"Good Advice/Bad Advice"
The Tonight Show With Jimmy Fallon
In 18 years that I've been in this business, I have discovered the "Main Problem". The main problem is you get tons of advice when you are new, but you do not always get good advice. The primary challenge when you are new, is how do you determine the difference?
Over 18 years, I've learned quite a few pieces of great advice, as well as some doozies! (Pieces of some extraordinarily bad advice) No matter what form of real estate sales you are in, whether you are a Wholesaler, Rehab Investor, Realtor® or Broker, we could all agree on these pieces of advice. If you've not heard them before, then please allow me to share them with you! If you would like to hear the podcast I did on this blog, click here!
"You got a break a few eggs to make an omelette.”
This is probably one of the worst pieces of advice I've ever received! I still remember the day that I first heard it, while it is effective, eventually all you end up doing is working to produce income to produce the results. And endless cycle feeding upon itself. You know what it's like, working so you can afford to keep the leads coming in. You have to mail a certain amount, put out a certain amount of bandit signs, produce a certain amount of income to cover the obligations you set for yourself. That's nothing more than economic servitude. Certainly not the life of freedom that you had imagined. What frequently ends up is leaving a life of nothing but broken shells and mess.
The truth is, you don't have to spend a lot of money, if any to make a lot. You do not need credit, you do not need a lot of cash. What you do need however, is ingenuity, and a little work ethic. Ask yourself this question, if I had $100 in my wallet, and three days, what could I produce?
"Those who list, last!”
Of all the maxims in real estate lore, this is absolutely true! You have to control the inventory! If your realtor, then controlling the listings allows you to have all of the buyers agents in town work for you. If you were a buyers agent, you are restricted to working with a buyer who is liable to go anywhere and buy anything! At least with a listing, you have some element of control. It is easier to control 20 listings, then it is to control five buyers! Become exceedingly good at listing property, and you will have a great career!
If you're Wholesaling investor, you have no “inventory of homes" as you aren’t an agent. Your “inventory” is the number of a-b contracts that you have available for assignment. Therefore remember that you’re ability to obtain a constant flow of prospects, leads, and contracts is paramount to your success. The more contracts you have signed that you can sell, or joint venture on, then the better your odds of success long term!
"Location, location, location!”
Next to, "you gotta break a few eggs to make an omelette", this is probably the second most inaccurate form of advice! When you are talking about selling real estate, location, is not as important as price. Price is the ultimate equalizer in real estate! There is no problem, that price cannot solve. Do you have a custom home that is extremely hard to comp? There's nothing price won’t fix! Do you have a home that has a lot of deferred maintenance? There's nothing price won't fix! What's that? You have to sell your home and close in seven days? No problem! Price can fix that! The only cousin to price, is motivation. Motivation, motivation, motivation trumps location! Think about it this way, like a boat, the more motivated seller is, the higher in the price they can go. Depending upon their current circumstances, it is even possible to sell the home for more than it is worth!
You have to sell your home and close in seven days? No problem! Price can fix that!
"It's a numbers game!”
I can't think of a worse philosophy! There is no good way to do the wrong thing. Before you think about increasing the numbers of people you want to talk to, ask yourself the following questions.
Am I offering assistance to all of my current customers and clients friends?
A simple question "Bob, Susie? Do you happen to know of anyone else who could use my services today?” Will effectively extend your reach to the people who you already know, the people who like you, as well as the people who trust you! All for free.
Do they have any other property?
I have made an unbelievable living as a Realtor® on the mistakes of others. Agents who have forgotten to ask their clients if they had any other property to sell, would put their home on the market for sale by owner! Where I naturally would buy them, and flip them, or list them! It's a cold world, but to quote The Highlander, "There can be only one!”
Would you like to know about our upcoming deals?
This question simply put, rocks! Who doesn't want to know about a deal? Everybody wants to know about a great deal! Anyone you ask this question to can be added to your buyers list!
(Want Complimentary Scripts for Flipping Houses?? Click HERE!)
Before getting "contact – fever", be sure that you have taken care of the people you have been given. You can't expect God or the Universe to give you more if you aren’t responsible with what you have!
So in conclusion, understand that not all advice is good advice. What is the best advice? Trust your gut! Do your research, and put in the work it takes to become known as the expert in your industry! While trusting your gut is that easy, often times it is the little nuances that will allow you to make the distinctions you need to win. While you do your research to confirm your suspicions, or thoughts about a property or project, you will be able to demonstrate your knowledge and put in the time required to make your own luck! See you in the field!
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