In this week's episode of Real Estate Roadmap, we discuss the following:

(1) The Fed decided to keep its benchmark rate unchanged for now. The inflation rate is still coming down, the unemployment rate is still low even though it is inching up, and GDP growth has been steady. When asked whether or not rate cuts might be on the horizon, Jerome Powell's response was that they were still not convinced that their monetary policy is sufficiently restrictive to bring inflation down to their 2% target over time.

(2) Mortgage rates, which had previously been flirting with 8%, took a decent tumble on the heels of the Fed's press conference, now hovering in the 7.4% range.

(3) The U.S. housing market is on pace to finish 2023 with around 4.1 million home sales, which would be fewer transactions than 2008. There were over 6 million sales in 2021, so this would represent about a 30% decline in transactions over the last two years. However, there are early indicators that we may have hit bottom, and 2024 could bring more transactions as long as mortgage rates don't derail a recovery. Currently, we're seeing a more shallow seasonal decline in the number of weekly new listings and pending contracts than this time last year, which is encouraging news.

(4) A new lawsuit was filed last week, seeking class-action status, this time brought by a group of homebuyers. The claims are similar to the other lawsuits in the headlines, alleging collusion between NAR and a handful of national franchise brokerages. However, these plaintiffs are claiming that inflated buyer broker commissions damaged them by causing home prices to be inflated.

(5) WeWork, a commercial real estate company focused on shared coworking space, filed for Chapter 11 bankruptcy. Previously valued as high as $47 Billion in 2019, last week's the company's market cap had slid all the way down to $45 Million. The stock price has cratered over 98% just since the beginning of this year.

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Real Estate Roadmap is hosted by Michael Smith, CEO of Bluefield, LLC.

ⓒ Copyright 2023 Bluefield Media, LLC

In this week's episode of Real Estate Roadmap we discuss the verdict of the Sizter / Burnett class action lawsuit, Zillow Group's plans to acquire Follow Up Boss, and NAR CEO Bob Goldberg's decision to retire early.

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Real Estate Roadmap is hosted by Michael Smith, CEO of Bluefield, LLC.

ⓒ Copyright 2023 Bluefield Media, LLC

We're excited to announce the re-branding of "Scaling From Scratch" to "Real Estate Roadmap" - The new show will be tailored specifically for real estate professionals, to help them stay informed about what's going on in the industry, and to provide actionable advice so they can thrive regardless of the market conditions!

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Check us out on YouTube!

Real Estate Roadmap is hosted by Michael Smith, CEO of Bluefield, LLC.

ⓒ Copyright 2023 Bluefield Media, LLC

This week's episode is the second half of Michael's conversation with Laurie Hughes, who has been the #1 top-producing agent at Bluefield Realty Group for the last several years.

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Check us out on YouTube!

Real Estate Roadmap is hosted by Michael Smith, CEO of Bluefield, LLC.

ⓒ Copyright 2023 Bluefield Media, LLC

Have you ever met an incredibly talented salesperson and wished that you had been born with that same natural ability? While some people may be more predisposed to sales than others, the truth is that becoming a highly skilled and successful salesperson is possible for anyone. In this episode Michael sits down with Laurie Hughes, who has been the #1 top-producing agent at Bluefield Realty Group for the last several years in a row, to discuss how the philosophies and techniques that have shaped her award-winning sales career.

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Real Estate Roadmap is hosted by Michael Smith, CEO of Bluefield, LLC.

ⓒ Copyright 2023 Bluefield Media, LLC

Why do most small businesses struggle to grow? Oftentimes, it's because they aren't consistently focused on implementing a specific marketing or prospecting strategy. Many entrepreneurs suffer from "shiny object syndrome" and bounce around from idea to idea without getting really good at executing any one strategy or giving anything enough time to produce results. In this episode, Michael sits down with Lamont Abercrombie to discuss how to grow a business by investing either time or money.

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Check us out on YouTube!

Real Estate Roadmap is hosted by Michael Smith, CEO of Bluefield, LLC.

ⓒ Copyright 2023 Bluefield Media, LLC

We've all experienced a meeting that was a complete waste of time... Maybe it didn't start or end when it was supposed to, maybe there wasn't a clear agenda or purpose for the meeting, or maybe there were no actual decisions made or "next steps" outlined. In this episode, Michael and Kelley discuss the four main types of meetings and how to run them more effectively.

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Check us out on YouTube!

Real Estate Roadmap is hosted by Michael Smith, CEO of Bluefield, LLC.

ⓒ Copyright 2023 Bluefield Media, LLC

If you're setting big enough goals, then inevitably you're going to fall short from time to time. Whenever you don't reach a goal, it's important to reflect on why. In this episode, Michael and Travis discuss the importance of conducting an "autopsy," and dig into a real-world example of the factors that led to Bluefield falling short of its goal for 2022, and how the company is going to pivot in 2023 to compensate for market conditions.

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Check us out on YouTube!

Real Estate Roadmap is hosted by Michael Smith, CEO of Bluefield, LLC.

ⓒ Copyright 2023 Bluefield Media, LLC