1 00:00:00.000 --> 00:00:01.650 Johny Fernandez: Hey, what's going on everyone? I'm Johny 2 00:00:01.650 --> 00:00:02.340 Fernandez. 3 00:00:02.400 --> 00:00:03.300 Sean Murray: And I'm Sean Murray. 4 00:00:03.300 --> 00:00:05.280 Johny Fernandez: And welcome back to deBanked News Live. 5 00:00:05.280 --> 00:00:08.970 Sean, how've you been? How's everything going? I know this 6 00:00:08.970 --> 00:00:12.480 week. We're just It's Thursday. A little bit unusual for us to 7 00:00:12.630 --> 00:00:14.640 meet on Thursday. But everything going all right? It's a great 8 00:00:14.640 --> 00:00:15.090 day. Great weather. 9 00:00:15.120 --> 00:00:17.100 Sean Murray: Yeah. Yeah, just because I wasn't on or we 10 00:00:17.100 --> 00:00:20.040 weren't on live last few days like normal. It's because I was 11 00:00:20.040 --> 00:00:22.920 out of town. But we're back in business. Yeah. Everything's 12 00:00:22.920 --> 00:00:23.430 going great. 13 00:00:23.460 --> 00:00:25.770 Johny Fernandez: Yeah, we have a good amount of topics to talk 14 00:00:25.770 --> 00:00:28.530 about today, we're gonna jump right into it, first thing first 15 00:00:28.560 --> 00:00:31.620 Ecommerce Funding. This is something that came up. And that 16 00:00:31.620 --> 00:00:35.460 was an article on our, on our website on debanked.com, which, 17 00:00:35.460 --> 00:00:39.180 Sean let's about that that's something that included the 18 00:00:39.180 --> 00:00:41.370 company yard line that they launched their Ecommerce 19 00:00:41.370 --> 00:00:46.050 financing space, and they were acquired by another company. And 20 00:00:46.080 --> 00:00:48.450 that is actually something that I want to talk with you about 21 00:00:48.450 --> 00:00:51.420 regarding, you know, just the Ecommerce space in general. And 22 00:00:51.420 --> 00:00:54.660 when they get acquired, you know what that means and what does 23 00:00:54.660 --> 00:00:57.930 that end up showing for just the e-commerce space in general? 24 00:00:57.990 --> 00:01:01.350 Sean Murray: Yeah. So typically, in the alternative finance 25 00:01:01.350 --> 00:01:04.200 industry, small business finance, I think the average 26 00:01:04.200 --> 00:01:06.540 business thrown around is the restaurant. Oh, we fund 27 00:01:06.540 --> 00:01:09.210 restaurants, we fund storefronts, we fund 28 00:01:09.210 --> 00:01:12.960 construction, we fund, you know, we fund trucking companies, etc. 29 00:01:13.470 --> 00:01:16.860 But no one seems to talk about e-commerce for some reason or 30 00:01:16.860 --> 00:01:21.600 another. And it's not because they overlooked it. It's this 31 00:01:21.600 --> 00:01:25.350 came up in an interview that was conducted between Kevin Travers 32 00:01:25.350 --> 00:01:28.350 and Seth Broman, Kevin Travers works here Seth Broman works 33 00:01:28.350 --> 00:01:32.820 over at Yardline. And he was, Seth Broman was telling Kevin 34 00:01:32.820 --> 00:01:36.780 that e-commerce operates a little bit different in that 35 00:01:36.810 --> 00:01:40.050 they typically do not have things like, you know, brand and 36 00:01:40.080 --> 00:01:42.120 all these, you know, building, you know, building. 37 00:01:42.360 --> 00:01:44.340 Johny Fernandez: Like a normal like a normal store where you 38 00:01:44.340 --> 00:01:47.640 have to pay like rent and they have to pay, you know, just the 39 00:01:47.640 --> 00:01:50.670 daily or like the monthly funds. Oh, yeah, business. Everything's 40 00:01:50.670 --> 00:01:51.120 online. 41 00:01:51.150 --> 00:01:53.100 Sean Murray: Yeah everything's online and so it really becomes 42 00:01:53.100 --> 00:01:55.860 an inventory game, do they have the inventory and can they ship 43 00:01:55.860 --> 00:01:57.990 it and how much does it cost to ship it and that's, that's kind 44 00:01:57.990 --> 00:02:01.110 of the biggest part of it. And so for a typical small business 45 00:02:01.110 --> 00:02:03.960 finance company, or a merchant cash advance provider, that can 46 00:02:03.960 --> 00:02:06.270 scare them, because it gives the impression that these business 47 00:02:06.270 --> 00:02:10.080 owners don't have skin in the game that they can just close 48 00:02:10.080 --> 00:02:12.540 down their business at any moment. Because, you know, it 49 00:02:12.540 --> 00:02:15.090 just it's just inventory. Yeah. That's the impression and it's 50 00:02:15.090 --> 00:02:18.060 probably not with inventory. There's other things but the 51 00:02:18.060 --> 00:02:21.750 impression is that e-commerce is is almost like some sort of non 52 00:02:21.750 --> 00:02:25.200 committal hobby. Yeah. I like I sell things on eBay. And if I 53 00:02:25.200 --> 00:02:27.780 don't want to sell things on eBay, then I just won't, you 54 00:02:27.780 --> 00:02:30.750 know, no loss to me. I didn't really invest anything, right. 55 00:02:30.750 --> 00:02:35.190 Yeah. But what Yardline learned, and there they were a brand new 56 00:02:35.190 --> 00:02:37.920 company launched like eight months ago was that they're 57 00:02:37.920 --> 00:02:40.320 like, hello, e-commerce is basically powering the whole 58 00:02:40.350 --> 00:02:43.170 economy. Yeah. In fact, according to them, it was about 59 00:02:43.170 --> 00:02:48.600 20% of the entire consumer consumer commerce market prior 60 00:02:48.600 --> 00:02:50.250 to COVID. That's prior to COVID. 61 00:02:50.850 --> 00:02:52.320 Johny Fernandez: And I think like, what they what they 62 00:02:52.320 --> 00:02:54.900 probably noticed during COVID, is that the pretty much the 63 00:02:54.900 --> 00:02:59.850 entire world ran strictly on online platforms. So meaning 64 00:02:59.850 --> 00:03:02.010 that no one was going out to the stores, you know like the 65 00:03:02.010 --> 00:03:05.520 physical store was done. So everything was done online, 66 00:03:05.550 --> 00:03:08.040 everything was done via e-commerce, depending on 67 00:03:08.040 --> 00:03:12.780 whatever you were looking for. And that brings a good amount of 68 00:03:12.810 --> 00:03:16.890 credibility to these types of shops, I believe. Yeah. Because 69 00:03:17.040 --> 00:03:20.670 at the end of the day, you know, the world the way we see the 70 00:03:20.670 --> 00:03:22.860 world now has completely changed. That's something that 71 00:03:22.860 --> 00:03:27.180 they saw was that everything now is e-commerce related. Yeah. 72 00:03:27.330 --> 00:03:28.980 Especially after what during COVID? 73 00:03:29.010 --> 00:03:31.890 Sean Murray: Yeah. Yeah. Well, they were a right place right 74 00:03:31.890 --> 00:03:34.350 time, because they already saw a huge opportunity, untapped 75 00:03:34.530 --> 00:03:37.350 opportunity in the market, then you have COVID and the economy 76 00:03:37.350 --> 00:03:42.300 goes from 20% ecommerce. Yeah. To who knows 80, 80, 90% you 77 00:03:42.300 --> 00:03:44.580 know, whatever, whatever the percentage was. And all of a 78 00:03:44.580 --> 00:03:46.980 sudden, these e-commerce businesses look pretty darn 79 00:03:46.980 --> 00:03:49.770 attractive. Yeah. Turns out they also need capital, just like any 80 00:03:49.770 --> 00:03:52.230 other business would. And that was kind of that's their niche. 81 00:03:52.230 --> 00:03:54.120 So that's what they were focusing on. And they did a 82 00:03:54.120 --> 00:03:56.790 really good job of making that work. And we're talking about 83 00:03:56.790 --> 00:03:59.130 like Amazon sellers. Yeah. Like when we talk about e-commerce, 84 00:03:59.130 --> 00:04:02.430 we're talking about like, like an Amazon seller, or someone who 85 00:04:02.430 --> 00:04:06.030 uses Shopify to operate their business. And so they were 86 00:04:06.030 --> 00:04:09.000 having a good run of it, they, they acquired a lot of good 87 00:04:09.000 --> 00:04:11.880 talent from some other big name alternative funding companies 88 00:04:11.880 --> 00:04:14.790 who came to work for them. And then lo and behold, one of their 89 00:04:14.790 --> 00:04:18.090 initial backers in under a year said we love this so much that 90 00:04:18.150 --> 00:04:21.300 we'd like to essentially buy at least a majority stake. I don't 91 00:04:21.300 --> 00:04:25.530 know if it was 100% buyout, but at least acquired a majority 92 00:04:25.530 --> 00:04:30.030 stake in that company was called Thrasio. Yep. And Thrazio is 93 00:04:30.030 --> 00:04:34.140 actually a consolidator of E commerce businesses. So they 94 00:04:34.140 --> 00:04:37.920 actually go out and buy independent Amazon sellers. 95 00:04:37.950 --> 00:04:42.360 Yeah. So those are their businesses and Yardline provides 96 00:04:42.360 --> 00:04:45.390 capital to businesses like that. And so now they have sort of the 97 00:04:45.390 --> 00:04:47.850 whole you know, the whole ecosystem that. Yeah. There's 98 00:04:48.360 --> 00:04:52.770 Thrasio they, their the actual, their the actual e-commerce 99 00:04:52.800 --> 00:04:56.040 seller and now also the funder at the at the same time. 100 00:04:56.130 --> 00:04:57.450 Johny Fernandez: And then something that was interesting 101 00:04:57.450 --> 00:05:00.810 that was pointed out is that because you know this ended up 102 00:05:00.810 --> 00:05:05.220 happening where Thrasio ended up acquiring them. Now they have 103 00:05:05.220 --> 00:05:08.880 access to like their entire international access, like, you 104 00:05:08.880 --> 00:05:12.000 know, it's not and this is something that I've seen too, 105 00:05:12.000 --> 00:05:14.550 that when you limit yourself to like a store business that's 106 00:05:14.550 --> 00:05:17.490 like here in New York or in California, Miami, whatever it 107 00:05:17.490 --> 00:05:20.400 is, you're kind of limited to that. But now these guys have 108 00:05:20.400 --> 00:05:23.220 like international access to everything. You know, cause it's 109 00:05:23.250 --> 00:05:26.790 an e-commerce business. It's not just in one specific place. So I 110 00:05:26.790 --> 00:05:29.490 think it my take away has been that there's pros and cons, you 111 00:05:29.490 --> 00:05:32.250 know, when you invest, and you when you start funding an 112 00:05:32.250 --> 00:05:35.880 e-commerce business, that may not be traditional, we how it 113 00:05:35.880 --> 00:05:39.720 looks, you know, with a regular funding transaction. But you 114 00:05:39.720 --> 00:05:41.880 know, there's also pros, there's, you know, you have 115 00:05:41.880 --> 00:05:46.290 different types of pros that you wouldn't get, you know, with a 116 00:05:46.290 --> 00:05:49.560 traditional transit funding transaction. Sure. So it's 117 00:05:49.560 --> 00:05:52.620 interesting, and I think it's, I believe it's where the future's 118 00:05:52.620 --> 00:05:57.660 going, I mean, especially after COVID, people prefer to just 119 00:05:57.750 --> 00:06:01.980 online job and transact online. Definitely. So it's definitely 120 00:06:01.980 --> 00:06:05.370 interesting. This is a really interesting topic. The next one 121 00:06:05.370 --> 00:06:08.970 is small business finance is back. Yeah. Sean, you and I, we 122 00:06:08.970 --> 00:06:14.310 both have traveled within the last year, specifically to 123 00:06:14.310 --> 00:06:17.730 Florida, and we've seen the difference. We've seen how 124 00:06:17.760 --> 00:06:21.330 things were, you know, the beginning of the year, middle of 125 00:06:21.330 --> 00:06:27.120 the year, and now. And we've seen just how the business and 126 00:06:27.120 --> 00:06:30.570 small business finance how everything, you know, went from 127 00:06:30.630 --> 00:06:33.810 depending on where you were, went from being super slow to 128 00:06:33.810 --> 00:06:37.230 things picking back up at, you know, at a normal pace, I would 129 00:06:37.230 --> 00:06:42.540 want to say. Yeah. So what's been your observations, you 130 00:06:42.540 --> 00:06:46.170 know, when it comes to small business financing, and so, when 131 00:06:46.170 --> 00:06:47.640 you go to places like Florida? 132 00:06:47.760 --> 00:06:50.280 Sean Murray: Yeah, it's not just Florida, you know. So I wrote 133 00:06:50.340 --> 00:06:54.030 basically a firsthand, a blog, essentially, on the deBanked 134 00:06:54.060 --> 00:06:56.130 website, just talking about, like, in my opinion, everything 135 00:06:56.490 --> 00:06:59.280 has really come back. I think for a while there, everyone was 136 00:06:59.280 --> 00:07:01.680 kind of hesitant to find out, what would happen with the 137 00:07:01.680 --> 00:07:04.530 vaccine, whether or not COVID was just gonna be, you know, 138 00:07:04.590 --> 00:07:07.140 lingering around the corner at every moment, and we're gonna go 139 00:07:07.140 --> 00:07:10.470 back into lockdown, everyone's kind of hedging their bets. If 140 00:07:10.470 --> 00:07:12.690 you look around the country now and see where people's mindset 141 00:07:12.690 --> 00:07:15.870 is at it's totally changed. Everyone's like, nope, 142 00:07:15.870 --> 00:07:19.260 everything's fine. You know, full speed ahead. Small business 143 00:07:19.260 --> 00:07:21.870 finance industry is no different. It's, it's getting 144 00:07:21.870 --> 00:07:24.090 really aggressive out there. We're seeing companies getting 145 00:07:24.090 --> 00:07:28.740 acquired there back to same guidelines, pre COVID. There's a 146 00:07:28.740 --> 00:07:31.740 lot of job job opportunities that are open. In fact, the 147 00:07:31.740 --> 00:07:34.380 number one complaint I hear is that there's not enough people 148 00:07:34.380 --> 00:07:36.450 to fill all the jobs that are open. 149 00:07:36.510 --> 00:07:38.460 Johny Fernandez: So that's something we heard, you know, 150 00:07:38.460 --> 00:07:40.320 when we went to like, the different conferences and 151 00:07:40.320 --> 00:07:42.510 talking to different people that the jobs are there, they're 152 00:07:42.510 --> 00:07:45.210 creating jobs and a lot of, a lot of businesses that have 153 00:07:45.240 --> 00:07:51.330 grown more in the time period of COVID than prior. Yeah. I 154 00:07:51.330 --> 00:07:51.870 remember hearing. 155 00:07:51.870 --> 00:07:54.450 Sean Murray: Yeah, exactly. Yeah, that is, and I almost 156 00:07:54.450 --> 00:07:58.320 found that unusual that COVID helped some of these companies 157 00:07:58.320 --> 00:08:01.530 grow. You know what I mean? We were asking, like, how did you 158 00:08:01.530 --> 00:08:05.010 survive and like, they're like, actually, we died, we doubled or 159 00:08:05.010 --> 00:08:08.490 tripled, you know what I mean? So it's really been game 160 00:08:08.490 --> 00:08:11.160 changing. I've sat in a bunch of different offices, I've seen 161 00:08:11.160 --> 00:08:15.990 what's going on the whole idea of PPP and EIDL, and government 162 00:08:16.110 --> 00:08:18.600 assistance, and all that stuff being a barrier, it's kind of 163 00:08:18.600 --> 00:08:23.460 gone by the wayside. PPP is over EIDL is for the most part over, 164 00:08:23.490 --> 00:08:27.540 you can go out there and get an additional amount of funding 165 00:08:27.540 --> 00:08:31.680 from the SBA on EIDL, beyond 150k. But it's not really that 166 00:08:31.680 --> 00:08:34.290 much of a threat, competitive threat from what I'm being told 167 00:08:34.650 --> 00:08:37.830 that small businesses are out there pursuing capital, like 168 00:08:37.830 --> 00:08:40.860 they were before, there's some hesitancy based upon the cost 169 00:08:40.890 --> 00:08:43.500 after having got gotten essentially cheap or free 170 00:08:43.530 --> 00:08:46.590 government money, but that they do need money in some form or 171 00:08:46.590 --> 00:08:49.650 fashion. I think that the the quality of the deals have 172 00:08:49.650 --> 00:08:51.840 changed a bit. This is what I'm hearing that the quality of the 173 00:08:51.840 --> 00:08:55.230 deals has changed. Some are saying that the credit quality 174 00:08:55.230 --> 00:08:58.380 has gotten better others are saying, it's gotten way worse. 175 00:08:58.410 --> 00:09:01.530 Yeah. I think, you know, to each is own or whatever box you're 176 00:09:01.530 --> 00:09:04.290 operating in, we're seeing a difference. But there's no doubt 177 00:09:04.290 --> 00:09:08.370 that there's a lot of applications flying around. That 178 00:09:08.370 --> 00:09:12.030 the funding out there is pretty heavy. We do we send out email 179 00:09:12.030 --> 00:09:15.450 campaigns. Yeah. For funding companies all the time, and 180 00:09:15.450 --> 00:09:19.260 we've never been busier. Yeah. Like we're kind of overloaded in 181 00:09:19.260 --> 00:09:21.270 a sense with the amount of marketing that we're that we're 182 00:09:21.270 --> 00:09:24.120 doing for companies and we're happy to do it. And it's you 183 00:09:24.120 --> 00:09:26.430 know, it's great for us. But it's a we take it as a real 184 00:09:26.430 --> 00:09:30.630 positive sign that small business financial companies are 185 00:09:30.690 --> 00:09:34.740 investing in in the marketing efforts. Yeah. Because they know 186 00:09:34.770 --> 00:09:36.810 they're not going to do that unless they plan to grow. Yeah. 187 00:09:37.050 --> 00:09:39.330 rRight. So this is not like a like a vanity type play. They're 188 00:09:39.330 --> 00:09:42.000 like we want more business. We want more deals, we want to fund 189 00:09:42.000 --> 00:09:46.320 more and they're using us to help further that goal and so we 190 00:09:46.350 --> 00:09:48.930 you take all the signs, anecdotal and you take the real 191 00:09:48.930 --> 00:09:51.360 signs, like the amount of marketing that we're that we're 192 00:09:51.360 --> 00:09:54.000 helping companies do through advertising and so forth. And 193 00:09:54.210 --> 00:09:57.540 there's just no way for me to to see it any other way. The small 194 00:09:57.540 --> 00:09:59.460 business finance industry is definitely back. 195 00:09:59.460 --> 00:10:01.080 Johny Fernandez: Yeah, no, and it's exciting to see. And I 196 00:10:01.080 --> 00:10:04.080 think something that we've seen, you know, going into these 197 00:10:04.080 --> 00:10:06.900 different offices, whether it's working on a story or meeting up 198 00:10:06.900 --> 00:10:09.390 with people is that they're always busy, their phone's are 199 00:10:09.390 --> 00:10:11.460 always ringing off the hook. And there's always someone there 200 00:10:11.460 --> 00:10:14.580 working, picking up the phones. And it's just this constant 201 00:10:14.580 --> 00:10:18.390 movement. And I think, a big sign atleast from what I've 202 00:10:18.390 --> 00:10:22.050 observed that this is, you know, that it never died, or that it 203 00:10:22.050 --> 00:10:24.600 slowed down is that during COVID, we would visit these 204 00:10:24.600 --> 00:10:27.990 guys. And they were, there was always some type of movement 205 00:10:27.990 --> 00:10:31.410 going on that it wasn't like, you know, in other places, other 206 00:10:31.410 --> 00:10:34.320 businesses, other industries where they're struggling, you 207 00:10:34.320 --> 00:10:37.680 guys were always on it. And they were just ready to hit the 208 00:10:37.680 --> 00:10:39.990 ground running. And now that things are back to normal, a lot 209 00:10:39.990 --> 00:10:42.120 of these businesses, there's no looking back. 210 00:10:42.150 --> 00:10:43.740 Sean Murray: Yeah, a lot of good energy out there right now. 211 00:10:43.770 --> 00:10:46.320 Johny Fernandez: Definitely. Am I good energy, do I give off 212 00:10:46.320 --> 00:10:46.980 good energy to you? 213 00:10:46.980 --> 00:10:49.350 Sean Murray: Your energys pretty good. I like your energy. 214 00:10:49.710 --> 00:10:52.230 Johny Fernandez: In the words of Johny Fernandez, let's go. 215 00:10:52.260 --> 00:10:52.860 Sean Murray: Let's go. 216 00:10:52.860 --> 00:10:56.250 Johny Fernandez: Let's go. And talk about positive energy and 217 00:10:56.250 --> 00:11:01.680 good energy. This kind of ties into our next topic of 218 00:11:01.680 --> 00:11:06.150 conversation is the right mindset to close deals. So Sean, 219 00:11:06.150 --> 00:11:08.730 you want to talk about it from an MCA point, you know, from the 220 00:11:08.730 --> 00:11:11.070 industry point of view, and I'll talk about from a real estate 221 00:11:11.070 --> 00:11:13.710 point of view. Okay. So you want to go first? 222 00:11:13.860 --> 00:11:16.170 Sean Murray: Sure, yeah, you got to have the right mindset to 223 00:11:16.170 --> 00:11:19.830 close deals, no doubt. I think part of what brings this up is 224 00:11:19.830 --> 00:11:22.140 that we spent a lot of time recently in some of the broker 225 00:11:22.140 --> 00:11:26.250 shop offices, both in New York and Florida, and especially post 226 00:11:26.250 --> 00:11:27.840 COVID, you got to have your you got to have your head in the 227 00:11:27.840 --> 00:11:30.300 game to make this happen. It's a very competitive market out 228 00:11:30.300 --> 00:11:34.080 there again, business owners are, as I mentioned before, 229 00:11:34.080 --> 00:11:36.150 they're a little bit more rate sensitive than they were before, 230 00:11:36.150 --> 00:11:39.150 after having gotten free government, free government 231 00:11:39.150 --> 00:11:42.600 money and cheap government money. And if you go in with the 232 00:11:42.600 --> 00:11:47.880 mindset of, you know, these merchants aren't as interested 233 00:11:47.880 --> 00:11:50.880 as they were before, you know, I guess this is just gonna be 234 00:11:50.880 --> 00:11:53.460 harder now. And things are different than they used to be 235 00:11:53.490 --> 00:11:56.700 it just you're gonna hurt yourself and trying to just 236 00:11:56.700 --> 00:11:59.760 continue on, things change all the time, you just got to 237 00:11:59.760 --> 00:12:03.300 evolve, right? So if the if the prospects have a different 238 00:12:03.300 --> 00:12:05.760 viewpoint and different mindset, then you got to adjust your 239 00:12:05.760 --> 00:12:08.580 mindset to compensate and accommodate the way they think 240 00:12:08.580 --> 00:12:11.190 now, and just got to keep your head in the game go forward. 241 00:12:11.220 --> 00:12:13.380 This is this is the best time ever to be in the industry. But, 242 00:12:13.410 --> 00:12:15.780 my personal opinion, I was saying this literally a year 243 00:12:15.780 --> 00:12:19.290 ago. Yeah. This was all gonna happen. And I was like, I hope 244 00:12:19.320 --> 00:12:21.420 it's gonna happen. You know what I mean, I felt pretty confident. 245 00:12:21.420 --> 00:12:24.360 Yeah. That we were going to turn around and go into like the 246 00:12:24.360 --> 00:12:27.870 biggest, like explosion of interest in demand for small 247 00:12:27.870 --> 00:12:30.870 business capital. And I feel like this is all starting to 248 00:12:30.870 --> 00:12:34.080 shape up, it's really actually happening. And so if you're out 249 00:12:34.080 --> 00:12:36.330 there, like depressed or discouraged, or you're, I've 250 00:12:36.330 --> 00:12:39.090 seen some comments online, like apps are slow or lots of 251 00:12:39.090 --> 00:12:43.710 customers who have poor credit quality or something that you 252 00:12:43.710 --> 00:12:46.290 can't get done and having to deal with a lot of those is 253 00:12:46.290 --> 00:12:48.420 discouraging, because you can't actually get the deals funded. 254 00:12:48.690 --> 00:12:50.550 You just got to keep going to the next one. Don't you know, 255 00:12:50.550 --> 00:12:53.820 don't get down. Don't, don't, don't give up hope. Don't. And 256 00:12:53.820 --> 00:12:56.220 if you know, if you do, it's just gonna, it's just gonna 257 00:12:56.220 --> 00:12:58.410 bring you down and it's gonna it's gonna create, it's gonna 258 00:12:58.410 --> 00:13:01.500 create what you fear. Yeah. If you if you think it's not gonna 259 00:13:01.500 --> 00:13:04.020 work out, it's not gonna work out. But if you think positively 260 00:13:04.020 --> 00:13:06.270 and say the next one's gonna work, I think you know that's a 261 00:13:06.270 --> 00:13:07.440 good chance that it's going to. 262 00:13:07.470 --> 00:13:09.420 Johny Fernandez: Yeah, so I think from a real estate point 263 00:13:09.420 --> 00:13:12.360 of view, and it ties in with a lot of what you just said, just 264 00:13:12.360 --> 00:13:14.910 closing deals across the board, whether it's in real estate, or 265 00:13:14.910 --> 00:13:17.610 here, is number one, you can't marry the transaction unless 266 00:13:17.610 --> 00:13:20.400 things are officially signed. And someone once told me, and 267 00:13:20.400 --> 00:13:24.600 it's a very wise piece of advice is mentally, you know, everyone 268 00:13:24.600 --> 00:13:29.670 likes to kind of mentally do the math for their commission split 269 00:13:29.670 --> 00:13:33.000 and say, hey, like, if this deal gets sent, I'm gonna get like 270 00:13:33.420 --> 00:13:37.740 20, 30, $40,000. And then when it doesn't happen, you're 271 00:13:37.770 --> 00:13:41.790 devastated. So one thing like I firmly believe this is, don't 272 00:13:41.820 --> 00:13:45.420 count your commission, like, do the transaction don't like hold 273 00:13:45.420 --> 00:13:49.140 on to it for dear life because it it might not happen or 274 00:13:49.140 --> 00:13:52.830 something might happen along the way where, you know, it just 275 00:13:52.860 --> 00:13:56.430 falls and breaks and shatters your heart. But other than that, 276 00:13:56.430 --> 00:13:59.880 like don't don't like don't love it. Don't hold on to it for dear 277 00:13:59.880 --> 00:14:00.120 life. 278 00:14:00.150 --> 00:14:01.920 Sean Murray: And definitely don't spend it before you get 279 00:14:01.920 --> 00:14:01.980 it. 280 00:14:01.980 --> 00:14:03.690 Johny Fernandez: No, definitely not. That's something that we've 281 00:14:03.690 --> 00:14:05.580 seen a lot too where people, they'll spend their commission 282 00:14:05.580 --> 00:14:06.270 and it's like wait a minute. 283 00:14:06.300 --> 00:14:07.380 Sean Murray: And then the deal doesn't even go through. 284 00:14:07.410 --> 00:14:07.740 Johny Fernandez: It doesn't. 285 00:14:07.740 --> 00:14:08.430 Sean Murray: And now they're in debt. 286 00:14:08.430 --> 00:14:09.510 Johny Fernandez: And now they're in a lot of debt. 287 00:14:09.540 --> 00:14:10.020 Sean Murray: Yeah. 288 00:14:10.050 --> 00:14:11.730 Johny Fernandez: And it's always I feel like when those 289 00:14:11.880 --> 00:14:15.450 situations happen, where you are thinking about making a massive 290 00:14:15.450 --> 00:14:18.240 commission, and you're thinking about it, and then you spend the 291 00:14:18.240 --> 00:14:22.440 money, you spend a lot more and these are always and this always 292 00:14:22.440 --> 00:14:26.040 ends up being a super expensive weekend getaway or whatever. And 293 00:14:26.040 --> 00:14:28.980 if you don't have it, if it's not signed, if it didn't go 294 00:14:28.980 --> 00:14:32.670 through, just like save up, save up. That's that's like the 295 00:14:32.670 --> 00:14:36.510 number one piece of advice I've gotten throughout the years. The 296 00:14:36.510 --> 00:14:40.380 second one is, you know, emotionally be ready, because 297 00:14:40.380 --> 00:14:43.440 it's always gonna be an up and a downswing. Like emotionally you 298 00:14:43.440 --> 00:14:46.650 have to like have your emotions set in place. And to make sure 299 00:14:46.650 --> 00:14:51.720 that you know, you, you have to be in control of your client. 300 00:14:51.720 --> 00:14:54.960 You have to make sure you manage your emotions. So emotionally 301 00:14:54.960 --> 00:14:57.390 you have to be prepared because if you're gonna break down while 302 00:14:57.390 --> 00:15:00.390 they are there while they're breaking down it's gonna be a 303 00:15:00.390 --> 00:15:03.420 mess. And at the end of the day, that's not what you know, they 304 00:15:03.420 --> 00:15:05.790 want, you know, you're their advisor, you're the person that 305 00:15:05.790 --> 00:15:08.370 they look to, you have to walk them through. So you have to, 306 00:15:08.460 --> 00:15:11.790 even though if you're like inside, like mentally, and like 307 00:15:11.790 --> 00:15:14.310 emotionally breaking down, you just have to, like, make sure 308 00:15:14.490 --> 00:15:16.860 you show them that you're in control of your emotions. 309 00:15:16.890 --> 00:15:18.450 Sean Murray: Yeah, that's, that's good advice. 310 00:15:18.480 --> 00:15:20.940 Johny Fernandez: Yeah. And I think the third one is, you 311 00:15:20.940 --> 00:15:24.150 know, don't go into any transaction with a failure 312 00:15:24.150 --> 00:15:27.180 mindset. Because I think that is one thing that can, you know, 313 00:15:27.180 --> 00:15:32.040 really show, you know, when you know you're in a in the right 314 00:15:32.040 --> 00:15:34.830 mindset, or when you're in the wrong mindset, like it shows, I 315 00:15:34.830 --> 00:15:36.630 think you have to go into every transaction, even though you 316 00:15:36.630 --> 00:15:38.460 know, it's gonna suck, even though you know, these people 317 00:15:38.460 --> 00:15:41.040 are horrible. Like, you, you just have to get through it. 318 00:15:41.670 --> 00:15:43.380 Sean Murray: Are these, your customer customers are talking? 319 00:15:43.380 --> 00:15:45.780 Johny Fernandez: No, I've had good, I've had good people. 320 00:15:45.810 --> 00:15:46.110 Sean Murray: Yeah. 321 00:15:46.170 --> 00:15:48.300 Johny Fernandez: I've had good and I think the other one is, 322 00:15:48.990 --> 00:15:52.140 ask questions up front. Like, make sure you know, what you're 323 00:15:52.140 --> 00:15:55.200 getting yourself into, make sure and some questions are super 324 00:15:55.200 --> 00:15:57.060 uncomfortable, but you have to ask. 325 00:15:57.060 --> 00:15:57.420 Sean Murray: Yeah. 326 00:15:57.480 --> 00:15:58.920 Johny Fernandez: So there's no surprise at the end. 327 00:15:58.950 --> 00:15:59.940 Sean Murray: Yeah, you're talking about like, like, 328 00:15:59.970 --> 00:16:01.290 essentially qualifying the process. 329 00:16:01.290 --> 00:16:03.210 Johny Fernandez: Like, whether it's qualifying knowing what 330 00:16:03.210 --> 00:16:07.080 their expectation is, knowing that, you know, things are 331 00:16:07.080 --> 00:16:10.050 clear, and that, you know, everything's in written, 332 00:16:10.080 --> 00:16:13.410 documented form, whether it's an email, things are signed, like, 333 00:16:13.620 --> 00:16:18.780 pretty much pretty much marrying you without marrying you. Like, 334 00:16:18.960 --> 00:16:21.540 I'm gonna marry you. You know I'm gonna make sure I'm gonna 335 00:16:21.540 --> 00:16:24.600 make sure we're all we've defined the relationship, we 336 00:16:24.600 --> 00:16:25.590 know where we're going. 337 00:16:25.590 --> 00:16:27.360 Sean Murray: But but don't marry them. Because you don't want to 338 00:16:27.360 --> 00:16:28.200 marry the deal. 339 00:16:28.290 --> 00:16:28.800 Johny Fernandez: Exactly. 340 00:16:28.800 --> 00:16:29.370 Sean Murray: Just get engaged. 341 00:16:29.370 --> 00:16:32.070 Johny Fernandez: Just get engaged, just get engaged, so 342 00:16:32.100 --> 00:16:33.240 that's my piece of advice. 343 00:16:33.750 --> 00:16:36.420 Sean Murray: Regarding the whole, the right, emotional 344 00:16:36.420 --> 00:16:40.440 mindset, and controlling the deal is something I wish I had 345 00:16:40.440 --> 00:16:43.110 been told when I was a young sales rep, because there were 346 00:16:43.110 --> 00:16:46.860 times where even though I knew the process, and I had 347 00:16:46.860 --> 00:16:49.770 encountered a lot of different scenarios of what could happen, 348 00:16:49.950 --> 00:16:53.040 sometimes you're constantly surprised by what could what can 349 00:16:53.040 --> 00:16:58.170 go wrong. Yeah. And it's how you how you communicate that to your 350 00:16:58.200 --> 00:17:01.080 client, you know, to your customer, can make all the 351 00:17:01.080 --> 00:17:05.160 difference. I do remember, there was something that there was a 352 00:17:05.160 --> 00:17:11.130 99.9% chance that a wire was going out to fund somebody. And 353 00:17:11.130 --> 00:17:14.850 I made that known, right. And then something happened that 354 00:17:14.850 --> 00:17:17.580 prevented it that all of a sudden, like required, there was 355 00:17:17.580 --> 00:17:20.310 more paperwork required. So this was a failure in underwriting, 356 00:17:20.340 --> 00:17:25.980 you know what I mean. But I had to now communicate that, even 357 00:17:25.980 --> 00:17:29.190 though I told you the funds were wired, and that the deal was 358 00:17:29.190 --> 00:17:32.010 done, the funds are now not wired. And now I need more 359 00:17:32.010 --> 00:17:35.310 paperwork, and I knew my credibility was gonna was gonna 360 00:17:35.310 --> 00:17:38.520 be pretty hurt by it. But there was nothing I could do. Yeah. 361 00:17:39.180 --> 00:17:42.270 And it wasn't really my place to just go around placing the blame 362 00:17:42.300 --> 00:17:44.760 you what I mean, because that makes it look worse too. Yeah. 363 00:17:44.790 --> 00:17:46.890 Sometimes, even if things are not your fault, you kind of just 364 00:17:46.890 --> 00:17:51.990 got to go in there and just communicate that you know you're 365 00:17:51.990 --> 00:17:54.600 willing to accept the blame for it anyway. And I went into this 366 00:17:54.600 --> 00:17:57.600 call, they could just tell I didn't know what I was. I felt 367 00:17:57.600 --> 00:18:00.480 very uncertain. Yeah. And I came across as someone who didn't, 368 00:18:00.720 --> 00:18:03.750 who didn't know what was going on. Yeah. And probably couldn't 369 00:18:03.750 --> 00:18:08.070 be trusted. to even take the deal further than that. Because 370 00:18:08.070 --> 00:18:11.520 I was like, I don't know what happened, you know, I'm not sure 371 00:18:11.550 --> 00:18:14.130 this is, you know, this is strange too and then their like 372 00:18:14.160 --> 00:18:17.100 this person even like, like what's happening here? Right? I 373 00:18:17.100 --> 00:18:19.800 sound so uncertain that they start to not trust me that they 374 00:18:19.830 --> 00:18:21.960 only want to send me those documents. You know what I mean, 375 00:18:21.960 --> 00:18:25.950 that I, the deal was gonna get funded. Yeah. But now now I came 376 00:18:25.950 --> 00:18:29.640 across as so out of control. You know so elusive as to what was 377 00:18:29.640 --> 00:18:33.270 going on. Yeah. That it ended up sabotaging the entire deal. 378 00:18:33.300 --> 00:18:36.870 Yeah. And afterwards, I'm like, I blamed underwriting. Yeah. But 379 00:18:36.870 --> 00:18:38.640 I really should have blamed myself because I could have kept 380 00:18:38.640 --> 00:18:41.670 that deal going. Yeah. But I communicated it so poorly, and I 381 00:18:41.670 --> 00:18:45.690 was not in control. And it's it, it just bled out into the file. 382 00:18:45.720 --> 00:18:48.000 You know what I mean? And I ended up sabotaging the whole 383 00:18:48.000 --> 00:18:48.300 thing. 384 00:18:48.360 --> 00:18:49.680 Johny Fernandez: Well, and I think something that I've 385 00:18:49.680 --> 00:18:52.710 learned, and I've had to put this into practice is when 386 00:18:52.710 --> 00:18:56.460 something, you know, happens and it shakes you up in a 387 00:18:56.460 --> 00:19:00.060 transaction, you sometimes have to just take a step back, 388 00:19:00.060 --> 00:19:02.160 because I feel like when you're trying to put out fires, like 389 00:19:02.220 --> 00:19:04.560 you want to make calls and you want to do this, and you want to 390 00:19:04.560 --> 00:19:07.350 get on the phone and whatever. But sometimes you literally just 391 00:19:07.350 --> 00:19:10.530 have to take a step back, breathe and gather your thoughts 392 00:19:10.560 --> 00:19:14.970 and say, okay, this just happened. What am I gonna say? 393 00:19:15.000 --> 00:19:20.100 What am I gonna do? Let me gather all my thoughts. And then 394 00:19:20.550 --> 00:19:24.150 once I gather my thoughts, call, and if I have any questions 395 00:19:24.150 --> 00:19:27.930 myself, I ask beforehand, and I make sure even though I don't 396 00:19:27.930 --> 00:19:32.700 know at least I become somewhat of an expert. And make sure that 397 00:19:32.940 --> 00:19:37.020 I have the right mindset when I have to make a call cause I feel 398 00:19:37.020 --> 00:19:40.650 like for me, I want to make calls quick because like time 399 00:19:40.650 --> 00:19:43.950 kills deals, time kills deals. Well, you know, that's always 400 00:19:43.950 --> 00:19:45.870 what goes through my mind and it's like, no, gather your 401 00:19:45.870 --> 00:19:48.720 thoughts. Five minutes is really not gonna take much of my time, 402 00:19:48.900 --> 00:19:51.510 10 minutes isn't gonna take much of my time, but I know that like 403 00:19:51.510 --> 00:19:54.480 I can get into the right mindset and make a call and when they 404 00:19:54.480 --> 00:19:57.540 ask you questions that you may have not known if you didn't 405 00:19:57.570 --> 00:20:01.230 take the time, the you know you take the time to think about it. 406 00:20:01.320 --> 00:20:04.110 You're gonna like be shaken up. Yeah. Just gather your thoughts. 407 00:20:04.110 --> 00:20:05.400 Sean Murray: And then they ask you a basic question. 408 00:20:05.400 --> 00:20:06.780 Johny Fernandez: You can't even answer, yeah. 409 00:20:06.780 --> 00:20:07.950 Sean Murray: Like oh I really should have just thought about 410 00:20:07.950 --> 00:20:08.670 that before the call. 411 00:20:08.670 --> 00:20:10.440 Johny Fernandez: Yeah. Cause sometimes like we get ahead of 412 00:20:10.440 --> 00:20:13.620 ourselves. Yeah. I think that's like a big issue that I've seen 413 00:20:13.860 --> 00:20:16.350 and I've had to just like take a step back. For some reason, 414 00:20:16.350 --> 00:20:20.310 like, I think, minutes or hours. I was like, oh, like time, like, 415 00:20:20.460 --> 00:20:23.640 five minutes. 10 minutes, like, time kills deals, like, I gotta 416 00:20:23.640 --> 00:20:25.800 do this. I gotta do this. And it's like, no, like, just chill 417 00:20:25.800 --> 00:20:32.190 out like, an hour isn't gonna be the end of the world. So that's 418 00:20:32.190 --> 00:20:36.000 my. True words. True words, spoken by a legend, Sean Murray. 419 00:20:37.110 --> 00:20:39.660 But yeah, that's all we have for today. Again, thank you guys for 420 00:20:39.660 --> 00:20:42.990 tuning in. And if you want to check out our social media 421 00:20:42.990 --> 00:20:46.590 platforms, you can check us out online, Facebook, Instagram, 422 00:20:46.590 --> 00:20:50.010 Twitter, Facebook, Instagram, LinkedIn, there you go LinkedIn. 423 00:20:50.820 --> 00:20:53.850 And of course, you can log on to debanked.com and check out the 424 00:20:53.850 --> 00:20:56.700 latest stories. And obviously, all our videos our different 425 00:20:56.700 --> 00:20:59.970 series that we have. And then you know, any questions you can 426 00:20:59.970 --> 00:21:04.200 email us any tips, advice, also, email us reach out to us. So we 427 00:21:04.200 --> 00:21:07.260 hope to hear from you guys soon. Again, Broker Fair coming up. If 428 00:21:07.260 --> 00:21:09.600 you haven't signed up, definitely look into that. That 429 00:21:09.600 --> 00:21:12.810 will be happening in December. So yeah, want any more 430 00:21:12.810 --> 00:21:16.020 information on that that can be found on debanked.com or 431 00:21:16.140 --> 00:21:16.470 google.com. 432 00:21:17.010 --> 00:21:17.400 Sean Murray: Or google.com. 433 00:21:18.390 --> 00:21:19.860 Johny Fernandez: All right, you guys. I'm Johny Fernandez. 434 00:21:19.890 --> 00:21:20.550 Sean Murray: I'm Sean Murray. 435 00:21:20.550 --> 00:21:21.540 Johny Fernandez: And we'll see you guys next time.