Real Estate Investing: It’s not in the property

Real Estate Investing: It’s not in the property

RECBL - Real Estate News

Thomas Edison was quoted as saying, “Genius is 1% inspiration and 99% perspiration.”

If you are new to real estate investing you probably have a ton of questions. Real estate investing is more than just the purchasing, owning, managing, renting and/or selling real estate for profit. Real estate investing, realistically, is a career and way of life.

There are people whom have chosen a path, who’ve pursued degrees to become lawyers, doctors and even bartenders because those career areas are compelling and give them reason to live a certain lifestyle.

I am not talking about getting a license to become a real estate agent so you can become the middle man of property transactions. I am talking about becoming a real estate investor which does not require a real estate license but does require skills such as patience, a willingness to succeed and most of all knowledge of the industry you call real estate investing.

To become successful in the real estate investing industry, here are 10 must-haves to help get you started in your new lifestyle.

Know Your “WHY?”
Ask yourself the main reason you are choosing real estate investing as your career and lifestyle. You may say money but go beyond the obvious and dig deep. Is it to help yourself, your family and/or your community? Is it to create a legacy which will continue long after you’re gone? Understanding your “WHY” will support your passion, drive, motivation and focus. Keep your “WHY’s” written down and close to you at all times so you never lose focus of your purpose for your choice.

Create Realistic Goals
This can be a tough one, however, if you have spent time on your “WHY” your vision for your goals will develop easier than you may realize. And in the same manner you have written down your “WHY’s” and kept them close to you, write down your goals and place them in plain view throughout your home so you can read them at every turn. In everything you do have purpose. Your goals are your roses, stop to enjoy them and remind yourself as to the purpose of your “WHY’s”. Maintaining that focus and passion will forge your goals into results.

Find a mentor
This step is probably one of the most challenging. Finding a mentor requires you to test your comfort zones and allow yourself to become a clean slate for someone to help you become what you have never been before. This step requires more than just visiting your local REI meetings and introducing yourself to a seasoned real estate investor. This step is about finding someone who is passionate about mentoring. Remember, a mentor is both an experienced and trusted advisor. A mentor is as passionate about teaching and mentoring just as much as you are about learning and being mentored. You want to find real people, with real knowledge who provide real estate mentoring and who produce real results in real estate.

Create a to-do-list
You’re probably thinking, “How many lists am I going to have to make?” The answer is, “However many lists it takes to help you get started and keep moving forward.”

Start with creating a simple to-do list. Make the list aesthetically pleasing so you are able to read it easily. You can create a daily, weekly and monthly to-do list. Whether it’s on a piece of stationary or your smart phone, make sure to create a list which inspires you to stay motivated and focused in order to get your tasks completed.

Create a minimum of three columns.

• First column: Task – what is task you want to complete (e.g. attend 3 REI meetings)
• Second column: Time – what time are your tasks to be completed? (e.g. REI meetings at 6:30 pm)
• Third column: Due Date – how soon do you want this task to be completed (e.g. Dec 1, 4 and 6)

This is just a rudimentary beginning and you can develop your own list to meet your needs. However, as you accomplish each task mark them off the list. At the end of the day you create a new list and move everything forward. Do the same thing with the end of the week and month. You’ll instantly see progress which will help you stay focused and motivated and before you know it, your goals become concrete accomplishments and results will follow.

Become the Socialite
Announce yourself into the market by telling people who you are and what it is you do. Your mindset makes a huge difference in how people will accept you and what you do. If you want to be a real estate investor then you must believe you are a real estate investor. Whether you’re a novice or pro is irrelevant, it’s all about your belief in yourself. You must embrace the real estate investor mindset and work ethic.

Advertising and Marketing Yourself
Vehicle signage, business cards and flyers still work, however you want to get your name on the Internet. Social media can help tremendously in this area. You can reach more people in a shorter period of time. Facebook, Instagram, Google+, YouTube are all fantastic ways to help get the word out about yourself. If people don’t know who you are or what it is you can do, breaking into the real estate industry can be even more challenging. The Internet is the number one area to get your business to the next level. Eighty six percent of first time home buyers hit the Internet first in search of their dream home. This step is definitely a to-do list item especially due to the positive impact it can make on your introduction.

Build a buyers list – Lead Generation
This is a critical step and everyone is trying to do this. This reason this step is so important is because you want to have a network of people who are looking for real estate, just like you. You want to find cash buyers who are accustomed to buying real estate for cash. You want to know what other real estate investors are buying and where they are buying. This step is all about lead generation. If you are looking to find real estate cash buyers there are many different ways from software purchases, real estate lead providers, visiting the county recorder’s office and getting a list of all cash sales in the last 30 days in your area. The goal is to find real estate cash buyers and their parameters so you have an idea of what to look for so you can find it, lock it down and flip it for a profit.

Deal or No Deal?
Now you are in the meat and potatoes of the real estate investing industry. Finding a deal may look easy for some and that’s only because they have done everything else already to make sure they can get to this point. The only way you are really going to be able to determine whether or not you have found a deal is if you run the numbers. Remember, if the numbers don’t make sense, then your deal is not a deal. Also, the deal not only has to be a deal for you, but also for the real estate investors you have connected with. You want to make sure you are able to win-win-win situation for you the seller, you and the buyer. It’s a balance you will have to learn to implement correctly.

Get an Agent
Some say this is a must. You probably remember reading earlier that a real estate license is not a necessity and it isn’t, however having a great real estate agent who knows and understands the areas in which you are interested in can be a real game changer. Also, you want to be able to find a real estate with an investor mindset as well. (You’ll understand this more in depth as you meet different agents.) An agent with an investor mindset will have a bettering understanding of you and your goals. You may have to meet with a few agents to determine who you feel comfortable working with but in the end it pays off and you can build a long-lasting relationship.

Continue your pursuit for your goals
This article opened with a Thomas Edison quote and we will close with a Thomas Edison quote. Thomas Edison was also quoted as saying, “Many of life's failures are people who did not realize how close they were to success when they gave up.” True, true, true!

You will experience obstacles in your pursuit for your goals. Obstacles are not dead ends. Obstacles are milestones on your path to success. Most people experience rejection and give up. If you give up you will never realize how close you were to success. When you experience obstacles, remember your “WHY’s”. Reach into whatever pocket you have your “WHY” list so you never lose focus of your purpose for your choice.

You can try doing all of this yourself or you can connect with a network of investors who can teach, train and mentor you in all of these areas. This is your opportunity to make a difference, not just for yourself but to accomplish the bullet points you have on your list.

Don’t wait, click here to connect and get started.

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REAL ESTATE TRAINING: SINGLE AGENT VS. TEAM

Real Estate Training: Single Agent vs Team

Cash Buyers Lists News​​

With the complicated nature of the real estate transaction, it has become critical for agents to incorporate great systems and processes into the mix to streamline their business activities. Savvy agents realize that time spent doing admin-level tasks takes them away from money-making activities, so they start looking for help.

Here’s an overview of the different levels agents can find themselves at:

Level 1: 7-20 Transactions/Year
There are thousands of agents at this level, which generally occurs by the second year in business. At this level, agents have a good part-time business, but it’s starting to feel like full-time. They do all of the work before, during and after the transaction and provide a high level of service to their clients.

Level 2: 21-30 Transactions/Year

At this level, agents start to feel the pressure of too many clients and stress about providing great service. They need help and often reach out to other agents to ask them to sit open houses and showings, often trading family time for client time. Agents at this level start thinking about a part-time assistant or transaction coordinator and are a medium-risk for being recruited by a team-friendly brokerage offering to provide them with help.

Level 3: 31-50 Transactions/Year
This agent is working nonstop. Their life revolves around work and they rarely have time for their kids, families and friends. Relationships start to suffer and are often strained because there’s not enough time in the day. Agents at this level often feel guilty, but justify the time away because they’re providing financial resources that make up for their absence. This is a sweet spot for building a team. Adding a full-time admin and buyers’ agent completely changes an agents business at this level. Not only can they do more transactions and provide their clients a higher level of care, but they can start scheduling personal time and take advantage of it without stressing about work.

Level 4: 51-100 Transactions/Year
This is the hardest growth area for agents and teams, as massive change has to take place in order to grow. Operational excellence, building a winning team, culture, daily huddles, CRM mastery, a focus on profitability and making sure everyone has clearly defined roles and responsibilities are crucial at this level. Once an agent gets to 100 transaction sides, its common to double the following year. At this stage, the team leader has a business that’s running well with lead-generation systems and a great support staff in place. With everything functioning properly, agents can now turn up the volume of leads they’re working and really grow.

Level 5: Seven-Figure Incomes
As an agent or team leader, your value to the team is now in the role of CEO, rather than employee. Your core focus should be on business development and people development. As you help your people grow and earn a great living, your clients are better served, and your life as a leader is very different. You’re now focused on building wealth and helping your people do the same. You have more free time than you did at the first four levels, and your family appreciates having you around.

There are amazing resources available to help agents form and train teams. It’s up to each person to plug in and utilize the systems and processes available to intentionally create the business and life they desire.

Verl Workman is the founder and CEO of Workman Success Systems (385-282-7112), an international speaking, consulting and coaching company that specializes in performance coaching and building successful power agents and teams. Sign up today for a free business consult with Verl by sending an email to coach@verlworkman.com.

For more information, please visit www.verlworkman.com.

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