There’s always something to howl about.

Author: Jeff Brown (page 4 of 15)

Real Estate Investments Broker

An Effective Alternative To the Team Model

I love the team concept as it’s executed corrected by some in the business. However, most of them, IMHO, and through first hand observation, produce pre-tax income less for most team leaders than most think. Going even further, I’d say those workin’ by themselves or partnered, using only assistants, not commissioned agents, will almost always bank more coin than team leaders.

The model I’ve used since late 1996 is so old it was in place in ancient Rome. It starts at the top with The Guy who then has as many assistants as needed, doing all the work that supports rather than generates company earnings. I’d never go as far as to say it beats the Team approach every time out, but there are some distinct advantages to my favored MO when compared tit or tat with the typical team.

My MO, as stated up top, is simple. I hire assistants as business volume dictates. The more the business, the more assistants. When I was able to work in my local market, San Diego, there were long stretches when I had three full timers — none of whom were paid salaries or by the hour. All were paid based on my production. See what I mean? Nothing new or ‘cutting edge’.

The Boss (Don’t ask who that is — must I explain marriage?) for years has resisted my somewhat awkward attempts to point her in this direction for one of her companies. It’s a retail bridal gown ‘n stuff kinda store. She’s a well known designer who’s also sold to other stores nationwide via her wholesale operation — she’s been doin’ this for over 20 years. Her store (Yes Stevie, there is a God) shares a wall with Hooters in the Mission Valley area of San Diego. It’s a measly 500 square feet.

Her MO was to hire salesladies to deal with customers. It was a constant pain in the ass, as most of ’em couldn’t manage a one-man picnic if given a plan and a how-to video. I finally resorted to begging and pleading. Then one night not long Read more

Re-Entering the Real World of Real Estate Brokerage

As many of you know, I stopped doin’ business in my local market, San Diego, at the end of 2003. Since then I’ve done two transactions here, both as listing agent — both gettin’ the sellers Outa Dodge, so to speak. I haven’t bothered to market here cuz, well cuz I thought the prices were gonna keep falling, which they did, big time. Since I avoid short sales and REO’s like the plague, that pretty much ensured I’d not be doin’ any San Diego business. How dumb is it to buy income property in San Diego even now? You can see an example — where I present my answer to those whose only reason for holding on to the crappola they call income property there, is “I gotta be able to drive by my investment properties”. For the record, that example uses the lowest priced duplex in the neighborhood, and I used high projected rents.

My response to local real estate investors when they’ve called or emailed objecting to my stance, is to ask them, “Well now, how’s that whole ‘drivin’ by’ thing been workin’ our for ya lately?” The ongoing market correction, and there’s more to come IMHO, has reduced well located duplexes that sold in late 2005 in the neighborhood of $550-600,000 to hoping to find a buyer while now asking $300-400,000.

And their numbers still suck like a turbo-charged Dyson.

In spite of these empirical facts of life, I’m makin’ my official return to the San Diego investment market next week. Office is set up, except for the internet connection which will go hot by Wednesday. Yet it didn’t feel real ’till I picked up my new cards and letterhead this afternoon. Haven’t had either for many years. There’s literally been no need. Everything I’ve done since 2004 has been out of California, and everything sans referrals since July of 2006 has come from my 2.0 efforts.

It’s a good thing, cuz I had no other choice, unless it was to return to selling local homes to owner users, something I’ve happily abstained from doing since Carter’s Read more

The Magic Words – “What You’re Sayin’ Is Makin’ a Lotta Sense”

Regardless of how someone may have found you, one day you get an email or a phone call from them. Assuming they’re not a referral, you’ve already developed a modicum of credibility in their eyes — why else would they be talkin’ with ya? So the first phone conversation begins with them introducing themselves and the reason for the contact. They’re serious campers, but haven’t decided which pro, if any, they’d like to use.

How does that first chat usually work out for ya?

This was the question with which I was pounded daily as a newbie, and one I often ask of those I occasionally mentor.

Those conversations, in my experience, are what makes or breaks real estate agents/brokers. If that first conversation doesn’t gain traction with the potential client, it’s highly unlikely a second chance will present itself. So, what approach do you take? Are you Zig Ziggler using 1,001 closing questions? You realize cars don’t have carburetors any more, right? (And the first 20-something who asks what a carburetor is gets booted.) πŸ™‚

I has a suggestion — try makin’ some sense.

How are you comin’ across to potential clients — like every other ‘TopProducer’ they’ve been bored by the last 10 days? Folks come to pros for one main reason among many — they want you to have forgotten more than they know about the subject at hand. Most of what passes for intelligence from the typical agent in these ‘dialogues’ is exactly what Charlie Brown heard when his teacher was talkin’ — blah blah blahdy blah — BS BS BS.

It’s not about us. Everyone says that, but from where I sit, and what new clients actually tell me, is that the agents with whom they’ve spoken simply haven’t walked that talk.

It’s about the hands-on difference we can make when the Firestones hit the pavement. Most of the time, early in my career, I was embarrassing myself more than I can possibly imagine, and I thank the Lord I was blissfully unaware. “We’re the best” “We sell SO many homes…” “Our ad budget is ginormous” And Read more

The Spartan Approach to Real Estate Brokerage

As I was admitting to Sean Purcell this morning, a few times a year I get the idea to duplicate the brokerage model Dad used so effectively in the 1960’s to early 1970’s. When this happens, I quickly grab a couch and nap ’till the idea dies a solitary, friendless death. Although surely enough of his AH genes found their way through to his first born, puttin’ up with the day to day management of a firm doing that much business with that many meat eaters would be a challenge of the first degree.

His model was built on bedrock. Know in your heart of hearts the odds are better I’ll be the Padres’ opening day pitcher next year than they are for me starting a house brokerage — but if I ever succumbed to the periodic urge, this is how I’d do it — which is the same way he did it.

1. He didn’t hire pantywaists. Put another way, he hired carnivores. Frankly, I always thought if you emerged, cajones intact, after a job interview with him, you were easily tough enough for the business itself.

2. He hired adults. Don’t just slide by that statement. Take a mental inventory of the agents you’ve known awhile and the percentage who’re adolescents at best when it comes to their job and actually, you know, working. I rest my case.

3. He filtered for strong character and profound integrity. A hint of a whiff of anything less and you were shown the door. He could smell a guy’s fear in the parking lot as he drove up.

4. All agents had three options when it came to generating/conducting business — A) His way B) His way C) All the above.

5. Non-producers were not coddled. It meant you weren’t working — period. There’s the door.

To be fair, 1 & 2 really go together, don’t they? Those afraid of their own shadows should never be real estate agents, yet they comprise a huge minority, if not the majority of the agent population, always have. Being on the front lines in real estate is somewhat analogous to Read more

Success In Real Estate Brokerage — Branding — What the Public Really Wants

Daniel Pink has put out a video with some interesting facts learned by those in science studying human behavior in the workplace. It’s relatively short, chock-full of information, much of which goes against what we’ve all ‘known’ for quite awhile. Watch it or not, I’ve included it to allow you to understand how I’m relating its content to the real estate industry.

In a nutshell, credible studies tend to show that money isn’t the predictable motivator we thought it was when it comes to doing things requiring, you know, thought and stuff. In fact, they learned that when it comes to tasks requiring real thought, that the more reward promised, the bigger the failure. Hhmm

Supposedly if management in large real estate firms would allow greater autonomy, create an atmosphere fostering mastery, and give purpose to their agents, they’d crush the competition.

Many in real estate have compared large real estate brokerages to boutique brokerages using this template. The assumption is that boutiques draw agents wanting to be part of the mix, so to speak. Yet except for the large dinosaur operations, many if not most of the BIG firms are at least making valiant attempts at becoming agent-centric, in spirit if not in fact. This, in my opinion, is why the big firms won’t die out. They’re making the turn — it just takes carriers longer to achieve the actual directional change.

The discussion though, has now turned to how all this affects branding — in real estate. Let that sink in — but first install the three main words used by Pink’s video:

Mastery — Autonomy — Purpose

Before continuing, know I’m with you. Mastering what we do for a living is a good thing — as is sufficient autonomy and having a purpose important to the practicing agent. But seriously, real estate? Branding? Get outa here.

Look, I understand there are niches of price, location, property type, etc. Ultimately the buyer or seller has to choose a company. Whether your home is a million dollar showpiece or a $99,000 condo conversion in an iffy neighborhood, the bottom line reason thinking people use to Read more

Took a Poll – What Do Clients Prefer 10-0 Over ‘World Class’ Service?

The oft used phrase, World Class Service, has become as meaningful as the word ‘great’ used in virtually any sports context. As in, “Yeah Jerry, that was a great catch by a great center fielder.” How worthless is the awarding of greatness upon sports figures nowadays? The same ‘experts’ who rightly called Mohammed Ali one of the greatest fighters, if not THE greatest of all time, called Mike Tyson ‘great’. How can the steaks at both Ruth’s Chris Steak House and Denny’s be great?

The point is that words mean things, or we’re all screwed. The concept of ‘winning in real estate brokerage through world class service’ has a fatally flawed premise. Do you know what it is? Your client sure does, which is why he’s with someone else now, regardless of your superior service.

Fact is, he didn’t come to you for service, though many consumers out there make that mistake, falling on the petard created by the same false premise. Ironically, the #1 criterion used in choosing their agent/broker was definitely not service. I know, cuz new clients tell me this all the time. One newish client put it the best way I’ve heard in quite awhile:

“I learned the hard way that much of the time, getting the best service possible meant I got everything I wanted from the relationship, except for the achievement of my primary reason for hiring the agent in the first place.”

BawldGuy Axiom: Surveys show conclusively that my stellar results trump your ‘vastly superior’ service every time.

The false premise assumed by both agents/brokers and consumers is that superb service automatically means equally superb results.

Let’s don’t just do a drive-by with that statement. Let’s look at an example, someone we all know. Let’s pick Greg Swann.

There is much on which Greg and I don’t agree. He insists on doing everything himself. I prefer to ‘call the guy’. He’s crazy knowledgeable AND effective when it comes to applying technology to his real estate practice. I’m a TechTard. He works (though he’d surely say ‘plays’) 5,000 hours yearly. Though I rarely log less than 2,000 myself, it’s Read more

So Simple Even a Realtor Can Do It? – Fishing In Wells

“So simple even a Realtor can do it.”

Our old friend Russell Shaw wrote a post recently in which he made use of that quote. It comes from the well known Gary Keller book, Millionaire Real Estate Agent. Though I’ve not read it, that quote alone got it on my to-do list, if only to see what other nuggets might be lurking within.

I understand the sentiment. Even if we assume the expertise and knowledge it takes to produce results for buyers and sellers, without the ability to get yourself in front of folks who have the option of tellin’ you to stick it, all your skills will go unused. The best fisherman in the world won’t catch fish #1 casting his line down a well. He tends to prefer plyin’ his talents where the fish are likely to congregate. Go figure.

We humans tend to pull the wool over our own eyes. Having a plausible, even credible sounding reason for consistent abject failure is key to maintaining our perfect record of failing for very solid reasons. You know, we may fail, but it’s never due to anything we’ve done or failed to do, right? Right.

Beginning last week I began knockin’ down dominoes launching my company’s new infrastructure/marketing/return to San Diego. I ‘left’ SD almost seven years ago, as income property there was for those who either didn’t know what they were doing, were unaware of outa town options, had simply given up — or all of the above. My assessment back then, and until recently, was that it was akin to fishing in a well — it might be relaxing, but you were still gonna be eatin’ beans for dinner.

One of the dominoes knocked down this Monday was reintroducing myself to the local Board of Realtors (gulp) and the MLS. I was pleasantly surprised to learn they’ve followed Phoenix’s lead and become Mac friendly. Also, don’t know when this started, but one must now click a fob to access the MLS now. I joined again cuz I needed other fishermen to know where my fish can be found. Read more

In Remembrance of a Stealthy Icon – The King

I remember one day back in early 1974. I was sittin’ at my desk, a 22 year old pondering the future, as it was the first full time day after being part time since a teenager. We were in a recession, but I had less than a clue what that was. It was about six weeks ’till I was to be married, and I needed to figure out what to do no later than 4:30 PM yesterday afternoon.

As the son of the boss I had no dearth of available mentors. Hell, he spawned more successful new brokerages from 1964-75 than almost any two companies. Back in the period 1964-70 his East San Diego office was akin to the freakin’ ’27 Yankees for Heaven’s sake. Problem was, most of ’em were busy runnin’ their own firms now. Dad had hung up the semi-permanent Gone Golfin’ sign on his office door. He’d downsized from six offices plus an escrow to one office and no escrow.

What was left? Me, and the 8-10 loyal agents for whom he’d kept that lone remaining office open. So I started calling the OldSchool guys who’d mentored me as a snot-nosed teen who knew everything (not a damned thing). A couple hours later I was faced with a dilemma. Though the flavor of their advice had differed slightly, the crux had been the same — work harder than you ever have at anything, and see more people who can tell ya to ‘go to hell’ than the other guy. Lord only knows what magic elixir I was expecting them to serve up, but that certainly wasn’t it.

Of course, of all the agents who knew the generic answer before asking the question, I’d been given that answer countless times. Why even ask then? Cuz it’s human nature to want the easy way, when, paradoxically, the easy way is only easy to understand — not necessarily to execute. Lookin’ back, I guess a 22 year old searchin’ for the EasyButton isn’t exactly unique.

I got tired of hangin’ with the leftovers from a bygone era, and moved my Read more

Turbocharge Your Income On A Steady Diet Of 3-0 Bases Loaded Fastballs

Here’s what hasn’t missed for me since Reagan was in office — a super narrowly defined database, from which you can call or write, and eventually email. Stop rollin’ your eyes, as this isn’t what you might be thinking. The concept of ‘narrowly defined’ has taken a beating, to the point it means almost nothing these days. I mean a concrete set of parameters, ALL of which must be present for a home to be in the database.

Who’s most likely a potential seller in your market? What facts will be in evidence on tax assessor records? It’ll be a little different for each region, each neighborhood. Sometimes you’ll need many factors, while other areas might need only a few.

For example, in my neck of the woods, San Diego, my Virtual Farm contains real estate investors who share ALL of these factors.

  • They bought in the spring of 2003 or earlier
  • They haven’t refinanced — OR — LTV is 70% or less
  • The property(s) is 1-4 units
  • They’re located in a small subset of zip codes
  • They live outa town
  • You can mail all these folks every month for less than $100. Budget super tight? Do it quarterly, or monthly, or to half of ’em each month. When I used to do this, before I stopped doing business in San Diego back in late 2003, it produced like clockwork. Rarely did a letter generate nothing. My best year produced six figures — from 104 names. When I had their phone numbers, my batting average zoomed, big time. But then, I don’t cry when folks reject me, so I’m willing to make those calls. πŸ™‚

    Let’s use a baseball analogy.

    When constructed as narrowly as I’m advising, this database will be populated by nothin’ but the kinda reduced velocity, straight-as-a-string fastballs delivered on 3-0 counts with the bases loaded. What’d’ya think the batting average is for hitters on that particular pitch — especially since even Grandma knows exactly what’s comin’ — and where? I don’t know, but my experience watching MLB since the fifth grade, plus my years of umpiring at a relatively high level, leads me to Read more

    The Kumbaya School of Real Estate Brokerage Values Service Over Results

    For all you real estate boys and girls out there, if you haven’t had the pleasure of going to an Apple Store to buy something, or have a problem solved, I heartily recommend a field trip. Find the biggest most trafficked Apple Store in your area and go there just to watch, listen, and learn. And learn you will. I’ve had what Dad taught me about the difference between service and results reenforced every time I walk through their doors.

    These pages have, pretty much from Day 1, screamed about delivering service, a concept with which nobody, including this company owner would credibly disagree. But results are what BloodhoundBlog is all about. Some, however, have screwed up the order of importance of the two. (Has there ever been a better place for a that said?)

    That said, and this is what I’ve been sayin’ since Dad’s fiercely burning eyes so congruently highlighted the dripping tone of sarcasm when he spit out the words to me — it’s about producing results, genius. I’ll take a gruff, mildly rude manner and give back a thank you if it comes at me hand in hand with timely, stellar results. Yeah, I know, you’re muttering ‘duh’ under your breath. You’d think that would be universal knowledge, right? We all know that’s ultra malodorous crap.

    What many refuse to allow unfettered into their consciousness, is that world class service is as effective as a gelding trying to generate the next Secretariat when it’s not complimenting equally world class results. Think about it. “Yeah, Bob said your service was the best in town. You hardly ever produce results, but your service is without rival.” When was the last time you heard that?

    Think of any service company or store selling product — would you use them again if the results were fabulous, but the service not so much? On the other hand, would you return if the results were uniformly disappointing, but the service on the way to the predictably inferior results was orgasmic? I know I’m risking the tag of heretic, but I’m gonna say it anyway.

    Those who Read more

    Simple Concept – Not So Simple To Execute – Grow a Pair

    As if it happened yesterday, I remember having just began seriously bodybuilding with a (understatement) stern trainer, a world champ who had no patience for anything less than all-out effort. One day my partner and I were following the workout he’d given us, when our trainer, Gene, walked up without preamble. “This is a man’s gym. If you girls are gonna keep playin’ around, get outa here!” What? Huh?

    From that day forward, my workout partner and I never gave less than 100% again, at least if Gene was in the same hemisphere. He was that scary, and we were, well, 16. Gene wouldn’t let us fail. Our goal was to end up competing — which we did about 30 months later. In that time we became the more or less adopted sons of nearly the entire gym population. Our growth musta been fun to watch. What I thought would take a few months though, took over two years to accomplish. The goal was met though, as we both competed, and credibly so.

    One might think I’d of learned my lesson about goals through that experience.

    Much is made of setting and achieving goals. Dad was a crazy-ass goal setter. The guy had the ability to set a goal, become Stephen King obsessed, yet without anyone knowing about it. Try that sometime. One day after his third Jack on the rocks at the Club, his friends got him to share with them the 10 year goal he’d set for his real estate company over five years earlier. They were dumbfounded, and proceeded to ‘let him down gently’ by explaining how he’d maybe been a mite too optimistic.

    It wasn’t ’till almost a year later that he told them he’d already accomplished that 10 year goal a few months before the first conversation. He’d done what they told him was impossible to accomplish in a decade, in just over half the time.

    Setting goals and achieving them are entirely different things, an understatement of which I’m sure you’re painfully aware. We’ve all learned that one the hard way, right? I sure did.

    I’m putting Read more

    I Bet Many of the Cool Kids Are On the Verge of Greatness

    I’ve always loved the Cool Kids (CKs). I’ve never been a cool kid, but the kinda sorta quasi-cool guy who seemed to think differently, while simultaneously remaining under most folks’ radar. I’ve been the poster boy for Malcolm Gladwell’s 10,000 hours principle, which says we don’t become excellent at something ’till we’ve logged that many hours doing it. The CKs in the ethereal world of 2.0 real estate come and go, but the ones who’ve remained, some hangin’ by their fingernails, are the ones still puttin’ in those first 10,000 hours in the fields. That’s hopefully a diplomatic way of sayin’ they’re still mostly theoretically based and not so much empirically experienced — but gettin’ there.

    A few of these CKs are gonna rise one morning realizing they’ve figured out where that last piece to their particular puzzle goes. When that happens we’ll all benefit wildly. ‘Till then? Let’s stop fallin’ in love with all the ‘can’t miss’ marketing ideas tossed at us as if they’re just as reliable as gravity and Grandma’s raisin-bran muffins. It just ain’t the case. If so, most of these kids would be livin’ the life of Steve Jobs, a CK himself, who actually put in the 10,000 hours and leveraged it to the max. Then he kept adding more 10,000 hour blocks to ensure the excellence of results.

    What I’m tryin’ to say, and poorly at that, is that the CKs need to keep plowin’ their fields without ceasing. It’s like gettin’ in shape. You begin with a jelly belly and become discouraged after a week cuz you don’t look like Adonis yet. Rely on the universal principles at work — the most important of which is putting in your time. There’s simply no substitute for that part of the process. When working out consistently for a year, our jelly bellied friend is now slim ‘n trim, and wearin’ tank tops whenever possible. πŸ™‚ Meanwhile, the others who haven’t unambiguously logged the hours, day in and day out, failed — but they’re still CKs, right? Maybe. Maybe not.

    I’m about to complete my eighth 10,000 Read more

    You Don’t Need Today’s Idea of a Team To Succeed In a Big Way

    Teams have proven themselves a potentially profitable strategy in real estate brokerage, as almost every mid-large company has at least one pretty successful team under its roof. I’ve never had buyer agents or specialized listing agents on my team. I use the same philosophy Dad and his buds.

    Though they all agreed about the possible income teams offered, many eschewed that approach for a modified MO, still more or less using a team. They preferred the OldSchool blueprint which had the go-to guy at the top, with support staff doing all non-revenue producing labor.

    I’m convinced that approach is more conducive to a real estate investment broker than the army of buyer agents approach used in houses. Here’s why.

    Caveat: The investment niche about which I’m speaking is residential income, mostly smaller stuff, say 1-4 units, though it would be just as effective with larger properties, as I’ve done before myself. It assumes knowledge of pertinent tax codes, complete understanding of before/after tax cash flow analysis, and the judgment to apply those skill sets in the implementation of the proper strategies dictated by proper analysis. Furthermore, I assume lead generation isn’t an issue. That is, there are enough prospects for a pro to get sufficient at-bats.

    Let’s say your market’s median duplex price is $250,000 or so. A 3% side is $7,500. Let’s also assume the average net equity of your ‘low hanging fruit’ is $115,000 give or take. If your analysis shows a tax deferred exchange would markedly improve your client’s position, here’s what might happen. You effect the sale of his duplex, then ID about twice that much in ‘upleg’ property — property into which he trades. (This example uses 20% down payments.) You make 3% per side on those too — another $15,000 or so. One client, essentially one transaction, $22,500.

    Compare that to the house team template. Using the same price point, and assuming the buyer agents are generating the sales, (and paid 50% of the commission) the team must do six separate transactions with six different clients to net the team leader the same gross income.

    If Read more

    Now I’m Beginning To Get It – The Missing Brick In The Wall

    My favorite Uncle, Fighter Pilot Dick, sent me this video the other day. I was flabbergasted, which is hard to accomplish lately. I then sent it to a couple of folks for whom I hold much respect, to gain their takes. Both of them are fellow Hounds, Brian Brady and Tony Gallegos.

    I thought Brian’s most cogent reply to me during a little back and forth emailing, was the following: Note: The link in Brian’s quote was added by me. It goes to the original video. The embedded video here is the same, but has some CNN commentary up front.

    I know the FDIC went out of its way to issue a Press Release, denouncing the guys at Thing Big Work Small.Β  I know those guys fairly well (had a few beers with them at the CAMB convention this summer).Β  The FDIC denounced the video as “factually incorrect”, a day after it came out…then…

    One West Bank, who bought the IndyMac portfolio for $1.55 Billion, earned 1.57 billion in its first year of operation.Β  Now Jeff, youi’re a bright guy…what kind of bank earns 100% ROI in one year?

    This video explains a whole lot, though I suspect I may be late coming to this party. Considering the reply received from Tony, who said he didn’t know the details of the transaction, I’m thinkin’ maybe we’ve all been missing this particular brick in the wall.

    Though CNN doesn’t bollix it up too much, the really good stuff starts around 1:45 on the video. Would love to hear your take.

    Deflationary Or Inflationary? Laying Economists End To End

    The last half of the title came to me as I recalled one of Johnny Carson’s most memorable lines. He was talking about how economists are supposed to be the smartest kids in the room, but at the same time can’t agree with each other what day it is. He said, “If we laid all the economists end to end around the world…it would be a good idea.” (Insert rimshot here.)

    There are two basic schools of economic theory — Those who believe economies can be centrally controlled, engineered if you will — And those who believe economies should be as free as prudently possible, with regulation in place to abort fraud etc., i.e. they avoid central control as much as possible.

    The engineers think they know better what ‘needs’ to be done, while consciously eschewing human responsive behavior as part of their equation. They believe if you raise/lower taxes the result will be arithmetic in nature, and that you and I won’t modify our behavior in either circumstance. That’s surely an oversimplification, but accurate.

    The free market crowd says if you raise taxes you slow economies down, and if taxes are lowered more jobs are created due to more capital venturing into the market because of the lowered cost (taxes).

    Then there are the folks who think they’re smarter than both schools. They try to blend what they think are the best ideas from both theories. Good luck. πŸ™‚

    We’ve all seen the argument between the two camps rage since we learned to spell economics.

    I bring this up only to illustrate the current example of how the smart kids in at least one of the schools just doesn’t get it. I’ll leave it to you to decide which school that might be.

    The argument today is, Are we in a deflationary cycle or are we about to enter what could be a hyper-inflationary cycle?

    I lean toward deflation. Every single time an economy, any economy in the last eight centuries, has gone through a massive deleveraging, it’s been deflationary in nature. There have been no exceptions found in the research, Read more