How to Thrive in a Recession w/ Mauricio Umansky

Are you ready to SHARPEN YOUR DEALMAKING SKILLS? This week, you’re going to learn what it takes to achieve more success in closing your deals from a man who is easily the most high-profile and SUCCESSFUL BROKER in the luxury real estate market today. My good friend MAURICIO UMANSKY is the founder of THE AGENCY, a billion-dollar real estate brokerage, and stars in THE REAL HOUSEWIVES OF BEVERLY HILLS and BUYING BEVERLY HILLS. His new book, THE DEALMAKER, is a master class in doing business and how you can find success at work and at home. Mauricio has remained GROUNDED through it all, rising from humble beginnings to become the TRUSTED real estate expert for the richest and most famous celebrities in the world. His stories are fascinating accounts of what it takes to NAVIGATE those challenging and cutthroat waters. In this interview, Mauricio shares his insights on:👉🏽 BALANCE, dividing your time between WORK, FAMILY, and SLEEP👉🏽 His number 1 secret to CLOSING the DEAL👉🏽 How to take advantage of a recession👉🏽 What it takes to be a successful ENTREPRENEUR👉🏽 The good and bad parts of achieving CELEBRITY status👉🏽 The essential need for SELF-ANALYSIS and playing to your strengths👉🏽 Whether being RICH and SUCCESSFUL is really worth itMAURICIO UMANSKY brings a grounded, NO BS dose of COMMON SENSE to this week’s episode. Not only is he the REAL DEAL in his real estate ventures, but MAURICIO is also the real deal in all parts of his life, too. Learn more about your ad choices. Visit megaphone.fm/adchoices

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:00Ed Mylett?

  I hear so many small business owners say the exact same thing. They just never have enough time in the day. Well, I measure time differently. I've compressed, condensed, heck, I've bent time. My first day is 6:00 a.m. to noon. My second day starts at noon and goes till 6:00 p.m. And my third day, 6:00 p.m. to midnight. I now get 21 days a week. Stack that up over a month, over a year, over five years, and my life's completely different than it would have been otherwise. And if you want to win as an entrepreneur, you have to compress your time, too. And you definitely can't afford to waste it. Waiting weeks on a big bank for capital? Your best bet's to work with my friends at Cardiff. They know how to compress time for entrepreneurs. They get your business approved in minutes and funded the very same day. They're America's favorite small business lender, and for good reason.

• 0:45Ed Mylett?

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• 1:04Speaker 01

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• 1:31Ed Mylett?

  This is the Ed Mileage Show. All right, welcome back to the show, everybody. I'm excited because a really good friend of mine is here today. And he's the sexiest man in the world and the most charismatic man that I've ever met in my life. He's also, though, probably the number one real estate brand on the planet right now. And so you would probably know him from his company, The Agency. You may also know him from The Real Housewives of Beverly Hills. He and his wife, Kyle Richards, are sort of the OGs of that show right now. He's also got a new show out on Netflix right now. What's the name of that show? Called Buying Beverly Hills. Buying Beverly Hills. And so if you have ever watched that show, you recognize that beautiful voice of my friend, Mauricio Yamanisky. Welcome, Mo. Ed, how are you? It's so good to be here with you.

• 2:15Ed Mylett?

  We've been talking about this for a long, long time. I think the timing's better now because the book's out, right? And that's sort of the intro. He has a new book out called The Deal Maker: How to Succeed in Business and Life Through Dedication, Determination, and Disruption.

• 2:29Ed Mylett?

  He's highly qualified to write this book. So, let's talk a little bit about all the stuff in there, okay? Because it's like, it's a very detailed book, brother.

• 2:37Mauricio Umansky?

  There's a lot of details, there's a lot of stories, you know. One of the things I wanted to do is I wanted to kind of teach what I've learned, but through storytelling, right? Because I feel like a lot of the books that you read, it's like, it's very, you know, like, do this, do that. Like, I didn't want to tell people what to do. I wanted them to think about my stories, what I did. And then how does that relate to that person? And then how can they learn, right? I mean, I've learned so much from you, Ad, that it's like, you know.

• 3:02Ed Mylett?

  Well, I've learned a lot from you too. And one of the things, here's why I like that you finally wrote a book. Because I've been telling them to do this for a while. It's like, write the book, man, write the book. It's because a lot of people that write books, and I don't mean this disrespect to anybody, they haven't actually done what they say they do in their books. Like, you actually have produced evidence and success through the stuff that's actually in the book. And some of it's like, you're right, there's all stories in it. Couple I can't wait to talk about today. But like, there's even like, some basic principles, but like, even for me, I've read every dang book on personal development or business probably on the planet. But like, even in the very beginning of the book, I think it's your grandfather told you about like, is it your grandfather or your dad? Where you're like, hey, there's eight, there's 24 hours in a day. Yeah, there's like, the eight hours, I'll let you say it, but there's eight, eight, and eight. What are the eights?

• 3:45Mauricio Umansky?

  24 hours in a day. Eight hours for work, eight hours for family, free time, whatever that means, and eight hours for sleeping.

• 3:52Ed Mylett?

  Yeah. But you do that really well.

• 3:55Mauricio Umansky?

  Well, and I've learned it young from my grandfather, right? It's all about balance, you know? And I talk about it in my book, you know? One of the things that, you know, you take from one, like, you gotta sleep, right? Like, the body just needs to sleep, right? And maybe at seven, or eight, or nine, or whatever, but the body needs to sleep, right? You can't take that away from yourself in order to have sustainability, long life, longevity, and to be able to be, you know, on it, right?

• 4:16Ed Mylett?

  Right.

• 4:17Mauricio Umansky?

  But... And then you got to, and you, and you know, fortunately or unfortunately for some of us, unfortunately, we have to work.

• 4:26Mauricio Umansky?

  I mean, like, that's just part of our lives, right? So then it's those eight hours of play that you gotta figure out how to balance the most, right? And if you're borrowing from those hours to work, you know, then something's gotta give in those eight hours for play. Right? And then you gotta decide what's the most important thing for you, right? Is it your family? Is it playtime? Is it friends? Right? Because you can't do it all if those hours become shorter, right? And one of the things that I've talked to some of my best friends and one of the sacrifices I've had in my life, you know, in growing the business and having to work because I didn't have money, you know, any money at one point in my life, was that I sacrificed friends, right?

• 5:07Mauricio Umansky?

  Like, I had the family, I did not sacrifice family, I did not sacrifice my wife, my kids, my girls, I did not sacrifice that. I sacrificed friends and, and you know, you look back in time and it's like, I feel bad about it. But, you know, I wouldn't change it, it was the right decision.

• 5:24Ed Mylett?

  Right.

• 5:25Mauricio Umansky?

  Even though I feel bad about it.

• 5:26Ed Mylett?

  I don't think most people realize that probably something does give. By the way, same for me, the exact same thing. I just said this today to somebody earlier in the day, like, that's probably the thing the last decade. I've maintained friendships, but they haven't gone as deep as they probably otherwise could have. I've actually, though, watched you in different seasons too, like, I feel like right now, maybe you're on the work part a little heavier than even before when I knew you. Is there some validity with the, you got the two TV shows, you got the book coming out, you got, your company's exploded the last decade, you built this explosive brand and company. You're pretty heavy on the work part right now.

• 5:59Mauricio Umansky?

  I am very heavy on the work part right now.

• 6:01Ed Mylett?

  Why? Do you have to consciously choose that or is it like the season of your life? Like, I'm gonna get it when it's good because I'm at a certain age or?

• 6:07Mauricio Umansky?

  It's the season of my life, right? Like, the, the business right now is, is, is in that moment of explosion, right? Like, and you've got, I always say, you know, when it rains, catch as much water as you can because there's gonna be a drought. Right? And so right now that the business is just it's it's in it's in an opportunity where there's an opportunity to explode. The brand recognition is, you know, crazy. Kyle is doing a, you know, she's at her peak in her career. You know, so that's allowed us also to give, you know, the family more, right? Like because of The Real Housewives of Beverly Hills and because of Alex Baskin and all of those people, like we have a show, you know, called Buying Beverly Hills, right? Like if we didn't have The Real Housewives of Beverly Hills, I mean, I probably wouldn't have Buying Beverly Hills. I, you know, I don't know, maybe yes, maybe not, right?

• 6:52Mauricio Umansky?

  But it's all of those things that lead to circumstance and when that door opens, and you talk about this all the time, right? Like when that door opens, do you walk into that door and take advantage of that door? Or do you stay looking, you know, at the room and try to figure out, you know, if you should go walk in that room?

• 7:08Ed Mylett?

  I think a lot of people don't walk in the room because they think they have to know everything before they walk in there. Don't you?

• 7:14Mauricio Umansky?

  I think that's one of the biggest mistakes people make is that procrastination. What's inside that room? What does it look like? By the time you figure it out, it's closed.

• 7:21Ed Mylett?

  You're so, man, that's really true. The window or the door closes if you flinch, right? Like you gotta be able to step into the unknown a little bit. I said this about you when I intro'd you, I wasn't being funny. You are the most charismatic friend that I have and you and I have a lot of really well-known, very influential friends, famous friends, but of all of them, if you said the word to me charisma, persuasion, whatever that thing is, I'm serious, Mo, you are the most charismatic friend. We've both got a lot of them.

• 7:49Mauricio Umansky?

  I love you for that, man. And coming from you, that's, that means the world. Thank you.

• 7:52Ed Mylett?

  It's really true, though. And I wonder, in the book, you actually, you don't use the word charisma, but you kind of break it down by influence. I think a lot of this you kind of have, right? You got, but you talk about in the book, you're like, everyone's a VIP, right? Listen, there's these things that, I don't care if we're at a social function, or we've been at a golf tournament together, we're down in Mexico together, we've been at a business meeting, one of your business events, you have this amazing ability. I don't know if it's that the person in front of you is like the most important person in the world at that time, but what is this charisma thing you do so well?

• 8:25Mauricio Umansky?

  It's innate, you know, I think, and I think, you know, and I talk about it in my I think that the fact that I was born with a, you know, terminal blood disease that I survived. The fact that I was the oldest, like the circumstances that make us as people, right? Like you get things that, good and bad, right? And then we have the power of the mind to change that or to accept it and make ourselves better, right? But because I was born with all those things and because I was the first child and the first grandchild, I had a lot of love. And one of the things that my parents did really well is they gave, they made me feel so good and so confident and just about everything I did. That I was born with an innate confidence in myself.

• 9:07Ed Mylett?

  Interesting.

• 9:07Mauricio Umansky?

  And then it was taking that confidence and you know, when you have confidence, you, you have charisma. I mean, not always.

• 9:14Ed Mylett?

  Yeah.

• 9:15Mauricio Umansky?

  But if you have confidence, you have charisma.

• 9:17Ed Mylett?

  Yeah.

• 9:18Mauricio Umansky?

  Right?

• 9:18Ed Mylett?

  Are you ever intimidated when you're in a room? I mean, you saw, just so you guys know, this guy sold the first hundred million dollar house ever. Michael Jackson's house, Michael Jordan's house. If you know somebody probably pretty famous, Mo's probably had something to do with a real estate deal with a brother. Do you ever, because I think a lot of people like, I gotta walk into this board meeting, I'm intimidated. I've got a sales call with this client, I'm intimidated. Even your agents that work for you, I'm sure there's, have you ever had that or is it that confidence that, is it, I know who I am, I'm loved, I believe in myself?

• 9:46Mauricio Umansky?

  No, it's, I've definitely been intimidated and I've been intimidated walking into meetings and I've had fear making a call when I have to deliver bad news. And everything that everybody feels I've had and I, you know, I'm not, I'm not resilient to that, there's no innateness in that. But, you know, you've taught me and, and, and a lot about that and it's all about the power of the mind, right? You can change that, right? And, and so I can tell you that, you know, my morning routine, when I'm getting ready to do something, um, you know, whatever it is that I'm gonna do, like today, I'm gonna be on your show, like that's, that's such an exciting and amazing thing for me. I could not be more excited. So I woke up this morning, I had a lot to do this morning, I woke up a little extra this morning. I gave, I, I skipped my workout, but I did, and I did my meditation, right? Cause I didn't have enough time, right?

• 10:31Mauricio Umansky?

  But I'm like, okay, what am I gonna do, what am I gonna accomplish today with you on the show, right? And so you can work through your mind, right? Make sure that when you're in a situation.

• 10:41Ed Mylett?

  Yes.

• 10:41Mauricio Umansky?

  You you deliver, right? And so, I mean, I've, you know, I had a story one time when I was, I was showing a property of the Emir of Qatar. Right? Like, and the Emir of Qatar arrived and I had no idea, I really didn't know who was arriving. I mean, I kinda knew it was a big deal, but. Had eight police motorcycles.

• 11:02Ed Mylett?

  Oh my.

• 11:02Mauricio Umansky?

  You know, six police cars, seven SUV, black SUVs. And boom, you know, like the Emir of Qatar is there looking at the house, right? And I was like, okay. And the security, the, the security service would not let me near him, right? And these guys, these guys were all, you know, six, six giants.

• 11:23Mauricio Umansky?

  There wasn't one small guy there, right? So I'm sitting there in the room and I'm, I'm trying to, you know, show the Emir, you know, the house. And but the guys wouldn't like let me be, you know, near him. So I felt like I was talking through walls, right? Like. You know, jumping up and down, you know, trying to get.

• 11:39Ed Mylett?

  It's hard to make a connection that way.

• 11:40Mauricio Umansky?

  Connection, right? So finally, after like two rooms that I'm showing the house, I say to the Emir, I go, sir, I go, you know. Are you enjoying the house? Would you like me to show you the house? I mean, you know, or or not? He goes, yeah, so far I like it, you know, a lot. I go, okay. Would you mind asking your secret service, you know, to to give me some space so that I can actually like. Show you and sell you the house? And he loved that, right? And so it's that confidence that allows you to break that barrier.

• 12:06Ed Mylett?

  Interesting.

• 12:07Mauricio Umansky?

  Right?

• 12:08Ed Mylett?

  Interesting. Do you? I am picturing you doing that. Like, just so you know, he's perfectly suited to do this, you guys. Absolutely perfectly suited. Is there a, I'm going to go into all kinds of stuff in the book. There's this, I want to talk about a couple of stories too, but. Is there something that you do better than anyone at terms of, um. Like that process of closing and persuading. When you're showing a home, for example, are you? You trying to project them, you you say something in the book about creating an emotional moment. This is like brilliant, brother. Wait, are you conscious of that? Like, is that, because you put it in the book, right?

• 12:42Mauricio Umansky?

  Yeah.

• 12:42Ed Mylett?

  What do you mean when you say that?

• 12:44Mauricio Umansky?

  Yeah, I'm definitely conscious of that. And I think, you know, in terms of like, what do I do better than most? You know, I don't, I don't know if I do anything better. than everyone, I think everyone like, you know, um, I think people are geniuses and there's amazing people that do extraordinary things. But one of the things that I do best is is what I call reading the room. You have it in the book, yeah. Right, and you know what that means is really just understanding your audience, right? And when you're understanding your audience, um, and you can understand their emotions and you could look at them and you can actually read, you know, what's going through their ma- brain, then that gives you the opportunity to create an emotional moment, right? And so when you create an emotional moment, that's when you can make a sale, right? Like, that's when you can, you know, get somebody. But again, that doesn't happen by accident, it has to happen by by, you have to make it happen, right?

• 13:29Mauricio Umansky?

  So, you know, one of the things that I do, uh, before I show a property or I'm gonna have a meeting is I go on somebody's LinkedIn. I go on their bio, I understand who I'm, my audience is, right? Um, are they philanthropists, are they male chauvinist? I mean, like, what are, what is this human being that's in front of me, right? Like, um, do they have kids, do they have dogs, do they have horses, do they like golf? Like, what's going on with these people before I have that meeting? Now I've got background, right? Now I'm in the room, I am not automatically showing off that I have background on them. I'm not giving them the fact to them to know that I have background on them. I'm just, you know, now talking to you, right? I'm showing you the house, I'm talking to you, I'm getting to know you, right?

• 14:10Mauricio Umansky?

  But the leading questions that I'm asking you are so prepared because I already know a little bit about you, right? If I know you like horses, right? I'm not asking you, you know, if you like giraffes, right? Yes. My questions start becoming around equestrian to get you to open up about, you know, Something you already know about them. Something I already know you love, right? Now I break the barrier, right? I've start eventually breaking down that barrier and creating a moment between you and I, right? And that's what I call those emotional moments. It could be physical, right? Which is just setting up, you know, the senses, you know, the house, the smell, um, the, the beautiful flowers, you know, whatever the physicality is, you know, those senses. Or it could be the emotional moment, right?

• 14:54Mauricio Umansky?

  And get to somebody, you know, in that way, and that's when it can become really powerful.

• 14:59Ed Mylett?

  So good. I'm sitting there thinking, man, that's really, really good in every single industry. Because we said about confidence earlier. Confidence comes from preparation. And so maybe if someone's listening, go, I don't have that natural confidence that I wasn't raised like Mo was raised. That preparation really can give you confidence for whatever the meeting is you're about to go into. And I want to unpack that. The other thing too is that most people don't do the preparation, so they don't have that. And then they reverse. I just thought about something because I've watched people do this, even that have sold me things. They've done the preparation and then they feel this need to let me know they've done it, and then it loses the connection.

• 15:33Mauricio Umansky?

  Hundred percent.

• 15:33Ed Mylett?

  I've done my background on you, sir. And I'm like, they think that impresses you, but then it's, it robs us of the emotional moment. Because you can't ask these questions, because now I think you're kind of reading off cue cards almost. Really good.

• 15:44Mauricio Umansky?

  Yeah, you do not need to let your client or your, you know, the person you're trying to. And it is one of the beautiful things that I wrote, you know, I'm in real estate.

• 15:54Ed Mylett?

  Right.

• 15:55Mauricio Umansky?

  And so I talk about houses and real estate stories and residential and some of the most expensive real estate in the world, right? But that's given me the opportunity to meet some of the most influential people in the world.

• 16:04Mauricio Umansky?

  But it's not only about, it's not about real estate, it's about life. And it's about professions and it's about, and you know, it doesn't matter if you're in the service industry. You know, I say that all the time. I mean, you know, for somebody like you and I, how easy would it be for a hotel to just, you know, find out what your favorite tequila is, right? Or if you like tequila or if you like vodka, like that'd be pretty easy. Right? It's not that hard to figure that out today, right?

• 16:29Ed Mylett?

  Right.

• 16:29Mauricio Umansky?

  Even if they send a questionnaire, right? Even if it's not, they're not using extra stuff. But how much better would your experience be if you arrived at a hotel and they handed you your favorite drink, right? They handed you, you know, they had the right smell, what, you know, whatever it is in your room that you were paying a fortune for at that hotel, or even, you know, not a fortune, you know, a moderate hotel. It's not that hard to give you a little bit of an extra experience, but nobody does it. It doesn't exist. And it really wouldn't be very difficult.

• 17:02Ed Mylett?

  See, now you're getting in the minds and the strategies of the elite of the elite at what they do, because you're a billionaire. Percent right. You just you just made me flash to the three or four experiences recently I've had where they did do that. And it's I'm going back there. I'm patronizing that business again. I'm going to be a repeat customer. You're a and I've told people about it. So I've shared the business. I've done their marketing for them. When you do these little things. This is the the nuanced stuff. The other thing, though, is you got to have some guts.

• 17:34Ed Mylett?

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• 19:38Ed Mylett?

  I knew this story about that you, when you worked for the Hiltons, which is in Kyle's family and your family. But you tell this amazing story in the book. I think there's a lot of people sitting there right now, brother, that are like, I have this dream, I want to pursue it, but I'm afraid to leave where I am. There's a lot of risk, there's fear. I also don't want to let down someone who's been pretty good to me, or whatever. They have all these things they do. And so I knew the nature of your story of how the agency got started, but most people don't. And so, and it really, it's a lesson on what to do and what not to do. A lesson to do on your side, and maybe when you're leading somebody, what not to do. And I told you before we got, I said, I'm kind of surprised you put this in the book,

• 20:23Ed Mylett?

  because it's a, this is a book of stuff, man, this book is legit. And so, take them through your, we're going to start in real estate, even though there was business before this. Tell them who you worked for, why it matters who it was, and then what ended up happening that finally helped you give birth to this dream that now everybody knows you from.

• 20:41Mauricio Umansky?

  Yeah, well, you know, one of the important things that I always talk about, and kind of where the original concept of my book comes from, is that when doors close, you have the ability to create another open one, right? Like, and so it's like, boom, something closes on you. You know, I got fired from a job, like, boom, I got into real estate, right? Like, instead of going and, you know, going into a hole and not coming out, it's like I used that getting fired from one industry, from the fashion, and going into real estate, right? So, cut to, you know, I'm in real estate now, I got my real estate license, I'm working for, I get a job working for my brother-in-law, for Rick Hilton, at Hilton and Highland, one of the best firms in the world, and I still think, you know, from a luxury perspective,

• 21:25Mauricio Umansky?

  it's, you know, it was one of the best firms in the world. It's broken up recently.

• 21:31Ed Mylett?

  Right.

• 21:32Mauricio Umansky?

  And so unfortunately, it's just not there, but I can tell you that during the history... Hard to beat that. Okay. Okay. And, you know, they gave me an opportunity. They opened a door. They gave me an opportunity to work. I nailed it. I kicked some ass. I, you know, ultimately became their number one salesperson. I ultimately became, I was responsible at one point for 20% of their business. They had 100 agents. They did a billion dollars that year and I, you know, personally did, you know, 200 million, you know, 193 of it, right? Like 19.3% of their business. And, and I went to Rick, you're right, and who was my brother-in-law.

• 22:14Mauricio Umansky?

  And I, I basically, and you know, again, I want to make sure that everybody's super clear. This is a story of just life and it's not, I am not raggy on him. They gave me amazing opportunities and they gave me stuff to do. It's just, and the reason I chose to tell the story is just because it's just real and it's true. And if it didn't happen like this, I just wouldn't have opened the agency. I wouldn't be where I am today and, you know, the way I'm thankful it happened like this. So this is not a negative thing. I'm not dissing, okay? I want to be super clear, like, it's just the way life works that allows you to make certain decisions that I probably wouldn't have made had it not gone down this way, right? So I'm 20% of their business and I say to Rick, I say, Rick, I really want to, I want to help you grow, right?

• 22:57Mauricio Umansky?

  And at that time, you know, Paris was the hottest star on the planet. Paris Hilton. Paris Hilton. Right. Hottest star on the planet, right? Who's your niece? Who's my niece? And so I said to Rick, I said, Rick, you gotta take advantage right now of your name. I go, let's dump the Highland name. Jeff Highland will still be your partner. I'm not saying, don't dump Jeff. Like, he's your partner, like, dump the Highland name. Make it Hilton Real Estate. Let me help you grow it and let's go franchise Hilton Real Estate all around the world, right? And let me help you grow, which is in essence, the playbook for the agency. I know.

• 23:34Mauricio Umansky?

  And I go, let's go do that, right? He goes, well, you know, I don't really want to do that. You know, we're a boutique firm. We're a luxury firm. I never want to be bigger than that, which by the way, kudos, amazing for him. Love that and that's why I. Think it's one of the best was one of the best brands because they stuck to who they were. Sure. Okay, so amazing brand, they stick to who they are. He go, I said, okay, I get that, but I really want to help you grow. And I wanna like, I want, you know, like you're in New York, you're not working that hard, like let me be your partner, right? And let me be your boots on the ground, I'm 20% of your business. And so he said, yes, no problem, I'll let you do that. But I don't want you to get, you know, into our books and I don't want you to like, you know, get into that whole world.

• 24:17Mauricio Umansky?

  So, you know, rather than making you an equity partner, I'm just gonna give you a percentage of, of. Profit. Of, of gross sales. Yeah, gross. Right? And so he offers me a percentage of gross sales and I accept. And probably less than I would have wanted to, but I accepted because I just wanted at that point the recognition, right? Like it was more about like. Great point. I'm busting my ass, I really just want the recognition, I'm 20% of your company.

• 24:44Mauricio Umansky?

  You know, and, and you're not that present.

• 24:49Mauricio Umansky?

  It's the reality, right? So he says, fine, no problem. I say, fine, no problem. I accept the deal. Put a little term sheet together, we do a deal term sheet, we go forward, you know, families, we don't go into heavy, you know, legal, just a term sheet, right? Boom, we go forward. Well, the next year, you know, 18 months later, the next year, recession. 2008, crash, recession. In the meantime, I had the best year of my life. I kept growing because I took advantage of the recession and I took advantage of, you know, double downing and, you know, being a contrarian. I kept growing, I had an extraordinary year and I get a phone call from Rick and, and he says, hey, you know, it's a recession, we're not making any money, we actually lost money, it's really unfair if I'm paying you money.

• 25:34Mauricio Umansky?

  And, you know, and I'm not earning any money, right? And I, great time for me, I said, you know, I said to him, well, Rick, you know, no problem, I totally get it.

• 25:45Mauricio Umansky?

  Take what you owe me and make me a partner in the ups and the downs.

• 25:50Ed Mylett?

  Right, give me equity.

• 25:50Mauricio Umansky?

  Make me an equity partner.

• 25:51Ed Mylett?

  Give me the equity.

• 25:51Mauricio Umansky?

  I'm in, like, when we lose, we lose together. When we win, we win together. Like, that's what I want, right?

• 25:57Ed Mylett?

  Right, right.

• 25:57Mauricio Umansky?

  And so the answer was no, right? Um, and, you know, rather than fighting it and rather than going after, you know, him, you know, because the family is more important than business, okay? And my, my wife's family, her sister, her nieces mean everything to her, and I did not want to get in the way of that, so I just let it be. I lost, you know, one of the lessons that we learned when we're really young in life is that life's not always fair, right? You go into your parents, you, you know you were right, your parents didn't see the whole thing, and they just tell you, dude, you're in trouble, go to your [bleep] room.

• 26:33Ed Mylett?

  Right, right.

• 26:34Mauricio Umansky?

  And you know what? Life's not fair.

• 26:36Ed Mylett?

  Right.

• 26:37Mauricio Umansky?

  You're in your room, right?

• 26:38Ed Mylett?

  Right, so you got sent to your room.

• 26:40Mauricio Umansky?

  So I got sent to my room, life's not fair, I accept it, it's not fair, but I'm not gonna fight it, I'm not gonna fight for fair, I'm gonna just accept it, right? But what did that do? That got me thinking, right? And I was an entrepreneur, and I wanted to do my own thing, and I wanted to put this business plan that I put in front of Rick, and I wanted to do it myself. And thus, you know, the beginning and the birth of the agency, right? And that's, in essence, what, you know, the agency is.

• 27:06Ed Mylett?

  Are you, you all hearing this? I wanna keep going, but, so a couple things. One, he got sent to his room, and what he did is he looked out the window and said, hey, maybe I could go build my own mansion, my own business. That's lesson number one. Lesson number two for me is, you know, that when you do have a rainmaker in your organization, when you do have somebody really making it go for you, make sure you take care of them, even in the good and the bad times, because ultimately, if you don't, they can leave you. The third thing that's most important for all of you is, the agency, which is, to me, the biggest real estate brand on the planet right now, the fastest-growing agency in the world, was born in a recession. And so a lot of you that are out there going, this is the worst time to start a business, or it's a difficult time, everyone always says, well, so many great businesses were built during a recession.

• 27:49Ed Mylett?

  I'm sitting in front of a man who's built an iconic brand, hundreds and hundreds of millions of dollars of real estate sold, that started during a recession, correct?

• 27:57Mauricio Umansky?

  That is 100% correct, yeah.

• 27:59Ed Mylett?

  That's pretty powerful. Anything on that you would add to the story or wanna, uh... Big full circle.

• 28:05Mauricio Umansky?

  Yeah, no, I think you've nailed it and you know, again, the reason, the, the idea of building a business. And it's not only about building a business, it's about building yourself, right? Like, you know, so for example, if you're in real estate and you're a salesperson, you're running your own business. You don't need to own a brokerage firm to build and create your own amazing business, right? And you know, there's an opportunity to go get more listings and an opportunity to go get all this. All of that can happen during a recession. Right? Because people, when everything is amazing, people don't want to change. Everything's amazing. When things are bad, you're open to change.

• 28:41Ed Mylett?

  You're right.

• 28:41Mauricio Umansky?

  Right? Why can't I sell this? Why can't I buy this? Why can't I, you know, I'm open to change. I'm willing to try new stuff. So the time to build is actually, it's during the, that's not necessarily the time you're gonna make money. Right? You're gonna, you're not gonna make, necessarily make money in the recession. You're gonna build and gain market share in a recession.

• 29:02Ed Mylett?

  Wow.

• 29:02Mauricio Umansky?

  When you come out of the recession is when you're gonna bring in all the money.

• 29:06Ed Mylett?

  Wow. That's one of my favorite things I've ever said on the show, right there. No one's ever said that to me before. And that's a billion trillion percent exactly what happens. You're gaining market share and then you collect the checks when the recession ends. Man, that's really good. You, you, you, you are what you described in the book. You used the word earlier. By the way, all of this is in the book, you guys. Okay? So you use the word and this thinking that you just said is contrarian thinking. Okay? It's contrary to culture. It's contrary to popular opinion. To start the agency was a contrarian move. You actually have that as part of the work in the book called Be Contrarian.

• 29:41Mauricio Umansky?

  Yep.

• 29:41Ed Mylett?

  Is that mean, don't always participate in group think like everybody does it and be constantly innovating? Cause you also talk about that in the book too.

• 29:49Mauricio Umansky?

  I think that's exactly what that means. You know, it's, it's, it's think on you, it's think, you know, don't, don't follow. I remember, you know, another thing that my grandfather and my father always used to say to me, they used to say, when everybody's buying, you sell. When everybody's selling, you buy.

• 30:03Ed Mylett?

  Interesting.

• 30:04Mauricio Umansky?

  Right? Like, that's what a contrarian is.

• 30:06Ed Mylett?

  I do that, by the way. I am always, I just put a post out about this, Mo, the other day. I'm like, when everyone is thinking one way, I try to always think the other. When they're all going one direction, like, no one makes money in the pack. Nobody gains market share in the pack. Nobody gains a great life in the pack.

• 30:21Mauricio Umansky?

  I mean, it's like what we're dealing with right now, the First Republic Bank, right? Like.

• 30:26Mauricio Umansky?

  Is it the time to buy?

• 30:27Ed Mylett?

  Right.

• 30:28Mauricio Umansky?

  It's down eighty-five percent.

• 30:29Ed Mylett?

  It's a good bank. I gotta be careful.

• 30:31Mauricio Umansky?

  It's a good bank.

• 30:34Ed Mylett?

  Debating the same thing myself. I'm like, I kinda get what's happening, but man.

• 30:38Mauricio Umansky?

  That's contrarian thinking, right? Like, you're not following everybody, you know? By the way, I'm not telling anybody you're gonna go buy.

• 30:43Ed Mylett?

  Me either. A hundred percent, not at all. I should amend that good bank thing. It's a bank! I'll just leave it at that. It's a bank. I don't know if it's a good bank or...

• 30:50Mauricio Umansky?

  Right.

• 30:50Ed Mylett?

  I gotta be really, really careful about that. Do you, uh, do you think, by the way, I'm loving our conversation. It's really cool for me to have, like, this part of my friend that I see, like, revealed to me in detail, like, the science behind the art. Because, you know, I've always admired the things that you do and how you go about doing them, but now I understand the processes to which you do them. I wanna go all the way back for a minute, 'cause it's one of my favorite stories in the book. 'Cause you just said it. I think a lot of people that get into sales don't realize, you are self-employed, but you have to operate like you own your own business. You have to think like an entrepreneur. A lot of people do this. They have a full-time job. They work like twelve, fourteen hours a day. All of a sudden, they get to be an independent contractor of a job, and they think they're on vacation. They work two, three hours a day. I'm like, no, when you do that, you actually have five jobs.

• 31:35Ed Mylett?

  You have eleven jobs. It's gonna require more work, sheer momentum to get it off the ground. And you kinda caught that entrepreneurial bug, you call it in the book, young, with this thing with your dad, right? This story. And I think this is illustrative of thinking like an entrepreneur. And it's one of my favorite stories in the entire book, 'cause it explains you to me, and it explains a lot of your success to me. So tell us that.

• 31:57Mauricio Umansky?

  Another recession, my father came up to me and he said, you know, Mauricio, it's, uh, you know, it's time to, it's time to either, you know, work or go to school, but, you know, I'm not gonna pay for you to be a dumbass anymore, and, you know, like, just pretend you're going to school, right? And I literally said to my dad, I go, "Give me a couple of days and I'll get back to you, and, you know, let you know what I wanna do." And he was supportive of me going to school if I was gonna go to school, right? I wasn't, just wasn't supportive of me going to school if I was, you know,

• 32:21Ed Mylett?

  Right.

• 32:22Mauricio Umansky?

  gonna go to the bars.

• 32:25Mauricio Umansky?

  And I got back and I said, Dad, I'm gonna come work for you. And, you know, he just taught me so many things, man. He taught me the value of the penny, right? Like, which is in my book, and you guys will love that. It's a great story. It really just makes everything so real. And it just teaches, you know, it helps you teach your kids, you know, how to save. It helps you teach yourself how to save and how to, you know, understand that value. Because, you know, I always tell everybody, there's a hundred pennies in the dollar. Right? The day you can figure out how to give me a hundred and two, I'm in. I'm your partner.

• 32:55Ed Mylett?

  Says on the book.

• 32:56Mauricio Umansky?

  Right? So, you know, we go through that whole process and he teaches me how to fight for cents. Literally, like, I would, you know, I'd come back and I'd be like, Dad, I sold, you know, a hundred thousand yards for 97 cents. And he'd be like, yeah, go back and give me 99 cents. I'm like, really? Like, yeah, you start adding that up and adding that up, and it adds up to a lot of money. Yeah, right? But then eventually, it's like, you know, you're in sales. You're creating your own momentum. You're creating your own things. You get that entrepreneur bug, you know? And I ended up meeting, you know, somebody that we sold fabric to that was struggling, and I loved their brand. It was 90265. It was a clothing line. The guy was awesome. His name's Bron Royalens. He started the company. A really brilliant guy. He was actually a makeup artist.

• 33:37Mauricio Umansky?

  He used to do all the makeup artists for Justine Bateman and Woody Harrelson. And he like had all these amazing people that were his, you know, his people. And, but, but, you know, they didn't have credit. It was a startup, et cetera, et cetera. And I'm sitting there in front of these guys, and I'm thinking to myself, well, these are the fabrics I sell. Like, I have, I've got all of this shit, you know, sitting in my warehouse, like, right? So now you start thinking as an entrepreneur, and you start taking your salesman job into this next piece, which is like, how do I build a business? Right? And so from there, we built a business, right? And we built something else, you know, so.

• 34:11Ed Mylett?

  And there's an exit out of it, too, right?

• 34:12Mauricio Umansky?

  And there, yeah, yeah, there was an exit. We sold it. It was not, it was not a profitable exit for me. It was more of an exit that got me out. And I paid all my debt, and I paid all my people, and I walked away with it. But, but, but, yeah. But it was a great learning lesson.

• 34:29Ed Mylett?

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• 35:13Ed Mylett?

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• 35:57Ed Mylett?

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• 36:30Ed Mylett?

  What is, what is, uh, let's talk about your public you for a minute. What has that been like for you to go from a guy who's, you know, a guy working every single day to now there's this like unprecedented notoriety in your life, right? Like Kyle's.

• 36:50Ed Mylett?

  The most well-known housewife, I think, is probably to say on on the

• 36:53Mauricio Umansky?

  I would say by far.

• 36:54Ed Mylett?

  By far, but and the most well-known franchise. And then obviously that's transcended over and doesn't hurt you in building your brand either. But I wonder what impact that's made on you, your family, your life, the good and the bad of it. What comes with that?

• 37:09Mauricio Umansky?

  There's both. There's tremendous sacrifices that are made.

• 37:12Ed Mylett?

  What are, like what?

• 37:13Mauricio Umansky?

  You know, and there's obviously the good, right? Um, the sacrifices are, uh, you know, I mean, is it nice to be able to go in and, uh, and call and get a reservation at, you know, a restaurant that most people can't, you know, get a reservation? Yeah, it's great, you know, but now you walk in and, you know, there's also a thousand cameras on you.

• 37:32Ed Mylett?

  Yeah.

• 37:32Mauricio Umansky?

  Right?

• 37:32Ed Mylett?

  Yeah.

• 37:33Mauricio Umansky?

  And you're the public eye and people are, you know, talking about you and making stuff up about you and all kinds of different, you know, things, you know, it's like, I mean, having, you know, to me, having, uh, that was definitely a sacrifice I made, that, that the privacy of life, the being, just, just being private, being, you know, um, and I don't know how else to say it. It's like literally just being private.

• 37:56Ed Mylett?

  Yeah, I know what you mean.

• 37:57Mauricio Umansky?

  Um, it's, it's, it's, it's, it's, it's amazing, right? And you, and so many people want to be publicly known and they want the notoriety and they want the celebrity status and all of those things. But, you know, people don't realize what a huge sacrifice comes with that.

• 38:13Ed Mylett?

  Yeah.

• 38:13Mauricio Umansky?

  And, um, and it's not necessarily bad. It also brings money.

• 38:18Ed Mylett?

  Right. The benefits of building a brand, all those other things.

• 38:20Mauricio Umansky?

  Benefits. I have made it very clear and I, you know, if it wasn't for The Real Housewives of Beverly Hills, uh, if it wasn't for television, like I, I think we would have still grown. I think we'd still have an amazing business, right? Because, you know, before I ever got on television, I was already the number one agent in the, in, in California. But there was no way I would have built the business I had as fast as I have without television.

• 38:42Ed Mylett?

  And you talk about that. So building a network and building a brand. Maybe you're not going to be on The Real Housewives of whatever. But I think business has become not just about who you know anymore, but about who knows you. And that's why social media does matter and why building a brand for any entrepreneur out there, I believe there's value. You two, do you, do you agree with that?

• 39:01Mauricio Umansky?

  A hundred percent, and, and you nailed it, you don't need television to build the brand.

• 39:05Ed Mylett?

  Right.

• 39:06Mauricio Umansky?

  I mean, like, uh, let's be clear, it certainly helps.

• 39:09Ed Mylett?

  Right.

• 39:10Mauricio Umansky?

  Um, it gets it out there, but not everybody, you know, there's not, you know, ten million shows.

• 39:14Ed Mylett?

  Right, exactly.

• 39:14Mauricio Umansky?

  A hundred million shows, right, like, there's only so many seats out there, as you said. And, uh, but you could be, I've seen amazing brands built, you know, by, by, you know, with other methodologies.

• 39:24Ed Mylett?

  Yeah, but by, by building social media, by building referral bases, by, but you talk about that and having a network, like, because you also say in the book, and I just think this is brilliant stuff, this is just stuff people don't do in friendships. Like, one thing I try to do even with you, or other friends of mine, just time to time, I just go, hey, man, I'm thinking about you, I love you, you okay?

• 39:42Mauricio Umansky?

  Yeah.

• 39:42Ed Mylett?

  You need anything, right? And what, there's a principle of this in the book for business too, I want you to stay on this point, which is to stay in touch. Because this is, you're not, most people in sales or in their career think that they're building for like, just this year. They don't think that they're building a company, so you're planting seeds often right now, that you won't even harvest to get a client or referral three, four, five years from now, so talk about that.

• 40:04Mauricio Umansky?

  Hundred percent, and it's, it's so important, like, you know, I have approximately two thousand salespeople that work for me right now, and I get to see the way they act all the time, right? You see the guy that makes the five million dollar sale, they make a hundred grand, and, you know, they're off to Cabo.

• 40:21Ed Mylett?

  Yes.

• 40:22Mauricio Umansky?

  Boom, right?

• 40:22Ed Mylett?

  Yes, dang it, yes.

• 40:24Mauricio Umansky?

  Bye.

• 40:24Ed Mylett?

  Yes.

• 40:24Mauricio Umansky?

  Like, where are you going? I'm off to Cabo. Yeah. I'm like, dude, you finally made some money.

• 40:29Ed Mylett?

  Okay, like. Keep the momentum going.

• 40:31Mauricio Umansky?

  Get it going on, like, you know, and then it's like, you know, and then it's, you know, I'll use me, right, as, as, as a real concrete situation, you know, I sell the Playboy mansion, um, you know, hundred million dollar deal, right? Multi-million dollar commission, um, I'm in the next day in the office.

• 40:49Ed Mylett?

  Yes.

• 40:49Mauricio Umansky?

  And like, five people come up to me, five of my salesmen come up to me, they're like, congratulations, but what are you doing here? And I'm just thinking to myself, well, like, where else would I be? I mean, like, you know, they're like, well, why aren't you on vacation? I'm like, cause this deal ended. What's next? I can't re-bring this deal back, right, like, it's gone, it's not gonna, so what am I? Tomorrow, what am I, three months from now, what am I, seven months from now, right? And as soon as that ends, it ends.

• 41:15Speaker 03

  Yes.

• 41:15Mauricio Umansky?

  Right?

• 41:16Speaker 03

  Yes.

• 41:16Mauricio Umansky?

  And that's what these, that's what people don't understand. So when you're planting those seeds, when you're staying in touch, you're staying in touch for the future.

• 41:23Speaker 03

  Yes.

• 41:24Mauricio Umansky?

  For the next thing.

• 41:25Speaker 03

  Yes.

• 41:25Mauricio Umansky?

  Right?

• 41:26Speaker 03

  Why is it that people don't get this?

• 41:27Mauricio Umansky?

  It's unbelievable to me.

• 41:28Speaker 03

  It's the big separator. Now we're going into it, guys. This is a big ol' separator. Here's what I think happens. You actually say it in the book. That's why, like, I told you, you said, "Did you get my book?" I said, "Dude, I read it this weekend. I read your entire book in two days, and I know you." So I know a lot of the stories in the book, right? But it's this good, so I'm like, "Yes, damn it, scream this." And one of the things you say is like, "Don't believe your press clippings. Like, don't believe the hype about you." Here's what happens to most people. They get a little bit of success, and then they start believing the crap about them, like, "Oh, I can do this whenever I want," or this is a... I actually, this is probably, because I don't think you do it the way I do it, but I play a little scared.

• 42:08Speaker 03

  Like, I, I don't, you're so confident, I don't think you, but like, it's similar. And if I play a little scared, like, when I get a good deal, or something good's happened, I've had an exit, or, you know, "This show's doing really well," I'm like, "Okay, I gotta do something to keep it going or do it better." I don't go, "Yay, I'm the greatest podcast host in the world. It'll just grow on its own now."

• 42:26Mauricio Umansky?

  Yeah.

• 42:27Speaker 03

  But that's what a lot of, you must see this with your salespeople all the time. Like, they believe the hype, or even recognition. "I was at your event. I was the speaker at your event." The best thing you do in your culture is how much you love on your people, and they have a good time, and you recognize them. I do that really well in my companies, too. It's a double-edged sword sometimes, though, because one, you're saying, "You're amazing, you're great," and a lot of people are like, "Yeah, I sure am! I'm gonna celebrate!" And they live off last year's production or award for the next two years, then they wake up, they're like, "Wow, I can't get a deal done. I lost my mojo," because they believe the hype.

• 42:56Mauricio Umansky?

  Yep. The seeds you plant today are for tomorrow, not for today, right? And it's, you're so right, Ed, and, you know, one of the things that I just keep thinking about is, you know, you and I are so similar, in different ways.

• 43:08Speaker 03

  Yeah.

• 43:09Mauricio Umansky?

  Right? Similar and different.

• 43:10Speaker 03

  Yep.

• 43:11Mauricio Umansky?

  But, you know, when you and I, you know, you invited me to play the member guest at, you know, the Madison, and you and I are just these competitive,

• 43:17Speaker 03

  Yes.

• 43:18Mauricio Umansky?

  son of a guns, right?

• 43:20Speaker 03

  We didn't win, by the way.

• 43:21Mauricio Umansky?

  We didn't win. But that damn ball, that last putt just hit the pin.

• 43:26Speaker 03

  Dang it!

• 43:27Ed Mylett?

  I'm still pissed, anyway.

• 43:28Mauricio Umansky?

  But it was, you know, and golf is a game of life. We always talk about it, right? But you and I are in there and we're like, you know, when I'm hitting a bad shot, like you're, you know, you're making me feel like it's okay to hit the bad shot. And when you're hitting and when you're not, you know, it's super on, I'm making you feel like, you know, and I'm pumping you up because I know how good you're gonna hit that next shot and you're pumping me up because you know how that could, you know, and it's that whole thing, right? That's what we have to do with our, with our, with our, with our people.

• 43:51Ed Mylett?

  Yes, exactly.

• 43:51Mauricio Umansky?

  That's, and that is the, the, the life that we have to create.

• 43:54Ed Mylett?

  Are you good at that? Like making people feel good about themselves? Making them feel that you believe in them? You pour belief into them?

• 43:59Mauricio Umansky?

  I think I'm pretty good at that. I think that that's one of those things that we can always be better and can always continue to work on because, you know, it goes back to time and it goes back to the balance of time. Like I could be great at it, but if I don't have time and I don't put the effort, I suck.

• 44:12Ed Mylett?

  Yeah, you know, the other thing you're good at doing is, um, by the way, guys, we're covering a lot of stuff in a short window here. I'm loving this conversation. But you, the other thing you do is you have surrounded yourself with people who are good at the stuff you aren't good at doing. One of the most important things to do. Yeah, so talk about that a little bit because I don't think a lot of entrepreneurs do it. They're like, I'm gonna do everything. They micromanage every single little thing, or they deplete their energy doing stuff they're not really that good at and don't have a proclivity for. And then they don't have the energy and juice to go do the things that really move the needle in their business. You are really good at moving the needle in your business because you don't deplete your energy most of the time doing stuff you're not good at or don't enjoy.

• 44:52Mauricio Umansky?

  I think one of the most important traits that a person can have, a business person, a person in anything, is being able to really self, um, self-analyze.

• 45:10Ed Mylett?

  Yes.

• 45:10Mauricio Umansky?

  Your strengths and weaknesses.

• 45:12Ed Mylett?

  Mm-hmm.

• 45:13Mauricio Umansky?

  And not trick yourself that you have strengths where you have weaknesses and not, you know, because most people, they trick themselves. That's, that, it, I mean, I think that's one of the biggest mistakes I see in people is that they trick themselves. They think they're good, they pretend they're good at something, or they think they're good at something that they kinda suck at.

• 45:29Ed Mylett?

  Yes.

• 45:29Mauricio Umansky?

  Okay? And being able, be able to be self-analytical and understand your weaknesses is probably the most important thing because. Because then you can hire to your weaknesses.

• 45:38Ed Mylett?

  Yes.

• 45:39Mauricio Umansky?

  Right, and I hire to my weaknesses. And I also hire what I think is amazing brains that don't necessarily think like me. I don't need another human being next to me that thinks exactly the way I think so that we could be all day long. Hey bud, are we **** great? We're the best, yeah, yeah, let's do it red, yeah, red, red. You know, like. Right, I need somebody like, no, I want blue, like, that's not red, you know, like, and why? Right, now, now I need the brain. Why do you want blue? Okay, now, I might be the boss, I might end up picking red. But I want to hear every damn reason you want blue, okay? And, and then, and then it's up to me whether I pick it or not.

• 46:23Ed Mylett?

  Yep.

• 46:23Mauricio Umansky?

  Right, but I want to hear it.

• 46:25Ed Mylett?

  This is two things we have in common. If I was to say there's a trait that you and I really, really share in common, that we do well. By the way, we both have things we don't do very well. So what we do, like that, you know, golf sometimes, but, um. But actually, what we both do well is we ended up in our lives becoming self-aware enough to know the things we were good at. And we've spent most of our business lives and personal lives playing to those strengths. And not, that's why we're relatively young men that have had some real success. Because I haven't wasted a bunch of time trying to get really good at things I'm just not good at doing. And the other thing that we have in common, you're really good at that, Mo. The other thing we have in common is that, um, I don't have to be right all the time. If someone is smarter than me in a meeting or a decision, I will defer.

• 47:08Ed Mylett?

  My ego can get too big, I'm sure, but it's not too big. The, doing it right is better than it being my idea in business all the time. And I think you're really, really good at that, too.

• 47:18Mauricio Umansky?

  And by the way, not being right all the time is potentially even more important in your relationships.

• 47:23Ed Mylett?

  How do you mean?

• 47:24Mauricio Umansky?

  Boyfriend, wife, girlfriend. You know, you, you, you, you don't, you know, I, I see so many friends of mine. And they fight with their wives, they fight with their husbands, they fight with their boyfriend, girlfriend. And, and they're really fighting just because they need to be right. Right, if you can learn that you just don't always have to be right, you know, it could go a long way in your relationship.

• 47:45Ed Mylett?

  Really true. I do that with Christiana, a lot of the times I'll say, hey, listen, I don't need to win this.

• 47:51Mauricio Umansky?

  Right.

• 47:52Ed Mylett?

  This is not about me winning and you losing, or me right and you wrong. Sometimes it's just like, we can even agree to disagree, or I'll just take your idea and we'll go with it a lot of the time because life's pretty damn short. At the end of your life, you're like, man, I won 11 of 12 fights with my wife, yeah. There's no, the scoreboard doesn't matter in this stuff at all, yet we do it. By the way, we do it even in negotiations and deals too.

• 48:12Mauricio Umansky?

  Yeah.

• 48:13Ed Mylett?

  I'm sure you've had that even in escrows where they're going the wrong way, you're like, no, I'm right.

• 48:16Mauricio Umansky?

  Yeah.

• 48:16Ed Mylett?

  Well, it doesn't matter if you're right. What matters is the deal gets closed, right? And you gotta be able to defer when you do it.

• 48:21Mauricio Umansky?

  Yeah.

• 48:21Ed Mylett?

  You've had a glimpse into the most successful financially, successfully, financially successful people in the world, and famous people in the world. Let us in a little bit. Tell us whether or not those people are any happier than, like, say, your mom and dad when you were growing up? Or people that you and I both know that don't have financial means or success? Is there a, do you see any correlation in how, are they happier, less happy, more stressed, less stressed?

• 48:49Mauricio Umansky?

  Great question, and, you know, it's, it's a, there's no, there's no straight up answer to that. You know, everybody's different. I can tell you that successful people have an easier time, you know, they have the means to be happy. That doesn't make them happy. Right? The, your mindset, your life, your way of being, you know, the way you look at life, that makes you happy. Right? But having the money and having success and having, you know,

• 49:22Mauricio Umansky?

  a beautiful house, an ability to jump your plane, all of that stuff, it makes it probably a little easier

• 49:27Ed Mylett?

  Yeah.

• 49:28Mauricio Umansky?

  to set your mindset up, right?

• 49:29Ed Mylett?

  Yep.

• 49:29Mauricio Umansky?

  You also probably have the ability, if you have money, to have coaches that can coach you in mindset. They have the ability to have, you know, to hire, you know, people to help you, right? Where if you don't have that, it doesn't make you unhappy,

• 49:47Mauricio Umansky?

  but you just have less means to, you know, to, you have to work harder yourself.

• 49:52Ed Mylett?

  Yeah.

• 49:52Mauricio Umansky?

  By the same token, you have less distractions. So there are a lot of people that can, you know, that, you know, love to go, you know, and by the way, what does that money mean, right? Like, to somebody with, you know, a $350,000 job, right, like,

• 50:07Mauricio Umansky?

  That could be, that's money, right?

• 50:09Ed Mylett?

  Sure.

• 50:10Mauricio Umansky?

  They don't need to have ten million dollars.

• 50:12Ed Mylett?

  Yep.

• 50:12Mauricio Umansky?

  Okay?

• 50:14Mauricio Umansky?

  They can live great on that.

• 50:16Ed Mylett?

  Yeah.

• 50:16Mauricio Umansky?

  Have a simple life, have a nice, you know, and be super happy, surf every morning.

• 50:20Ed Mylett?

  Yep.

• 50:21Mauricio Umansky?

  Right?

• 50:21Ed Mylett?

  You and I have friends that are doing just that.

• 50:23Mauricio Umansky?

  And they're super duper happy, right? So, so to me, the, you know,

• 50:29Mauricio Umansky?

  suffering is hard.

• 50:31Ed Mylett?

  Yeah.

• 50:31Mauricio Umansky?

  Right?

• 50:32Ed Mylett?

  Yeah.

• 50:32Mauricio Umansky?

  Um, having a job, you could be happy at any stage, but, and you can be unhappy at any stage. I have seen some really miserable billionaires.

• 50:40Ed Mylett?

  Me too.

• 50:41Mauricio Umansky?

  Really miserable billionaires that have absolutely everything.

• 50:45Ed Mylett?

  Yeah.

• 50:45Mauricio Umansky?

  And have absolutely nothing going on in their life.

• 50:49Ed Mylett?

  Mm-hmm.

• 50:50Mauricio Umansky?

  Okay?

• 50:50Ed Mylett?

  Yeah.

• 50:51Mauricio Umansky?

  And I have seen some valet parkers that are thrilled to be alive.

• 50:56Ed Mylett?

  You're right, yeah. It's interesting that I just, today, when we're recording this, um, I just had this show come out with this study that was done at Harvard. It's an eighty-five year long study, dude. And they studied two thousand young men. A thousand of them were Harvard sophomores from probably pretty privileged backgrounds. Wealth abundance, most of them. And then another thousand of boys from, like, broken, underprivileged families in Boston. Poverty. They studied them their entire life. Like, everything about them. Not just like surveys, like in-home meetings, brain scans, MRIs, talk with their kids. And there is a correlation to exactly what you just said, which is that there's no correlation between massive wealth and happiness, but there is a correlation if you can't have your needs met.

• 51:42Ed Mylett?

  If you can't meet your needs and pay your bills and eat decently and have a nice place to live and take care of your family in need and emergencies, that suffering does cause a lack of happiness. But the massive abundance doesn't necessarily do it. So, what you've seen in your laboratory of your life is really true.

• 52:01Speaker 04

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• 52:02Ed Mylett?

  Maybe dark roast?

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• 52:04Ed Mylett?

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• 52:29Ed Mylett?

  How about this, any through lines on financially successful people? Because I've met, it's really hard for me, I'll meet somebody that's like, "Man, what does that guy have in common with that lady who's also wealthy?" And I've had a hard time like, taking away like, what do they have in common? I think what I've seen is there's a level of confidence in their chosen craft that might separate them. But has there been a difference that you've observed in financially abundant people? A through line with them in personality traits or behaviors they have that help them generate that wealth as opposed to those that don't?

• 53:04Mauricio Umansky?

  A hundred percent. And let's throw away the Lucky Sperm Club, right? Let's throw away the inheritance money, right? And let's just talk about the wealthy, you know, people that are self-made, right? To me, they have, there's a couple of characteristics traits that are there that make them, that are core traits. Competitive, needing to win, right? Like, that to me is a super, a great trait that is a common trait amongst people. There's one trait that I've seen a lot of wealthy, successful people that I happen to think is a bad trait, okay? Greed, okay? And like, let's just start with those two, right?

• 53:48Mauricio Umansky?

  Like, there's a lot of greedy, wealthy people out there, and they're greedy because they need a lot of money, and they just want money, and they want money, and they want money, they keep bringing it in, right? But their decisions that they make in life are made from greed, and therefore, you know, you know, the people that work for greedy people are generally not as happy as people that work for competitive people.

• 54:11Ed Mylett?

  Really, true, man, very true.

• 54:13Mauricio Umansky?

  Right? It could be a huge company, they could be kicking some ass, they could be making all the money in the world, but all their employees have a terrible culture. They have a terrible, you know, they [bleep] hate it, right? Like, they're making money, but they're not happy people, right? Or you can work in a company where the culture is, you know, amazing, and you know, you're, the head guys, you know, so to me, those are two traits that, you know, and the other trait that makes, that seems to be a common trait, and you said it, and you said it, and I have it, is fear.

• 54:45Ed Mylett?

  You do have it too.

• 54:46Mauricio Umansky?

  We, I definitely have it. I forgot, I meant to go back to that.

• 54:49Ed Mylett?

  Okay.

• 54:50Mauricio Umansky?

  Um, that fear is a very common trait. The fear of having a house over your, you know, head. You know, the fear of being able to provide for your family and your kids, the fear of putting food on the table the next day. The fear, you know, like all of that, right? And particularly if you've had it and lost it.

• 55:05Ed Mylett?

  Yes.

• 55:05Mauricio Umansky?

  Right? You've had the bankruptcy, you've had the whole thing, and then you rebuild again. And then it's like, and you, and when you're an entrepreneur, you put everything at risk. Cause that's what an entrepreneur does, right? And so there's ups and there's downs and there's that. But that's the commonality that just continues to, to bring you back, right? Um, and then hopefully keeping it.

• 55:24Ed Mylett?

  Okay, that surprises me about you. Cause I'm a very fear driven person. I've leveraged fear all of my life. I mean, I think the way I got wealthy was, I didn't, I don't even know that I wanted to be wealthy. I think I was afraid of being poor.

• 55:35Mauricio Umansky?

  Yeah.

• 55:36Ed Mylett?

  And then even at this stage, I still leverage fear on myself pretty regularly. But I think you can almost see that on me. I'm a pretty intense wound up dude a lot of the time, whereas you. It seems like it's bubble gums and rainbows most of the time when I'm around you, cause you're so positive. Even this thing, story you tell in the book where you come home and Kyle says, how was your day? And you, you're like, it was the greatest day of my life.

• 55:59Mauricio Umansky?

  Yeah.

• 55:59Ed Mylett?

  And so there's this mindset of yours. So how do you nuance that duality of staying super positive? Cause this is really profound stuff that you're saying right here that only really mo, like I think. I think the thing I admire about you is there's a level of, um, genius with so much humility that you're unaware of your genius. Like I actually am not totally sure you know every reason why you've been successful. Because you have so much humility for a dude with such genius. So how, do you know how you nuance like living in some fear, leveraging it? But the same time, you're a really positive, optimistic person.

• 56:36Mauricio Umansky?

  Yeah, a hundred percent. Um, I'm extremely op- uh, optimistic, uh, super positive guy. Um, but I can also tell you, you know, I had kids, um, you know, very young, right? Um, when I married Kyle and I met Kyle, I already had a five year old daughter, right? And I was 25 years old. Um, I had Alexia at 26. Um, you know, I had Farah, you know, so I had three kids before I was 30, okay? And I can tell you that I, I, I, I definitely have kind of that, um.

• 57:12Mauricio Umansky?

  Old world lifestyle where, you know, I'm a man and I need to provide for my family and I need to, you know, I am the provider, even though I wanted to make sure, you know, Kyle that made every decision in her life, right? I never wanted to hold her back. She made money if she did stuff like that was just extra, right?

• 57:28Ed Mylett?

  Become a lot of extra.

• 57:29Mauricio Umansky?

  Right? You know, but I never wanted to have that be her pressure. I needed to be the provider. And so, you know, because I was so young with kids, I definitely, you know, and again, I was, you know, I was borrowing money from my grandfather, from Kyle's mom, from my father, you know, in order to keep a roof over my head, right? And in order to keep a roof over my kids' heads and to give them, you know, a perceived good life so that I can, you know, you know, make them feel confident and all of that stuff. And, and so because of that, that I developed a fear of, of losing, which also despite all the risks I've taken, despite all the things I've done, I can tell you that I've had so, I've been so conservative on so many investments that I've probably have left a lot of money on the table.

• 58:15Mauricio Umansky?

  Okay? Um, because I haven't been willing to take that risk. So I, I have that fear.

• 58:20Ed Mylett?

  Me too.

• 58:20Mauricio Umansky?

  I've just, I'm just a positive son of a gun.

• 58:23Ed Mylett?

  No, by the way, me too. By the way, I think sometimes guys like us are the ones that remain wealthy though when they get there. And I have that risk aversion too. It's so interesting how similar we are on this stuff. Now you said a good life. We don't have that much more time. One of my favorite conversations ever is today. Cause I get to see this side of you that, that I know, but it's been revealed and then the rest of the world figures out, oh, that's how this dude did this. That's how I could do it. And success leaves clues. And Mo wrote a lot of the clues in this book of how to become successful. But you said the good life. So let's just be real. You've had, you've built a company that's really big and really successful. You have had notoriety and fame. You have an unbelievable relationship with your daughters. You got a really, you do have good friendships.

• 59:07Ed Mylett?

  But at this stage of your life, he loves to go to Aspen. He loves Aspen, right? He loves to golf. Mo likes nice stuff, trust me too, okay? What, what is a good life to you now? Like if you went back and you could go Mauricio, the, the 21-year-old. This is what will make you a good life. Would it be the one that this turned out to be? Would there, would it be, would it be different? And at this stage, what is that to you?

• 59:31Mauricio Umansky?

  So I could tell you that if, when I go back and I look at it, um, I had a, I've had a good life. It's been a great life. It's had its challenges. It's had its ups and its downs. I've had money. I've lost money. I've had nothing. Um, I wouldn't trade any of it, like any of those experiences, you know, working in a kibbutz for a year. I mean, I wouldn't trade that for anything. And, uh, I, I think about it all the time, you know, going to today.

• 59:58Mauricio Umansky?

  You know, grinding and working and it goes back to balance. Like I just got back from Aspen. I was there for four days. I didn't look at an email. I didn't, that's a phone call. Like I, I, I erased it. I had fun. I was with my friends. We had a great time. Like I did not like, do any work. I legitimately did not do any work, okay?

• 1:00:17Mauricio Umansky?

  But when I look at my day-to-day, today, my favorite thing to do is to grow the agency and to grow the brand and to grow this baby that I've created. And, and I don't mean that in a bad way. It's actually my favorite thing to do. It's actually a game, right? Like, I love golf, yes. Can I play golf five days a week? No. Okay?

• 1:00:39Mauricio Umansky?

  365 days a year? No, I can't. I'm not, I cannot do that. Can I play golf 40 days a year? Absolutely.

• 1:00:46Mauricio Umansky?

  Can I ski 40 days a year? Absolutely. Can I do all that 365 days a year? No chance in hell.

• 1:00:53Ed Mylett?

  Right, right.

• 1:00:54Mauricio Umansky?

  I go bananas.

• 1:00:54Ed Mylett?

  Yeah, so would I.

• 1:00:56Mauricio Umansky?

  And so, to me, a part of that good life is having something to do, like building something, creating something, like, that's exciting, those challenges, you know, the challenges that I'm faced with every day, that's fun.

• 1:01:08Ed Mylett?

  Yeah.

• 1:01:08Mauricio Umansky?

  I have fun with those challenges, you know, I was on a phone call this morning with, you know, some of my global partners and they were, you know, you're giving me shit about, you know, stuff that the company, you know, has scaled back on because of this recession and stuff that, you know, I'm scaling back and I'm actually, you know, reducing expenses and I'm getting shit.

• 1:01:25Ed Mylett?

  Being smart.

• 1:01:26Mauricio Umansky?

  You're right, I'm being smart. And they were talking to me about this thing, right, and I'm thinking to myself, you know, like, alright, like, this is great, like, yes, they're upset and yes, they want more, but it gives me, it challenges me to not, not to spend more money, but to make a more efficient company. I need to make the engine more efficient, I need to make it run on four cylinders and still be able to, you know, rev at, you know, 7,000, redline at 7,000 RPM, like, that's the engine I need to build right now, right? I don't have the luxury of having a 12-cylinder car, you know.

• 1:01:55Ed Mylett?

  Right, right.

• 1:01:56Mauricio Umansky?

  So, it's exciting.

• 1:01:58Ed Mylett?

  Yeah.

• 1:01:58Mauricio Umansky?

  That's fun times, that's fun shit for me.

• 1:02:00Ed Mylett?

  Yeah, it is, I can see it on your face. I think, like, having a life of, I tried that for a little while, most people don't know that about me, many, many years ago, I had enough exits and different stuff happened, I'm like, I'm gonna start playing a lot of golf, like, a lot of golf. And I was miserable, because I love golf, but I was miserable, it's not something that would sustain me every single day. I think one of the reasons I love golf is it's a break from the mental stuff I do otherwise that means something to me.

• 1:02:25Mauricio Umansky?

  Yeah.

• 1:02:26Ed Mylett?

  It's the camaraderie, it's the friendships, it's the competition, to your point earlier, it's an outlet from the other things. But the thing that brings me the most joy is my faith, my family, and doing meaningful work, feeling like what I'm doing has a purpose to it. And I'm making a dent in my universe, or the universe, to some extent, so.

• 1:02:45Mauricio Umansky?

  Well, I just want to say that conversely to the compliments that you've paid me today and, you know, having me on your show and getting to know me like this, I can tell you that, again, I've been your friend for a long, long time, and when you came to the agency and the forum and you delivered, you know, your, you know, closing speech, you know, to all of us.

• 1:03:03Ed Mylett?

  That I saw a side of you that was, you know, extraordinary to me.

• 1:03:07Mauricio Umansky?

  Thank you.

• 1:03:08Ed Mylett?

  And, uh, and it made me feel a lot closer to you as well.

• 1:03:11Mauricio Umansky?

  Thank you.

• 1:03:12Ed Mylett?

  And I could tell you that you touched all of us. Every, every single person at that in my company still talks about it all the time.

• 1:03:17Mauricio Umansky?

  Thanks, man.

• 1:03:18Ed Mylett?

  I just love you for that.

• 1:03:19Mauricio Umansky?

  I love you. I love you.

• 1:03:20Ed Mylett?

  I'm so glad that you invited me and I'm so glad we had that experience. All right. Last question, by the way, before I tell everybody again about The Deal Maker, go get Mauricio's book. Listen, it's gonna tell you how to build a better business, a better life, how to be able to sell better. There's just stuff in here that you're only gonna learn from someone who's actually done these things. That's the whole deal. It's not theory. It's actually stories and practical stuff that he's applied in his life. So, last thing, tough question. I've asked you a lot of hard stuff today. You just crushed this, so. If you were to meet somebody, well, maybe they do this at the agency. Someone will come up to you that's new and says, "Look, I got a dream. I wanna build my dream." And I don't come from a family that's done this before, just like you hadn't. I certainly haven't.

• 1:03:59Ed Mylett?

  And they just said, "I just like, I don't know where to begin. Like, I, I've got my real estate license, or I've got my insurance license, or I've got this idea for a business, or, you know. But I don't know really what to do to generate momentum." This is the hardest thing for someone who's climbed really high, cuz you gotta go all the way back to that first step. So, when I even get asked it, sometimes I'm like, "All right, let me put myself back there again mentally." What would you say to somebody? They come up to you at a Starbucks, like, "Mauricio Yamanisky, oh my gosh. I have this dream. Can I get your advice for a minute? I wanna start to build my dream life." What would be the steps you'd tell them to begin with?

• 1:04:32Mauricio Umansky?

  Well, it's, you've said it's, it's one of the hardest questions you get.

• 1:04:36Ed Mylett?

  Yeah.

• 1:04:37Mauricio Umansky?

  Right? And I can tell you, you know, in order to really help somebody, um, you know, you can't answer that question in, in, in a minute.

• 1:04:46Ed Mylett?

  Sure.

• 1:04:47Mauricio Umansky?

  Or in three minutes, right?

• 1:04:48Ed Mylett?

  Sure.

• 1:04:48Mauricio Umansky?

  And so, what I always tell my real estate agents that, you know, come to me and the people that work for me is I go, "Okay, I want you to go back, you know, what do you do? What, you know, what do you do to be successful? What do you do in your life? What, you know, how do you wake up? What do you wake up in the morning? What do you do?" I go through the whole, like, I gotta get to know the person.

• 1:05:02Ed Mylett?

  Yep.

• 1:05:02Mauricio Umansky?

  Right?

• 1:05:04Mauricio Umansky?

  And then eventually you can, you know, start breaking it down, starting to give, you know, some real advice.

• 1:05:08Ed Mylett?

  Yeah.

• 1:05:08Mauricio Umansky?

  Right?

• 1:05:08Ed Mylett?

  Yeah.

• 1:05:09Mauricio Umansky?

  But if somebody just comes out of the blue and it's like, "Hey, like, how do I, you know?

• 1:05:14Ed Mylett?

  Yep.

• 1:05:14Mauricio Umansky?

  You know, how do I be you?" Right? Like, first of all, I always tell them, "Don't be me, be you."

• 1:05:18Ed Mylett?

  It's a great advice.

• 1:05:19Mauricio Umansky?

  Okay, like, you cannot be anybody else. Go find yourself and be you.

• 1:05:24Ed Mylett?

  Yeah.

• 1:05:24Mauricio Umansky?

  Right?

• 1:05:25Ed Mylett?

  Yeah.

• 1:05:25Mauricio Umansky?

  But the first thing I say to them is... Find your passion. What are you passionate, are you doing, are you getting into a business that you're passionate about? And if you're not, and it just happens to be the business that you're getting into, then find the passion in the business.

• 1:05:38Ed Mylett?

  Yes.

• 1:05:39Mauricio Umansky?

  Because you can find it.

• 1:05:40Ed Mylett?

  Yes, find the thing in your business. Like, I didn't love certain parts of the financial business, but I found the parts I did love, and I, man, I went nuts on those.

• 1:05:50Mauricio Umansky?

  Yeah. You can't love every, like, not everybody's gonna love everything, right? It's just [bleep] impossible, right?

• 1:05:55Ed Mylett?

  People think that, like, I love everything about my, you don't love everything about real estate, right?

• 1:05:59Mauricio Umansky?

  No, but find the passion that drives you there, and you need, and then you need to wake up, and then you need to have, and it's, Ed, it's you. You need to have the mindset. You need to set yourself up for success. You need to be, you need to be successful as a human being before you can be successful in life, in business.

• 1:06:17Ed Mylett?

  Wow, really, really good. I can't believe how good today was.

• 1:06:21Mauricio Umansky?

  So good.

• 1:06:22Ed Mylett?

  Like, I'm just gonna tell you, this is gonna get shared all over the planet. Like, when I look back in at the producers and they're like nodding and smiling, that's always my valuation, because they hear everything in every single show. Bro, you're just extraordinary, and I love you, I'm very, very proud of you. And I'm also grateful you took the time to write this book, because I know how hard it is to write a book, and then I know how nerve-wracking it is to put it out, too. Like, oh my gosh, and I can just tell you, man, this book's gonna go ballistic. Not only because you're so well-known, but because the caliber of the book. Because you don't want just the people that you know to buy the book that know you, but to tell other people to get it. And that's why I wanted you on the show today. Hey, guys, go get this book, Go Get The Deal Maker by Mauricio Yumansky, and please share this episode with as many people as you possibly can

• 1:07:05Ed Mylett?

  that want to know anything more about becoming successful. We just had a masterclass conversation with a guy that's in the midst of doing it. This isn't a career in review. This is a guy in the midst of still doing these things every single day. I love you, Mo, thanks for being here.

• 1:07:20Mauricio Umansky?

  I love you, Ed, thank you.

• 1:07:21Ed Mylett?

  Hey, guys, God bless you, share the show, max out your life.