Having equations for convolution is a great start. They are specific enough that we can turn around and implement them in code. The other thing that we have to be able to do in a neural network that uses back propagation to learn, is we have to be able to differentiate these equations, specifically with respect to the error gradient, the loss gradient that's going to be passed back down through the layers. If these concepts are unfamiliar, there are some links in the text up above that you can use to get familiar with them. For now, I'm going to assume that they're not totally new and jump in. Back propagation is how we take the sensitivity of the loss function to changes in each of our layers output values. This is the partial derivative of the loss with respect to the outputs y. We want to be able to propagate that back and calculate the partial derivative of the loss with respect to the inputs x. This is one link in our chain and we back propagate this sensitivity of the loss to each set of outputs and inputs all the way back through the network. By the chain rule of calculus, the way that we get the partial derivative of loss with respect to x, is we take the partial derivative of loss with respect to y and multiply it by the partial derivative of y with respect to x. Now in our case, x and y are arrays. They're not single values. They're a whole long line of values, a list of values. Really, what we want to calculate is the partial derivative of the loss with respect to each one of the inputs individually. The way we calculate that is by the chain rule, the partial derivative of the loss with respect to y times the partial derivative of y with respect to each input element. Each of our outputs are also individual values, not one element. To really break this down to individual elements, we have the partial of loss with respect to each input element is the sum of the partial of loss to each output element times the partial of that output element to the input element. Added up over all of the output elements. So because it's so verbose, we'll use as a shorthand for partial derivative of loss with respect to the output. We'll just call that the output gradient and the partial derivative of the loss with respect to the input. We'll call the input gradient. So to go from the output gradient to the input gradient, we have to know this quantity here, the partial derivative of each output element with respect to each input element. That's what we mean when we say that the layer is differentiable. We have to be able to calculate this bit to be able to do back propagation. So in order to do that, we can go back to our definition of convolution. We can explode it back out and now say each y sub j is equal to x sub j minus p times w sub p, et cetera, et cetera. We expand that summation out and we expand out for all of our potential elements j. So this is just a long hand way to represent that summation sign and to represent the various elements j. Then we can take, in each of these cases, we can take the derivative of that y sub j with respect to each of the x's that occur in it. So in this case, the very first element, we take the derivative of y sub j with respect to x sub j minus p. The derivative is w sub p. The very next term, the derivative of y sub j with respect to x sub j minus p plus one is w sub p plus one.  So this is starting to look really good. This is the type of thing that we're looking for.


Hi, my name is Leon Rowe currency trader and trading coach at trading 180 comm welcome to this week's applying demand forex and gold fundamental and technical Analysis if you're a new watcher to the channel will warm welcome to you And if you are returning a weekly warm welcome to you and please don't forget to like subscribe and share Press that like button if you like the analysis if you find the analysis I provide every week useful and And yeah, let's get into I guess the the week ahead from fundamental perspective the some news announcements and Go into trading economics.com in case you don't know about this site. It's is a treasure trove of information One of the things I like to look at is the week ahead so Coming up in the US the FOMC minutes personal consumption expenditure and Fed chair announcement Will take the spotlight in the short-end so it's shortened Thanksgiving week quite as a happy Thanksgiving to all those who were celebrating Thanksgiving So FOMC minutes is going to be quite important flash PMI's been November will provide an update on the health of several Economies including the US Japan and the Euro area Germany and the UK So lots of potential market moving news investors will also keep an eye a close eye on the Coronavirus numbers as new lockdowns and restrictions were announced in Europe and we'll get into that when we get to the euro dollar so potentially a busy week as we head towards the end of November right and Let's get into now the the technicals and a bit more fundamental analysis So starting off as we always do on the DXY. Sorry. I started from the pound dollar, but DXY Is what we need to start off on and The dollar index is really just a measure of dollar strength against a basket of currencies like the The pound the Euro the yen, etc. We keep an eye on the dollar index the DXY Just because we need to understand really kind of where dollar strength or weakness is potentially coming in and At the moment if we you know kind of go back at least maybe five years On the weekly chart we've got really nothing to the left of us in terms of you know any kind of You know major supply zone, right? so at the moment I was saying that this was really the path at least resistance was to the upside and You know, that's pretty much continued Right, so what we're looking at ultimately is you know pullbacks to any kind of major demand zone That would be one and then looking for that as confidence with any kind of dollar By trades from a technical analysis perspective, but looking at the fundamentals on the dollar JP Morgan economists now predicts Fed to raise rates in September. So Economists led by Michael Ferrole had seen the Fed on hold in 2022 But now feds full employment goal to be met mid 2022 says JP Morgan So why is that important if you're if the if the expectation is for the Federal Reserve to hike rates To the rates to rise then that should appreciate a currency So in in the medium to long term, right? So again just the First-hand paragraph of this is a JP Morgan Chase and Co Economists said that they now expect the US Federal Reserve to raise rates next September becoming the latest on Wall Street Jettison of forecast for the central bank to stay on hold through 2022 So in a new outlook published to clients late Wednesday to JP Morgan's This is up-to-date JP Morgan's US economy US economists led by Michael Ferrole said that by the middle of next year The central bank's goal of full employment will be satisfied. So that's obviously a forecast It's not saying stone, but that's what the JP Morgan one of the biggest banks in the world are Positioning themselves to do right so ultimately You know not just them many other banks going to be taking note and doing their analysis as well And so, you know the dollar for me ultimately is still a buy so any pullbacks on the dollar index And then we get maybe some bullish price action or for me. Anyway, it's not financial advice I'll be looking at that as some sort of confluence to buy for example the dollar yen dollar Swiss Trades, that's my direction. So it's long trades I'm not looking at supply at all looking at shorting the dollar unless obviously something changes fundamentally or from a risk sentiment perspective But oh overall my bias is to a long dollar and we've been long dollar Pretty much from for at least a second half of this year when the Federal Reserve kind of announced that they were hiking rates back in June so again, we've seen the Market make higher highs higher lows the moment buying the dollar right now isn't for me anyway on Isn't the greatest. I really want a bit of a pullback to come in and then look for buying opportunities around this 95 area Moving on to the dollar yen and the dollar yen again. We've had a bit of a pullback in fact into this demand zone We were saying this last week that you know prices are probably go higher which they did Kind of broke this supply zone here and again, just in case you're new You really have to understand that technical analysis doesn't you know carry any weight in in in regards to Where prices may go meaning that if if the fundamentally you want to be a buyer right of a currency Sometimes there's no supply zone that is going to stand in the way of that buying right Traders are just looking for value and and and where you know Assessing the current value of a currency and where they think it's going to go in the next three to six months And so that's the reason why you get you know supply zones for example that don't work right when you get a supply zone that You know breaks kind of breaks through or a demand zone for example if the if the other way was to be true selling for example or a decline in value of that currency so As long as you can pick your direction based off of fundamentals and risk sentiment Then you should be alright just wait for pullbacks to that you know to these zones potentially and again No one knows which zone is going to work But ultimately you should want to prices should want to turn around at some point right And continue going higher. So is that a bargain? Yes or no if it is then brilliant And your trade works out if it's not then just wait for a bit a bit deeper of a pullback and look for a Even better bargain, right? We know this was a bargain Why because it made higher highs and higher lows. Yeah, this is definitely seen as a bargain price So is will price if prices do come back to us back down to this one 13 area Does that is that where you want to be a buyer and me? I do so and for other technical reasons as well I want to be a buyer the Japanese yen at the moment is in a risk-off environment does strengthen But I think all the four pretty much a lot of forecasts are pretty much to the upside Bank forecast are looking at a higher Dollar yen exchange rates. So let's see what happens. Also the dollar does Tend to typically do well and can do well in a risk-off environment also So let's see what what happens with all cylinders firing from a monetary policy perspective on the dollar Again for me, it's looking at short trades from a long trade perspective again zooming out There's really nothing We've kind of got this this Supply zone I guess on the weekly timeframe from 2018 but again for me It's not really something that I would kind of look into from a technical analysis perspective When looking at any kind of supply and again, you want to you want to determine the reason why you want to get short, right? If if you're trying to get short based off a technical analysis Then be my guest, but that's not a good enough reason for me to commit capital and risk what I'm risking based off of just Technical analysis, but yeah to the upside is where my bias is Dollar Swiss again as I was saying You know last week we did have a potential, you know short trade of that supply zone But why would you want to get short here when really the power for these resistance is to the upside the Swiss Frank? The Swiss National Bank is lagging way behind in monetary policy And this is the reason why you know, you just can't just short at any supply or go long at any demand zone You must understand the fundamentals and fundamental analysis and monetary policy and and the like so Again take out demand takes out that supply for me now This is actually hidden demand right there. So price does pull back into this zone Into this 92 area I think that's really going to be a nice zone for me to get look for any kind of long trade So pull back that's going to be like a decent bargain and then for me long trades zooming out a bit more Is there you know a reason why you should possibly short here again potentially from a risk-off perspective? You know the Swiss Frank can strengthen but against the dollar I'm not really too convinced on that one, but let's see what happens this week But I'm looking for pullbacks. Anyway, if prices do go higher make higher highs Then it's okay. I was way for a pullback into that demand zone. So that's really how I'm looking at this So again, my overall direction is long. So we're looking for long trades Moving on to the dollar CAD Dollar CAD one second All right dollar CAD again You've got two central banks that are looking to high crates at some point And so this trade is a bit more of a difficult one. I was saying last week I'm not really interested in this currency pair I prefer pairs where you've got a clearer divergence between monetary policy But there is an opportunity of course technically To get short here if you want to for me, I'm not really too I'm not really trading this currency pair It's a bit harder to read So if you do want to get short now is a is a short trade If you want to get long then the first demand zone will be, you know, your buyer But for me not really keen on this currency pair, like I said It doesn't really interest me but technically I think those are some really nice zones moving on to the pound dollar pound dollar This trade idea for me now I think I do overall think that the dollar should want to strengthen over the pound But there are some pros and cons for buying the pound a bit of conflicting fundamental information and one of them is for example interest rates so Bloomberg reports that markets look into February or look to February for the next turning point in Bank of England Rate bets at the Bank of England signal to 0.5 0.5 percent is key threshold for bond buying plans traders bet Bank rate will be below that level in three months But traders are with traders wagering that a Bank of England rate hike in December is nearly a done deal They're turning their attention to February. So the big question for traders is whether the monetary policy committee raises borrowing costs to 0.5, you know and That is really the question are they going to be you know hiking rates from zero point one percent to zero point five percent by by February now There's also some conflicting information from Bank of England's Hugh Peele who cast out on the December rate hike Right, so chief economist notes uncertainties around a strength of recovery and investors anticipate a rate hike next month is almost certain But the Bank of England chief economist Hugh Peele cast out on the certainty of interest rate Increase in December noting the decision could would be definitely also be finally balanced and pointing out bumps in the economic recovery speaking An event in Bristol pills said there is no quick fix to bring inflation back to the two percent target and that the central bank Doesn't have the tools to fix supply chains that were upended by Brexit and the pandemic So what he's kind of referring to is even though inflation is is is high It's it's basically the inflation is being driven by supply chains So what happens when a supply chain gets fixed and it will you know, hopefully eventually get fixed and invent an inflation starts to come down That would basically mean that if they high crates it might have hiked rates a bit too soon, right? But the point being in this whole situation between, you know, the Bank of England's Economist chief economist and also what the market's thinking is that There's some obviously come some conflicting signals there. So whether they're gonna high crates or not and and so for me the pound is a bit of a Difficult one to read and when currencies are a bit difficult the best thing to do is just to stay out right just to stay out Yeah, and and don't trade don't take the trade. So for me I think there are there are better trades to take Then the pound dollar although I do overall probably my best guess would be for a continued lower highs and lower lows But simply because I think the dollar Is on is on the path of recovery a bit sooner so even though the the Bank of England are hiking rates sooner, I think the The UK economy isn't necessarily doing it's fantastic You might be stagnating even though there was some actually positive data recently around jobs But let's see what happens For me anyways from a technical analysis perspective if you do want to be a buyer I think now is probably the time to look for that buying opportunity potentially on that dip If you're looking for a sell trade, I'll probably say the higher end of this Demand zone through the supply zone here. I think where it has that kind of support and resistance Confluence and any kind of pullbacks into that area that that is 1.36 would be a decent area to look for potential short trades Moving on to the euro dollar Euro dollar for me is still a continued sale. We've been selling this Currency and I'll buy us anyway for for all for a while and Just really waiting for some sort of pullback and in fact if I zoom in a little bit. There is actually a Hidden demand sorry hidden supply right there. Yep hidden supply in that area. So that actually creates a nice zone potentially for any pullback that That would be nice between that 1.145 Number if prices can come up to there And I think I might look for a potential short obviously I've got to look for other confluences within that area and if there are none then it doesn't make the trade the best trade in the world but I Think that area is still a bit interesting. Let's see what happens ultimately the best zone I think is going to be if prices can come up to this 115 Or 116 in area. I think that's going to be a very nice area That's my preferred area to look for any shorts But who knows for prices to move kind of from the 12 112s to the 116s would mean that we have to move 400 pips and I don't can't see that happening You know, we've been a week or so of course anything can happen, but with With Europe fundamentally going through problems It's you know, they're going through lockdowns menacing in Europe, you know test ECB stimulus wind down timeline So Austria reimposes harsh restrictions in Germany may follow suit in Euro area Economy to take hit with decisions due to due on fate of QE. So I think the rumor was that the bank the European Central Bank were potentially looking to ease their QE, but now how can they if Potential lockdowns are going to affect the economy the economy still needs to be potentially supported, right? So the return of lockdowns to stem Europe's latest wave of COVID-19 risks sapping the economy Oh, the economic recovery and calling into question the timetable for the European Central Bank's wind down of emergency Stimulus and and the wind down of the emergency stimulus would have been positive for the Euro But if they have to delay that if they write have to do it Maybe in in in April rather than, you know, December will start in April rather than December then obviously the euro Currency is going to remain weak until that time. So Austria on Friday became the first country beyond the continents less vaccinated east to reimpose Widespread restrictions after curbs on people who haven't been jabbed fell to whole soaring infections, you know parts of German Parts of German or Germany also closed Non-essential businesses while the Netherlands has already ordered shops and bars to close early So Problems in Europe and if there's problems in Europe still especially around economic recovery for me The path of these resistance will continue to the downside, especially if the euro if the dollar is still the stronger of the two So that's where we are. I think let me just get rid of some of these Some of these zones up above but yeah direction for me is going to be to the downside So any pullbacks this week for me are buying opportunities or selling opportunities Let's just say On this currency pair, but buying obviously for the dollar moving on to the Australian dollar US dollar and The Australian dollar again lagging behind monetary policy wise and this why you can see, you know, the prices have been Making lower highs and lower lows. So any pullbacks if you want to get short on this currency pair are Buying opportunities, I guess for the US dollar, but I do think that if prices do come down to this 71 area Technically that is a fantastic zone. This is quite nice as well There's 72 round number is really nice as well But I do think the bottom of this range is going to be really nice technically for a potential buy but Let's see what happens there if prices can reach down there and let's look for gold gold Again inflation concerns, you know being a worry, although the dollar is strengthening There are risk global risk sentiment Risk of sentiment still building as well, which is the reason why gold is making higher highs. So You know inflation, you know is is suddenly on everyone's mind. So how bad will it be right and And Inflation gold is a hedge against inflation. So as inflation rises Gold should want to rise to hence the reason why you're seeing gold make those higher highs higher lows Also as well gold will get back to $2,000 is the prediction in the next few months says Duggan And Gary Duggan is a chief executive officer at the Lowell CIO office. So He's talking about the Gold going to potentially 2000 so if they can't if the if the Federal Reserve can't get inflation to come down 2000 is the target right up here. So where are we now at the 1845s? So it's again, if you're looking at that as your target look for buying opportunities potentially the nearest buying opportunity from a demand zone perspective is going to be if prices come down to this 1781 area before looking at buying or if prices make higher highs and then this becomes a Demand zone here and then you're looking for buy trades there. So that's Pretty much the direction at the moment if you are, you know, basically playing against the dollar and if you are Looking for potential short trades if everything if inflation starts to come down or you know The risks risk sentiment starts to wane a little bit. Then I think buying or getting short I should say on the on gold at this 80 1890 area is going to be a decent zone to look for any kind of short trades. Anyways guys, that's it for this week Take care. Hope you have a great trading week and speak to you all soon


إن الحمد لله نحمده ونستعينه ونستوثره ونؤمن به ونتوكل عليه ونعود بالله من شروع أنتوثنا ومن سيئات عمالنا من يهده الله فلا مبلله ومن يبلل فلا هادي الله ونشهد الله إلا الله وحده لا شريك له ونشهد أن محمدا عبده ورسوله أرسله بشيرا ونذيرا بين يبيت ساعه من يفعل الله ورسوله فقد فاز فرز عظيمة يا أيها الذين آمنوا التقوا الله حق تقاته ولا تموتن إلا وأنتم مسلمون يا أيها الذين آمنوا التقوا الله وقولوا قولا سديدة يخلح لكم عمالكم ويبشر لكم ذنوبكم ومن يفعل الله ورسوله ومن يقئ الله ورسوله فقد فاز فوزنا عظيمة الحمد لله نحن نستطيع أن نتوثي here on this blessed day of Juma'ah وهذا هو the blessing that we must think الله سبحانه وتعالى فوق and we must constantly be in gratitude and sugar to Allah سبحانه وتعالى الله سبحانه وتعالى لدينا في هذا الوقت أن نتوثي in a time when people are not able to gather so in this time we should be extremely grateful to him because he has kept us safe and he has kept us healthy and he has allowed us to see one another in a community setting most of our lives however these days are surrounded by our families and many people have many different circumstances in their families so this is an opportunity for us for those of us who have the ability to to have the opportunity to to connect with our families in a much more meaningful manner and one of the ways that we can do this as I can see most of the people here are elders so it is likely that many of you have children and there is this concept in our religion of growing with your children you're supposed to give them this type of study as they grow and you're supposed to engage with them and you're supposed to love them and you're supposed to show compassion to them however these are at age that when it's reached you're supposed to act to them as if you are their friend and you're supposed to view them as if you are their friend but being their friend does not mean that the Serbia has ended and so what happens is many parents unfortunately they begin to become the lesser of the friends to their kids or other parents what they do is that they're overly exerting with their children until if their children are not able to make that connection I'm not here to tell you how to raise your children I'm just here to say what it means to be a friend to children when children go off and they're engaged in their school activities extracurricular activities with their friends online whatever it may be that is one of the greatest fears of influence on their mind that is one of the greatest influences on their heart and so anything that they hear and absorb in those times it is likely that those things will fit with them for the rest of their life friendship is an extremely important part in our religion the people who surrounded the Prophet Muhammad ﷺ were known as the Sahaba there are the companions of him ﷺ companion just another word for friend so we should be companions to our kids and encourage our kids to be companions and friends to us and so the Serbia that takes place at this time when you're engaged as a friend to your child or as a friend to your parents is not just eating together or watching the next or to go show together or just doing whatever but it's also an exchange of ideas it's also an exchange of growth it's a time to influence one another in a positive light in a positive manner and if the parents are not the ones who are taking this role of friendship for their children then the people who are going to be taking that role are going to be the people who are corrupting the mind in the general society that we see and you guys know what I'm talking about especially in this Bay Area community there's much corruption that's open however it's a hundred people gather around to bully one kid and that one kid has one friend who stands up for them that bond between those two people is going to be unbreakable that kid is not going to look at a hundred people attacking that kid is not going to care about what those hundred people think about him or her they're going to find value in the friendship with the person who stands up for them in the friendship they're going to want to engage with that individual they're going to believe the same things as that individual and so it is the responsibility of parents to their children and children to their parents to be that intimate friend for one another and Alhamdulillah many parents have much wisdom to offer much knowledge to share and it's in this time where technology has become so needed that parents seem to be the ones who are learning from their kids so I'm also here to remind the parents that don't forget of the wisdom that you possess of the experience that life has given you the stories that you went through the struggles that you overcame those are things that your children will cherish and want to pass down to their children and so on your lives have been meaningful especially a sign of your lives have been meaningful is that you are here in this pandemic on this Day of Juna'a worshipping Allah this is a sign that you have been chosen by Allah that you have been accepted by Allah so reflect on your lives recognize that you have something to give your kids you have something to pass down you have something to teach be that friend to your children be the person who your children can when they are asked who do you love most in this world after Allah and the Rasool they can follow the hadith with extreme genuineness in their heart and sincerity in their heart and they say I love my mother and I love my father be that friend to your children your children will respect you they will be saved from the things that society faces they will be saved from the evils of the corrupt people in their own age group and they will be able to carry on a legacy that is protected because you put in the effort for them and the religion of Islam is going to live on and imagine meeting the Prophet Muhammad ﷺ imagine meeting him on the Day of Judgment and seeing him on that Day and then smiling at you and embracing you imagine that fear of happiness that will be flowing down your faces and then imagine him saying to you this is because you passed on the thing that I brought to you and you were able to pass it on to another individual and them to another and them to another and for the child know that when you enter into jannah that success that you will be experiencing for most children it will come and they can realize this now and they will realize it then that that happiness and success the child will experience is going to be because they have been kind and merciful to their own kind because they love their parents because they respected them the success in this world and in the next lies at the feet of our parents or children and the future of Islam or parents lies in your hands to pass down to your kids so we ask Allah ﷻ what's out of his success we ask him to ease in this difficult time and we ask him to allow this trial that has faced us to be a means for our success to be a means for our forgiveness to not look at these times with despair but to look at them at a time of joy that Allah ﷻ is choosing me over and over and over again in every moment to be an abd to him to be a slave to him and to obey him we think Allah ﷻ for this and we ask him to keep us upon this ربنا لا تزي قلوبنا بعد ربنا لا تزي قلوبنا بعد هديتنا وحبلنا من ربنا لا تزي قلوبنا بعد بعد ما هديتنا وحبلنا من لدنك رحمة إنك أنت الوحاب جزاكم الله خيرا استغصر الله لي ولكم الإسائر المسلمين قلوبنا بعد الهديتنا وحبلنا من لدنك رحمة إنك أنت الوحاب ربنا إنك جامع الناس ليوم لا رب فيه إن الله لا يخلف المعاد الحمد لله الذي هدانا لهذا وما كنا لنحك دي لولا أن هدان الله اللهم صلي وسلم وبارك على سيدنا محمد وآله وصحه وسلم عباد الله رحمكم الله إن الله يأمر بالعجي والإحسان وإتائذ القربار وينهى عن الفحساء والمنكر والبغي يعيذكم لعلكم تذكرون اذكروا الله يذكركم ودعوه يستجب لكم ولذكروا الله تعالى اعلى وأولى وأكبر وأقوموا الصلاة


Real estate companies are making a lot of money right now, all but guaranteed that an offer of compensation in the MLS will be gone very shortly. If a buyer were required to pay the commission, it does have an impact on who can afford to purchase. If you're an agent representing buyers and sellers, I think you should be aware, but you don't have to be as concerned. The best thing you could do for your financial future is to put three more into contract. There's some serious flaws in the business models, like big problems there, because all those leads are no longer leads. If you spend time studying what you do with a buyer, you spend way more time with them and working with them than you do with a seller. I want my gladiator that goes into the arena to do battle for me and help me win. I don't want someone who's representing us. It would make sense to be able to communicate to the agent population that a seller is willing to offer a commission to the buyer's agent. Okay, what's up everybody? Ricky Caruth here. Good to see you. Thanks for tuning in. I've got James DeWiggins here, CEO, co-founder of Nextome. I also have Keith Robinson also connected with Nextome. What's up, fellas? What's going on? How are you? What are you drinking? Fresca? Is that a fresca? Every time I take a sip of fresca, I get a new listing. And there's the secret advice. Everybody needs to follow. By the way, I have them in my fridge, so that's why I was asking. Podcast over. That's all you need to know, party people. Drink fresca, pick up listings, angels get their wings, and I'm just rolling in. There it is. I thought that was all. I double up, though, too. I got Coke Zero. So you have a commitment issue. Does that get you buyers? Is the Coke buyers? Connecting buyers and sellers here. Coke buyers. It's not good to see you guys, man. You too. James, if you could maybe just tell everybody who you are and what you do. So I run next home, the National Real Estate Franchise with my partner in crime here, Keith Robinson. We, in our spare time, also do a podcast, which we were, you graced our podcast as well, which we were excited about, called Real Estate Insiders Unfiltered, which we did as kind of a fun outlet for Keith and I to pontificate on the industry. And now it became this like thing. So it's like another project for us because it's gotten a lot of traffic. But anyway, so yeah, we do that. I've been in the real estate my whole life. My grandfather started a real estate brokerage in 1967. I wasn't even born yet. You were not, well, you're close, but. Easy. Easy. I'm kidding. So yeah, I've been in the business my whole life, third generation. And it's been a roller coaster, my friends. Through ups, downs, ups, and then downs, which were where we're currently at. So. When did, when did you guys start next home? 2014 is when we launched the company. And it's been, it's been a ride. We, we bootstrapped the baby. And nine years later, we have about 630 offices across the U.S. and we do a little bit of business. Are you guys in all 50 states or? 49. 49. We cannot figure out how to get into South Dakota. I just don't. I mean, there's only like one city there anyway, but like, so. If you're listening in South Dakota, we're just kidding. Yeah. I mean, we're not kidding about not being there, but. Yeah. Sparse. Cool. Cool. And then, then you, you started out selling real estate or how, like, what did you do at the very beginning when you got into the industry? Were you a real estate agent listening in sales? Or did you get right into like more like manager team, you know, stuff or marketing or something like that? I'll let Keith share his version. Mine's kind of short. I worked at my parents' real estate company to begin with. And it was a small mom and pop shop that they, they did. Did a lot of stuff with them. Then I got into tech sector and started and sold two tech companies in residential real estate. We were, we had created WordPress before WordPress. So we're very far ahead of our time and we created signature software before DocuSign. So again, we were very far ahead of our time. Both those companies I sold in 2001 and then 2006 respectively. Then then from there I got into, I was sitting on the couch unemployed because I sold the company.  You need to come work for us and do something.  And I was like, no, I don't want to do anything right now. And basically I went to work for a regional franchise here in Northern California called Realty World. And they had about 420 officers. They're a big organization in Northern California. And so I went there and started as the director of technology. And then I worked my way up to vice president and then ended up buying them in 2014 when we started Next Home and ran both companies side by side for a while. Key is my story is more interesting. But now Realty World is. Realty World we sold in 2020. Yeah. So the only focus on Next Home now. Yeah. I see. Okay, cool. And then Keith, what's your. That was not planned. That was like perfect timing. It was February 2020. So yeah. It was good timing. It's kind of like selling a tech company in 01, right? I mean, that's the dot com bubble, huh? Yeah. Top of it. We sold, we did virtual tours actually. We had a photography network around the country. We used a technology called Be Here. They were out of Silicon Valley. They had these big camera domes and it's a long story. But we did a first virtual tour photography network when. I'm going to date myself now when I picked some bamboo.com were the two major players that was them and. And USA virtual tours, which is the company we got. We got bought by a newspaper firm. I can't remember who that was now, but it was a long time ago. So yeah. Wow. Mine's not so interesting. I started 25 years ago in residential real estate, representing buyers and sellers, but missed that sort of small business startup. Vibe and jam because that's what I had done before. So went down the leadership track for residential real estate. A tiny little company called Keller Williams was coming to Northern California. But at the time they were no, I remember making recruiting calls for KWU when they first launched and I would call and say, hey, it's Keith Robinson with Keller Williams and they would say, yeah, I don't need to buy paint because they would smush together Kelly Moore and Sherman Williams. Yeah. Launched a bunch of offices for them in Northern California. One point in time I ran the 19th largest real estate company in the nation. Funny story.  I'm just going to, you know, and I'll do flips and ground up construction stuff, maybe a little regional private money bank. James reached out and said, hey, I'm launching this new thing. And I said, nah, man, like I love you, but I just can't do the corporate thing anymore. He's like, come on, just come take a look at it. So we met. He's like, it's got this great name. I got this great concept. And I was like, yeah, no, it's really cool, but I'm good. He's like, okay, we'll just help me out. He's so good, right? He's like, help me out. I need to solve a mortgage situation. So just come solve that problem for us and then see what happens. Of course, as I got to spend more time with the leadership team, all of whom I tried to recruit at different times in my career and couldn't. So proof James is a better leader because he recruited all of us. No. But in the end, I remember that feeling being very early KW where like I was like, damn, I don't know where this is headed, but it's special. And in the time that I was spending with next home working on this consulting project, I was like, I don't know where this is headed, but it's going to be special. And you don't always get an opportunity to be part of the leadership team for something that will be significant. So I said, yeah, and here I am eight years later, nine years later. And he's completely miserable. It's like a marriage. No, that's not true. I love almost most of most of my days. I'm kidding. So yeah, that's my background. Well, I mean, you guys are crushing it. If you're in 49 states, you got all these offices. How many agents? We have about 5,500 agents and we do quite a bit of business. So obviously the market's down a little bit here, but we'll close the year out probably close to 30,000 transactions and over 12 billion in volume. So company, company does some good, some good business. Yeah. Very nice. So I was thinking about which way to take this conversation because there's so much, you know, going on. Yeah.  And just that the buyer can. Is that another buyer? Yeah. A minute. I'll get a seller. But I mean, like what number one, I do want to touch on not necessary the lawsuits because like who, who really, I mean, at this point, who cares about that? It's, it's kind of become a mood point, honestly, with just like every day there's a new one and it's a small stuff. And everybody kind of knows what, you know, they've done their own. They've dug into it as much as they want to. And they kind of understand to whatever level they want to, you know, what's happening there. I would like to talk about like certain scenarios that could play out and how that could affect agents and what agents can do. What we think agents should be kind of, should they even be concerned? I want to go down that road a little bit. But I also want to talk about, you know, like when you guys bring agents in, right, do you guys have in-house coaching and house training? Like what are you guys doing to help agents, you know, double their volume when they come over, get going as a new agent?  And what kind of, you know, what direction are you guys going with agents in terms of lead gen and different things like that? Are you guys? Where do you want to start? You want to start with the lawsuit side? Yeah. Yeah, let's start there. Okay.  I'll do color. Okay. Yeah. You know, I think, I think they do need to be concerned about the lawsuits for a variety of reasons. You know, one is their brokerages are, many cases are already being sued. Litigation defense costs are astronomical when it comes to antitrust litigation. It's very expensive. It's a very specialized practice of law. They're having to hire. They can't just use their general counsel basically. So they've got to go hire a firm that understands, you know, antitrust federal antitrust issues. And it's happening at a time when brokerages are, are broke. The first part of that word is broke. So, you know, real estate companies aren't making a lot of money right now. And like, look, agents think brokerages make all this money. They don't. Okay. You actually have to remember that you keep a majority of the split. And, and so these companies, because they're, they're the fiduciary are going to bear a majority of these defense costs. And depending upon the firm, they either can afford it or they can't. And if they can't, then the only option is bankruptcy. And I'm not suggesting that's going to happen everywhere, but I do think you will see that occur depending upon who the defendant is and sort of what their cash flow is and what they can spend on, on defense. And I think agents do need to be prepared for that. I think they also need to be thinking very strategically about what is going to happen with these, these cases. The DOJ just came out and said that they're not happy with the no select settlement proposal. They want an outright ban on an offer of compensation in the MLS. I think that needs to sink in like you're going to see a world, whether it's done through these civil cases, through the Department of Justice or through the Federal Trade Commission. You've got three entities or both, three different directions that are hitting on changes in our industry. I think it's all but guaranteed. And I'm happy to go on record of saying that all but guaranteed that an offer of compensation in the MLS will be gone very shortly. And so what does that world look like? Right. How are you going to provide information to a buyer's agent? How are you going to bring a transaction together when the DOJ and these government agencies as well as the plaintiffs in these cases want a world, this is the world they want. They want the seller to pay the seller's agent. They want the buyer to pay the buyer's agent. That's fundamentally what these things are about. Yeah. That's fundamentally where they want it to go and fundamentally where it's going to end up one way or the other. Right. So the plaintiffs are sellers so far. There's a case with buyers who basically are saying like they wish they could have negotiated and I guess paid their own commission. But this is seller saying this. A seller, they want the seller to pay their commission, buyer to pay their commission. What do you think the buyers want? Well, the buyers would prefer to have it be the old way, especially your first time home buyer. Right. The downside to this is that if a buyer were required to pay the commission, it does have an impact on who can afford to purchase. Right. We already have affordability headwins in the United States. That'll only be exacerbated if the buyer is required. And we'll unpack a little bit if you want like some solutions that we see. But you don't want, if you want a robust real estate market and by robust, I mean buyers can buy and sellers can sell whether prices are trending up or down. You want liquidity and ease in and out of a real estate market. You don't want anything that adds headwinds to the first time home buyer marketplace. And that will be a real issue. There are some ways that you can work around it and there's some skills that James and I have been telling anyone who listened they need to develop and work on. But it will get a little harder to sell a house. If everything that we think will happen will happen, it will get harder for the entry level buyer to purchase. I want to add one small point to what James said. But part of the reason we get along so well is we don't ever always agree. Look, if you're an agent representing buyers and sellers, I think you should be aware, but you don't have to be as concerned. And so like concern and aware to me are two different things. And if you're an agent representing buyers and sellers, the single best thing you could do for your financial future, lawsuit or not is put a few more into contract. And so be aware of what's going on, be thoughtful about it. We'll talk to you about some skills you should be working on if you represent buyers and sellers. But don't get obsessed with the lawsuit talk. Don't go watch hours and hours and hours of James and I's podcast. I mean, do because, you know, it makes us feel good and our moms like it. But most importantly, the best thing you could do for your financial future is to put three more into contract. So be aware or a likely outcome is, but don't let it distract you from your sales business. I think that last word is important, prepare. Just plan. But you're right. This is going to take a lot of time for it all to figure itself out. So don't like, you know, stay up late at night worrying about it. Let us do that. Broker concern. Broker, if you're a broker, you need to have a higher level of understanding and awareness because at some point, you may get named in a suit, right? And so you need to be thinking a little bit more and have some more concern than an agent who I don't mean just in the you know, air quote, just representing buyers and sellers. So broker, you should be concerned. Agent, you should be aware everyone should be preparing for what is probably on the other side of this, which is a change in the way business is done. Do you think to two questions, do you think that individual agents could potentially be called into suits? And number two, when you ban commissions from being offered on MLS, is it a complete ban rule? Can't do it even if the seller wants to do it? Let's do this. Let's do the second one first. Are you going to do the first one first? No, we'll do the second one first. I actually just had this conversation. So it's kind of relevant. The answer is the DOJ wants it removed completely. The fight is going to be that won't preclude a seller can still it's still America mostly, right? If a seller wants to give the buyer's agent money in order to facilitate a transaction, a seller can do that. And that won't change even if compensation is removed from the MLS. So it will become another term just like, I don't know, you know, everyone listening is from all different places, right? But everywhere you've got all the check boxes on the contract where you say buyer pays for this, seller pays for that, we split it 50-50 and you've got norms in your local market for who pays for what. There's going to be a new item that you're going to get to negotiate some day in the not to this in future that is going to be buyer commission. And every area will generate its norms and there will be different solutions in a really competitive environment in the same way you tweak some of those terms on the contract agreement, you're going to tweak some of those so that your offer can be more acceptable if it's a non-competitive situation and you kind of tweak them the other way to benefit the buyer and the seller may carry some additional costs in the contract. This will be one more term in condition albeit a big one, right? There's a lot of dollars associated with this in the grand scheme of a real estate transaction but it's really like if you want to simplify it it's one more term in condition to negotiate in the future. I completely agree with everything you said and I'll just add one. I don't have anything else to add to it other than I think the fight you're going to see well, let's just put it this way the fight you will see 100% is the DOJ wants the offer of compensation removed in the MLS. They're going to get that. The question is can we have a field in the MLS that allows the seller credit or concession to keep comment. They can do money for a 2-1 buy down or we're going to give you $5,000 to fix the deck or we're going to offer the buyer's agent 1% to help close the deal. I think that is a very realistic thing because But would they be able to put that in MLS though? That's the question No buyer commission then That's not commission though. That's a credit the seller is allowing to offer a credit to whatever that they want to do so it can be an auction website. You can't prohibit a seller from the keys comment. If I want to give an extra incentive for somebody to buy my car I have every God given right in this country to do it unless we want to destroy America. There's a question there but the reality is if a seller wants to say I want to do something there should be in a mechanism but it's not an offer of compensation. Here's a field you can put things into for whatever that scenario is which to keys comment time and space and area and transaction if we're going to put something in MLS that doesn't say buyer commission but it really is where it's not the different where I think and look we're all forecasting pontificating, speculating that's all fancy words for saying I'm just trying to understand we're all guessing I'm thinking about this a lot buyers are saying we don't even need agents, everything's on Zillow do you realize that's not even why you need an agent most buyers aren't really saying that though some are but the ones that are that think they understand let's take those buyers for example everything's on Zillow if you take buyer agent commission off of MLS now why at that point is Zillow, Zillow's going to move their business model over and they're not really going to necessarily be syndicating all these listings for free if they can't sell buyer leads, correct? Yeah, let's unpack that a little bit access to information has done nothing but gone up over the last decade so the human being who buys and sells a home, their home has more access to information about the residential real estate process values everything than they've ever had in the history of the world and over the last decade it's spiked it's a hockey stick, more information you know what's happened to the use of a real estate agent over the last decade it's gone up, not doubt so the more complicated it gets and the more the human being becomes aware of the complication the more we look for another human being to shepherd us through that process so I think use of a real estate agent on the other side of this will probably go up, not down I'm basing that off of the history I agree, I agree I've been talking about that the value of agents I think we lose a lot of agents that don't understand how to navigate or adapt to the new market but the ones that left the value of those agents actually increases in the new market and one thing is that I'm trying to wrap my head around is why would Zillow continue to syndicate where's a different problem for Zillow theoretically I think it's a good problem actually because I think a different business model like a pay-to-play like homes.com or whatever well Zillow has he's got this really good one by the way so our belief, James has alluded to it our belief is that you will have every state that will require a buyer broker agreement they'll all be a little different based off of state norms etc but there are 12, 13 states it's now 15 is what I've heard 15 states require it so they require a buyer broker agreement that means when you meet with a buyer and you say I want to be your agent then you sit down and you go over what you get paid, how much and by whom and what you do and the buyer agrees if no one else will pay you I will that's most buyer broker agreements that I've looked at I've not looked at all 14 if I meet with you and I we signed a buyer broker agreement you now we're committed to working together and working together exclusively and we have outlined the terms of how I'm going to get paid and our relationship that's great that's awesome super clear but what happens when you go fill out 10 online lead forms for Zillow and I've already signed a buyer broker agreement with Ricky Caruth and now Zillow takes in those leads I guess and resells them and sells them to another agent that's a mess it's not just Zillow by the way any lead portal because you can't have what is it the last number I heard in 2021 was like 86 million leads were distributed to agents and yet there's still only like 5.5 million people that buy a house so these leads are going into multiple websites and if you comment if the first point of contact with a buyer property which will be where it's pretty standardized is you have to sign a buyer rep agreement and then they keep going on and filling out lead inquiry forms yeah to your point Ricky like there's some serious flaws in the business models like big problems there because all those leads are no longer leads now that being said I think that it's important to understand the comment that you made we don't think that buyers agency goes away I think that's a myth the reason I say that is for everything Keith mentioned and this is a very infrequent transaction look I'll go on my soapbox for a sec agents suck at articulating value on the buy side we've never had to do it we haven't because we were like look this is what we do I'm going to help you buy a house and by the way it's paid on the other side and the buyer is like okay like nobody's ever sat down and treated a buyer super important comment treat a buyer like a seller you're not going to sit down with a seller and not do a listing presentation and provide comps and explain what you do and your value and the marketing and the advertising and all of this stuff do the same thing on the buy side here's the funny part by the way I guarantee you if you spent time studying what you do with a buyer you spend way more time with them and working with them than you do with a seller yet we don't in most cases find a buyer rep agreement asking for exclusivity we have to get good at this and it's not complicated I'll use this one example it resonates with people when my mom moved out of the mountains to a house because my father passed away I used an agent one of ours and this is really important she sent me the disclosure package for the property that my mom was going to purchase my mom's a retired realtor by the way but it's 15 years ago she doesn't know what the hell is in that package and I'm not studying this 55 plus community that she's moving into it was 126 pages so everybody hears that by the way when everybody talks crap about California you can thank us for how big your contracts are you're welcome you're welcome and this is the point this is so important she sent me the disclosure package and in the email was like 6 or 7 bullet points of things I needed to know and then I was like great we'll talk about them tomorrow morning in our 30 minute update and I said I hit thank you and hit reply what I didn't do until 5 minutes later was I was like looking at that doc I'm like I don't have time to read this shit and I was like man I responded back I was like hey hey Don how much how long did it take you to how long did it take you to read that thing I spent 6 hours going through that for you see the problem I as the buyer there was no value to me in the email of the bullet points and I didn't think about the fact that somebody had to read all that stuff because we suck at articulating our value we have to actually stop stop sheltering our clients from everything and go I went through this last night took me about 6 hours to do but here's what you need to know okay well now I'm adding components because if we want to get rid of the buyer's agent have fun go read that thing on your own and understand everything in it in that specific community where you know nothing about that community and feel comfortable buying that property with all of this stuff that is not a world that buyers want so why do you think that they're leaving in that direction where the buyers pay their own commission which increased the cost of the entire process it really screws up the entire system makes it harder for people to buy homes and like it's just don't they see that this is a money grab on the industry this is a money grab by the lawyers and the plaintiff getting suckered in and con no hold on hold it is a money grab by the lawyers I agree as you know but any lawyers listen and I apologize but that's what lawyers do I'm not okay you're not apologize Keith Robinson is but it is a little weird okay if this fiduciary relationship is of special meaningful relationship and in a fiduciary lawyer in the plaintiff or the agent in the client yes right regardless of wherever you create a fiduciary relationship it's incredibly important yeah it is very strange that for decades our industry has not clearly communicated to their client for whom they are a fiduciary how we get paid and by whom and that is the flaw in the system it is a flaw in the system and that should change because the agents who have said don't worry about it the seller takes care of that that's not right so that needs to change now the way it changes is really important and it may not change in a way that is best for the industry but I believe in capitalism or the consumer I believe in capitalism I believe in creativity I believe in entrepreneurship and I feel very confident that once we know what the rules are we will figure out ways for ease of transaction we will figure that out but I think our industry has to take some personal responsibility for setting up a structure that if you were going on trial for murder and your attorney walked in and said hey sorry fine if you were going on trial for anything and your attorney walked in and said hey I'm going to save you a couple bucks I'm going to represent both sides and be like forget I don't know if we can on your podcast I'd be like forget that I want my advocate I want my gladiator that goes into the arena to do battle for me and help me win I don't want someone who's representing both sides both sides which by the way is the next battle to be clear when this is all sorted out on this side dual agency is 100% the next target by the DOJ they're just continuing to tie our hands further but look the key is common and I'm not shy about this I hate dual agency I'm not talking about too much conflict of interest these are questions that are going to come up but to be clear when all of this whole mess is done the next thing that's going to get targeted is dual agency like that it's 100% guarantee that'll be the next battle because the keys comment they want a world where I am clearly saying I represent you and you pay me now that does not mean that I can't write a purchase contract that there's a stipulation in that purchase contract that the seller offers a credit to the buyer to help pay my fees or that the seller pays me directly some rules around that but that's certainly something that can be done but I wholeheartedly agree with Keith that there's actually some change here that needs to occur that will be better for consumers as well as long as and this is what the civil cases and what the lawyers are getting fundamentally wrong they don't understand how this works they're not paying attention to things because I'll take my comment back slightly there's a part of greed here on money to understand it as long as the mechanisms are in place for a buyer to be able to have representation and afford to do it and not have to pay for cheap crappy representation I don't want the court appointed lawyer representing me in my trial I think that those are the questions and I do believe Ricky that we'll find a way to get there I think there's a lot of posturing right now if is NER going to appeal is it going to settle I mean I'm pretty public it needs to settle the reason it needs to settle is that appeal could take 3, 5, 7 years the industry doesn't have that long with all these copycat cases they just don't like it can't afford it that was kind of the next question do you feel like these cases could be kind of pushed out till we get a resolution on the those go to court while we're waiting for this one to appeal and then those get appealed to pass those if NER appeals and takes it on that track then all these other cases continue to move forward and that's bad if they appeal if they appeal if they continue the appeal there's a lot of things they haven't filed yet to be clear they're working through that but they've intimated that they're going to go to the mattresses and appeal this and fight it all the way but they've also intimated that they're willing to settle as long as it's realistic that's always been something NER is open to doing but that's they're also fighting for changes that the plaintiffs want they're like we'll talk about a settlement but we're not giving up on this that's an example of in their particular case they want to see an offer of compensation still be allowed inside the MLS they view it this way by the way they're fine with it can be zero but they want to provide an opportunity for the seller to offer compensation on the other side I think that they want to not mandatory but the ability to which really does make sense because there will be instances the first time home buyer marketplace I own some rentals and they're in that first time home buyer market segment when and if someday when I go to liquidate that asset assuming these changes have come into play I'll be very comfortable offering the buyer's agent a commission because that's going to give me more access to more buyers and give me the maximum value for my property and so I'm speaking for myself just in case any attorney ever listens to this and wants to bring me in on a deposition I would be willing to do that it would make logical sense to me so there are use cases in which it would make sense to be able to communicate to the agent population that a seller is willing to offer a commission to the buyer's agent that that is important to know and it should be because that is what will make it a more fluid and in order to transact right what the Department of Justice wants is it can't be mandatory anymore okay cool fine but allow us to communicate when a seller decides that they want to so far that seems to be a sticking point at least from what I've been able to glean from talking to people and when you look at the Northwest MLS situation how realistic is that like a lot of people look at that and say okay almost a hundred percent of a seller still offer it you know are those agents actually disclosing that they don't have to pay it are there disclosures in that market that actually spell this out the way that you know it should be and sellers are still deciding after being told hey you don't have to do this they're still doing it or what I've never really got to the bottom of that yeah I haven't read the actual disclosure for it but I can tell you that that is also if you look at the settlement with no select that's a stipulation you can see that is becoming a standard to be clear is that there's a disclosure on this is compensation you don't have to do this it's negotiable etc the key in Northwest MLS just for clarity is that I believe that there is a disclosure of compensation but I do not believe I could be wrong if someone of your viewers can correct me on this because I have not read it but I do not believe that there is something in there that states that you don't have to do it I could be wrong on that in either case they went to zero in in October of last year and to your point it was a negligible change in the way things are done because the agents are explaining this to people and telling them that like look I mean it's what Keech has said it's like your house has appreciated 300% in the past year and a half and we're the most unaffordable real estate market in the history of real estate your buyer is going to be strapped to be able to afford the closing costs on this house I really highly encourage you to come up with compensation for the buyer's agents because it's been done this way the past 40 years and to be clear if you don't you may not have a deal because the buyer may not be able to afford to do that and if they can't then they won't have an offer that they're going to write and then we're going to be sitting on this property and what seller is going to be like okay like let's just screw it like they're not going to be like okay we want to get a deal done so it's part of the reason why I keep telling everybody not to panic so much like there's going to be to Keith's comment this negotiation that's done in this process I think Ricky to your comment though anything is where you're alluding to you're going to see this with everybody you're going to see it go where every MLS you can you know you can do zero or whatever if it's not outright banned by the DOJ and you're going to see a disclosure that's signed by the seller very quickly understanding compensation is negotiable you don't have to offer anything to the buyer's agent like that's going to be a hundred percent standard I think that's the best outcome honestly yeah yeah I mean look there's even some people that I've talked to and you know maybe they're sadists or whatever but they're kind of excited about these potential changes because they know they're damn good at what they do yeah and so they can't wait I've been I've been excited like a kid in a candy store the whole yeah like I now look I've got perhaps too much but I've got confidence in my abilities so I would much rather have a conversation with a buyer and be in control of my destiny on how I get paid and how much and how I tweak it and how I don't and what I do and what I offer because now I can craft and curate an offering where I could go win even more business or win more business at a higher rate and but I'm in control now of my destiny versus being at the mercy of some good or not good agent and how they've negotiated on their list of presentation going back to the zero commission thing and are wanting to keep that keep the option open where you can offer it you know what the lawyers say about that right they say you're just trying to keep keep something there so that you know buyers agents are still around and you've got high membership and you've got all these fees coming in that you keep your fees high etc with the irony of it is when lawyers are charging 30 to 40 percent on these cases like you know this whole thing give me a break like I have my aunt and uncle my my aunt they're married by the way my my uncle's a lawyer and she's a judge oh anyway yeah you can Thanksgiving must be a good time but they're all like but even they're just kind of like this is there's an element of this is it's not like these plaintiffs randomly came up and thought about the fact that I like got screwed one day just not how that worked so they were curated into this conversation even the guy on the stand said he was happy the way the deal went then his lawyer asked him do you think that remax um uh conspired with the defendants to to get in your back pocket he said no there was zero evidence presented to be clear on a conspiracy there was not in in no emails no nothing and I'm not to be clear I'm not I wasn't at the tribe friends that were there and I was kind of getting play by play but there was zero evidence of a conspiracy that was that was played out because there isn't one that we all know that now all that aside this is where we are today and you know we have to move forward and understand what it is I think the the comment that Keith made is interesting I'll throw another thing out there and we only run out of time here but you know it's um there's a lot of conversations about business model shifts is this going to be the the end of the buyer's agent is it going to change things and I want to reiterate a couple of things that I think it's important people to hear number one they're like okay are we going to become lawyers and and charge hourly well first of all the IRS carve out that we have as an industry where all the agents can be independent contractors you can't charge hourly otherwise you're no longer an independent contractor I just want to be clear so like unless everybody wants to be employed by their broker and I'm going to speak for about 99% of the brokerage community and saying they're not going to that's not realistic so then it's just for the viewers so they understand how why the lawyers get to do that why the lawyers get to do what I'm sorry charge by the hour well they're not because they're employees they're not they're they are employers are independent contractors yeah yeah so we have a specific carve out in our in our industry on that and that by the way is an example of the great thing that NAR does for you like we have a whole pot on this but like so there are a lot of you are like let's burn any out of the ground like no no no no no no no there's a lot of things that are happening that you are not educated on that you need to pay very close attention to one of those is every single year they are trying to make sure that that carve out as a 1099 doesn't get removed by the government and that's a whole of it do you think that the way that agents haven't educated their buyers on what their value is that NAR is kind of in the same boat with their value 100% really educated like okay they're the largest donors on Congress like okay can you tell us what the hell you did I mean like yeah I'm like let's keep NAR yeah no the advocacy part is so important like we did we literally just did a whole pot on this with the federal liaison for the basically does all this advocacy and it was I was like oh my god I forgot about all this things that no NAR needs to do better but also every realtor in the industry needs to actually pay attention you need to read some of the emails you need to go to meetings you need to do some of those things and not just read a headline about stuff and educate yourself because part of personal responsibility is also educating yourself and like even Keith and I are like when we before we did the pod we started looking stuff up and you're like damn I didn't know about all those bills that they crushed so I mean like how many of you got PPP loans which has never happened for independent contractors you know why you got those so I'm not saying that any art doesn't need to change there's a lot of stuff that needs to change there but we also need to remodel it not build the burning down two other comments Ricky menu of services is certainly something that's interesting I think you might see more of that pop up flat fee I will just simply state if you go back in time so far in the United States and you can go to Foxtons you can look at purple bricks you can look I mean hourly on Redfin hasn't worked out like these models haven't taken hold and I everyone's like oh this this whole model is going to shift I'm like I mean maybe and I'm not saying that there won't be some new players on the block but so far Americans like the idea of full service and not discount service offerings and so until somebody cracks that code I'm not convinced that will be the norm in the model going forward 60 seconds love I've heard you say that we're going to lose a lot of agents if in fact these large so changes happen in the industry how do agents not be one of the ones that have to leave the business and I run this one yeah you go yeah look there are three things that James and I have both been telling everyone in our company and candidly anyone who will listen in the industry to prepare for okay so number one we believe the buyer broker agreement will become mandatory in every state across the country so learn how to talk about it most states have one go look at it print it it'll look different when all the rules come down but get comfortable having a buyer broker agreement discussion practice it role play it get get on a coaching call with Ricky have him have him talk to you about how he talks about it but practice your buyer broker agreement conversation number two your buyer consultation of tomorrow better look a lot like your listing presentation of today so instead of we do a great job at this visionary size tell me about your perfect house you want a large lot what for you got two dogs awesome it was a small lot but a dog park was across the street but that still work right all this stuff we do every day is great you've now got to add all the things you do on your listing presentation like your market how are you different how are you differentiated and why are you worth what you cost so your buyer consultation you better level that up number three now negotiation has always been part of the business and candidly apart that most agents are great at because you have a beautiful servants heart you answer that phone call at 10 o'clock at night to go over the home inspection with a crying buyer and that's part of the skill set that's needed but that beautiful servants heart makes you not a great negotiator you have to level up your negotiation skills they've always been important they're going to be paramount when now you are forced to negotiate for your commission with a potential buyer so where you go 60 seconds why are agents going to quit why would they quit because of this because of some change why are they going to quit yeah why with why why are we going to lose 20 percent 30 percent why are we going to 40 percent it's going to be 40 percent I think when it's all said and done why why are that many agents going to leave the business it's amazing because they're not because they're not willing to do the hard work this isn't this is the days of like everything popping in your lap is gone like we have to get good to Keith's comment he's talking about negotiation learn to negotiate go get your top five books for negotiation like you have to get very good at articulating your value and if we can't do that then you won't be here but that's not there's a reason why 10 percent of the agents do 90 percent of the business they're good at what they do they have a coach they listen they educate themselves they're willing to work hard you told your story on our podcast think it's important for everybody to hear that like you have to be willing to pick up the phone and have people hang up on you nine times out of ten but it's that 10th call that makes the difference you got a call to somebody that was interested at that moment in time and most people and not just agents but most people aren't willing to have the door slammed in their face that many times and so Keith thank you guys so much for coming on you guys go check out their podcast was it called again real estate insiders unfiltered let's do it guys to go out there subscribe to the channel check them out they always have incredible gas and check out the one with Ricky he tells his story it's really these guys are well connected in the industry you know interviewing you know the CEO of Zillow and you know other big huge pillars of the industry so go check them out guys thanks so much for coming on and sharing it thanks for getting you guys


I really wanted to do maths but I didn't want to do just maths so I looked at what I could do with it and computer science seemed like a really fun thing to do so I decided to give it a go. The thing was the robots in the movies, like i-robots. So I went through the list at Manchester and all the other universities and computer science jumped out at me and so I went to the open day here and it persuaded me completely. But after this grab Manchester in one word it would be homely. Diverse. Anything the best word is fun. Ok. Sun. No. I'm joking. Not actually sure well whether you could describe Manchester in one word. Probably have to go with Sangums on the curry mile. Unfortunately it's no longer up. I've not had a chance to visit the new place yet but when it was up Sangums was a brilliant place to eat. Bomp and Rib has good steak.  It was... I did eat chicken.  I stayed in country court so it's quite quiet and quite old fashioned but it was nice to sort of have that work home from university. Owens flat tower. I loved it. I thought it was great. Crawver holes. They were self-cater holes and I chose that because it was like really close to university. Learning how to apply what I learned in university in situations in industry and nothing that's been quite valuable to me. I'll say it's machine learning. It was in the first semester and the lecture was Gavin Brown and I think it was very interesting because it's the first step to artificial intelligence. In terms of the course itself Mahalo has been natural language systems. That was my favourite topic to study. I found it the most interesting but sort of outside the course. Mahalo has been the group of friends that I've made because they're really sort of friends for life. I have no idea. I'm kind of cocktails so I like going to Turtle Bay, Spinning Fields and then like Black Dog. I don't think I've got one really. It's quite a lot of research going on about building neural networks on an actual kind of process of chip which is really cool and it's a project called Spinnaker. Toby Howard, he teaches computer graphics which is my favourite subject. He demonstrates always the exercises or shows us videos in order for us to understand the concepts of computer graphics. I did enjoy taking Gavin Brown's course on machine learning and optimisation. I thought that was very well taught and illustrated and I learnt a lot from it. I'd say Steve Bettifer, you couldn't fall asleep in his lecture. I most enjoyed giving the campus tours because it's a way to meet the new students and show them my favourite bits in Manchester. I helped out with some of the science fairs where I was explaining some virtual reality headset gear to school kids. Nearly breaking the ceiling of all-star bowling alley with my underarm bowl. Seeing one of my friends perform karaoke with one of the senior lecturers in the department. Slightly embarrassingly, I don't think the lecturer knew what he was letting himself in for. Which one was it?  I do enjoy playing football. I play a couple of times a week if not eleven aside and playing five aside and I think there's plenty of opportunity to do that as well. What position are you in? I'm a right back, sometimes right back on the bench as well. I'm not sure about one certain company but I know what I want to do. I want to work as a business analyst or technical consultant. I've been studying computer science with business. I'm hoping to rejoin IBM at the end of this year. I was there on a place but I really enjoyed it. Don't be afraid to make new friends and try new things because that's where you're going to meet the best kind of people.  Explore with the current technology. Maybe try out a bit of programming. It's not necessary but it will really give you a boost when you come here. Make use of everything that's in the computer science. Building all the people, the lecturers. Everyone's really approachable and there's a lot of places to get if you need help or if you just want to make more friends as old as societies and stuff.


So we're going to work, and then we're going to talk about working and talk about what we're working on and to the magic of togetherness before head, at least one more day. I'm wearing this hat, I know it's Halloween, I hope it's Halloween, but I'm wearing this hat because several years ago, Maria Goyanes, who was a physics studio, and I went to hear a wonderful, who's got a pen of children, and we heard her speak on Halloween and she spoke in a witch's hat, and I just thought, brilliant, so I'm just, and I got in thinking of pen of children today, I don't know where a witches hat was while I worked. And I know I've ever seen a rich typing on a red typewriter. I had it.  This is great. They were doing things that I just didn't want to do.  Thank you. Wait, how did I miss that? Well, I'm not dressed as anything but a grad student. Well, that's the thing that works. That's impossible. Well, you're sorry. You're sorry. He's fortuitous. I like that. Yeah, he's too cool for it. He's open-minded. He's open-minded. He's open-minded. I asked him if he was like... Never too old for it. Well, I thought he was young. But he's too cool for it. He is. That is a different thing. And what are you, Drew?  Look at you going, what are you dressed as? What is your name? I can say it's because there's no children around. The name of the character is Falka Burr. Oh, wow. That is... Falka Burr. Oh! Like, the red-digger? From an Irish clockwork artist. Oh, wow. An Irish clockwork artist. You left your top hat upstairs. Yeah, I left my top hat upstairs. Well, Falka Burr, I hope you get some action. It seems that way. You don't have any electrodes on you. I hope you get some action. All right. Well, so we're going to look for you by the end of the week talk. And... Yeah, are you Falka Burr? Are you going to...? I don't know. It's going to be fine until next week, but we're on camera. Right. Falka Burr. Oh, you're left. Falka Burr. Hi, we're all... No, we're all... We're all people. Okay, here we go. All right. Yeah! Happy Halloween! Well, Falka Burr has never made anything about one of your final works. I guess. Life is life. We're going to look at the work part and we're going to look at the dialogue part now. So, anyway, I have a question. I don't think it's interesting this time. I know you know this already, but a true reflection of my nature... I don't know. I think. I am a witch. Anybody have a wish? I'm a witch, yes. I have one commentary. Thank you for the last time. Because I've been able to just jump in and just do it. And just do it. And that really calms my process alive. Okay. Because the only way to do it is just writing and then figure it out. So, if I remember correctly, on the screenplay assignment, there's a beat that you kind of have to get in. It's like, not very feeling, very good. Yeah. I think I had got accustomed to the way a play feels when I write it. And it didn't feel like that. So, now, in just writing it, it now has its own kind of feeling. Well, I promise. Thank you for that. Yeah, I know. So, when you have your big gelatinous mountain of strength in the screenplay or a play-flight, stage-flight, what's the first thing you do when you're going back to actually make its own? That's great.  So, that might make it. So, you have your big gelatinous for the first round. Yeah. And now you wonder, what do you do? Right? What are some steps for rewriting? What are some steps for rewriting? Right? I would say the most important thing is to make sure it's gelatinous. We need a cool, you know what I'm saying? Make sure that gelatin is like, like, gentle. What's my spell? Gelatinous. G-E-L-A-T-I-N-O-U-S. Still, I'm giving this answer. Do you want to spell it again? No. Two seconds. All right. Gelatinous. Make sure it is actually gelatinous. That is, let it cool. C-O-O-L-T. Two. Five seconds. It's good for everyone. So, let it cool. Okay? I think any way is good in this. You can put things, I think, or you can have a real time. You want to let it cool, give it a bit of a great temperature. Yes. You want to let it cool. Okay. So let it do it's thing with itself. Okay, which is great. So that's part of writing. We'll just put it into your... You know, keep it together. Make it kind of, like that, it's literally the predicton of your life. Okay. Make it a type a little move around it. Okay. Because why? When you go back to it, you open it, it's a presence, you know, all the time. Oh wow, look! A presence. So, you know, rephrase the experience, right? Okay, so then, so when you get in the garden and you talk about it, nobody surfaces with bars, it's another mechanism. When you get in the garden, you write a draft, you're in the garden, anything goes and within the rose, right?  What should be in and what should not be in? You know, nobody is in the way. So you have to know that if you're in the way, and you go through the spirit of cutting without missing everything that you think that should be in. Okay? And when I get cool, how do you let it cool? You will see the whole thing, so you're going to hear it. That's right, that's right. As soon as it's cool, you really didn't even say, step on it and let it cool away. I know, I will. Then you read it through a loud, some people say you want to say it, so read it aloud if you want to say it. Okay? And then go read it with a pen in hand, just read it aloud. Okay? They'll be acting when I'm reading, you should read a few notes. Okay? Then you start thinking about it. Then you go back and say, okay, it's cool to pick a song for me. We'll get five tips at a time. Lower it up. Then it's like, if I need to, you think the whole thing. Then you start kind of thinking the whole thing. That's what I do right now. Sometimes I've got a brain, right? Five, three, right? Five, two, three, eight. I just sit there and go, okay, wait a minute. I mean, I've got the story right, but I know that it's just like a circus. It needs to go through the next level, you know? I'm going to drive you up the first minute of the whole time. You want to sit down and think about it. You want to go actually working like this. Just feeling your will, pulling it along, you know what I mean? You want to really get it so that the events are causing the events and the characters are actually working. You don't like that stuff. So you want to look out for that. If it's cool, we'll have a chance. And sometimes you think a lot of people are acting without actually getting in there, you know? Sometimes there are some goofy words around the page. Sometimes action just sitting back. It's a story. A big idea. This is a story. This is a story. A lot of times what I do is, you write the whole draft to a paper and then you write it out and make it all that draft. So you can think about that in short hand. So you're not following the orders of sentences, you know?  You want to stop? No, it's, yeah. It's really, it makes me feel like I have an erection to go through. Okay, we're going to try that. Try to let it cool and even allow it to be nice and wet. So I can't put this together. I'm just saying we make over the oil. Shoes. There were some shoes called Spacy Adams, of course. The whole song. Okay, did you go forward? I went forward. You're going in that direction. You know what I mean? Yes. You're going forward. You weren't like writing and going, Oh, I don't like that. I'm going to rewrite it. You're just going forward. Good. Just like this. Yeah. Yeah. The other time last week, too, she had done some outlining, so she was ready to write, and so she's got a picture of that, and so she's going to start keeping up with it. But three pages might be your speed, or my happiness could be last week. You know, it might get some error, maybe it could come from her pages. She might draw it back to two. That's okay. That's fine. As long as you put the time in, the water might be just in, and no effort is ever wasted. So just as long as you're moving in the direction of the end of the play, that is, you're not going back to the right, and then going forward, and then going back to the right, and then going back to the right. We're not this is a dance, but you're not doing this dance. You're doing this dance. Okay? Which can matter if you can do it. That's much better. But, you know, right? Yeah. I mean, it's one of my favorites. I'll have those in Spain. Spain. And it's like lit. Yeah. Great. But anyway, we hear books here, not that. Yeah.  You know what? I'm going to do this. Maybe here's a part of the Namibar time. Maybe she's so great. Can't wait. It's yours. But that is, you know, so great. Okay. It's so great. I can't believe that. It's the most important part. Right. And I found that, I thought about that a lot. Those great things are within us to see for sure. Did anybody see my mom wherever I went before? That they were great. Yeah. Why? You can talk to, you can leave with me. I saw the number. I remember the number. I can't tell you. I remember the number. I remember the number. I remember the number. I remember the number. I remember the number. I remember the number. I remember the number. I remember the number. I remember the number. I remember the number. I remember the number. And I saw the number. I remember the number. I remember the number. I remember the number. I remember the number. It was my signature to take a really important part of something and be very, very small. This book, if you need to do your bridge to the White House and it moves to White House, so, this is Randji and your character but what she dies may be in is in a little parentheses because it's a kind of just It's in a little bind. It's almost a phone. The whole knowledge is about that. Well, it's actually in a bind. I think it will be about that, but it's just a little bit in the start. So it's exactly like a cool, like, surgery. So, if you have too many different types of questions, answers, please see this one. So keep writing this slide. Yes? Cutting out, please. I do better think it's a little promise. Sure. Two minutes. Two minutes, perfect. So it's more about collaboration, I suppose, than writing process. Right. I've recently, this year, been very blessed to work with a lot of actors in color and Latino theater companies and directors of color. And a lot about my work in theater has lent itself to that. I was recently invited to do something in a theater company's short, middle festival evening. This was just past Tuesday. I made my work. They asked me for actors and they said, you know, they don't identify as any particular ethnicity, but they embrace diversity. And so I recommended actors of color, pretty much, for this. And I really didn't have anything to do with it. I went to see the show and my show was the only one with any actors of color in it. I mean, there were about seven other shows. There was no other show. None of the other shows had a reason. There were generic characters, I suppose. Right.  And I realized she was very uncomfortable. And I was very uncomfortable just because of the makeup. And I didn't know what had been set out. So I don't know how to approach this company, or if I should approach this company regarding this kind of issue. And I don't know if it's, you know, as a playwright who's invited, if it's not a theater company, if it's an ethnicity.  Uh huh.  You change your values. You change your engagement. You want to engage. And I would say engagement really matters to you. You have something, you know, it's saying that you really love this company, you really want it to succeed. You've been invited to their, you know, or they're going to circle or whatever. They're asking for your opinion. They're looking to you. In terms of your own plans, what I do is I can move, sew it into the lining of the play. You know what I mean? I've done things like test the body of you guys. Now, the play is not sure on the fact that that's very important, but it remains a test of how they read that. So, you know, they read a lot of, they make them read that. But, you know, so we, I just have to show it into the fact, you know what I mean?  You can totally take advantage of that. It's very, it's really too bad still in 2013, almost 2014, that, that, you know, our actors, our color, are considered special cases. You know, we're not just people. You know, we're special, you know, we can't just be the friend, the neighbor, whatever, it has to be the wife, the neighbor.  You know what I'm saying? Through the theater, you have to be, you know, really also a film. And it's very telling. There is a, two beautiful, you know, by the previous, two great films. One was the story of the other man. Sorry, I think you just know about it. The other was something's very, I think, I want to say Bruce Byrne. I'm not sure of the answer. But it was about some dude, some guy, who kind of is getting old, has gone to the cinema. Go away folks. We're like, we're gonna be nothing but yellow. We can't just be some guy, having come to the cinema. Still, still. Some guy having come to the cinema. We're not seen as that. That would mean us.  Who's in the right part? Right all the way. We have to fight this battle, we have to fight. We're not just symbols in our perspectives. We still have to fight the fight. We can fight the fight, just fight it. We're a matter of fact. We're back to the movie. And always carry your room state. And your room be still where we're sitting. And your toilet hat. And your toilet. We're back. We're back. We're back. We're back. Thank you.