Digital Social Hour: How This Vegas Realtor Closed 226 Deals Without a License | Johnny Richardson | DSH #947

Host: Sean Kelly
Guest: Johnny Richardson
Release Date: December 3, 2024

Introduction

In episode #947 of Digital Social Hour, host Sean Kelly welcomes Johnny Richardson, a top-performing realtor from Las Vegas, who shares his extraordinary journey of closing 226 real estate deals without initially holding a license. The conversation delves into Johnny’s innovative business strategies, his insights on the evolving real estate market, and his relentless work ethic that has positioned him as a leader in the industry.

Early Career and Initial Success

Johnny begins by recounting his unconventional start in real estate. Without a license, he partnered with an established agent to navigate the industry. This strategic move allowed him to close his first deal and receive his commission even before obtaining his official license.

Johnny Richardson [00:01]: "I partnered with an agent. I said, look, I don't have a license, but I got a deal. So I partnered with him... Commission check showed up on my desk probably a week before my license and I was off to the races."

His determination paid off, and in his first year (2017), Johnny closed 45 deals, significantly surpassing the national average of 6.7 deals per realtor.

Johnny Richardson [02:37]: "First year, 45 deals and build it up since."

Navigating the Real Estate Market

Sean and Johnny discuss the fluctuating real estate market, addressing common concerns about market stability. Johnny emphasizes the importance of adaptability and leveraging one's database to remain successful regardless of market conditions.

Johnny Richardson [00:37]: "A good real estate agent, as long as you have a database, people you're working with, you're very intentional. You're always going to do well."

He highlights that real estate is a resilient industry, capable of weathering various economic conditions by shifting strategies such as investing in different property types or exploring multifamily homes.

Building and Scaling Teams

Johnny shares his experience in scaling his business by founding his own title company, Clark County Title, in partnership with Magnus from Arizona. Contrary to the typical one-year wait for profitability in the industry, Johnny's company turned a profit within 90 days by aggressively hitting the ground running.

Johnny Richardson [03:51]: "We put that company in profits within 90 days."

Expanding his influence, Johnny manages multiple teams across different states, currently overseeing 156 agents in Las Vegas, with additional teams in California and plans for Miami. His approach focuses on training agents internally, fostering a collaborative environment rather than fostering competition.

Johnny Richardson [11:21]: "I own the Richardson Group Company within a company... show them how to duplicate it, continue making money with him."

Real Broker vs. EXP Realty

A significant portion of the discussion centers on Johnny’s decision to partner with Real Broker LLC over EXP Realty. He contrasts the two models, praising Real Broker’s requirement for agents to be active producers to benefit from their revenue-sharing model. This ensures that only committed agents remain, fostering a more productive and sustainable business environment.

Johnny Richardson [14:23]: "On the real side you have your wife, she's at home taking care of the kids. It's pretty cool."

Johnny criticizes EXP Realty for attracting part-time agents who may not contribute significantly to the company's success, ultimately diminishing the overall quality and productivity of the brokerage.

Impact of Commission Law Changes

The conversation shifts to recent changes in commission laws effective August 17th, which have removed commission advertisements from the MLS. Johnny explains how these changes empower agents to justify their value to clients, ensuring that agents are compensated fairly for their services.

Johnny Richardson [21:14]: "It's changed... Now the person literally has to hire you, almost like a lawyer."

He discusses the challenges sellers face with these new regulations, particularly those needing to sell quickly who can no longer offer monetary incentives to agents.

Johnny Richardson [24:00]: "If you're not doing this, you're not building yourself... quality people want to spend time around quality people."

Work Ethic and Personal Development

Johnny's relentless work ethic is a testament to his success. He describes his daily routine, which begins at 4 AM with training and continues with client appointments, events, and property showings throughout the day. His commitment extends beyond regular working hours, driven by a passion for building his business and helping clients.

Johnny Richardson [06:35]: "I don't stop. I'm pretty much addicted at the end of the day. I love what I do."

He underscores the significance of personal development, advocating for continuous learning and self-improvement over passive activities like watching television. This mindset not only enhances his professional skills but also fosters a strong, intentional approach to business.

Johnny Richardson [07:32]: "Spending your off time on personal development is what separates you from other entrepreneurs and real estate people."

Coaching and Future Endeavors

Expanding his expertise, Johnny has ventured into coaching, leveraging his success to train other agents across various states. He collaborates with Brett Tanner to refine his strategies in the wholesale market, enabling agents to replicate his success effectively.

Johnny Richardson [30:37]: "I train with Brett Tanner... how to construct the deal at that point, what the numbers look like and off to the races."

Looking ahead, Johnny plans to amplify his operations by enhancing administrative support, allowing his teams to scale further. Additionally, he is investing in event spaces to host networking events, fostering a community of like-minded professionals committed to excellence.

Johnny Richardson [32:03]: "We're going to do the event every quarter... it's living life with intention."

Market Insights and Adaptability

Johnny provides valuable insights into the Las Vegas real estate market, highlighting the significant influx of residents from states like California and Florida. He emphasizes the necessity of creativity and market knowledge in such a dynamic environment, advising clients to work with agents deeply embedded in the local community to secure desirable deals.

Johnny Richardson [26:33]: "If you're dealing with a real estate agent in Vegas... you're going to get more of what you want."

Conclusion

Johnny Richardson's story is a powerful example of how innovation, relentless work ethic, and strategic partnerships can lead to extraordinary success in the real estate industry. His ability to adapt to market changes, build and scale effective teams, and invest in personal and professional development sets him apart as a leader worth emulating. Sean Kelly and Johnny conclude the episode by encouraging listeners to pursue excellence with intention and to continuously seek growth opportunities within their own businesses.

Johnny Richardson [33:12]: "It's all about mindset at the end of the day... you're going to be successful."

Key Takeaways:

• Strategic Partnerships: Collaborating with experienced agents can accelerate career growth, even without initial licensing.
• Adaptability: Success in real estate requires flexibility and the ability to pivot strategies based on market conditions.
• Scaling Effectively: Building strong support systems and administrative staff are crucial for managing and expanding large teams.
• Commitment to Excellence: A relentless work ethic and dedication to personal development are essential for sustained success.
• Market Insights: Deep understanding of local market dynamics and proactive networking can significantly enhance deal-making capabilities.

Notable Quotes:

• Johnny Richardson [00:01]: "Commission check showed up on my desk probably a week before my license and I was off to the races."
• Johnny Richardson [03:51]: "We put that company in profits within 90 days."
• Johnny Richardson [14:23]: "On the real side you have your wife, she's at home taking care of the kids. It's pretty cool."
• Johnny Richardson [06:35]: "I don't stop. I'm pretty much addicted at the end of the day. I love what I do."
• Johnny Richardson [33:12]: "It's all about mindset at the end of the day... you're going to be successful."

For more insights and updates from Johnny Richardson, follow him on Instagram and join his live Zoom calls. Stay tuned to Digital Social Hour for more inspiring conversations with industry leaders.