Tierny Jordan - Keller Williams Mega Agent joins EXP

In The Cloud - The eXp Realty Explained Podcast

Joining us today is mega agent Tierny Jordan from Dallas Fort Worth. Tierny has a had a very successful past in the real estate industry being the No 2 team in the Keller Williams market place.

Tierny talks to us about her team, her important decision on moving to EXP despite being a very successful agent with Keller Williams and what has happened since she joined EXP.

Learn More about eXp Realty - Click here to watch a quick 7 Minute Intro Video.

Remember our disclaimer: The materials and content discussed within this podcast are the opinions of Kevin Cottrell and/or the guests interviewed. This information is intended as general information only for listeners of the podcast. Listeners should conduct their own due diligence and research before making any business decisions. This podcast is produced completely independently of eXp Realty and is not endorsed, funded or otherwise supported by eXp Realty directly or indirectly.

In this episode

• Tierny's determining factors to joinging EXP
• Why Terny believes EXP is a game changer
• EXP's culture and mindset between members and collaborations opportunities
• EXP's culture standpoint - team work
• Tierny's du diligence ideas and tips
• EXP is not only for mega mega agents
• Personal business and team growth within EXP

Want to Learn More about eXp Realty?

If you are interested in learning more about eXp, reach out to the person who introduced you to eXp or contact Tierny to inquire or ask questions.

Contact Tierny Jordan by phone/text: 469 446 8971

Noteworthty

"you can have ownership in a company that is going to be the number one real estate company in the world" Tierny J

"So I would just encourage everybody to really sit down and understand the opportunity don't go off of what necessarily other people are saying because there's huge value here and I'm excited to help anybody and answer any questions that you guys might have". Tierny J

PODCAST TRANSCRIPTION

KEVIN: Welcome to the show Tierny.

TIERNY: Thanks so much. Just to be here.

KEVIN: Good. I'm looking forward to catching up with you. Why don't you before we start a little bit on your decision to move to EXP tell listeners some of your real estate background because you've got a fairly large business you run up in the Dallas Worth area.

TIERNY: Yes. So I've actually been licensed since 2006 and I did a little bit of flipping. Before that I was an investor. Up until then and got my license in 2006 got my broker's license in 2008 I had my own brokerage before I went to KW about four years ago. And then I went to KW for like I said four years and then excited about the opportunity to recently switch over to EXP.

KEVIN: Awesome. And so I know you said you did some flipping and had your own brokerage Keller Williams you had a fairly large.... I see you're very visible in Dallas Fort Worth. What's the size of your team.

TIERNY: So I have 15 agents right now. So we've grown significantly. Last year we had about four. And just with the opportunities that we've had and really changing over to EXP we've grown significantly over the last month or so.

KEVIN: Oh fantastic. And even with the four agents let's talk just a little bit about your business because I know the audience will be listening to this you know could be in almost any franchise or brokerage but a lot of them will be in exactly your position. They have teams. So what kind of business do you do from a volume or unit standpoint.

TIERNY: So we did a little bit over 200 transactions last year with four people and a little bit over 40 million in vilume

KEVIN: OK big business if you will. And I know for most people I had a fairly large team and did about that volume in St. Louis and I know that when I was a lead on a team the thought of changing brokers and moving around and you know with all that number of transactions and listings is a big undertaking. What made you decide to even take a look at other options.

TIERNY: I think the biggest thing was the ability to be in partnership with people like Brent Gove. Adam Bailey, Jeff Willams people that run really big businesses and being connected with them through the revenue share piece allows us to collaborate and help each other's businesses. That was the biggest determining factor for me.

KEVIN: So if you talk about collaboration for someone listening if they've gone through some of the other episodes one of the things that Tierny is talking about that has been echoed on other interviews is this really truly agent focused business model and I want to have you give us your perspective on it I mean in other words everyone whether they are in the same revenue share group or not is all focused in the same direction. I know that I've done this and I'm sure you have as well where somebody either from our former brokerage or elsewhere has questions about the EXP and they'll reach out everybody are shareholders and the EXP is all pointed the same direction and we're really agent owners and it's something that I want to get your perspective on this. It's not really visible from the outside and I think people appreciate it until you get inside and the collaboration is pretty incredible isn't it.

TIERNY: Absolutely. It's amazing it's something that can't even compare and I've had my own brokerage I've been you know with like a KW Where you have people in the office and the support and the collaboration that I'm seeing in a virtual world. It's awesome.

KEVIN: For anybody listening to this. You know I come from the same brokerage background that Tierny did. I was a team winner and I also had a team at Keller Willimas and it's an awesome company. I mean they do a great job with mastermind's and mega camp and all these other events. The difference that I saw after being around EXP is it happens every day. In other words there's a very active proactive collaboration. There's a lot of sharing of information. So instead of it being a couple times per year when you run into people in person at an event the cloud based system allows that collaboration to happen regularly. I know that for example you know you still have the person things I know Brent Gove was in Dallas last week at the end of the week for a mastermind session locally there. I don't know whether you were at that or not but there's a lot of face to face as well. So you know for anybody listening it's not just cloud based I mean we certainly have a couple events per year but in addition to that there are groups like Tierny referenced and Brent Gove is driving a lot of those Gene Frederic is as well where we're getting the best of both worlds and that cycle of time between the masterminding is much more frequent than it is if you have to wait for one or three mastermind sessions per year or somebody listening I got to believe that this was a big factor for you too. In other words you get to work with these high producers and others and this doesn't just apply to somebody that is your basis that you're doing 200 transactions per year. We have a lot of cappers and megas in the making that are also plugging into the system as well and I'm sure you're seeing that in Dallas.

TIERNY: Yeah absolutely. We have one of the first agents that signed up on to be part of the you know mind down line with somebody who was on my team previously. KW And he left to build his own team and it kind of cut off because he wasn't connected to me anymore. But at EXP you can still build your own thing and share your resources and build together. So there is definitely local support there. Face to Face. I'm excited.

KEVIN: I'm glad you brought that up because for rainmakers if you will or Mega's that have teams I certainly had a big team with my regions and listing specialists that is in a franchise system because of the structure and how the teams are normally oriented something that's a challenge right. You get talent on your team and then they want to go off and build especially if they're very talented. And there is no play for them where there's a win win between the rainmaker and that's causes necessarily strife right. You describe somebody leaving but in the EXP world you saw Brent do this. I'm sure you're doing this with your team. Between the revenue share opportunities and the stock and equity. It's really a retention tool that also allows people to grow and it's not that same sort of win lose if somebody decides that they're at the point where they want to branch off and do their own thing because for somebody and your revenue sharing group that also has grown up and wants to do their own team. It's not a loss for you. Right. You're still going to benefit by helping them produce so for somebody in a franchise system. This is absolutely revolutionary for the industry. I mean this does not exist as I'm aware in any other franchise system. There is no effective way to create revenue sharing or no effective way that they're going to get rewarded in a fashion that when they start their own team if you will if that's what they're doing that somebody like Tierny can go I'm going to help you grow. I'm going to help you succeed because not only that like you described this well in the previous brokerage they left because they felt uncomfortable potentially. I don't know about this case. How much do you see that affecting the industry. Because I think that's going to be a disrupter and a game changer.

TIERNY: It is definitely a game changer. As a leader you want to help other people grow. But because like you said the challenges with the current models the way they're set up it will sets you up where you can't do that. So you have to face the inevitable as you're helping people grow you know they're going to want to do their own thing. And the model that you speed just it gives you a freedom to say hey I'm here to support you I want you to get bigger I want your you know your business to grow and I'm going to help you do that. And it's really just because the model supports that. So I do think it's going to be an industry changer and like I said it gives us freedom to continue to grow and continue to help in an industry that's being challenged not only internally you know but also with these other companies like open door. You know that offer certain things this is going to allow us to continue to provide value and not just be for the top 1 % of people who are making it impact you know on our clients. I think with the model the way it's set up it's going to allow more people to be able to provide value.

KEVIN: It really does. I mean if you look at you know EXP was.... in April it'll pass 10000 agents so I mean we already have that many in process with onboarding and we'll be north of 20000 at the end of the year and these are all people that are cappers or better. And there's a disproportion about in the industry of those that are moving because they see this value in it and it's something that I'm seeing. Also I'm going to ask you this because you were on brokerage before we're seeing brokers do this too. In other words in a traditional independent brokerage model I mean this is not the case if you own a franchise because you got to figure out what to do with your franchise. But if you're an independent broker you have sort of more control of your destiny. Gene and I were in a meeting with somebody this week and she's got 100 agents. She got it immediately. She's like oh I could take 50 of my agents. Put them under me and then I could ticket the rest of the 50 agents and put them under my key people in the brokerage that are my leaders and reward them and help them benefit. And then they in turn will learn about how to now mentor and get more agents in. That doesn't exist in other models. In other words the synergy of people immediately getting wow i when they when we can all benefit together unless you're your own company that has the equity in the stock or if you happen to work for a company and I'm not aware of them I mean we can talk about the one that is the diametric opposite which will be somebody like Redfin. Right. They have people down to the level of being an employee right. There's really no upside for them right there just essentially an employee and they get some sort of incentive compensation but they don't have the stock play they don't have the revenue share piece. And I believe this is going to be what disrupts the ability for them to effectively field a large number of agents as employees because now the option exists in other words people are coming out of franchise systems and saying OK what's next. What do I need to do. And with the a large number of Mega agents like yourself and even cappers that are leaving. I mean Daniel Baer is a perfect example. In his interview we talk about him leaving Keller Williams as well in San Diego. And since I interviewed him they've gone from somewhere in the neighborhood of 17 or 20 agents in San Diego to over a hundred in less than three weeks. You're seeing that in Dallas right you're coming in a little bit later. I don't know an agent number you were with your team coming over but you know when Gene Frederick started there were a handful of agents in Dallas and there's close to 900 now and it's what I call the EXP effect. It's like people are sitting in markets and they're like well there's only a handful of agents there's like St. Louis is a market I know. And I think there's 29 or 30 agents up there and you know Gene and I are running a big event next month and they'll have hundreds of agents when they look up a year from now. And it's the effect so if you're listening to this and you're in a market that was like San Diego just get ready because there are agents like Tierny in your market that when they come the rest of the market just gets disrupted and shifts. Don't you agree?

TIERNY: Yes absolutely.

KEVIN: When you look at somebody maybe listening to this and thinking about well you know I see this. I'm not sure what to do. I've got you know 40 listings active in pending. I've got a big business. What would you tell them as far as due diligence or taking a look at this. What would be the best way that you think they should evaluate this.

TIERNY: I would definitely look at the current structure and agreement that they have where they are concerning their listings so most brokerages are going to allow you to close anything that you have pending out under your current agreement and then move all of your active stuff over with you. But I would make sure to ask about that first before you know. So that isn't challenged in any way. And then once that's figured out... really just sit down and look at the opportunity that's here a way you can have ownership in a company that is going to be the number one real estate company in the world. And from my perspective I did a very conservative growth projection with and when I sat down with them in Mexico and we looked at just 5 % of the agents told 35 people about the company in four years will be close to like 344000 agents. So looking at the opportunity to have ownership in a company like that that has disruptive technology that allowed you to build your business and provide value to the people that you're surrounded with. When you look at that opportunity for what it is there's nothing else that's better for us. So making plans to transition your current business would be what I would do and what I did.

KEVIN: And absolutely and you know you talk with Gene Frederick and others and you know Don Lawyer did the same thing you both were in the same market center and I'm sure you were paying attention when he was doing his due diligence. The one thing about you EXP and I would say this for listeners and you know attorney you'll give her contact information before we wrap up today is regardless of who introduced you to you EXP the culture of this business is we all win when we get great top producing agents which is what's happening at the company. So if you listen to tourney's interview or somebody else's it doesn't matter who introduced you to EXP you're going to talk to anyone who's a peer or somebody you would respect as a reference both because maybe you have a similar business or you have a need to get a couple of references. I'm sure Tierny you talked to more than one person. It's an important part of the due diligence so don't think that just because you were introduced by John Smith or Susie that that's your reference point the culture of this business as we're all here to help you it doesn't matter if it's me. Doesn't matter if it's Gene Frederick or anybody else we're here to help you it doesn't matter how you were introduced to the company and that's part of the reason we're doing this podcast is for you to hear in people's own words why they came to you EXP. Are you getting reference calls from people like you maybe have never met or didn't even have initial conversations with.

TIERNY: I haven't yet. One thing I can say is absolutely correct. What you're saying.. I have been with KW for four years and of course Don Lawyer and myself werw at the same market center I never really interacted with him a whole bunch for the four years that I was at. KW When he saw that I came over to EXP I did get a text message from him welcoming me to the company. He said he was very excited to be with the EXP and I didn't come in under his downline so we're not connected that way but he did tell me that if there was anything that I needed I could reach out to him and if he could answer any questions for me and he welcomed me to the family so I thought that was like to me it was a culture shift just from what I experienced with KW And Don. And then what I experience with EXP and Don it was just a totally different culture. So I wanted to make mention of that.

KEVIN: And that's a great example. And you know the audience listening to this podcast many of them are at a franchise or they're independent and maybe they were introduced by an agent their market or somebody that on a transaction with. And your point is very very valid. Just realize that if you're doing your due diligence and there isn't and your franchise office another person that just recently left to go to EXP this is a whole nation wide operation. Right we're going to be through 10000 agents by the time this episode is live. There are going to be plenty of people for you to talk to and as Tierny said from a cultural standpoint we're all here on one team. We're all here and that's a very different thing where especially in franchises like the one that you and I came from. There are great companies but they're all islands right. You were in one market center a big one that does a ton of volume and Arlington but you guys didn't interact you didn't collaborate. You didn't mastermind. Whereas now everybody's pointed the same direction and willing to help aren't they.

TIERNY: Yeah.

KEVIN: If you look at the market going forward you talked about doing some projections and where the company's going to go you know when you look at the company growing who do you think the perfect fit is. In other words there's a lot of talk in the market. I want to address the sort of the nonsense and I'm going to hit the first part of it and then I'll let you talk about who you see joining in Dallas and you know in your downline etc.. Because there is a number of people out there are trying to talk about people are coming to EXP and leaving right and I'll hit the turnover rate right over the head. I mean we have about an 8 % turnover rate. It's very low for the industry. You know a big franchise system including the number one is running 36 %. So you don't get confused if you're having somebody in your franchise system tell you that everybody is leaving because that's not the case. We have great producing agents is that not what you're seeing as you're dealing with agents in Dallas that these are cappers so to speak and better aren't they.

TIERNY: Yes and I happened to be on the Finance Committee at KW which was like a close group by invitation only. And we got to look at the books and we got to see how many people left and came. So I agree with you like that rate is high. And I think part of it is because of the structure and I'm not just talking about KW as a whole but just nationally for brokerage's because the value of actually bringing people in and providing them with a network of core people that are going to help them and give them value to build their business not only just with the same wash rinse and repeat where you're doing the same thing over and over but providing an opportunity to have passive income providing an opportunity to have retirement through the stock. It's just an amazing platform and model. And I think with the way that it's set up it allows people to connect more and help build more. And I've only been with the company for a month. I've brought in close to 30 people. I haven't had anybody leave yet. I know the person who brought me in hasn't had a huge turnover at all. I don't think anybody's left him and he is close to like 90 people. So I think it's just the value. Like we're plugging and and we're helping each other build and we're looking at this as a long term business and partnership and helping each other grow and making sure that our company is stable that we have ownership and with the stock. So I think it's a different mindset. You know we're not just coming to get what we can out of it. We're coming together to build something bigger than we could do without each other.

KEVIN: Absolutely and I'm glad you brought that up because you know for many many agents they don't want to. Good bad or indifferent. Right. There's no judgment in this comment. Have a 200 transaction 40 million dollar business. So you know they're plugging away doing listings and buyers and they've got a good business right. They cap and they run a great business. The stock equity opportunities you know to be a shareholder and do stock and the revenue share opportunities are something that just don't exist. And it's a game changer for so many agents because you don't have to bring in 100 people to change your life from a residual income standpoint you don't have to do anything other than cap and then if you do the 20 transactions on top of a cap which is not 200 transactions in markets especially on higher priced markets you're going to have the opportunity to be an icon where essentially you're getting the cap back in equity. So it's become such a huge game changer for people who don't want to have giant teams and I'm only saying this because somebody could possibly be listening and saying well you know I don't want to have a 40 50 million business. I'm happy doing 5 million 10 million 12 million and I see so many of these people coming in and I was in a meeting recently here in Texas where an agent that's been with the EXP for two years said I have 155000 dollars in equity in my account in less than two years. I don't have a 30 million dollar business. I'm a solid double capper I do four and a half million dollars a year. And I want that. I want that to sink in for somebody listening that that is them because I would challenge you to take two years look at your PNL look at how you run your business and come up with a hundred and fifty thousand dollars in an equity account. In other words she's not doing anything other than what's offered and what she will qualify for in the business. And this is a game changer because for so many people this is their frustration right there. Good producer but they don't want to be a mega mega giant team which is fine. The majority of the marketplace is that right. And previously they just didn't have that opportunity. They didn't have the opportunity to say why did to create wealth. I need to figure out what my residual income stream is you know and the traditional stuff is in a lot of the franchises is start buying property right. Go invest and get that and then they have to figure out in order to fund that. How to do a much more production. Right now we're back to the same problem again. They don't want to have a giant production business and team if this is you. This is why you need to dig in and talk to people like Tierny because even though her business is a larger scale than yours or any of the other episodes that we've done or if you want to reach out to me or gene we can explain to you how somebody can work here at two years and how they accumulated 155000. You know there's an agent in Tierny's market that's been here a little over two years and she's got 700000 equity and she's roughly at Tierny's volume. You know Sherry Elliott is her name and you can listen to her episode. That is a huge game changer. You know and if you're in a franchise system that does profit sharing there's enough people now that can point to. They had attracted agents at EXP and they had previously had agents they got recruited into the franchise system. They know the difference right in the revenue share off the top. In other words getting paid like we talk about on the podcast as a regional owner is a 10x or more difference. In other words you know what your number is. For profit sharing and you're listening to this. Multiply it by ten or more. If you're planning on attracting people like turny talked about being here a month and how many people have come over if that's you right you're listening to this and maybe you are active in your marketplace and you've got people in your profit share go take your last profit your statement and multiply it by 10. If you're going to be purposeful income over EXP that's a game changer from a residual income standpoint because unlike the complex formula and the unknowns and profit sharing revenue share is really easy is an attorney. It's a formula that you could put on a napkin and I could show somebody over coffee.

TIERNY: It's very the atoms that KW for four years and never really understood the proper share P and a lot of people didn't know how to explain it but I definitely understand the revenue share piece it's very simple and you can just explain it and write it down on a piece of paper.

KEVIN: Absolutely. So before we drop off today any final thoughts things that I didn't ask you that you think would be good if somebody is considering EXP to consider?

TIERNY: I think it's just an exciting opportunity. I would say take the time to really sit down and understand what our company is offering because when you look at it and you see the true value in our industry there's nothing else like it and we're really at a place where it's still the beginning. You can still get in to this opportunity and connect with what's right for you what's right for your business. And it doesn't matter. The majority of the people the 30 people that I brought in didn't have big teams. Their single agents who were cappers on a capper in our market or an icon in our market does about 28 transactions a year. So that's a little bit over like two transactions a month. It doesn't take a whole bunch to utilize the money that you're already investing at another franchise and get that back in stock ownership in the company and start building something bigger than just the standard business. So I would just encourage everybody to really sit down and understand the opportunity don't go off of what necessarily other people are saying because there's huge value here and I'm excited to help anybody and answer any questions that you guys might have.

KEVIN: Fantastic Tierny how would they reach you what's the best way to contact you.

TIERNY: So my cell phone number is 469 446 8971. And text is always the best way to contact me.

KEVIN: Fantastic. Thanks for coming on the show.

TIERNY: I appreciate you.