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Do You Control Your Business, or Does Your Business Control You?

October 19, 2020 By Larry Leave a Comment

October 19, 2020

I meet so many people in real estate who just want to do more deals — get more contracts, close more deals. If only they could do more deals, everything would be fine.

Sounds great in theory. 

Yes, more deals closing is the goal. As long as they’re good deals, because putting in hours and hours of work to make $100 isn’t worth your time. More GOOD deals closing, and that means the total costs involved from finding the deal through closing it. This is where you have to monitor the pulse of your business, know your numbers, budget your expenses — monitor your Key Performance Indicators (KPIs).

Most of us like the end numbers that can come out of real estate transactions. After all, making money is one of the reasons we’re in this industry.

But are you really making money? Or are you just robbing Peter to pay Paul?

As your business grows, it inevitably becomes more complicated. You hire employees, buy software, venture into different areas, add different types of transactions (e.g., wholesaling and flipping and rentals). You have more people wanting your attention, you are now more of a manager than doing the hands-on work, and you are being pulled in 20 directions at once.

This is where the momentum of building a business can overwhelm the solopreneur (the person who started a business). The road to becoming an entrepreneur has many forks in it, and a few roundabouts to get stuck in. This is where businesses grow, only to die on the vine.

You started this business knowing everything that was happening, and you made all the decisions. If something happened, or didn’t happen, all you had to do was look in the mirror to know who was responsible.

Now you may feel like you don’t have a choice in what decisions to make, almost as if someone else has set your company down a path and you’re racing to catch up. Things are happening, but you don’t know why, or you feel like you’re constantly putting out fires and slapping on Band-Aids to keep things moving. Despite your best efforts, despite all the things you try, you feel like this car is driving itself without a destination, as if you just go to work and triage whatever pops up that day.

Your business is running you. 

It’s difficult to admit, but the first step to solving the problem is recognizing and admitting that it exists. The good news is that you can take back control.

The first thing you have to do is know your numbers. Frankly, this can be the least enjoyable part of running a business for many, many solopreneurs and entrepreneurs alike. We like to do deals and get things done, not read reports. Knowing your KPIs is absolutely critical information to both survive and grow. Nothing will improve until you know your numbers.

Why? Can’t you just monitor the bank account? Or number of deals closed?

I wish it were that simple. As a business grows, so too do the opportunities to bleed money. Wasteful spending on employees, rent, marketing, software, supplies, bad deals, etc. can blow a hole in your bottom line. Your closing ratio, profit margins, employee payroll and expenses, all can work against your success if you aren’t setting standards, implementing policy and accountability, and keeping focus on the business’ goals and ideals. ANd it can sneak up on you slowly, silently — a little here, a little there, another cold caller, another database purchase, and suddenly your expenses doubled, which directly affects your bottom line.

This is where training can make a huge difference. There’s an old maxim, “You don’t know what you don’t know.” Take it quite literally:  If you don’t know how to manage employees or motivate them to perform to a certain standard, how would you know whether they are? How would they know? Who is taking responsibility and accountability for training them and then tracking it? 

Your KPIs will tell you. You can set standards of performance, goals for each person to achieve which measures their work. The numbers are tracked. For example, you may want your cold caller making 50 calls per day. Your acquisitions person may need to offer 10 contracts a week.

It’s one thing to set targets; quite another to properly train, motivate and encourage your team to achieve them. This is where investing in masterminds, investing in training programs, and becoming educated in specific areas can equip you with the tools and strategies to make your business boom. The right training also incorporates responsibility and accountability, for both you and your team. You don’t want to have to be standing over your employees to make sure they’re doing their jobs. You want them to want to do their jobs, be good at doing their jobs, and enjoy doing their jobs. And it is training that will enable you to solve the chronic issues which cause all the brush fires in your business, will help you close more transactions with less drama, and show you how to hire, train and keep the best employees.

Notice I said “invest” in masterminds and training. Yes, good training costs money. You’re a business owner, you know that valuable things aren’t free, and that quite often free things turn out to not be particularly valuable.

Investing in masterminds and training can enable you to exponentially grow your business far beyond what you paid. Can you figure it out on your own? Sure. All the information is out there. However, masterminds and training will both speed up your ascension to entrepreneurship and will relieve stress and frustration from not having good systems in place.

The real question is where are you going, and how fast do you want to get there? I can ride my bike across the country, but I’ll get there faster in my car, and much faster in an airplane. My bike is free (only I have to put in a lot of effort), the car costs money and it’s still a several day drive, and a jet airplane costs the most but I’m there in time for lunch.

Take back control of your business. Identify your weaknesses (those things you really don’t like to do and are giving you the most trouble), invest in masterminds and training, and apply what you learn. It may be tough at first, because you may need to replace some of your team who simply don’t want to get with the program. You may need to change the way you have always done things, and change can be difficult. You may even change the focus of your business, once you have thoroughly and honestly examined it.

In the end, change is hard, but change is necessary. When you think about it, isn’t growth simply change? A seed grows into a tree by changing, not by fighting to stay a seed. The difference is a seed knows how to become a tree. Your business does not.

Go learn how to grow. Go be a tree.

Filed Under: Blog, Training Tagged With: education, kpi, learning, mastermind, numbers, real estate, real estate disruptors, steve trang, training

$800,000 Profit on One Deal? Yes Sir.

October 16, 2020 By Larry Leave a Comment

October 16, 2020
Tucker Merrihew just made $800,000 in one flip.

Do I have your attention yet?

No, this isn’t some HGTV show where the flippers are about to lose their shirt yet somehow a bidding war breaks out and suddenly they make $800,000.

This is real life, and it’s a real business making deals like these happen.

So are YOU ready to make these deals happen? All you need is ….

OK, pump the brakes, hold your horses, and bend the ear. While the end result is obviously exciting, there are a few steps you need to take to get there. And you may never get to that level. But know that it is possible, if this is what you want to do.

Tucker spent years building his business, honing his craft. He went through rough times, good times, more rough times, made mistakes, and made good choices along the way.

Through all that, the most important decision Tucker made was to keep learning about his business and to share his knowledge. He was a mortgage broker right before the real estate apocalypse (as he calls it) in 2008, self-funded his first flip almost out of necessity and desperation, learned to flip REOs and how to properly evaluate properties, went through general contractors (GCs) until he finally became a GC himself, developed his own software app for investing (and learned lessons about who not to hire), ventured into new construction, and moved up in target markets until his company, TTM Development, now primarily works in flipping high end properties around Portland.

Tucker has his mastermind program and two podcasts (The Portland Real Estate Podcast and The Real Dealz Podcast) he uses to help other real estate investors learn to do what he has accomplished. He constantly works with other people to help them realize their dreams. And even with his successes, he still buys other mastermind programs and sessions so he can continue to improve himself and his businesses.

So after you have all that in place, you can do an $800,000 profit deal, right? Maybe. 

If you do everything with INTENTION, you will succeed. Tucker organizes his entire business around intent — where they market, the formula they use to select properties, the financing/numbers on a project, his podcasts which have outlasted many others, his mentoring, etc. You can’t walk half-heartedly into real estate investing. You have to be fully committed, or it might drive you crazy enough to be committed. 

Don’t be afraid to ask for help. In fact, seek it out. Ask others for information and their experiences. Instead of trying to figure everything out, seek out tried and true methods. Build relationships; they will pay off down the road. Get the training to help you be successful. And know that you don’t have to go for the $800,000 profit flip right away. In fact, you probably won’t be able to for a variety of reasons, the biggest being it’s tough to get financing for those kinds of projects.

Just get started. Join local organizations and build contacts and relationships. Find mentors and teachers, attend conferences, and learn, learn, learn. You can do it, and as Tucker demonstrates, you can be very successful. You will have setbacks, unexpected things will pop up, and you will have great surprises. You just have to commit, be focused, and put in the work, both on the property and on yourself.

Watch the full podcast with Tucker Merrihew on the Real Estate Disruptors YouTube channel here: https://www.youtube.com/watch?v=TjF6KD0R-8Y&t=80s

Filed Under: Uncategorized Tagged With: big profits, Flip, flip profits, High end flip, massive profits, real estate, real estate disruptors, real estate marketing, real estate podcast, steve trang, tucker marrihew, tucker merrihew

Why I Believe in Masterminds, and You Should Too

October 15, 2020 By Larry Leave a Comment

October 15, 2020

Steve Trang, Real Estate Disruptors

Many of you know that I am a huge proponent of personal development and mentorships. Why reinvent the wheel when others have developed systems and tools, and are willing to teach them to you so you can run your business better and more efficiently? Why not take advantage of the immense knowledge available that can make your life as fulfilling as possible? After all, making all the money in the world will not be very satisfying if you have no time or energy to enjoy it.

Last week, I had the opportunity to go to Tampa, Florida and attend the Collective Genius mastermind conference for real estate investors. This was very exciting for me — people like Jocko Willink of Extreme Ownership and Dichotomy of Leadership fame were speaking, and I soaked it all up.

My personal highlight was listening to Chris Voss. I have read or listened to his “Never Split the Difference” three or four times, bought his real estate negotiating course, and I did his masterclass. I love the guy; consume the heck out of his stuff. You would think I would be able to predict what he was going to say by now. Yet there I was, taking a bunch of notes while he was on stage.

Why? What could he have said that I hadn’t heard before? Well, apparently plenty. And that’s the entire point. There is always something new you can learn, even if you have heard it before. Sometimes we hear things, but we don’t listen to what was presented. We need to hear it again in a new unit of time for it to sink in, to resonate with us, for the light bulb to turn on. 

You see, your path to business owner and leader is truly a journey — once you learn something new, your perspectives evolve and you are more open to other ideas. You may not be ready to fully comprehend the power of these tools or ideas now, but in a year or two or five, they may be exactly what you need to elevate to the next level.

It comes down to taking responsibility. You, as the business owner and leader, have to first take ownership and responsibility for your actions and for the company. Your employees won’t take responsibility for their actions if you don’t show them how. Then you can train, learn to become a better leader by being responsible for your own personal development, and then you can bring your team along with you.

The most important realization I gained at Collective Genius was the power of relationships. Sure, I learned a lot in the formal sessions. The CG conference was fantastic and very informative. 

Looking back, the most value I gained from the weekend was in the after-hours dinners, a late round of drinks, and hanging out at 1 a.m. with your peers just talking shop. The conversations that came out of the relationships I have developed through my mastermind groups, training sessions, and other seminar events, all the things I have bought and used to build my businesses were what gave me huge wins and value that weekend. 

Make no mistake, in every aspect of your business and life, it is the relationships that make you money. People who can lend a hand, provide sage advice, be an expert, or even just bend an ear when you need someone to talk to can advance your business to new levels if you would simply acknowledge that you don’t know it all (and neither do I).

And finally, never forget that good words cannot overcome bad tone, but good tone can overcome bad words. Tonality is so important in fostering relationships, and goes a long way toward building strong teams in your business. So if you find yourself feeling somewhat alone in  your business and searching for what to do next, I strongly recommend you take a mastermind. Yes, it will cost you money. Figure out how to pay for it, because not taking it will cost you much, much more.

See my thoughts and clips from the Connection Genius weekend on the Real Estate Disruptors YouTube channel here: https://www.youtube.com/watch?v=YucsxN0WWc4&t=115s 

Filed Under: Blog Tagged With: chris voss, collective genius, education, jocko, mastermind, mentor, seminar, steve trang, training

$1 Million in Revenue on Just $30K in Marketing? YES!!

October 7, 2020 By Larry Leave a Comment

You hear all kinds of numbers on how much you should spend on marketing — percentages, dollar amounts, different mixtures of marketing areas (Facebook vs. direct mail vs. cold calls vs. buying data, etc.). But what if your marketing expenses needed to generate $1 million in revenue was just $30,000?

That’s right — 3%.

“You’re crazy!” is the first response. But Tyler Austin of Florida Cash Home Sales does just that. Three percent.

Who is this wizard? He must be a master marketer, have incredible connections, work in that mythical “can’t miss” market (wherever that is), or just be plain lucky.

None of the above. In fact, Tyler just about lost his shirt doing direct mail before he gathered his thoughts, used his resources and experience from his prior career, and discovered the real secret to effective marketing:  Good Data.

Good Data? That’s it? I can buy good data. He must have bought some REALLY good data (and just got lucky).

Nope. Tyler doesn’t just use the data he receives. He has created a system to examine data, remove the extraneous and useless information, refine it further, rinse and repeat. So when he does his direct mail, cold calls, or other marketing, he is using updated, solid data that gives Florida Cash Real Estate a complete picture of the property they have targeted to acquire. So they don’t spend hours falling down the rabbit hole chasing potential clients who aren’t there; they almost always know who the client is, what is their situation, and why they need help.

Now add in the human touch. 

Tyler uses actual humans to talk to actual human clients. He doesn’t use autodialers or other impersonal methods (direct mail is an exception, but the messaging is personalized to the group targeted). His team leaves personal voicemails for people, sends them personalized messages on Facebook or Instagram, or sends them personalized emails. They try to find a family member or friend as a contact who can make a warm introduction for them, which builds trust and helps lower the potential client’s protective shield. And if they can’t help the person, they refer them to someone who can, like a real estate agent or attorney.

Amazingly, human clients really like being treated well, and like, well, human beings. 

Tyler’s data-driven marketing uses various software, including Tyler’s own REISift to parse data, remove the junk, and leave his team with data they can be productive using (www.REISift.io). As Tyler says, a great aspect of real estate is that there are vast amounts of public information on virtually every property. This is also the downside, because a large portion of that data is not relevant to your business, but is included in the data sets you get. Manually sifting through copious amounts of data searching for gold nuggets is a non-stop, time-wasting, exhausting process. However, with the proper software tools and defined parameters, you can automate that process and be left with high quality leads which are useful and valuable.

Tyler still does some traditional marketing — direct mail, local networking groups, Chamber of Commerce, Facebook ads (yes, those are traditional now). He can control his costs and highly target these marketing expenses rather than shotgunning around blindly hoping to get a hit.

Don’t be afraid to take your data and work it to extract what you need for your business. An investment in data management can pay off exponentially both in money saved and time gained.For more information and more tips and tricks from Tyler, check out the Real Estate Disruptors podcast featuring Steve Trang’s interview with Tyler Austin at https://www.youtube.com/watch?v=KaI4L11iHV4&t=1094s. Find more helpful information on YouTube at https://www.youtube.com/channel/UCcsj9IjfX7-fhzLZRPtWo1Q?view_as=subscriber and www.RealEstateDisruptors.com.

Filed Under: Blog, Wholesale Tagged With: data, disruptors, expenses, marketing, real estate disruptors, reisift, save money, steve trang, tyler austin, wholesale, wholesaling

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