A Real Estate Deep Dive (Part 2)

August 5, 2022 melissa Real Estate Comments Off on A Real Estate Deep Dive (Part 2)

A Real Estate Deep Dive (Part 2)

In today’s episode of the Real Estate Jam, we discuss the effect of the pandemic on the decision-making process of the people in the market, viewing real estate transactions as a means of building relationships, and the importance of focusing on the activities that move the needle.

The points below are from the 33rd episode of The Real Estate JAM, where we talked about a real estate deep dive and why this one matters! This is part two.

Tune in to the full episode on YouTube, Spotify, or Apple Podcasts.

 

Industry Ethics

Let’s see what we can put together, and let’s see how we can help you out.

There’s no need to always rush people in the real estate business. If it’s too good a steal, then it can happen that you sign things off right off the bat. However, learning to always go with the “how can I help you further” attitude and making sure that all deals are maximized to the fullest potential is a recipe for success.

Never take advantage of people. There’s a lot of bad in the industry. Be the good.

Real Estate as Building Relationships

Buying property is not just simply buying property. One of the best ways to prosper and grow bigger in this business is by using real estate as a way to build relationships. When you are dealing with probate lists, eviction lists, tax delinquent lists, vacant property lists, inheritance lists, and even fire damage lists, you also get a chance to build relationships that could be beneficial in the long run.

Want to learn more? You can listen to the full episode on YouTube, Spotify, or Apple Podcasts.

 

Outline of the Episode:

  • [00:47] Our guest for today is Glenn Williams of K&G Investments who does a lot of the acquisition side of the business. He’s got a lot of investment knowledge he is willing to share as well as skill sets that you can learn from.
  • [01:52] How did you start real estate investing? Most people we know normally buy a property and live in half of it while renting the other half. Did you do the same thing?
  • [03:17] It’s okay to step back if you feel overwhelmed. You need to be able to trust your intuition and know what feels right for you.
  • [10:21] A good indicator you can use to assess if someone can be a good project manager is to have them do the Tony Robbins Disc Test. It’s free and won’t cost you anything.
  • [14:50] How do you compensate a project manager? For some people, it’s a monthly salary. For others, it could be a bonus here and there, while others may have a combination of both. At the end of the day, you and your project manager just need to agree on what the arrangement would be.
  • [18:13] It’s best to find someone who has as much passion as you do in real estate because you know that they would love and care for your business the same way you do. Ideally, it’s someone who is not interested in starting their own, or you’d have a double whammy of losing an employee and having new competition.
  • [20:23] How do you reach out to potential clients? How do you acquire property? Do you send direct mail or do you google things now and use search engine optimization? For some people, the old way of doing things is still the best way to go about things.
  • [21:12] One of the things you can do with real estate is to build relationships. This can be done in the form of helping someone by buying their property. It can be by giving them advice on their business or by explaining the different options they may have but are not aware of. How do you build relationships?
  • [22:06] There are many options when it comes to buying properties, and some of them are from people who are in dire situations. Empathy can go a long way, especially when you’re dealing with people who may need to sell to get out of bad situations.
  • [27:26] Find a realtor who has the, “let’s see what we can put together and let’s see how we can help you out,” attitude, and you’ll know that you have found yourself a winner. Better yet, be that kind of realtor for someone else and see how successful you can be.
  • [33:31] Labor may be cheaper if you’re doing everything on your own, but if you’re running a business, you don’t get to do things on your own, so everything needs to be appropriated accordingly.
  • [34:15] When you are starting out, focus on the things that matter. Busy does not mean success. Focus on the revenue-generating activities and not things that are just keeping you busy. Make sure you are talking to people because if you are not talking to people, you are not buying properties.
  • [36:40] In this business, it’s easier to learn and grow and become better in all of the conversations and everything associated with that side of the business when you’re constantly talking to the right people.

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