SOTM 41: Coronavirus Hammers the Service Sector, Compass Cuts 15% of Staff

Aaron Amuchastegui: Rockstar nation, this is Aaron Amuchastegui. Time for State of the Market 41. I’ve got David Osborn on here, one of the most highly downloaded podcasts we’ve ever had, to give us advice on how to handle and what to think of the whole coronavirus and the impact on real estate. Take a listen. Real Estate Rockstars, this is Aaron Amuchastegui, coming to you for State of the Market number 41. As you might have guessed we are probably giving our third state of the market where the coronavirus is one of the biggest topics out there.

Like I talked about last week, there’s very few news pieces we can find out there right now that are real estate-related, that are not coronavirus-related. The exciting part about today is the guy that I get to interview and bring on with me you guys have heard before he’s been on the Real Estate Rockstars podcast several times. One of the biggest downloaded podcasts we’ve had. David Osborn, friend of mine. He’s an entrepreneur, he’s a real estate investor, world traveler, best-selling offer author of several different books, and owns a top ten US real estate brokerage. David. thanks for coming on today.

David Osborn: Hey Aaron it’s great to be with you again. You don’t look like Pat Hiban, but you’re better looking, I think.

Aaron: That’s the big tease I’ve had back and forth with Pat. I liked his voice better, but I think I’m prettier some of the times.

David: There you go.

Aaron: State of the market news, I think it is crazy. We look out there, the only news out there is coronavirus-related right now. Do you think anybody out there is not thinking about it?

David: I think it’s all unprecedented the situation we’re in with a complete slowdown of the economy, and so yes, that’s all related to coronavirus. A lot of the conversations I’m having are more about the economy, but all of the economic problems are because of coronavirus, so absolutely it’s coronavirus city, and what do we do, and what’s going to happen? Obviously, if 300 million Americans are sitting at home, there’s not going to be a lot of economic activity and that’s going to have a lot of impact on people, especially when they say, and I don’t know if it’s true but they say that 75% of people don’t have more than a couple of grand saved up.

50% of people don’t even have a dollar saved up or something as I’ve read these stats before, so what happens, and how does that shake out? Yes, it’s very interesting times, not interesting in a good way. They say one of the Chinese curses was to say may you live in interesting times, and it wasn’t good because obviously it’s an old old saying, and it’s interesting you’re probably having a war or something crazy going on, or a famine, and for sure we live in interesting times right now. Nothing like this has ever happened in my lifetime although I believe it has happened in the past, but it’s a different world we live it too.

Sure, it’s all about COVID-19, the coronavirus, and what do we do about it, and how bad is it, and what’s going on, and chaos from complete denial on some people’s parts, to complete hypochondria and terror on other people’s parts. It’s interesting times, Aaron.

Aaron: It’s super interesting and the biggest part of me has been trying to stay curious because in the last 20 years we’ve seen a lot of different financial crisis and real estate crisis and everything, but I think you made a really good point there, that it’s less about– There’s fear of people getting sick, but right now, more people are afraid of losing their job, losing their house, losing everything else like the backlash of staying home, then they are of getting sick. Nobody wants to get sick, but that’s a secondary fear right now. It’s almost like people are not really sure how bad it might get, but everybody knows when they stop getting paid it’s a big deal.

David: Yes, and there’s a whole argument around that mental health issues and what happens to people when they’re isolated, and there could be deaths from isolation as well, but I’m certainly not one to judge the policies. I have no idea, but they must be pretty scared of it to have shut it down completely like they have. The economics are bad. I haven’t had a haircut now. I put off having a haircut in January and February because I ski quite a bit so I kind of get that little ski mop going and then I’m always getting a cut mid-February, and I just got delayed this year.

I don’t know you know, A, when I’m going to get a haircut, but B, I think about my haircutter. My regular guy who cuts my hair, and I’m like I guess he’s got zero business right now. I think about my wife gets a massage once a week. That lady’s now probably out of business. I think about the people at all the restaurants, the people at so many places that have just been let go and sent home and live paycheck to paycheck, and it’s concerning on a deep level.

I haven’t been out of my house now very much, but when I do and towards the earlier part of last week, when we were going out we would tipping people very large amounts of money. I played golf on Sunday and last week and I tipped the girl 50 bucks, but I was like I don’t want anything. I’m just giving you 50 bucks because I know it’s going to be tough. Yes, it’s very strange to have that entire gig economy, all those employees, everybody that was in service now has no revenue. I know the government’s addressing it as best they can and they were doing a lot of work, so hopefully, that’ll help everybody out. It’s tough times out there.

Aaron: That is the biggest part of the news, and that’s why it relates to real estate. As we go and we start looking at that real estate news, it’s all because those economic things, and I think for all of you agents out there that are listening, whether you own brokerages or teams, figuring out what the big guys are doing helps you. We’re going to go through some news, probably get into some strategies here at the end, but one of the news items that I saw on Inman today was not super surprising but it’s a big one.

Compass has been all over the news over the last year. They’ve laid off 15 percent of their staff already. Very quick to act. Do you think they moved too quick? Do you think that everybody’s going to be following suit and you think quicker is better?

David: I think quicker on expense control is better. I’ve been through three crashes now, ’08, ’09, and this one, and I really also lived through ’88, ’89 just as a kid. I had a lawn mowing company back then, and my parents have rental properties. I’m telling you, man, the expenses are the key. You got to get your expenses under control as quickly as possible and it’s like the oxygen mask comes down first for you to get your life in order, and so if you have excess people that you can’t use right now.

I’ve got a buddy that has a restaurant, laid off 30 people. He’s got no clients, he can’t pay salaries with no revenue. He was living basically month-to-month anyway. The thing about it is the government stepping in really well and giving quick unemployment benefits, and I think that’s the key. Is to say to your people, hey look, go get unemployment benefits, we can call this a furlough. I think they’re even giving you unemployment if you’re just sent home unpaid at this point, so go get those. As soon as we’re back up and running, we want to talk to you, we want to bring you back, but we’re just not in a position to.

You try to hold on, and I admire there’s always that story of that old crusty guy that never fired a single employee through the crash and everyone took a pay cut I guess, but that’s if you have capital and reserves. Sure, if you’re sitting on 20 million bucks or 5 million bucks or whatever, and you can afford to burn 50,000 a month for a few months, then you probably could consider that, but most people don’t operate that way.

My friend who had the restaurant, I think his overhead was $100, $1,000 a month, and he’s got a couple hundred thousand saved up so what’s he going to do? Pay everybody for two months and then not be able to reopen, because when this thing ends, we need people to reopen. We need the restaurants to put people back to work. We need hairdressers to go back to work, and we need the hair salons to still be available and in business. The way you do that as a business person is knowing that money is oxygen for a business, and without it, you die.

You have to build that reserve as quickly as possible. A, you hope you did it in the past. Hope you didn’t get sloppy with expenses in the past, but that’s all over now you can’t do anything about that. Right now is the time to correct and right-size all your expenses, and that could mean calling your landlords and asking for a break in rent. It could be calling your bank and asking for interest-only payments, and it could, unfortunately, be laying off employees that you cannot afford to pay. All of this has to happen quickly. The quicker you do it, the better so that you’ll be in a stronger position to get going quickly also when it turns, because when it turns–

The one bit of good news is from my perspective, I always know this and this has given me peace. Is that every day I’m in a good market I’m one day closer to a crash, and that doesn’t give me peace. That always makes me nervous, especially when you’ve had 12 years like we did approximately. Every day you’re in a crash, you’re one day closer to a boom.

Now we’re in the crash, we have to get through it, whatever that looks like. 90 days, 180 days, a year, a year and a half, whatever it takes, but once the dust settles, usually you get a long seven, eight, nine, ten, 11, 12 year, whatever it is, rise, so you know in the near future, within the next 24 months probably, maybe much sooner, maybe a little later, there’s going to be this long expansion, and so just hunker down and everybody survives. There’s no reason to be depressed or paralyzed. If you can’t pay your mortgage, that sucks but it’s not going to kill you. If you can’t get food, there’s always food available from different places. The key is to be prepared for that rise which is going to come.

Just know that two years from now, or whatever, you’re going to be like back in the let’s get it going, let’s do what you were doing. Just 12 days ago or 15 days ago, now before this cataclysm washed across the country, but it’s coming back, and you want to be prepared for that, and you want to be ready, and you should develop you know your skills now and be reading books, listening to podcasts and just getting yourself tuned in and tuned up for what’s coming.

Aaron: That’s such good advice in there. That was one of the things we mentioned last week is reminding everybody this is temporary. We have no idea how long it’s going to last, it’s going to last for a little while, and the repercussions of the finance is going to last for a little while. Government intervention and how everybody handles it will determine that timeline, but B, we will be on the way back up. The advice you gave about you know putting on your oxygen mask first for business owners out there.

If you’re owning a real estate office and you’re thinking that, we did the same thing. We did some cuts this week really quickly with the idea that it feels like it’s unprecedented, how much government interaction is out there, how quickly they’re willing to give people the unemployment benefits. When it says Compass lays off 15% of the people, I’m thinking that’s actually a pretty small amount because right now if you’re going to do it, I think you do it quick, you do it while there’s a lot of government chances out there. You save your business and if this thing only lasts a few weeks, people are coming right back to work. I’m going to bring them right back. That makes it easier.

You talked about mortgage payments. Another piece of the news that people have seen on there is there’s going to be a delay in mortgage payments of up to one year by Fannie Mae and Freddie Mac. That’s up to15% of the loans now. As I read the article describing it, it said borrowers still need to request it, so they’ll need to contact their service or they can’t just not pay. They contact their service, they need to say they’ve had an economic impact but I think anyone can justify an economic impact. Then it’s up to 50% of the loans in the US.

They did a lot of this back in 2009, 2010 foreclosure crisis stuff before. Do you think people are going to reach out right away? Do you think people have too much shame in it, or do you think now because of what happened in 2009, 2010 people are going to remember like no there’s, you do it quick.

David: Look, everybody’s going to be different and people always act differently, but I would say the smart ones are going to act quickly and that’s the key. If I can get one message across to our listeners it’s don’t be paralyzed, don’t be slow, take action quickly. If you’re thinking about cutting your cord, cut your cord, get rid of cable, keep Netflix, or whatever. If you have bills that are unnecessary, cut them. If you have a property you were thinking of selling, you might have lost some value, but sell it if you’ve got equity in it.

What we’re seeing with the Compass thing sure it’s a good move. Compass is an interesting model, because they’re a non-profitable kind of that whole grow big with raised money strategy companies, and so they raised a bunch of money. I don’t know exactly how much and they were buying market share by writing agents big checks. We’ll see how that survives. WeWork was already in trouble, now it’s getting worse. From what I’ve heard is everyone that had a temporary lease just walking home and canceling it. So that space is all open.

Opendoor, how can you buy markets in– That whole model for just buying the home is beautiful and a great innovation, but it only works in a rising market, so that model is gone. When we come out of this, for the residential realtor who’s ready to rock and roll, there’s going to be less competition. It’s going to be very interesting to see how it all shakes out. In a downturn, that always happens. A lot of people shake out and they fall out of the business and when you come back into the business re-tooled with the right skills and the right capabilities, you pick up and you gain market share.

The thing we’re seeing right now and it’s funny, it’s interesting, I’ve been talking to the managers, the office owners. They’re saying activity hasn’t really died down that much yet because a lot of people are trying to rush their closings through because they’re worried the title company’s going to close down or the mortgage company’s going to close down or they’re all going to be shut. I definitely anticipate a drop-off, and it could be a pretty significant one. April and so forth, but we had a good February. March is looking pretty reasonably good, and there’s even some stuff in February if the Feds’ll and the government’s will let us close, which again, that that’s up to them.

I’m not second-guessing that, but there is a hustle for people that want to get stuff closed, and of course, there are cancellations. I had a property in Boulder that I owned for my daughter’s college that’s just fell out. We put it back on the market and it’s definitely not as red-hot as it was. I definitely expect to see a tapering but there’s still pretty decent activity for right now.

We’ve seen the same thing in the Austin area. There’s obviously less people out there. Less people are going to open houses, but people are still listing houses, they’re still getting offers on houses. It’s just a supply-demand thing. If less people are seeing your house, you’re going to get less offers, you’re not any other price that you were, but it hasn’t come to a standstill. We’ve definitely seen the rush of people like, “Hey, will the recorder’s offices to stay open? What are we going to do if not?”

One of the news pieces was in California, the Department of Real Estate out there, or the Association of Realtors. They sent out a new coronavirus addendum, and even mentioned on their news that a lot of people are doing it. The coronavirus addendum that people are adding to their real estate contracts now is like the ultimate but if we’re impacted by the coronavirus, either party can change their mind at any time without penalty. That’s a seller or a buyer. Doesn’t that change real estate completely if a buyer or a seller can change-

David: It makes it way more whimsical, doesn’t it? If there’s no there’s no obligation to close, then you’re in a much softer and different environment, but many realtors have approached it that way for years anyway. If you didn’t want to close, it’s not easy to force somebody to close. You can get some earnest money. Yes, that is interesting and it’s smart honestly because we are in a new environment. People I know that are buying commercial investment create opportunities, I’ve been advising them to get an extra 30 days to see what happens here and see whether people are going to pay rent or not pay rent.

If you’re a seller, it’s a good idea to go ahead and sell. Get it sold right now, but for sure we’re only beginning to see the impact of this, but we can all pretty much guess what’s going to happen if every service person like 10%, 20% unemployment, doesn’t have a job, they always talk about the trickle-down. That’ll trickle up. There’s not going to be people buying stuff and business owners aren’t going to do as well and people that go buy houses, there’s going to be less buyers, less demand equals softer prices.

Aaron: If you’re out there selling a house like David said, if you’re selling a house, and yes speed it up. Sell that thing, get it sold. If you’re in Escrow to buy a house, it’s a great time to to renegotiate or to postpone the close for a little bit, or to cancel. I think that one of the reasons they added coronavirus clauses like that was actually to help not lose momentum.

David: Yes, of course.

Aaron: Everyone’s afraid to buy so like hey what if we put this in, and then if in 30 days you change your mind, it’s okay. That’s actually a way to keep momentum going. I think it’ll help more than it hurts although someone could cancel, or a seller could even cancel. I think they’re trying to say let’s try to do business as usual best we can.

David: Yes, that’s total it’s very sensible and very smart, I think. The other thing I know that we’re doing at our offices is if you use Keller mortgage and our title company, we can do a no face to face close. You don’t have to meet anybody. You never have to have a guy come to your house, you can basically close completely remotely.

Aaron: Yes, that’s going to be a selling point right now. I can’t wait until they actually let you do notaries over video. That may be something that will come out of this. People started to think that maybe they are notaries and video instead.

David: It’s very interesting. I don’t know what– It’s good to be able to do more virtual. We’ve been doing a lot more virtual training at our offices and a lot more virtual conference calls. We had 95 people on the other night just doing a call. Our max limit on Zoom is 100. We were about maxed out on what to do, and how to approach it from a strategic and business point of view. We had some wise people on that had been through a lot of crashes before just sharing their perspective.

The bottom line is it was all virtual, and it was great. How neat is that maybe the world shifts a little bit towards virtual, we have a little less traffic. We have a little bit– We take advantage of this wonderful technology that we’ve all created, but we don’t always use that much. I think behaviors of humans are going to change coming out of this. People will probably work from home more and do a lot more virtual meetups. I think it’s good.

Aaron: I think if people can look at the positive, there’s going to be a lot of new habits that come out of this. There’s been a ton of lives saved from less car wrecks out there. Pollution’s gone down. We were walking through the neighborhood last night, and there was like, 30 families out like you’re standing across the street, you’re not getting close. I bet a bunch of people met their neighbors for the first time this week, because everybody’s like, let’s go for a walk with our kids in the evening. The rest of them were way too, everyone’s way too busy, but now it’s, hopefully–

David: A lot of good things will come out of it.

Aaron: They’ll really see some of that stuff. You talked about that mastermind. I was on that call the other night. It is amazing when you get a bunch of people together right now. As advice to give to agents out there, reaching out to people in your network, trying to have conversations about, “Hey, what should we do? What ideas are you doing?” People were sharing ideas of what to do if they had renters not paying, things like that.

That’s the GoBundance mastermind. You’re one of the founders of that. That’s really neat to be a part of. Can you think of any other resources out there for agents right now, if they’re trying to go find other masterminds or things like that or GoBundance? Things like that they should be doing to get advice during this time.

David: You want to be, and the great thing about that town council if you will, or tribal gathering we had last night with 95 people or so on the call. Then we had one last Tuesday as well. The wisdom coming out from the people is amazing. You want to be in a group that has been through it before. You want to not isolate yourself not be alone, you want to be hearing and talking with other people. I know in our Keller Williams offices, we’re doing virtual meetups, almost every day now, because what you realize is that the same challenges you’re having, everybody’s having, and every different people have come up with nuggets of brilliance to solve certain aspects of the problem.

That’s the environment you want to be in. We created GoBundance for real estate people and other entrepreneurs that want to achieve financial freedom. The way most of them have achieved financial freedom is through either owning a business or investing in real estate, and they’re all having the same problems. I have a guy in there who has a bunch of retail, and he said a huge number of his tenants have called him and just said, “Hey, I can’t pay my rent, I have zero customers, what can we work out?”

Then he’s been proactive and calling them and say, “I know, it’s really tough times.” They said they really appreciate that he’s– and he gets a whole range of responses from I’m not paying you to let me pay you half to I’m still paying full. Then you’ve got the big boxes that have shut down. In some of his retail stores, he’s got maybe a Dillards or some kind of a clothing store Nordstroms and maybe they shut up and in the clause in their contract, it says the draw, the anchor tenant has to be open or the rent changes. He’s reading contracts and dealing with all these nuanced things.

Him just sharing that on the call was valuable to the guy that maybe owns one retail center, or was a tenant in a retail center, and explains to them how to call. If you’re a broker-owner for sure, have you called your landlord already? Have you discussed that my revenue could be going to zero for a couple of months? What can we do to work this out? As a landlord myself, I’ve already struck a couple of deals with tenants that we’ve enabled them to skip the payments and put it on the back end of the of their payment schedule or pay half pay or actually we haven’t done any one to zero yet.

We’ve done you know 35% reductions in rent and an ongoing conversation and take that 35% put it as a zero-interest loan, and add it to the back of the loan or get them to extend the lease and give them a little bit of a break for extending the lease. All of that comes from masterminding and you, whoever you are need to be around people that are experiencing the same things you’re experiencing going through the same pain.

There’s no way I individually or any one of us on that call could bring that collective wisdom that we have received on those town council tribal gathering type calls. It’s been amazing the amount of information coming. You got to take action. The faster you take action, that’s going to be a theme you’re going to hear all the way through this, you want to be taking massive action sooner rather than later, as quick as possible.

Aaron: Yes, as quick as possible. It’s a really interesting point too with masterminds because there’s some free masterminds out there. There’s other ones that cost money, but this is a time I think people need to. When they’re looking at what costs to cut, the mastermind is the one that I think you need to double down on. You need to jump into this because those are the investments that are actually going to help you get through these times. There’s another recurring revenue mastermind I just joined and they were like, “Hi, what a great time to be jumping in to try to get advice from people on things like that?”

Going out and finding people that invest in what’s happening out there, what an interesting thing about the whole anchor tenant clause too. As agents are out there, as you’re looking at your situation. What I heard David say was communicate right away with people, don’t stop making your payment, reach out to people right away and say, “Hey, this might happen.” If everything gets better in a couple of months, then you’ve already negotiated better terms. If everything gets worse, you’re ready, and you were first and you negotiated what you had.

I went to Best Buy a week ago. To go there, I actually had to buy online, I had to park out in the parking lot, and they had different squares setup. They messaged me to open my trunk. They came out and drop the thing in my trunk and close the trunk. No contact, you can’t go into the store. You can’t do anything. I was thinking, “Wow, all of these companies are making these major changes.”

Crazy innovations. I think also they’re one of the anchor tenants. They’re kind of still open. Then later I’m thinking they just learned that in two months, they can have me buy online, they have a robot come drop it in my trunk. I think the innovations are going to, anytime crisis happens, innovation will change the world.

David: Crisis creates opportunity. That’s a famous political saying is that don’t waste the crisis, because it gives you the opportunity to change your behavior. Like you said earlier, that sounds way better than wandering through a Best Buy store to me like knowing what you want, driving up, and having them dropped off. Not quite as good as just having Amazon drop it off for you, which is probably why Amazon is hiring 100,000 people. There are going to be winners and losers. There already are.

I heard of a pharmaceutical company hiring 50,000 people yesterday, and then Amazon hiring 100,000 additional workers, and then other companies laying off pretty much everybody. Goodness knows what the airlines are going to do because there’s nobody flying right now. The environment is benefiting from it. Now, from an opportunity point of view, the other reason to be in a mastermind is in the last crash, as painful and scary and terrifying as it was, because ’08 was not an easy time to have a bunch of overhead, which we did.

Our revenue went down at least 50% ,our profits went to almost skidding along at neutral. It was just terrifying. It happened pretty quickly, like one year to the next. Then the market stabilized, and then these incredible opportunities started showing up. From ’10, ’11, ’12, ’13, ’14, as many people know now, maybe even ’15, anything you bought turned to gold. We had about a five-year window. That’s going to come. There’s going to be opportunities again. The great thing about again, a mastermind is there’s way more opportunity than there are people.

We were buying single-family homes as it recovered in bulk from the government and also individually. I was coaching all my agents, I was like you should buy real estate now. Now it could be the best time in your life to buy real estate. I actually have a presentation I put together why today and it was from 2012. That’s when I taught it why today could be the best time in your life to buy real estate. Then I was getting information from other people.

One of the guys I met through my mastermind, introduced me to the idea of buying debt on distressed real estate. That’s when we started buying debt, which is just like buying the real estate only there were less biders. Then we would work out with the seller. A lot of times this guy owes 3.8 million on a property that was worth 2 million, and we’d buy the debt for one and a half. Then we just go to them and say, “Hey, just give us the property we’ll forgive the rest of your debt you’re done. You’re cleaned out, you don’t have to have that clawback of where you owe us the extra million and a half.”

We did a lot of great things like that. We helped out a lot of people. We also made a lot of money, which was good. We almost never foreclosed or went legal on people. We almost always worked it out directly one or two exceptions, and that’s usually based on how the other people respond. Those opportunities show up as well, and your clients are going to want realtors that can help them figure out their home situation that there should be a pent up demand for those people that are not hammered by this to buy a home. There’s going to be people that didn’t close, that if it heals pretty quickly are going to still want to move ahead with their new buying opportunity and buy a new home.

Your key as a client is, I mean, as an agent to sustain relationships with your clients, to reach out, to talk to them, do the care calls. “Hey, just checking in on you and wanting to make sure you’re doing okay, dude.” If you’re not out there having to show which, do 20 of those a day and check in with your clients, make sure that just want to check in, is there anything I can get for you to give you a nugget of information? There’s a website right now that shows the number of cases in Austin.

I’m very grateful for the guy that showed that to me because now I can go every day and see that there’s 79 or 86 cases right now in Austin. Of course, they don’t have the testing kits, but 86 proven cases up from 79. That doesn’t seem as terrifying as knowing that there’s 86 validated tests in Austin as it seems. Adding value to your clients, making a care call, is everything okay? How are you doing? Just checking in on you, you’re deepening your relationships.

It also could be a really good time to check your technology, check your marketing methods, check all the processes and systems you’re using to run your business. This is a great time to retool and rethink and re-reprioritize your strategies.

I know that we’re doing a bunch of training at Keller Williams on the new Keller command system and the Kelly system, just so that people get their databases transitioned and be prepared for when the market shifts and when the opportunities arise, because remember, no matter how bad it is, even if you can’t pay your mortgage, like I said earlier, it’s going to get better in the end.

The guys that were hurt in ’08 in -07, a lot of them I know are massively successful today because, yes, it was painful and it might’ve been one of the most difficult times their lives, but they came through it, they kept working, they kept honing their skills. The next thing you know, many of the GoBundance members came from a very tough situation and are all doing very well or were doing very well till 10 days ago.

Now we’re back at it again. We got to sort it all out and go through it again, but this happens in a society. It happens in capitalism. It happens every seven to 10 years, it’s given. Yes, this one’s weird and it’s different, and it’s interesting, as we’ve said, nothing ever like it has quite happened before. We were humming along, we were booming and now we’re stopped, and yet the laws of gravity still apply. There’s going to be a recovery and there’s going to be another opportunity to take advantage of a rising economy. It’s just around the corner.

Aaron: So much good info and advice there. Yes, the difference with the mastermind now a year ago was like, hey, how do we do more and more and more? Now everybody’s in the foxhole together and surviving. So much great advice from David today. First, it’s survive. Survive, renegotiate stuff. Don’t waste the crisis, get your stuff in order, re-negotiate stuff.

Be quick because right now there’s a lot of government intervention, be able to figure out the resources out there, stay ahead of it. Then the big thing for your clients too, is just reaching out. Just like he said and doing the, hey, how’s it going? Let’s just check-in.

We’re not doing the calls right now saying, hey, do you want to sell your house? It’s like, hey, do you need anything? Do you need toilet paper? Do you need groceries? What can we do because we’re all in this together? Even when Amazon is dropping off, people are saying, thank you for still delivering or thank you for still delivering groceries. Everybody is appreciating everybody right now.

As we wrap this thing up, David, if people want to come find you, I know you’ve got your best-selling book, Tribe of Millionaires out there. You’ve got Wealth Can’t Wait. What’s the best place for people to find you, follow what you’re doing, see where you might be speaking all stuff like that?

David: Just go to davidosborn.com or follow me on Instagram @iamdavidosborn. We just do a lot of inspirational stuff @iamdavidosborn or just davidosborn.com or go pick up a copy of Wealth Can’t Wait.

It’s a great strategic book for everything we’ve just talked about in how to build a great business or Tribe of Millionaires or Miracle Morning Millionaires. It’s great to be on with you, Aaron. I’m a big fan of Real Estate Rockstars. I think I might’ve been the very first ever episode and proud to see you continuing Pat Hiban’s great work.

Aaron: Awesome. You are definitely my favorite episode and I was so grateful to finally get you back on here, especially at a time when there’s such an important message to be out there. Rockstar Nation, thanks for listening. Talk to you later.

David: Thanks, Aaron.