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Show Summary
In this conversation, Michael Coxen shares insights on empowering real estate agents, the importance of full-time commitment, achieving work-life harmony, the power of networking, and balancing technology with human connection in the real estate industry. He emphasizes the need for mentorship, professionalism, and personal connections to thrive in the business.
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Investor Fuel Show Transcript:
Michael Coxen (00:00)
You know, one of my favorite rules is never use the word why on somebody. So an investor saying, I want to buy this ⁓ boarded up building.Don’t say, why do you want to buy that? I mean, you can just feel that’s a defensive type of question. And in a almost an accusatory question, like, why would you want to buy that? Even if you say it in a good tone, why would you want to buy that? The word why makes people defensive. It makes them question themselves and that they think that you’re questioning them. So a better question is what about that boarded up building excites you?
Erika Proctor (02:06)
Hey everyone, welcome to the Real Estate Pros podcast. I’m your host Erika and today I’m excited to be joined by someone that I’m excited to chat with, Michael Coxen. He’s been making serious moves with his boutique brokerage Magenta. Michael, I’m glad to have you on the show today.Michael Coxen (02:25)
It’s an honor to be here, Erika. Thanks for having me.Erika Proctor (02:28)
think our listeners are really going to take away how you’re approaching empowering agents, coaching them to thrive. you know, let’s just jump on in here. For our listeners who may not be familiar with your world, can you tell us about your journey? How did you get started in the real estate world?Michael Coxen (02:47)
Yeah, all right. From the beginning, I’m current day. I’ll start here. I’m a Las Vegas based real estate broker, Magenta, you mentioned, ⁓ entrepreneur my whole life and a coach. ⁓ My personal journey, you know, I overcame a serious health crisis years ago and that made me kind of rebuild my life and business from the inside out. ⁓ And now I want to help ambitious entrepreneurs and real estate agents do the same. And what I mean by that isWell, I was taught from a young age to hustle and grind ⁓ and work my tail off to be successful. And it worked until one day it didn’t. And I kind of worked myself to the bone ⁓ and got extremely ill. So that context in my life journey changed how I lead as a real estate broker. ⁓ I coach agents on what we like to call
work-life harmony, so being highly successful in their business, but more importantly in their lives. So defining success on their terms. And we do that through a people first philosophy. So ⁓ you mentioned the name, the brokerage is Magenta. It has the word agent in the center of it because I always want to run our entire operation around the wellbeing of the agent. And therefore they can run their business around the wellbeing and what’s the best for their clients.
Erika Proctor (04:18)
⁓ That’s really awesome. Can you share more about your brokerage? Like what areas you’re working in? What you’re doing that’s really helping your agents thrive?Michael Coxen (04:31)
Yeah, absolutely. So we are Boutique. We are based in Las Vegas ⁓ solely. Our office is in an area called Summerlin. We do work the whole valley. ⁓ We focus on being what we call the knowledge broker. ⁓ So coaching agents on what’s actually going on in the marketplace. ⁓ A lot of real estate agents tend to float around, read some headlines and hope.You know, if somebody comes to them wanting to buy a house, they just say, oh yeah, great, let’s do it. And they get maybe some commission breath. We really encourage our agents to take a pause, have a process and run their business like a business. And that means putting the customer first. So starting by knowing the market data and being able to understand it in their core, but most importantly, being able to explain it to their clients. So that’s what we coach is, you know, here’s the statistics, right?
Here’s what they mean in plain English. I’m very big on word choice, words matter, how we say them and what we say has a major effect on people. I mean, it’s like a stone being thrown into a calm lake. That ripple effect can go on and on and on. And if you say the wrong thing, it’s gonna keep going on in a bad way. But if you say the right thing and you take care of people, they’re gonna ripple on and tell all their friends and you’re gonna have a long-term successful business.
Erika Proctor (06:41)
Yeah, absolutely. And Michael, I know that you’re an investor too. With having that experience in mind, how do you identify and mentor agents to align with having an investment strategy?Michael Coxen (06:55)
Yeah, the same philosophy, right? So an investor is just a person. ⁓ They have goals, right? They have maybe they want appreciation. Maybe they want cash on cash tax deferral. Don’t just assume everyone’s looking for the highest return to cash on cash. Maybe they want a home that they’re going to rent out and then retire to one day. You know, I’m working with a client right now. That’s their situation. So they could really care less if they’re upside down on the rent. They want a specific house in a specific condition.in which they could rent out and then fix up and move into in 10 years. So location matter to them more than cash. So put yourself in the other person’s shoes, ask really good questions of your investor, what are their goals and how can you be of service to help them?
Erika Proctor (07:39)
Absolutely listening is such an important skill.Michael Coxen (07:44)
Yeah, and it is, and it’s something that’s not taught. ⁓ Most important skills aren’t really taught in schools. So we got to educate ourselves. And I’ve spent my whole life back to my journey reading books, not just on real estate, but personal development, psychology, relationships. I’m a big avid reader on personal development books. So listening is the most important thing you can do to not only be successful, butLike just have a good life and connect with people. Everyone loves to talk about themselves. You know, I’m guilty. I’m here on a podcast talking about myself. ⁓ So give them a, give them the space to do so. So yeah, I coach my agents on good question asking and on my website, ⁓ michaelcoxen.com actually have a free resource of these questions.
You know, one of my favorite rules is never use the word why on somebody. So an investor saying, I want to buy this ⁓ boarded up building.
Don’t say, why do you want to buy that? I mean, you can just feel that’s a defensive type of question. And in a almost an accusatory question, like, why would you want to buy that? Even if you say it in a good tone, why would you want to buy that? The word why makes people defensive. It makes them question themselves and that they think that you’re questioning them. So a better question is what about that boarded up building excites you?
Now it’s a positive question and you’re gonna tell me and I would see I just shut up and I’m gonna listen because you’re gonna be excited to tell me about what excites you about that building. And now we’re in rapport and now I can be a better agent to you.
Erika Proctor (09:12)
Yeah.Yeah, that makes so much sense. Well, like you said earlier, you know, some of the most important things you don’t learn at school, you know, I think part of it too, is you learn it, you know, on the job. You know, maybe you have a deal that goes sideways. Maybe you have to pivot fast. Michael, can you share one of those moments on your journey, whether, you know, it’s the agent side, the investor side?
Michael Coxen (09:46)
Yeah, absolutely. mean, God, I have 100 stories. ⁓ Every single deal is a story. That’s the fun part about real estate is no matter how many deals I do, they’re all different. ⁓ But, you know, right now I’m just going to give a recency bias story. I’m representing a buyer, he’s buying a house and we’ve got some moisture and we’ve got some mold, right? And the word, four letter word and everybody panics. ⁓ Don’t assume it’s going to be all that bad. Don’t assume the deal is going to blow up. Like again, step back.Ask a good question about it. So in this case, okay, we have mold. saw the report, right. How would you like to proceed?
I don’t say this is a problem. I don’t say it’s not a problem. I’m first of all, not a mold expert. And second of all, I’m not buying the house. I always remember that. And for you out there, if you’re an agent, you’re not buying the house. Okay. If you represent an investor, it’s not yours. Ask them how they want to proceed. Listen to the answer and then provide information on that.
And if you think they should stay in the deal for some reason, or you obviously want to keep that deal together, right? So in this case, okay, let’s get two quotes from mold remediation, find out the worst case scenario, and let’s ask the seller for a credit. So yeah, that deal is still pending. We’ll see if it goes sideways again. But I’m keeping it together by putting myself out of the deal, being informative and asking good questions and being a resource, getting the mold people in there, getting the quotes, talking to the other agent, here’s where we are communication.
for all sides. yeah, agents out there, the other agent is not your enemy, okay? They are there to protect their client, you’re there to protect your client, but here’s the reality of 99 % of all deals, everyone wants the same outcome. So work together to an outcome, get your ego out of the whole deal and stop focusing on winning, meaning you got the big credit, you you got a $10,000 credit and you only needed 8,000.
No, get the $8,000 credit, get to the finish line. That’s what everybody wants.
Erika Proctor (12:30)
Yeah, absolutely. With all the experience that you have now, if you were just starting off in real estate, you know, you can say this again from the, you know, being an agent or investor, what would you do differently?Michael Coxen (12:45)
I would have joined a team sooner. So when I got my real estate license, I had another business and I was a solo agent. And you know, you can’t be two places at once. I was focused on growing my business. I did a few deals here or there. And the problem with that is if you’re part time, by the time you do your next deal, three months later, the market shifted. You don’t even know what’s going on. So be full time. If you can’t be full time for other, you know, financial reasons, you’re in that bridge period, I get that.but commit to being on a team that has a coach and a mentor, or if you don’t want to do that, get your own coach or mentor. That, by me, when I was on a team, I gave up either 50 or 25 % of every single deal I did. You know, that’s a lot of money. Let’s say it’s a $20,000 commission, 10,000 went to the house, or 5,000. That’s big money. But God, I got really good, and I did more and more deals, and I went from doing two or three deals a year to, at my peak, 40.
So because I joined a team and got coaching and mentorship. So take it seriously. It’s a full-time job. Sharpen your skills and get a good coach.
Erika Proctor (13:53)
Yeah, yeah, absolutely. know, earlier, Michael, you were, you know, passionately talking about that, that work life balance. And I know you, you pass that on to your agents for you. What does that harmony look like doing your brokerage, doing investing, finding time for your family?Michael Coxen (14:13)
Yeah, I mean, it is a constant challenge. I’m going be very real with you. Like it’s not something you just figure out. And I recently figured that out. There’s no destination. So every day, it starts with setting boundaries and a strong morning routine. So, you know, I’m very involved in the community here in Las Vegas as far as like outdoor fitness goes. So three days a week, either running on the trail or riding my bike. It’s a non-negotiable.⁓ I go to the driving range or play golf on Fridays. I go to the gym with my wife on Sundays and Mondays. We have a family breakfast on Sunday. These are my non-negotiables that I’ve set with myself. They’re in my calendar. ⁓ I like to schedule leisure time, as I just said. If I know I need a nap later, I schedule it. Because I’m honoring myself. You know, I have a public calendar.
that I give out to people to book time with me. And if I want to take a nap, I don’t want you booking me during that nap time. Yes, I’m a 41 year old man with nap time. It’s not every day, but it’s just honoring those commitments to yourself first. That has made me such a better entrepreneur business person, because the boundaries of nine to five or having nights or weekends off are gone. So first admit that, but that doesn’t mean you can’t schedule time off.
Do that for yourself, put the phone away at dinner. Don’t bring it in the bedroom. There’s a hundred tips we could talk about, but you have to find that harmony. No one’s gonna create it for you. Own your choices.
Erika Proctor (16:28)
Yes, yes. And the other thing that isn’t going to be created for you is your network. For you, Michael, what was the biggest game changer for you with building your businesses and networking?Michael Coxen (16:42)
Man, again, I have a hundred stories ⁓ because every deal came from ⁓ some sort of networking or advertising, but I’ll share two, ⁓ both in the commercial space. So it is a residential brokerage, I do commercial real estate as well. Started with my own multifamily investing and how that went down was attending ⁓ an REIA, Real Estate Investors Association ⁓ in Las Vegas. And ⁓ just sitting down by myself showed up.to an event I didn’t want to go to, and I know you know what I’m talking about, a networking event for real estate investing. Ugh, I gotta talk to people and hand out business cards and give them an elevator speech. Yeah, those events show up, go to, talk to people and listen. So what happened was ⁓ they were doing a needs and wants session ⁓ and people were saying what they were looking for. And one guy happened to sit next to me, stood up and said, I’m looking for somebody who wants to invest in a retail shopping center. And because I…
honored my commitments and happened to golf ⁓ a few days prior and met somebody on the course who was looking for real estate, looking for retail shopping centers. I was able to say, I know somebody who can help you. And that led to a relationship in which we did a couple of multifamily deals together and that got me into multifamily investing and commercial real estate. So that was a huge turning point showing up to a networking event. And then
talking and listening to the person next to
Erika Proctor (18:13)
Yes, that’s go for it.Michael Coxen (18:13)
I got one more for you too. That’s kind of a big one that has to do.It ties in the previous story about honoring commitments. I mentioned I lead some road cycling groups ⁓ out of Lifetime Fitness in Summerlin. And that started as a hobby with my friend. He was actually a client first. He moved here ⁓ from Ireland. I helped him find a house. ⁓ Being of Irish descent, we were hitting the pub maybe.
one or too many times and he’s like, let’s go cycling, it’s healthier. It’s a great idea. So he got me into cycling. I kept showing up to these rides, week in and week out. Again, showing up, there’s a theme here. Showing up, doing the work, riding my bike and talking to people and listening to people. And many years later, I don’t know how long, ⁓ one of my, he’s a good friend as well, ⁓ his uncle needed to do a 1031 exchange, was I in Las Vegas and I closed the biggest deal of my career.
all through that networking. But in networking, it almost has a dirty word. It was me living my life and talking to people. And that manifested into a tremendous real estate deal and a tremendous friendship.
Erika Proctor (19:25)
sounds like a win-win there. ⁓Michael Coxen (19:27)
Sure. It’sthe best. Hope to do it again sometime.
Erika Proctor (19:33)
Yeah, yeah, absolutely. So let me ask you this, Michael, what are you most focused on solving or scaling next in real estate?Michael Coxen (19:42)
Ooh, what am I most focused on solving or scaling next? Okay, solving would be the lack of human connection in the industry. And this applies to any industry, frankly. I’m a huge AI person, I’m a huge automation person, systems, I love it. You know why I love it? Because then I can go talk to people. I don’t have to be behind the desk worried about that stuff. I can work on that stuff faster. So I can go out.and ride my bike or whatever you’re into. Pickleball, movie club, book club, just you can go be with people. So whatever business you’re in, if you’re in sales, especially you’re in the people business. So I would love to see kind of a reversion to the mean. We’re over automated and teched out. I’d like to find this balance. And that starts with me as a leader at Magenta with my agents. I take pride in they all have my personal cell phone.
and they can reach out to me at any time. I host a coaching corner every week. I want to connect with my agents face to face, belly to belly and my clients. So I would love to see more of that in the industry. And I’ll double down on that with, want to see more professionalism in our industry as well. ⁓ I mentioned, you know, part-time agents, you know, we love you, but you’re doing a disservice if you’re not all in to yourself and to your clients. ⁓ Not saying you have to be, of course there’s circumstances, but commit to being a pro. ⁓
Instagram hasn’t helped us as far as funny memes making fun of the industry. don’t see that for doctors or CPAs or lawyers. And I’m not saying we’re doctors here, but I think we should be treated with the same respect as the CPA ⁓ is and not necessarily mocked for ⁓ how we behave. And we’ve done it ourselves. I’m on social media, ⁓ TikTok, Instagram. I’m putting out content, but you won’t catch me dancing in front of a house.
Maybe cycling, you might see that, yes.
Erika Proctor (21:40)
Maybe cycling?Well, Michael, this has been great. If someone listening here today wants to connect, reach out, collaborate, learn more about what you’re doing, how can they reach you?
Michael Coxen (21:57)
Yeah, sure. If you want to go deeper, ⁓ you can head over to michaelcoxen.com. You’ll find ⁓ free resources I mentioned, ⁓ really about adding mindfulness to your business. You can also book a coaching session with me there and I’m on all social media @michaelcoxen.Erika Proctor (22:14)
Well, you know, this conversation’s been great and I love your passion for what you do and also just that work-life harmony.Michael Coxen (22:24)
Thank you very much, it means a lot. Thanks for your support.Erika Proctor (22:27)
And for our listeners, if you got value from this episode, make sure that you’re subscribed to the Real Estate Pros podcast. We’ve got more conversations coming up with operators like Michael, who are out there building fantastic real estate businesses. We’ll see you on the next episode.
