Rules of engagement for the Real Estate Agent when dealing with sellers and buyers Part 5

by | Sep 3, 2018

I’ll let the cat out of the bag here. When I look back over the years, I’ve received far more referrals by working with Investors than I ever did working with owner-occupants. I worked my butt off to get referrals from owner-occupants but they just don’t care.

When they’re at the closing table, sign the final document and get their keys, their mind is totally focused on their new home and new neighborhood, the new school. They’ve forgotten about you already. Whereas with an Investor, you always have front of mind presence. Because they’re always looking for the next property. They’re always thinking about you. That’s why it’s easier to get referrals from Investors.

On average, each Investor over all the years has referred another client to me. Not every Investor, but some refer multiple people. At one point it got so prolific, I actually built an entire business around the referrals. I was sending referrals all over the country. I sent referrals to people everywhere from San Francisco, California to the southernmost tip of Florida and Miami, not quite Key West but Key Largo all the way up in New Jersey, even New York. I think I even did one in Maine and everywhere in between because I’m in this business.

I just leveraged at every turn. I’ll show you how to do that in the last session but referrals can be a huge business when you’re dealing with Investors. Another thing you can do that’s easier when working with Investors is building a team. I can build a much more successful efficient profitable team working with Investors working with owner-occupants because I can leverage and do things like property management. I don’t have to do the admin work in property management but I can profit from it.

The first person you ever want to hire is a rock solid admin person. That is your first hire. Here’s the deal, guys. This is very important. Most Agents tend to be very independent. We might dabble and try to hire somebody for a while. We realize it’s costing us money, it’s not working, blah, blah, blah.

But here’s the deal. When you look at hiring someone, you shouldn’t look at is as overhead. You won’t be successful. Instead look at them as an investment.

In other words, when you spend maybe $2000 a month on a salaried staff member that allows you to bring in an additional two to three transactions a month, you better believe it’s worth it. On average nationally, one transaction is about $6000. That’s the average. If that admin allows you to get even one extra deal per month, you’re better off.

When you look at it as an investment and learn how to leverage the new hire to do the lower paid activities, you free yourself up to do the higher paid activities. Suddenly you will see why hiring someone is an investment and not overhead. That’s an important distinction you need to get through your head right now.

The bottom line is when you find yourself struggling in your personal life, it’s a clue that you need to start building your team. When I was growing rapidly, I had as many as 20 transactions going on at once. I was teaching classes, still investing in property, and even managing property. I needed somebody to help me

I was a pretty darn busy person. The first person I hired was a rock star admin person. But the reality was, until that point, I was suffering.

My relationships were suffering. I’m not kidding you. Thankfully, I always made time for my children. I’m so grateful for that but when you’re not living in alignment with God’s intention for your life, you may have a full day but maybe you won’t have a fulfilling day.

For more on this concept, check out my book, Husband, Father, Brother, Son. The same principles apply to being mother, daughter, wife, and sister. We must learn to be a good custodian of these relationships.

We need to be a good custodian with our business, too.

Make the wise decision. Hire an admin so you can spend more time with your family and friends. We’re all entrepreneurs. When you learn to treat your license as an income producing asset – just like an investor looks like a duplex – I promise you will become more successful.

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