focused.
In 2025, Embrace Technology Once and For All. Embrace the technological advancements that are reshaping our world - because they’re here, and they’re moving fast. Over my lifetime (yes, I’m dating myself), I’ve seen the introduction and evolution of game-changing innovations: cell phones, email, the internet, WiFi, online shopping, social media, the iPhone, Uber, wireless devices, cloud-based CRMs, and electric vehicles. And now, perhaps the most transformative of them all has arrived: AI.
Right now, fewer than 5% of the population is actively leveraging AI, but those who are using it are achieving remarkable productivity gains - often at multiples of what was previously possible. In 2025, it’s no longer optional. You need to embrace AI. Every day, I’m seeing new applications emerge that are nothing short of mind-blowing. AI isn’t just the next big thing - it’s the tool that will define how we work and live. Don’t get left behind.
In 2025, focus on "The Final Mile". Despite significant advances in online lead generation, cutting-edge tech platforms, emerging AI assistants, and disruptive new business models, one truth remains: the broker/advisor is still the indispensable bridge to the consumer. This concept ties into what’s known in logistics and transportation as "the last mile problem." I give Mike DelPrete, an industry influencer and blogger, full credit for this concept. In logistics, getting goods from a factory to a warehouse, or a warehouse to a distribution center, is relatively straightforward. The real challenge arises with the last mile - delivering the goods to the final destination. This stage is often the most uncertain, complex, and expensive part of the process. Real estate faces a similar last mile problem. You can purchase thousands of online leads, invest millions in advanced tech platforms, and leverage predictive analytics to identify which leads are most likely to transact. But the final step - the connection between a lead and a closed deal - still relies on a broker/advisor. It’s the broker/advisor who picks up the phone, makes the call, and builds the relationship. Technology may make the process more efficient, but it can’t replace the human touch needed to bridge the gap between potential and transaction. The last mile of real estate remains a deeply human endeavor.
2025 Will Have Its Challenges. There has not been a single year in the 25 years I've been in this industry that was not defined by "something.” There has never truly been a balanced market where buyers and sellers were "in complete agreement." I think 2025 will be the year that the true business owners (winners) will separate from the pack (hobbyists). The contrast will widen and some hobbyists will have to leave the arena. That includes broker/advisors and also brokerages. It's already happening but it will become more obvious in 2025. My advice for you: Align with winners and true entrepreneurs that share the same values as you. Remember, in 5 years, you will be the equivalent of the books you read and the people you spend the most time with, and that goes for your clients as well.
My Final Piece of Advice. If you decide NOT to make changes in 2025, accept that you’ve made a choice. I can't predict what 2025 will bring to the industry. All I've got is experience and intuition. Intuition is simply pattern recognition. Pattern recognition comes from experience. I'll be heading into my 25th year in the industry in 2025. I've seen a lot, learned a lot and have seen a lot of winners and a lot of losers in our industry. If you are listening to this today, you are most likely a winner. What other reason would you take the time to listen? I know this, I'll do my best to lead you through all that 2025 has to offer. Remember "If you are not changing, you are choosing."
Until Next Year. I'm shutting it down until Monday, January 6th, but on the 23rd and 30th of December, my team and I will send you my "Best of 2024" via email. Thank you, thank you, for all of your support in 2024. It's been a heck of a year and one that I will never forget. I know one thing - I'll do my best to lead you through all that 2025 has to offer.
Have a wonderful holiday season with your friends and family.
