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Top Agent Podcast Episode 9: Sterling Wong

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Are you an actual property agent on taking full benefit of web applied sciences to drive your enterprise? Are you data-driven, and never afraid to study complicated technical expertise? In the event you answered sure to any of those questions, you’ll love at the moment’s Top Agent podcast.

At this time’s Top Agent is Sterling Wong, Dealer of Report at Search Realty. Sterling started his actual property profession in 2005 as an actual property mortgage dealer and has turn into a serious participant within the GTA’s actual property.

Search Realty was lately ranked the quickest rising actual property brokerage in Canada and was simply ranked in 38th place in Maclean’s Journal’s Progress 500 listing of the quickest rising corporations within the nation. With almost 200 staff, Search Realty exhibits no indicators of slowing down.

Sterling story is a basic “picking yourself up from your boostraps” one. When he created Search Realty again in 2012, he had only recently moved to Mississauga, the place he had no pals, household or capital. Any established actual property agent is aware of how important it’s to faucet into your circle of affect to get your small business began and discover some high quality leads.

Nevertheless, Sterling had a few expertise that made him stand out from his friends: his information of web applied sciences, and his willingness to out-hustle his competitors. Within the podcast, Sterling explains how he and associates managed to get to the highest 10 spots in natural Google searches for Mississauga actual property, and the way after succeeding, he and his associates took benefit of paid promoting choices corresponding to Google Adwords.

Whereas he swears by a philosophy of exhausting work and “sweat equity”, he is a large believer in working sensible. Although many influential entrepreneurs put heavy emphasis on dominating natural search leads to Google, Sterling admits that the majority of Search Realty’s present visitors is paid. Although he by no means claims that natural visitors isn’t essential, he feels that it takes too lengthy to construct up and get the outcomes he needs.

Although loads of controversies have emerged from the Supreme Courtroom’s determination to not hear TREB’s attraction relating to the discharge of the GTA’s house gross sales knowledge, Sterling feels it was a superb one. Opening up home gross sales knowledge makes it attainable for MLS rivals reminiscent of Zillow, and Trulia to have a larger share of listings, which have been beforehand monopolized by MLS, and permit consumers and vendor to make higher selections.

If you wish to get a better take a look at how Sterling managed to create one of many quickest rising corporations in Canada, and the way he leveraged his tech expertise to take action, take heed to the complete interview above, or proceed studying the interview under.

 

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Subscribe to Top Agent Podcast on Apple, Google, and Stitcher or take a second to learn the transcript under.

Kosta: On this episode I’m talking with sterling one, the dealer of report and principal at Search Realty. Sterling launched search realty again in 2012 and actually made his mark in the actual property recreation by means of his on-line focus and tech savviness. Search realty was simply ranked the primary quickest rising actual property brokerage in Canada and it was simply named in Maclean’s progress. 5 hundred listing of quickest rising corporations. We chat about the whole lot from on-line advertising, the current Supreme Courtroom ruling on tribe and far, far more. I had a very nice time chatting with sterling and that is an episode you need to take heed to in full.

Sterling, thanks a lot for becoming a member of me right now. I actually do respect it. I used to be actually excited for this name.

Sterling: Yeah, no drawback.

Kosta: Superior. So search realty was just lately ranked primary quickest rising actual property brokerage in Canada and ranked quantity 38 on Macleans, 2008 progress, 500 record of quickest rising corporations. Uh, first off. Large. Congratulations on that. That’s such a tremendous accomplishment. Earlier than we do get into that, are you able to simply inform our viewers slightly bit about your self and your background?

Sterling: Positive. Yeah. I began to learn my actual property mortgage profession in 2005 and have become a mortgage dealer. Um, after which a few years later a pair my actual property license with Remax, um, after which like my, I’m from kitchener and Cambridge space, so once I moved to Mississauga I didn’t have their family and friends to deal with. Um, so the one approach I knew how you can generate enterprise was on-line. So at Remax, you realize, we obtained one agent, he’s nonetheless with us and um, you already know, learn how to admin employees and type of grew the lead gen into it a few years later, began search realty, uh, after which yeah, sort of simply advanced it.

Kosta: Superb. So, you recognize, you hit the bottom operating with out no connections, no referrals, simply strictly on-line targeted and that’s fairly superior.

Sterling: Yeah. And no capital both. I didn’t, I didn’t have, you understand, the large wallets to uh, to push it in something. So every thing was sweat fairness and bootstrapped it. And that’s sort of a, that’s type of the philosophy that I introduced on to look realty and the entire concept of getting an agent succeed with out having any buddies, household or capital.

Kosta: Oh, there’s nothing I really like greater than a pleasant bootstraps story. One thing I can undoubtedly relate to. Our firm’s absolutely a bootstrap as properly. Nonetheless is. So Ah, yeah, it’s superior to attach with fellow bootstrappers. So that you launched a search realty in 2012, proper? Right. Brokerage is clearly very distinctive in that it’s very on-line pushed, which is a large worth proposition to draw consumers and sellers, however sure sort of realtors as nicely. Um, what, what are a few of the largest modifications, and I’m positive there’s been so much that you simply’ve seen within the on-line actual property area and the final six years because you final. She didn’t because you launched a search realty.

Sterling: Yeah. So what I discovered is, you already know, initially with remax and the start levels of search realty, we generated a, all of our leads via a organically by means of Search engine optimisation. So we had a way sort of referred to as it a multi natural. So, you already know, the Google, the primary web page outcomes is 10 outcomes. Um, we needed to be, you recognize, anyone typed in Mississauga, holy for sailor Toronto is your sale. We need to be primary, two, three, 4, 5 and so forth. Um, and we have been carrying out that and I feel I nonetheless keep in mind the date is April 26, 2012. There’s a google panda replace and modify. Matt Cutts, he, he particularly stated we’re concentrating on the actual property business. So we needed to transfer the ship into a completely totally different path. Um, we, we type of decide ourselves again up and the Web optimization recreation and um, nevertheless it wasn’t sufficient so we shifted in the direction of paid promoting via Google adwords and that was an enormous shift and it was a constructive shift as a result of that’s what provides us the leads on demand, type of ready in your search engine outcomes to point out up. It takes a very long time with advert phrases have been capable of rise up there, you realize, the subsequent day.

Kosta: Yeah. That makes, that is sensible. So That’s fascinating. So would you say most of your on-line visitors and leads now are paid as an alternative of natural? Prefer it as soon as was?

Sterling: Yeah, yeah, yeah. They have been revamping the location. So I don’t need to put too many assets into the location till it’s like we after a whole lot of analysis and evaluation of what’s happening and with actual property and the search engine outcomes, um, I do is the spine. There’s a sure infrastructure that’s required, um, so till we’re completely engaged on constructing that infrastructure, um, after which we’ll be placing extra assets within the natural method. However um, as for now, yeah, the paid advertisements is simply precisely what a,

Kosta: what’s working for us or do you simply discover, do you discover the natural route simply, you understand, not as efficient anymore or simply because it does it take too lengthy or is it simply extra aggressive? Any ideas on that?

Sterling: Yeah, it takes too lengthy. That’s one main issue. Like if we agree now we partnered with Regus and, and uh, you recognize, having been a google associate, so if he needed to open up an workplace in Vancouver, we will open up an workplace by means of regus, simply name my regus man. He lives up within the workplace for us after which, you understand, by means of Google me, you’ll be able to generate leads the subsequent day if I used to be doing this organically and I attempted to be primary in Vancouver for the Vancouver houses on the market, that’s going to take a very long time. And I, you realize, that’s,

Kosta: that’s simply taking too lengthy. No, makes complete sense. Good. I’m one of many huge modifications just lately, kind of sticking to the web world. There’s this supreme courtroom choice that order to lure to launch a bought itemizing knowledge. Proper. There’s clearly numerous combined response round that call, notably with realtors. I imply, I’ve heard a variety of realtors apprehensive about that call. Proper. What are your ideas on that?

Sterling: I’ve been, I’ve been wanting ahead to this present day for a very long time. I’ve been pushing this for some time and I feel most wheelchairs, they’re lacking the large image and you understand, probably the most, a lot of the realtors that we have now one thing in widespread and we don’t just like the assume the Comfrees, the FSBO’s because the fee cutters, however they’re solely capable of succeed as a result of in Canada, you already know, our lifeblood is mls, realtor.ca. Like, that’s, that’s all we now have. Proper? And, and, and that’s why these one % guys and these commissioners, they’re capable of succeed as a result of they will simply put it on mls in it and primarily it’ll promote, you realize, the worth is true, et Cetera, et cetera. Um, however you understand, as you understand within the states, a realtor.ca or realtor or mls, for those who’re a realtor down there, um, and you’ve got a home to promote, no mls just isn’t your first choice, is perhaps your third choice.

Sterling: You will have the Zillow, Trulia, then mls. So principally there’s a variety of competitors and it opened up the market they usually’ve discovered that, you understand, the best way from 5 % common fee to 6 % as a result of clients, they’ve seen worth. Now I’m so if it, as soon as that occurs down right here, it’s going to open up the competitors. That’s what the aim was for the competitors bureau for the zillows a to return into Canada and compete with mls as a result of proper now it’s on the. So is that being stated, it was fee cutters. They wouldn’t be capable of afford placing it on placing their homes on the market on mls and on zillows, you already know, it’s gonna eat away into the income. And primarily we demoed. However numerous realtors, they don’t see that massive image. Um, and naturally I see it as a chance. You understand, these. One of many first issues once I obtained into actual property is, is to imaginative and prescient to have a website that competes with mls as a result of proper now there’s no one competing with them.

Kosta: Oh yeah, I completely agree with you there. It’s undoubtedly an enormous alternative. I like to make use of a quite simple analogy. It’s like baking. Regardless that there are a ton of step-by-step directions and elements on-line about learn how to bake a cake, it doesn’t imply that I’m going to exit and bake my very own cake and bakeries are going to exit of enterprise. So if a realtor is aware of the worth they’re offering and may articulate that worth correctly, you then’re good. If not, you’re merely not assured within the service that you simply’re offering and the worth that you simply’re giving to your shoppers. That’s how I see it.

Sterling: Every part’s an objection handler like, such as you stated, you realize, I’ll work with the lawyer. I’m a within the GTA they usually do numerous transactions for the remax is for the, for lots of brokers, not simply our brokerage and you understand, requested her measurement that it. Simply kind of curious curiosity, what, what’s the common fee that you simply’re, that you simply’re seeing on the itemizing aspect? Uh, know in Toronto you see loads of, uh, you recognize, one % this and that. Um, and surprisingly sufficient her reply was two to 2 and a half. Wow. Yeah. That was, you recognize, type of let, it was an fascinating reply as a result of, uh, would see these advertisements all over the place. However, you realize, the lawyer sees there wasn’t, sees the precise fee that’s being exchanged and that’s not one %.

Kosta: Oh, I’m stunned to listen to that as properly. Fascinating. So shifting gears slightly bit once more, being so on-line pushed and your brokerage now having over 150 brokers now.

Sterling: Yeah. Yeah. We’re approaching 200.

Kosta: Okay, superior. Um, what are a few of the talent units you’re in search of in brokers and uh, are you type of selective on who you convey on board to look realty?

Sterling: Yeah, we usually, uh, like, uh, except for the, uh, you recognize, the danger of council have questions and we have now a set of questions. So first we have now to see if there’s any sort of, um, conflicting pursuits that they could have. So there’s a questionnaire on that. Um, after which that apart, we glance into what have been they doing earlier than they received into actual property. Have they got gross sales expertise? Um, and, and that’s, uh, it’s a, it’s an enormous think about somebody’s success is, um, is there a board to do that or not?

Kosta: Yeah. Do, do you take a look at like their tech savviness as one of many caveats?

Sterling: No, no, as a result of, uh, we is perhaps a variety of it. You simply assume we’re a tech savvy brokerage however you don’t need to be tech savvy, um, to make use of our system and achieve success, you already know, you get the leads, you name them and you already know, you’ll be able to simply depart it at that. You don’t should delve into the tech and instruments that we provide.

Kosta: Yeah, I discover that’s an enormous false impression as nicely, simply because issues are on-line pushed. I imply the instruments these days are tremendous straightforward to make use of. Proper, alright. You don’t need to be tech savvy to make use of a handful of software program’s these days, so

Sterling: yeah. And it’s very, it’s a really small proportion of men like me and also you who’re into the tech. Whereas in the event you simply targeted on techie brokers, it’s, you’re not going to get that many brokers.

Kosta: Yeah, completely. The primary photographs for positive. So coping with a whole lot if not hundreds of brokers during the last a number of years, what are a number of the largest challenges that you simply see brokers face these days?

Sterling: Private improvement is a, is by far the primary. Um, you recognize, once we have been small, just a few brokers working the leads. It’s all the time the identical brokers. And earlier than it was, oh, this, oh, he’s getting, he’s solely taken the great leads. That’s why he’s changing now that we’re bigger extra brokers now they will’t see that as a result of it’s all the time the constant brokers who’re closing. Um, however uh, yeah, sorry, I forgot. So it’d be a problem as a result of brokers, so that you talked about private improvement, proper? Sure, sure. Yeah. So then we received a variety of brokers who’re very gung Ho, excited to hop on, after which once we distribute the results in them, the, they don’t get referred to as, they’re not, they’re not calling it and stated, you understand, me and the supervisor, um, we’re simply actually. Typically we did a, you already know, simply, I don’t know what the phrase is, identical to surprised and simply unsure of what of human conduct as a result of you could have a no pile of leads right here however you’re not calling in order that it turns into a private problem.

Sterling: After which we, we don’t like, there are key metrics that we glance into, you recognize, the decision to appointment ratio, result in shut ratio, all these stats that we, that we monitor every agent’s development so we will determine the place they’re dropping the ball. So in the event that they’re, you realize, they’re calling the decision to a pirate ratio is absolutely low. It’s straightforward to determine that it’s a script or one thing alongside these strains. However that is, they’re not even calling. So what we discover that we work, uh, you, this can be a little off off the normal type of buying and selling. However uh, we work with a hypnotist, uh, so one among our brokers was simply afraid to make calls to go see Irene are hypnotists. I’m simply three and a half hour session and now he’s considered one of our prime brokers and he’s loving being on the telephones, you already know, so like you are able to do years of psychology to seek out out why is that this man afraid of being on the telephones or you recognize, you possibly can undergo the again door, undergo the hypnotists few hours later and now he’s loving being on the telephones, you recognize, that’s loopy.

Kosta: That’s superb. I’ve by no means heard that earlier than. It was at. So he completely modified from being scared to select up the telephone to being a prime salesman. Was that just one session or was it.

Sterling: Yeah, she is going to document the session so you possibly can take heed to it later, like earlier than you fall asleep or no matter. However yeah, there was just one, I feel he did two periods and that was it. That’s actually fascinating. Yeah, it takes, you need to be open minded about this. So we will’t simply supply to everyone as a result of not everyone’s open binding to that type of stuff. Proper. However, uh, the ages that there’s one other agent, comparable state of affairs, and she or he was within the prime three, she wasn’t earlier than the proof, however then she, after she turned one of many prime three brokers right here, so you recognize, whether or not you can contribute to that or not, you realize, however it’s obtained a great monitor document.

Kosta: Yeah, you’re proper. I imply, loads of the occasions, uh, you realize, with actual property, you already know, simply peeling again all of the, all of the stuff that’s in your method on the finish of the day, it’s nonetheless a gross sales job and he nonetheless need to have these primary gross sales traits and people individuals expertise. And also you touched on human conduct and you already know, one factor that’s in all probability most underneath checked out his work fee and simply somebody with, with the suitable work ethic to, to make these calls and make errors. Decide your self up and study and regroup from, from, from, uh, you understand, the failures that you simply make. So it’s very fascinating.

Sterling: Yeah. Yeah, precisely. Like in case you can’t practice an agent to be, to say like, for those who ca, you possibly can inform anyone you’re going to name them at eight tonight, you’d should name them at eight if you recognize, in the event that they don’t name them. Like that’s how do you practice somebody on that? You recognize what I imply? Completely agree. I completely agree.

Kosta: Um, I truly had a dialog and different podcasts about talent versus work ethic and for me personally, I might take a piece ethic and work fee overscale any day as a result of that’s one thing you possibly can’t practice for. Such as you stated, the, the talent set you’ll be able to all the time tweak and study and educate somebody on. However the work proper fee, I discover that so almost inconceivable to, to coach somebody on.

Sterling: Yeah, 100 %. That’s why each time I feel that is considered one of your function questions. Um, and that’s why each time when an agent comes as much as us with this type of problem, um, my reply is get in debt, rack up, lots of credit score, rack up a bank card. Um, when your again’s towards the wall, we’ll depart that. That’s when you recognize you’re pressured to carry out.

Kosta: I like that. Superior. I’m, I’m, I’m nonetheless shocked on the variety of brokers who nonetheless don’t consider in having a web-based presence and who assume referrals are the best way to go. Like, what would you say to these brokers?

Sterling: Uh, that is, uh, our go to is a private query, however I don’t really feel snug asking my family and friends for enterprise. You realize, they go, you’re at a household perform they usually’re saying, oh no, he’s going to return ask us for enterprise. Once more, I don’t need to be that man. You recognize what I imply? Uh, I need to go shopper direct. That’s, you already know, that’s, that’s my philosophy in lots of people. There’s, there’s an entire stigma. There’s, as you recognize, there’s an enormous stigma with Web leads. Are they good? Are they dangerous? Um, uh, however, uh, there’s someone that prime reserve put this remark in my head in it and uh, discover it’s true and in keeping with a prime prime producers is that, um, it doesn’t matter the place you’re discovering the lead, whether or not it’s at starbucks, at an open home or on-line, um, it’s your foot within the door. You continue to have to determine that relationship.

Kosta: Yeah, I completely agree. Completely. Switching gears a bit bit, so again to the search realty. So once more, you have been simply introduced primary quickest rising brokerage in Canada. Uh, what have you ever completed within the final, prior to now 12 months to get your self on that listing? I imply, are you able to converse on a number of the women methods or gross sales methods that you simply’ve executed?

Sterling: Yeah, and we didn’t begin Hadley or, or, you recognize, pushing assets into recruiting till uh, we had, uh, a crm that was capable of distribute leads, uh, at a excessive degree. Uh, so we constructed our customized crm and um, it, it, it had some holes in it and um, once we did discover purchase that good storm that was capable of distribute these as a result of, you recognize, we had a couple of brokers for a few years, so for the primary couple of years of search realty it was just some brokers and I’m including the lead. We had a full time admin employees including the leads into the crm, emailing the lead. I’m intro emailing the agent, Hey, right here’s your lead. And it was simply, that was only one admin for 3 brokers. So then we needed to make it automated via software program. So as soon as we had that in line, then we went and we have been principally tackled the identical means we generate purchaser, vendor leads.

Sterling: I’m on-line simply, uh, you understand, pushing the message closely on-line. Um, and simply sort of, you don’t want leads to achieve success. Let’s, I, I referred to as brokers that be a part of us awoke brokers as a result of they’ve, you already know, they’ve there, we’ll get there. They know, hey, in the event you’re out of massive model, what’s that model doing for you? How’s that producing enterprise for you? For those who had 100 % fee brokerage, what’s 100 % of nothing? How are they going that will help you improve your backside line? And so numerous pages which might be realizing, Hey, I want leads and I feel that was a message that we needed to ship.

Kosta: Yeah, that’s, that’s, that’s so true. I feel so typically it’s simply tweaks and determining your inner processes and methods simply to make what you are promoting extra environment friendly, um, that you simply stated to save lots of you time. Simply velocity issues up and simply set your self up in a means that that’s simply planting seeds and it’s only a matter of watering them and you already know, issues will spray them. Yup. Yeah. I’m curious as a result of I’m a numbers man after which I all the time ask each visitor, however what number of transactions a has your brokerage closing the final yr? I don’t know in the event you can or need to get into these numbers in case you can present a variety.

Sterling: Yeah, yeah, positive. It was simply truly taking a look at that day. We’re between excluding leases. Um, do you guys do your common friends embrace leases? We don’t embrace leases in our numbers.

Kosta: Yeah, most, most do. Truly only a regular.

Sterling: Okay. So we’re three:50 to 400 excluding leases with leases. It’s, it’s, it’s double September.

Kosta: Okay. Superior. Good. Um, clearly a whole lot of realtors, you realize, take heed to this podcast and also you’re in search of ideas and advertising methods and I can’t consider a greater individual to offer a few of these ideas. So what are a few of your favourite advertising methods which have given you the perfect return that you would be able to share? I do know you touched upon, you realize, paid advertisements, however, uh, for those who can perhaps dive into that just a little bit or present some other ideas, that’d be nice.

Sterling: Yeah, I’m late to type of sort. I, I favored the remarketing, um, that, uh, you understand, when brokers, they get leads, um, once they buy a remarketing advertisements by way of us, that basically warms up the, uh, the decision for the agent, you recognize, the, the deleted is considering, Hey, I see this man on fb, I seen them. Perhaps I’ll reply the telephone name this time as A.

Kosta: Yeah, that’s considered one of my favourite types of promoting as properly. The remarketing, uh, it, it, it will get, it’s so psychological, orange builds that model consciousness. I imply, it’s a, once I defined it to somebody, it’s like giving the straightforward analogy. It’s the identical purpose why coca cola will spend hundreds of thousands of dollars to have a coke bottle in a film and you understand, it really works with that. Simply implicit reminiscence in individuals’s minds. So I feel it’s tremendous efficient on-line for positive.

Sterling: Yeah, I inform them is it’s like a billboard advert or advertisements or bench advertisements of right now, however at a fraction of the fee is secondary advertising. It’s simply means more economical than any bench advert that you simply’ll ever encounter.

Kosta: Yeah, precisely. I completely agree. Love remarketing. I really like asking this query to brokers who’re extra tech savvy and on-line targeted, what recommendation would you give to somebody getting into the actual property enterprise and even somebody that’s trying to take their enterprise to the subsequent degree?

Sterling: I might say just remember to have sufficient, um, revenue or cash within the financial institution to final you six months, um, and uh, do that full time. Um, and actually give it your all to. Don’t do it, you already know, they just like the brokers that do, which might be new within the enterprise which are doing properly. Uh, with us, they’re, they’re absolutely immersed in actual property. They’re listening to podcasts within the automotive, they’re studying the books, they’re actually into it. So, uh, I assume it boils right down to how dangerous would you like it. You could have my shift. That’s very nice.

Kosta: You understand what, that’s very sound and sensible recommendation. Completely. Assume so. Externally, I do need to be aware of your time. Uh, I do finish off every chat with what I name the highest three. So primary, your prime actual property or a enterprise ebook,

Sterling: it wouldn’t be, um, aside from the home windows. Look, I’m the swamp. The swamp and all. By no means heard of that one. Sorry. Swan pole s w a n e p o e l. okay. I’m going to look that one up. Actual property targeted are all actual property. It’s, it’s prime degree stuff that you simply and I, you’re a numbers man, you’re gonna love this guide. It’s true. It’s all about developments and the place the actual property tendencies are going, like, uh, the subsequent concern they’re speaking concerning the purple fin enterprise mannequin and um, you recognize, the opposite new enterprise fashions which might be rising within the states. Uh, however yeah, that’s a

Kosta: superior. We’ll be testing for positive. I’m undoubtedly quantity two. Your prime trip spot.

Sterling: I might say Mexico. I really like the meals.

Kosta: Good. Yeah, I really like the flavour and the spices. And uh, quantity three. Uh, how previous are you? Sterling?

Sterling: Born in 1981. So I assume that might make me, I misplaced monitor after the thirties, however I feel that’s 36 years.

Kosta: So when you can return 17 years, uh, what do you would like your 20 yr previous self knew?

Sterling: I don’t assume I’ve any regrets usually. Um, however uh, you understand, beginning up the brokerage, I didn’t understand how intense it was going to be, however it might be, you realize, having recognized that info, perhaps I wouldn’t have began it.

Kosta: Hmm. Fascinating. So would you simply say, you recognize, simply go all in and simply do it or

Sterling: Go all in and don’t give up. You’ll be able to’t give up.

Kosta: Good. And I completely agree. And uh, if, if individuals needed to succeed in out or come up with you, the place’s one of the best place they will discover you?

Sterling: Yeah. [email protected], or a cellular phone is 4. One six 4, 5, 9 seven, six, 5, three. Bought Basic, uh,

Kosta: And the brokerage web site. Searchrealty.ca, proper?

Sterling: Yeah. After which for a careers, it’s searchrealtycareers.com

Kosta: Superb. Good. Sterling, this was a very enjoyable chat. I’m glad we hopped on the decision and I hope we will do it once more someday. Thanks a lot for listening to the highest agent podcast. Over and out, peace.

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