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KPIs and Core Values — Why Both Are Crucial to Use Every Day

January 20, 2021 By Steve Leave a Comment

KPIs — ugh, more numbers to follow and graphs to chart.

Core Values — um, what are those?

If you’re not using these two crucial things on a daily basis, you’re probably losing money or opportunities and may be struggling with some aspect of your business. And yes, they’re that important.

I’m a bit like you probably are. I don’t enjoy looking at the numbers (well, except for that profit number!). I would rather get to work and do something, not read reports or spreadsheets about Real Estate Disruptors. But I make myself look at them and we measure many key points, because we have to if we’re going to continue growing and performing the way we want to.

KPIs Show You What's Going On
KPIs Show You What’s Going On in Your Business

KPIs (Key Performance Indicators) are the important numbers you need to measure to check the health of your business. They’re like the heartbeat and blood pressure of your company. They need to be at healthy levels and within a certain range, or big problems develop. In wholesaling (and fix and flip, etc.), common KPIs are leads generated, contracts entered into, sales closed, profit made, etc.

Core Values are the Foundation of Your Business

Core Values are those ideals or desired behaviors that are important to how you run your company. They can be anything from integrity to honesty to family or anything else you want as part of your culture. The Core Values guide your company’s operations; think of them as the guiding principles of your business.

KPIs Should Be Used Daily

KPIs should be used daily. Why? Because these are the two major indicators for the health of your business. And if you don’t look at them daily, you may not see negative actions happening until it’s too late to stop the adverse results they create. Ignoring your KPIs is like navigating across the country without a map — you may get to your destination, but likely take many wrong turns, go the long way around, or you may end up in the wrong place.

Monitoring your KPIs gives you an instant snapshot into the health of your company’s operations. You don’t have to look at 23 statistics every day (but feel free if you like); just pick a couple that are crucial to your operations. For example, checking leads generated every day will reveal if a change in lead volume develops. It takes time for marketing to generate leads. If you don’t watch your incoming leads daily, you could find yourself with few leads in three weeks. Then it’s too late to adjust marketing or other actions, and you waste even more time getting things going again. Time you’ll never get back and opportunities lost.

Watching your KPIs can also alert you to struggles occurring in any given area, and especially with specific employees. If an acquisitions agent is falling behind on sales targets, what do the KPIs look like? Is he making enough calls? Is he getting enough leads to call on? Is he in the wrong seat? Does he need more or better training? You can identify the issue quickly, address it with the employee, and solve the problem. If you’re not following your KPIs, this employee could spend weeks not producing and hurting both you and the company.

Another huge benefit of watching your KPIs is that you remove managing by feel, which often can lead to wrong decisions. Instead, you’re now managing by statistics (or managing by KPIs). You take actions (or not) based on what the numbers tell you. This removes guesswork and uncertainty because you know what is happening. So if a KPI drops precipitously, you can find out why quickly and correct the situation.

Core Values Set the Tone

Core Values run your business, even if you don’t realize it. These are the things that you hold dear in how your company operates — how you treat your customers, employees, and resolve problems and disputes. Traits like honesty, family, faith, or any other guiding principle you use. 

Think of Core Values as similar to a mission statement of a company. Where mission statements can be full of fluff and buzzwords, Core Values are those things that are important to who you are and how you want your business to behave. They describe the soul of your company.

Core Values are not just something that you write down and file away. They are the foundation blocks of your company. Everything you do is built on your Core Values, and every decision you make must be made with them in mind. Ignore them at your peril, because decisions that go against your Core Values will create chaos within your business.

One of the most important times to use your Core Values is hiring employees. You need to have people who fit your Core Values. If they do not, at some point they will become disillusioned with your company and leave, but not before they crash your KPIs and in general cause chaos. Don’t try to force square pegs into round holes.

Hiring someone who does not share your Core Values is a recipe for low KPIs from that position. The inevitable conflict in how they perceive their job versus how you want them to make decisions and perform only grows over time. Your Core Values absolutely must be woven into your screening and interviewing processes. Don’t justify hiring someone who otherwise seems highly qualified if they do not fit with your Core Values — the end result is that they won’t be around long, and they will probably drive your KPIs down while they are still there.

Always on My Mind…

KPIs and Core Values should always be on your mind. You should make it a daily habit or even part of your daily schedule to review them, both yourself and with your employees. It can be quick, even part of a brief morning muster meeting. 

Focusing on KPIs will force you to make decisions based on the data, not emotion or feelings. Keeping Core Values in the forefront will ensure that your company stays true to the ideals you hold important and you will surround yourself with people who believe as you do. Let either of these principles fall away and watch your company struggle.

The good news is that focusing on these key items will make your business grow. They will also make it a more enjoyable place to work. Once you have them built into your routine, good things happen.

If you need some help in defining your KPIs or Core Values, we can help. Visit http://www.disruptors.com/help

Filed Under: Blog Tagged With: core values, kpi, management, real estate disruptors, real estate investing, steve trang

Tiffany and Josh High Share How They Leveraged Their KPIs to Earn $200,000+ per Month

January 14, 2021 By Steve Leave a Comment

Tiffany and Josh High talk about how they quit their jobs in 2017 to start flipping houses. It was a messy start, an engagement ring was taken off, and they lost six figures on just one flip. And now, they earn $200,000+ per month.

Video Replay of Interview with Tiffany and Josh High

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SHOW-NOTES-Tiffany-and-Josh-High-Share-How-They-Leveraged-Their-KPIs-to-Earn-200000-per-MonthDownload

Show Notes:

SHOW NOTES

Tiffany and Josh High Share How They Leveraged Their KPIs to Earn $200,000+ per Month

With Tiffany and Josh High, Heels Homes, LTD

January 13, 2021

About Tiffany and Josh High

Tiffany High is a recovered corporate employee who quit her job cold turkey to start investing in real estate when her brother was ill with cancer. She learned on the fly, taking six months to secure her first deal and was about two weeks away from giving up when she started having success.

Josh High worked in construction for years and quit his job once they had their real estate investment company off the ground. Josh brings his construction background to the company’s fix and flip side of their business.

Tiffany and Josh both wholesale and fix and flip. They unusually started with fix and flips, primarily due to Josh’s construction knowledge but also because they were figuring things out on the fly. As they grew, they sought help learning how to organize and manage their business and now run a lean company with great employee bonus plans to encourage retention.

Connect with Tiffany on Instagram or Facebook. Connect with Josh on Instagram or Facebook. You can connect with Heels Homes on Instagram, Facebook or visit at www.heelshomes.com.

Show Notes

Tiffany and Josh describe to Steve how they use their KPIs to manage their business daily and keep their company lean and growing. They discuss the four fundamentals they use in their business, employee bonus structure for motivation and referrals, and how defined roles put them on the path to success. 

Top 5 Takeaways from Tiffany and Josh:

5.  Define your roles and stay in your lanes. This is especially important for couples. You will find things get done and there will be less quarreling.

4. Spend some time discovering and writing down your core values. Then make them an integral part of your business processes.

3. Never hire someone who doesn’t mesh with your core values, no matter their experiences. If they don’t fit, they don’t get the job. No exceptions. Violating this rule will only result in problems later on. 

2. Don’t chase the shiny objects. Social media is full of lots of noise, of people telling you what you should chase — stay true to yourself and your business goals. You can look to expand into something, but don’t abandon your business to grab the brass ring.  

1. Use your KPIs daily to monitor your company’s performance and catch any negative trends or targets not being reached. This also helps you keep your sales team on track and help them meet their targets.

Bonus Takeaway:  You can maximize your revenue and profits by paying attention to your KPIs daily. Why daily? Because you see negative trends develop before they impact your business. If you only look at the end of the month, you may have four weeks of low sales because someone wasn’t doing their job. If you see a problem in a day or two, you can correct the issue before it wastes your time and impacts your wallet.

About Steve Trang

Steve Trang is the founder of the Real Estate Disruptors movement and host of the Real Estate Disruptors Podcast. He started his podcast in the middle of 2018 to inspire wholesalers and real estate agents to double their incomes by adding a second leg to their business. The podcast has now grown to ten thousand followers with new members of the community sharing their success story every week.

Steve’s goal is to create 100 Millionaires. One of his favorite quotes is from the great Zig Ziglar: “You can have everything in life you want, if you will just help enough other people get what they want.” He heard this quote when he first got into real estate, and it has stuck with him throughout his entire career. In fact, it’s essentially one of the core values Steve lives by.

Connect with Steve at linkedin.com/in/stevetrang, facebook.com/stevetrang, instagram.com/steve.trang, stevetrang.com, or realestatedisruptors.com.

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Filed Under: Blog, Interview, Wholesale Tagged With: blog, kpi, real estate disruptors, real estate investing, real estate podcast, steve trang, wholesaling

Make Networking Easy

January 12, 2021 By Steve Leave a Comment

Networking — that elusive, difficult, tedious, formal process of discussing what you do with other professionals and asking for referrals. Yuck, right?


Then you may be doing it wrong.

People commonly associate networking with going to organized events:  Chamber of Commerce, Real Estate Investor Associations (REIA), Business Networking International (BNI), etc. While all are good places to network, they are only a few drops in the bucket of opportunities available.

But Steve, networking is hard!

I don’t want to feel like I’m begging for business.

I hate those big meetings.

Hold on tight, I’m about to change your mindset…

What is Networking?

Networking is the lifeblood of every business. No matter what you do, you need to interact with other people, whether that is for finding customers, vendors, properties, resources, employees, anything. 

The ultimate goal of networking is to have people know you and bring ready, willing and able customers to your business. It’s not a one-time action; it’s continuous and really should be considered a form of marketing or advertising (I can hear the groans already!).

Most people have this idea that networking is convincing others to do your marketing for you. While that would be great, it’s really not how networking works. What you want is people who know you telling other people about how great you are; that they should contact you because you can help them.

At its essence, networking is communicating what you do to other people. In other words, having a conversation. Talking to people who don’t know you very well and educating them, however briefly, about what you do.

Mindset Shift

What if you changed your definition of networking? 

What if “networking” was simply talking to people?

What if “networking” became “chatting” or “small talk”? 

Hmmm. That’s not so scary. Now networking is nothing more than being friendly.

Saying “Hello” to someone in line at the grocery store and asking how they like that item they just put in their cart.

Asking someone at the coffee shop if they like the caramel macchiato. Little ice breakers.

If you strike up a brief conversation with someone, as they’re ready to leave, you could ask them if they know of any properties for sale. Tell them you buy houses, and if they know of any for sale or that look run down, please let you know so you can help the seller. Maybe offer a referral bonus, or send gift cards, or whatever works for you.

Does This Really Work?

The best networkers I know simply talk to people. That’s it. Eventually they say what they do, or the person asks them what they do. Isn’t that brilliant? Get strangers to ask you what you do for a living, when you’re waiting to tell them exactly that.

People like to talk about themselves, even with a stranger. This won’t work every time. You occasionally may get a grumpy person who doesn’t want to engage. That’s OK, apologize for bothering them and let them go. Hey, everyone can have a bad day, right?

Most people will respond out of politeness. And the reality is a smile and friendly attitude brightens anyone’s day, so most people will talk to you. The important thing is to be interested in them. You have to develop some affinity with the person before you tell them what you do. Don’t come on like a bull in a china shop by explaining details of your business right away. Or at all. Less is more.

Just talk to them out of a genuine interest in them, or the weather, or a question about a grocery item they’re buying, or the shoes they’re wearing. Something about them. Then as you’re parting, it’s a quick ask and hand them a business card.

Check out my Real Estate Developers podcast with Mike Fitzgerald. His superpower is networking, and he tells you exactly how easy it can be: Find it on YouTube, and watch my podcast on Facebook LIVE every Wednesday at 2 pm Arizona time at RealEstateDisruptors.net

You Did It!

You just networked with someone you didn’t know five minutes ago. No high-pressure meeting, no having to drive across town for a lunch event, and no time commitment. And if you picked a person who doesn’t want to talk to you or fall flat on your face? So what, it’s over in a matter of minutes. No harm, no foul, move on.

Think about how many people you cross paths with every day in your daily routine: Pumping gas into your car — There’s someone at the pump next to you, how do they like their truck? Grabbing lunch out — The person behind you, what do they recommend? 

Networking isn’t being all professional, sitting at nice restaurants and listening to speakers (there are those opportunities, and take them, too). Networking is talking to people out of interest in them. Eventually you get to what you do and ask them to help you if they can.

Just talk to people. Be curious about them and their things. Be observant so you can find a subject to discuss. (“Hey, how about this weather?” gets old pretty fast.) Be interested in them, and you will enjoy it too. The first few times may be tough to make yourself start a conversation, but soon you will find it second nature. Be genuinely curious about other people, and before you know it, you will be a master networker.

All without “networking.”

Filed Under: Blog Tagged With: blog, networking, real estate disruptors, real estate marketing, steve trang, wholesale, wholesaling

Just Start

January 8, 2021 By Steve Leave a Comment

The most common question I get is “How do I start a real estate business”, or “I don’t know where to start.”

My answer is always the same:  Just start.

Paralysis by Analysis

Many, many new real estate investors suffer from paralysis by analysis. Many of us have a burning desire to know every detail before we do something. They always feel like there is something else to learn, or something they’re unsure about.

Real estate has too much information for you to know it all.

The ironic thing here is that real estate transactions really aren’t that complicated. In wholesaling, you find a seller, get the property under contract, find a buyer, close the deal. Everyone’s happy, everyone makes money.

But Steve, what do I say to the seller? What if he asks about XYZ and I don’t know about XYZ? What contract do I use? Do I need money? How do I find buyers? What title company do I use? What? What? What?

You don’t need to know all the answers now. You’ll figure it out while you’re working through your first deal. Why? Because you have to then. Besides, you could learn “the answer” only to discover it is wrong for your deal. Then you have to figure it out anyway.

Successful Investors Just Do

The stories abound about super successful real estate investors who started with nothing. And yet they made it. Now they have money, time, freedom. 

Why? Because they started.

You will never reach your destination until you take the first step. 

Don’t know which contact to use? Ask someone for one, or Google it.

Not sure what to say to a seller? Contact one and talk to him — don’t be a robot, talk to him. 

Don’t know which title company to use? Make some phone calls.

Need money for a fix and flip? Ask people; you might be surprised.

Dreams Don’t Start Themselves

Most people who never realize their dreams get stuck in the start phase. They talk about wanting a real estate business, but they never do anything to get one.

Real estate, like any business, isn’t do one or two things and then the money truck backs up to your house.

Consistent action brings results. You’re going to mess up. You’re going to make a mistake. You’re going to be turned down by a seller who really needs to sell his house. But you learn, and you move to the next one.

Let’s Go!

Just start. The single most important piece of advice I can give you is just start. Take action today. Get a list, make some calls, drive some neighborhoods and knock on doors. Do something.

Once you start, each step becomes easier, and you learn a little more, and do a little better. Pretty soon you have your first deal, then three, 10, and suddenly you’re a real estate investor.

Filed Under: Blog Tagged With: investor, real estate disruptors, real estate investing, real estate marketing, start, steve trang

Find Success Where Others Run Away

December 21, 2020 By Steve Leave a Comment

Doing the work the way successful people work.

Doing what everyone else says you should do is easy. Focusing on that is tough.

Well, it’s not always easy, but it’s the easier way to work. If this is how people are successful, why be different?

There’s nothing wrong with doing what works. In fact, we teach other people how to wholesale the same way we sell precisely because it works. And it works extremely well, thank you very much! (shameless plug intended — visit Real Estate Disruptors to see what we offer). Focus on the right things, and success will follow.

Yet there is always something else out there. One of the fun and maddening aspects of real estate is the ever-changing nature of this business. Techniques that worked a couple of months ago may become ineffective due to a change in market conditions. That also means there are always new opportunities.

Most large, successful companies were not built on fantastic, completely new inventions. Apple built computers from existing components. Heinz developed ketchup based off of other sauces people were using to make rancid meat edible. Henry Ford didn’t invent the automobile or the assembly line, but he married the two to make affordable cars.

New opportunities present themselves all the time. The question is, should you take it? And if you do, what will you sacrifice to build the Next Big Thing? Where should your focus be?

A Perfect Example

Sandy Cesaire of the Bellaire Investment Group was on my podcast recently. She had made it big in real estate, lost it all in the crash ($800,000 CASH!), and rebuilt her life and her business. Sandy took her past experiences and found a new market — mobile homes with land. Most REIs won’t touch mobile homes, mainly because we don’t know what to do with them.

Now Sandy didn’t know much about mobile homes. She knew how to buy and sell properties though, and she took that knowledge and shifted it to this new market. Sandy had to learn about the peculiarities of mobile homes along the way, but she didn’t reinvent the wheel. She took what she had already been successful with and plugged her systems into a new market that other real estate investors were avoiding. Then she added a wrinkle:  instead of selling to other investors (who always want a low price), she sells directly to the general public. They save money, Sandy makes money, and everyone is happy.

Sandy expanded her business to other states and has plans to take it nationwide. All because she saw an opportunity and folded it into what she already knew worked. She stepped into an area others ran from and made it work. Sandy didn’t discover a new market — mobile homes are bought and sold every day — she applied her knowledge with a new twist to create a new opportunity.

Don’t Squirrel Around

People get into trouble when they get excited about something new and put all their energies into it. Classic Visionary problem — have a new idea and drop all your “boring” existing projects for the thrill of the new challenge.

The danger is that while you’re figuring out the bright shiny car, your old ones break down, and stop winning races for you. Pretty soon, you’re sitting in a Lamborghini but you don’t have any gas to put in it. And a garage full of supercars is useless if you can’t drive them.

Be careful of the shiny object, but don’t be afraid of it either. Remember, new doesn’t have to mean brand new, as in something completely different. It could be as simple as moving into a new market using your same systems.

Focus

Focus is key — Sandy admits in my podcast that she is constantly fighting to maintain her focus on the important things. It’s not that she doesn’t have big dreams or new ideas, but she knows if she chases them all, she won’t catch any.

Definitely dream and keep developing new ideas. After all, you don’t want to miss a golden opportunity, right? Then critically evaluate them, bounce them off other people, and let them simmer before adopting them. And don’t be afraid to put them on the back burner, or throw them out altogether. 

You also don’t want to see every idea as a sure-fire winner. Looking at your own ”brilliance” with a skeptical eye might be the most difficult skill to master. And yet it’s essential to your success. While the idea may seem unbeatable during conception, upon reflection it may have more flaws and holes than the Titanic.

Evaluation

So keep dreaming and coming up with the Next Big Thing. Then throw darts at it, have others poke holes in it, blast it with dynamite, search for all the ways it could blow up in your face. Ask yourself, “How does this fit into the rest of my business and my life?” Be real, and then take those answers, even the ones you don’t like, and make your decision.

Even following this advice, the new idea could flop. Or it could be wildly successful. You won’t know until you take it through the process. Hopefully this method can help you avoid the new ideas that should remain ideas only and not put into reality.

You may find that only one in 20 ideas have any real chance of success. Don’t be discouraged; you saved yourself from 19 bad ideas! Don’t let discarded ideas get you down. Give yourself the freedom to dream, the discipline to evaluate, and the honesty to listen to the results. 

Filed Under: Blog Tagged With: focus, mobile home, real estate, real estate disruptors, real estate investing, real estate marketing, real estate podcast, sandy cesaire, steve trang

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